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comparison with everything he wished to buy in the United States; or, in other words, the exchangeable value of money would be dimin: ished exactly in proportion to the enhanced price of manufactures, - The gentleman from Massachusetts, who first spoke on this question, (Mr. APPLETox,) answering very-triumphantly an argument which I did not use, and ingeniously passing over the one I did use, maintained, what no human being ever thought of denying, “that a dollar in the United States, as compared with a dollar in England, could not be depreciated more than two and a half per cent; this being the cost of transporting specie from one country to the other.” It is not to be doubted., Sir, that a silver dollar or a gold eagle of the United States, if the coin be genuine, will pay a debt of this amount in England; and if these coins were depreciated in the United States more than two-and-a-half per cent, as compared with the same coins in England, they would be carried out by the course of exchange; provided the Americans had any debts to pay in England: - But every practical man, who knows any - thing of the laws of trade, must perceive that no-one who did not owe money in England would buy a bill of exchange on that country, though money should be depreciated in the

ing duties, as compared with the protected manu-
factures. And as debts in England are only
contracted, in point of fact, by purchasin
manufactures, it is obvious that a billion Englan
would never rise above the natural rate of ex-
change, though money in the the United States,
as compared with manufactures, should be worth
334 per cent, less than it should be worth in
England- --
Let us put the matter to a plaintest. I af.
firm that the value of money here, in purchase
ing manufactures, is 331-3 percent less than
it is in England. The gentleman from Massa-
chusetts says, this cannot be so; for that, if it
were, the rate of exchange would indicate its
and bills on England would be fifty per cent.
above par. He, accordingly, purchases a bill
for one thousand dollars, and gives fifteen hun-
dred dollars for it. Butto what purpose can he
apply this billin England? Will he purchase
manufactures, costing one thousand dollars, to
bring them here and sell them at the market
price? If he should do so, he would have to
pay the Government five hundred dollars at the
custom-house, which would be precisely equiv.
alent to the premium he had paid for his bill;
and it follows that he would sastain a clear loss
by the operation to the full amount of that pre-
It is obvious, therefore, that unless the value
of money in the United states should be depre-
giated * than 331-3 percent, below its value
in England; as compared with manufactures, the
exchange between the two countries would
*. indicato.the depreciation, and bills o
ongol would never rise above their natural,
- o -

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--- - - - --- - - - - - - - - - - way, because money would be depreciated in rate of two or threeper. cent, songs to

United States to the full extent of the protect

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authority to the manufacturers to draw this sum an ually from the income of the planters. - Money is a mere measure of value, and i your restrictive laws increase the money price of manofactures fifty per cent., while they certainly add nothing to the money price of cot. too, they, in effect, enact, that the planter shall give a 'ale and a half of cotton for the quantity of manufactures which Vic has a natural right ...to acquire for a single bale..." The honorable gentleman from Massachu**s, who last spoke on this subject, (Mr. Evon to, ) advanced a plausible and ingenious re

sclf. It is adjusted much more effectually by
the operation of those general principles o'
trade which I have already explained, by which
money is accumulated and depreciated in the
United States. The money which the gentle-
man pays me, costs him just as much less in do.
mestic manufactures as will be equivalent to
the protecting duty, and will be precisely that
much less valuable to me, for the purchase of
manufactures, or to any other person, to whom
I may pass it, o - - -
There is no evading the consequence, there-
fore, that the real price or exchangeable value

the argument which affirms that the pro- of cotton is diminished in proportion to the into duties operate as a peculiar hurthen to crease of the average money price of all the * -- to planters. If, said he, the cotton articles, foreign and domestic for which cot* ponter is the producer of the manufactures ton is ultimately exchanged. - But the gentle* -oo on d for his cotton, he can only be so in the man from Louisiana, (Mr. Belland,) who some some sense in which it may be said that the days ago delivered us a very instructive expo. consumer of those manufactures is the producer sition of the cottom planting business, declared of them. Now, Sir, although there is soone-his disbelief of the doctrine that the value of thing imposing in this view at first, it dwindles cotton is diminished by the duty imposed upinto a mere plausole phy up on words when on the privilege of exchanging it for foreign , thoroughly examined. - manufactures, and gave, as the ground of his -- The cotton planters produce imported manu-' disbelief, a reason which, whatever else mayo factores by an exchange abroad, and upon to be said of it, is certainly free from all mystiexchange the protecting duty is levied; where- cosm or subtility. He stated, with an air at as, all other consumers produce these manufac- once of great simplicity and apparent triumph, tures by a domestic erchange upon which no du- that he went to market and sold his cotton for ty is levied. - - - money, and when he got the money he did I will take the case put by the golo just what he pleased with it, without being himself. He said he was obliged to use my cot-conscious of any compulsion from any quarter. ton to purchase British broadcloths, and the Now, Sir, I do not know what that gentleman manufactures he had occasion to consume.-- may please to do with his money; but he must Very well, Sir. And pray what does the gen-be differently constituted from other men, certlemen give me for my cotton? He pays me intainly from me, if he can do what he pleases - domestic manufactures which are enhänced in' with his money when the government hedges price by the protecting duties, to an amount him round by this protecting system, and com-fully equivalent to the duties he will have to pay pels him, under a heavy penalty, to make his on his imported broadcloths. And, although purchases here, when he could obtain forty or the gentlemen may, in point of fact, give fifty per cent more, if permitted to go abroad me money for my cotton instead of domestic without any restriction. Pray, Sir, might not manufactures, it will not make a shadow of va-, the inmate of a penitentiary allege 5. he riation in the the case, because it is obvious was a freeman upon the same principle, if the that money is a mere representative, and that humanity of his keepers should permit him to the whole of this domestic commerce between make what he could within the walls of his prithe north and the south, ultimately resolves it-son, and to sell the products of his industry for sclf into an exchange of cotton, and other sta-whatever price they might choose to give him ples, for domestic northern manufactures. And for them? Freedom, in the use of my property

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even in the ease where the payment for my * cotton is made by the gentleman in money, it is very certain that if he buys fifteen bales of this cotton for the express purpose of supplying his annual consumption of British ..". he can afford to give me, and will in fact give me, no more for these fifteen bales than he could have given me, and would have given me,for ten les, if the Goycrument did not take one-third part of the foreign manufactures for which he proposed to exchange them. . In other words, fifteen bales of cotton are worth no more, for

the purposes of the gentleman as a consumer of

British manufactures, than ten would be worth under a system of free trade, and he certainly would not be guilty of the folly of giving me more for my cotton than it is worth. But this matter is not adjusted in point of fact by the chaffering of the honorable gentleman and my.

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and my faculties, involves the idea, not only that
si may make what I please by my labor, but that
I may go where I please to exchange it for
other productions. If I am prevented from
going abroad for this purpose, my country is,
in this respect, converted into a great prison
house. On the contrary, if you will allow me
the unrestricted privilege of going to Liverpool
with my dollars, I can make them fifty per
cent, more valuable than the gentleman from
Louisiana can make his, with his boasted peni-
tentiary privilege of doing what he pleases with
them. **
But, said the gentleman, with a very face-
tious and ironical air, “I feel no oppression; I
am wholly unconscious that I am robbed of any
thing, and I never heard of any of my constitu-
cnts complain of this system of robbery, of
which so much is said elsewhere.” And he seem-

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558 UNITED STATEs weeko TELEGRAPH.

editobe quite puzzled to imagine how he could his would throw the whole burden of the lo be robbed without seeing the robber. There isoty upon the linerican producers of impo certainly a great deal of primitive and homely manufactures, the planters, he allogo. simplicity in this mode of bringing a philoso- to burthen of the duty is thrown upon to phical proposition in political economy to the foreign producers, the manufacturers ol. test of the mere animal senses. And I doubt it is obvious that this can be done only by to not that when Gallileo maintained, in opposition ducing the price of manufactures into to the ignorance and priestly superstition of his market of the whole commercial wood. I will day, that the earth moved round the sun, his now analyze the operation by which hor estadversary, the Pope, might have refuted dinary resultistóbe producedo É. to the satisfaction of the wholerab-it will exorcise this phantom of solo ble of Rome, in the someway that the gentle-the manufacturers are perpetually conjon man from Louisianahassatisfied himself that the as a witness in their favor. Let us to value of his cotton is not diminished by holicio of cotton manufactures, and oppo his do ing compelled to sell it in the worst market in-strine to it. It was stated by Mo Ho stead of the best. His holiness would doubtless that the whole o production of on have gained a signal triumph over the great phi-manufactures in Engomodo so. losopher, if on a clear morning, he had sum-1099,009: of these we importaboo

moned the multitude to witness the rising of annually into the United States, undero o the sun, and pointed them to its palpable pro-ling duty, I will suppose, of 50 no No. o gress from the horizon to the zenith, in the look the consequences of the argumo o course of a few hours. But it would, never-considering. It affirms that this duo | theless, have been the triumph of ignorance cent on the miserable footion of of *

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With the exception of sugar, there is not a single production of southern industry of which the value is not diminished, while, on the othef hand, there is not a single production of northern industry of which the value is not enhanced by the restrictive system. It would seem to have been studiously devised to depress the former and to elevate the latter, by levying a tribute of which the enhanced price of protected manufactures is at once the measure and , the means. I will now submit a few remarks upon the extraordinary statements and speculations in which some gentlemen have indulged, as to the condition of the planting States. They set themselves up in jūdgment on this subject, and have undertaken to convince the people of the south, against the evidence of their own ex perince, and their own senses, that they are in a high and palmy state of prosperity. 'For this purpose, one of the gentlemen quoted the message of the Governor of Alabama, I believe, containing the usual common-place allusion to the prosperity of the State. Now, Sir, the very last species of evidence that I should think of adducing, to prove the prosperity of a country, is an executive message. Every body

such documents, are perfectly unmeaning, any

reign countries. That they should be gravel cited as evidence on a statistical question, whic is susceptible of the most uneqivocal demonstration, from undisputed facts and circum, stances, is what I certainly did not anticipate. But one of the gentlemen inferred that t cotton business must be more prosperous that any other, because the annual production of that article had increased from 92 millions of pounds, in 1818, to the enormous quantity of 275 millions of pounds, in 1831. Nothing can be more utterly delusive than superficial and partial statements of this kind, as the House will perceive, when the whole case is presented When I inform you, Sir, that the 92 millions of cotton which we produced in 1818, was sold for 32 millions of dollars, and that the 275 millions produced in 1831, sold for only 25 mil. lions, you will be able to form some estimate of the weight which ought to be attached to such loose statements and inferences from gentlemen, who, however well they may understand

ours. This very fact of the extraordinary increase in the production of cotton, connected with the no less extraordinary decrease in its price, furnishes the most conclusive demonstration of the decline, the suffering, and, I will add, of the oppression and colonial vassala of the cotton planting States. A fall, Sir, in the price of an agricultural staple, from thirty-four to nine dollars and a quarter a hundred, in the short period of thirteen years, is a thing for which there cannot be found any precedent in the his. tory of the world. As it regards manufactures, the productive power and the improvements of

inder a free trade system.

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machinery are so progressive and illimitable

knows, that general declarations of this kind, in ,

further than as they relate to the condition of . our own country, as compared with that of fo. .

their own concerns, know very little about ,

that the fall of prices furnishes no evidence at

allo, the diminished prosperity of the manu fact ing classes. It proves nothing but that effi ney of manufacturing labor has been in* cre ed by human invention, and that the cost of production has been proportionately diminished. But widely different is the case with the productions of agriculture; for, while in the progress of society;labor becomes more and more productive in manufactures, it must, in the very nature of things, become less and less productive in agriculture. The improvements made in the implements and the operations of agriculture, are very inconsiderable, even in the course of a century. A field laborer can now do very little more in a day, than could have been done by a field laborer one hundred years ago. But this is not all. The productive power of the soil is perpetually diminishing; so that, while the machinery with which the manufac. facturer operates is constantly improving in its owers, that of the agricúlturalist is as constant}. deteriorating. Hence it has been laid down as a principle; by writerson o economy, that the price of grain varies less from century. to century, than that of other articles; and that: in the progress of population, this price should gradually increase, instead of being diminished. Now let us apply this reasoning to the produce tion of cotton in the United States, and the coildition of the southern cotton planter. --In the southern Atlantic States the soil, for the lost thirteen years, has been in a steady progress of exhaustion and impoverishment; the productive power of a given quantity of land and of sabot has gradually: dominished; yet,

on conseque

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nothstanding; the prise of the great staple article-which o land and laborate e gaged; in producing, is now less than of ethird o it was at the commencement of the series, --To trace the progress of this decline, in cononexion with the successive additions to the borthens of the tarist the average price of the whole cotton crop for the four years preceding

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of the year 1825, which was a year of speculative prices,) it was twelve dollars; and for the years 1829, 1830, and 1831, the overage price has not exceeded ten dollars. This estimate includes the long staple as west as the unland crop, striking an average of the whole. o - of - - o While the rice of the great agricultural staple of the southern so o rapidly declined in price, that of flour, the agriculturii staple of the northern States, has undergone, comparatively, but a very inconsiderabić decline. For the four years procedong the tariff of 1824, the average price of the Whole crop *Ported was 34 dollars per barrel; the four following years, it was 53 dollars; and for to: last four years, it has been about hon.” And, Sir, it is in the face of these undoable facts, which demonstrate that the co, plan ters do not receive one half the in. ..., * given, amount of capital

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and labor that they received * Years ago, that the people o:

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only resource in such a case, is "

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