The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1844-08-13
NEw-FANGLED POLITICAL ECONOMISTS

There has sprung up in this country set OF Po-
litical economists, who by the doctrines they have
advanced and endesyor to sustain east in the shade
all the lights which the writings Of all The scientific
men have brought 10 bear on the subject from the
days Of Adam Smith, down TO those Of Hume, Sir
Henry Parnel and others. The fallacious declara-
ton has been unhesitatingly made, and attempted to
be supported by specIous argument, that ausmen-
tnfion Of duties does enhance prices. Arguments
have been laboredIy made in the Senate chamber,
and articles ingeniously contrived and ushered on
The public, through the columns o! the National In
tegencer having for their object to delude the public
with such an unenabe and ridiculous proposition. The
ultra wings and their organs the chief advocates
and supporters Of these new-fanged principles in
political economy.
By the way Of illustrating the utter futility Of such
proposition, let US suppose that individual rents
a dwelling for a term Of years, at say $500 per an
mum, agreeing 10 pay the taxes in addition be they
whatever may be assessed. The first year he
is called on TO pay s25-tbe second, s5O-tbe third,
s75-and the fourth, SlO0-according to the doctrine
maintained by the class OF economists Of whom
speaking, the expenses for house rent Of the
individual would not become augmented in conse-
quence Of the increase Of taxes. What can be more
prepos,erous than such position Yet the grea,
portion Of the Wing party have assumed il and
gravely endeavor to sustain IL.
The In,egcncer has gone further 1t ha. a.sum,d
the converse Of the proposition That paper Of the
10th utimo, in its FIVE column article on the Zoll
Verein treaty, makes this assertion " All our ex-
perience refutes the idea that reduction of price
will follow necessary consequence Of the reduc-
ton Of duty" This is not a less absurd position
than the former. Nor would it be more ridiculous
for person TO place two pieces of timber across
each other at right angles, balanced as near as NAV
be, and alternately raise and depress the ends Of the
one uppermost, according TO the height from the
ground Of the one below, and insist that the upper
timber continued the whole time in horizontal
position.
For the purpose Of further ilusirstion-what il.
the assigned by the proprietor. of the railroad
between Washington and Baltimore for the e1orbitsnt
rate Of fare exacted from rsvellersi II ia this the
State of Mar, required, in the charter r. snted by
the Legislature, that fifty cents should he paid by the
company into the treasury for each passenger trans
ported on he road. Now,w any one be so foo hardy
as TO contend that this exsction by the State of Ma
ryand, from the railroad company doe. not enhance
the expense OF every one who travels on the road
This tar, exscted by the State Of Maryland, enters
into and constitutes part Of the price paid and the
expense Of the traveller
But suppose the State Of Maryland were TO relin-
quish the present eracton Of fifty cents from every
traveller II not clear the mind of every one that
the rate of fare charged by the company would ne.
cessarily experience corresponding reduction in
simultaneously
That an increase Of duties does contribute TO aug
ment prices, and that reduction of duties does ne
cessarily contribute to decrease in prices, unless
affected by ertrsneous causes, must be clear and
manifest TO all those who acknowledge the ope alton