Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-08-02

Now, SIR, here IS table exhbiting the same re.
dncton in price Of the similar articles ex.
hib:ed the table of the honorable gentleman from
Massachusetts, reduction equal to SO 80 per cent.
:rnm Isis To 1929 Was this the effect of the Ame-
rican tariff the British manufacture, That gen.
tleman who is among The abeSt OF The defenders of
the protective system this floor, will hardly pre-
tend it, If any such argument should be attempted,
few facts will dssIpate It to the WINDS. McCulloch
estimates the value Of hardware of all descriptions una
nnfactured in Great Britain in 1888 Ell 500 000 or
Ss5 GGU,000. Now, SIR, it appears, fr"n the cdmmer.
cal tables, that in lS40 the whole value Of the
lectures Of iron, steel, copper, and brass imported
from all countries into the T. S. was only 50 $50 $40.
Most of it from England Now, If we had
not imported single dollars worth from England,
would it have had sensible fleet upon the i'm
mense manufacture of hardware in That country? Not
the least; would have been only the drop the
have not The tables before me- but have no
doubt that the relative proportion Of the imports hard
ware from England with the manufacture of that
try is nearly the from lSl6 down TO 1922 as it
was in lo40. Then it cannot be the American tariff
that has, "by producing domestic competition" re-
duced The prices of the different manufactures OF Eng
land. Let Us inquire what are the causes. / will
endeavor 10 assign ihem and trust that the causes
shall assign will be deemed true and philosophical
that adduced by the gentleman from Massachusetts.
The Of The high prices in Eagllnd, III 1913,
land the operated in other counries of all
descriptions OF property as well the iron manusc
lures, were
!. IN inflated state Of the currency. The Bank Of
England i'll state Of suspension, and the unfa.
ing consequence followed from the removal Of the only
check upon redundant currency-sp.ce payments,
VIZ increase of the volrme Of the currency.
The circulation Of England, IN 1915, wns S2o7 $780,
900, or S2ai per head, for her population. (ser Mr.
Woodbury. table Of circul1ons, Tx. Doc No. q, Cd
Sess. ODD Congress)
2 ENGLAND ,eas then IN state of ,ror, or had just
emerged fom sue! state, bn, had not dsbaEded her
soldiers. Al that point OF Time, and before there had
been great demand for some species of hardware,
VIZ guns, pistols, cu.nsses, &c. Her army had also
distracted large portion Gf her artisans and less
quantity was produced Tie whole Christian world
also under arms al this time, and other countries
were the consupcrs Of the manufactures Of England
The demand therefore vastly greater, in propor.
lion 10 the supply.
II these causes, viz: initiation Of the cur.
rency, which always tends 10 increase prices and a
greater relative consumption than production together
with another which shall MENTION that caused
the high prices of the articles Of manufacture in Eng.
land.
g. The other cause alluded 10, and which tended to
enhance the price of manufactures, The ecmpora;irs
defect in machinery in every description of manniac.
ture.
The same causes were in operation in this country.
The currency Of the country had beer inflated from
S45 900 900, in 1911 10 SllG,0OO000, in 1876 The
abstraction large masses OF 10 the tolls and Pc
rs of the field reduced the number uf producers and
the number Of consumers These two CAUSES
tended elevate prices here together with the imper.
feet state Of machinery Nnw, Sr hat brought nbnut
the reduction nf prices IN England well in this
country IL ,eaS The rry reycrse # tie ,chich
tcrated Mem Is. contraction Of the currency.
I'd increase Of The ratio ci production TO con>nmp.
t,on the supply 10 the demand; and, Sd. The vast
improve ment machinery since 1916.
The active circulation OF England, in 1915, was 500
Is per head In lS29-the laes, estimate after the
bank had resumed specie pnymeuts-it ouly Sl4
per head
In this country the currency reduced from gil
per head, in 1876 To So per head, in $780, according
Mr.. Gallan. Those who were engaged in war, re.
turned to the srs Of peace md became producers in
stead If CONSUMERS Ph.snphy and science continued
their ward march, and with The aid Of patient indus
try, discovered and perfected new improvements in
machinery. The spinning jenny, the spinning frame,
the mule. Jenny, aud the power loom, were invented;
and other improvements were made. Hence the mul.
iiped production Of every description Of manufacture,
the increase of the comforts aud convrnences of e,
the enlargement OF the boundaries of human enjoy
ment. These the t.ne and philosophical causes
of the fall of prices from lol6 to 1892 and not the
American Tariff, by producing domestic competition
TO this dav, with all the donrstic competition"
promoted by protective duty, as appears by the
sus tables, produce only S6,ioI 967 in value Of
hardware AID cutlery. ls this sufficient to reduce the
prices of the whole woflG?-of England, with her
eighty flee millions Of Tie same manufacture; Why,
Sir to pretend such thing ridiculous and absurd in
the extreme.
will here introduce tables showing the prices Of ag-
rcul,ura articles in this country ind IN Europe nt df-
frrent dsall establishing The fact If general
reduction of prices, which must hive been brought
about by general causes, operating vverywhere-snd
not by American Tariff, "by producing domestic
give first
q TABLE slong the pr,es cf certain articles in the u States,