, 1866-01-08

i've hundred ha1es Of cloth. By ali The dlEer.
ence, theFefore, between the 1sbor neccasary
10 n3 g+qe.rs 3tas one thousand bales By exchange,
~ e9ehange, i've hundred balca. Il The de-.
maud Tor industry diminished, md. Of fconras
the stimulus 10 naustIy weakened. ~
| ne see, then. what Is The tendency of a ays.
ZEN OF this kind. First. 80 far as tho manu-.
profit beyond the average profts of aver
] other employment: for, Il com petition be- Al.
lowed, capital and labor will TOW info T.
| HnateVef may be It's Advantages, until ita
| pfohtb fali to the general level. secondiy
| Ine demand for other lshor Is diminished by
tae reoueed consumption created by rise of
Price, and also, as this riso Of price increasss m NJ
The expenses Of living, 1t makes even thcse
sednced wages Of less value than they werc
before Hence the tendency L. to tedi1ca tho
pront OF cap1tol and OF labor In the whole
community lower than they were before such
only Eas imposed To this reduced average,
maan.actnrets must themselves conform !;
aad hence, BY this very operation, they them.
selves must suffer. Hence We see tbs reason
why, when once duty is imposed for the
protection Of particular, branch of manu-
tacfures, It Is not long before larger protec-
we duty is demanded and also Why a pro-
tecttTc duty. which at first Is followed by
Is SO commonly aflefwsra followed by ejIi So nj.
yersA depression Of manufacturing in
dustry. . ~
This Is the result, 50 far "a the effect upon
our OWL country ia concerned. But tbIs il
not aL risc Of prices must, Of necessitYs
follow protecting duty =; for this IL its ven
OBJECT. lts object Is, TO raise the prizes Of
created where 1t could not be created o beiorc ~
I It produce no rise Of prices It is useless.
Now, rise of prices raises the cost af nrr,.
duction. and, BY its whole effect, must rafeo
me price Of eyeIy product which VIC creute,
y tnis whole effect, therefore, Is cur forefg.
MARKET injured If We can raisa; cotton at
Ten CENTS pound, and bring It into narket
as cheap as other nations, Wc have NJ good
IN opportunity az they for selling It. # We
can Eaaso 1t at nine cents, wa can undersell
the7n, and supply the whole market; or. If
we sell It at the Same price ~ baioro, We
gain one cent more on the pound. t, b. in
ssease O. tne expenses Of living, VIC cannot
false 1t ior less than eleven cents pound.
they Will undersell u, and We shall be obliesd
70 give up the raising Of cotton, either par
italy Or altogether; aud the industry en-
Eaged IN raising and transporting the cotton,
and what we receive In exchange for It, mus
be either partially or wholly thrown ont OF
manufactures Of England could be Afforded
much lo"e1, that's, would he ahle much better
to compete with those Of other nations. il bT
ap0iish1nE her duties Oh corn. her msn,tfnc-
t1res could Be supplied With The necessaries
OF li1e at half the present cost. At the same
proht to the 1aborer and capitalist, her pro-
ducts could be afforded at prlcs less than at
present by the rhole amount Of the difference
IN The expenses Of living. By this difference.
abe would both undersell other nations anal
Increase the demand for her manufacturers.
thus reaping, at once, double advantage.
But once more: It Is seen that, BY such a
system, the course Of industry and Of capital
nation
when an article is imported, one class of pro.
ducers must labor to create the article which |
We e1cIanee for It; another class must build |
ships to transport It; ; and another class must
carry on the transportation. By discrimi- |
mating duty, all these classes must, either in |
ment, and this capital be either reduced In /
value, OF rendered wholly useless. Now tbis
1s an Injury, both to the capitalist and the |
laborer. The property Of the one and the |
SKILL Of the other arc rendered useless, and by |
so much is Il total loss to the country. It
may be said, let them seek other EMPLOY
uents. True; they must do this; but this |
renders 1t not the less true, that there has |
been 10 much loss. na mans honsa bo burned !
down, It Is easy to say to him, move into an
other house; but this does not alter tho fact,
chat his house has been burned down, and
that ho has suffered lost to precisely this
amount.
But, suppose he turn to the other employ
nent- Il has been shown that the average Of I
profit, in this employment, cannot be higher
han the average Of profit was In the employ
cent which he lett. Ho Is then no better on |
han he was before, and, in the meantime, be
has Lost the skill and capital which he spent
many years to acquire; and he has lost them,
lot IS In the case mentioned p. o7, by the |
1rogress Of civilization, and with The proF
oect Of bettering his condition, hut by ii, act
# arbitrary legislation. By al this amount
i depreciation, therefore, Is he, aud Of course
he Whole country, poorer by the change.