The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-25

of cloth, it must be by eheapening the price OF
some one of these component parts OF H. Wei,
which is IN Is il the price of the material which
is reduced They will not say that; for they tell
the farser that the effect of the tariff is TO give hun
a better market, and better prices. Is II the wages
Of labor which is reducedh They VIII not say mat
for they argue that the effect Of the tariff Is TO m
crease wages and keep them above the level OF the
pauper labor OF Europe Is the effect TO lessen inc
profits Of capital They cannot say that; TOR they
argue that without protective tann the eapltais'
would be ruined and that It is necessary TO enable
him TO carry on his business. These gentlemen
bring themselves 10 the conclusion thet although
the effect of the tariff to increase the price OF every
ingredient which constitutes the price OF the en,re
fabric yet that the price Of the article lseh Is re-
duced! Is il possible for absurdity to 90 farther
than thisl OF all the paradoxes which have been
palmed upon the ereduity of man, and passed under
the authority of great names Tor superior wiSuo"i'
[ verify believe this is the boldest.
will examine one other proposition and then
conclude this speech, which has already been ex.
tended TO a greater length that could have desired.
Ii is said, il we pass this bill we destroy the man
uiacturers and with them, the best market for our
agricultural produce. l answered this argument In
my speech upon the harbor bill. then showed the
extent of the market for eur agricultural
produce, which the manufacturers, oenehted
by a protected tariff afforded US, and how
il was. | also showed by cal
culatons, the correctness Of which have not aud
cannot be disputed that If were to prohibit alb
souely the importation Of foreign fabrics and man.
ufacture for ourselves everything which We now I'M
port, the number of persons whom It would take to
do il would not consume tythe Of the agricultural
produce which now export; and IN fact that they
would not consume as much as the persons now do
connected with our commerce, which would De de
stroyed if this cherished policy should prevail,
And demonstrated by the most incontroyertible
facts how baseless is the clamor about the RUN
which the repeal Of the tarif will bring upon the
manufacturers. have no disposition TO repeat nov
what said then; but know panic will be at
tempted to be got up, and desire TO show in adj
vance how groundIess it must be. We do not wish "a
destroy the manufactures do We believe that the
passage OF the bill before the committee Will do H.
The average rate of duty under It is 25 per cent
upon ofth protected articles II Is 30 per cent
This rate of duty affords larger extent Of protee-
ion than is generally supposed. The memorial Of
he New York merchants, presented to Congress a.
the extra session, says: Twenty per cent duty Is
protection of less than forty per cent to domes-
tic manufacturer, BECAUSE in addition to the duty
the expenses Of importation are about ~ per cent
and the profits Of the importer are probably about
l2I per cent" This statement shows that the bill
before the committee will afford incidental protec
ION to the extent Of from as to SO per cent
Will not this afford protection enough Are there
any manufactures for which the country Is ripe tha
cannot prosper under a protection Of SO per cent.
They aourished and made larger dividends, ever
during the latter period of the compromise act, thar
any other pursuit in the country. In making this
statement do not draw my differences from unau.
thennc sources. ! hold in my hand letter writer
by Thomas G. Cary, treasurer Of the Hamilton
Manufacturing Company, addressed, on the LIST Of
December, ls44, To my honorable colleague, No
PESpLEroNl IL was designed, as it purports on its
face, to disabuse the public mind to the extent Of
manufacturing profits, and it is published by the
man,t aeiurrs Themselves, for that purpose. Ii con-
taius the following table, giving the average div
dends of the Lowell factories, "taken," as he says
"from their own books:n