The republic. [volume] (Washington [D.C.]) 1849-1853, 1852-04-09
England three hundred thousand bales that should

| England tnrCc uunored thousapd bales that should
have been cor suined at home. Far more than that
quantity would have been consumed had the
| ariff of 1912 been permitted TO remain in force
10 its repeal and the consequent rrosra ton Of the
i domestic market and destTu cton vi c0Hpeti0a for
The purchase Of cotton due the fact that II has
fallen from than fifty to little than thr.
~ dollars bale. at cost TO the planters OF TWEEN
~ doe<s u bale; making total loss on the pres
ent crop of between iy and sirfy millions c dollars.
with the prospect VI still greater loss on the next.
The honorable gentleman favored his hearers
with a calculation of how much the large crops OF
1892 1916 would have cold for had III, realized the
high prices Of the short crops of the previous fous
years, s,pressng however, the fact that the latter
mad been shor, and then charged the difference to
the tariff Of 1872! We would beg him to
| mnke a alcuaton how mach cotton would have
bc'n consumed in. this country had the tariff of
1872 remained in opera ion, and had the mines
| aud mills and furnaces continued open. and bad
new oIes continued to be built and sec il The do.
miestic market would not, in the period bat has
rapscd since the passage OF the act Of lS46, have
absorbed far more than million oi bales IN excess
of what has been the actual ccnsuinptioa, and
then to calculate what would have been the eject
| OF the Withdrawal Of that quantity from the Euro
pean market, with view to satisfy himself IL the
price thus far paid by the cotton planter for tho
tariff of 1916 has not exceeded frO Hundred millions
Of dollars At the close o the last year cotton had
fallen, as the London EconOnaisf niorms ne, to
point as low as, with a single exception, il had
reached in ten yeare but, should we be favor ed
with a series OF large crops, was the case from
ls42 to 1916, what will be the price when, con
sequence of the daily dimnution OF our own con-
sumption. the whole cxccss Will require to be
thrown on the market of Epgan6? II will be
small comfort then to the planters should our
tor favJr them with calculation how rich they
would be IT, with d crop of three miliops Of bales.
they could realize the prices If lS49 80, with crop
Of millions; and yet should be do 80, II would
be scarcely more absurd than ID the mars OF hg-
ures ne has pre- osented US, with view 10 show bow
large would have been the receipts Of the planters
if they could only, with crops averaging for suc
cessiOn of years millions two hund' thou.
md bales, have realized the high prices obtained
in the previous years, when the average was but
one million seven hundred thousand bales! Such
q calculation ths should, We think, lie regarded
as qualifying it's author II succeed to the post foi
meriy occupied by Mr.. Walker; for, absurd as
many of that genteman's statements, we
doubt if there ID of them more 50 than that
to which we now refer: and we arc quito certain
that in all his reports, there Is not single depar
ture from that fairness which should characterize
a gentleman that is more remarkable than is the
total omission this speech OF all reference TO tho
fact that the yield of cotton in lS42 to lS46
greater by two mlops oil bales than that oil the
years from 1889 to lS42.
The object Of the whole Of this statement is that
of showing that prices had risen, and that they
had done in the lace OF "a vast increase" In the
quantity exported. In opposition 10 this, we have
established
First That. instead Of an increase in the guam
tity of cotton exported, there has been decrease.
ahoug the tendency OF tho tariff oil 1916 Is that Of
driving all our people into agric ulturc ia
Secoud. That increase oi price has invariably
been the accompaniment Of diminuton of supply
Third.-Thst, whenever the export Of any one
year has cquallcd the average export OF the whole
our years of the tariff Of 1872, price has fallen,
il then fell
Fourth. That the average export Of the two pact
wears has been per cent. less than that OF the
whole four years of tie tariff Of 1872 and yet that
the price has fallen TO the point it then reached
Fifth. That the reduction which has in every
case followed even n sigbt Increase oil export,
proves concusiseiy that the foreign market Ia IN
capable Of and that II is To the expsusion
of the domestic one alone that tae panters can
look Tor the maintenance OF prico( md
Sixth. That continuance oil growth In that
market similar to that ~ hich took place from lStS
TO Isa7 would have absorbed 90 much OF the cotton
with which the market OF Eogland has siuce Been
t.luged as 10 have maintained the price OF the
h CHEST point which bas attained at any period of
short crops that have scrn la the past hye yesfs
lf the honorable mrmbcr Is OF = contrary opinion.
we beg him TO examine the iscis OF the case and
10 siios us a single good reason Tor believing that
increase Ia the quantity exported bas ever been
can ever be- accompanied by rice oi prics; OF ioF
bcov ing that tho tariff Of ls4l, which caused the
domestic sbsorbtion oi go much cf the large Crpps
produced during the period OF iis existoDoc, and
which to that extent diminished the quantity pres-
ing ON the market OF England, bad any thing 10 d.
with the fall OF prices ihai thon TOOK place; or
finally for believing that the tariff II 1876, - hich
DESTROYS domestic umption, and forces larger
lnnss at cotton on the limited market oi England.
has had any thing TO do With the rise 81 priccs.
Such are tho ihngs he hss undedak en- 10 prove by
aid of a vast quantity Of well arranged figures.
portion ufSfhich wc have now annlyzed; aud hnv-
ing done 60, VIC especially desire that he shall
procccd Go make bis assertions good.
We bee'now 10 call the attention of cur readers
20 the following diagram, in which arc accurately
prescn, the opening and closing oil the scverai
periods embraced ia the honorable mcmber's Ia
blcp. 20 wit:
l. F,om 1850 b. iSIi-2 opening witb psoioc
tion a nd rnding with Brif,sh free uade, in which
the crops averaged |. .720 600 hales.
n From is4i-2 10 the date Of the pas-sge Of the
act oi 1916.
ill. From that date 20 the close oi 1901;
1898 9-Protcction Sept lSte-tigh Pro-
Pop. 10 millions t'cnon
Consumption, 2It.OO Fop. Zl.VpDo.
bal.a Consuu'n, 61o 800 bales.
Demand and supply Dcinrrd ovsftnking
equal supply.
Price fourteen cents. Price, ten cents.