1 i
:i ..
a-------
t m
4
3
l ""rtMnctiou i.ikw if swiul
rafca-ttoft' l tin Imi'iff "'' 01
. . i . . i . A'liiii id
ort by
WmiU Pe II CI- pri,- -.
i.i the c;M
- , . - - it A .ft.
r " ttvliaiifeeUi fbi p'ci U 4a
! would be AmmUH "f-y 41
1 U i'" thai lb price Ur artuVs
" y llie e Mrieq.i"iif inipertutMiri fj-ci.
. - 'CumAttUm pUift, l.-evill "w
V . :'vu,Hi t la (km ! ol or law awl
fcwgli iiu6dtrviWili '.T
' , BtiluU lliepr.iclitijaafem, ' IT-,C
A,-f1,11rtfrMiii(Wf'lWW" duff, tilt
.'fif tJtdtd" lb rrntt"i keuld X."'
t W.i t Ibe' vnctuij iiiTitiTA ffi'1,1
Ldrve once of the artielee ul Englaifi
' wl flm Cnit.nl Uta'tf f enuld be evkipted
' ft slate. free trade, tle exporter of eu
-wonkl find, b mum lo htcadvant.iae, wpofl
the fnt ynpositi-ai o pre wg unij ,
. ftntrtbrt tvx'in U'en banai ' cotton,
i rfyirchaje dowHJ iiMaulacturt'S Uli
" H. iMutoimpoili'in,J2iiirtajjuliii nr!iun'
dor the bi::h Julie iiuiHed upm llrttin-
. i-
Tin ourftion weum 'i ao
f it j value of niamilaclun iu Eoglaodlod
j- -The Untied ftlw, cimnmred wit (
ei. huM be so Ut cluuiited llmt il would
V) more adWiUjeous for ihj' exporters of
t'My inip 'rt wuuulactojt, even unuor
Vlv- htS duties iVifl l imjxirt rMi.
' Tbi ehitfi in Ibo rt lalive vwlue of iimh
efK-ctcin l-ii'laiiil, iJi'l I ho mcciiiiuiIm
fim "fit h tho UuitM kiial. M.kk-v
wttt I rim in tIm in TngUiMi, or, whu.li
ii Mme Ihirur, Um) iimmhv price A
thinT ooH (nil ta mimU Jrv rui, iiw
tht qtmntity ipri eipirw-d to
ftrrfjnrtod 8lMwkl iuu'A8ry muoU
fcr, i (.riiii to tho iinnMMwe umu of produc-
ti" ti Rnstawlf hVrtrtbrr- market;
ft) Im li liKHirjf i rcfjmrcfl to nrculiiie,
t Mtna lime. IImi vnlim nf aopyie
of
: nU fall in the UoitoJ fMtt.;. or. whK-h
'It Ibo lame, thinxli JmUJfW X ail
commodities, eiccpt tho alupka of eipor
faiion. wnnld rin 10 our uwrkrt, in a very
- oondi'raUI dfre, too, bfjuitc Uiu iu
fcao of inoiiey n(piired to circulate
Aiwncan commoiliiiea would bear a Urge
proportion to the whole nmu of prodiK tioua
t would bo reqiiirod lo cirt'uJuto, owing to
tlw artiiidal irtateX.J'wrfUC.ricw crva-,
(en ty ttio pro'e;iing ointe.
It u immaterial to luy jlirjoie to dete r-
value umHiey would bn appreemted. n
Vi;l''inn bimI di prerialetj in tbo , United
ftiu-a. The iraportaiil-point j eUb
'fished i, thai the appreciatioa abrwid, and
Ihw ifrecloii at not or, uniied, wwnld
prpdiH a reniikraUo chan u tho val--.-.
f tnuoey aa coinparaJ wna eomeaedi
ji'wrally, and a ehnpgr fully eqnat lo
, fh rait,- of ilia protctliii dotiea, in the
nlu tiHJoy'i m eottipjed with ttreprtv
- -Www arijcicaj. Il7bir uauiplej tlps awi.
"" 'id pfottHMiiitj tlutiof waa filty per
"wit , ?w plain that a $Ab$ In EtilaitJ,
.... alt? a'ircd uh rvkclarlicloa, wwild
' lie worth precmely aa tn'iich-aa a doilaT
"u UM a b1fj' Oiiiteu Slatoa, eoniparod
..Vithlba aui arlwlCIt.W0Bldjrjjuifa
tVrff ire,"finyjfui cwit. irvireef Hie pre
Si eifua jnuUla, ur 0 thei TjUliiute, ta cir
cplataa cirnn qimntityof protccteJ Irlir
"7tlea ia ttio l'Hiiir3&allto lla prUeU-
! 1 r -rr. Witofiei vcraimpoaed, ISSit irtquiredi-U t
.;:tota ? 4Md4 M.w.iJiirito.i wdl!.'c? fr-?!?
l j -.- adjtt.ihnnt of the quantity ol tba peocwua
, . , tootuiit inuld Inks place between t-ngtaruJ
r-j-nni iiar aStTUBrii' tti? .attife-
... , , . tnt !ftrtif'ieul 'atatir of prkea Jn the two
jnajittriia, I ho importatiou of protected tar
ajeka 60m. England, which bad been aua
Cmli'iJ py tlie protecting uutiea cil not
resumed " After thia adjuatmcnt abonU
'take lilscii; rttowave?riho .UniUstT Slotca
Kld h4y Ihe frccwa miatitatjt ef spf-cie J
4i.;..k il. u.ll.1 4..i.l mtut.
. sheir Iradei ahd the ailiutitment. therefore.
' i!!d n it pa temporary, but permanent 1
U tholomntcrciul rcstrktluua which give
r Im ue now examine the eflcct which
, flii-fchange ia Ibo vakia of money anil pre 1
lupA pt( the? tkchajigeoblervaliie ef he
1 ftrect stnolea 1 axporWtion cotten, tohac
1 e, and rice. Aa (thc4r4 tpohey?, pricq ,io
the Uiiiled Staloa w notorioOMly.prtornod
ty thoir nitmey prk;e abroad and aa.it4.la
"arridwol Dial their mowy' price abroad can
sot La jucrwed by the iliUies laid . upon
tlw importa w receive fuir litem,' ii may
b wiWy asmftnetf, (hat flio money: price
f tUoee staples will not W feater in tbo
Vnitej Statoa, wader a eytrteri, of protect.
- in dutie, than if vtwld be withrmt'tocb I
yHHVia fit of wlf e-h rnonor
price uf our alapleaof ejtpor tattoo is slight
. Jy dtminwhed-Hy Ike- pfitteetin aystera
W I will take it for granted, for tbo sake
7 W nririiment.lhat it ta Xindiminhihod. .
. '. Even rVpon Ihi assumption, it ia appar
I'M that th eewf frict, or? in olhef, wordse
-Jhe efrehawgenbte iwhwhesoisia plea,
tmA bo diniin!hed in theJUnitod 5t;itee
t j)e.wii dopreciatwl, as compared with
tar comrnodUipjJt tuts.pUiflter an
v fir tbmr ataplcs, while tbo price of the
wh'Ho ht jf protected articles ia eiihane-
ii
t Imf articles itt a smaller detcrcok it is a
, aJdC'evirlniit proposifiobubal the-xfihance.
j,.e,1?!a. value of eniton, tobocce, and rjee, if
di!iiihihnd pfecisi lv to la Mfwf extent
- tint tfie uvrrjire pneo of all i'otber articles
U if'ieeil by thopMoctinu dutioa.
"loney is 01 no viiK'fliniiiof itie env
tnawl it givf toV (Kaweasor ewef thene
erstiiriM and lux'irifii-of lifi, It is per
iH"ty HHsurd, !lere.f.rc to deny that the
v. tl A.Tie llphioe'aea.iisfn
fn h I. Ij'c.ioi ihfi wiaie num.
V f I iiKt f cua L"obvVBe4 iortf,
f.iir."lrt-tj
tli
I r.Wi.f tli-.iS"lU t litirr!
7 . , .i ... .. ..-it i.ri.r., Mmt
Mim; rpiiiiii'V i ii'" i"'"-"r ' .
1,i mil rail
rc(-, G,rihppto,tn'lm. minrv iii
rrwU piirrhll tt cn nn.Ofit ol enyj
ntrnt IW widiJi'Ur. ,C" w1"
VMI
4 r. .....n.l t.Mt.w
tho afMi proJiHl pl huiiiiil IwItiJry
iw b piiiiialcr io lii wmuao-l hi !
It kflf tlie ftm1 itfipwrtwitfcw y
to (Ihi IrtM ixul!iUiuliuf nf Ihta ultt.
IfiMt W lmrifM4Mtily ki mum U dutttne-
rt c!m(ii.''Mi valtm ol coft'Mi, tobiu-co ami
rice !)' fc atk ttml uy tue ptotw nng
Vt''ijt I llia rj'rt lit tti Oxiiiuilltf
Wav awl M !, il Ul Hwiinod lW ll
i iliuliiiIH! at kt Uo cent a piim1 by
tho iiiJinM:! uprtalHn of Iho prittiiig
tin. , 1 ruufultiutly lM;Jive thdl tho dmnn
ofiun ia iih;Ii (renter Uinn tlii eti-
mad, wlm-h 1 ill now tU!inK to pru
ku m fi'uifl UII..K Ml. 1
ti ItW IW ihmiiwi f-M
. . i. ntaf Mid nn i
anuilH (cwilrary t. Um l.i. thai hu fria i
Bl,MKh,Mliefm,l.lifU..J..eHn (,-t
t,u.U. Nin whiil urn lufl u to lurh
the vlanler ran aiilv hia ir..nKy ? Il h
ihtoiiur;l "Mn or ) ujii imnn-
eragi-, forty of lif'y r rent. nM.re b r
lh:in in roi'iqut m eof the pn.lDtting du
tin: and, aa a mniier of r.mrae, in thia
braucli of biechana',p, the nlno of hw
ifxmey will lie proportionately dnnim.liHd.
If IrO. ailn f to fiurf hae iri for the pur
il tim nliiiii. lion, he will have to i?iv-
It Uaf ona IiliiuIiB I oer c.nil. more thai.i '
-,Lli.1C.iruJix4riis-fa.-tj...ju4i A :
AittMM at aav.Milil rauliair ItaVii III JUrai.nmr-lorJiimiv
Hnjt H tf'nti- ivj..... J
M,t... a kill ikjinltft lia a-aall Ikllt ttltll. If Iui
,.,.,. - "
' piirchu! iron mti.mlarlurea,
he
11 1 ... .......1. ..1 A m hi
pe
th
II
Z LC, aitl, if .Wa or ha.a, ihirtv that will not pro "I'll ,,,,! of
Zr a-nt. nnire llian thn would ct our .Hi.her.i atapK ran. prolub.t, lor anv
,i.,,ir.fvr.proUH n .iutie. A,.ply. ktl, of lime the i,nr.rli.. of tho
' '. ..." u. J.....1'... - ' 1 1 ii-li r o..w iin.K,rt.d in
: ..r M.u... i 1 Up. wlu.ln .
IHJJ MIIIIWU "1 IWnm-f, j
.1 . 1. ....., .f ,.r.AafitA apli.-li a it will 1m
r.nul. iliiil. niHin the oni v; airi'rei'ate oil
, ,Jr,
the purchant. ho baa nrrajenoii to make
of tiinie ur title', with the money obtained
ftt Uii c(4tii, if will require, npolian av
cra-e, aootUforty fivo per cent, ntorethan
repealed. And b-rV. Sir, it if proper to
remark, tWt the fact, clearly indicate ft
f.l I .-...Il.i.
aipvana ii -- m -if!"
bbjaluo of cotton, whetlr the pleiter ireretveil for it trom foreign natHMia ! Dm
hiiuatilf aOually cuukuiuea ihoie vurioua 1 nooMmscaUoa ol importing fpecie, tliu
ajtwlee which 1 have enumerated or uol. ' most ah.urd of all tlie folHea ut tho innr
TU tairtbea ia unalterably ud.Mfou.th IcantuV eyst-m, enn now find no advocates,
planter aa a producer ; lor hei cotnplld i It ih wither more nor In thun the old
either to import them articles himself, iu j iBmih poln ofinaliiug tho nutria weal-
diroot ichange. for Ins cotttoi, ami Pay I thy by boarding wcie, exhibited 10 a dif-
.-. ... ... . i l . . . -1. . t i .... 1 ...... .1. an.Mi..ni r..i.ii fitnti
toe out ten on mem oui 01 nis own poca.-i,
or to receive money in 'cKun tr
cot ton
If i !m;w."r.iTinrm;: U v.tk
the tety nyatf M which eompet, hhn' in ff-f
cetre it. ft ijreci!ey-th wime thing
to him at if ho were compelled to- receive
any lber Comm'.iy mlike manner do.
rradel lit- its vwhio. Evcn, IliwreliirO, "if,
he flioiiUI not wish to lav aut more than
one-half or, etie-third of jt in protected ar
tier retain it -barren nj
uiipitiWli vtiu lus ciiicrs b let aa oili
er person Vave it, by whom it would be
fphd fey-lve'm!W4hef
trcted articles. And as it would be no
more valuable in (He hands of thia third
person lor purchasing such articles, ihnn
it. wa in !ve hnudf of tho planter, it iatrj."
dvait that whatever article the nlunli-r
might Teecivefcr jit, would be diminished
ui qimntity in exact proportion to the ue-
..Tiradationofilieyaliro officie.
M) mat uiuu?-3 11 ut; a-uuii.u iii.i iiiuiivv
haa an intrioKic value, wilhoet auv refer
epoe to the other commodities it will pur
chase; IF follow tlial the eachangeahle
value of cotton a diminished by. tho pro
tectipg aystem. in Ibe. exact proportion
that the prices of ptkef articles are in
creased by it. ' r'i-- y fK
W If. wlieathe rjlanter schatiffa his cot.
00 id Liverpool lor irmnoy a were per
milted to esehananlhnt Aioney for!nrHsli
manufactures, as freely M he t permitted
horo-Uexchang it lar ortberfi manufac.
turea, he would iiwtiKibtodly obtain a rruicti
more talnaWe exchange .for W prothtC'
irons. . Irt a word, money hKh ho ro
celvof in Eittland, la worth foftf or vfifty
per cenK inoro there ttwui fiefo,-loH
atttba aaa ta whma aa wtienae la ' apply
kTi But vou ihterboae vouf nrotoctint d
tieojanitberebywreirent him from - sttg4
tt ui Kngtand iinaernne neavy penauy 01 j
forty vr lilty per cenu in order tnatue
may bo compelled ; to brin( ' if into the
United "States, ami apply it to too purcunsc
of dtfltelkmartofaeiure; :-w rwHH-rfy
or f!1y per cent. liiher' than Thy would
bodwinnsca.-lheTeluTerthe- mtefpHt
tlQH ot,tho yntrjoyaje'itbwliorn tlio
cmpiiou4edarrott wtJ- i.
change 0 performed; it w .nevortwiess
certam, thayhe ojtornative (; presented
toflio planter, either to exchange hie ciit.
ton for fofoign pvanofacturet, o pay for'
ty or fiftv per cent, en the value of J hem
for the nrivilefje bf trmkin? the exohance,
or tf exchange if fotdomestic manufactur-
es. and wit rtr or fiflt ir cent. ' for
then, beyond tho price for wtuca the aame
art tele oould be obtained TrTiift lngland.
Heavy as tko"penaltw ii the ptontora find
it br their advantage to, adopt the formor
brauobjif rte ehernative. iVs;', Sir, tVy
tm&mi&wmiwim& f 5y iwa n
M ttriMOtts parjali y a raj ,fe iv; J;tM latu m
.urwjs.aaapljyaBl .f.';:"1Mljiy.ra!
miti$ frota which jtls the w Wo eono.
ymtr jii'mt. ti !! tSern, tW
lu c to U't imiwrnMft d'.mcsli'f mrkl lo
l.ich voo uU t...iie tl.-m. ithuut
inHny p twly 'Awl, Wir, m
( fI., tWllllHK,
rot.ti.nm to t tl It " 'lr!v im,
KibiVtclulotbiJ iw'.ilali4i "Igro.
t-tcd wlitlc. wltur,-irm;yw
iy crry yotjf JjIim, unlit )m b!o-
ifiHlim. N f iVipiwrUoii to Cf4kU
runt proof than ht, nf ye A. art o
TtnlB omlcrwtood.- I willm-fctw tmiU
riildia. M'hwi Ih" tar.tr ol IW m
puiJ, alnw-l very My brhWv! il ioi
U prhtlMt-tryta to ih-hjih nnirim
hmh wewtwb)'l t a Mih 4uty .a
Mffctau Il , Ci, Uwpurttily
W roany rfwk nl tl aono tw
tlie Alrloion of the preiiua ftifitiikM
KAfowi.ttiWMn WMiW Jjt0c4 aud fro..
pirtHHdil to tbt i luf" t"'"?". "n-
E.rttiiimia ?r fnfty nmimi zni u
rge aiiaiixxintof pMvtl urtitbucanw
in, at u at ra of wmrly lifly pf cent.,
a l.iul come i'i U-fom U llJ lower rate
of th iifiwrtritf.
Tbo ImJ" eyjeriewe of th roontrV hn,
ui fact, bwMi hut '"r,,rl tll'iMratioii of
the viaw I ha ltT pnwciiUjJ.
Afrth" pavitnf tarhaiKteaaive lr
i(T. iinrrti.!i'Ni ba -n tor t tin At-
1
iniiiiitiii'ii. nil if. . w . - -
... jt
U-w y IW) ..nMuii. mn
-wrl and lint m...l.,currr. br.
P"w adnata. r--iur v. r. w
Ii'ih4 K 11 t.yi?'.lar Miaiiiy, iiiiiMriuim
On pciiiK'nm ooiiccnn Ipvlwrfii lit.'
1'ryiu.kuUJ Uu;'(i.. ai.d. tlit:.. JjnilT. thy
iimlm!liiiiiiitY:iCh mi'-i'i-n-ivi" la r.lf lilH "'Il
l''"1 r'"K'"m
ly pen i!rfnn;il a'll'j. o .1 fr Ixur yp;m,
awl (lie wrcnniy M w r- t-i' ' i liai
wavi ImroiiK aipjmn nt piM in the midl
T lite; ta.iva lr IIi-j Tiw-iIiiic.. Ujt
however thia may I, c it l, tliiit a
rl mh ili-iitii .ul l'-r Vr-t?rtioii hisliwii
fiia.l- ai every i;.l.'iv,l ..flour yeaM inf
tliii-Uiriif uf. lil but tor tho extra
utaif "I the leountry, I think
it
noi iiiiriroluliii- 1 11U a mini
ileiiiund
. , , . , Tki..f,M.
wotii'i nave wen mm.'-
. . . .... . ..I' J....
iiaii. .irlim nr-ive irmi iui mm 01 nun
nKinuliirlurt'i h Im li nre now iiiiixitti d in
"-- . . 1
etc Uaner. fjr l.'ifin. Il you were to rime
average ul'dtitiiti In 6l iivrcint. to-nioirow
in lexa'lliiin twelve months aeorly tho aame
amount of maulactiirt-s would bo imported ,
aa ia tmportrd t(f,w H..lei lh wwUti.
j ol MMtt'.ern atai.leaal.wjld bo cutotlo, cur- ,
j Mow i. ,. ,mibl that cotton, loSiico,
aml rice, fan of etportcd,if!niethin!virr.
..uir.id f.r jiiir oaloina C0l)8l!nil.tloll be not
1 iireni 0111 inico ''"'Ui-..; - pr. . .
UrTat in which it wua otcc eihiUtcajyi1100 l.ntdy.o cas suteJ, by
' ftu ntirn.nte.1 to nrohibit. hv tienallaw. i
which i mm' rffiwmal, by forcmp its im
'portalion and llH'U promlMting the impor,
tation of any thing which can give rise to
C.xrtyiU'a, of it.. . ,
. -If ihe titanlera ff tho otith ahoitM be
1 weak enough to atlempt to enrich them-
selves ami rhe nation by Teeciving the an
huSI aoipunt qf their staple ju.ypefie,.
Iroin i.iroin-rioaniriwp, iipr--wwin nmm
tlio Pdly kwl fatuity of the wretched miser
wfersalteii nmkM tlie iirl tat ln-lea
kure ft the want of f kid.
Viat, then, can they receive for their
staples? If you exclude the protected ar.
tides." the whole amount of our national
imports would not amount lo more than
imn hall the value of the -southern staples ;(
awl these are principally imports which
arc now received in exchange for the gro
duct ions of otbei piiris bf the tliiiori.'lo art
amount fully equal to the consumption of
the eiMintry. ' ,
Uhcn l rreoented tuaae VtewS or the
unequal operation of the protectinff ays.
tern, two year ago, they were denounced
aa novel and visionary theone.
,1 will now f rodtice the authority of the
two wr'tera I have already quoted, to u-
taiu the doctrine just laid down, as to the
effect ofcomriwrtiial rest lie tione in hang
ing the value of lUe precious metals. ;
.jPjM$aotSeiat aj'i i.v.-.t-i..
H They cannot deny that tSo coramodU
ties they would exclude muat be given ta
ut uratuitoiuly, or in exchange for our own.
produce or for money. 1 p. first supposi
tk, gfaiiting we eeiihfc be sufrwrers by ft,
I ant dWribiri" tr they adopt the ao-
on4r they nnt admii tUatthe loss to tho
producers whose exports, we, indirectly
XPohibitpd,lUtKiHhjrnin to those whom
rwe forcibly encourage, leaving Tiii1oi to
the pnhlic tmcomponsaten j uey ar
dhioii, thaefite feiaii
meftt would be' in monev t and t.) tiitmris
and would be an eiti, ia tho mercantile
lheory.n,,':
- 4"
. . ..7..... A .M . . .. -. .. ...k"
A turn i 4'wrH wpiWJ,''toat'1iut tne
prolWtihg duties-wUIt .which, w have
cloffffod our carirt:witk PKincare
suutieniy rcmoveu, ann uiax mo removal
i limAnliateiy tuffowM by an inc tmtkt
importution'ol French coinmodities tij 1 the
amonntotnve mituona atenmg. , Ana 1
will suppose th" commorcial.reatrictions,
on the part of France, lo; remain , unalter.
edp' 1 will suppose, too, that tbo five'tnil.
Honatn qut'stuMi are M:tiialtv remittedttii
money. ;rt is admitted that niesjlRiot of'
Ian large a sunt From KnglatjgV and its tn
ftut into r nine, must smr-, air Englisb
tirieea, and occasion a geuernl rise of prt
TmjM JadosilJ'ifit 'tygdfr the
otf the
I',,. Iful. and of li .W I ' to l"rnr e
n,.wy iaiiol aourc of (jmtiii fU'-n, IM
a Ma iiHniiff"! of jroiiiiiif n e, if our
pr.ft-5 fn not afT-cl'! f p-"J Hh
p.wiimw'rour iiioufy, abwiH L ien.
,14a of our ! or raU.ri w aliwibl ha v
utiuwl fto'l- .t-hajevor, and iav gam.
eJ the five inillion worth nf French com.
HK..t.r HhHiUiny rrl aacriJW, wh'W
Tranc y P"rUs', - wn'1
cimninJitM-f--lir itciJ n enaible
oqniiluot., , " , ' '
Tfiu rai pul hy ffi ithor, it will t
eetn, U ho oooiafMiil of Ul t . which I
illustrated the ofleclof our BMtrictWK "P
thevfhvBH iwjnnyi - iwiiaij'"i'"i
however, whH h ahoWa thai tiw rrpwi w
rxttricliofw wchiW chub axmuy I- llowut
or tin? rowitnr. anu Tt - 7 1
orovci dial lb jinnoaiiohi
ut iviUpvuuHi
wili (auvO money to How h lidji in
vulov.. -
MrVRlniTSo.rine
ed of tba pratktul auHHunwU of Lurop.
Uy d.iwn the e prinripM :
"(Jutland aiiver Laving been chown
f.if the enral. medium of circolatum,
they are, by tho conipt-tition of rominere'i, I
tliatribiMed in aorh prnportiona amongst
the different count ri-a of the world, aa to
a eoiniiiliile Hie nitclvo to (he tialiirnl Irfcf
lie which would take place if no audi iinv
tal etitted, and lite tradn hHwcci) coun
triin were pun ly a ira.de of onrler."
" Now, auppoae England ditrowr a
pr'rf-ew for making wine, no (hat it aliotild
liernnie her intere! ratliete4row it thnn
Ui imparl il, ahe would coaMVJPnti'1''4'
tufe rloth fr eporlutiMi, and would ;row
wine lor hfraeli. The moury pri'e of
jtlice ...I'ominoditjeii ;lllj lKrillll:ited no
Ifordingly. Clotli 11'd ciitiitur for hoiiic
I time to bn etMited ti.nii tliiit country, Ih.
Icaun- its pricj would i.-'Milume lo U high
er in I'ort Jiral than here ; Iput m if-v, in-
htr-ad of wine, would be iven in f ii liaiije
j for jt, till lha aecfii'iiulation of money
h;re, tjnd it diminution abroad, hIkmiIJ ao
opnrale on tbo reletive v!oe of rloth in
iljij hvrt coiintri'3. that it. would cciua to
be prnfilHlile to rxmrt i'."
"It m thiM thut the monry o( rarh
co'jntrv n aportiiMied to it in Mich ouau-
I line only a nmy be nweesary lo reu!atg
rtnltde Wbftnet.
" Rut tho H..,..f h,. of money m on,
unlry. and ,.a m. rra-c in another, do
w.l operate nntlif price of on? commodity
ojierate on-tlie p
oalv, hot on the price ol all.''
" Tkii higher rnlvt monnj trill not
!,t uiiliruli J by ihr tichange ; bills may
co.iliime to be negoiialeJ at par. al'houjth
thn pncca.of coru and labor aboulJ I 10
S. r per rrnu u...er ... one CWmry
hen each coirilry Tiaa prec,lv the
qoa,.trty of moi w4neh rtjmjht tW,
money will, noi, i.wecu u ui vne mme vai
uo 10 each, for, uilh. rctptct lo many com'
uuxlitm, it may liijft ri 10, or mn pr
tent. Init the txchangr irtll or at ;ir.
Jlf ra, sir, a diMioct recognition of tne
princijiles for which 1 am contending, as it
regards the distribution of money iimondM
rlitkrent natiime, and I lie changes produo
ed in its value bv the increase or di.uinu-
t way 01 IllUSlnlil in, nnr imh iirrcim-iv nniii-
ajjoua lo oor catw but 1 kel w arrauted m
autlmrsi the prtnctple they have laid
down would induce them to pronounce the
Mme oprmn'in relu'ioo to it which i have
endeavored to present.
It is distinctly ailirmcrl that the accuni
illation of monoy depresses its value ; and
m all commercial - rertritttona tton im
ports while: poiis are free, miM not onlf
cause aa accunMiJauon f miiwy,'! wit per
manently retain it as long ns the resiric
Ikui fiwtiaucji. foiews,iiallJie.ii!ica,K,
more properly, the exchangeable value of
exports must be permanentjv diminished In
the, praci.ie defree that the value of specie
is depreciated;
This view ol the subject furnishes a
complete , ivfl satisfactory solution of a
puzxling uiliicuJty which many persons
cannot get i,,Cirj M which may appropri
a"H be denorninMed the Poira iftnoriini
ef this great controversy.
w hen il is contendea trial tne protect
in" duties do not Tall eilcliisivjfb uporl the
coiwumeri bo! partly upcmpitiducenu'f
the efporl ana partly, on tne consumers
of imports, every merchant's clerk is ready
with the replv, thai, as tho impoftlrigtner-
clinnt miiot add the duty as well nf his
usual profits lohe cost of every import, it
neeesxafily lolloivs'that the cansumer icu,st
oav the daryt . TT-
Srwv4t 4 admitted, thai the importin
merchant must tiKrease he monev price
for which' he eolls a foriprtianufiM'tiirj
so
as to indomnify himself Tor tho duty
id ott it ! out we have seen tfiat this ea
paid
bnnced money priceis produced itrpatt by
4lt eerreiat'toai m the valan af wvowey.
In whatever degree th IncreaHcd ftrice of
rprotected trtictles anetrlirorn this dfpre-
elation in jno yaiuu t iunn,-y, an oiacr
comntodities,1t the aame market or com".
mereial community, will experience acof.
resjVonding increase ofj)rco
auJJtJoaed-ihat .the uoilkera frtners-nnd
prot ecii syete nf ai thn peoplo tt sou th
ere States,' "oftier than thojplantefs, lEx-
pimttimfott
on this subjects jv tituever. increases the
prosperrty . ana prelits' of the great and
tending empjoymeuts ol eapitai in any
eomroaiuty, has alay blen found to m-
crease the prosperity and profits of all auk
ordinate emplovmenis, as well as th wa
s of labor.t i? obvious that, lathe
same local eomnkinity, Where the trans.
fer ef capital and, labor front. one employ
rnpnt to' another, is easily jfactfJ, ther
cannot long cont inue diffluent rates of prof-
ti and wages oflabor'. Hie truth-utf this
remarlj will strike the corumonest obserr.
etCut Uieffeftiso jwxie m
fenuality jf rwfle4wf:ee -w;rtfiucd;fiwtnst,f tncmKd rrltEir
Ua
....... -
JsiUijanltamaBbH
AiHeillMT dii'itw r.i'. .11' fl tllf I
I iTI
f.f j
Vint' Hi ln"'Jl-4 IHI l.rui i.i ii i"
n 6if',lo " 'il "'l "I 'l"i'-,,f
tbv, at th Mum I'm.' , , U" rric
of All Wlrr OrtleWa in the iimiifuiif.iia
r2i4n,tiSii;;h not to t "1 p"
la Mhaiuver dcro Ihe rie4th I'fK
of pfotptteij ummifarliirNi pf.! Iy
the iDcri ouantiiy J -rfiowWieJ
valuo of innwT, in tfaMt tirgrt-i nil Mln-r r
tM-lra in Hie aifnt- rB'" f country
,kM.t al-Ki. . hiki. tlMirrforo, the
ITt'H piwi lump., .1.
r ... .-.I li a 1
price M TIlUIIWiil'irrf i ihmw'ii. -n
Aflhet cotit.. bv thiritortiii iiutiea.ine
.a. Mni nv np fipnivin 11T ininr". 111c 1
pri.- of all farming pi-lutli'tna proU.
...
,.- . . . ;,t..,,. ... ...... .. t . -M,ir...A 11. J.
L. ,1 - , ..if ... .. ; it a.,.i 1
rfiUtXU Ual Hie proajirfiiy 01 iui
rfiumifacturtTt IntWaM lif ?hff nmi1r-rrp
ducua a correnVwHliiitf prop-rity- i lint
other cla-woa,-there, the rl..ioad c-mhIi-
.'. I 1
linpofthe foutliern plmitera mul prmluce
a corretiKtiidrnt di!iirniin in uh tl.' nib.
nrtli.mte 4cparimeiitif amitliern -aluiry.
The protect. iijrduttoa haVca d'nill o'lief.
ation upo.illioin. Thev.at the aame time,
dm.iniMi ttm priced iWr a real iapk4.
- r . - 1
and iw-ri ;we the price of all Ibfi artirloa
thev have oernnion tu purelman from other
par'tn of the Union.
I Vill now iiiqu'.re what i ike ajrgre.
trte efli-rt of the whole protectiiig avMlem
on the two ereiit wilxliviKioiis of tho l.nion
the pliuitin nmJ the inanuia' turiug 5latt-.
A-r-iiiniua the avrrao rii of protorliiyj
oipIiph m 40 i-rreni., (th-uh it ia in furl
more.) nnd wltiuj duvtn the aiMithern ex
pom flt-thirty rive initliomr of rloltnra, -we
hiive the mini of fomten milliont ofdol
Ium a the amount of the revenue iinuimlly
levied from the production of lb plunl
ins Pnie. of which mom than one hulfia
transferred a a trilxite to the munufurtur.
m Nnfea. But the actiuil extent "of the
trannfer of, wealth which ukes place, an
miiillv, from the aoiith tu the north, cannot
be fully rfaliz' d until we tiiko inl i tbo et
limate t!ie fxi hnnei betwe!n tho- two
("H'lioiis, as well iui our foreign exchun-
.vTha wJj-do amount oflho aoutliern jiUr 1
pies which we sell lo Ike maminictu
irin" I
Slates, cannot amount to lei than six mil
liooa uf dollars. Cotton alone; by (he es
timate of the manufacturers, amounts to
more than that mm. While we certainly
obtain no jrenter money price for our sta
ple in thin excl.Hii(e, in consequence of
the prolecM! duties, we M certainly give
fr.nn twenty tivc to Mty per cent, uioreior
alle.itirlcs wc receive. The: amount of be article ot shoes asaeeapkved as.
thrtrrreet snwwlv wie leviwi-.tpj). Ilipuniuig tkiaiW4:UauillUiuai4' paifaabawld--
south, 111 ..this internal trade, is not less
thnu two millions of dollar. Tin-etiinato
of the Committee of Ways ami Means tv
much too small. '
As to this hurthen, there can lie no mis-
take ; for it is certain that the money price
of the articles we 'receive from the north';
f.r the staples there consumed, ia increus-
. .
ud to the amount or at Iwt two millions on amies tan upon me cnsunicrs,.aaoV -by
U protecting dulieu, awl it is as cer- conKMpjontly that the Sntitlicro prXiduceft j
tain that lira- uiowiy price ofcott-n, tobac- of ahoaa would hava 00 aiore cue'toWv'
co, wKi.nce is not increased at all, but
ratl-er diminislied bv l!io duties; -
- Upon the whole, then, tho unnual pro.
mirtion ot'thenhTve rnt BgncnHnTal utir.
ilea of I he south, consumed Ixith abhiad
and nt home, amounts to at least forty mil-
lions of dolla r. Tlio ehTct ot tlie protect-
iiig syatewi as we have ien, i to depress
the exchangeable value of this whrJ ft
mount of prmluction, as compared liothlcouia not oe twncw torjheinierpU
wath , theTflianufat-turef .ul.i)SrwrtIvai4a I il' vi f tioe9.! .TJioi. tchae; fcaulU wuull
with foreis enavwfactureW. iu -.tllrte.vuci J Coliiwuljy lo.lknt Ibe consuorers of tlie T
degree that af eiiliaiiceu the prices oflhw
mnnulV.turM. In other -vords, upon all
tlie'rxeriahgeroT'ttir
and abroad, they pny an average ol torty
per cent, more for what, they purchase,
wlnlc the price ol their ftaplcs is not at all
increased; nnd this unequal state of their
exchanges is exclusively.produccd by tho
profectiiipf duties. '
Sir, this is no picture of tho rmngina-
tKit-is a,plain anarysivvirTictbu?me!fl
view of our condition. Aud I do not know
any language by which I cuu better do-
scribe the aggregate operation ot the pro-
IcCling system upon the ditTdrent sections
of this Uuion; than to say it is an annual
legislative draft upon theproductive indus.
try of the planting States, in favor of the
manufacturing Suites, lor between ten and
fifteen millions of dollars, sijrned by the
pres'idinij ofTicersof tho two f louses, and
coiintorsigned by the .President of the
Cmted states. - .
Haviiig noyexplained' tbo agency of
loney iirthe exchanges of foreign com-
money tertne exchang
mercc, arid its tendency lo disguise tlie
actual 6pe ration of the protecting system,
ihe cemmittee wm the more jeaaiiy per-.
eeive the force nnd propriety of tho illirs-
the great inequality a:xwtic'of, that'
system.'. . Z" Ti. -V
1 ue reason is now apparent wny impori
little rinvn' burn errnnnolinlv sunnosed In
operate diflbrcntly from excise duties, upon J revenuo by tinpArt duties upon Inoes "ibI'
the twodueers and eonitner of the 8rtHiHiwhich-ar obtained from abroad I ;
tsTsliQeed'Tortliese iwq1ecTT oflw
-Mwiwntarv-rtnwnrtmiffiAnnr
ono-tnira nan onty 01 ine couou manunu-
timw-et tbe -VnitenV Ktafcee every twtjM
Ksvlwdn(mr.l
then of this duty, would faH upon the pro -
dueera ol the proscribed manufactures,
i ne exemption 01 tne ouier t wofuuxoa
. . i'i . . It t. '.i. .1 .
impossioio 10 mrow uie Dunnen 01 iiwiino
diV oft i'thfi eoii'nimees. i-x':r. f
Now, this is etjually frue of imjwilju -
tier levied iinon foreiM manufactures.
irhli? domertiJnanulactures of tliejsame
&I.1U. UJU Ml IHIUV inc niiiiniill. in cniip-
ted front :duiies-sAld.ihe rawea.''W&r it
Is oof i.no'lllv flntvieef.T. ihnt la eveiuo
dulic iwerateT upon Home-nic exchanges,
bicttl,Mhee twifhin irt
- i , ' rs . - .. . " I
i ',' t y ti-v,1y . j., , i
fa W .!!, tin pru'o j.S s.. '
ri'it''C' l! juciPwd a urii.!. .
lliinl pirt pf ihi'iin"Vt f 1 1
dm pnotipal burilion iinj.t ,
a 1-
m UinUi iy the hrri hin,
rA h , , H
not jul .mi j Wf ,,ly
lr., ni,t.'l!ii(,,j l!i,p T
t If MKMfy 'nn'
from Mrrin !om.i
olil tn tue tinted Mitc rtja;tinn
afw alii r urn iifpvriion ifi
Pr"''rthi
flrntj a ia llm ta oTt)r it
in nnir
1 ' I . '
r r f . . I vuai
1 bit nrodiM-erl musr ImiLt jiioI of il ., 1
that
. - 'iri uur,
iuh - i. tv nin m -ui at ravtr;
ninn. " f-o wir.i. m mi 11,, ...
Jproliiduht, in 1
imicU ttmifeo 11,
mTJc (lilin the 1
1. .a Mn--.1.1
tnnlp-ffTSf" iTTvirtahini rii' I . --
., . i,1.r ",r ,Tt " nvirn
tWwU4 lurt itu aa, Lmii wt,f j
autn oiiiK, from b-inj rnftffd J,y t
l.If ... II. A u . .1 -I .1 .
IH win rwmey prtca ot.ttieao ij,i,.,
hitcd of i rite in lh, money price of
orotitfted maiitil
4 f ir llto purpyfa of emlmdyia hea ': '
principle"! in a pinrlical illualratjou, and t
of dninnnat.niluitf that parlinj and diaerfnu
vmwz uptif f . M I port,!) Utiy UtimJL
.. 1 . . . . - : .
n)nn conaiiiiiptiorl nuyt operata 'aa-t
P"" pro-ldrtioo, I will auppow)
ono - third purl of each and every Irti
conaumed In the Unjtod Ptuie" wer j7nv
dured amilh ol the rwoinne, and the other'
twtlunln norin of Hull rivert :
nH.hn.vi-r, eii.Kwe that, a juditfijal ecorw. ?
mihi were 10 rue up in ina nortn, and prev. r' V
poae thut the whole ainoiiiif af Ida .je'dorai. .
tinea ahould be leviad b'y tigiao' 'dut,ieji I
that third of thw--tfiwrr article oTf"
our conwjmplitHi which, waa product '
ftiuth of the i'otomne. 'would - ka at v
110 l.t-sa lor aruiinlf'to. w!a'io thia pro. T',
portion, aa a' junt and equal rheme ith
in nation, il il he trim that the whole buV.'CJ
limn of indirect lave lalt Dponlhe jni
uiner!.. Iia couia truyjUlaj(a tlmt-U-
.yM l. .Inl"'Ji nioitrecunomicalvto foW
kri the duliea from one-third part ottha"'
Union than from the wln4es inninoch i
only ono-third ff the. nuiulicr of retenua .
ofTu er would I muuired : nud if ifwouli '
he.an e.jual nn jiwt ytcn, ItAJconOiA
flionld be ue:isive 111 it fayoe" " '
Let us now di.iiassi(iiiately rxaminVitl
true operation, aiumiiig iktil'lU prtdocy
tiouf of the south amount to sixty mlttiooa : '
and those of the north to one hundred and ''
twenty milliiHis, and that an excise rhitj
of forty per cent, fl.oukl bo levied o 'the,'
former, yielding an annual, rwcoue of .'l
twmflmrmil'iona Tf UuIlarC 'TaVrng
oe annually consumed in ihc united Stajiet ,
averaging the yalue of one dollar caclf,
would rolkw,fiihesupjM4lion,thnfth
sjniithcrii Slales'wclild produce tour mil. f
Hons of these pnfrs, and that the a.Ml'hera',
hoe makers would pay excise duties tote
amWnttf 0h 'QiillioA ;iii.buuM'tfiuu'
sand dollar. Now, it 14 mnintainetf, thai'..'
ia 1 . t . 1 . -
pwiq w ine.e paniai anitff jijan apfotucr
class- of people, as all muni he equally l!ia
tveurm and conmimera jdinear.ilr-
evklent that he conwimert of, -jhjSfWJZr
wouiu ne suujeci 10 no, greater Uiirinen 11 -'
cwtsuiners, than tboseof henorth, Ivr Ihec-
pnee or souinem mnae audes cnulit not Da
any Jiigbetr Umn that of northern made t
hoes in the same common market'; there- '
j north awl eflht sntitft wrtilr! jrapbe wrff
imo price for, ahhct,ud be subject Jhtbti . 1
I uuiy. uui tne,souincrn snocmaKer. u
ouviout-, .wouia jmy taxes ijo the amount 01
one million six hundred thousand dollars .'
while those of the north wduld pay norte 16 :
all. IIore, then, would be a speciftcjax of, .
one million mx hundred thousand dollars','
levied on the producer ef ahoea i,tbeJ'
aoith, dimitiisliing the antnial iiwcine 4 "
I mat section, oj Uie uuion preciseiy.to tw
j extent, as compared with (he i income de-
nverea 07 in 5. norinorn section irotn wp ....
some quantity ef the same kind of laber- f
The course of roasonfng which I bvap
plied to shoes, will equally apply?! pi very 7;
other article f and,it wiH f.Uovr, thu(the ',
grand aggregate of this acbenio'of, pani J 1
and discrmiiuatingejiafVj duties; ''Woujd be.;.
to throw tho entire burthen of federal tax-.'
alion upon the southero Statestlioiigh fhf
consumers 01 notn secttor
Sections would 'fie
equally affecJed by,-!. It wt
sivey a tax upon the produce
would be exchi-
ucers. and Would
he in no reenect less tiniimt ahd rmn'reswve;-'
. .- , j 1 1 ... 1
than if the. same sum were levied, by J
poll tax-, upou. the. slioomakers, 'and ififil'.
various ot he r producing tlusses . el tart
lou6ffr'r?tci"
"NowrjCLaunJSf Jliatscbenieet !
adjusting tire tariff should 'prevail, whicfTj i
1 proposes xo rep-eai aune ouuos y rii.
I tec.ted article, and. lew the whole federal .
atfdTice7WT"7
r tiffl
jrposospaa'tNiiy-euiiireuuD v....
the rmrneir in tne one ee&e ay '.njjnrj wi.
tna'Mrr Wilt -it
J hc thrown 'iipoo the,aoulliern.SlateJ
jif the revenue srWt'niMfa1yfit
an excise amy upon . coxion, mhi-w v , -
I.l.
L"li e'i.l l a si .
wareiiypiseoi ma pijinior -
hrorwuiite iTfHK be JutterlVrimnOr'snjIeV ,
J for the ingenuity of manjo deyjse a pjatt.
1 of Msinff revenue more nnlust and . UDe-;
lqtial in .. .it operation upoitjhe exnortiitj
1 vuiiQftvi. mil. .;..iiii..w.jhiv r. 4.,
I ; (ToJ CohWnidl) 1ft!
I i-T-a . .'.' ' ' i ai 'V.t.'. v -:V
Pari :':" Passengers are T?
ffitCsle
The loHowing ir: we i:fixRDP,
ntTice in Paris.:; Passengers are.rc
If ttef eef il6wa,nol iff 'tiOrtfr.
j- m . ' . .
4
at
j: