The southern press. [volume] (Washington City [i.e. Washington, D.C.]) 1850-1852, 1851-12-11


the principles above stated, would be $l62,-
1894, and, deducting the excess OF imports.
would leave our profits, on the balance sheet
principle SlI8,383 COG. But this would be
very imperfect view of our actual increase OF
wealth during these five years, as the result OF
our reduced tariff. Our domestic products and
fabrics, consumed at home, similar to those ex'
ported abroad, must have amounted, during
these five years, to an aggregate OF at least
$50 100000 600; and, allowing an enhanced
price for the whole, of per cent, growingout
of The increased demand, sales, and enhanced
price of the portion exported abroad, II would
bring our increase OF wealth, from that Item
alone, during these five years, up to three hnn-
dred millions of dollars. But, gentlemen, how
faacious is the doctrine that reduced tariffs in
crease the balance Of imports over exports, is
shown by looking at the result under our high-
eat tariff, the act of 1928, known rs the bill of
denominations -0aughter)-- which from its
exorbitant character, seemed likely to produce
civil commoton Now, under the tariff OF 1928,
this balance of imports over exports, was ten
per cent upon the Imports or nearly double the
per cen,age of balance under the reduced tariff
of 1916 Here is decided proof that high du-
ties diminish exports fully as much, if not more,
than they do imports. Since our government
existed, the excess of imports, as shown by the
records, from 1890 to 1851 amounted to severa
hundred millions of dollars. Now, according to
he balance of trade doctrine, we ought to have
been greatly impoverished, growing poorer and
poorer every year ye the result il, IN defiance
of this theory, that whilst we have increased in
population, during these sixty years, 600 per
cent, our actual wealth has augmented, in the
same time, 2,400 per cent, showing the utter
fallacy of this exploded balance ofstrade doc
trne. (Applause.) The doctrine itself is weigh
ed in the balance Of facts, and found wanting
Here gentlemen. might present, had they not
been better exhibited by your own statesmen.
tables, showing the great advantages that have
accrued to Great Britain from your own reduc-
ton and abolition of duties, and especially from
the repeal of your corn laws. The truth s, tina.
commerce i. not geographical Or sectional or
belonging to any single country Ii has the
world for its theatre and its laws are universal.
Commerce has laws, and they are as fixed and
certain, whekundisturbed by man, as the laws
which govern the movements of the planets.
Our Al tifcial regulations may produce pertur
baton, but it will only be to injure those who
thu Interfere by legislative restrictions (Cheers)
Without OBTAINING you, however. BY present.
ing your own tables, ! will only saw that, with
the total abolition of many of your own taxes
and duties, and the great reduction of Others,
your revenue has augmented, and you have ap.
piled surplus to the reduction of your debt !;
and, gentlemen it is a consoling reflection that
the two great branches Of the Anglo Saxon Nor
man race-you, the PEOPLE of England, and we,
your children in Amerca-present, at this period,
almost the solitary example Of governments
whose receipts exceed their expenditures, and
who have applied surplus towards reduction
of their debts. Look, gentlemen, al Spanish
America--look at the continent OF Europe |;
without naming others, look NJ the high tariff
paralytic despotism of Austria hear, hear Ia
State in the last spasms Of financial bankruptcy
(, We see there, gentlemen, the police actually en-
tering the exchange, and, BY the power Of the
bayonet. endeavoring to regulate the exchanges,
and even TO regulate the price Of paper money,
down 10 their penny notes. Why, we all know
that they might just rs well attempt to regulate
the movements Of the heavenly bodies. Not
having exactly succeeded in this, the next thing
they do is to assail the Jews who deal in ex
changes, and whom il appears. they are now driv
ing from Vienna and Frankfort. Now, gentle
men, this is most ungrateful, for. without the aid
of the Jews, Austria must have long since fallen
into financial bankruptcy, and she will derive no
advantage from this persecution. For ourselv' S,
in America, we have no prejudices against the
Jews. Whilst Christianity prevails amongst us,
we see the Jews called in the Bible the chosen
people by God They hold an elevated social
position in our country, and are eligible TO our
highest Offices. even 10 that of presi .ent Of the
United States. Hear. hear.1 We'll. gentlemen,
under this repeal and abolition of duties, not
only has your revenue increased, but you have
had great augmentation Of your Imports, your
exports. your tonnage, and your bullion; your
commerce. navigation. and manufactures have
greatly prospered: and. in fact. il seems TO b.
oeneralI, admitted. that. under this reduction
aud repeal Of duties, England never was 40 pros
perous as at the present moment. rHear. hear
But. gentlemen. what appears TO me one of the
greatest efryc,s of this change of your policy. l.
ils conservative inAnence in its greater security
and safety 10 England. arising from the improved
condition, superior comfort, happiness. and con.
tentment of your industrial classes. TITear. hear
Never was their condition as good as !, Is now
never did they receive higher wages. and never
paid less for food and rainent. AID. gentlemen.
look nj Liy,rpool. Why. / am almost afraid To