Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-10-11

that value Aucuaes with the rates Of duty that wheneve
tobacco commands high price, -four and Of
cesy do the same and that whenever either Of them
selling low the others escape the depressing influences
which dmnishes its value 1t is impossible if the prices
produce dependant upon the tariff that them cal
be prosperous while the Others deprecated value Blu
is that the fact Far otherwise. Let
In 1921 when the average value of -four only 81 OF
per barrel, (oo than has been SINCE the average
value OF cotton 10 cents per pound the highest point
has reached except in 1925, the year after higher due
imposed, when it 20 cents How is il accounte,
for, that while flour low high if thu
tariff influences alike the value of both
Again In 1887, when -four 50 80, its highest vaua
ton tobacco almost at its b,ues being only $50 pei
hogshead And is most remarkable fact, which is shown
by the table in the Republican" Of Monday last that while
flour in value, from 1886 1887 from 81 06 to 50 30
Cor 81 81 cents) per BARREL tobacco M within the pc
riod of me from S92 S5s Cor S34 per hogshead What
occasoned this augmentation in the price of flour, and this
decline in the price of tobacco pa pasu Did the same
cause 1.-THE tariff produce these dramatically opposite effects
at the same moment Such assumption is supremely RI
dcuous and only account for its being entertained
single moment by the fact that those who advance it
susy carefully scanned the facts upon which they
rely to sustain it, Even COL HUBBARD who, believe, was
among the first rare attempt sustain the assumption
i
umphanty refuted it by this time be ashamed Of his
little pamphlet and doubt not secretly hopes that every
copy of has been lost His friends do him service by
vvng the recollection of production discrediabe to him
| a legislator and a statesman.
The above cited show concluvely only what
the of high and low prices of produce but also
what is if not the sole, the potent Demand
and supply certainly the efficient regulators Of
pcesn the absence of influential extraneous circumstances
indeed they the exclusive regulators When the ordna-
ny annual production of any article equal the ordinary
annual consumption for series Of years. sudden dmnu-
ton in the supply, by unavoabe seasons leads aug
mentaon of priceand so, the other hand when for
series of there is overproduco that the markets
become gutted prices Of necessity fall and no advance can
be expected until the stock shall be reduced Something
however, In country like this depends upon the of the
currency Its imitation, by excessive bank issues such
suited after the destruction of the National Bank and the
consequent unprecedented multiplication Of State banks will
necessarily advance in the price Of produce well
as OF every other commodity to be followed by decline, if
there be great withdrawal of notes from circulation,
though the relation between demand supply should be
disturbed either by deficiency by production
But the tariff, far it is pohbory by any
possibility produce any such effect If did, must be of
by diminishing the ability of foreign pur-
chase from But Great Britain generally takes very little
of our flour that in 1885, for example, when -four com
manded higher price than it has DONE except 1885, for
twenty years. the average value being 81 o.
debed to her for that advance In price alias that year
the quantity exported to Great Britain only 1926
rels amounting in value to the palty pance Of s67 600
not much the town of Lynchburg annually
The high price of that year, it apparent did result from
foreign demand and il therefore could have been even
remotely attributable to the dimnuton of her ability pur
chase, resulting from the operations of the tariff
II is scarcely worth while, however, say on sub
ect which must be plain to the most ordinary mind, and
we dismiss therefore with promise in few days take
uPn cognate branch Of the questionable comparative value
of the home and foreign markets. particularly with reference
to the two great articles of Virginia production wheat and
tobacco.