Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-11-01


creary WALLER. From what can learn, the ma
nufacturers are not much disposed to give answers
10 his first circular They say that he has already
proclaimed that his mind is made up, that the pro-
tectve principle must be abandoned. OF course
his object is MOI the obtaining information IN order
10 make up fair opinion but the hope OF obtain
ing evidence against themselves in favor OF his pre-
determined sentence OF condemnation. The second
circular seems TO be sort OF appeal TO the farming
interest, which he probably hopes TO find packed
Jury, ready TO give verdict against the manufac-
lurers. We shall see.
ANSWERS FROM MASSACHUSETTS TO CIRCU-
LAR No,lI.
Questions l, 2, 3.-Couon, rice, and tobacco
We produce none of them. We buy all of them
with our capital we transport all of them in our
ships. We manufacture cotton we eat rice; and,
am sorry to say, chew and smoke tobacco
Questions 4, 5, 6.-Planter's profits For this
we must refer to the planters themselves. We
know very well that the production Of cotton has
been the most profitable employment OF capital in
the United States until very lately, if not now The
consequence has been an unprecedented attraction
of capital into that particular cultivation until the
production has outrun the consumption.
Question Effects of the Tariff The tariff
of 1916, continued by subsequent acts, has caused
very large amount of capital to be invested in the
cotton manufacture, until we have become the Sc
cond nation in the amount of our consumption Of
cotton, our consumption for the year lS44-'5 hav-
ing reached $4,000 bales, and gone entirely
ahead of France. Our manufacture having been
turned very much upon heavy goods, introducing
many new articles in commerce, which has INTRO
duced them very extensively into the East Indies,
China, and the islands of Asia, heretofore supplied
with cottons the product of quarter of the globe,
there can be no doubt that the cotton planters have
derived very great direct benefit by the increased
consumption OF American cotton whilst the gene
raj prosperity resulting from the protective system
has also greatly increased the consumption of rice
and tobacco in the United States, and thus greatly
benefited the planters of those staples. The fuctu-
atoms in the currency have no doubt affected prices,
but it is doubtful whether those fluctuations have
materially affected the profits of the planters the
whole
Question 9.-Connexion of agriculture with COM
merce &c. l-There is an intimate connexion be-
tween the different occupations and interests of the
community. Phere periods OF general prospe-
rity, when all branches of industry actively en-
ployed and periods of depression, when industry
lanquishes and general apathy and ideness pre-
vail. The last three years have furnished an ex-
ample of these two periods. During the year 1912
and part OF ls43 the depression was extreme
Our manufactures accumulated greatly. Prices of
all commodities were lower than at any former Pc
Rod All industry and all enterprise was checked.
Trade was almost at stand sull. During the last
half Of the year l843 rapid change took place
trade and industry revived with improving prices
This state of things has continued through 1914
and up to the present time. The depression Of
1923 may be traced in most of the States to the
embarrassment of their finances and the general de-
rangement of their curreneee ond especially the
large influx of foreign commodities in lS4l and the
uncertainty which hung our legislation on the
subject of the tariff The immediate and direct
canse of the change from extreme depression to
great activity was undoubtedly the tariff OF 1912
Its first effect to check the importation of for
egn commodities, and bring in specie of which our
import in lS43 amounted to upwards of twenty two
millions of dollars. Ii restored confidence in the
protective system, and set all our industry in mo-
tion During the last three years on the whole,
the protected articles have been sold low in pro-
portion TO their ordinary price, any articles pro-
duced by agriculture. During the last eighteen
months they have advanced considerably from an
undue and extreme depression especially manufac-
lures of cotton, for which there Is peculiar and ex
trinsic cause.
The opening Of the China trade, and the recove-
ry in Europe from long period of comparative de-
preston in this manufacture, occasioned demand
in England, in the latter part of the year ls43 both
for cotton yarns and manufactures, which all her
machinery was unable 10 supply. A great advance
of prices was the consequence. This state Of things
has continued TO the present time, during which
period the profits of the cotton spinners have been
enormous, Wills. every effort is making TO increase
their machinery. corresponding effect has been
produced in the United States. The foreign de-
mand (beyond our means of supply has raised the
price Of our coarse manufactures which has had its
influence all branches Of the cotton manufacture
and brought them all into state of great prosper-
ty. At the same time the NEST profitable part of
IL has been the manufacture for the China and
other foreign markets. There is no reason TO
doubt, however, that the English manufacturers,
especially the spinners, making still greater
profits than our own 50 that we should be no
gamers, in respect to cheapness alone, were we de-
pendant on them for our supplies, but in fact quite
the contrary.
Question Reformation between imports and
exports mo one can doubt that an immediate
CORES pondence and connexon exisIs between ca
ports and imports. They constitute the balance
sheet Of nations trade And vet this connexion
has been made to sustain more fallacies and absurd
distractions than any principle in political economy.
.iH imports are returns for exports. .Areusai 10
import Is tdntanouat TO a refusal 10 export. II
restriction upon imports Is therefore a restriction
upon exports. These are the distractions which
for twenty years have been paraded in the Edin-
ourgh Review as the cornerstone Of the principles
OF iree-trade, and which repeated, ad nause am
IN tins country. They are the foundation on which
South carolina built up her ingenious forty-bale
theory. They were relied on 10 sustain nufca-
uon In 1892. Mr. CALHOUN and Mr. McDrrrIE