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

1885, and but for the ex raordnarv state of tho
u'hk 1t not improbable that similar demand would
nave been made nov. These iacts satisfactorily prove
that no rate OF duties that will prohibit the expectation
OF our Southern staples prohibit for any length of
tne the importation Of those manufactures which are
now imported in exchange for them YOU were to raise
your average OF duties to 60 per TO morrow in less
than twelve months nearly the same amount of nanufc-
lures would nc imported as is imported unless the
expectation Of Southern staples should be cut of or cur
tailed by it. How can il be otherwise? How is IL posi-
bic That cotton, tobacco and rice can be exported if some
thing required for national consumption be not re-
ceved Tor them from foreign nations! The nonsensicaI
idea oil importing specie, The absurd of all the ocs
OF me mercantile system, can find no advocates IL
is neither more less than the old Spanish policy of
making the nation wealthy by boarding specie exhibited
in different but much efficient form than that in
witch II was exhibited by Spain.
She attempted TO prohibit by penal laws the exporta
ton OF species you do that which much more eectual
oy forcing its importation and then prohibiting the impor-
auoh oil any thing which give rise TO the expoation'
of it.
Ii the planters of the South should he weak enough to-
attempt to enrich themselves nation by receiving
The annual amount of their staples specie from foreign
countries, they would exhibit the folly and faulty of the
wretched miser who perhes amidst boards his trea.
sure for the want of food.
What, them they receive for their stapesi III Won
exclude the protected articles, the whole of national
imports would not amount TO than c-hali the
oil me southern staples; and these principally imports
which are now received in exchange Tor the productions
oil other parts OF the Union, fully equal to The
consumption OF the country.
will produce the authority of the two writer's
have already quoted TO sustain the doctrine Just laid down.
the effect of commercial restrictions in CHANGING The
value OF the precious metals Professor Senior says
''Ihey cannot deny that the commodities they would
exclude must be given TO us gratuouy in exchange
Tor our own produce for money. The first supposilion
granting could be sufferers Ivy is absurd even for
the reasoners whom describing. II they adopt the
second, they must admit that the loss the producers
whose exports Indirectly prohibit, balances the gain to
those whom iorcby encourage leaving TO the
pn9hc unGompensated. They are driven, therefore, to
maintain tha' lhe payment would be in money; and TO
suppose that such payment could be continued, and
would be an evil, IS the mercantile theory Again. 81
WIN suppose that all the protecting duties with which
have cloed our commerce with France suddenly
moved, and that the removal is Immediately followed by
increased importation of French commodities to the
amount OF five millions sterling. And will suppose the
commercial restrictions the part of France,
unaltered will suppose too that the five millions i'm
question are actually RENTED in money. Ii iSadmted
that the allux OF so large from England and its
influx into France, must sink all English prices and
did not the transaction would he pure benefit 10
England and Of pure loss France Assmoney is not a
source oil qualification, but instrument of
merce' II our prices were not affected by parting with
portion OF our money should be nsensble OF los
orraher we should have sustained loss whatever, and
have gained the live millions worth of French commod
ties without any real sacrifice, while France would have
parted with those commodities and received sensible
equivalent"
The put by the author it win be SEEN is the coun
erpar of that by which have illustrated the effect ofour
restrictions upon the value of meney The same ARGUMENT
however, which shows that the repeal OF restrictions would
cause money to flow out of the country and rise in value
equally proves that the imposition of restrictions woul6
cause money TO How in and sink in value
Mr. Ricardo, OF the distinguished of the prac-
teal encononists of Europe lays down these principles
medium OF circulation, they are, by the competition of
commerce. distributed in such proportions amongst the diff
iercH countries o the world accommodate themselves
to the natural traffic which would take place if such
metals existed and the trade between countries pure
| ly trade of barter
CHOW suppose England TO discover process for making
wne that it should become interest rather to grow
1t than TO import it, she would manufacture cloth
for expectation, and would grow wine for herself The
money price OF these commodities would be regulated ac-
cordngy. Cloth would some time 10 be ex-
ported this country because its price would continue
10 fhnnh prp. httV 1nf
wne would be given in exchange for it, till the accumua-
ton OF money here, and its dimunion abroad, should
operate on the relative value Of cloth in the Countries
that it would cease to be profitable TO export it,
'lt is thus that the money ofeach country apportion-
ed TO it in such quantities only may be necessary
gulate profitable trade barter "But the dminution
OF money in country and its increase in another do
not operate on the price OF one commodity only but the
This higher rdIe Of money qciH not be indicated by
the exchange; bills may continue he negotiated par
although the prices OF and labor should be TO- 90 or
30 per cent higher in country than in anotler''
"When each country has precisely the quantity Of
ney which ught to have money will not indeed be of
the value in each for cih respect to many conn,o
dites al may differs, 10, or eUen 20 per cent? bat the
change lCW be at par"
Here sir, is distinct recognition Of tlc principles for
which am contendng as il regards the distribution Of mo
ney amongst different nations aud the changes produced
in its value, by the increase dnuulon OF its quantity
The cases stated ny way Of illustrations not precisely
analogous case; but feel warranted in SAYING that
this were submitted to these authors the principles they
have aid down would induce them TO pronounce the
opinion in relation TO il which have endedyorcd TO pre-
sent.
It's distinctly affirmed tlat the accumulation Of money
depresses its values and all commercial restrictions
on imports, while exports free, must not only
an accumulation Of money, but permanently retain il
long as the restriction continues il follows that the price
more property The cXchingeabc value OF exports
must be permanently diminished in The precise degree
that the value OF specie l. Deprecated.
This Wow of the subject furnishes complete and salts
factory solution OF puzzlng difficulty which many per-
haps cannot get over, and which may be appropriately
denoninatod the Pens GSin0rtBI OF ibis great conro-
vcrsy.
When IL contendcd tha the protecting duties do not
fall exclusively upon the consumers, but partly upon the
producers Of the exports aud partly the consumers Of
reply, that, the importing merchant must add the du-
ty well as his usual profits TO tho Of every i'm
port necessarily follows that the must pay the
duty.
Now, it is admitted, that the importing merchant
increase tie money price for which nc sells foreign
ulacturc 70 indemnity himself for the duty paid
IL; hut have that ibis enhanced money price is
produced in part by the depreciation in the value OF
ney n whatever degree he increased price protect
cd articles arises from this depreciation in the value Of
ney all other commodities, in the market
cia community, will experience corresponding increase
Of price.
1t is not true therefore, is sometimes supposed, that
the northern farmers and aborors much oppressed by
the projecting system the people OF c southern States
other than planters Experience confirms the conclusions
Of theory Ibis subject Whaicvcr increases the pros
pcry and profits The great and leading cmpoymoDts Of
capital in any community, has always been found to in
crease the prosperity and profits OF all subordinate employ
rncuts well the wages Of labor 10 Is obvious, that
in the same local community, where te transfer Of cap
tai and labor from one employment 10 another Is easily