Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1846-01-17

L
authority of known and respectable merchants and importers
in several Of the large commercial cities We find the ex
PLANTATION page ~ of said report in the Price Current
issued by Stewart Thomson and Lay, Manchester, Janu
AIRY 81, ls43 with the rate Of duty under the present
American tariff added" Here find precisely the same
of duty being those which ,ood be charged certain
goods if imported, those given previously in the sixth
column, very kindly estimated doubt by Manchester
agent. Amongst them find :" stouts domescs (mita-
tons Of our,) estimated pay upwards of 100 per cent
Duty whilst they actually selling lower in Boston New
York than the prices quoted in this very Manchester price
rent This gross mistake Of Mr.. Walker the
ordinary, since the second column Of this table gives
the actual rates ad vaorem goods coming under the
mnimums, as made p al the Treasury, uponthe actual i'm
ports being the 20 minimum 40 per CENT and on the
80 cent minimum 40 per Thus vanishcs this grievance
of the poor into thin air But why, then, this heavy
whole matter is fully explained in the memorial of citizens of
Boston interested in the cotton manufacture, document 46
I'd session. 9th Congress- from which make the follow
ing extract from page As:
he foregoing analysis will have shown that the question
Of protective tariff bears very differently different branches
of the cotton manufacture The fabrics with which
we supply foreign nations at the of about three millions
OF dollars per annum in free competition with The British,
quite obvious, rery lille If any Day Affected by any
tariff achaerer The only effect Of opening ports this
description OF goods at very low duty, duty at ALL
would be the influx Of the inferior British made
from Bengal cotton but which would prove the
inscaly dcaer than manufacture made from Anne
rcan cotton So far relates the finer qualities of plain
coon very moderate square yard duty will the
lectures now IN existence II is reference TO the article OF
printed cacocs and other fancy goods that the question of the
tariff assumes its chief importance" &c.
The great importance of the minimum consists in its ten
dency in constantly carrying the manufacture up into the
inner and higher branches In this particular il never
more effective than the present We agree Mr.
Walkers discrimination OF maximum duties upon
uxurcs II is not easy perhaps say what luxurics
this country, where labor has its luxures well the rich
but we so far the cotton manufacture concerned
that the effect of the maximum collect high duty on the
finer and more costly branches of the manufacture without
affecting the lower branches at all So that as revenue
duty merely acting upon luxures, it is the efficient
mode which can be adopted.
The chief argument however, which is expected
throw the tariff lies in the fact that the manufacturers Just
sharing large dvidendshat the business is in fact too
profitable This accompanied in the report by the aega
ton that the principle of protection is legatng for the rich
Tor classes for the benefit of capital for the fen instead of
the many However false and absurd this is the cry which
expected to break down the tariff and there is little doubt
will succeeds for the party have up the cy and they
have decided maoes in both branches Congress Against
such cry what will avail that this prosperity but
the refux of that tide whose long ebb 1923 filed the
hearts of the manufacturers with dsmay That action and
reaction constant in the world Of trade that of
Nature That, at all events the regulating power in full
action by which all profits in different occupations soon
brought to the level by the unfalng laws COMPETE
ton II is that manufactures have shared fully in the
general prosperity and there instances in which the pro-
fits Of the last have reached twenty per There
at Lowell nine companies manufacturing cotton employing
capital OF nine and half millions OF these FIVE made no
dividends during the entire year 1912. The dividends
the four years 1912, ls43 ls4 and s45 average eleven
and quarter per cent per the capital FROM which
should be deducted about eurhs per cent for risk
OF fire, leaving the actual nett earnings ten and
half per cent per annum. This something than the
same establishments will average since they have been opc
ration and these undoubtedly the most successful con-
Germs IN the country far above the average Another mpor
an fact the greatest profits have been made by those mills
making goods for foreign markets. which of the
m has no bearing About ono-thd OF this profit has been
IN the advance Of the material during the year. the
successful establishments having laid in their stocks be-
lore the advance, equal to about the pound.
There also abundant evidence that the cotton anufac
ure has been favoaby affected in equal greater degree
in Great Britain and that their spnners have realized
profits on their capital than any Of establishments what
What bugbear is this clamor about enormous profits
special legislation for classes and for the rc when analysed
So far there any tangible argument the report is
the argument of the theory that tariff Of duties
upon imports is in fact tax upon exports For instance
the true question is whether the farmer and planter shall
to great extent supply people with cheap
purchased abroad with their agricultural products or whether
this exchange shall he forbidden by high duties on such ma
nuacturcs, and their supply thrown monopoly large
prices by high tariffs into the hands Of manufacturers
This precisely the language used by Mr. McDue in null
LITIGATION times lie follows him in saying that we demand
specie from all the world TO which they canno
supply at the tmc with singular Inconsistency, he adj
vocaes the Subtreasuy the ground that it will facilitate
larger supply of American gold con and thus give greater
security 10 all The business of the country II is singular that
the Secretary should have adopted this exploded theory
time when the South is decidedly rcpudiating IT, and
that he should this argument in order carry Northern
votes, whilst the theory, expounded by Mr.. McDue
bued the peculiar prosperity Of the North the very sys-
Of protection only be accounted for the ground of
lis being robbery committed on the South.
The Secretary complains that the manufacturers have not
know that prepared which kept back
the ground that it due proper selfrcspcc Mr.
Walker had given public notice that his mind made Up
reduction Of the tariff according 10 scale established in
his mind. His object therefore, collect i'm
formation in order to form opinion, but apparently find
evidence against the manufacturers They thought, besides
that the proper tribunal for such investigation is committee
Of Congress To such committee they will readily exhibit
every thing connected with the subject