Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-05

creased duty, the labor oflarge classe, engaged in
producing similar articles will be greatly depressed
If not entirely supplanied.
IL Is unquestonably true, and well worthy Of re-
mark, that the act Of 1888 was ayowedly conse va
tive IN its objects and character; and, while il was
designed To remove what was esteemed grievance
oy one part Of the country il intended that
the Interests OF any other should DC sacrificed by IT,
On the contrary, reasonable security was intend
ed for all. Its true spirit therefore, will bo but
ried out by acting, under any state OF circum
stances, with reference to the great objects
and doing justice alike to all. The great principle
OF that act was moderation and Cancellation, and this
should never he lost sight Of But the measures
proper and necessary to carry outthat principle may
be charged II the altered circumstances OF the coun'
try call for such change, without any departure from
the principle ITSELF
Nothing is more established by our experience
and the experience of other nations, than that the
| augmentation OF duties does not augment, in an
In many cases appears not to increase that cost
at all. Verv often the price to the consumer is kept
| down, notwithstanding increase of duties, part
| ly by Tie greater supply of the home production
and partly by the reduction Of the price IN the for
cign market IL is believed. indeed. that there have
been cases in which the JOINT operation of the two
causes has occasioncd prices fall lower than they
were before the Increase OF duties was laid.
Tins result IN the opca,lon OF trade and business
might readily I've traced to its causes; hut full ex-
position of those causes and the modes of their opc
ration, would too much swell this report. Suffice IL
TO say, that when an additional duty is laid on an
article, in country in which the articles is extcn.
sIvely consumed, the burden always fall in part,
AMI sometimes, as experience has shown, altogether
upon the foreign producer. Tne foreign producer
must sell; and In the place OF SALE he finds arti.
Gle produced on the spot which comes into advanta
geous competition with his own, by rea son OF paw
ing no duties, he still must sell; and for the sake OF
being able to do it he must DC content to bear the
burden OF the duties himself. The duty borne by
the foreign producer in such case is like the charge
or transportation-t is something which IS necessa-
ry TO bring HIM into the market Of competition.
Analogous instances occur III domestic trade. The
wheat grower of Indiana who incurs heavy expen-
scs IN conveying his -four 10 an Atlantic port, ex
poets no higher price for 1t when it arrives there
Than IS PAID Tor flour OF the quality TO produ-
GERS IN the immediate neshorhood. The cost Of
transportation, therefore does not operate so much
10 raise the price at the place OF sale rs to diminish
II at the place of production.
Now the great law which regulates prices by
demand and supply, is sternly observed in cases Of
foreign importation, as IN this instance of domestic
trade. The undersigned cannot forbcar to add, that
vastly the greater proportion of the agricultural po
puiatlon OF the United States is obliged TO rely
mainly upon the home market for a sale of its pro.
ducts, although n large part of those products.
wheat for iustance is such as often enters eStcn.
'Ive!y into the consumption of the world. The
quantity OF flour and Indian corn exported from this
country is altogether nconsiderabe, in comparison
towns, which have eher entirely
crown mp or added largely 10 their population under
he influence OF laws of Congress, passed since the
,nd OF The last war, upon domestic labour and in
iustry.
The immense interchange OF products, all being
he result OF labor, which now takes place between
producers OF subsistence and the popua tion above
mentioned, shows the advantage which one class i.
% the other anu the essential importance of both of
preserving their existing relations. II. the consump.
n fha
ricts, especially the North and East decline 10
nat extent there isan absolute loss the wheat and
,orn growers; since the quantity consumed by them
vii! md a marke; no where else. To say moth.
ne, IN this connexon, OF the incais.:ablc import.
'nce OF home market TO the producer of the great
article OF cotton, and limiting his remarks 10 the
,raln growers alone, the undersigned cannot but
persuade himself that all will see and acknow ledge
he great value TO that class of producers OF the
Northern and Eastern market-the only considera-
bic market, indeed, which is permanently open 10
hem upon the face ofIhe earth.
80 long as the policy of other countries shall con
niue TO exclude the products OF our agriculture
rom Their ports, and thus deny US the advantage
lar reciprocity IN trade, IL would appear 10 be
qualIy the dictate Of policy and OF justice TO our
people 10 secure TO them far may be rea.ona.
ny and properly done, market of consumption for
heir produce in their own country
he undersigned is OF opinion that the condition |
u The Treasury and OF the country demands mr. |
augmentation of the revenue. II cannot but be the |
rue policy OF Government extinguish the amount
II deht now existing as soon Practicable and to |
VOID increasingly. The creation OF deb by loans
mo oher resorts Tor revenue to supply deficiencies
u regular incomes cannot but be regarded in time
d peace, rs lnudcious and Objectionable The zen.
,Tal credit OF the Government, slways good has
been greatly raised both at home and abroad bv
he iact that has fully paid off md discharged The
ieot cIeated oy the revolution and by subsequent,
var with England, and wars with the Indian n hes
The preservation OF this high credit is of the u o,,
Importance. IL must lie the necessary reliance ofue
government, II, in the vcisstudes OF human affairs,
"duen war should come upon us, requiring large
no immediate expenditures. Exact punc,nnllv in |
he payment OF interests, while the debts shall con-
niue and Its payment so soon as the time OF pay
nent arrives, as well as the known ab lity and hoa
oil the Government, are the means Of inspiring
nat general confidence which shall at all times ena
ie IL TO use It's credit 10 the greatest advantage
he estimated expenditures of the Governn.n,
'r the coming year will exceed its probable IN.
enc ~ S!i,2ls,57 6s Should Congress author.
re reissue of Treasury Ic.-s 10 the amount of
,OOO'OO aud the balance of the loan be disposed
!, there Will remain deficit OF 2,7lS570, for
men provision must be made by law. But it is
OF supposed that Congress will deem II advisable
, restrict the income of the Government to the
reese amount OF rs expenditures. There ought
} be surplus ofat least two millions, TO meet un.
'reseen emtrgeneles IN tile public service and
louli even the proceeds Of the sales of tie pub.
{ lands be Withdrawn from the States, reference
the receipts from that source in the last and pres
Ut Year,, will show thai deficiency in the rev.
nue., TO meet the wants OF the Government, must
l remain.
The state OF the national affairs, the disposition OF
he Government, IN which, II IS believed, the PEG.
lie July participate, 10 pu, the county into re.
pectable state Of defence, and especially TO sup.
ort and strengthen he military marine, all appear
, suggest the pfopriciy Of such Increase Of duties
n articles carefully selected as while the amount
nall not bear hard on individuals by limiting
heir customary enjoymenis, nor Cypress nor DO
are the general business Of the country shall vet
upPiy the Treasury, not eItrevngantly or eKces
" but yet reasonably and justly for all the
reai purposes OF natiOnli defence. Economy, that
reut public virtue, which Is so essentially proper 10
e orac iscd by Republican Governments, would
&c but hnli exercised Il, while on the one hand IL
voids al unnecessary expenditure, II does not on
ne o'her make reasonable and judicious provision
or such expenditures are unavoidable.
All which IS recpeciiuly submitted.
w. FORWARD,
Secretary OF the Treasury.
Hon. J. WHITE,
Speaker House Of Representatives.
SOUND THE LOUD TIMBREL!
The editor Of the Cleveland Herald mas 20,
odd OF n choice fnnrsrl IL IL tho rrorocd,o,. - .