Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-09-09

to increase our imports, and thus counteract the re-
duction in the rate Of duty and here lies the vice
of his system. We al,oayi import to the extent OF
our means in fact, the tendency is to over
importation. Over-mportaton causes an export Of
the precious metals, arrangement of the currency,
pressure on the money market, paralysis OF all
trade and all industry. Our true policy is to check
this tendency rather than to increase it. We are
now suffering under this effect of the tariff of 1916.
The famine in Europe more than counteracted this
tendency during the early part OF the year ls47, by
bringing into the country twenty-four millions OF
dollars in specie during the year ending 30th June
lS47. But with the cessation of the famine, the
gold began to flow out, and has SO continued up to
the present time. We are importing immense
quantities of iron, woollens, and cotons, whilst our
own furnaces and factories are coming to stand
still. The depreciation Of capital is enormous. In
cotton manufacturing establishments, 20 to % per
cent.-in woollen and iron still more. 1t would not
be an extravagant estimate to say that the depreci-
alton of capital invested in iron and manufacturing
establishments, in consequence of the Tariff OF
1885, IS from fifty to seUenty:fue millions OF dot
lars. But this is not the worst of il. Capital can
be replaced. The most serious action OF the
Tariff Of 1916 is upon labor, and the rages Of
labor. On these its effects are only beginning.
Nothing can be more preposterous than to call the
| tariff OF 1916 more productive than that Of 1872
We have seen its operation for the fiscal year end
ing 30th June, ls47. We have no official report
of the revenue for the year ending 3oth June, ls4s
but tits stated to have exceeded thrty-one millions ;
which is perfectly natural and probable under the
stimulus arising out of the excessive demand for our
breadstuffs during the last year, combined with the
reduction in the tariff. But it has resulted from
this fatal over-importaton, which has been so long
weighing like an incubus upon US. To give this
amount of nett revenue requires anett importation of
one hundred and fifty millions of merchandise.
And this it is that has turned tie balance of trade
SO severely against US. This tits that has SO long
been draining the country its SPECIE till pressure
is felt even in the remotest parts of it.
Now, one thing is certain one hundred and
twenty millions of imports under the tariff of 1912
would produce the same amount of revenue as one
hundred and fifty millions under that of 1916.
We will suppose that the same amount of revenue
had accrued under the tariff of 1912 with an i'm
port of one hundred and twenty millions. The
exchanges would still have been in our favor; our
gold would have remained with us the country
would have been in state of unequalled prosperi-
ty, instead of the shrivelling, shrinking process
now pnching upon us so cruelty. But suppose,
as would probably have been the case, under the
tariff of 1912 the imports to have been somewhere
between one hundred and twenty and one hundred
and fifty millions just in that proportion would
the revenue have been increased over what has ac-
tually accrued under the tariff of 1916. What
greater absurdy then, than to call this last tariff
more productive than that of 1912 1t is true, Mr..
WALKER urges us to increase our imports as the
means of increasing our exports, and will quote
very learnedly from free-trade political economists
to prove that such tendency exists. Every prac-
tical man knows that such tendency only shows
itself in the export of the precious metals, the
most sensitive of commodities, and that in the or
binary operations of trade there is not the slight
est appreciate connexion between the two opera
tons. The importer and exporter act independent
ly Of each other, wholly guided by their calcula-
tons of demand in the markets to which they
make their shipments.
We are not converts TO the theory that the high
est degree of Free Trade is most favorable to the
interests Of this country. We have faith in the
system of Protection advocated and established for
the benefit of our own Labor. We have faith in
the substitution Of the skilled labor required for
manufactures for the ruder labor employed in agri-
culture, as adding to the productive power Of the
country. We believe that the charge of monopoly
and privilege is absurd applied to business
equally open 10 all, and that free competition is a
perfect security against unreasonable profits in any
one occupation.
i However advantageous Free Trade may be to a
nation possessing a redundant population, working
at the lowest possible wages, and Astounding in
capital and skill, il is very different question
when applied to nation like ours, with popula.
ton sparse compared to its extent finding employ.
ment at high wages, and constantly improving in
arts and manufactures. The certain effect Of in.
Producing freely the productions of the cheaper
labor must be TO MroW our oWn labor out of EN-.
pLounent, or 10 reduce IL 10 the same level in ht
+ rate of wages The pride Of our country is the
elevated position Of the laboring classes. The
Protective System is believed to be the best in fac
the only security to preserve that system.
We close our remarks on the general subjec