Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-03-15

'C-, winch 1si, IN TACT, never had elect In truth,
sx-'entts oi the old high Tanl, above twenty per
cent on many artlcles including iron, GOTTEN salt,
&c he very artclcs quoted by the Whg,) continued
IA inl' force the whole Of lciI Throughout that year,
the iarh still ranged many articles from I'D TO ~
per cent. Ga the 3lst OF December 1871, three
leh'hs OF The excess, above 20 per cent, off and
was not un The last day of June, 1912, that the
sdue above ~ per cett abaied. So much Tor
'le nigh prices OF The Wing in 1871.
her assumptions as 10 prices under the Tariff in
lcl are eqnall falclous The editor and his CORES
po"aen' have though; proper 10 take their quotations
rom prices a. The commencement of the year. "the
ISL al January, lci3 The general effect OF the new
h'gh Iariil-wh'ch went into operation the LIST of
oePte"ber, lol2-jns fnur months belore-it must
he obvious, could then scarcely have begun be felt
II Is wen KNOWN that most Of the importations
tor the Fall trade made prior TO the first of
September, IN every year, and OF course those of
loi2 beng entered before that tune, would not be
suolecl TO the new duties and il is equally well
known, that most OF the mportaons for the Spring
trade are made after the first of January that actual
" very large portion of the goods hand the lst
January, ls43 those too, specially selected for
the tabular statement in ques,ionhad been subjected
to no duty under The Tariff of the first of September,
81 May not this explain the reason why this pre-
else period was selected BY the editor and his
ponden for The exhibition Of prices But, even if the
effect OF the Tariff in this has been reduce
Inc price OF the articles quoted this is easily explain
ed by other causes, and is manesty and necessarily
temporary effect.
Inc importers of this country, anticipating the pas
sage OF high Tariff, induced 10 bring into the
country immense stocks of goods manufactured, or of
materials u be used in manufactures here. This is
clearly indicated by the quarterly returns of the Gus
tom House For The first quarter Of the year l5i2, the
imports of the United States amounted TO S32 93l ,9j5,
exceeding those Of the first quarter of The year lci0,
$500 Cos for the second quarter of the year ls2
they amounted to SEQ l0, exceeding those of the
corresponding quarter Of the year 1910, 81 e73,91-
rom the last of June to the st of September, 1872
being two months of the third quarter of that year.
there was no Tariff in operation; the duties LEVIED a,
that time at rate o. - per cent, and were paid
IN cash under protest. During thr fourth quarter Of
The year lsi2, being the first of the operation of The
new high Tariff the imports amounted 10 81 900 UG0
heing decrease nom The amount OF the same quarter
tor the year $50, Of Sll 700, In addition 10 the
excess OF import thus proven, the manufacturers anti.
clpang the prohibition of foreign manufactures, or
that The onerous burdens imposed upon foreign COM
mcrce would prevent fair competition with their
taxed manufactures, were prompted 10 double their hu
slne5s, and many new establishments by the ope-
| ration were brought INTO existence. Thus, excess of
imports and excess Of home manufacturers added to
the goods previously IN the country, ssary
produce glut in the home market and excess of sup
ply above the demand must necessarily produce Il
| responding depression of prices. Besides aud beyond
all these influences, II so happened that n, this juno
ture the resumption OF specie payments by the Banks
ing debt the onseqgence-a severe pressure upon
the whole country lis necessary resnlt--a consequent
want oil means Oh the part OF consumers 10 pur-
chase, rerenchment IN every article Of expenditure,
and of course less consumption The loss 10 the cur.
rency OF the country by the failure OF Banks
ed by the resumption OF specie payments, $4,000,
900 This, with the vast dimnutIon of the currency
produced by the withdrawal Of the immense amount of
paper previously aoa reduced the circulating medI-
um TO lis minimum Money necessarily appreciated,
|
all sorts, and estate real and personal greatly de-
pressed. Again In consequence OF the loss by eapi
tasts Of confidence in the State governments, and the
utter inability lndsposition of these governments 10
obtain loans TO on their works OF internal improve
ments, this fruitful source Of employment and ofexpen
dure suddenly arrested, and thousands of indyi
duals forced by the direst necessity 10 cua and
retrench their expenditures within the narrowest
possible limits. Moreover, the whole business Of the
country undergoing thorough revolution by
Of the radical change from paper to cash system
Under remarkable combination of adverse causes,
It therefore fair, select this particular period for
comparison Of prices to illustrate the effect of Tariff
which had been but four months nomnally in
operation
To maintain, then, that a reduction OF prices, which
has been produced by excess of mporiatons, and ex
cess Of manufacturing, combined with curtallGient of
the circulating medium Of the country, and curta-
ment Of individual expenditures, produced by the
imposition Of tax upon the articles reduced,
rs faacy, utterly ridiculous, and wholly untena-
| BILE.
IL The effect of high tariff amounts TO prohibition,
readily see how own manufacturers if they
supply The demand, may afford 10 sell cheaper be-
cause. having no duty to pay themselves, they may
sell the article, freed from the duty which it may have
formerly borne; but we know quite well, that when
an article which produced revenue 10 The Govern
ment by Tie duty imposed, is prohibited by too high
duty revenue is yielded, and, therefore, that The
amount OF duty imposed upon other arti-
Gle TO make up the deficiency whence the result to
! the people ia precisely the same. But, while we are
sensible that the manufacturer would have it in his
power 10 sell cheaper under such state ol things,
yet believe that self interest so powerful as 10 induce
him to sell at such price only, will prevent the
foreign article, when hurdened with the duty, from
again coming into competition with him; otherwise the
tariff would be 10 him any thing but protection. To
contend that he would solicit to be protected by duty
which compes him 10 sell his manufactures lower than
he sold them before the imposition OF the duty is too
ridiculous for comment
We have thus endeavored to explain the exhibits
made by the Wing, and to show how iaacous such
reasoning is, though based upon statements of actual
prices at a given time. Why the Wing and its CORES
ponden have thought proper to stop their exhibits
the first Of January 1913, instead Of extending them
to the present year, will he manifest when the Ia
bles which present have been examined. We at
firm that every article referred TO in the Wing state
ments unaffected by peculiar or local circumstances,
there has been since the period assumed by them n
steady percep.ible, and most decided advance and
,ha, thai advance still going on from day to day
thus sustaining our reasoning, and demonstrating the
dec pliye nature Of their tables.
Statement ong tic 1cholesalc price Of certain articles
from actuai SAFES IN Richmond, quoted By The Rtch-
7nond Whig as 10 lS4l-'43, dbyus as 10 1914.
1871 1913. 1874.
American bar iron, per ton So $40 Is $50
1 ,-,l;s !. ~ -