Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-03-11

nor deprive themselves; one Oh Which IL ttoe'tJ'
another the right of property; another the free
pursuit of happiness; yet iR taci. every third
man we meet was born Stare; has no property,
and can acquire none, and pursues his happiness
onty as his masterpieces. Yet, what does your
maxim-monger care for all this Well was it
said, that what these economists truly state,
ssthey do not truly understand, in its ultimate
grounds and causes; and hence they have done
more mischief by their half Ignorant and halt
sophistical reasonings about, and deductions from
we'll founded positions, than they could have
done by the PRONUNCIATION of positive error"
Pocal economy at the highest, can never be
pure science You may demonstrate that
certain properties were in the arch which yet
no bridge builder can ever reduce into brick and
mortar: but an abstract conclusion in matter of
political economy, the premises of which neith-
or exist now, nor ever will exist. within the
range of the widest imagination,-(su such as
the free and equal exchange, and capacity to
be exchanged, Of all the products ofthe earth,
between all the people of the earth and a uni
UNIVERSAL equality in capital, labor and sklll,)
is not TRUTH but chimera, a practical false
hood. Political science is one of problems, not
of MeoremS, fittings to be done, and not a friori
to be proued The problem of 1916, in COM
parison with that of 1912, is one OF experience
to be worked out, not in months nor in one or
two years, but in series of years. The
famine which recently caused demand for our
Bredstufs abroad, and the influx of California
Gold, are disturbing forces operating in the de-
monstration, the extent of which may be mac
curately appreciated or mistaken; but which
your free trade reasoner would by no means ac
knowledge, if they interfere with his theory
But we think the effect of the change in 1916
is even thus early perceiyable on the condition
of our producing class, in diminished home
and foreign market, and a swelling indebted
ness abroad. Of the immediate depressing eff
fects of that measure at home upon some i'm
portant interests of American industry, Iron
particularly prime 'T1rginia interest -of the
visible check it has given to the lately increas-
| ing tendency to the introduction of manufac-
lures in the South,-we think not the most
imperrious free trader can be unaware. Many
bloomery and furnace, before in full blast
quickly had their fires extinguished. Many
a mine remains unopened OF unworked, which
was yielding or about to yield up its trea
sures In our own State millions have gone
and are yet to go forward for investmen
in iron made abroad to be laid down on rail
roads here, conducted through regions of ex
haustless mineral wealth. The labor and the
{ agricultural fruits meanwhile which entered
into its production abroad, and which make
nine -tenths of its value, we pay forinmoney, hare
money, while our home agriculture anguishes il
need of a market. Let the free trader consider
if possible, the increased hire for the labor of
!. single slave newly employed in the production
or manufacture of iron over the same labor EN-
ployed in making wheat at 80 cts. the bushel
or of hundred slaves thus employed, the de
mand for other labor to fill the place of the slave
thus withdrawn from the field, and the conse
quefit rise in the hire of field hands, and the new
demand for products of the farm to feed this la
Dor, not made before. Oh else perishing withou
use, and say if he see compensation in tn
circumstances ofthis simple illustration for an,
fancied inflammation of the yearly blacksmith
bill, or price of iron used on the farm, ensuin,
from the protection Of the iron interest LIE
the farmer, to whom the ee-trader was fond O
predicting the enhancement of agriculture
prices to follow after the measure Of 1916, com
pare his present rewards with what he little
while ago received, and say if prophecy with
its results has confirmed OF sustained his argu
ment! Let him consider the reality of that en-
chanting picture of the foreign market which
the same authority painted to his excited fancy
| He will find such Journals as the London Time:
anticipating prosp Gritty for England ''because
of the low prices TO which all descriptions o
produce has fallen,'' whilst the Economist news
paper holds this language The decline in the
price of cotton and of produce of different kinds
has varied from 25 to 35 per cent. as the high
est value ofthe year, and the sum which such
fall represents on the years imports, and the
stock on hand, cannot be less than six to eight
millions. Notwithstanding the enormous
losses which this decline in value must have oc-
casioned, this country was neUer before in a
more prosperous state nor trade generally more
healthy
1.-THE planter receives but thirty dollars a bale
for cotton, for which he ought to receive fifty
II reduction in the price OF cotton inficts upon
this country loss in single year of fifty mil
lions OF dollars, we need but say, las we might, J
''thanks to the policy of 846,''-but we ask
our opponents to account to the planters salts
faction for the utter failure of all their predic-
tions. And the enquiry might be extended to
other productions: sugar, tobacco and wheat,
with a similar result. All have suffered under
the blow inflicted by the administration of
Mr.. Polk and Mr.. Walker upon the trade and
production fthe country, by which the home
demand has been ruinously contracted, while
planters and farmers must seek nearly all their
exchanges in the diminished and diminishing
markets of England
ToBACCo.-The Louisville Democrat of the
9Th inst. says: One hundred and thirty-s six hogs
heads of tobacco were sold at the warehouses in
our city yesterday-the largest sale that we
have ever renorted in this market NJonx hons