Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-05-24

| tennessee
other New England generally to 4, North Carolina
= to IL, Georgia . to IA. In l524 and leo. Maine
| TO- other New Eugand generally 2 to ), North Care
Ina 3 TO 6, Tennessee Is to 20. In lc26, New Eng
land generally %. New York, Country banks : 10
| ), Louisiana s. Mississippi 10, &c, nc: These ar'
enough for our purpose You here perceive, that dur
ing ten years, when the late National Bank was ~
full operation the of the different State BANS
varied repeatedly in value, from par, to III, ~, and
| even 80 per cent discount. As these notes formed
considerable part of the currency OF re u D then,
similar notes do now, that currency was no more uni
form at that tme than it IS at prescnt-inaeec, II IS
| believed to have been less uniform and exchange, II
paid for in these notes of different values, was OF
course no nearer at par then than now, throughout
the Union. Yet in the face of these facts u has been
asserted and YOU have been induced 10 believe that
al that time you had currency Periectiy UNIFORM
and exchanges nearly at par; and the aempt mas been
made to persuade you that National BANK, winch
produced these happy effects then, will as certainly
produce them again Indeed, until recently, you have
been told that the only thing unde! Heaven that
cond regulate the currency-that 1t was absolutely
necessary and alone proper for this purpose and upon
this very necessity based the argument IN favor OF
its consttutionalty. That it was the only remedy On
der the sun for the evils of deprecated currency.
Now, yon told that high protective Tariff is the
necessary and proper for regulating the curren
cy, and that it is the efficient and complete remedy
for these evils of paper circulation II so, by the
way, what becomes of the argument IN favor vi the
consti;utonality Of National Bank?
/ But We are done for the prese mt with National
/ Bank We congratulate you, Fellow-c'sizens, that
your wise political doctors have ct last discovered ano
Their remedy for these diseases of the BODY politc-ta
they have found out another means Of curing the dis
orders of the currency and rendering II Uniform and
siable-a high protective Tariff We may now hope
at least that you will be permitted 10 choose between
the medicines prescribed, and not be compelled TO
/ swallow both and if so, then only have TO fear,
that the last will be found nauseous and inefficient
the first, and perhaps, even more poisonous and de-
structye. Let examine it for moment and the
arguments by which it is recommended.
| It is SAID that high Protective Tariff prevents eI
cessive imporations; that ia this manner made
10 Import less Of their products from foreign countries
Than export of our own products TO them; and es-
peciay so in reference to Great Britain. with whom
cur trade TO have been particularly dis
advantageous in this respect; that this operation
keeps the balance Of trade in favor and not only
prevents the export OF the precious metals but
them to be imported into this country in this way ex'
tending the specie basis securing it against the iluctu-
atoms of sudden demands from abroad and of course
preserving the paper currency which IS based upon II,
sound and trustworthy, and rendering IT uniform and
stable. This, we believe, is fair and correct though
q concise statement of the argument; and shall
show that 1t is both false in theory and mistaken in
fact X be admitted that the effect of high Pro-
tectve Tariff is TO diminish mportalions though the
present Secretary of the Treasury, in recent commu-
ncation TO Congress- says, experience has shown that
whilst this the first effect Of Protective Tariff, yet
imporations very regain their former level But
however this may be, will admit that the first and
last effect of high Protective Tariff is TO check the
import of foreign products into country; and we
affirm that its effect at the time to diminish the
export of products to at least great an ex.
tent And this results necessarily from established
law Of commerce, that trade between nations consists
in an exchange Of products and that nations will rarely
trade long together unless they mutually take the pro-
ducts OF each other If we take less of the products
of foreign countries, they will and must take less oil
our products in exchange. They uW do so, because
their Interest, demands il; and they must do so, be-
cause their ability do otherwise IS destroyed. And
thus, if imports are essened, exports are and
must be diminished a, the same time and by the same
cause. But more direct effect Of high protective
Tariff is, to 6epress domestic Industry in all occupa
tons except in those which are protected; and as
the occupations which are not protected furnish the
products for expectation, it lessons the amount OF
those products which have to export. Hence IT
dminshes cur exports to much greater extent than
il. lessons imports. If this be so, and We think
it obvious, then, under high protective Tariff, we
shall inevitably import more than we export the
balance of trade, instead Of being kept in favor
by it, will be turned against US; the precious metals
be sent out Of the country the specie basis contract
ed and the paper currency, resting upon II, be rem
dered unsound and unstable. II will be rendered no
less vacillang than unsound far it is effected
at all by protective Tariff because another effect
of such Tariff is to beget speculation On the one
hand and fraud on the other, which kney 10 law,
and are governed by no rules The whole argument
of the Federasts is thus reversed as indeed II should
be: for it rested assumption which reason con-
dennis as false. We shall see, too that experience
shows il TO be untrue in fact
Fortunately, fellow-ctizens, for argument, but
most unfortunately for our country, we have made
one sad experiment Of this high protective Tariff
system. Let What in fact have been its
effects upon our imports and exports generaly,-es-
pecially with Great Britan-and particularly IN re-
ference to the precious metals We have not before
US at this time any table which gives the whole
amount of exports and imports for a number OF
wears past; but have before very accurate
table of the whole amount Of our exports alone from
the year 1924 to 1Sil, both excluded, and comprs-
ing period Of sixteen years-the first eight years
embracing period of the highest Tariffs we have
ever had in this country, and the last eight years
"a period of comparative free trade, under the Com
promise act. 1t appears from this table, that the
whole amount of the value of our exports in the
first eight years. Tariff PERIOD from 1924 to 1893,
was S4G9,l9S 564, being an annual average OF about
S3S 900; whilst the last years, or period OF
comparative free trade from 1882 TO 1871, our exports
increased value to S765 352,3 800, being an annual
average of about SOC 100000. Showing the enormous
in the value of exports OF about S29 OGG,
600, years Of comparative free trade, and an annual
average increase during those years OF about ST.
600 O00-much greater than the ratio Of the increase
Of our population in the same time. Our reason led
believe this would be so, and experience has con-
frmed it. We have doubt our imports increased
during the PERIOD but It is for our opponents to
show that imports increased during those years
10 an greater than 1920, 1000, before the
admission can avail them in the argument. But It IS
supposed that trade with Great Britain has, since
the Compromise ac been particularly disadvanageous
to Us in this respect We happen TO have before US
complete table of exports and imports TO and from
the British Dominions from the year IS2l 10 1Si0 bo.n
inclusive, being period Of 90 years; the first II years
embrace the period of the high Tariff policy and the
las, years Of comparative free trade 1t appears from
this table that from 1921 1892 inclusive, the I2 Ia
riff years, the whole of exports to the British Do
nnious amount value 1898 1898, and the whole
OF our imports s425 6oG 400; showing that during
the - Tariff years imported of British products IN
value about S42 600 COO than exported of our
own products TO the British Dominons. II also ap-
pears that from 1888 $780, inclusive the years OF
comparative free trade, the whole Of exports 10
the British Dominons amount in value TO S473223.-
s7I, and the whole Of imports to S4oJ,o09,39o;
showing that during the years Of comparative free