Weekly national intelligencer., 1847-12-18

Mexico by which duty OF five hundred dollars was imposed
each wagon-load Of goods introduced there wholly ire
spectiye Of their value.
The great argument for protection is that by diminishing
imports the balance OF trade is turned in favor bringing
specie into the country The anproecionssc contend that
chiefly but exchange of imports for exports
and that in diminishing imports will necessarily decrease
exports IN quantity or price, or both that if purchase
imports we will sell more exports in exchange and at
better price and that if Is profitable we should
have larger balance of trade in favor and usually
larger imports OF specie and that the profits of commerce,
in increased exchange of our own for foreign products
augment the wealth of the nation. The four protective
tariffs were enacted in 1876 1924 1928, and 1912. The
compromise act interviewed from March, 1888 until after the
30h OF August 1912, and the tariff of ls46
into operation last year. Let US now look at the effect of
high and low tariffs upon the gain OF specie during these
periods, from lS2 being the earliest date to which the
cords of the Treasury back this subject From the be-
ginning OF 1871 until the of ls33, and from
30th September 1872 until lst July, 1885, of
imports OF specie the export was 66O 3l2 being an
average annual gain of s92l6 in specie during these
teen years OF high tariffs whilst the of specie dung
the eleven years OF the compromise act Of 1888 and low tariff
of lS46 was S6s 507 $780, and the average annual gain of
specie Sc, 227,9 ,967. 0mng the tariffs Of 1912 and
1885, and comparing the ten years Of comparatively low
duties from lS33 to 1912 with the twelve years under the
protective tariff, from 1921 1892 find under the
actual loss OF specie the country by the Of the
exports OF specie the imports of 652 the result
of protection and gain during the succeeding years Of
comparatively low duties of S46 1884, 09o the per
tariff again of S22 2l3 $50 thus exhibiting uniform gain
of specie in the years OF low compared with high duties
The protective theory founded upon this assumed balance of
trade and gain OF specie under high tariffs, is dipoved by
the results and 1t is shown by the experience here Of
than fourth of century, to SPECIE that it
aes most rapidly by the gains of trade under liberal
mercia policy Let see, under the cycles of
free trade and protection, whether is true conended
that domestic exports diminished by the restrict
i've system.
The records of the Treasury do go back beyond 1921
regards domestic exports exclusive of specie we
must therefore, make the comparison from that date From
1921 to 1892 both inclusive under high duties the agge-
gate of exports of domestic products exclusive specie
$685. l57 527 the rate of SD 429 79d per annum
from Both Sept ls42 to 3Oh June, 1916, s377 39, $780,
at the rate of S94 s75 per annum making total ag
gregate during these sixteen years Of high duties, of
Sl030, ,549 027 at the rate of S64, per
During the compromise act-from 1888 to 30h September
ls42he total of these exports $685. 6s 2sS or at
the rate of $685. per and in the year ending
3Oth june lsa7, $50, 54 SD; making, in the eleven
of low duties, aggregate of lO6 743 1872,
the rate of $780, being average gain under low
compared with high duties of domestic exports exclusive
of SPECIE of S36 2O3 69s per annum, and excluding alto
geher the last year, gain of S3l, ,07, ,5l4 per
under low compared with high duties
Having thus shown both specie and domestic EXPORTS
the great gain years of low compared with high duties
let compare the low duty and high duty cycles
tonnage, foreign and coaswse.
During the eighteen years low duties from 7s9 TO 1907
(see table MM our tonnage increased at the rate of 90
per per annum from 1892 IS42 at the of A. SO
per per and from 1916 to lS47, 0Sl per cent
in single year. Such has been the uniform high Of in
Of tonnage during every period of low duties Now
under high tariffs from 1916 1882, tonnage increased
o30 per cenbeng less than third of per per
and from 1912 to 1885, the Of 81 per cent
per If it is said that the increase from 1889 1907
occasioned to extent by the between France
and England, this table, which taken from the records of
the Treasury, shows that from 1899 the close 1892 i'm
mediatey preceding that wa which declared early in
793 our tonnage increased the high rate of 60 6 per
per annum, when France and England peace before
the era OF steam navgaon and before the acquisition of Lou
sana aud the addition of the great Mississippi and Of the Mex
gulf 20 the navgabe waters Of the Union, and when
flag unknown the great lakes of the northwest The
great increase uniform all times under low duties and
depressed under high duties, during the whole period Of fifty
years, from 1889 to lS47.
1t urged however, that although foreign commerce
may have decreased yet the home market has augmented
ratio than equivalent TO the loss Of foreign trade
II this So would be exhibited in the augmentation of
coaswise trade embracing lakes and coasts well
rivers the coawse tonnage of augmenng the
number Of vessels with the goods to be transported between
the States BY reference the tables appears that
coaswse tonnage increased from 1888 1907 at the
rate OF p per cent per annum from 1889 TO 1872 at the
rate OF 25 % per per annu from 1892 10 1912 at the
rate OF 09 per cent per and the single year from
1916 to lS47 20 Is per Such the great and uni
form increase Of coastwise tonnage under low duties
Now under high ducs the increase from 1916 to 1872
at the rate of l5O per cent per annum, and from s42 to
1896 6.45 per cent per annum Thus we see an immense
increase under low compared with high dues of the
wise tonnage proving athc paralysis Of foreign commerce.
resulting from the restrictive system, affects injurousy the
home market and the trade between the States and furnishing
demonstrative proof that whether look home abroad
progress more rapidly under liberal commercial policy
As the foreign tonnage under low dutes Gas the table
proves did the coastwse and the foreign tonnage de-
cned also did the coaswse tonnage and during the high
duties from 1916 to 1892 whilst the foreign tonnage actually
decreased the SO per cent per annum that of the
coastwse tonnage only increased the of 50 per
per Yet during that period the increase of the
coastwse trade ought 10 have been immense, including,
did, the of the introduction of steam navigation
upon the Of the West also upon the lakes Of
the Northwest and the opening the great canal Of New York
II is said that the famine in Ireland the sole of
late large export Of breadstus and provisions Now
from 1890 the values not given to be stated in
amounts but the quantities and these prove that,
omng the last year altogether and comparing the low duty
periods from 1890 1907, and from 1893 1912, with the
years Of protection from 1917 1892 and from 1912 to lSd6
the average export OF breadstuls and provisions much
larger the years of low compared with high duties espe
cially considering the difference OF population.
As still more conclusive proof that the export of bread
uis and provisions much greater under low than high
lue appears by table DID, that total export Of cotton
from 1890 TO 1907, both inclusive OF the value OF
ss 0, s43 and during the period export of do
nestle produce exclusive of cotton $500, 1874
King exports Of domestic produce exclusive Of cotton, at
he rate, from 1890 1907 of S20 467 2s5 which, it will
perceived once vastly exceeds the average annual
ports Of domestic produce exclusive OF cotton under years OF
high duties
Indeed the tables Of the Treasury clearly prove ha-whe
ther look at imports exports the revenue the gain OF
SPECIE the tonnage coasse foreign, the coinage at the
mint the export Of breadsuts and proysonsthe balance