Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1845-07-17
WING NEUTRALITY-SUSPICIOUS..

Ii Is really amusing TO witness lne at'empts Oh IN
terested men TO misead the public mind in such a
manner to conduce to their advantage Nearly all
the arguments in favor of protective tariff dc
tated or written by Capitalists engaged in manufac
lures Hence their Oft repeated arguu ents to prove
to the dear people how much they benefited by
high duties their attempts to demonstrate that high
duties do not increase but lessen the price of the do
nestle article and that the producer of the foreign
article pays the duty. How account for the
tenacity with which portion of the Wing party
cings to the most absurd doctrines, only the prn
ciple of selfishness! Look at the articles published
in the National nellgencer, and republshed in the
Indiana Journal. the signature of Madison"
His third No. is truly amusing, and yet so bareaced
scarcely to justify notice. But TO begin with this
very patriotic ana impartial Southerner Every one
conversant with commercial and mercantile affairs
knows that there exists supreme law Of trade, viz
that supply aid demand regulate prices, &c. ;; and
this MIR. Madison is pleased to denominate axiom.
He then proceeds to demonstrate, doubtless very clear
y in his mind, that the tariff of 1912 did not
raise the prices of several articles which he is pleas
ed TO select. First cotton bagging seems TO demand
his attention by his comparison it would seem that
that article since the passage Of the black tariff has
fallen 33 per cent. Very well, that may be true with
out the tariff having any agency in Its reduction, but
the contrary. His explanation is truly amusing to
man like myself living In the backwoods.
In consequence of increased dutes the growers
of hemp in the West extended their business, and
they, those who manufacture II, only sup
ply the cotton planters with baggng and bale rope
much reduced prices but hemp has become article
of expectation" The article Of sugar is next intro
duced, with declaration of its immediate decline
upon the passage of the tariff of ~ with similar
explanation. Now is it not remarkable that decline
IA the price of hemp and sugar should have StimU
lated the growers to them greatly to extend
their business This is species of logic not under
stood In the West but round about Boston, upon
cfpd md
draws for information, 1t is doubt very plain Slim
ulaed by the prospect of loto prices How then
producers of hemp and sugar benefited by high
tariff If these articles have declined in consequence
of tie tariff the South and the West instead of be.
ing benefited, have been greatly injured by it.
| Mr.. Madison having accomplished the very I" FORM
liable task solitary and alone, of demonstrating his
first proposition that the tariff is eminently benef
cia to all cultivaors of the soil, in the very consd
cradle decline of hemp In the West and sugar in the
South, directs his footprints towards Boston,
whose flesh pots have been rendered savoury by
consciousness of the important services rendered
table of prices made out with great labor and &C
curacy, by very impartial merchant Is forthcoming
to prove great decline in manufactured goods under
the operations of the whIg tariff of lS42-proving
likewise the patriotism and dsinterestedness of the
great manufacturing establishments of the East, il
having advocated, sought and secured the passage
law to compel them to sell their goods cheaper Mr.
Madison compares the value of cotton goods from
1885 to 1Si5-and comparing the highest price, tina
of 1887, with the price In 1914, according to hi
table, there is falling off of 80 per cent. il
value and, in most triumphant manner, this is al
set down to the beneficial effects of the tariff From
this demonstration it would appear that these Eastern
Nabobs and Lords of the Loom, like the South AM
West, have not been benefited very much by tn
tariff. The 4" axiom of Mr.. Madison, quoted in tn
beginning of this article, must be noticed. His "su
preine law of trade that supply and demand REGULATE
: The n
money IN circulation has something to do with tn
price well supply and demand. If the supply
and demand equal all fluctuations in the price
Occasioned by the volume of the circulating medium
In accounting for any change in the price of an ar
ticle all the circumstances must be considered.
1887 (he year of the highest prices according to thi
table) there in circulation about $50 600 600
paper money-in 1874, not 20 exceed one half tina
amount. The circulation then, since 1887, has falle
one half Labor is cheaper by 90 per cent. thar
In 1887. Provisions the material, and ever,
thing connected with the production of any manufac
tured article has sunk not less than 30 per cent Tn
constant improvements and experience IN the produc
ton and manufacture of hemp, sugar and cotton, b.
which labor is saved and the greatest amount produ
ced, have materially contributed in the reduction
the price of these articles. Competition the sol
agent of Mr. Madison, less than any cause enumera
ted, has contributed its mite. Coffee, free article
has fallen to less than half its former value Upon
careful examination of the causes, and comparison
of the decline of protected with unprotected article
it will be found that the latter have generally sun
below the former thus proving beyond doubt, tina
the manufacturers of the present time realizing
greater profits upon their investments than in 1887
= when prices were highest and establishing the con
of MIR. Madsons position, that the present hig
tariff has prevented correspondent decline in tn
price rf the protected artice-in other words, tn
higher the duty the higher the price, and this is wha
the capitalists understand by protection, their hypo
critical cant to the contrary Notwithstanding. H.