Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1840-02-20

is the next highest being sixty-fvc per cent Ne
ork is still less So and hers is but forty per Mt and
Pennsylvania, the least of the FOUR had excluding the
Bank Of the United States increased only twenty per
cent. If the statement had extended farther South,
and taken in the staple States venture little in max
ing the assertion that instead of expansion their bank
circulation would for the period have been !nunI
N The opposite state, for the reverse reason II Will be
seen the Bank of the United States had expanded sixty
seven per cent This great increase compared! 10 the
local banks o: Pennsy lvana may probably be attributed
partly to loans negotiated farther East and not mpro-
DaDly because her accommodations somcw hat en-
argcd, ilom causes connected with her efforts al the
time, to obtain 4 renewal Of her charter
trust that have established TO the entire sa-
tlsacon of the Senate, the truth Of the great prnc;-
pie which has been laid down-that every increase OF
protective duties is necessarily followed in the present
condition OF our country, by expansion of the
currency, which must continue to increase til the in.
creased price OF production caused by the expansion
shall be equal to the duty imposed when new tariff
Will be required. Assuming, then, the principle as in.
conference.-the, II follows that the natural tendency Of
the protective system TO expand, in seeking to ac.
compsh It's object, till ii terminates in explosion IL
would be easy To show, from what has already been
stated, that this tendency continue til the exports
shall be reduced 10 be barely sufficient to meet
the demands of the country for the articles not ccd
IN the projections as it must be obvious, so long rs
they exceed that amount so long must sDrcic conn,.
to be imported, and the exchange to be in our favor
TIL the protection is broken down by the expansion oil
the currency.
The consnmmation therefore, of the system. must
De one OF two things explosion, the reduction %:
the exports, not to exceed the amour, of the u
protected articles; but either termination must prove
disastrous TO the system; the former by sudden and
violent overthrow, and the latter by the mpoycrsh-
ment of customers and raising up OF rivals, as .hcv
ceased TO be customers To have Just conception of
us operation IN this particular II will be- necessary 10
bear in mind that the South and the West are the great
consumers Of the products Of the North ana East and
that the capacity of the South 10 consume tpDcnds or
her great agricultural staples almost exclusively: and
that their sale and consumption depend manly on the To-
reign market What, then, would be the effect Of re-.
ducing her exports TO the point Indicated say to - or
800 GOO? Most certainly to diminish her capacy 10
the products fthe North and East in the same
proportion followed BY corresponding dminution of
the revenue, and the commerce and navigation Of .
country. But the evil would not end there, as treat
it would be. 1t would have equal greater effect
on the consumption of the West. That great and
growing section is the provision portion Of the Union
Her wide and fertile reron gives her unlimited en-
pact 10 produce grain and stock of every descriptions
and these, for the most part find their market in the
staple States Cut off their exports and their market
would be destroyed; and with it, the means Of the
West TO great extent, for carrying trade with the
Northern and Eastern States To the same extent
they and the staple States would be compelled 10 p~o
duce their own supplies, and wou!d thus, from consn
mcrs be converted INTO rivals with the other section
How much wiser for all would be the opposite svs
tenn of low dutics with the market of the world opened
to our great agricultural staples: The effects would
De vast increase OF our exports, with corresponding
increase Of the capacity 10 the part Of the
South and West, making them rich and conientcd Gus
omers, instead Of impoverished and DISCONTINUED RI
'as of the other section 1t time that this subject
should be regarded in It's true light The protective
system is neither more nor less than the eN-
ports. again repeat, if we cannot import, we cannot
ong export and just cut off burden the i'm
,orts, TO the extent do we, in effect, cut of ard
burden the exports This have long
now proceed to prove by reference 20 the pubic HoS4
nan,s H., -. .--.~... exports remained nearly
notwithstanding the great increase Of our
population during that period Your statute book will
show that during the period, the protective sys
EN- was in lis greatest vigor The first relaxation took
place in December 1880, under the act OF the 2Gth
Nav of the same year, which made great deduction
n the duties on coffee and tea | shall now turn 10
The table and give the exports of domestic articles for
hose years, beginning with l-2i: