Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1844-01-04
PROTECTIVE rARlrf-NATIoNAL BANK.

Those contend
tonal Bank contend for antagonist principles as
far as "protecon TO home industry concerned II Is
intended by high tariff 10 exclude from our markets
foreign goods, in order that home manufactures may en-
Joy them without competition. This Is done by :inpos
ing upon the importer Of foreign goods Tax called
duty. Now goods of any description ever go from
country to another, bu. through the movement Of
individual merchants, who impor, and exPor, all ar'
cles solely with view to their own individual prot -
Last year, wooen goods of certain description were
worth 50 % per yard England, aud were worth here
So co. the duty 90 per cent, 40 cents per yard
tax charges 10 per cent, or 20 cents per yard Con
sequenty they could be imported and Sold al the price
here to the farmers, at So % yard, ard lave the
merchant profit of 40 cts On the st oil September
the duty raised TO 40 per cent 80 cts per yard
This absorbed the whole profit, and no more was i'm
ported. The customary foreign supply thus being
forced Of the market the manufacturers here now
obtain better prices This is the operation ct prote2
ton. A the talk about home competition reducing
prices is too impudcut q hum5ug ~ be replied to -
The people of The United States too much given
TO reasoning for themselves u be made To believe That
home competition is less hurul 20 individual manu-
acurers than foreign and therefore that II is no. their
object excite the former as they falsely al!eee, by
a high Tariff The object is only TO keep the market
10 themselves; yet, while this their object, they
themselves help to defeat it By advocating National
Bank. The money prices OF goods conss; in The s"l
tive supply oIeach If the supply omoney is increased,
the quantity of il which may be obtainsd for nm ar'i.
Gle is increased in the proportion. II gold grew
as fast and abundanlly wheat, it would relatively
be worth no more, if it was consumed as fast,
but il cannot be increased faster than has
dered. The Banks. however, by issuing paper mo-
ney, payable demand, increase the quantity OF
money at pleasure and prices rise AZ they bid They
increased the quantity of mnnev from ,O0O IN
1880, to $3.50 900 900 1857 The consequence was,
that all prices 100 pe7 cent As long as this large
quantity Of money convertible into specie /. was as
good and importers sent any quantity OF goods here.
without the smallest regard to the sritfsod them a,
the high psces--turned the proceeds into gold and
carried it home The paper of no to them, and
they could not buy produce to carry back, because
prices here were much higher than there that they
would lose by the operation. Under the swelling prices
the imports from 600 in 1880, TO SiS9,-
600 900 1886 If the tariff had been raised TO Gu per
cent in 1886, the imports would still have continued,
because the abundance OF the currency had raised prices
100 per cent leaving sti margin of 20 per cent TO
foreign shippers At The same time the rise ofraw ma
teria aud labor here destroyed the ability OF the manu-
facurers 10 compete at all with foreigners Hence 1t
H. that in 1912 under low tariff low prices and spe-
Gle currency, they recovered their ability TO export ma
nulactures.
It is singular anomaly that those people contend
for such contradictory and suicidal But it
arises from the fact that they The dupes OF poti-
clans Since the formation of this Government, the
country has been DIVIDED by two parties The one lean
inc towards magnificent central Government, the
splendor OF which should, IN some degree, ape the
glare of European courts. This policy involves a na-
tonal debt enormous revenues high taxes aud CORES
ronoing extravarance. The other party clung TO re.
pubiican simplicity, freedom from dsb and un!cs'7Ic;
ed trade and taxes as low as tie inost rigid economy
the expenditures of government would permit Now
for the Government OF the United States, in time Of
peace there bit two OF revenue the public
lands and the customs. Direct taxation in time oil peace
is cut of the question; no man would have The
hardhcod to propose it. Now, with sound and
steady currency, the amount to be extracted from
the customs is governed by the laws OF trade
entirely. Duties beyond certain point cannot
be imposed without stopping the import ana De-
stroyipp the revenue. With fuctua,ng currency,
the rate OF duty Of consequence because prices
will rise in proportion The only effect, IS TO put
large revenue into the Treasury. In the year 1872
with Tariff Of average OF 20 per cent on the whole
imports, they reached short OF SloO'0oo,too ana the
custom revenue was $4,000, 00O-the currency being
very near specie basis. In 1885, with Iarlit, aver
aging Is per cent. the whole imports, the customs
were S24 000the paper currency being very fuli
Now, if the present Tariff, winch averaged on the
Imports Of the 1h quarter Of S4234 per cent OF the
zyhoic impors-hsd been in operation, in connection
with the National Bank scheme, which was defeated at
The Extra Session. the imports would have been as large
as in the year 1889, say, 10000 0o0- per cent
of thot would have given revenue OF sol Ooo,oVo,
and the party in power would have been well supplied
with means This explains the secret OF the an,alga-
NATION of the antagonist principles of "Protectlon
and a "Natonal Bank. a combination OF the two,
extracts from the people an enormous amount OF nc
nev. while il floods the country with goods. a Ma
tona Bank opposed by others, because Is essen
t;aliy "foreign agent" II is The lnennB by which
home industry is destroyed, and The means OF the
peopls extracted for the benefit of foreign manu-
fac,urers A steady specie currency, on The other
hand, with Tariff adjusted, SO es 10 yield the
highest revenue. would permit imports, to the ex-
tent Of the sales of American produce, and no
more. and will yield revenue Of abou! $lS,00o0cO,
which is about sufficient for the support of Govern
ment, and must be procured from that source or by
direct taxation If prohibve tariff is persisted IN,
the latter must be resortsd 10, because "National
Rank is obsolete" It is in foil view of this, that pa
rase politicians contend for system which Is doing
more TO loosen the sold structure of our Union than
can all the efforts Of combined Europe
- Mac York Herald.