Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-08-29
DAILY WING.
The Corn Laws-Thc Tariff-Priccs OF
hrefrF,Np Produce ffa

ODserNenk become
already satisfied that tho hope Of extensive and profit
able market for the consumption Of wheat and -four
scqoent upon the modification Of the British Corn Laws
win prove entirely dousive. Equally fsscious will the
result OF experiment demonstrate that reasoning
of frequent the speeches and essays of the
protective party in the Souhl TO be, which is employ
Cd 70 convince the his hitherto inadequate
neraon has been the effect Of the 'high duties imposed
by tariff aud that their reduction therefore must
lead augmentation OF the profits upon the capital IN
vested and the labor employed in tho cultivation Of the
soil Should price, during the twelve months, couti-
be as low they are, in despite OF low duties
bot in Great Britain and in the United States, the most
obstinate believers in the popular notion that the prices Of
our agricultural staples great regulated by
those duties instead OF by the natural law OF demand saa
supply fail to discover The -"ea' wheh mas oeen
mon Them bv who only lind
for the deception the infatuated 'ervliy OF their own
mind. which refused be enlightened by facts, the
rl,r.;bl, ,beory school Of Political Economists of
Which tina -erorared Adam Smith the FOUNDER theory
I'D may do very well for book worms but which can
never be safely relied upon in practical life. As Black
woods Magazine well remarks, incidental suson IN
the "scionce" OF Political Economy arghtby the author
Of the Weak Of Nations Whether ever deserved the
OF Science, will deserve it, may be grnve
question. IL depends upon such multitude of facts and
the facts themselves vary perpeiualythe prncipes
derived from those facts feeble and
common experience proyokingy contradcts, from day
day. the most labord concusionsthst every pro-
essor has theory, and every theory turns the
ridcue itself be burcsqued by the nc H ii.
follows This atleast known that FOX declared his OPT
mon OF the whole, saying, that daring to
be ineligible and indefinite 10 be reducble to prsc-
Even our day. no two authors on the subject agree
All the successful measures Of revenue and finance hare
been adopted in utter defiance Of its dogmas while all
modern attempts upon what called its princi.
pies have only convused commerce, shaken public credit
and substituted fantastic visions Of prosperity for the old
substantial wealth OF England" These remarks of Black
wood sukingly applicable the of events in
the United States they the other side the wa
and shall be agreesbly disappointed the
Perimenta tariff" of the present Administration do no,
add another to the practical eIemplfcaons have al
ready had OF the difference between Fact and Theory.
While do doubt that the revenue policy of the
government may exert, limited extent some influence
upon the prices OF produce, believe the same time
that upon other the market value our staples
mainly and indeed almost entirely dependent-and espe
cay upon the law Of demand and supply. Superabundan
production for instance with limited consumption leads
10 low prices and, the contrary, production equal
10 the demand, al once occasions advanced price,
despite OF all the tariffs in the world absolutely prohi-
bory We have thus frequently agricultural
pies commanding the highest prices under tariff evyinR
the highest rates OF duty upon foreign imports; aud on the
other hand the very lowest prices under the lowest
OF duty.
We can very well perceive, indeed of the indi
rect results Of the new tariff that the prices OF Of
staples may and probably will be actually reduced by
reduction Of duty. The question generally argued ii
MANUFACTURES only protected by the tariff Of 1872
as If the small portion of population engaged in that
baneho industry alone interested in the maintenance
OF the protective system Hence agricuturass are ar
riyed hostility the manufacturers privileged class
Bat nothing can be Iron, COAL salt lead
and copper, ought for example, rather be classed with
the products Of agricultural than with those Of manuac
ring labor-and they constitute unimPOant items in
the catalogue Of dutied articles Hemp and sugar are
leading articles in The protected list and form no email
portion of the aggregate OF agricultural wealth Cot
ton too had protection of per pound and although
like tho fabrics has outgrown the necessi-
Of protection, doubt that to the encourage
afforded originally by that duty we owe the unprece
denedy rapid development Of our capacity to produce so
quantity Of this important staple. Wheat far potu
toes-indeed almost every leading agricultural product
have enjoyed the benefits Of protective duty But al
though in reference most Of hem the productyeness
Of our own soil has rendered the duty dead letter who
doubt that all Of them derive indirectly an sdvan-
tsgo from the duty imposed upon the few which still re-
quro its aid enable them successfully 70 compete with
the foreign rivall Extensive iron works and coal salt
lead and copper mines divert from agriculture large num-
Der Of hands Who instead Of being producers. are con-
vsr,ed into consumers, and instead Of needing narse,
for their own products furnish market for the products
Of their neishbors The cultivation Of hemp stimulated by
the duty on the foreign article, and which, under
its influence, is every day rapidly extending alb
strneu from the cultivation of tobacco A.. I,,g.
h., n hand. and that .,,;olo :. q, d. -, >,
i,1 " ' - " "o 'AVe'" VI
-. r - -. 49, a. - -"
eu'"uou " 'e"P u"P'o"''o'' " 'aigo H"Po'huohS %
the foreign srucle Nhleh low duties wl invite and The a
Dor employed in its production be diverted
other channel and will become the riynl Of the tobacco
49,, i,.,..d ~ .o,.,,r,,, oe ,.l.,Lo a.. r.. l.
80, = Is, sna,, e,I,nr. sIo,,td =. "
luxe ahnoi 'ho ouku eu'ure sh'uiu De aoridsed Oy its
4"aO"' !" 80 SIS - 10 '0' III " WARM
elauiuoe, tue paneS must resort 10 'ne CULTIVATION o.
cotton and by adding TO the annual production urndy
large for the demand except when csamijy like tina
which now threatens IT, reduces the crop below fair sver
an. ro,,, ,c.l, n, dionoution IN ,ba, c.., ~ a.. 90
1.a,~. q a.. c.. - v-,l. 49,. ''''
Ap FFpe' In ''e 9''eso' Ne"'uoAy' "iSSou'l' iehnes
see ONO indians ana ihno's' me amount Of hemp pro
dueed in 1914 estimated $1,000 tons-of which,