The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1832-03-27

VAR. OdbotiH was scieCtSu to prepare lt.
This was not finished at the late change
of the administration, and by our presen,
chief Magistrate, Mr.. Gallatin was re-
quested to complete it. You, Mr.. Presi-
dent, remember that in 1911 and 'l2,
this same MIR. Gallatin was looked to by
the politicians Of that day, as q political
Mentor; and that next to Mr.. Madison,
no man in the councils ofthe country
contributed more, to the success of tho
United States 10 the great struggle in
which, they were then engaged. Sir, of
what offence has Mr.. Gallatin been gull.
ltyf He has ventured to differ in opinion
with the Honorable Senator from Ken
tucky, upon the subject of Tariff of
duties, and this is the sin for which he
can find no forgiveness. Others may
condemn him; 1 will, however, take the
liberty Of considering him one of. tho
wisest, best, and most patriotic men that
was ever engaged in the public affairs of
this country. He has been trusted Of
tener, aud longer, and by more. admin
istrations, in high and important stations,
than any other American Statesman, aud
has always been found faithful. Such is
the man, trusted by all, and always found
faithful, resorted to IN difficult cases by
the Senator himself, devoted to this coun-
try and'knowing no other, who, we are
now told, is "heartless foreigner with
out American feelings"
Twill pow say few words upon the
'ubject of the balance of trade, which is
rrged' as an argument against cnlarging
thu commerce.ofthe United States. The
argument is, that if a nation exports less
thanf imports, the difference is loss,
and the balance oftrade is against such
nation. Upon these premises, it is ar
gued thai as the importations into the
United Safes, taking several years in
succession exceed the amount of,he ex-
portations, our foreign commerce is dis
advantageoW and Improbable. The
great error, in my opinion, in this mode
of reasoning, isthat the gain or commer-
cial'pro6t is charged as loss. There
is nothing more true in the commercial
world, than that the exports and imports
of nation are regulated by each other,
and that commerce cannot exist and be
carried on between two countries when
this is not the case. In regular COM
merce each country may be profted and
grow rich by an interchange ofcommod-
tiles, and the balance oftrade, according
to this reasoning, be against both. l
will illustrate this in a way familiar to
the Senator from Kentucky aud myself.
Suppose citizen of ofKentucky shal! take
his drove Of horses, costing at home two
thousand dollars, to the State of Alaba-
ma, and there exchange them for cotton
worth shrco thousand dollars, after pay
ing all expenses, and shall return to Ken
tucky bringing with him his three thou
sand dollars worth of cotton. In this
case Kentucky has exported two thou.
sand dollars worth of her property and
three thousand dollars worth of property
has heen imported into Kentucky. Row,
according to this balance of trade doc.
trine, Kentucky has lost one thousand
dollars, when, in fact, she has gained
precisely that amount. Nor has Alaba.
ma lost any thing; for the horses may be
worth in Alabama one half more than
they are in Kentucky. They may even
be so valuable as to command four thou.
sand dollars to the purchaser in Alabama
so that four. thousand dollars worth ol
lproperty has been obtained for three
Thus each State has gained thousand
dollars worth of property by the ex-
change, and yet the balance of trade il
against both. The same principle ap.
plies between the United States and for.
leign nations. five export to the amount
of seventy millions, and import to the a.
mount of ninety millions there is II gain
of twenty millions, with the deduction OF
the whole cost Of carriage, or producing
the interchange Of the articles Of COM
merce A ship may leave Boston with
trinkets worth two thousand dollars, may
barter them with the Indians on the
Northwest coast for furs, may exchange
those in China for silks and teas, and re-
turn with cargo worth fifty thousand
dollars. BY this process, the owners
and the country are enriched; and yet
the balance oftrade, Of which gentlemen
talk, is largely against the United States.
Indeed, according to this theory, the
more profitable the voyage, the more is
the balance of trade against us; and il
we could obtain foreign commodities fog
nothing, it would be altogether against
US. Yet, would not our country be en-
riched by presents of rich cargoes from
abroadl Would any citizen ofthe Uni.
ted States think himself or his country
made poor if a friend in England should
send him ship. load of the most valua.
BILE British fabrics as present? Would
he send them back because they caused
this balance of trade to be against his