Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-07-31

III boastng products made al a loss ana 10 De oo-
aned more cheapiy abroad.
Proceeding, Mr.. Chairman TO the second class
of p!oiuc,s-thosc which may be made as cheap
~, or very nearly 50. here as abroad-it may DC
safely predicated oil lhem that they must and WILL
as the wants OF the county require, steadily anu
surely grow up and flourish. With them The per-
maneni incidental projection Of strictly revenue
duties will amply suffice, al the same time 10 over
come any disadvantages attending un'rled pnr-
suits and infant establishments, and gradually
divert The coures 81 trade from the foreign to The
home supplies and also TO stimulate capital and Ia
4 Dor 10 embark and pefsevcre in their production.
For theiT growth and prosperity the protective
system is not nctd.d. But what's lis effect on The
! classes engaging in them? When high duties
are first laid the like imports from abroad, the
prices are enhanced thereon III he markets OF The
| country 10 that amount. The internal products
| OF the same nature are OF course similarly exag-
gerated, AS they 10 not suffice TO supply the mar
kcs, aud sill allow the foreign imports 10 come
| in. Enormous profits are TINS eytorted from all
| other classes, in he form Of high prices and the
most extravagan stimnlan;s given 10 the internal
| production. Under such extraordinary incen-
lives, all existing establishments are rapidly IN
! creased and capital and labor are quickly en-
| plnyed in commencing others, wherever The pur-
/ suits ci the people AMI ihe natural advantages 81
\ The States will allow. Even more certainly than
! in the case cfihe former class which we have con-
sdrrcd-o in This class the facilities are general
1 " Tar greater and the risk lcss--wiIl excessive
\ production ensuc. There will he some years Of
inordinale prosperity, realizing dividends Of some
80, 10 or so per cert. profit then sln's from over
| competition, and consequent revusiens, which
| will sweep away most OF the younger advenn-
Iers and more feeble establishments and, finally,
| after many mutations and depTesslons, much
| houndering and plunsins from the extremes OF
profit and loss, The permanent laws Of trade will
| prevail and prices will settle down 10 fair returns
| on the cost OF production. That inns picture IS
/ not oYerdrawn, is appaien, iron he statements
made here few DAYS since BY the gentleman from
4 Connecticut, (Air. Rockwell, who, While admit
ting that the manufacturers cnl"gea al intervals
years Of large prcii.s and high prosperity, exhibit
, ed evidence oi Inc large proportion q manu!ac-
! turing establishments hat, III The course OF MANY
wears, were Iui"ci and stopped, and coniended
/ that the average ol The permanent prollt did mol
exceed three per cent. In this estimate, incline
7 10 think he must have greatly erred; sill Inc dcts
adduccd in supror. OF his views concluslyely de
munslrate the disastrous results 10 the manulaciu-
rerslhemselves ofhe mutations and pTessons, Inc
| fluctuations and asitatlons, Introduced by Inc pro-
l.clire system. (See nole) To The nation al large,
| the operation is likewise most injurious. Man
!acurrrs o: Ibis class may pcrchancc be establish.
! ed in lie country 4 little earlier, than under more
7 Wholesome inducements they would nave been,
! hu, inasl dearly is ,tioh premature grown pur-
chased. First, iur years, Al different icrioi> eA-
I irav4aan, prices, making enormous bonhl'es, are
exarei from al! oihe; iadusl;a c'a>se>; and 'heT
these classes sustain, 10 some extent, IN common
/ with The manufacturing, the consequences clem-
bafraS>menis and reviiIsions in lhr trade and cur
rency o. he county. The retriouive justice which
ever, in the constitution Of human affairs, follows
. cxccsses unfortunately involves the victims as
vel Is The temporary benelciaFcs o The sys.en.
To the Third class, whose establishments, Sus-
lainrG by Inc state and wants OF The country, are
firmly fixed, and encross The home markets, The
sys,ern i, one of unmixcd evil. Their success
iul industry aud malnred growth have excluded
the foreign imports; and high duties, Tor me puf-
pose If revenue 10 the Government, or monopoly
10 them arc idle and imperative. Sueh effect IS
ROT. however, fully or generally known and the
,eusi - idea l. engcndcrcd, that such projection
musr give 10 them, aS t. r;hcr preferred classes,
exorbiran, gains. Hence here i . temptation.
| often yiede,! 10 b. the public, u embark capEai
and labor in these pursuits likewise: and 10 some
extent al least though mol so lar az with The other
classes, over-producion, with lis resulting con
| sequences of elu's ard reYulsonS, is the result 10
| them also. In addition, they, together with all
The oher really productive classes OF The country
/ are subjected to The exacions and bouniics,
| which swell temporarily the Golfers Of The really
protected classes. Their interests are, therefore,
! On every account, directly adverse 10 The Who'll.
system, and il is inl lime they stcul,l he separ;-
I led in feeling and action from the other classes,
/ with whom they are coniounded. This class Is,
i I hrii,.:e by far ihe most numcro' ri Inc ma.
| rniacurrr. and embraces neail: IL! engaged IN
The production NJ til coarSer and u;o!c essential
articles Of manufacture, including cna;se cclions.
nails, common glass. and many others.
| From the exposition given OF the workings .!
this protective system on the manufacturers them
| selves. are we not authorized, Mr.. Chairman, TO
| conclude that its rettng and stimulating are
needed to sustain only those for whose production
The country Is not ripe? They can permanently
derive no real benc:i; from the forced diversion OF
their capita and industry TO emp!oymens entail.
| ing only loss In lie made coed BY enduring cxac-
tons from all other productive classes; while 10
Others, though giving temporary monopolies and
large bounlies, high duties are oil more Than qies-
tonahIe utility; and 10 Others still, vet more nn-
mcrous and important, cause ONLY inJury ard cp-
preston.
Bat well, indeed, would il be il The banstl! in
laences Of this system Of mistaken iavoriti>n
ceased with is dcluled claimants. II might then
he left Ia time and experience 10 awaken them IN I
wiser perception and more rishlinl action. The |
case is indeed lar otherwise. To The great mass I
IS OF the people ard 10 the other 9'ca. branc"es
II industry, The true sources OF nallonai weahh
and individual prosperity, The workings OF lhr
system direct and Indirect, are, win lew Par'iai
or temporary Compensaiions even more disas-
lrous And the more comprehensive cur survey /
al rhese effects. the more conclusive must be tie |
condemnation II tire system. Shall We look al
il in lis tendency To Gerange thai a.imp6Tianl yer |
sensitive element, our banking issues. which per-
vades. and, according To Us ce2ree OF soundness,
atirc,s for wea! ui wo all the monetary aud IN /
,iustriai operations Of the pna'ic Sir, rea- |
son will teach, as experience Will prove; MS
dealeIious cooperation IN inducing The mia |
lions aud rcvusions, which have 20 often Tack
Ell the whole frame work OF trade and industry |
in The nation. The very aim and end Of our
banking institutions arc realize protls 10 their
nronrptors and stockholders. This they can
best effect by excessive loans and Issues. lney
are therefore invariably stimulated 10 excess ny
diminishing their liability TO be called on lor Inc
rcdemp,on of their issues in coin or CHER real
values, and by inducing eager demands on me
rart OF The public for loans, al Inc same time maj
their apparent resources are enhance" ~ iaiee
tenosies and the seemn. abundance o! moGey
in the classes around them. During seasons 81
spnaren prosperity and general confidence, Inc
domestic trade and exchanges Il he country I'M
uose nconsideraoie liabilities cn he banks Iohe
redens,ion OF their ISSUES Tor within The range q!
their circulation, being received nearly ~ ali,
they are used in all dealings, and measure all We
lucs in lieu oil the coin they represent. IN trace
and exchanges, on The other hand, with ioIeIsh
countries, these representatives oil money, nav
inc abroad no circulation or reception, when Ia
ken here, are made TO conform 10 the only IN
,crnationa measures of value, and really con-
verled into gold and silver or other equ'ya-
lent values in bills of exchange or exports
determined By Il specie standard. In the DEAL
inss. therefore, OF The people with 'orsIsn coun'
iriss and especially in The import trade, IN con-
sennsuce OF which returns in zeal values are
rendered necessary, are 20 re found almost he
only practical demand Tor The actual con;criibi'
Inv ans! redemption b. the banks OF Ihese Issues,
ard consequently the most essential cheeks On
heir excess. Now, all confess that leading
object and manifest tendency OF tie protective
sy.;em were 10 restrict and lessen the imports oil
he country. In This respect, therefore. most
salyarv guard over oar paper currency is re-
nonnced and lost Bnt its agency in over-ex-
mansion is positive as we'll as negative. However