The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1840-03-17


think. that there was The least expansion, JUST
where il is said the specie was thus brought
i'm. by the course OF trade.
The next stage in the genileman's argu-
ment is. that this supposed expansion OF the
currency would increase the cost Of produce
ing manufactured articles at home. How in
crease this cost In no way but by increas-
ing the price of labor. Now do not learn
from him any facts showing that labor rose,
greatly, in price after the tariff Of 1928. If
il kept up 10 what it had been, | incline to
think that was all. The object, and, Think
the effect Of the tariff of 1923 was not so
much to raise prices high, as it was to keep
the market steady, to give some check TO the
exiravagant amount of foreign importaions,
and some security that labor should receive
reasonable reward. That is all that was
asked. But the great abundance Of capital
abroad, the low rate of interest, and the great
sacrifices, which were willingly made, for The
purpose OF prosratlng our establishments,
called for some security and protection. or we
were not likely To be able to maintain COM
petition And we are always to remember,
that when our own manufactures shall be
Frustrated by the extremely low prices Of i'm
ported goods, then we shall be Immediately
obliged TO pay extremely high prices for those
same imported goods. The fact undoubtedly
is that under the process of protection the
common price or cost Of goods has become
less. No one can deny that. Every body
knows that goods are better and cheaper. A
mans labor will buy more for him than il
would. This is the effect Of competition
If we take out Of the market the products OF
our own labor, who does not see that prices
would rise enormously Let this be tried
on any article. Take away, for instance, all
American-made hats and shoes would not
the article be Immediately doubled in price
Reasonable protection does not SO much raise
the price Of labor, although il should raise it
in some degree, as it DIVORCES its uses, and
multplies its employments Ii prevents any
particular channel from being filed and
choked up. One of the secrets Of prosperity
is, that there shall be considerable variety
in the pursuits and labors of men. fear
our Southern friends do not feel the full in
fluence Of this important truth For my part,
as well wisher to the South, | should be
glad to know that there were manufactures,
such as were suited to their wants. the value
OF their labor, and their general condition, in
every county, from this place to the Gulf o.
M, xico.
There is still another point OF view in
which wish to present the question to the
consideration Of the honorable gentleman
Suppose the Southern States to produce
every year, the same quantity of cotton. L.
more be manufactured at home, less will be
exported. Now, the honorable member
seems to me TO reason as if the whole true
object or interest Of the South was 10 export.
But certainly this cannot be so. The object
and interest Of the cotton-growing States is
TO sell, not 10 export. Ii they find custo-
mer at home who pays good price. their
object IS, not whether they export as much,
but whether they sell as much, and at as good
prices; and unless all the rules Of trade are
false, the fact Of there being two markets for
the sale of a commodity, instead of one, tends
strongly TO keep up and to keep steady the
price of the article to be sold.
ILL., There is third general idea of the
honorable gentleman, upon which | would
make a few observations.
h is, that the South and West are the great
consumers Of the products of the manufac-
turers of the North and East that the capa-
city Of the South TO consume depends on her
great staples; and that the sale of these de-
ponds mainly on a foreign market.
Now, have already said that if the South
can sell her cotton, or part of it, to New Eng
land, for the same prices, it is as web for he,
as TO sell it all to Old England Her income
depends on the price not on the place of sale
If an export of sixty millions is reduced to
an export Of forty millions, in consequence
there having been found market at home for
twenty millions, it is not only no worse foi
the South. but is in truth much better. This
is perfectly plain; and | must confess it has
always appeared 10 me TO be the strangest
thing in the world that our Southern friends
should look with jealousy and ill-wiIl on
market, rising up in the North and East, for
their own great staple-thus not only giving
them the general advantage of another large
market, which advantage is itself always
great. but giving them the additional advan-
tage Of a nearer market, and more certain
and steady market, because not so liable to
be disturbed either by the political events or
the commercial contingencies Of Europe. |
have inquired much into this subject and
find that intelligent merchants of New Or
leans and Mobile regard the home market as
of very great importance to the cotton planter.
The Eastern demand, they say, comes in
early, takes away the first part of the crop,
and helps, therefore, to fix the price, and to
fix it high Some have estimated this ad-
vantage as equivalent 10 two cents on the
pound of cotton. AL must see, | think, that
it is clear and great advantage, and wish
The subject might be calmly considered and
weighed by the honorable member from South
Carolina and his friends.
But, at any rate, the tact that some portion
Of her annual product instead Of being ex.
ported, is sold at home, cannot possibly d.
mnish the capacity of the South to buy and
consume the manufactured articles Of the