Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-20
RICHMOND VIRGINIA, THURSDAY, FEBRUARY 20, 1910
and that of Individuals and between partial and &c
neral distribution

neral distribution.
Proceeding step farther, in tracing consequences
another question presents tself-on what articles shall
the duties he laid? On the free the duted articles
ohall tla9 DC aid Tor revenue or for protection: Is
not obvious that so large an amount as FIVE millions
equal 10 one-thlrd of the present income from tina
source and probably much less tian onchalf wha
It VIII be ut the end of two years be raised with
out rous'ng from lis slunbcr the tariff question: wit!
All us distraction and DANGER Should that, however
not be the case there another consequence
ed with this, that cannot fail to rouse it, as shall nov
proceed to explain
The net otdistributng the sales of the public land
among the States, of itself as well the amount to b.
distributed, will do much TO resnscate their credit
1t is the desired result, and the leading motive for thu
act FIVE millions annually, (the amount assumed,
on pledge of the public domain, would of ITSELF be
sufficient basis for loan of ninety hundred mil
lions OF dollars, if judIcously managed But suppos
that only one half should be applied as the means
negotiating loans abroad order to complete The old
or to commence new, works of Improvement or othc
objects, ask what would be the eifrc, on our imports
OF negotiating loan IN England or elsewhere in Eu
rope, OF forty or fifty millions, in the Of the
year or two Can any doubt from past experience
We all know the process. Very little gold or silver i
ever III these negotiations credit is obtained
and that placed III bank there with wealthy bankers
Bills are drawn on this country, and then sold to er
chants. These are transmitted to Europe and the pro
cecds returned in goods swelling the tide of import.
IN proportion to the amount. The crash of our manu-,
lecturers follow, and that, turn, by denuncations
against orcr-imporlng and crertradns, i'll which those
who have been most active causing are sure to Join
but will take special 10 make tine least aliusior
TO the real source whence it flows. Is not that the
case AT this moment; And can ii be doubted that with
the increase of the cause, the camor for protection viii
increase, until, with united VOICES the friends Of the
system would demand lis renewal Ii TO this we add
that, under the compromise act, the tariff must be re-
ysvcd and rcmodclled, who look at such concur
| ff, .E,.l
be almost impossible prevent the revival of the pro-
tcctivr system, should the scheme o. distribution be
adopted: ! hazard nothing in asserting that the re-
ncwal would certainly follow and, this would be
one OF the most prominent and durable consequences
OF that scheme propose consider it fully in its most
important bearings.
One of the most striking features Of the system is
It's tendency to increase. Lett be but recognised,
and let the moderate duties be laid for proec-
ton; but put the system IN motion, and its course
would be onward, onward. by an irresistible impulse,
as shall presently show, from past experience; and
hence the necessity OF vigilance and determined re-
sStance TO every course Oh policy that may by possb
liy lead to lis renewal. Tb;S tendency TO increase
suits from inherent and nscparablc from the
system, and has evnccG itself By the fact, that
tariff for protection has invariably disappointed It's
friends in the protection anticipated and has been fol-
lowed periodically, after short intervals, by demand
for another tariff with increased duties, to afford the
protection vainly anticipated from its predecessor
Such has been the result throughout, from 1916 to
le2o when the first and last protective tariffs were
laid, which propose now 10 show BY very brief his
torical sketch Of the and progress of the system
The late war, with the embargo and other restrictive
measures that preceded il, almost expelled
mcrcc from the ocean, and diverted vast amount Of
capital, that had been employed in it, TO manufactures
Such was the cause that led 10 the system. After the
termination Of the war, on the part of Congress aud
the country, the kndest feeling towards the nanutac
idrm9 interest, accompanied by strong desire so To
adjust the duties, Indispensable TO meet the expenses
of Government. and .tt IiIaIfdacttrrers were con-
Tvf rstiSf IT as ai"rding sufficient and permanent
and in my then want o! experience as TO the
nature of the SYSTEM did dream! that would hear
anv more OF the tariff till II would become necessary TO
rrads the duties alter the discharge Of The public debt
Vain expectation; Two years had not passed away be-
fore the manufacturers were as caInorouS as ever i3r
additional projections; and 10 meet their wishes, new
duties were laid from time TO tune, with The same re-
suit: but the cla;nor s: rcturncd till l-2l, VIXEN the
tariff of that year passed, which was believed on all
sides 10 be ample and considered like that OF 10,
10 be final adjustment OF the question: III was I'M
der this impression that the South acquiesced (rcluc-
antly( in the very high duties It imposed. The late
General IIaync, then a distinguished member OF tins
body took very active part against 1t ana
well remember after its passage that he conSoed nun
self with the belief that, though oppressive 1t would be
the last. His expectation proved as VAN as NINE III
10 Before two years had passed, we were again be-
lion: and in the summer of l~27, large convention
Of manufacturers from all parts held at Harrisburg
in PENNSYLVANIA, 10 devise 4 new and more ample
scheme Of protection 10 &c laid before Congress at the
next session. That movement ended IN the adoption
Of The tariff Of IS2S, which, in order 10 make sure
work went far beyond all It's predecessors IN the m
crca Sc of duty The duties raised on the leading
articles Of consumption from forty 10 fifty per cent
above former duties, higii as they were. speak
onec;ualIy, without any certain d2ta In less than
three years, that enormous rise proved TO be m
sufficient as shall presently show and would certain
~ have been followed by demands for protection,
had not the small but gallant State represent, arrest
ed its further progrcss-no, that not strong enough
brought the system to the ground, against the resist
ance OF the Administration and Oppos'tlon-never
trust, TO rise AGAIN
The fact disclosed by this brief historical sketch is,
that there is constant tcndcncyto increase In the pro-
cc;ivc system: and that every increase of duty, howe
yer high requires periodically after short interval, an
additional increase This. have stated, IS not &C
cdenal but is the result OF causes inherent IN the sys-
tcG, itself in the present condition OF our country IL
ORIGINATES in the fact that every increase OF protection
l. necessarily followed by expansion of the currcn
cv which expansion mnst continue 10 enlarge TIL the
increased price of production III consequence shall
become equal the increased duty, and when the IA
| nortaton Of the articles prohibited may again take
place with profit. That IS the principle ana as
essential TO the peace and prosperity of the country
tbai should be clearly understood, intend TO establish
its truth beyond doubt cavi, and for that purpose
shall begin with the tariff Of %, the last and By Tar the
bodcst of the series, with the view OF illustrating, u
lis case the operation of the principle entrcat the
Senate to give me its fixed attention. The principle
well understood will she'd flood of light on the pas
and present difficulties of the country, and guide us II
safety in future course.
To give clear conception of the operation of th'
tariff of 1928 it will be necessary to premise that
comprccndcd all the leading articles of consumpoI
that could BIZ manufactured in country; amnnnin!
in value to not much less than onehait OF the whole
fine IMPORTS that the duties these articles were IN
creased enormously as has been stated-say not les
than forty or fifty per cent; that The average domestic
exports a, the time was not much short ofslxty million
of dollars. and the imports for consumption about TIT
same that the revenue from the imports was abon
half that sum- and that of the exports about three
(ours consisted of the great agricultural staple
of the South What, then, with these facts, mus
have been its necessary operations on the currenc
of the manufacturing States: We export to I'M
port 1t is impossible to continue to export for an
considerable length of time, without correspond
ing return of imports. 1t would be to give ava
labor Cor no,hinr Our pyDorts. then, COntInuin