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He referred 20 the factthat the price of iron de-
| clined very much in England in consequence
oil our LATE tariff. and the dealers in England
were looking anxiously TO get rid of it. II
we reduced our duties there would be great
rise in the price. They kneao rery @reH that
| the burden acaS not on as bat on tae p40du-
Ger.


price stands on the principle of supply
and demand and not on the cost ofproductIon
If there Is much of an article in the market
the price will decline If forty millions of
articles made in this country were enough
10 supply the demand, the ten millions that
were brought in from abroad would dimin-
ish the price Every merchant knows this.
and waits till the market is bare before be
imports. If the ten millions are brought in
to the country, the holder cannon ask a high
er price than the article Is selling for, in
consideration of the duty paid on it. He
must sell at the diminished ra:e.'


1t seems to have entirely escaped the at
tention the free-traders that if they could
succeed in breaking down the Home Manu-
factures they would not only destroy the
Home Market for agricultural productions
and mec hanical fabrics, but :bev would dis
engage the immense amount of labor and
capital now employed In manufactures
Where are this labor and this capital to go ?
Mr.. Evans gives the true answer, and points
out the mischIevous consequences to the ag-
riculturalist and especially to the cotton
grower


THAT labor and capital when liberated
from manufactures would have to go to in-
crease the already enormous amount enga-
ged in agriculture.


L., ,lftI-
raj products and, indeed it was necessary to
drive off some portion of The capital and la
Dor from agriculture into other pursuits for
he purpose of affordicg Il market for agri
cultural products Who is to consume for
tv millions of manufactured goods after the
destruction of such an amount OF industry
Our capacity for consumption would be di
minished by the want of profitable employ
ment.


The effect of transferring to Europe the
manufacture Of the forty millions of com
modities would not be so beneficial to the
South as the Senator supposed We cannot
expect that Europe Will consume forty mil
| lions more of our products because we en-
! ploy their labor and capital in mannfaclu
| ing for us forty millions 10 goods. very
| large part of the cost of producing the goods
consisted in wages of la5orors and in neces-
sary expenses OF living. The increase of
the manufactures in England, therefore,
might raise the value OF agricultural produce
in England, but it would not increase the
ability to consume our cotton. The profits


on the manufacture would not be expended in
the purchase Of cotton, but in the products OF
England-in the food, clothing, and habita-
lions for laborers 1t would enable their
people to live better at home. All the benefit
would attach 10 the foreign manufacturer


and not to the cotton grower in this country