Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-12-16

ve OF specie to the value OF Ss 4l4lo ana ufeat Daih
and Ireland the value of 64 1865 and this is the
trade OF best foreign customer which poteconlsts pro-
pose sacrifice by high prohibitoy duties II the tamil
of 1912 gradually excluded it must nearly all British
fabrics could they take 4l6 in value Of our exports
whilst would take from them in exchange scarcely any
thing but specie Such trade would exhaust Great Britain Of
her surplus specie in single year, and leave her nothing
with which purchase exports and 50 In regard to all
other nations. Thus would 60 our foreign markets. COM
merce, and revenues and with them our carrying rade and
vessels and steamships would remain at the wharves with
out freight.
If the Importation of protected articles would rapidly de-
when the foreign were high in price, ana specnc d
ties operated protection under the tariff OF is42 from Al
243 per cent, (per table H. compiled from Treasury
in what not have been the decline Of impor
ation and when the foreign article fell as has In
many cases. fifty per bringing up the specific duty from
Al 49, and from 243 1876 per cent This fact Illus
rates another objection TO the specific duty, namely that, al
though processes to be stationary, it Is In fact constantly
augmentng from reduced prices of foreign articles Expe-
rence proves that from improved machinery Inventions
and reduced cost of productions the foreign articles are con-
stanty diminishing in price, whilst the specific duty remain
ing unchanged, il is continually increasing IN an equivalent
ad vaorem ratio, and the protection augmenng every year
Thus the price Of sugar six cents pound, and the
duty three cents it would be equal fifty per cent ad vao
but il the price sugar fell to three CENTS the duty
would have risen Hundred per cent ad vaorem, thus
doubling the protection, and continually augmenng with
decreasing foreign prices until the duty becomes prohbitor
and the revenue on such articles disappears whereas the ad
vaorem BEARS under all changes Of price, the exact
ito the cost of the foreign fabric and therefore is the most
just and equal also necessarily ensurng larger revenue
Annexed will be found the table (maked HI of seventy
four principal protected articles prepared at the Treasury De-
partmen ls4 from actual returns and attached together
with Others to the very able report by Mr. Mckay from the
Committee Of Ways and Means of March H. 1914, embrac-
ing COAL iron, glass; salt sugar. cotton goods &C., showing
the actual specific and minimum duties under the tariff of S42
on these articles and the equivalent ad valoem ranging from
IL 243 Now if these foreign articles have fallen
in price since that date fifty per cent? the equivalent ad Vao-
1f
cent, and would go increasing the foreign article d
mnshed in price, becoming absolutely prohbitory and
destroying all In this aspect of the the objec
tons the specific duties permanent SYSTEM with view
revenue nsuperabe whilst their unjust operation upon
labor in imposing much higher duties equivalent ad
vaoem the cheaper than the costly qualities OF goods
cannot be successfully defended
Our manufacturers do not desire the restoration Of the tariff
of ls42 They know, from its excessive and pohbory du
ties will annihae imports and revenue and produce
reaction faia the protective policy. They know also
that nom its immense bounes ranging, al present prices
from sixty three hundred per cent? will stimulate domes-
tic production in few years to such extent as finally to
prove disastrous manufacturers That which
manufacturers desire is what they regard as moderate
duties, made specific certain But these specific du
ties will has been shown, be found constantly augmentug
in ratio under the operation of the general principle by which
the foreign article continually tending to diminished price,
whereas the ad vaorem always bearing the proportion
the value Of the import therefore always the most just
and equal, and yielding the largest revenue
The augmented under the tariff of 1916 has proved
that ad vaoem duties can be fairly assessed and collected Ii
is shown ALSO BY The returns that this augmented is
derived from comparatively small amount Of foreign imports
consumed in the United States that amount shown by the
table before referred to, marked of all those foreign imports
thus consumed the ending 30h June lS4S, exclusive
of SPECIE being but Sl27 AGO. Ol2-upon which reaz
ed nett Of $751; &C. appears also from
the table that far from this tariff having filled the country
with foreign goods beyond its capacity for consumption, the
domestic exports last year, exclusive OF specie, actually
ceeded by the (per table, Of the for
eign imports exclusive Of SPECIE consumed the year in
the United States including all articles but specie, both free
and duable thus showing balance OF foreign trade IN our
favor, without taxing into the immense profits realized
IN the foreign markets our exports generally estimated at
about fifteen per cent the profits, freight and navigation
This year of famine abroad but OF abundant crops
in Europe attended also with revulsious there highly una
vorahe commerce. creating nnumerabe foreign bank
rupces by which vast lost TO American creditors
required TO be replaced By the export Of specie which
greatly augmented by the dscredt in market OF all bills
drawn foreign shipments producing, by this artificial
OF exchange unnatural demand for specie and
sequent expectation. But all this specie must back
to our country, except 50 far II IS lost by foreign bank
ruptcy.
II appears that for the year ending June 80, 84S OF
famine but Of abundant crops Europe exports Of bread
stus and provisions (per table y amounted to the
s3 Isl being largely more than double the average
annual export during the tariff Of 1912 The result this year
demonstrates that without famine and in seasons OF
good crops abroad and when their exhaust
ed the preceding year by unprecedented loss OF specie
ducng unparalleled revulsions and bankruptcies, yet with
low duties enabling them to exchange their fabrics for
surplus Of agricultural products they could and did take
large Of breadu and provisions to the value Of
s37 47275l. Thus, whilst farmers found this large for
egn market for their surplus which otherwise must have
manned unsod here, navigating interest received
impulse well commerce, tonnage having ncreas-
ed during the last year (per table FL from 2S39046 to
3 502 tons being than three times the increase
realized in the time under any protective tariff and
making the whole increased tonnage under the tariff Of 1916
5ss All The increase Of during the
yeas since the enactment Of the tariff Of 1916 hiss been
great that domestic exports exclusive Of SPECIE carried
abroad exceeded by the vast Of $780, the exports
Of the years preceding under the tariff Of 1872 Whilst
the tariff Of $40 has thus augmented commerce. tonnage
and revenue has the country pass unnjued through
the ordeal OF expensive foreign war; absorbing and with
drawing from industry nearly fifty millions Of capital for loans.
II has the great revuon in England Of s47 pass
almost unhamed amidst the general overthrow Of Govern
the continent Of Europe with the unparalleled de-
structOn Of confidence credit and industry there and with
millions lost 70 merchants by foreign bankruptcies yet
through this ordeal under the benign influence Of the
tariff Of s4e the country has passed. and is still prosperous
pressed than has been the in all such preceding evuons
Upon the reenactment Of the tariff Of s42 any similar
restrictive measure smuggling TO vast extent will become
organized system BY estimates from the Typographical
Bureau and Coast Survey hereto annexed marked IA and
3D., appears that direct maritime 'front.' exclu
sive Of bays, inets islands, &c, amounts to 100 miles
our frontier upon Mexico TO 456 and frontier upon the
British possessions 10 3, BOB miles making in all, gs7s