Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1845-04-17
SCRAPS OF SCRAPINGS.
Adam Smith, a Tariff man.

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ro""eai reo"''s' P ~ " ' NV % Jaw
dsciou Of the duty IN England on Cotton is Protection
TO the interests OF that country What, hen
~i tbev saw TO the idea which maintain that il
A., s,,h ,.,. nov, living in his country he would be
T.n,
in favor Oh is"
But will hrst remark upon the redueuon OF inc a"V
upon Cotton, imported into England Protection 10 manu.
features may be direct indirect, bounty paid to the
rsb manufacturers 10 indemnify them against any loss
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VINO misn' DC ao'e W u"u'''e" 'e"'' ~ " SUI" P'o'o''
fion that all would admit IT, II tho English Government
were TO confer the benefit upon their
in ,uv other way what would be the difference rs 10 pro
go, r,nI,er =, nro,.c, an exotic pl,nt n cfac
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'uAiy' oy she"o''"s ~ ' ~ ' " ~ ' 'f
ing TO II warmth.
The price Of manufactures depends upon the wages Of
labor the profits capital and the cost Of the material
Now suppose the Government were TO say TO the Coton
Lords you longer, under existing circumstances,
contend with foreign factories and aid you here
we are at peace; take so many regiments to
work your factories and have pay them any how
you shs have their labor much cheaper than that you
employ. Thus, element OF the price OF manufactures
would be reduced, and consequently the whole price low.
ered
The same effect would take place. II the Government
reduce the profits Of capital by limiting the Of
TO less than the present. and forcing capitalists
lend 10 the manufacturers.
The English Government have done either OF these
absurd things; the profits OF capital already mini
passed the limit Of starvation, and border he
shadow Of DEATH"
But suppose, that in similar way, England
duce the other element Of price, the of the
rail- would the price Of the fabrics themselves be
proportionstely reducedl And would oil three
arrangements, for tho benefit OF the manufacturers,
be protection The mind that docs not perceive it
has Perpendicular obquy" in il, equal to Sambo'- col.
er Such mind is just III to contend for the constitutional
difference between Tariff with incidental protection and
aTarH for revenue with determinations Tor incidental pro.
lection" j. e. Determinations constitutions, the Ia
rid not let the determinations furnish protection and
the Tariff furnish only told you. Messrs. Ed
tors, was fond Of Metaphysics, but this transcendenta
This evasion in order 10 the benefits OF sound doctrine.
without appearing TO surrender old notions, reminds Of
the trick Of selling the water and giving away the brandy
Protection oil unconstitutional, but like certain Judi
cioas Hero, will have discrimination enough 10 afford
incidental protection We must say then that England
wanted 10 discriminate in favor OF her manufacturers and
she has reduced the duty and furnished them the
teral ai lower price, which enables them To sell their ia
brics for less, without diminishing their profits.
But have said that Adam smith himself the author Of
Free Trade Would now be Iarin man. RecOlleci the
time when he wrote: his Wcaith OF Nations" was pub
shsd IN !6 when the ultra restrictive system OF hls
own country had driven all her American colonies to revolt
Commerce was then hampecd and mpodcd by supendous
monopoies that were granted TO avores obtained by