Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1841-12-29

ing increase of duties partly by the greater supply
OF the home production and partly by the reduction OF
the price in the foreign market. II believed, indeed
that there have been in which the joint operation
OF the Two causes has occasloned prices to fall lower
than they were before the increase Of duties laid
rms result IN the operation of trade and business
might really be traced to its causes butt full exposition
of those causes and the modes of their operation would
too much swell this report Suffice to say, that ahen
an additional duty is laid article, in country in
wacs. chat article is extensively consumed the bden
always falls in part and sometimes experience has
shown, altogether, upon the produceL The foreign
producer must SELL and if, in the place Of SALE he finds
article produced the spot which comes inp ad-
vuntageous competition with his own By o,pay
ing duties, he still must SELL and, for the sake Of
being able to do he must be content 10 bear the burden
of the duties himself The duty borne by the freign
producer in such is like the charge for trans,orta
ton-it something which is necessary 10 bring I'm in
to the market Of competition. Analogous nstar
in domestic trade. The wheat grower of Indiana,
who ncurs heavy expenses in convey -four to an
there Than 3 ea osr o Of he Quality
producers in the immediate neighborhood. The cost
of transportation, therefore, does not operate much
raise the price at the place of sale, to diminish
at the place of production. Now the great law which
regulates prices by demand and supply, is sterny OBJ
served in cases of foreign Importation, as III this IN
stance of domestic trade.
The undersigned cannot forbeaI 10 add, that vastly
the greater proportion of the agricultural population
of the U. S. is obliged 10 rely mainly upon the home
market for sale of IFS products although large part
of those products (wheat for nstance is such as often
enters extensively into the consumption Of the world
The quantity of flour and Indian exported from
this country is altogether inconsderable in comparison
with the quantity consumed in the large cities and ma
nuacturing towns which have either entirely grown
mp or added largely to their population, under the in
uence Of laws of Congress- passed since the end OF the
t,ol abo and pdp 'ba i'm.
mense interchange of products, all being the result OF
labor which takes place between the producers Of
subsistence and the population above mentioned,
shows the advantage which class is to the other,
and the essential importance to both OF prescrv-
ing their existing relations. If The consumption OF
flour aud grain in the manufacturing districts, es-
pecially the North and East, decline to that ex-
tent there is an absolute loss to the wheat and
grower since the quantity consumed by them will
find market nowhere else. To say nothing, in this
connection, of the incaculable importance Of home
market to the producer Of the great article of cotton
and limiting his remarks 10 the grain growers alone,
the undersigned cannot but persuade himself that all
will see and acknowledge the great value 10 that class
of producers of the Northern and Eastern market, the
only considerable market indeed which is permanently
open to them upon the face OF the EARTH
So long as the policy Of other countries shall con
nue 10 exclude the products OF agriculture from
their pots and thus deny to the advantage Of fair
reciprocity in trade it would appear 10 be equally the
dictate Of policy and Of justice TO our people to secure
to them rs far may be reasonably and properly done
market Of consumption for their produce in their own
country
The undersigned is Of opinion that the condition oil
the Treasury and Of the country demands augmen-
tation of the cannot but be the true policy
Of Government TO extingush the amount oil debt now
existing as soon as practicable and 10 avoid increasing
it, The creation Of debt by loans and other resorts
Tor revenue 10 supply deficiencies of regular income,
cannot but be regarded i'll time OF peace nudlcous
and Objectionable. The general credit of the Govern
ment always good, has been greatly raised, both at
home and abroad by the fact that it has fully paid oil
and discharged the debt created by the Revolution and
~ --,L-----~i ..,. England and wars with tha
Indian tribes The preservation OF this high credit
Of the utmost Importance. 1t must be the necessary
reliance of the Government if in the vlcssitudes OF
human affairs, sudden should come upon US, re-
curing large and immediate expenditures Exact pune,
tuaty in the payment OF interests, while The debt shall
continue and its payment so soon as the time oil pay
ment arrives, as we'll as the known ability and honor OF
the Government are the Of inspiring that gene
raj confidence which shall at all tunes enable II TO use
its credit to the greatest advantage.
The estimated expenditures OF the Government Tor
the coming year will exceed its probable income by
Sl4,2lo570 65. Should Congress authorize reissue
of Treasury notes to the amount OF So,000,000 and
the balance of the loan be disposed of there will rema
deficit OF S21lS,510 for which provision mEst be
made by law. But il is not supposed that Congress
will deem it advisable restrict the income oil the Co.
yernment to the precise amount of its expenditures
There ought to be surplus of at least two millions, to
meet unforeseen emergencies in the public service and
should even the proceeds Of the sales of the public
lands be withdrawn from the States, reference to the
receipts from that the last and present years
will show that deficiency in the revenue, TO meet the
wants of the Government must still remain.
The state of the national affairs, the disposition of the
Government in which, it is believed, the people fully
participate TO put the country into respectable state
Obedience and especially support and strengthen the
military marne all appear to suggest the proPrety Of
such ncrease of duties articles carefully selected as
while the amount shall not bear hard on individuals oy
limiting their customary cnoyments nor repress nor de
range the general business OF the country, shall yetsuP
ply The Treasury extravaganty or excessively but
vet reasonably and justly for all the great purposes OF
national defence Economy, that great public virtue
which is SO essentially proper to be practlsed by he
publican Governments, would be but half exercised,
if while on the one hand it avoids all unnecessary ex
penditure it does not the other make reasonable
and udicous provision for such expenditures as are un
avoidable.
All of which is respectfully submitted
W. FORWARD,
Secretary Of the Treasury
HoN. J. WHITE,
Speaker House of Representatives.