WHOLE NO. SIS.
{"character_count": 6254, "word_count": 1151, "ccnet_language_score": [0.9574000239372253], "ccnet_perplexity": [1577.300048828125], "fasttext_language": ["en"]}



cr abroad always apprehends that the door is
closed upon him. He becomes fearful ola glut at
home. and he makes deduction immediately from
his CUSTOMARY profits. Price is exceeding elastic;
slight burden carries it down very low. and relief
from the burden Immediately raises 1t. may
refer to the fact that the puce OF IRON declined
very much IN England IN consequence o our late
tariff, and the dealers in England were looking
anxiouslv TO get rid of 1t. Ii we reduce our duties
there will be great rise in the price. They know
very we'll that the burden was not US, but on the
producer.


The principle contended for by the Senator in
regard to the expectation OF cotton Is the same.
He says-Give us large demand for our cotton
abroad; take off all restraints. HeaFgueS, then,
that the demand for cotton abroad is checked,
and that its price consequently falls, whereas If
the demand were increased the price would rise.
1t is the same thing in regard to imported goods
in this country. The price is reduced by what
ever dimInishes the demand. The tobacco
growers are aware of this, and are therefore max
ing efforts to have the duties that article
duced IN foreign countries. The article, they
know, will rise here just IN the proportion that 1t
is relieved from It's burdens abroad. Moasses,
after duty was laid on it, became so low at the
places of production that the producers would
|
It and take it away. In anticipation of q duty Of
two cents = pound on coffee the price Of that ar
ticlc fell two cents pound IN the market, and
[ believe that il we put no@ duty of two cents
a pound on coffee, the effect will be to render the
article cheaper, or it viii at least he as cheap
ever.


Price stands on the principle Of supply and de-
nand, and not on the cost Of production Ii
there Is much Of an article IN market, the price
will decline II forty millions Of articles made
in tins country were enough to supply the demand,
the ten millions that were broug ht III from abroad
would diminish the price. Every merchant knows
this, and waits till the market is bare before he
imports If the ten millions are brought INTO the
country, the holder cannot ask higher price than
the article is selling for, IN consideration OF the
duty paid on it. lie must sell the diminished
rate. Suppose the case Of a village where there
are ten stores for trading bat there Is only dc
mand for nine stores that wall rent Tor Il hundred
dollars each The nine stores will rent ior nine
hundred dollars, and the ten will rent ior no more
One store must stand vacant; but winch shall be
vacant? One will say that his store shall not be
vacant and he will take less rent for 1t and
thus the rents Of Hle whole will continue to tall,
till the consumption takes off the surplus stock.
This is experience, and 1t proves that prlce IS re-
gulated BY supply and demand. The dlm!nutlon
OF the quantity enhances the price. The foreign
manufacturers, after thccompchtlon IS Withdrawn,
arc not going to sell the cost ofprodnction. They
will fix their own prices, Us they have done N
yeats past.


Bat how strange il IS, says the Senator, that the
manufacturers at home want any duties at all, If
;he prices of their products are to be diminished
If duties will reduce the price here, why do they
| ha Int tp
them? No, SIR, it is not Injury, 1t is benefit.
They want q duty on coarse cottons. tor instance; ;
and thew want it, because they want the privilege
OF slpplvng The forty millions OF cotton goods
for the consumption OF the country. at the cost
of the production. We can supply the article
almost as cheap as England can. We could sup
plv it quite as cheap but for two reasons; that our
article is much better, and is made entirely from
orr own cotton, which is of superior quality
The English article is made in part OF India cot
ton, which is only used by mixing 1t with our
cotton in the manufacture of coarse cottons. we
might, by making poor an article, afford 1t
quite as cheap as they can. Suppose their fabric
to come in free of duty, and that we make ten
millions and they send in ten millions OF the ar
ticle and that this amount is double what the
consumption demands. The price Of each artl-
Gle must sink one half. They or we must sink
under the loss. Which party can hold out the
longest-the country where interest o! money
is two and half per cent. or the country where
it is seven per cent the country where laborefs
| work for mere subsistence, or where thcy llVe
like human beings? Both parties must carry
on business at loss of fifty per cent, while
they arc breaking us down. Suppose that we
get our goods cheaper by taking OFT the duties,
It will be at the expense or the ruin of those


at
the goods be cheaper after the competition
has ceased to exist ? Suppose you depend
wholly on the foreign market. Do you think
thew are going 10 sell at cost No. They
will indemnify themselves for their losses by Tx
;no their own prices But why should 1t DC
wished to import goods to take the place OF
American cottons Why should we dispense
with ten millions of good strong cotton cloth, to
oct that amount in India cottons vi what De-
ne6t would it be to the South to bring INTO TINS
country manufactures Of India cotton


The importation, duty free, Of ten millions oil
(o.e;on cotton goods and thirty millions Of other
articles would break down the home manutac-
ture. Where is the capital and the labor EN-.
Moved in these products TO 60 when liberated
from Manufactures 1t has to go TO increase the
already enormous products of Agriculture 1t Is
no object to increase our agricultural products !;
and indeed, il is necessary to drlve OF some por'
ten of capital and labor from Agriculture INTO
other pursuits for the purpose OF afording mar
ket for agricultural products. Whois to consume
forty millions of manufactured goods alter the de-
strnction of such an amount OF industry Our
capacity for consumption viii be diminished by
the want OF profitable employment.


The effect of transferring to Europe the manu-,
facture of the forty millions of commodities VIII
net be so beneficial to the South as the Senator
supooses. We cannot expect that Europe Will
consume forty millions more of our products De-
canse we cmDoy their labor and capital IN man