Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-05-30
Fcreign Imports end Domestic Exports Of the CH'tsf states

ls35. 4asqJ7fe
Is76. Is9e,O.o25 Increase. +0osde9s
1929. l6e09s, 1872 Increase, 4s3.41ss
1910, lO7Iii.4I9 Decrease, 54,95o6l3
I Ist.. 1 1872 P5s.G:3 I"sIsa.s, s sS:sissS
It will be seen by this table, that within the past eight years the
was ; = F., 49, ssa, white the imports have varied !" on, year: from ,n
cause Of the revul-ions Of trade. The movements of the hanks:
Ia "A great extent. produce these ups aud downs An ~ pansion o.
lures are pressed into the market Immediately to take the trneit
value OF ne r r ., I Gin ~, te srearest profts. For.
eign manufacturers keen themselves well informed upoa matters
come ted with our finances. knowing that a sound specie cuIren-
iarinr meiium regulates ioreisn inn; orts. The hurtunrons in both,
exhibited in the above tables. show how Intimately the two move,
menis are connected. An inflated, depreciated currency, would
produce large importations under any scale of dufirs.
And here can he nothing clearer than the fact that a Is
per cent. tariff nov. is equal in its protection to the Amer
lean manufacturer, that 25 per cent. was some years since,
under the bloated and inflated currency and that IL Is
equally oncrous in its bearing upon The peoLIe.
In a sound currency state, then, the tariff is the only
thing which affects prices. except supply and demand.
II or article comes from a country where IT can he pro-
duced lower han we can produce it, the tariff will either
affect the price paid w our consumer. or 1t will prohibit
it's introduction. If ii affects the price. so lar the con-
sumner paws the duty. II it prohibits, mark the result.
The consumer is left to buy the desrer article manutac-
,ured here and he has another very important thing to
do, and that is. he must pay his quota OF revenue. that IS
necessary to carry on the government, on some other art
icle. or he must do so by direct taxation.
M I'LL Is very HtuhtUlN dhN '"N '1N'
brings down prices. This is true to a given extent. In
trading with a country where an article is not produced,
and where there is not the capacity for production, The
seller. II be have the whole market to himself likes me
prices as he chooses, having no other rule but the capacl-
" Of The consumer 10 pay. In such cases, many Traders
might combine to keep up prices. In the commerce we
have with different parts Of the world. we are not reduced
TO the condition Of such a class OF consumers The bands
Of savages of North America have been such consumers.
and hey have been. so far ss trade has been conducted
with them. the subjects Of the most avancious exact'ons.
We r not so circumstanced- Our people p oduce every
variety Of raw material or manufactured. from the toy
that the school hoy sports with. to FHhors fhunderboH.
In such n case the foreigner finds competition now but
competition cannot bring prices down below a given point.
That point is the cost OF production. and a fair profit on
capital. Bring il below this point. and capital rs with
drawn until. by diminishing the supply, the product rises
to The same point.
In regard to any article. one of three things is true
either il is produced in a foreign country, lorer than onrs,
or at the same price. or ADORE II. Now. II IT hr produced
low er than in ours-if the ianf exceed the diff rence-it
is prohibited, and no duty is raised. II il is produced at
the a m- cost. any tariff will operate ms prohibition. and
no duty Is received. II it be produced at a greater cost
than in our country. then. of course. no revenue can be
raised Or il. The duty. therefore, to he available as a
general rule. must he such as to enable the importer to Jay
1t; and then receive the cost of his commodity by selling
as low as the cost of n similar article Manufactured IN
this country. allowing a fair profit on the capital.
In all articles not produced in such abundance as 20 aP-
proach snpply ing the demand. il is evident that. as n gem
cral rule. the consumer must pay the duty on the foreign
article and more than this. they will enter into the price
Of he home article "a well as the foreign PHcc Is not
the rapricious thing that IL is generally imagined IL
bc. 1t is subject to one general law. from which 1t only
varies from accidental causes. That law Is the cost OF
production and the medium pr fit on capital. SuPp'y ana
demand are accidents that ah ct II. For the present s'a'e
of commerce aud of manufactures between Europe ana
the United States. the state Of things is such that III a
coarse of years. take any given period together, 1t VIII he
found ,ha, the COS, Of production and the medium prom
on capital has been the governing pn"c'p'e 10 "''''n'"'"4
the prices of all commodities; accidents only causing ue-
partures from this welLsrttled rule. s0ch a initiation 81 INC
currency. hilure of the crops. political sglailonS. AID
| hundred other aceiden' questions that may a''sr' wa
? move nothing srains, this weIl.setiled and acknowledge
2 universal rule in pohii, i economy.
e In all cases. therefore. as a general rue, faHii7 mus
enhance prices TO their full extent, unless the price AZ
y quantity Of the commodity in The country where mat Tor
elgn article is sold. is such as 10 prevent imports fr IN 81
f fecting the price "a was the case Of wheat IN 1881
:. when the greater part of the consumption : OF the nom
e article. and a small quantity is brought IN 10 make up tn
II Deficiency. The price Of The home article gives a RUE 10
!; the foreigner. Blu, If the Price should remain up imper
:; tation would increase; a. d the price would he al cited an
d brought down even 10 the price Il the cost and iair prom
Of the foreign article and then the dUiy would come 81
III Of The consumer. And this rule IS 81 vel esiahiIshe
e that those exceptions to the same only serve to strength
p en- his universal law Of commerce and trade.
J. There appears To be one thing That certain cenlleine
agree on in this house and that Is. that the country Is !
d a prosperous state. SO far a : frc6e and manufacturers AZ
=; concerned and they say this prosperity - owing alt geu
re or 10 the beautiful systtm called the American SYSTEM
lie the tariff Of 1912. Now. If you agree in this, snd 20
he speak truly. riere is one thing | trust YOU will not iorg
6; tina, this state. which YOU call one of prosperity. Is pc
r. sible without a national bank, without a great regulate
#. Of the currency.
III I,i- necessary to look a, a few things that are frequen
or " harped upon. before We proceed further. such as I
,r. following: that high taxes make goods cheaper IN
he high taxes are necessary TO sustain agricultural oi"du
a lions. &c. Now, i, appears To me that the 'oio"i'
he proposition will commend itself 10 any man OF reflector
sc hat If high tariff, (,axes) make goods cheaper. then u
if unjust 10 those pho manufa cture thfm and 4 high ia
to ifs (,ases) make goods dearer. then ms nnJ"stf 10 mo
lho Buy them and with this simple but true stairme'
is one which canno, be misunderstood. and which Will n
25 he con,roverted, no thinking man will lie led astrsy-
be But there is one thing .hs, these same gentlemen mt
,ti- do before will be convinced If the sincerity OF their
nd ser,ion that high duties make lou prices at u.s. IN
ce. must put as high a du'y (iar) on The raw material asth
ar. do on The msnufacir red article. When they do thus IN
see will a. least show that they are sincere IN their proi
our sions hu, when we come 10 look at the di>eriminah
that finds its way into the tariff act Of lsi u VIII
ud seen ihs, great pains is taken TO let he "a" material fsi'
ny The frn.r and used ty the manufactures come m