Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-04-15

even If could be done; bat il should fail, the os
would be and ncaculahle 10 the tobacco gro "
ers. The trade would b. sacrificed IN the attempt
The dnly already imposed, at the Extra Session. oil =
per cent will do much TO cripple the trace
shall proceed to the least considerable OF the
three staples, rice, referring Tor detailed ihlofmaot
10 the table F., and here we have the only una'o'aoe
result which any of the items OF exports have ex
amined r,ye The arrrega.e exports of rice, in va
lue, during the first prrod, Sl233i 5o9 and n
the second Sl6 sos si2 showing gam oil S',9'4,o'o
and IN th- third, of $i5,3ii739 showing falling OF
OF 1891 los in the exports probably caused by The
greater consumption at home, IN consequence OF open
Ing the interior To It's by means oil railroads ano
canals, and the drawing of OF hands engaged IN the
culture OF rice to be employed in that of cotton
By combining the whole, II will appear, that The ag
prepaie ram on the three staples the second peroo
that OF ,h protective duties, compared with the h's
that OF lower bnt still high duties aud great commercIa
and pecunary embarrassment. deducung the falling
off on tobacco aud adding the gam on rice, IS only
SjI 9J3 SIS IN years, on an aggregate export
du-nr the first period of secs 5- pal less than j. per
ceat Tor the whole PERIOD being an increase compared
10 that of population for the time, OF about one *
enh oniy while the aggregate gam OF the last PERIOD
ttha OF reduction of duties) the three staples com
bned deuctng the loss rice, and adding the gam on
tobacco is compared TO the second that OF high pro-
tective duties 95o in the seven years; being
M increase greater than the whole amount OF Inc az
gre ,ete aNpors of the preceding PERIOD ana greater
THAI the ratio of the increase OF population Tor tue ue
bv more than 30 to one.
such is the mighty impulse, which q Will not say
free trade, for still far from ~ but whch re-
d On Of duties has gwen TO the export trade oil our
great agricultural staples, from which the commerce
and ia yiraion OF the country derive their main sup
port Tltse can be no mistake The facts are drawn
froa Official sources and do not admit OF any error which
can ally vary the result.
But ad nj thu, there great pecnn'ary ernbarrass
meal and distress throughout the whole staple region
Notwithstanding this vast increase of the production
an value Of their great staples. The TACT being az
,nci, the question IS, what is the cause The sena
ant has friends attribute 1t to the reduction oil lhe
duties deny it. The Official documents deny nj tor
nothing certain than that the income OF tue sta
pie States, taken whole, never has hecn so erea'
no, nothing like IL IN proportion to IT'S r'luat"h as
has been during the period since the ADOPTION OF tie
Compromise. BE then the cause what u may, +" Is cst
tam that the reduction of duties is not ana ta 80 lar
from that il has taken place spite OF, and not in con
secnence of reduction What, then, rs III will tell
YOU: indcb,edness-unlversal, deep Indebtedness oil
States cnrporations, and individuals, followed ny a
forced and sudden liquidation That IS the obvious
and unreasonable And what has caused that :
What but a vast and long continued expansion oil the
CURRENCY which raised prices beyond all former rates.
md which, by its deuslve effects, turned tue whole
community body OF spectators, IN the eager eN-
pectatlon Of amassing sudden fortunes ana wna'
caused this great and disastrous expansion: Inc
Ranks combined with the high and oppressive duties
imposed by the Tariff of lc25 II was that measure,
wn h. by necessary operation, turned exchanges IN
favor of this country, and by necessary consequence
n | have proved, former occasion caused the
great expansion which followed the passage OF taat
act and which, by Il of causes, explained
on the same occasion. continued to keep exchanges
either in or: favor about par 10 the suspension IN
1871 Another powerful cause for this expansion, re-
suilar from high duties and sPringng IRON The same
nc. was the vast surplus whc. II accumulated
in the Treasury rather in the banks, as It's deposito
res aud which became, in fact, bank capital IN lis
worst and most corruptng form, and d'd more TO over
shrow them and the presen, embarrassed state OF
the Government and country than all other causes
combined 1t the proxima,e cause OF the then sus
pension; and in turn OF their present ruined condition.
and that of the forced liquidation under winch the coun
try is su Fering These causes, with the bankrupt law
and the return of stocks from abroad followed by
drain of specie have produced that universal anu IN
tense pocunarv embarrassment and distress OF which
we hear such complaint They belong 10 the pankihg
and tariff system and not TO the reduction oil dnt'es
which so far from being the cause, has done mnch TO
mitigate the evil by the vast addition II mas mace 10
the income of the country, has been shown But IN
addition to these the great staple region, especially the
cotton reuon of the South west have had great and Pc
cuar difficulties of their The rapid extinction OF
the Indian title 10 q and fertile territory IN that
quarter with climate and soil more congenia To The
Growth of cotton than Of the Atlantic States, which,
in combination with the expanded state OF the curten-
cy led to bold and reckless speculation, on great
scale at the highest prices IN land and negroes, ana
which have overwhelmed the South western States
with debt and notwithstanding the vast increase OF
their income have left them in their present embar
raised condition.
These | repeat are the great causes Of the distress
and eubarrassmen,s OF IA" staple States, and may
add through them of the Union. They come not from
free trade as the Senator would have us believe, but
from his favorIte system OF banks and farms, 10
which he 81 earnestly invites the country again 10 re-
turn His the stimulating treatment Inc suffering
patient is trembling every JOINT and almost ready 10
sink from his late drbauchercs hs prescription IS TO
return again to the boue-to drink trnn the same de-
cei,u bowl instead OF honestly prescribing total aosi'-
nence as the only efrctual remedy.
But to return to 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 ola and cherished system OF protection
and here again, NEE, him on the fact In order TO
test the ttn,h of his assertions have formed tabular
statement OF the Gnanlty and p-ice of cotton tor each
vear from 1919 To lol divided in the case OF the
expnrts into three parts OF years EACH cores
pundiny nth the former The table Will be found IN
the appendix marked G.. The statement from lel9 TO
rs is taken from laborious and carefully compiled re-
20 t of the Senator from New Hampshire, Mr. Wood
buryl made while he was Secretary OF the Treasury,
and winch contains great deal OF valuable iniorma
ton IN relation 10 that Important staple Inc price Tor
the remaining portions oil The PERIOD from monthly
statement Of the prices OF cotton al Nv Orleans,
TAX the average between the highest and lowest pr'ce
eac month and the quantity from several sources, but
principally from carefully drawn statement, apparent
is hy one well Informed, and published IA the South
Banner.
~ reference TO the table it will be seem that the ng-
tae quantity produced in the first pat Of that peri.
cd. tom - 10 % inclusive, was BOB millions oil
pounds that the average pce log cents per pound,
and ,!c value S23f G75ooo, and that IN the second,
ircm 10 20 81, the quantity was 1880 millions OF
panuds. the average price 10 cents, and the value
S253,},7 ,:590--showing falling off in the average
p.e OF ra,.er than third, and an aggregate
increase OF value of only S2o,72500 in the whole Sc
yen years Now note the difference under the nliu-
ence of the reduction of the duties The aggregate
quantity increased to 3,177 millions OF pounds, the
price increased TO average of l3a ccns per pound
and the aggregate value to si9O oio QUO, making an
increase Tor the years Of S293 73nouO But as
grea, and srk ng tins result there is reason be-
hcve, tina, it is below the reality Having the average
price for the respective periods, and the value OF the
exports the same, 1t easy to ascertain the quantity
slpped 10 foreign countries on those data, which, u
deducted from the whole quantity produced will give