Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-02-16

do'' vs. leaving only thirty dollars TO pay the in.
tcrcst on the capital invested in land, and tho cx
ponsc OF management, and of furnishing horses
agricultural implements, and all other necessary
supplies What, then, would he the fate of u
northern cotton planter, who paid ii(ty cents 4 d,v
for each !,borer, and sold his staple at eight cents
pound the highest average now obtained for nm
land cotton after dciraying the expense of trans
porting it 10 market! lie would not realize for
his production, half enough TO pay the wages of
his laborors. When ii is added that there is no
agricultural labor in the whole Union more eff
ccnt than that which IS engaged in the production
OF upland cotton, and that, naturally, staple of
the earth has many advantagcS, the consequence
irrcSStihiy follows, that tie uuwisc, unjust, and
discriminating taxes Of the federal government,
nave not only counteractcd these advantages, hut
reduced the wages of tho labor engaged in this
production, to lower rate than the wagcs OF tn,
starving operatives of Europe
| III The duties upon imports were levied i'm kind
an" tue planters made their own exchanges with
the foreign manufacturers, without the intcryrn-
ton either OF money or commercial nmants the
most unroiiec!ing would perceive that the import
duties were direct taxes upon the productions Of
the planters If, For example, forty bales of thcir
cotton were taken out OF every hundred, when IL
passed the cuStomhouse, gong abroad, il wouId
be Impossible Tor them to obtain any larger quar-,
| tity of goods for the remaining sixty i'm cous,
quencc OF this levy, because the agents of the oo
vornmcnt would carry the other forty into the for
undiminishcd. In like manner, if forty bales of
the merchandise obtained for the cotton exported
were taken out OF every hundred, as il passed the
custoihhouSe, coming into the United States, the
remaining sixty would have no greater cxcbanrca
Die value, In consequence of the levy, because the
agents OF the government would bring the othay-
forty INTO the domestic market, and of course the
supply, in this case, also, would be undiminshcd-
NO proposition in political economy is more uni
versally admitted by all the opposing schools of
That science, than that the price of an article can
not be enhanced in consequence of tax or dutv,
unless the supply be first diminished or the demand
increased. So far, therefore, as the southern pre-
ducers are concerned, it would be better for them
that public enemy should capture and destroy on
the high seas, the forty bales of cotton or of NOR
chandlzo which tho government levied as tax;
ioF IN tlat case, tho supply would be diminished
TO the full extent of the destruction and this would
enable the producers to obtain some indemnity for
the burlhen imposed upon them, or i'm other wottds
for the increased cost of their production
tut the use ut money, as the universal measure
OF value, the admission of specie free of DUTY and
the intervention ofexrorting and importing mcr-
chants IN eilccting the exchanges of foreign com
incrce though they alter the form, and add to the
compeXlty OF the operation, do not i'm the slightest
degree change the permanent effect of an I'M
port duty upon the productive agency engaged in
supplying the exchanges of foreign commerce.
But as these have the effect of INVOLVING The
paincst truth in doubt Il uncertainty they require
some explanation. All commerce, foreign and
domestic, ultimately resolves itself into an
exchange of barter, money and mor-
chants but the medium, and the arcnts NV
which 1T is effected. Bearing this in mind, the
committee will proceed to consider what effect is
produced by admitting specie free of duty upon
the operations of foreign commerce; under svs-
TEN OF protecting duties 1t is said that these tIu
ties levied upon imports not equivalent to
the same amount of duties levied upon the exports
given in exchange for them, because specie which
pays no duty, may be imported instead of mer-
chandizc subject to high protecting duties. Those
SnDuld be tan to
that it contains some lurking fallacy by the undc
niable fact that foreign merchandise burthcncd
with protecting duties, still continues TO be i'm
ported in preference to specie which pays no duty
at ALL Ii would be a sufficient answer to this ar
gument 10 say, that there be no substantial re-
lief III the option of importing specie, because it
would be TO import precisely what we do not waue,
as an article eli consumption. But specie is also.
by universal consent, the measure N the represent
alive ofvaue, 81 as superficial reasoners can with
difficulty understand how it is possible that com
munity can be impoverished while this articl, is
abundant, the melancholy experience of Spain to
the contrary Notwithstanding the committee will
cndeaVor to explain more precisely the effect proA
duced by importing specie upon the domestic value
OF specie itself, and upon the relative values of
different descriptions of domestic productions: all
considered as the effect of protecting duties
Let 1t be supposed, then that under system :
perfectly free trade, the northern manufacturers,
supplied one half OF the demand of the country for
manufactures, The southern planters the other half
tins state OF the trade, let it be further suppos-
cd that an average duty oflorty pet cent. should
he imposed upon imported manufactures. Ifspc-
Gle were not the universe medium of exchange,
and admitted free of duty; as. for example, if each
ha,lon had a mere paper currency, having no cir
cuiaiion beyond It's limits and species were TN
known, the very first effect of the supposed d5tv
on imported manufactures, would be TO deprcss inc
leNchangeab!c value ofthe staples of exp o7tation
very nearly TO the extent OF that duty. But as
specie rs the universal representative of vauc and
is admitted without duty, the first effect ofthc du
W on imported manufactures, would be TO suspend
their importation. At first, the same onauiijv of
specie could be obtained abroad for the staplc- Of
expectation as was obtained before; and would
be found more advantageous to import tho specie
ana exchange ii for domestic manufactures under
so nigh duty AT first, also, the price of domesi c
manufactures would be very little enhanced, but
IN very short time, probably in less than six
months after the imposition of the duty the money
price OF manufactures would he forty per cent high
or IN the T. 5 than they would be in Great Britain
and the importation ofJmanufacturcs would he re-
sumcd.
TO EE CoNCIUDED1
s-1sS- 1ss1=>- .zssa- 4as4-S-,-s4=-=-z=z=.
/ PHSO uugh Davis, and Susan, his wile Tnch
II Cross, William l.. White, and Eliza
beth, his wife; John Cross and Tinsley DAVIS,
! IN his own right, and as next friend for your SON.
John Hector Davist
You will he pleased TO take notice, that shnA