Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-07-31

No powers of calculation make per cent inn
potation OF ten millions of dollars amount TO than
100000 Mr.. M'Dutie, have seen, states it at
81 100000 Let proceed with the other parts of his
statement. Mr. M'Dunie estimates the importation of
other protected articles at 25 900 000 the
importer per cent from shortening the credits these
articles Let us for moment grant both assumptions.
The average rate of duty those articles under the
law, will admit to be high 30 per cent Five per
cent 30 is 81 per One and three quarters per
cent on an Importation OF 10000, will give 800
as the increase OF duty Mr. MDue statesit at s. 250,
600. The two together amount 10 $751;, 800. Mr.
Nj Duiie states them at 81, 900.
Now, MIR. M'Duiiie assumes the amount of imported
Woocns too high by at least millions of dollars, and
other protected articles too high by at least millions The
impor;aons OF Woollens of all kinds in $780, according
the Treasury statemen in May last but So S57 225
Now, II we say S6OO0,OO0 for Woolens, it liberal
innate for average importation The importation other
protected articles amounted in 1880 TO Sl9,067 95 We
viii estimate the average importation of these articles be
Il 100000 Admitting the other data OF Mr.. NJ Duie,
that the loss 10 the Wooen importer, in abolishng credits
for the duties is 10 per cent, and in shortening credits
other articles per cent, the increase in the
duty Woollens at average duty OF 40 per cent?
only $40 O0O articles an average
duty OF 30 per cent, only 1887, 800 The two sums TO-
gether making 1927 500. Mr. MDuffe makes the loss
S2500,000. On Woollens costing under 30 cents the
square yard, the increase is only Ii per cent rate
duty On Wooilens costing over 30 cents the square
| yard, it is only IL per cent.
Now,i we admit for the moment that the substitution
of cash for credit duties Woolens equal TO an
crease OF duty OF 10 per cent and shortening credits
other articles as equal 10 increase OF duty OF per
should like to know the process of reasoning by which
this result arrived at by Mr.. MDuic, Wien every one
knows that by substituting cash for credit duties the ave-
credit being 10 months, is only equal per
per onnum, according to the which money may
borrowed of the banks, while shortening credits for duties
by which the average is reduced to 2 months, is only
equal to Ia per cent according TO the rate Of Dor
rowing. Mr.. M'DuIie gives il as the opinion of Mr.
Baldwin, former Chairman of the Committee on Manu-
acures that the substitution of cash for credit duties
equal TO protection TO Manufactures of ID per Mr.
McDuhe reduces ii per cent but the OF this OPT
not given ltis merely putdown the dictc
oil Manufacturing advocate whose authority ii is
Tor Free Trade men to quote in support Of their statements
We know of mode of argument by which an in
crease OF duty OF per he raised 10 per
unless be this that making the duties payable in cash in
stead OF allowing credit, will restrict the importation
as TO enable the domestic manufacturer TO coapee will
the foreign manufacturers of wooens with
This may possibly make difference but that it shou
be equal TO 10 per cent beyond belief We have neve
made the experiment in this country of cash duties Il
importing woollens will take direction, but no ont
can determine to what extent, if any, the importation
will be reduced by merely changing the mode Of payin
the duties. We, therefore, until the experiment be fair
made, shall the increase of duty under the new
act by aboshng credit duties wooens and shorten
ngthem other articles 10 be the loss of interest tn
importer at the rate q borrow Of the banks Ever
one that this, credit of 10 months, is equal
per cent? and a credit of IL months to ? pc
cent. annum
Calculated this principle the import of Wooens be
ing assumed TO be S600O,000, and the average duty
per cent the increase i'll consequence of cash duties will
be only $4,000 Surprising the import of other pro,ec
ed articles be 2I 000 and the average duty 30 pc
cent the increase will DC only these articles Sl75375
The whole addition in reality the above data being on
McDuIie y
The result of the whole is, that Mr.. McDufe by est
mating the increase of duty, under the law com
pared with the act of 1929 n consequence of introducing
cash duties and shortening credits,) the UaIe Of III
importation, instead of the amount Of the dty and as
suming without proof the loss of interest the Woolle
importer TO be 10 per cent and all other importers be
per cent has nagned the increase OF duty at least egh
foId.-U.