The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-06-17

zsa-uhils ihs o,a! domestic o&goEts reaches the
gum of s3Ta, lss, 274. II We estimate that only
two-thirds of their importatons were required for
the free States-and the proportion of free popu-
laton to that of the slave States is more than two
to one-we have then an importation for the North
of say S24l, 444 ITO, which is to be paid for by
Northern produce and merchandise
The exports of the Southern stanles alone
cotton naval stores, tobacco and its manufactures
amounted to about S216, 900 900. The other
agricultural productions and manufactures such
as butter, lard, cheese, &c-of the whole country,
a considerable portion Of which was from the mid
Ole States, did not exceed $50 900, 900, and the
export OF precious metals amounted to about ST.
100000. 1t is clear, from this, that the North
was last year dependent upon the profits OF its
trade with the South for the payment OF at least
500, 900, 900, the difference between the value of
foreign goods imported for its own consumption
and the exports of its domestic produce. MANN
features aud precious metals and that for the
future this deficit must be made up from other
sources. As those manufactures of the North
which are not exclusively for the American trade
enter into direct competition with their Euronean
rivals, it is not to be expected that very large
increase can he attained in this branch of exports
Resort must be had TO the rich fields of the West
and restrictions must be removed from foraion
trade, so as to afford such profit to European
manufacturers as to enable them to pay remuner-
awe prices for Am rican produce, and thereby to
Induce the agricuturalist TO extend his OPERA
tons.
Agriculture and commerce are of first and vital
Importance, and among the vast and Increasing
population of the North if a direct tax have TO he
resorted to, it will fall comparatively lightly on
each individual. tax for the support of the
central government would not add largely to the
amount already levied for States and corporations:
and once levied, will be submitted to and regarded
as an inevitable necessity.
The policy Of the South WILL in all probability,
be decidedly opposite. Her chief staples are cot
ton, tobacco and naval stores, all of VI ich Europe
requires, and sufficient supply of which she has
at present. no prospect of obtaining elsewhere.
As is universally known, England depends upon
the supply of cotton from the South for the en-
ployment of nearly one-siXth of her whole popu-
latlon. France, TOO, tooklast year aboutS32 OOO,-
600 worth of this staple In addition TO this
England receives yearly a revenue of about
500, 0OO 900 from Southern tobacco and the
regie in France netts like amount from the same
source. The German States, Spain, Sardinia and
Italy also derive very considerable revenues from
it, and take, besides, large amount of
cotton. These articles must be had nv those
countries, and can only be paid for by Euro
pean fabrics, which there is, therefore. no
fear of excluding from the South, even by an ex-
orbitant duty. The tax-payipg population of the
South is so small that direct tax would fall too
heavily on each individual for free trade to find
many advocates, and the indirect taxation of a
revenue, in the event of the adoption of a
moderately protective tariff, will be much
more likely to find numerous supporters.
Such a tariff will not only provide for the Gov
eminent expenditures with the greatest facility,
but will aim direct and serious blow at the
trade OF tue Northern manufacturing States, which
have heretofore fattened on the South. A duty
on Northern fabrics will soonest and most eff
| tectually teud to render the South independent.
by building up its manufactures, and developing
It's resources 1t must have the inevitable effect Of
attracting Northern capital to the South. The tUc
sections Of the country may be separated but their
ii'A'SJ
for the present, still the same The citizens Of the
Two Contederacies will not be animated by those
feelings of hatred which were engendered by the
strife Of the middle ages and have been fostared
by years Of luminosity; nor have they an ocean
barrier between them. Steam and the telegraph will
connect them too intimately, and mems interests
will still sway mems conduct. The Northerncr
who can best invest in the South will not be slow
to remove there; and once there, his heart will be
with his treasure. Indeed it is a familiar pro-
verb that there is no Souherner Ike a Yankee
Sonherner. The South may prohibit Northern
merchandise, but it will not forbid the immigra-
ton Of Northern capitalists who add 10 the wealth
| of the nation and increase its domestic resource
1t will be much more apt to offer inducements
for the Investment of capital in manufacturing
enterprises, and neglect no opportunity to turn 10
account its great natural advantages. There
| are large mines Of mineral wealth in the slave
States, and especially abundance of superior
iron ore. Besides this, in Tennessee and North
North Carolina an ore has been found similar TO
the black band of the Scotch coal measures Tn tbe
former State furnaces have already been erected for
smelling it, and it is not improbable thai there
may he localities in the South which will mo-
duce cheaper metal than can he made in
Pennsylvania. 1t will be impossible for the
South TO develop this interest without a
moderate protection. They may call it a reve-
nue. system if they prefer, but still protection
is proportionae to the requirements Of the article
to be enc uraged; and in the state of DEVELOPMENT
which American manufacturers have already
reached, revenue duty of 10 to Is per cent. will
be amply abundant for the announcement of this
branch ofSouthern trade. tariff on this basis
has already been adopted by the Sou thera Con-
federscy. duty of 5 per cent has been laid on
almost all American manufactures, and a duty Of
10 per cent. on those manufactures which will he
derived principally from Europe This fact, and
the debates of their Congress, show pretty conclu-
sively that the Southern States by no means re-
gard the free trade policy as either necessary or
| beneficial.
NO one who reflects upon the above facts. can
fail TO admit that, while even a moderately high
tariff can only be prejudicial to the commerce of
the Northern Confederacy, it will not be beneficial
to very large proportion of its manufactures;
while, on the other hand, such tariff would be in
no wise prejudicia to the commercial interests of
the South, and eminently beneficial to her manu-
featuring interests. Can any one doubt what
will be the respective policies of the two nations
@1.hz.azu7rzs1asHsszszz---zza