Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-10-04

l 10
tegent and candid reader to Judge for himself as
70 Its truthfulness or relevancy
"Ye not whit more absurd is this childish alacy OF the
balance Of trade than the falacy of the whole protective
system-a system which, in effect enorces as It's cardinal
maxim that nation should buy abroad no matter
how low the be supplied but must make at home
all that consumes matter at what cost OF the labor and
of peope-a system invented as reason and his
tory illustrate, by the opPressors OF mankind to
build up artificial classes and to breed IN the popular body
Of the State kindred corruption, welded by the afnies
unjust gain and motive to the abuseso govern
ment which be otherwise sustained Upon this prin
cpIe rest the corn and manufacturing system of Great
Britain and all other monopoies wherever they exist That
such system should be found in free country like
only be ascbed to the contagious character common
i : dixie to social and political vices"
1 We need not go to Mobile, however, for exam
Piles of language and arguments of this kind, the
first without dignity or proprety, the latter without
force, ingenuity, or applicability. We have only
to turn to the files Of our neighbors And FIRST to
the official organ, the Union.'' writer IN that
paper of the lth Of September, who signs himself
/" Tom Tough" in reply to our correspondent
Madison, undertaking to elucidate the subject of
the balance of trade, says !" In the usual course
of foreign trade, the value Of the imports must ex-
coed the value of the exports, to make it profit
able commerce." This is the Mobile argument
and it is no better in the District of Columbia than
It was in Alabama. Tom Tough gives this exam
pie: III, says he, the exports of the United
States amount to $l0O,OOO,OOO custom-house val
uation at home, and the imports for the same year
(valuahon likewise in this country amount 10
$l2O, 1000 loot shows precisely this, according
to my understanding of the case that the mer
chants of this country have made twenty per cent
upon their exports, or $20,OOO,QOO thereby add
lpr ~ tho ~.to1 sc tL, TIA
quite so fast, Mr.. Thomas Tough there is only
one state of the in which this result would b.
tain, and that would be- if the 500, 900 Of ex-
ports exactly paid for the $3.50, 100000 of Imports
and all costs of transportation, &C. both ways. But
how would it be if the $l0O,OOO,OOO Of exports as
valued at home only realized 100000, 900 at the
place Of sale, or if the l2O,OOOOOO of imports as
valued at home cost $l3O,OOO,OOO at the place
where they were purchased We cannot think
there would be much profit to the merchants Of the
United States, although the custom-house books and
the Secretarys annual statement did show that the
imports exceeded the exports $50 ZOO, OOO Here
would be real balance of trade against the coun-
try, which the Mobile editor would find some diff
Guilty in convincing our foreign creditors was a
fallacy." But this correspondent of the Union is
evidently out of his depth, for he asks, When was
the year Of peace and prosperity that this nominal
: balance of trade (the excess Of imports over ex-
ports) did not appear against us p We win tell
him: in 1912, when the exports exceeded the i'm
ports (specie included both ways) moro than four
millions in l843, when they exceeded them nearly
twenty millions and in 1874, when they exceeded
them nearly three millions. Shall we run hazard
Of wearying readers by giving one more of this
correspondents calculations of the subject? He
says:
81 viii take for example, voyage from the United States
the outline Of which shall be founded in truth ship sails
from New York with cargo Of -four for South America
cost S25, 900 in New York She sells that cargo the
west coast Of America for She
her specie to Canton, where she purchases cargo of
and returns TO New York, where the valued at
$780, 0OO and that valuation appear the commercial
reports Of the Treasury Department This voyage shows
how nj least poron OF me balance or trade the year
1872 made up against country the country suf
ercd il very clear that Sl75OOO (ess erpenses)
added the wealth of the merchants interested This is
truthful and practical result"
Undoubtedly, if all the suggestions in this case
could be realized, il would be very /" truthful,
practical" and pleasing result; but it has very little
10 do with the point at issue-the REAL balance of
trade. Ii only proves, if admitted to its full extent
that the present plan Of customhouse valuations and
Treasury annual statements leads into great err
rors upon the subject fact which we are as will
ing as any body to allow. Admit, however, that
the instances adduccd went directly to the point,
still we would not give much for any line Of argu-
meat which is supported by such M,mchausen-like
statements and such improbable, or, if possible, such
extreme, or, the writer himself terms them, ex-
iraordnary and isolated cases." This is surely
more than enough for a sample Of Tom Tough's
quality. He makes, however, some sensible OBJ
servatons on the subject of custom-house valua-
tons, TO which we shall hereafter recur.
The Editor Of the official organ himself APP
pears TO hold some curious notions upon this sub
ject; at least he did SO in July last. " How can we
export unless we can importl There is no prin-
cple Of political economy better established; in
deed there is no law of physical nature more GER
tain and fixed than that no nation can long con-
/. time TO export unless il can also import Reel
prociiy is its gravtating principle the law Of its
: vitality and existence. The purpose and the eff
feet Of prohibi,ory tariff system, our Wanted
american system, is TO destroy this reciprocity.
: Ii would force our products upon Others but levy
: such duties and taxes upon theirs would shut
: them out of the Market" The witticsm of the
Edinburgh Reviewer. that |" what is new therein is
not true, and what is true il not new" literally APP
plies 10 this quotation II is merely repetition Of
the siereoiyped abuse and misrepresentation of the
tariff. The most curious part is the serious asser-
ton Of the most palpablc truism, that .no nation
can long continue 10 export unless il can also inn
port" We certainly needed no ghost from the
grave 10 tell us this. Was ever any one 80 foolish
~ 10 assert the contrary But has the Editor OF
the Union no notion that balances of exports may
t.r s4.s1 L.. -.