Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-10-10

ment is bound 10 show 10 existing in'efes,S-
! lie i0W IL do,ra therefore, dia'nc'fH, ina, "hcie
| large amounts of capital, or consNeta''e POI
ton Of the population OF coun nave pceli eii'-
! p!oycd in particular branches OF ihuus" uii'' +.
The cncouraaeInen of former legislation, human
u as well as justice en!ons great res'iIe "n'.
circumspcc!ion' in any mooiiicalion oi Tue laws
under whose protection those interests have grown
nh. How wide reaching as well as important
This great principle of con>cr Legislation j.
in lis application 10 the question before us, >Eaii
have occasion 10 show in the further progress oi
ms remarks
Lei us ,urn again 10 the Wealth OF Nations
and see if Mr. Hives has done Justice 10 lte au-
thor. ,o,> oyr,
Smith says, (Book ", chap :, p. 1929 "1%f
case IN 7riich 1T MAY SOMETIMES BIZ MATTER W
pEl.lBEGATioN hor far, of "a !rf@f @i"h"f ~
,goqcf 10 restore he free mp0rGoa a. J"fc'@H "@HS,
after il has been for some time Interrupted Is,
when particular manufactures, b means OF hlsl
duties or prohibitions upon ali lofeiph Soo0s
which can come into competition win thcin, nave
been So far extended as 10 employ great multi
! indie OF hands. Htrtaa;iR SHAY IN tatS case re-
gAire, that Tie fccaoa 81 t'ode M"A'@ IL 7e&"'c"
| amin In STAR eyoa1,i0ns ami WW GOOD DEAL Of
rcscyrt and cireumsnc'ion. Were those hlsh dn-
lies and prohibitions taken away az az "Ee,
cheaper foreign goods NJ the same KIM hi9hl ne
poured 80 fast into he home market as 10 ue-
prvc all at once many thousands OF our re"Pie
! OF their ordinary employment ana means oi SUD
s;s,,ncc. The disorder which this would occa-
sion. might no douh hc very considerable. 1t
would in all probability, however, be 1an<A us
than IS lomnlonlv imae,ned for the Two following
reasons" | wish. Messrs Editors, that you could
spare room for these reasons IN The lucid ana
beautiful language If Smith himself; but Tear,
lie extracts am compelled 10 make, IN order TO
give same idea of Mr. itye>s uniancss, Will take
mn more than Won are willing Ia allow To the sub
iec suffice il then 10 say briefly, that the Isl IS,
that those manufactures, OF which any part Is cS-
ported without bounty, 70 iore.n countries, can
he very little affected by the cesr importation Of
foreign goods and that the 81 is, that il would by
no means follow, that those persons who, by The
restoration Of the freedom Of trade should ''be
thrown all \, once ont Of their ordinary employ
men, and common method Of subsistence. would
! thereby be deprived either OF employment or sub
sistrpcc. He takes, by way Of illustration. The
| d;ssanfinq ol an aimy and shows that. il manu-
fac.rrcrs are allowed the liberty oi exercising
what species OF Industry they please, that net
Their the public nor The individuals W!l suffer
much more from The occasional dlSoalidinS o.
some pauicular classes of manufacturers. than
from ,ha, of soldiers which he shows To- he
| scarcely uerca.;hc He then says: Our mana
lac,nrcrS have no doubt grea, merit with their
! countrv lnl they canuo. have more :han those
| wb, defend i, with their blood. nor deserve Ia be
,,ratej with more delicacy.' Then comes the
paragraph about " Oecana ~ Ij02la,' which
| have ouolcd in full 10 expose Misrepresentation
No l. After which he proceeds
| "The undertaken OF great manufacture, who,
| Ly the home market being suddenly laid open 10
The competition OF foreigners should be Obliged
to abandon hi, trade would no doubt suffer very
considerably. That part Of his capital which
had usually been employed in purchasing mate
rails and paving his workmen, might, without
much difficulty. perhaps, find another employ
men,. Bul that part of il which was fixed IN
warehouses; and in the instruments OF trade,
could scarce hc disposed Of without considerable
loss. The equitable regard therefore, 10 his in
te,es, REQUIRES thai changes OF this kind should
never he introduced suddenly, hu, slowly, grGdu-
ally. and after 4 very long warning The LTeis-
lQ,u7c. wers ii poSsjic fiat s deIcrdlofs f0ad a.
,rausbc dircisd net In hie camoro"s Opportunity n
yart,oi inteycs int IN ar crcnsirc ROY Of ne &C.
neral g00l ongtt Np0a N1S rcrg acroant, perhaps,
to BE- partieul!fiv earcfm nciMer {" et0tf'sa am
aev. aonoy0iicS If tbs kiGd, R0r 10 c'tcad f'facT
tics, psict are oireadg tNo1},siot. Ercrg svcb re-
rYlation iAiroduceS Soc dreree N raj Gi0rder m
10 lie ConNi,ntioaef liz &tae ictict II 1rW de d!N-
cgh etleriraras 10 cNrc 7"ttGGi 0ct0SOHiHg daoiaT
al o-icr
We now conc 10 Mir Rivcs's extract from the
Wealth oil Nations, commenced ON, unfairly
admit. hv Arislarclus. il.
Mir Rives saws: Another very important, and
in liz practical consequences, most fruitful cxccp-
ton 10 the general principle OF Free Trade though
not formally stated hy Adam Smith, among The
severe! limitations upon tina, doctrine which ne
enuulera,cs, results directly from explicit admis-
sionS AMI statements made rs him. Tie 0reU-
e No. nj ,,1'J, nj n
Lcrai and nures,,dine6 commercial intercourse 1"Eh
Lrc,gn countries is founded apon ne hp0theSs. that
Inc articles ire ret from them rR conc chcapef 10 as
than e can a0kt then, o,raircs. IN such cGScs, he
contends. that tae general effect OF commercial
restrictions with a view 10 promote domestic rlo-
ducton. is, lodivert industry from more to less
advantageous employment ana 10 DIMINISH me
cxchangrabe value OF the annual produce oil ire
country BIT he addS tbs tmPrtoai qaahheaf'0d
an! admission 'Hv means OF such regulations,
indeed 4 particular manufacture may sometimes
be acoaired sooaecihan it coalG have been other
wise. and. after certain lime. may be made al
home as cheap, or cheaper than In Tie foreign
coun,ry.'- U,aHh If Nations. \. L. -
"IIerc. then. is an explicit declaration ~ The
treat oracle of The free trade school, contrary 10
wha, is so constantly asserted by them, (as 10 the
necessary and invar;ahie effect OF protective du-
ties 10 Use the price o lie protected article 'ha'
particular branches Of Industry inay sometimes
i, Introduced lriM 0,iraHtage in,o 4 county. by
means of protective duties, m0Rlr than they other
wise would be: and ,ha'. after line, their pro-
,lucc NAV hc afforded eicaper nj home dian in the
foreign country. Uhcrcrc' suct is ne caSc, tie
rem Epa,s9aii0R en- 7riict ne ar.HH.cGt aain7 ro-
iscijoa iybRiR. jaiS THIS PREGNANT admission Of
The author of the Wealth OF Nations, then, cons'i-
tuics 0npfi,r and mos, imyori0m hCGd 81 ctcep,lon
| 10 Inc ec,,crGL,iuo( he fce hade 2incipe."
Now, | shall take up The quotation from the
| Wealth Of Nations, jus, where Mr.. Rlres tonnd
| II tOnrrnlcnt IN star:
Brr (Says SMITH though The industry NJ The
socicty mav he Mns cafr,e! nth a"ranfagc into a
! putitu!a, channel aoner than 1t e0uM here bccn
| oihcrrisc. IT Will ~ No MEANS FOLLOW, THAT
/ THE sun TOTAL, EITHER or lTs INDUSTRY or or
| IT'S REVENUE, CAN EVER Bc AUGMENTED BY Any
| Such REGULATION. The industry q. the society
can augment only in proportion as lis capital
augmenis, and It's capital can augment only in
] proportion Ia what can be gradually saved ont oil
ITS revenue. But the immediate effect of every
/ such regulation is 70 diminish lis revenue, and
what dimiai>hcS lis revenue is cef ainly not very
/ likely 10 augmen, liz capital iasier than il would
| have augmented OF its own accu.j bad both ca
pital and industry been left 10 lind ont their na,ll-
| raj emplovmentS. Though for want of such re.
| yulalions. the society should NEVER acquire the
proposed manufacture, il woald not upon that
account necessarily be Ike poorer in any one
period of its duration. In every period of lis
! duration, its whole capital and industry might
still have been employed though upon different
objects. in the manner that was most advanta-
geouS at the time. In every period lis revenue
might have been the greatest which its capital
co0d afford. ana both capital ANA revenue might
have been augmented with the Greatest possible
rapidiiy.
| Does this look rs il, whenever ~ means OF
protective duties particular branch of industry
may be introduced into The country sooner, and
! after time afforded cheaper al bone lan in The
foreign country. ''he very foundation on which
the argument against protection is built iaiis!'
Is rn,s 'hc wccnaat admission n The ant~f
NJ tie IIcalh II Nations" uslered in so POM
pousy BY Mr.. Rives, as constituting ''d"oidcf ami
nnsl i,nnar,nni hc0l III crrcp,iOr IL Inc @Cnct0ln