The republic. [volume] (Washington [D.C.]) 1849-1853, 1850-08-13

ton or publication; and the individual who
makes it is ready to bear any cross examination
on the point that may be desired. The respon-
sblity is wholly with us, unshared by any
body.
TX. Y. H." puts the gravamen of our offence
upon the reiteration by us of the statement he
deems offensive, in these words:
''Now, if the wheat crop of Michigan was a part
of the whole wheat crop of the United States then
Mr.. Burke has done, by the admission of his volun-
teer defender, precisely what is attributed to him
in the report of his successor"
This he characterizes as an endeavor ''to
impress the reader with the belief that Mr..
BURKE had attempted to impose false and UNI
founded estimates upon the public mind" We
stated the fact that Mr.. BURKE estimated the
value of the crops at their average price in
the seaboard markets, and suggested, as one
conjectural reason for so doing, ''the com
parative ease of consulting the prices current
Of the great Atlantic seaports, and the great
difficulty OF getting at their price at the respec-
tive points of production" We followed this
with the intimation that it was not uncharitable
to suppose that Mr.. BURKE was easily recon
ciled 10 this mode of valuation, because he was
Jealous advocate of the foreign trade system,
and was very willing that his aggregates of
the value Of agricultural products should be
swelled as largely as possible, by way of i'm
pressing upon the farmers and planters the
necessity of an outlet for their surplus in for
eign markets, and conciating their favor for
his economical system, which goes upon the
plan of securing such markets by giving up our
own TO foreign manufacturers.
Now, if we had happened to have had be-
fore us the extracts from Mr.. BURKE's report,
which ''A. Y. H." produces in the Union, we
should have been under no necessity of sur-
gesting any excuse for Mr.. BURKE, or Of treat
ing his purpose as in the least degree doubtful.
"A. Y. H." quotes from Mr.. BURKE's last re-
port the following note or explanation
''Some persons, who have done US the honor to
crcise our table, have found fault with our taking
the medium market price in New York, the great
commercial mart of the country, in which the gen
eral prices of all products and commodities are
fixed the rule by which to estimate the different
articles and commodities mentioned in our table
For instance, the price of wheat in the market of
New York is not deemed the true price by which
to estimate the value of the wheat crop of the coun
try. But on the contrary, the true rate it is al
legged, should be the price which the producer OBJ
tains in the million localities of the Union where
wheat is produced and sold from first hands
awe do not admit this criticism to be founded on
sound and correct principles. When we revert to
first principles in political economy we think it
must be admitted that the surplus Of any crop or
commodity toLich is sold by The producer, and enters
IN Tho an
part Of htchich has, in truth, far as The accn,aa-
ton Of rreah by the nation is concerned any calue
That portion of his own production which the
farmer consumes in his family or on his farm is Of
no account or value whatever in the general COM
merce of the world, and has, in fact, price. 1t
is the surplus which enters into commerce only
that has prices and that-only, strictly speaking, it
Is OF Importance to estimate. Therefore, to be pre-
cisely correct The true rule tcouid be 10 call the
Of 'heat consumed by the producer nothing and esti-
mate only The amount tOtich he has TO SELL"
We think we get Mr.. BURKE's idea here.
Ii is, in substance, that wheat, corn, cotton,
&c, are never really sold, in such sense as to
affect the national wealth, till they are sold to
some foreign consumer. We understand him
to mean to apply to the nation, as an aggregate
Of producers, the same rule which, at the close
OF the quotation, he gives as the true one in
reference to the individual producer. What he
consumes in his family is of no account what
the nation consumes in its great family is of no
account-wasted in keeping its citizens well
fed, and clothed, and housed, and warmed.
If half million of barrels of flour, grown in
western New York, Ohio, Michigan, &C., are
sent to Massachusetts, and consumed there, the
nation is no richer in consequence of it; if it
passes through Massachusetts TO Boston, and is
there shipped for Liverpool, the nation is richer
by its whole value.
We knew long ago that this fallacy lurked in
all the reasoning of the free traders, as they
call themselves, and it is for these reasons that
we insist upon it they ought to be called foreign
traders. But it is not often that it is so ingenu-
ously stated as by Mr. BURKE. He gives, as the
first and prominent reason for his mode of valua-
ton, what, for want OF actual proof then at hand,
we only ventured TO surmise. We believed that
Mr.. BURKE adopted it for the purpose Of indi-
rectly begetting an exalted notion of the i'm
portance of foreign trade; we had forgotten that
he expressly inculcated that il was the only
trade, which is Of any consequence, (Which
has in truth, 50 far as the accumulation Of
wealth by the nation is concerned, dng value"
In truth, we had supposed Mr.. BURKE too wary
to expose the sophism Of his system in 50 bold
a form. He pretends to be a disciple of ADAM
SMITH. and we thought might have remem-
bercd that this doctrine was exploded by him
too efiectually TO be ever presented except in
the wrappago Of some disguise, or hiding un-
suspected IN clouds Of ambiguous words ADAN
SMITH introduces it, for the purpose Of refuta-
tion, in this fashion. In stating the economical
errors which had prevailed before his day, he
says:
"Ihe inland or home trade, the most important of
all, the trade in which equal capital affords tho
greatest profit and creates the greatest employ
mcnt to the people Of the country, was considered
as subsidiary only 20 foreign trade. II neither
brought money into tho country, il was said, nor
carried any out of IT, The country, therefore,
could never become richer or poorer by means Of
il, except 90 far as it's prosperity decay might
indirectly influence the state Of foreign trade"