Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-08-05
1hc Tarln and .he price OF Brcndstuas.

n nc sfttO tnc price "a bEcslOSiHH>
Some of the federal journals have recently exulied
over the recent decline the price Of some Of ag
rcultural staples. which has taken place in conse-
quence of the prospect of abundant harvest in Eu
rope If such fall in prices III itself refu-
tation of all the principles which The present tariff i
founded We invite the attention Of such federal
cavaliers TO the following well put statements from the
"Journal of Commerce."
The whole operation shows how utterly fallacious
j. the high tariff doctrine that the foreign market for
breadsuS, &c. is of little consequence because the
amount exported is but pittance, compared with the
amount consumed at home. This rank beresy in POI
tcal economy has been scattered to the winds By the
peri If the last few months. Everybody knows
that crops last year were immensely large, and
that without foreign demand flour could not have
ruled higher than 81 81 80 per barrel But in
stead of that. il went up to 50 and over What
caused it! The demand from abroad. And what
has now caused decline of mere than S3 per barrel!
The prospect OF good crops ON tie Uther side. The
despised foreign market them is regulator of cur
own 1t drives our flour up to -, or lets it drop to
half that rate. Even now. the foreign market keeps
the home price 81 81 30 higher than it otherwise
would be-
We have never contended or pretended, that the
late exiravagant prices of breadsniis were exclu-
slvely the result Of the tariff. If we have 'iy
times" as the Providence paper implies II doubt
less quote single instance. We have said. and re-
peat 1t now, that providence having withheld its
blessings from the people of Europe, free trade mot
the tariff of 1916 alUnc) allows to reap the advan
tageS of the calamity; and allows them TO buy food
OF Us, and so TO mitigate the calamity. All the
benefit have derived from the scarcity of bread
stuts In Europe, ard all the benefit which Europe has
derived from for the mitigation of the calamity, Is
the result of free trade, less complete. Had
the rate of duties ad yalorem been charged upon
hreadstuffs in Europe, as was charged upon various
. Al. q
1912, (or the restoration of which suppose the
Providence Journal is daily and nightly Sghng.) not
n barrel u bu,hcl of breadsufs could have been
sent tbither from the American ports. unless
prices had been reduced onehalf unless the prices
in Europe had been doubled. Let this be contradict
ed If ii can be-
| Of course. upon articles Of export from On. coun-
try, our own tariff upon imports only have in
direct effect though this indirect effect may be
/ large When the tariff men deprecated u reduction
of duties on the ground that 1t would inundatc the
country with foreign goods, they asserted the only fact
which IS necessary to prove tins indirect effect for II
is law of trade, established by the experience of
ages. That facility of payment increases tie price OF
the article purchased. If sell only for specie,
sales must be small, aud our prices low If we buy
little, expect to sell but little Very high du-
ties check, If they do not prevent importatons and
for the they diminish exports both In
quality and price. They do it, likewise, liable
10 do 1t, by reciprocal legislative action. High du-
ties beget high duties in return. In the approach to-
wards free trade England generously led the way,
and bredsufis among the articles particularly
favored. The duties these articles on being lul-
ported into England. little more than nom-
nal, and are SOON to be repealed altogether. Other
European nations, partly from necessity, and partly
/ through Engand's example, have adopted a similar
course-at least temporarily. But what assurance
had we, that without some corresponding action on
not her old system of high duties If we had
any such assurance it from the fact that free
trade is good in itself good, without recproci-
ty, though better with and that England would find
it by the experiment. Fortunately we met her
promptly and handsomely in this movement towards
freedom; and the result is, cordial good feeling be-
\ tween the two counties TO commercial (and
other) relations, prosperity at home and respect
abroad. Instead of having all the banks broke. and
the illumination of desolatlOn set up in midst, as
The tariff men predicted, we have money plenty, the
banks in perfectly sound condition, public AND pri-
yate credit good, and everything else 1t should be-
except and Notwithstanding the Mexican war; which
it might reasonably have been expected would more
or less derangelhe currency and disturb the regular
course of business But all this, the iariieS tell US,
is in consequence of the famine. Famine and the
Devil, they say. e.. some of them say-have cUme
to the aid of the free Traders and helped them out Of
a slough in which they would otherwise have been
swamped. The Devil lowing to the partality OF
friends) gets credit for many good deeds which he
never performed. The Jews ascrhed him the cast
ing out of devs-preierring that he should have the
credit of IT, rather than the true AUTHORIZE the miracle
So the DrotecOnists ready to ascribe the kindly
working of the new tariff to any other than It's
intrinsic merits. an approach to free trade princl-
pies. Even 50, they obliged to admit that it has
'oorfed icea-and that Is more than half the battle.
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