The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1880-10-31

In the days of Adam Smith, there
existed what was known as the Mer-
camille system, or that system whereby one
nation might by the violation of its CONNER
cial transactions with the others of the world
to secure unto itself rs much money as posi-.
Die, and to attain to this the doctrine Of Pro
lection, or large import duties, was invoked.
As Illustrative Of the extreme to which the
ignorance and the selfshuess of the time WAS
carried, one enactment required 'thst no
person should be buried in the kingdom, IN
less buried in wooden garments" By such
repugnant laws ai these were the most
srIevous and harsh of injuries Inflicted upon
the people, so as to force the manufacture of
goods that could have been purchased
cheaper from some other country. Now let
us assume that the amount of gold and silver
necessary for the business of the United
States is $500 5000 and, assuming the Pro.
lection principle carried out to lie full, let us
further say that our exports exceed annually
our imports by $3.50, 100000, which they did
two wears ago, we would have in four years,
$1,000 1000, or $50 piece to every man
woman and child in the United Ststea, instead
OF fl2 as is about the case at present With
money thus abundant, with no imoortations
from tho outside world, where would
prices for commodities stop. Let the
poor workman think and answer if he
can. His wages might be doubled but CAPT
tai would treble the price of commodities,
our money supply would be depreciating
day by d y, eventually to be like TIE salt
water plenty Of the sea around the shin.
wrecked mariner, but "without dron To
drink" Of course such case could not
occur, but the hypothesis serves to show the
folly of the principle. No, it is not specie,
outcommodities that pay for foreign commod-
tiles. Specie, like anything else, is worth only
what it will fetch in the commodity market.
II not wanted at home, it will be sold to the
foreigner and worked off until circulation.
like water finds its wonted level.
q That excessive exports over imports
snow healthy condition of country must
not be ASSERTED. A country that is in debt
10 some other one must send off not only suf.
ncfent amount of commodities to pay for The
commodities imported, but enough to lioui-
date the interest due on its bonds or other OBJ
legations to its creditors; whereas, coayerselv
the country that is in such healthy condi.
ton as to be able to loan, must be the recip.
lent OF such excess. Wherefore il follows
'nSt the comparative wealth or poverty of a
nation may be pretty fairly n ensured bv the
amount by which the imports or e1port.
are respectively in excess of each other
Consequently we may SAY that instead Of q
large excess of exports being a matter of
PRIDE as so many uniformed persons az.
sumo, 1t is proclamation of indebtedness
o. To prove that the laborng classes ar.
not to be benefited by the Protection plsn
laoor like money and all other commodi.
Ties regulates itself as to price. If the work.
man can secure higher wages on farm, in +,
store on railroad, as clerk or otherwise
that the factory offers, to one of them he will
CO. II labor, skilled or. unskilled, i, 90 in
demand In the protected country, there will
DC asupply coming from elsewhere to fill the
vacuum. This is the principle, and the facts
to rorroeor"te it are 100 nunerouo 70
every one to require specification. Protection
actually Injuries these men, for every now
anu then panics, strikes, trades. unions, etc.
come about to verify. what has always 60
been shown.
"a Taking the census of 1870 Cnot vet hay
ing that of 1880, the principle being the
sSmo) we find there were, in round mum bers ::
6'WOoOO persons engaged in agriculture.
2,'oOOOO in professional and personal service.
100000 in trade and transportation; 500 600