Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1832-08-10

susceptible reasonable cerain,v The Secretary of the
treasury estimated the which would be derived
rom imports during the present year, under the existing
laws, at 100000. Deduct from this the whole amount
oil The reduction proposed, and have still annual
venue very nearly twenty millions OF dollars derived
from imports confidently AFFIRM that it will be at least
twenty millions Add this the income from the public
lands ana The bank dividends, and have Of
SzooVoooo This is about the average annual revenue
OF the lasten years, and will leave annual surplus Of
ten millions oil dollars making the most liberal allowance
| Tor the public expenditures.
"But let us into the details OF these and
see how they operate. Upon iron and iron
the reduction 900; wool and wooens t27 900;
on cotton manufactures including nankcens $l99 OOO and
on cotton bagging and other small articles about 100000
These include all the reductions the list of those
imports which are received in exchange for Southern ex
ports and amount TO only SIi 900 But these reductions
as will proceed TO show, much than counter
balanced by other provisions of the bill relative du
ucs ana diminished credits these protected articles.
III was Tue opinion OF Judge Baldwin that the with
drawa oil The credits allowed on the importation of
woolenS, would be equivalent increase of fifteen
per cenum in the protecting duties imposed upon them:
ana KNOW II 10 be the opinion OF of the intel
geht oil our merchants that is fully equal
oil ten per centum Assuming the annual amount of the
importation oil woolens be $40 900 000 il follows that
on these articles alone, there will be increase of IS 0OO
ooo added to the burhens of the protecting system TO
concordance the nominal reduction OF 1927, 900 But
the credits on all other protected articles reduced on an
average Tour and half months, which is equivalent to
hvc per centun, upon the principle laid down TO wool
lens Assuming the amount of these articles annually
imported to be 25,0o0oo 900, have 81 250 OOO as the
increase oil the burthens of the protecting duties TO be
placed In contrast with nominal reduction of 81 O9O
results that the aggregate annual burten of the protect
ing duties levied on southern productions is nom,al ~
duced SSll0oO, and increased 1872 0OO leaving the
sum oil 81 100000 the increase of the burtbens
oil the south And this Sir is the olive branch of conci
iaton and compromise which is to be held out to the
southern States TO induce them submit with patience 10
this scheme OF injustice and oppresson,'
I This last paragraph is full of mistakes:
LIST. ltestmates the amount of imported woollens
at S1O000,0 00-But, according to the table inst fr
nlshed by the Treasury Department. the whole
amount of wool and woollens of every description.
1t is only $3.50, 429-(ltte more than half of MIR.
McD.'s estimate.)
I'd 1t makes the increase of the per centup twice
as much as 1t ought to be. From whom Judge Bald
WIN got his 10 per cent-or from what intelligent
merchants Mr. Med. borrowed his 10 per cent, we
are alta loss to divine. Both are great deal too hgb
ASK any merchant an these paris what he would lose
by the change IN the manner of paying the duties
and he will tell you that it will cost him only the
Bank interest for the time he loses He will tell
you, at once-that If he has not the money i'm his
store all he has TO do is borrow it of the Bunk o
the rate of per cent; and of course that if he has
'ioio credit of 10 months on the duties and has TO
pay cash for them from March next he will Then
have to borrow the money for 10 months-and tins
lose per cent only on the duties SO paid down In
case OF the other protected articles, coons &c &c
where the cash system is not introduced but the
length OF the credits is reduced to average of
IL months, he has only to pay the legal interest for
that time-viz. less than 9 l-2 per cent.
3D. But the grossest and most garng error is vet
| to come. Will it be believed that a mind like Mr.
| goods he
iohote Ualue of the goods? He has clearly done so.
Tor he takes his 10 per 900 600 upon the
whole importation of 10 millions of woollens There
can be no doubt of this being gross mistake-And
we prove il thus:
| A imports $4,000 worth of woollens into ,bo
port OF Richmond. He has to pay the duties in
cash. He borrows the money from the Bank at the
interest OF per cent for 10 MONTHS to paw ,ohat2
The Dutes-to pay ,chom? The worthy Collector
OF our Port, for the government. How much then
must he borrow of the Bank for this purnose?-
why, of course, only the amount of the dutes-not
| a cent more The only loss, then, he sustains by
the substitution OF the cash system for the credit svs
tenn of duties wooens, is per cent interest ON
the amount of the Duties only-but surely not the
whole amount of the importation. He may have
bought the goods for cash, in London-or on credit:
II makes no odds which-and all that this Law does
is to make him lose the interest on The duties only
by abolishing curtang the credit
In fact what change does it make Under the
present system he gives his bond for the duties only
Tor ten months. Under the new system the cash
takes the place of the bond-and il is cash Of course
paid on the duties aone.*
| MIR. CardOZo, who is conversant with mercantile
calculations, truly estimates the rate on wooens not
exceeding 80 Id per So yard, (arsing from the sub
stituton of cash for 10 months credtO ut bur one
quarter per cent, being per on fUe (instead of
Mr. Mods ten per cent? And in the same rateablc
proportion, other woollens whose duties are high
Grand other protected articles, whose credits
though not abolished, are reduced i'm duration
With these elements, then, let us see the mon
strous errors into which Mr.. Med has BETRAYED
himself as well as others. BY the last Treasury ia
bie now before us, the value of tcooL and cooens inn
ported into the IT, s., agreeably to the basis of 1880
is estimated, as we have seen, at 1920 And this
at one quarter per cent additional for the cash duties
Is Sl4,30l-instead of Mr.. McD's SIOOOOOO And
assuming with him the of the other protected
articles to be 100000 the additional cost is i'm the
same proportion only 31 $50 instead of 81 600:
and thus making the annual aggregate burthen from
this cause alone, S45,63l, instead of $3.50 OOOl-|
Such is the amount of the error, which Mr. Med
and his followers have made i'm eshmatine the cash
duties and diminished Credits"
/ But, the above extracts from his speech contain
other important errors if any reliance is to be placed
in the last Treasury table
list. lie estimates the reduction on wool and wool
lens at S427,000--the table, at Sol 707-Cottons at
! 10000, but the table at 81 ,426615 &c. &C.
IDLY. Mr.. McDufiie omits altogether the reduction
on Sugar, $415 594-most clearly n protected arti-
Gle. Why does Mr.. McDufiie exclude il from his
list Is it really because cotton is not shipped to
the West Indies, and therefore, it is an nport mott
received in exchange for southern exports ?' is Mr.
! Med. serious in laying down this rule i? Does not
South Carolina use sugar? and therefore nav for il
INDIRECTLY, ifnot directly by her cotton? And fun
this principle Mr. Med. excludes sugar how ma
NY other articles does he likewise enormously omit /?
lie does not even notice the reduction on salt since
/ 1880.
3dly. He estimates the reductions on the protect
cd articles ut only $S41,00O With this table be-
fore us we do not hesitate to pronounce it at least
3 mlllions-and taking in SALT since 1923, more than
that amount.
| 4thy. Mr.. Med. estimates the annual revenue