Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-07-21

il would be enormous. The Secretary OF inc req
sury has estimated the probable loss u revenue,
upon the bill under consideration, al 81 ,ooo,oOo
and The probable increase OF imports, anu conse-
ouently of exports, al Sl40O0,0O0. Now TINS
amount of agricultural products, ACCORDING olne
nr;nciple of computation heretofore adopted, al
lord employment TO S26,9OO000 Of capital, indie.
pendentlv of The value OF The land, and to 6o,420
nersons in agricultural pursuits. Is ii not far bet
Ter 10 give desirable employ entto all this capt.
tai and labor al the loss OF million or million
and half dollars in revenue, Than for the sake OF
ina, comparatively small amount TO destroy this
large field for productive industry and capt.
tai? Is it not probable, TOO, that indepen-
IDENTIFY of increase of consumption from The
growth of our population, The wealth accumula-
led by this addition 10 our annual productions,
and the industry of the country would so increase
The capacity CT the people To consume The duia-
bic articles, as to more than repay the govern
rnent with interest for all The revenue iempora.
rily lost BY the present reduction OF dnilesl
think that no impartial mind would long hest
tate 10 decide these questions in The aifTma-
i've. II am right in these views, MIR.
Chairman a reduction al the existing rates Of
duties would, in the long run, not only add
10 the wealth Of our whole people, but ultimately
increase even the revenue. | have undena-
ken TO maintain still holder proposition. !
hold, sir, that reveHue system Of imports is bet
ter for the manufacturing interest ilseli, than lie
higher rates OF restrictive policy. II is nndoubt
edly true that manufactures in their infancy de-
pend upon The home market for support. They
have here greater advantages than elsewhere in
their facility Of access 10 the consumer, and in
the absence Of certain charges for freight insu-
rance, and commission, ard OF the revenue du
ties TO which the foreign competitor is subjected.
Whenever they are able, with these advantages,
10 sell as cheap or cheaper than the foreign com.
peiilor in the home market, the true period has ar
rived when manufacturing industry should COM
mence. If il is attempted before, under increased
duties, they injure more profitable pursuits. and
ultimately expose themselves 10 a competition
which reduces them to lower rate Of profit than
they would have enjoyed in those other pursuits,
had they been content To bde their time. But at
the period OF which | have spoken, they com
mence not TO injure bat 10 aid other pursuits, and
10 add 10 The veal u the nation. This period,
as have shown is retarded By restrictive duties,
because the prcii's OF those engaged in other pur
suits are diminished, and consequently capital
accumulaies more slowly, ana their capacity TO
consume increases in diminished ratio. Man
ufactures can never constitute The chic. employ
ulen of a people in their infancy. According 10
The position OF the countr", agriculture or COM
merce, including navigation, must either or
both precede it. II is The capital accumu-
lated from other species Of production, and
from The growth of population, increased by
their greater profits, that manufactures are 70
find one of The chief agents in their production,
and the consumers, over whom their position
must sooner or later give them sort OF natural
monopoly. Now, whatever increases most IA
pidly the capital Of The nation lis profits upon
production, lis numbers and as consequence
upon them lis capacity 10 consume acceleraies
The period al which manufactures may proh'ably
commence b. cheapenins more rapidly boin Ca
pial ard labor, and increasing lhe value anu ex
lent Of Inc home market in which nature has
given them preference When this period ar
rives, manufacturing industry may commerce
with security TO ITSELF, ard Advantage 10 the rro-
pie II thus springs into existence, MOI a, pa
rasile plant 10 exhaust the sap and stunt the tree
10 which il cings, bul as branch Of its growth,
giving symmetry 10 the whole, drawing nourish.
lnent through the sd me root, and maturing just
proportion of the fruit When country has
reached The point al which capital and labor have
become relatively cheap enough 10 diminish The
cost Of production so much as 10 enable he ma
nuiacturer, with the aid OF his natural adyana-
gss IN Inc home market, 10 secure II, his interest,
like all others is opposed 10 The restrictive sys
TEN. Legislative protection can De OF no use 10
will diminish his ability 10 enter into COMPETE
ton Tor the foreign markets. II is as iruu Of the
manufacturer as oil the asficullurisiI that ne can
not export unless he can import in return. This
view MIR. Chairman, is no fancy picture. IL Is
no mere theory unate.led by experience. His.
tory youches for lis truth. | might adduce The
ex perence, not only OF our own, but OF other
countries, in support OF The proposition which
have maintained. But pass over The wonder
ful increase Of The English manufactures OF silk
Immediately consequent upon large reduction
ofthe duties upon similar foreign articles. pass
over The immense increase OF the expectation oi
British wooIlen manufactures consequent upon Z
removal Of the prohibition upon The export OF The
raw material, which had long existed Tor The pro-
rc,ion OF The manufactured article. pass over,
TOO, the French prohibition OF The importation oil
raw WOOL and their bounty upon The manuiac. |
tured artice-a system under which the price 81
ra W wool tell al home, whilst The manufactures
themselves declined. Ipass over large body OF
foreign evidence which serves 10 prove that these
restrictions have always ended in impairing the |
value OF The horse market, BIZ diminishing the |
profits of domestic production generally, and con-
sequenlly the capacity for home consumption
Nor will refer 10 those other facts which, in the |
oninion Of such careful observers as McCulloch |
and Porter, prove that the lTeer competition |
caused by a removal of restrictions has invari- |
ably had the effect 10 stimulate the discoveries oil
cheaper processes and Improvements IN ma.
chinerv which have reduced The cost O! produc-
ton al home pass ever these things, because /
our own experience seems 10 me 10 be striking |
and convincing Mr.. Tench Coke, in his report |
OF June. 1913, estimates he population OF the
United States al 100000 and that within The
year lhev would make manufactured goods Tex
clusively OF the donh;luD TO The lu!l value OF |
200 100000 dollars. In The same Tepor, he states
the average value Of manufactures IN England |
alone. al 26G 600 900 doiars, with population Of
s. 500 coo. Of American manufactures he speaks
in the following terms: The facility OF retain |
ing and steadily extending this valuable branch |
oil national Industry is manifested oy lis early |
and spontaneous commencement IN every county |
and township, and BY lis nearly spontaneous and !
eostlcss growth, with such aids only as have not |
occasioned any material expense or sacrifice 10 |
agriculture or commerce, since they are chiefly |
incidental 10 necessary revenue, or resulted from
our distance from the foreign consumers Of cur
and manufacturers Of our supplies"
Now, all this took place under low duties, and
this rapid growth Of manufactures was accom-
panied not by the decline OF the agricultural and
interests, bnt by great and steady
extension of both, as have shown by reference
to tables Of exports and tonnage during those
periods. Can any thing like this be exhibited
i, will be remembered, was made by the
Jealous and distinguished advocate OF American
at ihatday, who was 50 vel Inform.
ed upon the sutjec; as TO have been employed by
the Treasury Department TO compile and prepare |
The report, Our history since that period exhibits
The same results. have already referred 10 Ia
bles prepared by Mir Calhoun, which show that
from 1925 10 1882 period OF high protection, The
export Of domestic manufactures declined from
IS, 720, 7s7 in 1925 TO SIS O5cG33 in 1882; willis,
from 1888 TO 1910, period OF lower duties,
,nev increased from S6,557,0s0 in 1883, 10 sl2,-
S4Ss40 in 1910. Nov, these results cannot be
accidental; they must flow from the changes in
our commercial system, with which they seem
through long period Of years to have vihrated in
almost perfect unison. The census returns OF 1910 |
show that the value 81 domestic manufactures, as
compared with the duable imports Of that perl
cd. were more than as nine to one under the COM
promise act II is also proved, that during thai |
period these exports abroad had almos. doubled