New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-12-01

II u c--eli y u. kss resigned nls PssiurA coars@
- Re-. Chs-iss HYDE Ess installed over the F.rii
C6as 80 a.l5nsi eazrca sni 'ociey IL Coventry Conn
Fer The Tribune.
Colton,s "PabIIc Ec0nemy ".,..So. II.
MEssRs. EDITORS proceed, IS promised, u
= f-rt1er notice II TIRE new points Of NJ Colton'
work or "Pabi,c Economy. That which pro-
poseif-st q consider ror IS, that Pro.eri-s Dn
ti-s 1-- ~ Tores, which stands ~ the read O.
b. sd chagts-. and which s thoroushly elaborated
there. That Protective Dasy does not in any
case, -siss the Price Of The article protected, q
not pretended for III. sometimes ard ~ 4 tran
soa' period hsPPsu' .h,usa general rule i ae'E
AZ lowers hs prices o. protected articles snd in rs
End when Projection 6, vel assured permanent
policy sud shen domestic competition comes fs;riy
Into the 1ed Mr. Cotton undertake.. % show that 10
Al cases the prices are lowered lie sdducs. this
so.nf the confessions OF toe most 1o'et Free Trade
Ec'rouiss Ricardo AMI Say, VIC agree that pro
hihito-y daos cannot Permanently raise prices above
their auursi level. a. domestic competition ulIst
ultimately bHng ihem Gown - iist point
Bat NJ Cotton. IN hiI Argument relies chie6y on two
great 9fiac PIES nrst thai TIRE general 5snsft u pro
te uva sys-em 70 al psri@. sud persons 10 or> TIA,
Denssi 10 for sny ~ price ci protected
Ics for trans i-ns period until domestic competition
shall bring 1t down g. W5sl Ricardo sni Say csl the
pstnrs level .rd secondly be relies more espacls'.
: % The two grand commercial spheres Of tue world
-Amerca the land 81 fresGam. sat al '1reicn parts
especially Europe, where shor 10 oppressed snd forced
D. work tor bars suhsisteEce. de mantsGs thst the
protection & American labor and srt operates directly.
rsisutsne0usly snd effectively al foreign rival In
leTssts, o t-press the pTces Of al articles falling
~ihin the range a. such riyashp. . the effect that
they -r'reTssiy chcsgensd In consequence Of so
American protective system and ~ stduces IN array
81 fscts ard statistics % establish this proposition.
which h., never ye, been answered and Which think
cannot BE answered rom Which 10 iodOws "a gene
rai rule that protected srtclss not only reduced
but greatly reduced 10 prices. and that all exceptions
% the rule merely transient aud cannot D. burden
s1ue u any parties whstssevr. scc0gut Of the be-
q direct and 1d,r.c, which they al receive from
protective sy,tsn bat that (, must necessarily BE- be
n4fcal % eli such parties. This d. greet argument,
an must be vel cou.tcrat before II can De fairly
isctec ii valid. Il removes all objections 10 protac-
i've system. which have ever, or can be made in this
country, and puts free trade 81 the deienrve "a being
i'sef only siax but an ntolersba tar - Tho nation
But another point of tais work AKIN 20 this AMI
fully -isD1rsti n ;aa 2i'r and -Jh Chaptars I, that
an American Protective system "a rescue from for
81 IN taxation This e The greatest lhe most Import
ant and tho strongest argument OF thu WORK scd more
exclusively thsn any other for H rsver before
Attempted in auy form The argument 10 based on
.rsst principle. md composed Of well arranged fact
sad statistics n principle Ia found In the fractional
portion OF the costs Of Imports which " composed Of
Toe taKes Of foreign Goyernments amounting on an
average nos ess than three fourths snt the stats
sics are drs~n from own public documents which
20 TO show "a a clear ana conclusive msnner that the
tar which we have paid 20 Oreisn GOvernmenb from
the aiming VI or history down 20 this time and
which We sail paying, tor want OF an adequate
system Of Protscton. has oaen immense and 10 truly
startling have room even for the substance a
ths ArsumsnL Snd 10 would be in gstice 70 sbidge H.
These two great poinis that protective duties are
not taNes hat rescue from foreign taxation pisde
and viUdcatsd ss % be pui beyond debate OF con
tr-.ilcti1u ara 81 VIII undoubtedly be allowed an
! achievement " no consideration.
proceed - Mr. Cotton. new points On Money sDd
Monetary Affairs hirsl, a. tAs J0aHdatiog Of he
rall< II 'a0Eg This may appear simple IS 10 fact Ii
ia snd every will perhaps think that be- under
stanis il already For ordinary practical purposes, All
the world may undor.tand ana conhte In the result OF
certain secondary causes, while they are perfectly *
moran; Of the ultimate cause Turgot maintained thai
ha foundation II the value of money Hes In IRE nature
and force Of things, that's that u lea somewhere In
the pidf creation which Is doubtless truO O,hsr ap
proxims.ns theore. this point have been advances
By Ricardo, Say Mccullough and others, but no ou'
ever happened g. think tbe. Il lies in he dsnaHf o
s7't and .lrtr yr oAsr Hsss which is Mr. C0ions doc
/ iriue This idea perhaps TOO simple, too much
under the OF the % DO worthy OF ptilOso
phei stlenuon Il Will probably hardly be allowed sS
DO disclv very for everybody knew u Neyerthees'
Ia enca Il is discovery tor 10 wss never advanced
before and most pe0pie. especially viii have Il
look round and how IL works before opinion will ID
settled. The whole commercial world, II thelr prsc
tca operations do not require 10 De tod tnG nothir
but gold and silver or tbs, which will command them
will do for money Bat iiias0rs, down to this time
have committed the most egregous errors IL iheir en-
| sctments rQancia and monetary a1Ars Tor mol
knowing the foundation Of tsf ralH Of nanny and for
being snorsr. q th0 f.c.-snCiheT OF Ar Cotton ne
polnt-thst money 10 ieIied by lsw of Mature that
IT, y the scales and not BY law OF society society
/ can regulate, our cannot create money.
deaSDon Of the spPr0p ilate ianctons OF money
not amin 20 rtsn nssmuch - lack OF due consider
alton has sscrhsd % Il more than upon strict scrutiny
/ can be found. Mr. Cotton finds bat two iowi ~
,rr,ssi91 y rGis end ne nlefn y fTcaaHSs tho .st
| ter being Ia ~ stance tas dehnJn Of mouey. Mr.
Cotton dlfniu0n Of money, however stands Ia thls
FORM" The Craaog Asdisz u Irad>." Som. say that
money IA tbs measure OF value, but Mr.. Colon siVe'
| ressous for re'uhng this very common notion.
| Inc sistiacuon which M Co.ton makes between
/ money s4bJsst and ths iFarvmsqi Of trade, Il
substantially new and cf profound importance =. o.
element public economy l. one OF those points
50 fundsnes,ai vital and comprehensive, "a =
De adequate OF itself and alone y sssts tie ques,icr
/ between Protective policy and ,ae theory Of Free
| Trade The same may % said Of his argument On
money the tools Of trade" which. indesd, grow
out OF the former. Out ~ the former slao result
another point that money a. such, has no pr,c'
aud no measure bat ih- scales Az subject " trade
Il has price, Bat not ths instrument tho inttru
msDl q ia employed solely 10 express values, and A.
the medium u exchange.
one or tEe results Of Mr. Cotton doctrine en- mon
sns monstsrT affairs, TO- that there can 0s no valid
currency which will not bear the constant tst q Law
ofnAture by the scAss another -, thst nothing out
protective stem secure tne permanent soundoes
Of currency, and that under ssch system, properly
| adjusted, the currency can no more bait or oreai
do xn than private person tsil, who 10 pruden
| manager 4 hls ovn Affairs.
TO - coufIu1stl