The Debates and Proceedings in the Congress of the United States, Eighteenth Congress, First Session, [Volume 2] Page: 1,707
1697-3280, cxxxvi p.View a full description of this book.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
HISTORY OF CONGRESS.
1708
H. op R.
The Tariff Bill.
February, 1824k
their soil is comparatively sterile, and incapable
of cultivation. The peasantry of these nations,
whom the gentleman from Kentucky calls serfs,
have no alternative but to work in the iron mines
or die of hunger. Not so in the fertile soil and
genial climate of Pennsylvania. There the health-
ful and moderate labors of the husbandman are
amply rewarded; and it does violence to the ob-
vious dictates of policy, no less than of humanity,
to transform a thousand or ten thousand cultiva-
tors of the soil into so many miners and smelters
of iron ore.
It is alleged that a want of capital cramps the
manufacturers of this country, and prevents them
from resisting, successfully, the shock of compe-
tition with foreigners. The correctness of this
may well be doubted with regard even to cotton
and wool, but certainly is unfounded in relation
to iron; for it is well known, that some of the
proprietors of iron manufactories in Pennsylvania
are men of immense capital, and yet these propri-
etors, instead of making use of their capital in
pburing an abundance of the article into the mar-
ket, and thus excluding foreign iron, are among
the most urgent in pressing the increased exac-
tion. There is not even the pretext for extending
the protection here, that iron receives any aid in
the countries from which it is brought by boun-
ties or drawbacks; it has there no other encour-
agement than the cheapness of labor: while the
American manufacturer must pay a high price
for labor, but has already the benefit of the high
existing duty, and the expenses of freight for five
thousand miles, together with commissions and
the mercantile profits, all which about double the
invoice price of foreign iron when it reaches our
market. If this advantage is not sufficient, it
affords conclusive evidence that other objects of
industry in our country are preferable, and con-
stitute, in fact, the real obstacle to the manufac-
ture in question.
Should this duty be imposed, together with that
upon foreign hemp, the two articles which con-
stitute almost our only imports from Russia and
Sweden, our commerce in the Baltic may be con-
sidered as nearly annihilated. I know very well,
that some of those sages in political economy,
who have so long sounded the alarm of the "bal-
ance of trade" being against us, and who are per-
petually exclaiming, that we are on the verge of
perdition in consequence of the appalling "drain
of specie" from our country, will hail the destruc-
tion of the Baltic trade, as a harbinger of return-
ing prosperity. Without stopping here to refute
those weak and fallacious theories about the bal-
ance of trade and the drain of specie, I will merely
remark, that our foreign trade is the only channel,
in which all the specie now in this country, or
which ever was in it, could have flowed thither.
It will not be pretended, that gold and silver are
native productions to any extent. As to the bal-
ance of trade .with Russia and Sweden, our eco-
nomists examine the Treasury report of our com-
merce, for the year 1822, made under the act of
1820, and they find our imports from Russia for that
year, amounted in round numbers to $3,307,000,
and our exports to that country, to only $508,000?
leaving a balance against us of ยง1,799,000; our im-
ports from Sweden the same year were $1,151,000,,
and our exports thither, only $260,000, leaving
the balance of $891,000 against us. Hence, they
conclude that these unfavorable balances, amount-
ing to $2,690,000, must have been paid in specie,,
and caused a part of the fearful " drain" before
mentioned. Fortunately, however, the same com-
mercial report affords the means of dispelling this-
chimera. The export of specie is there detailed
with the same exactness as that of any other ar-
ticle of commerce; and it appears, that not a
single dollar was shipped to Russia and Sweden
for that year. How they may account for this
extraordinary state of things I know not, unless
by supposing that the balance has been given to-
us without any consideration. Sir, the balance
has been fully paid for; the poverty of the
two countries in question does not even permit
them to give any credit in commerce. It was
paid for by sugar and coffee, and other produce of
the West India islands, by pepper, and spices, and
silks, and other commodities from China and the '
East Indies, which were the fruit of our circuitous
trade. This trade furnishes immense cargoes, of
which our custom-houses can take no cognizance.
The original cargo indeed is shipped from this
country, and an invoice of trifling amount regis-
tered with the collector. The vessel takes its de-
parture for the Indies. In the distant market, the
invoice is of small consideration, compared with
the freight and other expenses ; a cargo of great
value is obtained in return, not suited so well for
this country, where similar commodities are plen-
tifully supplied, but well adapted to European con-
sumption. At Hamburg, without having returned
to America, an ample market furnishes,exchange
for St. Petersburg, or Stockholm, or the cargo it-
self is sold in these latter cities at a profitable ad-
vance ; and thus a cargo of iron or hemp is pro-
vided and brought to our own ports. This, sir, is-
the course of our traffic with countries upon the
Baltic. It brings us, in addition to the particular
staples of those countries, a portion of the specie
which we occasionally receive, and, indeed, which
we never could obtain, but by the profitable em-
ployment of the industry and enterprise of our
citizens, in transferring our domestic products, not
only directly to foreign countries, but from one
country to another, as often as an advantageous,
exchange can be made, till at last, the entire profit
returns to enrich ourselves with the various pro-
ductions of foreign climes. In these returns, specie-
will always bear such proportion, as its relative
value with other commodities shall make profitable
to the importer.
It may be said that the duty on iron and hemp,,
proposed by the bill before us, will not annihilate
the trade of the Baltic, nor greatly reduce it. That
it must very greatly reduce it, sir, I think cannot
be doubted by those, who know the pressure of'
the existing duties. Under the influence of these,,
our foreign tonnage has experienced a constant
diminution" for the last three years, of which we
have official reports. In 1820, it was 801,253 tons j-
Upcoming Pages
Hereโs whatโs next.
Search Inside
This book can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Book.
Gales and Seaton. The Debates and Proceedings in the Congress of the United States, Eighteenth Congress, First Session, [Volume 2], book, 1856; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc30369/m1/8/: accessed March 29, 2024), University of North Texas Libraries, UNT Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.