The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-23

In further confirmation of the estimate of the tax
arising from the enhanced price Unprotected articles
table Is hereto annexed, marked ], compiled from
House Doc. No. 70, 26th Congress, ID Sess, being
a communication from the Secretary of State TO
Congress, of the returns from our consuls abroad
Of foreign prices current, charges, Co. These con-
sular returns official, and exhibit on many pro-
lected articles vast difference between the price,
foreign and domestic 81. .'
Table X 10 compiled from 4 report Of the Com
mittes Of Ways and Means Of Congress, being
House Doc. No BOG Of the LIST Ssss. Of the 2sR
Congress, containing the from actual importa-
tons under the tariff Of lS42 of the amount of yar
GUS minimum and specific duties, published by
Congress, and communiOated by the committee,
"upon the authority of known and respectable mer-
chants and importers in several Of the large CONNER
cial which are appended several prices cur
rent and statements of duties under the tariff Of
1919 on tbs same authority. ''ta '+H n HA.aah'
There are also annexed important tables, and
prices current, in the report to this department of
the chamber Of commerce of Charleston, South Car
DINA, in November last, very full extracts from
which are appended, marked L. Several otber
prices current and tables are also annexed marked
M, N, OF q, R, 8, T. as.'' ~! q = ~
These facts, tables, and prices current, with the
statistical statements and official returns, furnish it
is believed, satisfactory evidence that this depart
ment is sustained in estimating the tax imposed
upon the American people, at at least as large
as above stated. So vast an amount of tax. when
collected, even for the use of the government, and
expended among them for public purposes, wc.iuiid
be sufficiently grevous; but the effect a far mora
ruin9us and oppressive upon tie great body of the
people, VINO pay TINS visit sum, into the treasury
nor to the government, for public purposes but
10 tne protected classes in enhanced prices of their
products. '''
In assumins in table A, $s4, 100 1857 as the total
TAX iroIn gross revenue and enhanced prices no es-
Inmate has been made Of the additional tax imposed
he nf
shutting the unprotected Glass; who raise three
fourths Of tho annual products, by the diminished
price OF their productions from the urohibition or
restriction of their exchange in foreign markets.
The truth is, that the enhancement in price of the
protected articles ls about equal to the diminished
price Of the unprotected. Wealth may be transfer
red, but not created, by legislation is labor onlv
nat creates all wealthy and the operation of the tar
III adds nothing to the aggregate wealth of the
country, because does not Increase labor II onlv
transfers its profits from one class to another and
the enhancementin price on the one hand is met by
correspondent reduction on the other. Like action
ana reaction, or the meeting of equal forces in me-
chahics the results are neutraized and the aggre-
gate price is left unchanged. This is not only
founded upon the best settled principles of political
economy and of sound reasoning, but ia confirmed
by experience throughout the world. The evidence
by numerous witnesses, the following positions,
LIST. That the profits of agriculture unprotected
are less than one-haf the average profits Of manu-
features.
I'd. That the price of agricultural products, and
the profits Of agriculture, have fallen very much
since the tarif OF ls42, compared with the profits
and prices of manufactures. ....,,t'tE'
. Sd. That the profits Of manufactures have greatly
augmented since the tariff of IS42; whilst the price
OF labor may have appeared to augment in particu-
lar places, 1t has fallen in Others and the result
could not be otherwise; for If the profits of three
fourths of the people raising the unprotected articles
are reduced by the tariff to an extent equal in the
aggregate to the augmentation Of prices and profits
accrung to the protected class the result throughout
the Union far the price Of labor is concerned,
depending upon its profits would at least be equal
ized ", indeed II were not reduced by the fact that
three-fourths of the products of American labor ia
unprotected, as well as threc-fourths Of the people
by whom the unprotected articles are produced
Assuming these positions, the tax on the unpro-
ected class, and the corresponding benefits to those
which are protected, would be still further augment
ed. But it is not deemed proper to discuss that
topic In this report but to limit the inquiry to the
enhancement Of prices, in answer to the resolution
Of the Senate. '.H an. .....-" ra H"
The estimate of this enhancement of prices ia |
based upon all the data within the power of the |
department at this period. II is most interesting
and comprehensive inquiry, and would require, for
it's complete calculation, much time and more full
and accurate statistical details than any which are
now to be obtained. |
By unremitting labor, since the 18th Of July last,
tthe date of my last report 10 the Senate, this
swer has been prepared and 10 submitted TO its in
dulgent consideration with full conviction that |
every proper allowance will be made for all It's inn
perfechons, arising from the short period within |
which it was necessary to present the result.
Most respectfully,
Your obedient servant
.- r. J. WALKER,