Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-07-03
CONTINUED FROM FIRsr PACE. |

NOu, duO WOuu grow WINE Tor nerSGlt. The
money price Of those commodities would DO re-
RulBtel accordingly. Cloth " ould co ntinue for
sotho time To he exported from this country, be- |
cause its prico would contiuue To he higher in |
Portugal than here; but money, Instead OF wine,
woud he given ia exchange for it, till the nccu-
intuition of money here, and its dimiuution a
broad, should so operate on The relative value of
cloth IN the two countries that il would cease to
TO profitable To EXPORT it,
cit is thus that the money Of each country i. |
apporiianed to it in such quantities. only may
he necessary to regulate profitable trade or
barter" "But the dimiuution of money in one
country aud it's increase in another, do not ope-
rate OF the price of one commodity only, bu, on
the prices Of ALL"
"Ihis higher raiue Of money ,riu NOT be indi-
rated 6y The exchange; bills may continue to be
negotiated at par, although the prices of corn
and labor shall be 10, 20. or 80 per cent. higher
in one country than another"
"When each country has precisely the guam
uty OF money which it ought TO have, money will
not. indeed, be Of tho same value in each. for.
~ih respect to many commodities, it may di6tr 5.
III, or epen ~ per cent, but the exchange tpiH be
stpar.'
Here, sir, is distinct recog uiton, Of the priu-
ciplcs for which am centending as il regards
the distribution of money amongst different ma
lions. and the changes produced i'm its value. by
the increase Ur diminution Of its quantity. The
cases stated by way Of illustration, are not pre-
cisely analogous To our case; hut feel warrant
cd in saying, that if this submitted to these
authors, tho principles they have laid down
would induce them to pronounce the same OPT.
MON in relation to i, which have endeavored
to present.
1t is distinctly affii med that the accumulation
81 moncy depresses it's value; and as all CONNER
cial restrictions upon imports while exports nre
free. must not only cause an accumulation of
money, but permanently retain it as long as the
restriction continues, it follows that the price,
or, moro properly, the exchangeable value of
exports must be permanently diminished in the
precise degree that the value Of specie is depre-
ciated.
This vi Jew of the subject furnishes complete
and satisfactory solution of puzzng difficulty
wh'ch many persons connot get over, and ~ hch
may he appropriately denomipated the Pons
ds,nornm of this great conlr6 versy.
When it is coutended that the protecting du-
ties do not fall exclusively upon the consumers,
hut partly upon the producers of the exports
and partly upon the consumers Of the imports
every merchants clerk is ready with the reply,
that, as the importing merchant must add the
duty as well as his usual profits the cost of eve
ry import, ii necessarily follows that the con-
sumor must pay the duty.
Now, It is admitted, that the importing NOR.
ebant must increase the money price for which
no sells a foreign MANUFACTURED so as to indemni
~ himself for the duty paid on it ; but " have
seen that this enhanced money price is produced
IN part by the depreciation in the value ot mo.
hey. In Whatever degree the increased price of
projected articles arises from this depreciation
!p me Vaiue OF money all other commodities
10 the same market or commercial community.
VIII experience q corresponding increase of
price.
1t is true, therefore, MS is sometimes ann.
posed, that the northern farmers and Iaborers
aIe as much oppressed by the protecting systen,
as the people Of the southern States. other tb,n
tne planters. Experience confirms the concIu.
s.ons OF theory Oh this subject. Whatever in
he
qua ieading e'nployments of CAPITAL in auy com
MUMMY, mas always been found To increase the
prosperity and profits of all subordinate employ
ments, as well as the wages of labor II j. oh
v,ous' that' In The same local community, where
tne transfer of capital and labor from ope EN-.
P'o1"ien 10 another, Is eusily effected. there
cannot long continue different rates of nro6t
ana wages OF labor. The truth of this remark
WI e""he the cominonest observer. But the
precise mode I'D which this equality Of profits
s"o wages Is produced, is not so obvious. If |
Tor example, protecting duties enhance the mo
ney price of the various manufactures unop
wnich they are laid, TO the full extent Of these
cu"os' they' at the same time enhance the price
OF all other articiesin the manufacturing region.
t"oueh NOT TO SO great an extent. In whatever |
$500 '''e 'ise OF the prize Of protected manu-
isctures IS produced by the increased quantity
and diminished value Of money in Thai depres
all other articles in the snme region Of country
arc enhanced also. While, therefore the price
Vi H'anuiactures is increased {, rty or fifty per
cont. ny the protecting duties the price of all
farming productions is probably increased TWEEN
ty-hve or thirty per cent. 1t results that the
ourthen imposed upon the northern consumers
is only me difference between the price of the
projected aod the unprotected productions, oil
tnat part OF the Union. For the same reason
that the prosperity of the great manufacturing
interests oil The north produces n corresponding |
prosperity in the other classes there the depres
Sed condition of the southern planters must
produce corresponding depression in all the
snbordinate departments of southern industry
The protecting duties have double operation
upon them. They, at the same time, diminish
the price OF their great staples, and increase The
price oil all the articles they have occasion TO
purchase from other parts Of the Union
VIII now inquire what is the aggregate af-
feet oil The whole protecting system on the too
great subdivisions of the UnIun-the planting
and the manufacturing States. Assuming the
average rate Of protecting duties at 40 Der cent
enough u is IN TACT more,) and setting down
the southern exports at thirty five millions of
doliafs, we have the sum Of fourteen millions of
dollars ns the amount of The revenue ANNUALLY
levied from the productions of the p,autinS
States, OF which more than one half il transfer.
red as tribute to the manufacturing States
But the actual extent Of the transfer of wealth
which takes place, annually, from the south TO
tho north, cannot be fully realized until we take
INTO tho estimate the exchanges between those
two secticns, as well as our foreign exchanges
inc whole amount of the southern stables
WhIch we VIII sell TO the manufacturing States
cannot amount to less than six millions of dol
hrs. Cotton alone, by the estimate Of the man.
SSifa,ctufers' amounts to more than that sum-