Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-08-14
CONGRESSIONAL.

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Speech Of MIR. McDUFFIE, Of South Caroline, ON The
6tu proposing a reduction Of The duties on imports,
dearered m the House Of Representatives. Nay IS,
1882 Continued
Let us examine the effect which This chance in tho
value OF money will produce the exchangeabie value
OF the great staples of expectation, cotton tobacco and
rice As their money price in the United States is motto.
ousy governed by their money price abroad and
evident that their money price abroad cannot be
Dy the duties laid upon the imports we receive for them,
may be safely assumed that the money price OF these
Piles will not be greater in the United States under sys-
tenn OF protecting duties than il would be without such
system In point of fact, the money price of our
staples OF expectation is slightly diminished by the pro-
tectng sysem but will take il for granted for the sake
of argument that is undmnished Even upon this as
sumption, is apparent that the real price, or other
words the exchangeable value of these staples must be
diminished in the United States precisely in the degree
that the value OF specie depreciated compared with
other commodities II the planters obtain only the
same quantity OF specie for their staples while the price
oil the whole list OF protected articles is enhanced from
thirty to hy cent and all other articles in smaller
degree, it is seevidcnt proposition that the exchangea
BILE value of cotton, tobacco and rice, diminished pre-
cisey to the same extent that the average price all other
articles is enhanced by the protecting duties.
Money is Of no value but for the command il gives to
its posSes'or the nccesSares and luxres of life IL
perfectly absurd, therefore, TO deny that the real price
the eXchangeable value OF cotton diminished because
the same number OF silver dollars be obtained Tor it,
when il is notorious that it will require one hundred and
thirty, one hundred and fifty of dollars to pur-
chase the same quantity of the comforts of life that
hundred dollars would purchase lift the pro-
ecunS duties Money is not, IN itself, of enjoy
men If could purchase the same amount of endowment
for one dollar that can with ten, would be precisely
wealthy with ten thousand dollars, am with hun
dred thousand. Nothing but pserile and contempbIe
vanity be grafed by increasing mans store Of gold
and silver unless increases also his command over the
various productions of human industry which minister TO
his wants and his desires.
II OF the utmost Importance therefore, the true un-
derstandng OF hissubec that bear constantly mind
the distinction between the money price and the exchan-
geable value OF cotton tobacco and rice they are a
eccd by the protecting system. In the Report of the
Committee of Ways and Means i, is assumed that the
real price, or cxchangeable value of cotton diminished
at least two cents pound by the direct operation of the
protecting duties confidently believe that the dimnu-
ton is much greater than this estimates which will
now attempt to prove by plain analysis.
IL is agreed that the planter gets money for his
cotton and have granted Contrary TO the acO that he
gets as much as he wouldifhe enjoyed free trade. Now
what are the uses to which the planter apply his
ney! VI he wishes TO purchase cotton wooen manuac-
lures he will have TO give, upon average forty or fifty
per cent for them in consequence OF the protecting
duties and, matter of course in this branch of his ex
changes the value OF his money will be proporonatey d
minShed 1.-The wishes purchase iron for the
OF his plantation he will have TO give at least hundred
per cent more than would costi trade free and
course it would require dollars purchase what ought
to cost but one If he wishes purchase iron manuac
lures he will have TO give tweny-seyen and half per
cent? and shoes or hats hirythree percent more than
they would cost him. but for the protecting duties. Apply
ing this course of reasoning to the whole catoooe o nr
tected articles will be found, that, upon the grand az
gregate Of the purchases he has occasion make of these
articles, with the money obtained for his cotton will re-
quire upon an average, about forty five per than
1t would cost the protecting duties were repealed And
here Sir is proper 10 remark, a these facts clearly
o, cotton, whether The planter himself actually
these various articles which have enumerated or not
The buhen is unatcraby fixed upon the planter as pro-
ducer or ne Is copeled, either to import these articles
himself in direct exchange for his cotton paw the u-
ties on them out of his own pocket 10 receive money in
exchange Tor his cotton.
! Ifhe imports receives money, he obtans commo-
dy degraded in value by the very system which compeIs
him TO rcceive 1t is precisely the thing TO him
IL he compelled 20 receive other commodity i'm
like manner degraded in its value Even therefore if
he should not wish 10 lay out than half or
third Of il in protected articles, he must either retain il
barren and unprolucve in his Golfers let other
person have it, by whom it would be applied to the ptr-
chase OF these very protected articles. And would
be valuable in the hands of this third person.
purchasing such articles than il in the hands of the
planter, il is evident that Whatever article the planter
might receive for IT, would be diminished i'm ouantitv In
exact proportion to the degradation of the value of specie
SO that unless be assumed that money has an
value, without any reference 10 the other commodities il
will purchase it follows that the exchangeabe value OF
cotton is diminished by the protecting system in the ex-
act proportion that the prices of other articles
! ed by it,
IT, when the planter exchanges his cotton in Iverpoo
for money, he permitted to exchange that money fol
English manufactures, as freely he is permitted
exchange II for Northern manufactures he would un-
doubleday obtain much valuable exchange foI
hiS productions In word, money which he receives in
England is worth forty or fifty per cent more there thar
il is here for all the to which lac wishes TO apply it,
But you intepose your protecting duties, and thereby pre-
vent him from using it in England, under the heavy pen
atty OF forty fifty per cent in order that he may be com
PEELED TO bring il into the United States and apply il Il
the purchase OF domestic manufactures at prices forty
iitty cent higher thau they would him
land. However IL may be disguised therefore, by the in
erposiion Of the various agents by whom the complicated
process Of the foreign exchange performed il is never
thesss certain that the alternative is presented the
planter, either to exchange his cotton for foreign manu-
acturcs, and pay forty fifty per cent the value
them for the privilege Of making the exchange, *
change for domestic manufactures aud pay forty fifty
per cent for them, beyond the price for which the
articles could be obtained from England. Heavy as the
penalty is tic planters find it their advantage 10 adopt
the former branch OF the alternative Yes, Sir; they find
II more advantageous TO pay this enormous penalty and 20
to those natural markets from which il is the whole scope
Of your legislation TO exclude them, Than 60 the mise
rable domestic market which YOU wish to conine them
without paying any penalty at all. And, sir, long
cotton tobacco rice continue TO be produced for expor
taton, This must continue TO be the 1t is utterly
possible exclude the importation Of protected articles, c
whatever extent you may carry your duties, until you have
destroyed the bu ncss Of rearing staples for expectation
No proposition is capable Of clearer proof than this and yet
few are little understood. will endcavor 10 make II
plain When the tariff Of S2S passed. almost every
body believed il 10 be proibory, to most OF those ar
Giles which subject TO az high aduy fifty per cent
II was in fact temporarily many articles. But a
soon The distribution Of the precious metals or their sub
stutes become adjusted and pToportOncd TO this state
Of things. mporiatons freely resumed and large
an amount Of protected articles came in, at average
nearly fifty per cent, had come IN before at lle lowe
7 rates Of the former tariff
The whole experience Of the country has in fact beef
but practical illustration Of the view / have here pre-
scented.
After the passage Of each successive tariff importation
81 have been for time diminished, and the manufacturer
have been satisfied. But after the lapse Of fcw years
the imporations become great ever, and inc manu-
facinreis become clamorous cor additional or
BY singular fatality, illustrating the pernicous connec
ton between the Presidential election and the tariff n,