Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-03-07

to its exact amount of price. II the proportions
demand and supply are varied by the duty, either
in augmcntng the supply, or diminishing the de- |
mand, or vice versa price affected, to the extent
of that variation But the duty never becomes an
integral part of the price, EXCEPT in the instances
where the demand and the supply remain, after the
duty is imposed, precisely what they were before
or the demand is increased, and tho supply re.
mains stationary.
Competition, there fore, wherever existing, wheth.
or Mt home abroad is the parent cause IF cheap.
ness. fla high duty cxcitcs production at home
and the quantity of the domestic article exceeds tho
amount which had been previously imported, the
price will fall This accounts for an extraordinary
fact stated by Senator from Missouri Three cents
were lad as duty upon pound of lead by the act
of 1898. The price ut Galena, and the other lead
mines, afterwards fell to and n half cents per
pound. Now it is obvious, that the duty did not,
IN this case enter into tho price: for it twice
the amount Of the price. What produced the fall2
1t was stimulated production ut home, exerted by
the temptation of the exclusive possession of the
home market. This state of things could not last
Men would not continue an Improbable pursuit,
some abandoned the business, tho total quantity
produced was diminished, and living prices have
been the consequence. But, break down tho do
mestic supply, place again in state of DEEPEN
doncc on tho foreign source and oan it DO doubted
that we should ultimately have to supply ourselves
at dcarcr racsl 1t is fair to credit the foreign
market with the depression of prices produced there
oy The influence OF our competition. Let tho COM
petition be Withdrawn, and their prices would in.
S''''iy iisc. oH tiiiS SUBJECT great mistakes
committed have seen some most erroneous rea
soning, IN a late report of Mr.. Lee, of the FREQ
Trade Convention, in regard to the article of sugar
lie calculates the total amount of brown sugar pro-
duced IN the world, and then states that what is
made In Louisiana is not moro than two and a half
per cent OF that total. Although his data may be
questioned, let us assume their truth, and what
might be the result? Price being determined by
inc proportions of supply and demand, it is evident
'hat when the supply erceeds the demand, the price
VIII fall. And the fall is not aways regulated by
TN" amount of that excess. If the market ut u Civ
en- price, required five fifty million of hogsheads
OIL sugar, surplus of only few hundred might
materially influence the price, and diffuse itself
throughout the whole mass Add, therefore, tho
eighty or one hundred thousand hogsheads of
Louisiana sugar TO the entire mass produced i'm
olher parts OF the world, and it be doubted
that material reduction 1.-THE price of tho article
throughout Europe and America would take place
LOUISIANA sugar substituting foreign sugar in tho
nome market, to the amount of its annual produce
would force an equal amount of foreign sugar into
othor markets, which being glutted the price would
necessarily decline, and this decline of price would
press portions OF the foreign sugar 20 petition
In the United States, with Louisiana sugar the
price OF which would also be brought down. The
Iac mas been In exact conformity with this theory.
But now let us suppose the Louisiana sugar TO be
entirely withdrawn from the general CONSUMPTION
what then would happen2 A new demand would
DC created IN America for foreign sugar, to the ex-
tent OF the eighty one hundred thsusand hogs.
heads made in louisiana n less amount, by that
quantity, would be sent TO the European markets;
and the price would consequently every where rise
IL is not therefore, those who by keeping on du.
Ties, keep down prices that tax the People, but
those who, by repeating duties, would raise prices
that really impose burthens upon the People.
But 1t Is argued that, if by the skill, periencc,
ana perfection, which we have acquired in certain
branches OF manufacture, they can be made as
cheap as similar articles abroad, and enter fairly
INTO competition with them, why not repeal the du
ty as to those arliclcs2 And why should WEI AS.
snmlng the truth of the supposition, the foreign
article would not be introduced in n regu.
lar course of trodc, but would remain ex
Guided by the possession of the home mar.
ket, which the domestic article had obtained The
repeal, therefore, would have no legitimate effect
But might not the foreign article be imported in
vast quantities, TO glut our markets break down
our establishments, and ultimately, to enable the
foreigner to monopolize the supply of our consump.
ton! America is the greatest foreign ma rket for
European manufactures 1t is that to which Eu-
ropean attention is constantly directed If
great house becomes bankrupt there its storehous-
! es are cmptled, and the goods shipped TO
America, where in consequence of our auctions,
and our custom house Credits the greatest facili.
ties afforded in the sale of them Combinations
among manufacturers might take place, or even the
operations of foreign Governments might be di.
rectcd to the destruction of our establishments A
repeal therefore OF one protecting duty from some
one or all of these causes, would be followed by
flooding the country with the foreign fabric, sur.
charging the market, reducing the price, and a
complete prostration of our manufactures; after
which the foreigner would lcisurely look about tn
indemnify himself in the increased prices which he
would be enabled to command by his monopoly of
the supply of our consumption. What American
citizen, after the Government had displayed this
vacilating policy, would be again tempted to place
the SIN dllcst confidence in tho public faith, and add
venture once more in this branch of Industry
Gentlemen have allowed 20 the manufacturing
portions of the community peace; they have
been constantly threatened with the overthrow of
the American System. From the year 1890, if not
from 1916, down to this time, they have been held
IN condition of constant alarm and insecurity
Nothing is more preiudicial to the great interests
of nation than unsettled and varying policy. AL
though every appeal to the National Legislature
has been responded to, in conformity with the
wishes and sentiments of the great majority ofthe
People, measures of protection have only been car
RED by such small majorities, to excite hopes on
the ono hand, and fears the other. Let the
country breathe, let it's be developed
let its energies be fully put forth, let it have tran
guilty, and my word for it, the degree of perfect
ion in the arts which it will exhibit, will be great
or than that which has been presented, astonish-
ing as our progress has been. Although some
branches of manufactures might, and in TO-
reign markets, do, fearlessy contend with
similar foreign fabrics, there are many others, yet
IN their infancy, struggling with the difficulties
which encompass them. We should look at the
,ohote system; and recollect that time, when we
contemplate the great movements of a nation, is
very different from the short period which is allot
rabIc gentleman from South Carolina well and clio.
quently said, in 1924, 'sNo great interest Of any
country ever yet grew up in day; no new branch
''of industry can become firmly and proftably es-
''tabishcd, but in long course of years; every
ching, indeed, great good, is matured by slow
"dcgrccs that which attaims speedy maturity is of
"small value, and is destined TO a brief existence
at is the order of Providence, that powers gradu.