The daily union. [volume] (Washington [D.C.]) 1845-1857, 1847-12-15
SELECTIONS FROM THE PRESS.


s. TEpo0Uxy REPORT
This i really one Of the .bes State paper. on n record
ground belonging to the subject of our national finances
But il u principally valuable in settling, it does eff
tween Tie protectoaiss and antprotectonists about
hieh and low duties The former say that high duties
dimnish Imports without decreasing exports, and thus
leave Lger balance Of the whole trade of the country
to be returned in coin The Secretary shows from the
records Of the treasury since 1921, that during the
period Of low duties while the exports augmented the
Importation of coin augmented also He also shows
that during the periods OF low duties tonnage both
foreign and eoasting. augmented, while it diminished
under high duties IT, then, low duties favorable to
the export Of domestic and foreign produce, to the
port of CON- and to the growth Of foreign and coastng
tonnage. low duties clearly the policy of country
in coin was about $40 600 0O0 or about $79 900 annu
ally From 1888 to 1885, the about 800
COO, or about $6.2Oo,Ooo annually. The first was a
period OF high. the second of low duties.
But the great argument Of the protectionsts u.s. that
high duties promote domestic manufactures and furnish
a domestic market for all, and even more than all the
This involves two fallacies :-one is, that agr
cultural produce is raised, and consumed at home,
under high duties, than under low the population re-
main the same, whether duties be high or low, why
should agricultural produce increase more under the first
than under the second 1t cannot have more to feed in
Sc h
and thus drawing labor from the land to the shop dmin
sA agricultural labor, how they augment agricultural
production! If, in country of abundant produce,
duties affect agricultural production or consumption low
duties must stimulate production by augmenting the
foreign demand land also stimulate domestic consumption,
expended for clothing High duties to protect manufac-
lures certainly augment the prices of all manufactures
and IT, according 10 the PROFESSIONALS, duties affect the
aggregate eaten and drunk and each peron has certain
fuas for all supplies, low duties must promote eating
and drinking, and therefore agricultural production, by
diminishing the prices Of all manufactures, and thereby
leaving to each person larger surplus from the fund for
purchasing them. These are knotty points, which do
not undertake to settle Both sides argue very ingenious
ways thrive most under low duties. and that as they
prosper the import and retention OF coin augment We
are content to meet the protectonists with these facts
But the protectionsts have always predicted the ruin
of oar anufacures from the dimnuion Of dyties and
Just before and just after the tariff of into OPP
eaon, the cotton manufacturers predicted the ruin OF
Aon which contained all that he knew upon the subject
and which prophesied evils too numerous for
peat But. BY some means other, which do not un-
derake to de6ne all these predictions have been dsap-
pointed, and manufactures have always ourished
most under low duties They were never 50 prosperous
they have been under the present tariff and the cotton
manufacturers made such extensive preparations
for their especial work, they have since this tariff
went into operation Though they anticipated from
tie same Sort Perhaps The pamphieeers viii now saw
like somebody mentioned in Joe Miller, al takes more
ruin than you thinks for" To write pamphlets on po
rance the authors must not only look beyond their owr
counting houses, but must Bee things correctly
'hi re-; :. 49, .,n,.n hov -, d,.. =. so, 49,,
manufactures in our country by showing how high du
ties operate against them When the manufacturers go
the tariff Of 1924 they Of prosperity and every
body rushed into manufacturing To obtain the capita
for this overriding they created banks and expanded thu
currency. This raised prices, and gave market t
foreigners. The manufacturers, having but one idea
said the duties were not high enough and got the tariff
1873. They did precisely as before, with the
suits and clamored for more duties But this being cp
posed BY modification, ended in Mr.. Cays compromise
or low tariff. The enormous expansion of paper pre-
vented them from prospecting under this and they got tn
tariff Of 1S42. Their success under this was not YER
great Then came the tariff of 1885, under which, Will
predicting ruin they have prospered than ever