Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1843-07-07
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Let us return, for moment, TO what is called the
"Pfotective Policy" The Lynn Shoemaker clamors
for protection, tor high duties, to diminish foreign i'm
ports, and TO to him the monopoly Of home
market. If he only exclude French shoes, he
shall then have this monopoly Very we'll Where
does he, and where must he find the principal market
Tor his shoes South and West. The value of that
ma rket 10 him, them will depend the ability OF the
South and West 10 buy shoes Whence this ability !.
1t depends, of course, on the ability of the South and
West to sell their productions. The principal
market for Western produce is at the South. the
ability TO buy Lynn shoes depends, then, on lis ability
to sell It's productions to the Sonth Whence, them we
must ask again. the ability of The South to buy West
ern produce and Lynn shoes In it's ability 10 sell lis
RICE cotton, and tobacco the foreigner Whence the
ability of the foreigner to buy The rce cotton, and TO
bacco of the South In his ability TO sell his own
productions Of manufacture 10 If will not buy
Of him, he cannot buy of u.s. Consequently, just IN
proportion as the Lynn Shoemaker places impedi-
ment in the way Of the foreigner selling to US, does he
place an impeachment in the way Of his selling his
shoes to the South and West. ln proportion he Sc
cures BY prohib,oy duties, the monopoly of the home
market, he dimnshes lis value, by diminishing the
ability of the people to consume. Here at best, he
loses The hand all he gains the other. Yet,
boast of the intelligence Of the Lynn Shoemaker
and his intelligence by the by, is above the average
intelligence Of the country
But absurd the Protective Policy would be under
any state of ,hngs-implying, that commerce can be
more energetic and Efficient if bound, than when
LEFT 10 the free use OF lis limts-t is, doubtless So
when coupled, have coupled it with the paper
money syslem-a system which, though somewhat
shaken, the Of the people still attached
and the abolition of which, scarcely public man, who
values his reputation, dare even propose. Very few
Of the people have thought of inquirng the
operations of the two systems when combined. In the
first place, the paper-money system, by depeciatng
currency below that Of foreign nations operates as
direct premium to the per cenage of the depreciation
ma he fYpIn lie
at the bIgh prices produced by deprecated cur.
ency but buys of Us always, according To his
precated currency This, for years. IN our trade with
England nearly ncutrazed the Tariff, intended TO pro
icct our own manufacturer.
In the next place, the Tariff, operating with the
Banking system, tends TO increase nsoa d of diminish
ing the advantage OF the foreign manufacturer. The
first effect of Protective Tariff ig il have any effect
at all, is, doubt, TO diminish the exports, which
throws the balance of trade in our own favor This
cuts off all foreign demand for specie and sends spe-
Gle INTO the country, if needed. This freeing the
Banks from all fear of demand for SPECIE to settle up
foreign balances and rendering it easy for them 10 OBJ
tain specie from abroad if necessary, enables them 10
employ the capital, IN discounng freely to business
me even spectators, and to throw their paper
10 an almost unlimited extent. This expands uhat is
depecaies) the currencyprices rise, and the foreign
uauu :actuIcr is able to GENE in Tariff,
sell bis goods al enhanced prces pay the duties,
aud pocket profit. THIS in turn, swells the revenue,
which, If posted in the Banks becomes The basis Of
additional DISCOUNTS, which expand still the
rcncy enhance prices still more, till the whole land
is flooded with foreign imports, which shall, We
have Just in our own case, notwithstanding our
agricultural resources, extend to corn, barley,
oats, and potatoes-thus crushing not only our home
manufactures but the interes, of every branch of
dustry but that Of trade-and length even that BY
destroying its very basis. This is theory, it IS
facl-it IS our own bitter experience people, from
The terrible effects of which not yet recovered
and still we hold on to the policy, and The majority OF
the American people, today after all their expe
renee believe the wisdom of continuing both sys-
tens.