Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1842-07-15

goods sold. 1t is clear that, if it could be got with the
lax imposed, it could also be got without the tax
The truth IS, that the tax, whatever it may be, and
whate yer form it may assume, falls finally, for the most
part, upon productive labor, in all its branches. An
lmpost tax falls, in the first instance, principally upon
the producer Of exports, by lessening demand abroad
and, in the second instance, upon all branches Of do
nestle labor and capital, connected with commerce
and, in the third instance, upon the consumer. II
finally falls upon the producer, the merchant, and the
consumer but with greater disaster upon the first.
The producer may not be able 10 change his capital or
labor, and then it is full of pressure and ruin to him.
But, Sir, 10 come back 10 The revenue Of S27, COT, COO
proposed to be raised by this bill from the imports of the
country. | lay down the proposition, that, in the ex-
lsting state OF the country, you cannot raise that amount
from our foreign commerce.
Gentlemen seem 10 think that the country is where
it was in 1898 and in 1892; whereas there is almost r
total change of our circumstances. In LEES and ls32,
we had the U. S. Bank in full operation, with all its
credits. We then had about $lG4 coo, 600 of crculation
throughout the Union. In January, 1897, we had
he, 900, COO dolla's circulation. And now, in 1912, we
hare only S94, 900 900. In le2S, we had G,000, 600 of
population less than we now have. We now have IT,
100000, with a circulation Of S94 ,000, OG0; and, in 1e2s,
we had IL Co., 900 OF people, with $4,000, COO more Of
circulation than we now have. Again: in j e2S, we had
only about $4,000, GOO ofspecie; and now some estimate
it ut 100000 900, and others at $50, 600, 000-say we
have $50, 000, 900. Then, in 1898, we had more than 30
per cent. more circulation than specie and, in 1912,
we have only $40, 000, 900 more. We have now a cur
rency near the specie standard. And yet gentlemen
propose q tax of 36 per cent. upon commerce when we
have in the country less circulation by $l0 ,0c0,O 600
than We had in lS2S, and with 100000 more Of po.
p%ulation. They propose this enormous TAXATION, too,
when our circulation and specie are near the same
amount. Do gentlemen suppose that the country or
commerce can stand 1t under these circumstances -
Sir, it would produce pressure and disaster beyond cal
cula,ion. A tax Of 81 per cent; now upon importa-
tons, would be equal 10 4 tax Of Go per cent. in leg.
This tax, i'll the present embarrassed state of the coun.
try, together with IFS contracted circulation, would pro-
duce greater restriction upon your importations tlan
even 60 per cent. would in 1898; and, instead Of rails
ing the revenue expected, would lie n failure in proper
ton to the amount Of imports cut off by restriction.
But, Sir, great as is our difference now and in 1923,
as to bank credits, circulation, specie, and population,
t is not greater than is our difference al to surplus ca
pitul and labor in the country. In ISIS, labor aud ca
pital found, comparatively speaking, active employ
ment in the domestic productions of The country. We
had a full tide OF enterprising population sweeping To
the Northwest and Southwest, engaged in new and vast
ettlements and CIVILIZATIONS; and The same might he said
also as to that rich and noble county IN Western New
York. What, now, is TIE state of the country, All
that large class Of capitalists connected with stocks and
banks are hopelessly prostrated. a large amount Of
capital is now lying idle in all our cities, and IN many
sections o. the country, waiting TO see more as TO future
prospects. So il is as TO labor engaged in oil domes-
tic productions. There is great s,agnation, particular
ly in the region that produces the great export sto-
pies. There is, at this moment, more surplus labor
than we have ever had. The consequence would be,
lHdL u }bu iHIpOsc uSu SsiIiCtf outleo uuoSI hSsC
circumstances, the immense amount OF surplus labor
and capital, or rather that amount that is not proftably
employed, would instantly take the direction Of invest
mcnts in the production OF those very "sn"'--'a'es'
upon the importation Of WHICH yuu propose 10 raise re-
venue. Then, Sir, in the exact proportion that your
restrictive taxation tempts or forces investments III the
production Of The domestic article, doesit, in like man.
ner, cut off the foreign import, ard consequently the
revenue. il is thus clear that, as a finance measure, II
must fail. But this is not all. II an undue proportion
Of the present surplus capital and labor Of the country
should be tempted into domestic manufactures by your
legislation, the result would be, that they would come
then into direct competition with establishments now
fixed and in operation. And unless you again extended
the circle of protection 10 meet new contingencies, the
benefits of the present, as a protective measure, wonld
in The end fail and prove disastrous. In the present
state Of The currency, capital, end labor OF the country,
you cannot tell what deep injury you may finally ibt,ct
By high restrictive measures (such as the present billy
upon your foreign commerce. II you expect TO collect
S27, coo, GEO Of revenue from imports, you will be en-
lircly deceived.
Again, Sir, let us look for a moment at n very pow
erful, increasing, and important section Of this conie-
deracy, as compared with lis situation in lc2o-l mean
the interior Nest. In 1913, il was almost entirely a new
country. Its labor aud capital were then actively EN-
ployed in cutting down their magnificent forests, in
clearing lands, and in erecting Installations for a hardy
and en.erprising population. Atihat period they were
but limited consumers Of foreign importations. They
confined themselves 10 the mere necessaries of life, aud
kept their expenditures 10 the minimum point. The
taxation upon imports was at that period of little in:-
portance 10 them. Not so now. No country on tho
face of the earth has improved so rapidly. From
being small consumers, they are destined, in the next
ten years, TO be Tie greatest consumers Of any other
section Of this Union. The valley Of the Missis-
sippi and lis tributaries IS the richest and noblest
country that ever expanded its bosom under the rays OF
a GENIAL sun. Considering the exl,ansiless fertility of
their soil, and their teem:ng population, estimate their
capacity to consume, for the next Few yearf, double that
Of any other section. High taxation upon 'mPor,at'ons
will be 10 them Of the deepest importance. FOR some
time vet, they must be essentially an agricultural peo-
ple: and their true interests would te to stimulate the
production Of foreign exports, and thereby create con-
suners for their own products IN the exporting region.
But, Sir, lock al this interior West IN another point
of view. IL is skirted for n Thousand miles by The most
MAGNIFICENT inland seas in the world, all connected to-
pciher by a noble river which separates this great and
growing country from tl2 Bntish col NAL possessions
IN Canada. Under your high restrictive measures
upon impoltatIons, this vast country WI! be supplied
through The 81. Lawrence with inpo,ta'ions dnty JFte.
Sr Robert Peel, in his proposed Tariff, looks TO tbs
state Of things. admit that, rs far as the exportation
Of grain may be concerned, we may not he benefited
directly By lis proposed reduction. But indirectly its
effects W be ielt. The wheat Of cur great lake from
tier viii be shipped TO the Canadian side, and become
manufactured into -four, and then shipped N British bot.
TONS as Canada -four. Under tnis new revision OF the
British Tariff, the picked pork and saltbecfof the 'nie-
rior West vii! be in demand; and, {; were not TOR The
great distance, live stock would also undoubtedly be
exported. What, then, will be the return made for
this -four so shipped, together with this picked pork
and sal, beef: Why, SIR, British goods must come IN,
and in British bottoms, through The 81. Lawrence. The
people on the lake frontier are as good as they are any
where bu. you must not expect mere conscientious
scruples To preserve your revenue laws. II yoar re-
striciive tax laws be unjust, or unnecessarily high, they
produce a reaction in The public m'ne, and cannot be
enforced. Unjust and fraudulent Legislation has al
ready Frustrated both public aud private morality III
the country Even in England. with oil her navy,
her revenue officers, and he standing army-wiih her
small territory and consolidated Government, they find
Il impossible TO prevent smuggling ; and the Prime
Mini ter, IN his recent speech, says II - impossible to
enforce duties over % per cent. II this be the case
there, what must il lie with Gs, an q ne If a Thousand
miles, separated frcm the Carat an possessions only
by a river-ard that, too, = iav'sab!r stream Can
you, under these circumstances, collect these dates
from that portion of the confederacy destined, "a The
,.x, Ia, ro,rc N he ttc l,rrpSt consumer Of those