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

\
United States, adapted TO the now and artificial
state Of prices i'm the two countries. the impor-
tation OF protected articles from England, which
had been suspended Ivy the protecting duties,
could not be resumed. After this adjustment
should tnke place. however, the United STATES
would have the precise Quantity OF specie which
they required iD the actual state of their trade,
and tho adjustment, therefore, would not be
temporary, but ms permanent as the commercial
| restrictions which gave rise TO IT.
Let us now examine the effect which this
change in the value of many will produce on
| the exchangeahle value of tho great staples Of
exportation, cettOn, tobacco, md rice. "A their
| money price in tho United States 10 notoriously
| governed by their money price abroad {; and as
u Is evident that their money price abroad can
not he increased by the duties ln ] upon the inn
ports we receive for them, il nav be snfelV assu
mod, thst the money price Of these staples will
not be greater in The United States under a sys-
tenn OF protecting duties. than il would he with
our such system. In point of fact, even the
money price OF our staples of expiration is
slightly diminished by the protecting system
nut VIII TAKE it f.r granted, Cor the sake of
this assumption. il Is S.,pa.ent that tho real
Priee, or. in other wordss the exchaDgeabIe value
OF these staples must be diminished in the Uni
ted States precisely in the degree that tho value
OF specie Is deprccintcd, as compared will,
other commodities. If the planters can obtain
pies, while the price f the whole list of protec-
ted articles is enhanced from thirty 10 fifty per
cent, and all other articles in smaller degree,
II rs self evident proposition the exchanged
BILE value of cotton, tobacco, aud rice, is dimin-
lshed, precisely TO the same extent that the ave
rage price OF all other articles is enhanced bv
| the protecting duiies.
Money is of no value, hut for the Command il
gives to i,s pOssessor over the uccessaries and
Injuries OF life. 1t is perfectly absurd there
fore, to deny that the reb p. ice the eachangea-
bile value Of cotton is diminished, hecnuse the
same number of silver dollars can he obtained
Tor II. when II is notorious that it will require
one hundred add thirty or one hu.dI ed and fifty
oil these dollars to purchase the same Quantity of
the comiOrs Of life that Que hhhd, e., dollars
would purchase. if it were not for the protecting
duties. Money is not, ia ITSELF u source of enjoy
ment: If could purchase the same amount of
enjoyment Tor one dollar that can with ten, /
would he precisely as wealthy with ten thou
sand dol Rs | am with one hundred thou
sand. Nothing but n puerile and contemplate
vanity can be gratifi.d by increasing mau's
store uf gold aud silver, unless il increases also
his command over the variuus productions OF
human Industry which minister to his wants and
| and his desires.
1t is of the utmost importance, therefore, TO
the true understanding of this subject. that we
bear constantly in mind tho distinction be ~ cen
Tho money price and the exchangeabe value Of
cotton, tobacco. and rice, they are affected Iy
the protecting system. In the report Of tile
Commit GO Of Ways and Means, il is assumed
| hat the real price of exchang"able value Uf
| cotton is diminished ut least two cents pound
by The indirect operation Of the protecting du-
ties. confidently believe that the dmnulion is
much greater than even hisstes,.ss.r,
Z VIII 40" attempt To prove by plain aSaly
ss.
| 1t is agreed that the planter ge;s no more mo-
| ney for his cotton, and have granted (contra-
| q Get q he
If he enjoyed free trade. Now what are the
uses 10 which the planter can apply his money
If he wishes TO purchase cotton or w oIler man
ufacures, he will have 10 give. upon an average
forty or nifty per cent more for them in conse-
quence OF the protecting duties and, as n mat
| ter Of course, 10 this branch of his exchangrs
the value of his money will be propor,ionably
diminished. Ii he wishes to purchase iron for
| the purposes of his plantation, he will have L,
give at least one hundred per cent. more than i,
would cost, u trade were free, AID of ctusre il
wonId require two dollars to purchase what
ought to cost but one. Ii he wishes to purchase
iron manufactures, he will have to give twenty
| seven and half per cent; and, # shoes or hats
thirty three per cent. more Than they would cost
him. hut for the protecting duties. Applying
this course OF reasoning to the whole catalogue
of protected artitfe5, il will be found, that upou
| the grand ne gregate Of the purchasers, he has
occasion to make Of these articles with the mo-
| ney obtained for his cotton. il will re6uire. up
on an average, about fOrty-flye per cent. more
than it would cost if the protec ing duties were
repealed. And here, sir, it Is proper 10 remark
that these facts clearly Indicate a diminution Of
| the real price or exchangeable value Of cotton
| whether the planter himself actually consumes
| these various articles which have Enumerated
or not. The bmrihen is un-lterabiy fixed uD0h
the planter as producer; for lie is compelled
either to import these articles himself, in direct
exchange for his cotton, and pay the duties on
theri out of his owl pocset, or to receive mo-
Dey in exchange for his cotton.
IL he imports receives money, he obiaips n
commodity degraded in value by the very sys
Iem which compels him to receive it, 1t is pre-
ciSeIy The same firing TO him as II he were com
PEELED to receive any other commodity, IN like
manner degraded in its value. Even, therefore,
if he should not wish To lay ont more than one-
half or one-thrd Of il in protected articles, he
must either retain II barren and UDprobuctive in
his Golfers or let Some other person TIA 90 it, by
whom it would he applied 10 The PURCHASE OF
these very protected articles. And as ri would
be no more valuable in the hands Of Ills third
person, for purchasing sdch articles, than il was
10 the hautls OF the Planter, II is evident that
whatever article The planter might receive for it
would he diminished 10 qnautHy in exact pro-
portion 10 the degradation Of the value Of spe-
Gle.
SO that unless II be assumed that money has
40 intrinsic value, without any references To- the
other commodities it will purchase, IL fuIJw,
that tho e2changeable value Of cotton Is din,in.
shed Ivy the projecting system III tie exact
proportion that the prices of Other articles are
incfeased by il.
If, when the planter exchanges his cotton j,
Liverpool for money he were permitted to ex