Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1850-12-20
REPORT OF THE
SECRETARY OF THE TREASURY

Whilst importation should be secured 10 amount suf-
hcient at practical rate OF duties to supply the wants
OF the treasury such duties should be adjusted N man.
10 affect iavoraby all industrial pursuits at home
If duties the necessary mportatons should have the
effect to impair the ability OF the OF the people to
purchase and pay for foreign goods, then mportalons
to that extent must cease and by consequence the
revenue to equivalent amount would be diminished
1t is believed that experience has shown that
supposed by low duties upon foreign goods in our ports
1t fact, within the observation OF all that merchants
and ship owners vigant and alert, with all the
knowledge which interest can mpart, and all the skill
which experience supply, to SEND abroad any and
every product OF this country which can any where lind
profitable market These agencies, which are always
active extend our export trailc at an times TO the ut
most limit OF advantage to the producer or carrier Ii
any time given article OF export should be carried
beyond the foreign demand, reduced prices the lnvara-
Bile result of supply, brings loss upon all concerned
Ii foreign article is in like manner forced upon our
market beyond the required supply, the effect OIL
reduced prices, while ncts often runous losses upon
the importer from abroad is tet by those engaged In
producing the like article at home IN consequences ten
fold more INJURIOUS the reduction OF price IN our own
market extends and affects the entire labor OF the
whole country, which may be employed IN such manu-
iacture or productions Thus while the injury IS tenn
porary and limited in its effects upon the importer It
often lasting and widely extended upon the labor OF our
own people. We see and ieel il in the sudden breaking
up of establishments not yet sustained by an amount
ofcapta which can afford encounter temporary susd
pension of sales and reduced prices or not yet woken
with that skill and economy winch long experience ca
drawn from diversity pursuits, and driven to the pro-
ducton limited spheres this again brings an oversup
ply OF whatever may be produced by the cohioh rII
Payments, while, in the end it leaves the market ottne
article whatever it may be- the production OF winch has
been abandoned at home at theameicy OF TIC ofeign
supply alone. :.h,.
The result in the end, to the consumer is invariably
rise in the price OF such article, and there Deng no
competition with the foreign producer, ne mas possess
sion OF the Market and Of course, supplies II at me
highest price which the demand will give nm. Ills
prices and profits, unchecked by competition In such
cases, continue with the increased demand and
diminished home supply. :
The operation and effect oil these laws OF labor and
trade to be believed have been frequently and pal
paby exhibited in the history OF our country. II ls
from such experience that the general principles upon
which our tariff laws are based have become the
mon opinions OF the people. Hence the almost uni
yersa impression in country prevails, that IN asses
sing duties on foreign merchandise such discrimination
should be made as will have the effect OF producing
articles which can be manufactured at home IN such
quantity il possible up markets for the con-
sumner, the home and the foreigneach competing with
the other; that he may not be lett to the mercy OF
one, and that the foreign alone. |
The happy indirect effect OF such Legislation upon
the labor. and, consequently, on the permanent |
prosperity of own country, not the greatest by
any MEANS the blessings it confers. BY giving di
vesity to the occupations and industrial pursuits of
the people labor is rewarded, the ability to consume
foreign products is attained, and the wants OF the ma
tona treasury dependent entirely upon duties collected
upon foreign imports, are amply supplied
Whe the great end-that ola competent revenue
is thus surely reached by this policy larger amount
Of exports is at the same time obtained towards pay
ing for the required importations.
Our exports as the commercial statistics will shN
are made up& mainly OF cotton, rice tobacco, bree
stufs and provisions. These are the products Of thu
soil and shipped to foreign ports without more la
bof as element price, than is necessary to mt they
for market n their first and simplest condition. Q
statistics disclose the fact also that breadstus
~, OF which we can produce larger sgTp1