Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-09-21


The producer may not be able to ,hange
bis capital or labor. and then it is fall @
pressure aud ruin TO him.
But. sir. to come back to the revenae o
81. .000. 900 proposed TO be raised by hi:
bill from the imports of the country. flay
down tho proposition, that, in The existing
state of the country. you cannot f9iss taR
amount from our foreign commerce.
Gentlemen seem to think that tie eoun.
try is where i, was in 1928 and 1892
whereas there is almost total change ei
our circumstances. In 1928 aud 1892,
we had The United States Bans in full
operation, with all its credits. We then
bad about SlO4.000,000 of circulation
throus shou, the Union. Ia January, 1887,
We had Sl4s,00U,O00 circulation. hnd
now, in 1912. We have only $4,000. .009
Ia 1928, we had 6,000,Ug0 of ropuia,ioli
less than we now have. We now have
1900, 900. with circulation Of Ss9s .GJ0,
600. aud, in 1923. We had ll,GU0, Geo nj
people. with Sl0,00O.000 more Of circaIs.
lion than we now have. Aga.n: IN 1875.
we had only about $4,000. .0GG cf speeis;
and now some estimate il at SS0.0D. .G00
and Others al 800. .0O0, ,000-say we i,avr
SO,0OO,000. Then, in 1925, we bad
more than 50 per cert. more circulation
than specie; and, in 1872 We have only
$40 ,UO0, 900 more. We have nuu u cur.
rency near the specie standard. A nd ye,
gentlemen pmpose tax Of 80 per cent.
upon commerce. when we havs in The
country less circulation by Sl0.0G0sG0G
than We had in 1928. and with 6,G1D, coo
more Of population. They propose this
enormous raxaliun. too. when our circuia-
ton and specie are near the same aranun,.
d. gentlemen suppose that the country NJ
commerce can stand il under these cir
cums,ances! Sir, i. would produce Fsss-
sure and disaster beyond calculaties. 4
tax Of &c per cent now upon imppna:ious,
would be equal 10 tax Of 60 per cent. in
1928. This lax, in the presenI emtstras.
sed staie Of The country. together With its
contracted circulation, would p,a,iacs
greater restriction upon your i,nportatseac
than even 60 per cent. would in 1928; rad,
instead Of raising tho revenue expected.
would be failure in proportion TO the
amount ofiInports cut off by restriction.
But, sir, grea, Us is our difference now
aud ia 1928, as to bank credits. circulation
specie, and population, it is not greater
than IS our difference as to surplus capital
and labor in the country. In 1923. labor
and capital found, comparatively speaLi-
!, ,fsses aefIyc enIpIoyi1ans IA zitsoz domestic
| productions OF the country. We had full
tide OF fenierprising population sweeping 10
the Northwest aud Southwest, engaged
in new and vast settlements and cultiva-
lion and the same might be said also as
to that rich and noble country in Western
New York. What, now. is the state Of
the country! All ,ha, large class Of
capitalists connected with stocks and banks
are hopelessly prostrated. A large amoun,
Of capital is now lying idle in all our ci-
ties, and in many seclious OF the country,
waitin. TO see more as to future prospects.
So /, is as to labor engaged in ali domes-
Tic productions. There is great s'asna-
,ion, particularly 10 the region that pro-
duces the great export staples. There is,
al this moment, more surplus labor than
we have ever had. The consequence
would be, that il you impose high reslric-
tive duties under these circumstances. the
immense amour; Of surplus labor and cap
itaI. or rather that amount that is not pro.
6tably employed, would Instantly take The
direction of investments ln the production
of those very manufactures, upon the i'm
poria!ioh Of which you prnpose TO raise a
revenue. Then. sir, in the ezdct proper
ton ,h1i your restrictive taxation rempls
ar forces investments in the production OF
the domestic article, does il in like man.
ncr. cut off the foreign import. and conse-
quenlly the rcvcnue. |, is thus clear
that, as n fiuauce measure, it must fail,
Bul this is not all. Ii an undue proper.
,ion OF the surplus capital and labor Of The
country should be tempted into domestic
manufactures by your legislation, the re-
suit would be, that they would como thon
into direct competition with establishments
now fixed and in operation. And unless
you again extended tho circle Of proiec-
lion to NEE, new contingencies, the bene-
fits Of the present, as u protective measure
would in The eud fail and prove disastrous.
10 the present state Of the currency, capi-
tai. and labor of the country, you cannot
tell wha, deep injury you may finally in
1ict by high restrictive measures (such as
the present billy upon your foreign COM
mcrce. IL you expect 10 collect S27. .000,- :
600 Of revenue f'om imports, you will be
entirely deceived.
Again. sir. let US look for @ moment at
a very powerful. increasing, and import
ant section Of this confederacy, "a compa-
red with its situation in lS26-I mean Ihe
interior Vest. In 1923, il was almost en-
,irely new country. Its labor aud capi-
tai was then actively employed in cutting
down their magnificent forests, in clear
ing lands. aud in erecting habita,ions for a
hardy and enIerprisine population. A, ,ha,
period they were but limited consumers OF
foreign imporialious. They confined them
selves TO the mere nccessaries of life, and
kept their expenditures to the minimum
point. The taxation upon imports was a,
Iha, period Of little importance to them.
Not so now. No country on tho face OF
the earth has improved so rapidly. From
being small consumers. they are destined.
in rho ne fen ve , ys n lc 4, "a, ....,,n., .o,