Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-08-19

be entirely fair, we state II in the precise
words in which it is given.
".Secondly, without an adequate tariff
the goods Of Europe brought here, as they
will be, free Of duty, will be sold freely
As British restrictions prevent the sale OF
our products in their market, The sale here
Of foreign goods will create a foreign deb
agains us--ihus bringing back the past
And we have demonstrated from officia
documents ("custom house entries" that
in twenty one years there was balance
Of trade against this country, and in favor
of Europe, of tro hundred and forty seren
millions of doliars!u
"Ihiydly, we have demonstrated that
this large balance of foreign trade must be
paid in specie; for the reason that we
have no paper currency which will be re-
ceived in Europe. And we have also
shown that this specie must be taken from
the pockets ofIhe people; because the mer-
chants who sell them goods will sell them
just so much higher as specie is worth
more than the people pay them for their
goods; and they will do this tor the reason
that the merchants are compelled to make
their payments in such funds--(which is
specie) as will pass in Europe"
The sum total of the argument Ito state
1t still stronger,) is This that importing
from other countries more than we export,
makes an infavorable balance Of trade
against US, which must BE pail for by the
export OF com annually 10 the amount of
that balance; and, finally, all The coin will
flow from the country, to the great i'm
poverishment or Tin of the nation.
This idea was urged with all "his ex-
traordinary powers Of tragedy" as Mr..
Webster said, by Mr.. Clay in 1924, and
was so thoroughly exposed and ridlculed
by the former statesman in The celebrated
debate of that year, that, 10 my knowledge,
no man of common intelligence has
since ventured to allude 10 it on the floor
Of congress.
|. 1t does not follow, from the fact that
country imports more than she exports,
that there is any balance Of trade against
her--if by balance of trade is meant los
ing trade. 1t is most extraordinary that
such deluson should ever have prevail
ed. Consider for one moment what must
ultimately be the condition Of any COM
try which was perpelully exporiing-send
ing away-moIe than it imported
brought back! Is it not manifest, that,
ultimately, such country must lie made
penniless and stripped naked? This mon
strous error was rife half u century ago
among politicians, who, ignorant Of COM
merce, undertook to legislate for mankind
by Custom house returns; and who vainly
imagined that so long as the imports oil a
nation exceeded her exports, an enormous
debt must DO accommodating against her,
which could only be paid for by an annual
export Of coin, that would finally beggar
the nation. The lamenled Huskisson was
the first British statesman who exposed this
stupendous product of ignorance in the
House of Commons. Since that time, the
"Balance of Trade" has been consigned
TO oblivion in the English parliament
"The excess Of import over exports usual
ly shows the gains, not the losses oftrade. ;
This, every we'll informed merchant fully
knows and understands. Yet our stump
orators, and even respectable newspapers.
repeat the contrary daily. All this shows
with what terrapin gait Truth trudges
along through this blgotted and prelude
ed world.
2. Nor does it follow, that, because the
cargoes imported by the merchants OF
country, exceed in value those which are
exported, a debt is created by the opera
ton. The value of the export here,
where the custom house entry is made, is
one thi-g-the value OF it, at the port oil
toregn destination, is quite different
thing, and is frequently trebled by The
change OF 0la'e.
II is, indeed, of the very essence of ev-
cry prudent commercial adventure, that
the value of The purchase should always
exceed that Of the outlay which procured
it, whether made in the foreign or the do
mestic market. Yet, according to the
egregious stupidity of tho "Balance OF
Trade" theory, every such outlay, indi-
vidual or national, creates an "uyapord-
bic balance" against the men of the ma
ton that makes il. "Some Of our own
commerce (Says an eminent writer, upon
whose pages we have had frequent occa-
sion TO draw will well illustrate this. A
company at salem or Nantucket fit out a
vessel as South Sea whaler. They 60
10 the Pacific to take whales and seales.--
The whole outfit, exclusive ofthe value Of
the vessel, does not, perhaps, exceed two
thousand dollars. They load, if success.
full, with oil, spermaceti, whalebone and
seal skins. The three first articles they
can always sell in Europe for cash; Can.
ton, IN China, is a market for seal skins,
sometimes better than Europe. They
carry the cash and seal skins to Canton,
and bring home cargo of lea, valued pro
-. en-. .Lnmannd dnILnrS The re.