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pects, but will not get, from the public lands, and the amount wanted will be twenty millions. Thus he says :—

"The new tariff has now been in operation more than twelve months, and has greatly augmented the revenue and prosperity of the country. The net revenue from duties during the twelve months ending 1st December, 1847, under the new tariff, is $31,300,000, being $8,528,396 more than was received during the twelve months preceding, under the tariff of 1842. The net revenue of the first quarter of the first fiscal year, under the new tariff, was $11,106,257 41 cents, whilst, in the same quarter of the preceding year, under the tariff of 1842, the net revenue was only $6,153,826 58. If the revenue for the three remaining quarters should equal in the average the first, then the net revenue from duties during the fiscal vear of the new tariff would be $44,425,029 64. If, however, the comparison is founded on all the quarterly returns for fortyeight years, (as far back as given quarterly in the treasury record,) and the same proportion for the several quarters applied to the first quarter of the year, it would make its net revenue, per table C, $40,388,045. Although the net revenue from duties already received, being $15,506,257 41, during the five months of this fiscal year, would seem to indicate its probable amount not less than $35,000,000, yet it is estimated at $31,000,000 for the fiscal year ending 30th June, 1848, and $32,000,000 for the succeeding year, in view of the possible effects of the revulsion in Great Britain. Although our prosperity is ascribed to the famine there, as though Providence had made the advance of one country depend upon the calamities of another, yet it is certain that our trade with Great Britain must be greater in a series of years, when prosperity would enable her to buy more from us (especially cotton) and at better prices, and sell us more in exchange, accompanied by an augmentation of revenue."

To realize the Secretary's anticipations and estimates, our exports, during the present year, must come nearly up to two hundred millions of dollars. Suppose the average tariff on all our imports to be seventeen per centum, which is nearlv two per cent, more than it was last year, and that our imports do not exceed our exports more than five per cent., which they probably will not do; then to raise a revenue of thirty-one millions of dollars, will require our exports to exceed one hundred and seventy millions of dollars, which every well-informed man knows will not be the case. We undertake

therefore to predict, that instead of thai one millions of dollars from the msia the treasury will not receive over twea six, and probably less than tweniy-J millions. Had the Secretary given u= i imports and exports from the first of 1 cember, 1846, to the first of Decern} 1847, we could have predicted with » confidence. Supposing, then, that all other estimates and calculations of Secretary are correct, which they are from being, and he will need a loan. present year, of more than twenty-fm a ions of dollars. Now an addition of: teen per cent, to the present dta properly distributed over the wh'"'!e our imports, would have produced about that sum, and this would be a m more statesman-like measure, than a ] of twenty-five millions of dollars B present, or any other condition of yu credit likely to exist, under the adit tration of President Polk and Seem Walker.

On the 14th of March, 1S42, Sit Peel, then Premier of England, made following exhibit to the House of C mons, as his estimate of the source* amount of the British revenue, for the j ending the 5th of April, 1843 :—

I estimate the revenues, says the Premii"'T, Customs, - - - £22,500.0 Excise, - - - 13,450.'?

Stamps, - - - 7.000.JI

Taxes, (land tax, we suppose.) 4,40"i'

>00J»

Post Office, Crown Lands, ■ Miscellanies,

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d to practice, for the British tariff has ance been so modified, as to reduce amount of revenue from the customs gle million of dollars. The only ma1 reduction in the British tariff, which free trade party bruit so much, is the ction of the duties on bread stuffs provisions, which never amounted to llion of dollars a year. le population of the United States be estimated at twenty millions, and the last year our exports of domestic ucts, in value, never exceeded about hundred millions of dollars, sometimes ile more, and sometimes a little less, population of the British isles may estimated at twenty-eight millions. K can be no doubt, but what the arts of the United States, in proporto their population, are, and always i been, equal to the exports of Engiti proportion to her population. As land manufactures nearly everything herself, it is natural to suppose that would be the largest, but suppose i to be equal; then if twenty millions txiple export one hundred millions of oeo, twenty-eight millions of people d export one hundred and forty millof produce ; or if we take the last as the base of our calculations, and twenty millions of people exported hundred and fifty millions of produce, . by the same rule, twenty-eight millof people would export two hundred ten millions of produce, so that the ige of duties would still be about fifty «ntum upon the whole imports of Eng. This exhibit of the English Premier rs what an enormous amount of revemay be collected from imports withoppression or inconvenience to the >le. Although England collects over hundred millions of dollars per annum i her commerce, which does not exI the commerce of the United States t than one-third, yet this enormous is annually paid by somebody, with s or no complaint by the people of land, except the trifling sum collected bread stuffs. Take away the corn i, which have not yielded a hundred isand pounds sterling a year for the twenty years, and there has been little Io complaint by the people of England, ut the duties on English imports. The

oppressiveness of English taxation proceeds from the excise, the land tax, the window tax, and the hearth tax—in short, from the taxes properly so called, and not from the imports, which, properly speaking, are not taxes. Except for the necessaries of life, no man pays an impost unless he pleases, and the necessaries of life are the subject of imposts to a very small extent in any country, because, as a general rule, every nation produces its own necessaries of life. A nation that depended on other nations for any considerable portion of the necessaries of life, would be in a very precarious condition, and could not long exist as a nation. Besides, the domestic product in every nation always regulates the market for the necessaries of life, such as bread and meat; and hence, the importer, or foreign producer, and not the consumer, must pay the impost on these articles. Therefore it is, that the market price of flour in England regulates the price of flour in Ohio. If a duty of one dollar a barrel is laid on flour in England, flour immediately falls a dollar a barrel in Ohio. If that duty is taken off, flour rises a dollar a barrel in Ohio; so that an English impost on flour is, in reality, a tax on the people of Ohio and others, who supply the English markets, and not on the people of England. A duty of a dollar a barrel, would not raise the price of flour to the consumer ten cents a barrel. The balance of the impost would have to be paid by the producer. Hence, the hundred millions of dollars of revenue, which England annually collects from her commerce, is not paid by the people of England, but by the people of the whole world with whom she deals. This is one of the main-springs of England's power. She levies tribute upon the whole world, but pays tribute to nobody. She merely humbugs the nations with the phantom of free trade.

So long as no duty is imposed on tea, coffee, and spices, an opulent farmer and a comfortable liver in our country will be under no necessity of consuming a single article in his family on which either a tax or a duty has been paid by anybody. How absurd then to talk about an impost being oppressive to the people. What we call the comforts and luxuries of life, are the principal subjects of duties, and these are usually prized in proportion to their cost. The stronger an article smells of money, the more distinction its use will confer, and the more it will be coveted by those who have the means of paying for it. There is therefore no danger that high duties will ever prevent the importation of foreign products, to the full amount of our exports. The history of English commerce furnishes abundant proof of this fact. A duty of four or five hundred per centum does not prevent the consumption of tobacco in England, from which the government derives an enormous revenue. The greater portion of this revenue, it is true, is paid by the consumers, but up to some thirty or forty per cent, the producer would pay a part. So a duty by our government, of two or three hundred per cent, on wine and silks, would not prevent them from being imported and consumed in large quantities. Who ever heard of an article of luxury being so dear, that nobody would buy it? High duties are as much and even more complained of by producers, than by consumers; but if the duties are included in the price the consumer pays for the goods, the producer would have no cause to complain of the duty. If a duty of a dollar a barrel on flour raised the price of flour a dollar a barrel in the English market, what cause would the American producer have to complain of the duty? Every nation strives, by treaty or otherwise, to have its products subjected to as low a duty as possible by foreign governments; but if the consumer pays the duty, they need give themselves no trouble on that subject. If, then, England collects a revenue of over a hundred millions of dollars on her commerce, how easily could the United States collect half that sum on their commerce. But Mr. Secretary Walker will find that this cannot be done by reducing the duties on imports.

For what purpose the following fanfaronade was put into the Secretary's Report we are at a loss to conceive. Perhaps he thought he could darken counsel by a cloud of statistics and big figures, and thus conceal his blunders from the public eye; but if this was his object, he will find himself mistaken. His facts in the following quotation are all false, and his conclu

sions absurd, as we shall proceed to 0* We owe an apology to our readers, v.t long a quotation of such stuff, bu: could not well abridge or divide it with marring its beauty. The Secretary sa "In my report of July 22,1846, it was or that the annual value of our products ez-e three thousand millions of dollars. Our pop tion doubles once in every twenty-three ja and our products quadruple in the same je —that being the time within which a sum e pounding itself quarter yearly at Bis per a interest will be quadrupled—as is Su~j; here by the actual results. Of this $3j.' 000,000, only about $150,000,000 wu ported abroad, leaving $2,850,000,000, s at home, of which at least $500.*->)j is annually interchanged between the i eral Slates of the Union. Under this ml the larger the area, and the greater variety of climate, soil, and products, the a extensive is the commerce which mu5t« between the States, and the greater the n of the Union. We see then here, umi-.! system of free trade among the States «' Union, an interchange of products of tin nual value of at least $500,000,000 amc.^. twenty-one millions of people; whilst on! exchanges, including imports and ex?. with all the world besides, containing i pe lation of a thousand millions, was la« ji $305,194,260, being an increase since tie t tariff over the preceding year of S~0,OU.fi Yet the exchanges between our States.coM ing of a population of twenty-one millioca, ing of the yearly value of $500,000,090 changed, make such exchange in oei« country equal to $23 81 per individual Ibd* of our own products, and reduces the exci* ofourownand foreign products, (our uaj* and exports,) considered as $300,000.u*> i all the rest of the world, to the annual n of thirty cents to each individual. That a.' person of the Union receives and excise annually of our own products as mw'j seventy-nine persons of other countries. K" this exchange with foreign countries extea to ninety cents each, it would bring our iur.a and exports up to $900,000,000°per ana and our annual revenue from duties U sum exceeding $90,000,000. An adding thirty cents each to the consumption of products exchanged from State to Saw our own people, would furnish an inrn-s market of the value only of §6\30v.u whereas an increase of thirty cents each, l system of liberal exchanges with the pet;* all the world, would give us a market Ml additional value of $300,000,000 per anna* our exports. Such an addition cannrf oc by refusing to receive in exchange the pn«?i of other nations, and demanding the jt3 000,000 per annum in specie, whicJi could « applied. Bat, by receiving foreign proi it low duties in exchange for our exi, such an augmentation might take place. only obstacle to such exchanges are the

* and the freights. But the freight from Orleans to Boston differs but little from

between Liverpool and Boston; and the ht from many points in the interior is It than from England to the United States, i the average freight from the Ohio river ilumore is greater than from the latter i to Liverpool; yet the annual exchanges T«luct» between the Ohio and Baltimore ?d bv many millions that between Balti

and Liverpool. The Canadas and adjaprovinces upon our borders, with a populates than two millions, exchange imports 'xports with us less in amount than the of Connecticut, with a population of 300,

ahowing that, if these provinces were d with us by free trade, our annual exges with them would rise to $40,000,000. not the freight, then, that creates the chief tie to interchanges of products between 'Ives and foreign countries, but the duties. n we reflect, also, that exchange of pro1 depends chiefly upon diversity—which is ter between our own country and the rest e world, than between the different States

* Union—under a system of reciprocal trade with all the world, the augmentation ig from greater diversity of products would I the diminution caused by freight. Thus, Southern States exchange no cotton with

other, nor the Western States flour, nor rnnufacturiug States like fabrics. Diverof products is essential to exchanges; and igland and America were united by absotree trade, the reciprocal exchanges ben them would soon far exceed the whole forcommerce of both ; and with reciprocal free > with all nations, our own country, with its tninent advantages, would measure its an

trade in imports and exports by thousands illions of dollars."

his learned Report, in which the Secry says he has shown that the annual nnt of our products exceeds three isand millions of dollars, we have •r seen, and we are therefore unacnt..d with the process of reasoning by ch he thinks he has shown that mag*nt fact. We suppose, however, that vis made use of the statistical tables le out under the direction and superinl»nce of the Commissioner of Patents, we care not for his statistics or his ni^tes. We know, and every man of imon sense who will reflect a moment "i the subject, may know, that they false to an enormous extent. The pro

ducts of last year, the largest ever made in the United States, did not exceed, and probably fell short of fifteen hundred millions of dollars in value.

It is a well established principle of political economy, that the consumption of a nation must, and always will, about equal its production. If then three thousand millions were produced in a year, three thousand millions must, in some form or other, be consumed in a year, or it would not answer the purpose for which it was produced. Now does any man in his senses believe, that this nation ever consumed, in one year, products of the value of three thousand millions of dollars? Suppose the people of the United States to be twenty millions, and the average consumption of products per capita would be one hundred and fifty dollars in value. Now can any man who has any knowledge of the daily fare of the great mass of our population, believe, that men, women, children and slaves consume upon an average products of the value of one hundred and fifty dollars per annum? The thing is wholly incredible. One hundred and fifty dollars would enable each individual to pay two dollars a week for his board, and have fifty dollars a year wherewith to clothe himself. The people of the United States would be much indebted to Mr. Secretary Walker, if he would make good his assertion with regard to their wealth. The great mass of our population do not consume food of the value of thirty dollars a head per year, and although a great many (yet a small number in comparison to the whole) consume ten times that amount, yet if we set down sixty dollars a head as the amount consumed by each individual, it will probably be a liberal allowance, which would make the annual consumption twelve hundred millions for twenty millions of people; and this is probably the full amount of our annual production.

There is another process of reasoning which will conduct us to about the same conclusion. Exclude women and children, and those classes who do not labor, and it will leave about one-fourth of the population for productive laborers. In a population then of twenty millions there will be five millions of productive laborers. Now these laborers must average six hundred dollars each in order to make an aggregate of three thousand millions. But every man who knows anything about labor, knows that such a supposition is utterly absurd. If we suppose each laborer to produce two hundred and fifty dollars a year, it will be a liberal allowance. This would give an annual product of twelve hundred millions. In the division of this product between labor and capital, we should probably be required to give to labor two-thirds, equal to eight hundred millions, and to capital one-third, equal to four hundred millions. As women and children engage in some labor, it may be thought that our estimate of the number of laborers is too small; but there are those who consider the number of voters in a State where suffrage is universal, a fair measure of the number of productive laborers. If so, then our estimate is too large. But if we have under-estimated the number of productive laborers, we have also over-estimated the product of each laborer, as every man knows who has been either in the habit of laboring himself or employing others to labor for him.

But extravagant and absurd as the Secretary's facts are, his reasoning upon those facts is, if possible, still more extravagant and absurd. Our population, he tells us, doubles every twenty-three years, and our products quadruple in the same time. And by what process of reasoning, gentle reader, do you suppose he arrives at such a sage conclusion? Why, forsooth, the Secretary says, that "any sum compounding itself quarter yearly at six per cent, interest, will be quadrupled in that time." Now if there be the slightest connection between his premise and his conclusion, we are not able to perceive it. Can it be possible that the Secretary of the Treasury of the United States believes that our productions were four times as great in 1847 as they were in 1824, and that they will be four times as great in 1870 as they were in 1847? It is to be feared that the statistics of the learned Secretary have addled his brain, and confounded his powers of ratiocination.

Of this three thousand millions of products, only one hundred and fifty millions are exchanged with foreign nations, equal to only fifteen cents a head on the whole population of the world. The balance is used at home. Of this balance five hun

dred millions are exchanged annijai| among the States, equal to twenty-ttoi dollars and eighty-one cents per head i our whole population, and this, we« told, is in consequence of free trade ana! the States !" If our foreign commerces increased to ninety cents per head for tl whole world, (estimating the population I the world at a thousand millions,) it wos give us an annual revenue of at least niae millions of dollars." Surely, Mr. S«» tary, were the sky to fall we should c» larks. "An addition of thirty cents i each individual to the consumption of d products exchanged from State to Statt1. our own people, would furnish an incre*a market of the value of only six and tan tenths millions of dollars, whereas an i crease of thirty cents each by a system liberal exchanges with the people of the world, would give us a market for additional value of three hundred milli! of dollars per annum of our export Very true, Mr. Secretary; but should \ have the three hundred millions to i change? The proper way to cook yo hare, we are told, is first to catch hi But the Secretary tells us, that, "by < ceiving foreign products at low duties, exchange for our products, such an i mentation might take place!" Very 1 whale! The only obstacles, says the-; retary, are the duties and the We opine, on the contrary, that our lah ers would find other obstacles to an i creased production of three hum million dollars worth of products Canadas and adjacent provinces upon borders, with a population of near millions, exchange imports and eir« with us, less in amount than the Sum Connecticut, with a population of hundred thousand, showing that if provinces were united with us by fi trade, our annual exchanges with th< would rise to forty millions of dollar* Surely, Mr. Secretary, you don't say t| in sober earnestness! The Secretary wi^ up his fanfaronade with the folloirt flourish: "If England and America W united by an absolute free trade, the rvfl rocal exchanges between them would w far exceed the whole foreign commerce both; and with reciprocal free trade withl nations, our own country, with its pre-al inent advantages, would measure its anffl

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