Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-03-01


iatners considered themselves much oppressed By
highes TAX on tea, and when the French preyousy
complained and rebeed against the gateie high salt
'aS-hone OF them being so long sighted then, as to
ufesm mat the prices were thereby reduced But
9usiy Mr. President, if any still doubt this subject,
let Them lock little into the cautious and we'll cons
oereo work on prices, which hold my hand by
i'oke, edition OF 1889 not swollen with loose theo
res, Out iacts-recorded and authentic acs-givng
me history and of the fluctuations in prices in
England during the last half century II nevrr enter
~ ms imagination, because they generally from
100 u lolo and f. IL generally from ISIS TO l542 that
ns proceeded at all from lower duties IN The hrs pert
o. or higher ones the second The fact duties
was IN most cas"s directly The No, SIR, the
true and general causes OF fall in prices are, first
greater quantity OF the article produced, without
greater c-mand; whether produced agriculture by
more tett seasons, better manures or tubs; or in
nuactufes by improved machinery, with chemical ois-
covefes; or IN both by more hands released from
and other unproducye employmenis and devoted 10
either OF those pursuits. And secondly, by contrac
uon OF the amount of the currency whether paper
specie, by which the price is measured. While rise
happens by the reverse OF these, an addition to the
tax or expense in making the arices the opening of
new ana better markets. Hence, If fall occurs from
one oil Inc ilrst causes, would be s greater if
o. the last intervene TO counteract it in any degree
such as higher duty, expansion in the currency,
new market But these las, may and do IN some
cases, net counteract entirely aud then the cry s
,fa The higher duty lowers the prce, when IN fact the
other causes exist aud lower il; and would make Il low
er still, but Tor the higher duty.
How unphllosophical il is, likewise, when coed per.
tlnent and ongesabshed causes exist to lower prices
70 hunt tor another cause, RATIONAL and
conJure that up The one.
But enough the reasoning connected with this
ialdcy, SO wide, and pervadlng the ranks of the
trends to high protection, and which, # removed the
whole fabric must totter to lis base. How are the
corded iacs, no less than the reasoning NOT single
case here aud there, and Tor month or year but
how, on both continents, and for long of years,
and as 10 numerous articles have before various
schedules OF prices current both Eng gland and Anne
rca They all show, conciuslvely, that since 1895,
from the causes first named agricultural products IN
England have generally risen though the highest duties
have been mpostd there for their proccton-they, ra
her than manufactures, being there the pets or favor
ties for the protection with the great landed gentry and
aristocracy, that fill the two Houses Of Parliament
Al the same time, they show, that from the first named
causes, and especially in Improvements in machinery
and in chemistry manufactures have fallen in price
and this when the duty low we'll when high.
(See tables and 81
Indeed, the difference between the official and real
va nation Of exports there which indicates the pub
lie and authentic records the changes in prices since
$780, shows hat the whole from various causes, have
fallen IN the aggregate something like % per centum
The writer before me says
awe have taken out of the list of exports the lead
ing articles Of agricultural produce for three years.
lel0, 1s4l lSi2 the value Of which We find, would
81, 557 ,993 but which have increased 10 value
Of E3, 1881 being advance in price of l43 per
cent.
awe have also taken out Of the leading articles
of manufactures for the time, the value OF which
find, would have been, in 1894, E267 ,6367l7, but
Rsbi,qR reaRcuon Of price of 90 per cent nus
fallen considerably more than half, agricultural pro-
duce has much more than doubled It's value
"Butter and cheese have risen in price, during that
period, 1913 per cent.
"Corn, -four, &c. have risen l6l per cent.
"Cows have risen in price 200 per cent.
"iorses have risen IN price 267 per cent.
"Wool has risen in price 1862 per cent.
awhile cotton manufactures have fallen IN price,
during that PERIOD 73 per cent.
"Coas have fallen in price on per cent.
"Iron and steel have fallen in price 40 per cent.
"Lnen manufactures have fallen in price SO per cent.
"And, what is very curious, while wool has risen
69 per cent woolen manufactures have fallen 10 per
cent. in price. = Economist, Noe. 4, 1913
In the United States, prices current in Boston and
New York. for long series OF years, as TO numerous
articles, have likewise been examined They show n
general fall in price here OF agricultural articles, not
prevented entirely under expanded currency
in 1914 and 1886. But this fall has occurred from
great and cheap production, our cheap, and FERTILE
and extensive soil; and could not happen from high
protective duties, they having been low on such ogr
cultural products much imported, or entirely
free everal of them.
These tables showed furiher,a fall in some manufac
tured articles where the duties ranged high, and IN
others where low. But this manestly happened from
improvements in machinery and steam, Qhe great and
Distinguishing features OF the age) from mines
opened and in spite of high duties rather than being
their consf quences Think you, SIR that minimum
duty here has caused the fall IN their price
IN both Europe and America rather than the inven-
lions of Arkwfght spinning, or Cartwright IN weav-
my, or Wait. III steam-any more than the duty here
on the material has caused i.s tall two thirds, ra
ther than The wonderful cotton gin OF Whtney, and
or exuberant soil: The tables compiled from Me-
Cnloch. Tooke, and the prices current IN New York,
are al the service Of any Senator Nos Z, to III
shall not repeat their details; but merely slate, as
most striking rsiu'atons Of thu theory on The "ther
s,da that England, the manufactured article OF salt
has fallen m"re than most others VIZ: from
l35 shlilngs per hundred weight in 1895, to 81 sh-
ny in 1875 though ioc duy: and log wood from
II shilling per ton to Z, though free aud salt from
six shlhng- and during war nineteen sh'lnes u only
one chilling and three pence, in 1888, though then
entirely free. The first was maneslly caused by
improvements in chsmstry, and new discoverIes and
the two last in this country from new and greater sup.
plies combined with lower duties there ana IN spe o
h rh ONES here on the great condntnt OF ne
The tables in 2i Tooke, 800 p (ed't on 1851 show
further the price timber has rsrn under rising
DUTY and tobacco not risen nor fallen, though faxed
a,th duty, computed by the chairman 81 = 600 per
cent. One would suppose the last high enough, on his
theory, 10 make the price fall next To nothing.
Here plaster Of Paris, though free, and MT manu-
flcture has fallen much more than others, VIZ
from $50 per ton in ISL 10 ony 81 - lS44; and, of
course from other causes than high duties. Indeed,
out Of two hundred and sixteen articles on which pceF
had fallen, some years sInce-as large number were
ascertaned by the late nqustlve Condy Racquet 10 be
such as were free low duty, as on high
thus indicating, with unerlng certainty, the great and
90 ne raj operation of other All can remember
how the price of sugar fell few years ago here under
filling duty and how 1t has risen agnn like the Ver-
mont wool, and cordage, aud co',ons, under higher
duty Not that all articles falling or rising IN ali
cases. entirely from the change IN duty, but always
higher than they otherwise would be II duty exists,
and lower than they otherwise would be u one does NOT
exist. Indeed the great advocate OF the protective
system (1lr Clay last virtually conceded away this
whole ground IN 1882, by expressing Willingness
TO reduce several OF the high duties so as to Ttere The
eonsump,ton of the country; but which could moi be
thus relieved unless high duties had made prices higher
proving in ways the position that prices OF ar
tcIes are usually made higher to the extent of The du-
ty /, then follow. that the consumer of such art-
ces usually obliged 10 pay much more for them on
tha, account Such is the PLAIN common sense OF the
sase Such is the doctrine Of all the leading econo
mists abroad as well of franklin and even Hami!-
ton was forced 10 admit that this otenest the case,
and when So fell on the merchant. and
vas still more ruinous him. See FederalIs before
a;,oa M dallas entertained like dea fSee re-