The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-01-05

quarters and for the present will suffice 10 say that the
consumer must naturally prefer system which taxes him
only proportion the value OF his purchases, Tor the
benefit Of the government and does not tax HIM
principle which has regard TO that value for the benefit
not of the government, but OF esss of monopolsts
We now pass on 10 the real substraum OF Mr. CoTwn's
argument, and we present il in his words He says
"our revenue already stated be mainly depend
ami on duties imports. Those imports from abroad can
only paid by exports made up the products our
labor in all its varieties or IN the precious metals II
ports shall exceed the value OF exports abroad in any
given to the extent of such foreign
debt II this operation be repeated Tor only years. il
is obvious that IL will effect the withdrawal from us Of
quantity OF the precious metals equal nearly the
amount OF the accumulated debt, bringing with il bank
rupcy in all departments of business uent inability
10 purchase foreign goods, and thus for tho e causing
runous depression in the pts treasury IL then
becomes equally the duty of Congress aud the Of
the people Qf possibe) regulate imports conne
the imporiatons into this country about equal
TO such exports of our find market renune
ratve prices abroad The bare Of foregoing
well established laws OF trade would furnish
guide in all legislation on he subject"
This is nothing more than timd reassertion Of a
theory which has long since been exploded takes for
granted the old mercantile theory, which requires that
exports should be made exceed Imports and create
favorable balance in favor Of nation to be discharged
by specie payment The fundamental error of that
theory consists in regarding money the only wealth
Money constitutes but small portion Of national wealth
while the precious metals obey the same laws which
regulate other commodities
The commercial operations of people require circu
lating medium, and thus present certain demand for
the precious metals Tha, demand will induce supply
in the that demand for coffee will produce
supply OF that article II there is too little money for
the purposes Of circulation, the money price OF commod
tiles must fall That circumstance will make our mar
kes good markets to buy in, but bad markets sell in
The inevitable result OF this Of things is to induce
foreign merchants to send specie to markets. where
its exchangeable value is greatest. If the supply of
coin is too great, then the reverse operation takes
place. The money-value Of articles increases, and
our markets become good markets to sell in, and not
good markets to buy in This state of things would
produce import OF goods and export of specie until
the just and proper equilibrium is restored. Money is but
uncomfortable portion OF nations wealth but its
peculiar gives it important influence over prices
Yet little reflection will 10 show that, in ma.
tional point of view, it ought not, and cannot, with
due regard economy be accumulated in greater guam
titles than may be required for the purposes OF cur
rency to aid in efecting exchanges Mr. Corwin would
gather profit from reading the anecdote Of the furnishing
Arab, who found bag in the desert, and burst into
and lamentations when he found that was filled
with gems and precious stones instead of dates He
might also learn lesson by considering the commercial
history of Spain-he nation which has adhered more
than any other nation to the idea that money wealth.
and which maintained the idea to the extent Of prohibiting
its expectation even by penal statute.
But the chief error of Mr. Corwn and OF the school to
IL IN A.
Of nation should be greater than their imports, or
rather that Of import export produces
foreign debt and indicates ruinous trade This
is an old error-the basis of the mercantile theory
portion of which have already refuted in
our remarks on the precious metals According to
this theory, it is the duty of the government TO
take the guardianship OF export and import trade, and
to prevent, by duties and restrictions, OF i'm
ports exports With all due Difference for the wis
dom which administers our government, would sub
NIT that this matter had better be left to the laws of
ply and demand, and to the keen sagacty of import
ing and exporting merchants, Mr. Corwin admits the
knowledge and sagacity OF exporting merchants
being fully equal to the task of regulating Jour exports
He thereby rids himself from any obligation TO aid
in extending the markets for those articles which
we export Ba, be does not TO have the
same appreciation of the knowledge and sagacity of
our importing merchants He thinks that Congress ought
to constitute itself their guardians and take
that they do manage, by egerdeman otherwise, to
bring this country too much OF the proceeds of for
eign labor and capital and ruin the nation by buying
than they and the exporting merchants pay for
The manufacturers the bottom Of this difference be-
tween the estimate which Mr. Ccrwin puts on the expor
ting and the importing merchants. They-the manufac
turefs-wish to have hand in the matter They
willing to leave the export trade TO the ssgacity Of
the merchants and leave them to sell whatever they
find market for but they wish 10 curb the importer
that they may aid in supplying Market at increased
prices, to people whose they diminish at the
time They strike the export merchant an indirect
but heavy blow; for when they cut of imports they
diminish the ability Of foreign nations to buy produc-
iions and thus close or ccumscribe the markets OF the
exporting merchant
Trade between individuals may be considered as buy
ing and selling for moneypricc, which paid in money
But commerce between nations cannot be so considered
it's surplus production for the surplus production OF
another, for the benefit Of both Each is benefited in
proportion to the amount-the mport--it receives from
that exchange Cotton exported from Charleston valued
that port will say, at 100000; il is carried to Lv
erpool and exchanged for given amount Of goods valued
there we will say, In the custom house the
n,nor and mort would balance and according to Mr.