Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-03-22

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prosperity. And, the greater that diver
sity, the more extensive and the more
animating is the circle Of exchange.-
Even if foreign markets were freely and
widely open to the reception Of our agri-
cultural produce, from its bulky nature,
and the distance Of the interior, and the
dangers Of the ocean, large portions OF 1t
could never prolitably reach the foreign
market. But, let us quit this field OF the
DRY ,clear as it is,a and look at the practical
operation of the system Of protection, be-
ginning with the most valuable sta lie Of
our agriculture.
In considering this staple, the first cir
cumstance that excites our surprise, is the
rapidty with which the amount of it has
annually increased. Docs not this fact,
however, demonstrate that the cultlva-
ton of it could not have been so very
unproftablc3 If the business were ruin
Gus, would more and more have annually
engaged in it? The quantity in 1916
was eighty-one millions Of pounds; M
1926 two hundred and four millions; and
in 1880, near three hundred Millions
The ground Of greatest surprise is, that
it has been able to sustain even its pre-
sent price with such an enormous aug
mentation of quantity. 1t could not have
done it but for the combined operation
of three causes, by which the cOnsump-
ton of cotton fabrics has been greatly
extended, in consequence of their re-
duced prices; lst, competitions; Cd, the
improvement of labor-saving machinery;
and 3dly, the low price Of the raw mate
rial. The crop of 1919 amounting to 88
millions of pounds, produced twenty-one
millions of dollars; the crop Of 1898,
when the amount was swelled to one hun
dred and seventy-four millions, (almost
double that of 1879 produced less
sum, by more than half million of dol
lars, and the crop Of 1924, amounting to
thirty millions of pounds less than that Of
the preceding year, produced million
and half of dollars more.
If there be any foundation for the es-
tablished law of price, supply, and de-
mand, ought not the fact of this great in
crease of the supply to account, satislac-
torily, for the allcdged low price of cot
ton? Is it necessary to look beyo that
single fact to the tariff-to the diminished
produce of the mines furnishing the pre-
cious metals, or to any other cause, for
the solution! This subject is well under !
stood in the South; and, although cam
not approve the practice which has been
introduced, of quoting authority, and still
less the authority Of newspapers for IA
vorite theories, | must ask permission of
the Senate to read an article from a
Southern newspapers Here General
HAYNE requested Mr.. CLAY to give the
name of the authority, that it might ap-
pear whether it was not some other than
a Southern paper expressing Southern
sentiments. Mr.. CLAY stated that it
was from the Charleston City Gazette,
one, he believed, of the oldest and most
respectable prints in that City, although
he was not sure what might be its senti-
ments on the question which at present
divides the people of South Carolina. )-I
The article comprises full explanation
of the low price of cotton, and ASST igns to
its true cause-increased production.
Let us suppose that the home demand
for cotton, which has been created by
the American System, were to Get ase ,and
that the 200, O,OO0t bales, which the home
market now absorbs, were thrown into
the glutted markets of foreign countries,
would not the effect inevitably be to pro-
duce further and great reduction in
the price of the article? Ifthere be any
truth in the facts and principles which |
have before stated, and endeavored to IL
lustrate, it cannot be doubted that the
existence of American manufactures has
tended to increase the demand, and eX-
tend the consumption of the raw mater-
al; and that, but for this increased de-
mand, the price ofthe article would have
fallen, possibly one half, lower than it
now is. The error of the opposite argu-
ment is, in assuming one thing, which,
being denied, the whole fails; that is, it
assumes, that the ,rhole labor ofthe Uni
ted States would be profitably employ ed,
without manufactures. Now, the truth
is, that the system ercites and creates la
Dor, and this labor creates wealth, and
this new wealth communicates addition
al ability to consume, which acts on all
the objects contributing to human COM
fort and enjoyment. The amount of cot
ton imported into the two ports of Boston
and Providence alone, during the last
year, and it was imported exclusively for
the home manufacturer was l09,5l7
bales.
On passing from that article to others
of our agricultural productions, we shall
find not less gratifying facts. The total
quantity of flour imported into Boston,
during the same year, was 284 ,5O4 bar
rels and 1886 half barrels; Of which,