, 1866-01-08
PROTECTION Us. FREE TRADE.
A Revenue Tariff rs, q Protective
Tariff.
PRESIDENT WAfLAND,S REPLY To
HENRY C. CAREY,


sent In your columns what Is denominated
the reply OF m American authority to Brit
ish authority on the subject of Free Trade
and Protection, vlz Henry c. Carey in reply
to John Bright VIII you now be 50 good as
to publish the reply of President NaJland,
{the standard authority on Political Economy
in American colleges), to Henry c. Carey In
60 far 10 your correspondent assumes that
American authorities differ from English au.
thorities on this point be is entirely mistaken.
Benjamin Franklin, the embodiment of Aae--
ican common sense, Waa free trader. The
1atc DR.. Charming, who had given much atteu-
ton to the subject, was = FREQ trader, and
rrote one Of his strongest essays in favor Of
Free Trade. Dr. Wayland, whose work On the
Elements Of Political Economy has been
adopted As text book in most Of the col
leees and high schools IN this country, pre-
sents, undertake to say. q perfectly unan-
swerable argument for Free Trade. Hence II
Is not true that American authorities are op-
posedto British authorities Mr.. Henry c.
Carcy do not count an authority on this
question. Other people may. I Iconsider him
very shallow, opaniouated person. The
principal standard authorities In the English
language are Adam Smith, John Stuart Mil,
and Oh. Hayland-all free traders. When
Adam Smith commenced writing on this ques-
uon, Eng1and Was Inflicted with the Protec-
i've theory as badly as our own country.
MOI only were ali kinds Of manufactures pro-
tected by high duties sgainst the competition
Of France. Holland and Italy, hnt the far
mera were protected against the com.
petition Of all other grain and mc.t
producing eountries- Adam smith commepood
Studying the question upon first princi.
ples- He laid It down a. f1ndameuta al psiu-
dp1e that the rule which each man In the
community instinctivcly app1lss to hts own
business cannot bo wrong WHEN spilled to
Inc business OF the whole community. That
rue Is TO buy In the cheapest market and sell
ID Inc dearest. From this fundamental nr;n.
eip'e NJ Smith deduced the proposition that
1t Is better for each man 10 nation. that IL
lof the whole nation, to bay q given article
1rom another nation WHARF II can be obtajned
With tho products Of one days labor. than to
enact laws requiring Il to be bought st home.
where It costs two d<ys' labor. In the latter
case he held that o1e days labor was abso-
lutely lost. The Government does not prt,t
because the foreign article Is excluded. The
home manufacturer does not get It Tor he rets
only portion Of it) because the theory Is |
that It costs hil4 10 much morr In nrodnc,
the fhmgthtn 1t costs the foreigner. It Il
aheer lofs aod waste, benc1ting nobody, but
foobang ne consumer, by preventing him
from getting the thing be wants where he can
gef 1t Tot The Products Of one days labor.
These principles Adam Smith embodied in
nus " wealth OF Nations" At time when
EnEiand was nation Of Protectionists. His
book was Violently assailed by the Henry c.
IaseSs OF his dny, but 1t arrested the ntteu-
taon Of William Pitt, who was about InstItu.
ling e1periments in Free Trade when the wars
Of The French Revolution broke out and prc-
vented hun from carrying ont his purpose.
Auer The War ccased in 1915, the great battle
d Free Trade and Protection commenced In
England, extending orer period Of nearly
:nlf1y years. Anybody who will read Miss
haHaneau's History Of this Interesting epoch
Fill be surpriscd to find how the arguments of
he protectionlsts OF England are now being
'afroted bS the protectionists Of America
loW they were all going to the dogs II. the
lutics were reduced on their particular mann
acturcs-how the cheap labor and better pro-
ncts Of France and Holland would rufn them. :
.c., etc. he will also find that, as the prio. /
lpies laid down by Adam Smith were mt in
ractice, not only Was the consumer of mann.
actured goods benefited, but the manufactu. J
er Prospcrod even more than before.
Gaming upon the government, instead q
hls own wits, for protection f
gatnst competition, he allowed the world 10 o
1rpass him In the manufacturing arts, 80 that
rance and Holland could produce a better y
I'D cheaper article than England. But once i,
lrown upon his own resources the English | v
bestirred himself he adopted y