The spirit of the age. [volume] (Woodstock, Vt.) 1840-1844, 1842-04-29
I'D o | tttraI.
SPEECH OF
J. C.. CALHOUN.
OF SOUTH CAROLINA.

OF SOUTH CAROLINA.
In Senate, .March l6, lS42.-on Mr. CLAY's reso-
iullons IN relation to the revenues and expendi-
lures OF the Government.
CONCLUDED.
These causes, with the bankrupt law and the re-
turn of stocks from abroad, followed by ii drain of
specie, have produced that universal and intense
pecunaiy embarrassment and distress of which we
hear such complaint. They belong TO the bank
ing and tariff system, and not to the reduction of
duties, which so far from being the cause has done
much 10 mitigate the evil, by The vast addition it
has made to the income of the country, as has been
shown. But, in addition TO these, the great staplc
region, especially the cotton region of The South
west, have had great and peculiar difficulties of
their own. The rapid extinction of the Indian IL
tie 10 vast and fertile territory in that quarter,
with climate and soil more cOngcnial TO the
growth of cotton than any of the Atlantic States
which in combination with the expanded state of
the currency, led to bold aud reckless speculation
on great scale, at the highest prices in land and
negroes, and which have overwhelmed The South
western States with debt, and Notwithstanding the
vast increase OF their income, have left them in
their present embarrassed condition.
These, repeat, are the great causes of the dis
tress and embarrassncnts Of the staple States, and
may add, through them, of the Union They
come not from free uade, as the Senator would
have us believe, but from his own lnvorite system
Of hanks and tariffs, to which he so earnestly in
ylleS the country again to return. His is the slim
ulaling treatment The suffering patient is ,rem-
bling in every joint and almost ready to sink from
his late debaucheries; his prescription is to return
again to the botlle-to drink from the same de-
,,I l., Of hnn
abstinence as the only efiecual remedy.
Blu, to return 10 the documents, which have
not exhausted. The Senator asserted that the
price Of cotton has been lower during the period
of reduction, than under his old and cherished s.
ten of protection; and here, again, meet him on
the fact In order TO test the truth of his asser-
ton, have formed Il tabular statement of the
quantity and price Of cotton for each year from
1919 to lS4l, divided, as in the case Of the ex-
ports; into three parts, seven years each, cor
responding with The former The table will be
found in the appendix, marked G. The statement
from 1919 TO 1886 is taken from aborous and
carefully compiled report Of the Senator from New
Hampshire (Mr Woodbury. made while he was
Secretary OF the Treasury, and which contains a
great deal OF valuable information in relation TO
that important staple The price of the remaining
portions OF the period Is from monthly statement
of the prices Of cotton at New Orleans, taking the
average between the highest and lowest price each
month, aud the quantity from several sources, bat
principally from n carefully drawn statement up
parenlly by one well informed and Published in
the Southern Banner.
BY reference TO the table it will be seen that the
aggregate Inte quantity produced in the first part
OF the period, from 10 TO '26 inclusive, was 800
millions of pounds that the average price was Is
l-3 cents per pound and the value 1924 1915, 600
and that in the second, '26 to '34, the quantity
was $3.50 millions of pounds, the average price
10 cents, and the value $263, 3S7 ,500-showing
falling oil in the average price Of rather more
than one third and an aggregate increase of value
of only SIS, 500 in the whole seven years.
Now note the difference under the influence of the
reduction Of The duties. The aggregate quantity
increased to 3,i17 millions of pounds, tho price
increased 10 an average Of Is l-3 cents per pound
and the aggregate value to Si06.5l6, $780, making
an increase for the seven years Of S223,730 600
But as great and striking this result is, there is
reason 10 believe, that il is below the rcGlity.-
Having the average price for the respective period
and the value Of the exports for the same, ii Is ell
sy TO ascertain the quantity shipped TO foreign coun-
tiles on those datas, which, il deducted from the
whole quantity produced, will give what would be
market Is usually estimated to require during those
periods, and in the last considerably less, That
would indicate corresponding error either in the
price or the quantity, in favor Of the two first, u
gains, the last period, which may in part be ac-
counted for from the fact that in making up the es-
innate of the price prior to '35, the Secretary Of
the Treasury took the aggregate value, including
Sea Island as well as the short staple, and which
of course would considerably increase the average
price of the whole, at period when the former
bore larger proportion 10 the whole than at pres
eni. The prices in the table since 1885, are Ia
ken exclusively from the short staple. But be the
cause what it may, il is probable, on the data al
ready stated, the value during the last PERIOD that
of reduction, Ought to be raised not less than TWEEN
,y millions, or those of the preceding reduced that
amOut.
And here deem il proper to notice the trium-
plant air with which the Senator noticed the pres
ent low price of cotton, which he asserted TO be
lower than il has been since the late war Ii il,
indeed low, very low--too much so TO bear the
burden Of high protective duties; but as low as il
is, il is not lower than it was in 1881, under the
operation of his lavorltc system, and to which he
invites us TO return. But the Senator seems TO
forget that price is not the only element by which
the prosperity of the cotton, or any other product
Is 10 De estlllluteu. tSudlIlIl| - iuIN us HipOI-
tant as price itself, in estimating the income Of
those engaged in the production. Now, sir, let us
take into the calculation both these elements, in
estimating the income Of the cotton planters from
the crop Of 1880 sold in 81, and that Of 1911 sold
this year estimated at the same price, say an av-
erage of9 cents, or any other amount The crop
of 1880 is put down at $50 millions Of pounds,
which at cents would give S3l 10000 and
that of 1871, estimated at one million seven hun
bred thousand bales, say four hundred pounds 10
the bale, would give $50 millions of pounds, which
at cents would give SCI 200 900, making diff
ference Of $50 700 900 in favor Of the latter near
" double the former. II is this great increase in
quantity produced under the stimulus of low du-
ties which, if we were permitted TO enjoy its adj
vanages, would add SO greatly 10 the prosperity
Of the cotton interest
Such are the facts drawn almost exclusively
from official documents, and such the results pro-
wing beyond all doubt the deadening effects of high
protective duties on the productive energy OF the
country, and the viyifying effects Of reduction
from duties. Proof more conclusive OF the one
and the other cannot be offered; but it would be