New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-06-07

The ratio of imports per capita is the same in 1870
as in 1860, our imports expanding in exact accord
ance with population. OF these, about twO-thirds,
OF IS per capita are competing manufactures or
products. The mere expansion in our American
manufactures under ten years of protection is six
times great per capita our entire importation
of competing products; and the entire product of
our manufactures is 500 G. per CAPITA or thirteen
times great as our importation, thirteen times as
important of supply and thirteen times as
influential in adjusting and reducing the prices at
which our consumers can buy their manufactured
goods.
For the average price depends on the ratio of the
whole supply TO the whole demand. Where the i'm
portation is only one-thrteenth part of our supply it
only permanently exercise One-thirteenth of the
total influence which determines the price at which
manufactured goods will sell. Hence it is that our
enhanced production has in nearly all lines of goods
been attended by lower prices, notwithstanding the
depreciation of the currency, and the large amount
of revenue for war purposes and for eXtinguishing
the national debt, which we have raised, and which
could not under any system be collected from the
industry of country, without tending TO add its
sum to the prices of merchandise in the aggregate
unless those prices were reduced by cheaper pro-
of manufacture 1t is this vast increase in the
aggregate supply of goods per capita for the whole
l.
certify list Of prices in the leading lines Of woolens
which low or lower than the prices of similar
goods in 1860
The net value of the product namely its addition
to the wealth of the country after deductng wages
paid and materials used was in 1850 $463 49, and
in 1860 SSj4,2jG5S4 being increase in ten years
under free trade, Of 81 per cent or 463 millions.
The similar net product in 1870 rose to 81 IA 80
being an increase Of 1Ol per cent on principal 81
per cent larger than that which the percentage of
increase under free trade is estimated. Comparing
this net product with our whole population, we find
that our manufactures added $50 per capita net in
1850 $37 1G per capita net in 1860 and $A7 so per
capita net in 1870; the figures of 1870 being exclu-
sive Of the earnings Of our mines, quarries and fish
cries, while those of 1850 and 1860 include them.
Again, the capital invested in manufactures in
creased from 2l53j1 in 1850, to S1OO9 rs in
1850, or 80 per cent under low revenue tariff
which brought the Government a revenue in 1860 Of
only SSlO0OOOO a-year. The capital invested in
1850 increased by 1870 to S211s2 O69 or 1923 per
cent on the larger principal Of 1860; the duties at
the same time netting the Government a revenue of
about $3l2OJO per year. or five times as much as was
collected under free trade. The capital invested in
manufactures was S27 "a per capita for our whole
population in 1850 32 II in 1850 and S54 SO in 1870
Ii IL be said that this expansion Of capital invested
has resulted from and ended in excessive profit
TO the capitalist only, find tins assumption con-
tradicted by a comparison of the net profit on manu-
featuring capital. after paying for wages and raw
materials, Of which, however, the manufacturer pays
taxes, interest insurance, business management
repairs, living expenses etc. These were 1919 per
cent IN 1850 A. per cent in 1850 and As per cent in
1870. We might reasonably expect that protection,
80 far as it would extend production and render it
secure, would lower the rates at which capitalists
would invest if it affected them at all In this case
protection TO net the capitalist two per cent
less than be received in 1860 and four per cent more
than in 1850