about equally divided between the two, bear testimony to our energies as a maritime power. In manufacturing, we have at least made a fair start. Much of the raw material which we extract from the earth or raise on its surface, material which may be increased to any extent, is converted, by skilful hands and labor-saving machinery, into forms and fabrics of utility and beauty. In the invention, the construction, and the use of mechanism, the Americans arc allowed to show an aptness equal, at least, to that of other nations. Nowhere else is this faculty turned to more general or to more profitable account. Not only in manufacturing, but in agriculture and in almost every kind of industrial art, the employment of labor-saving machines and implements multiplics our numerical force, and vastly augments our productive power. It must not be supposed, that such facts are adduced as evidence that we have attained to completeness or perfection in any of these respects. They show a good beginning; they are the first-fruits of a harvest, destined, we trust, to be rich and vast beyond all historic precedent: and they are in point here; for they show, beyond all question, that we have within ourselves the ability and the means to make our country as truly independent in her industry and commerce as she is in a political respect. To show the wealth of the nation, the amount and character of its business, the sources and amount of its revenue, and the aggregate of its public expenditure, I present the following statement, derived from the census and official reports of 1860. It gives, at a single view, the entire business aspect of the country, as it stood before the war; including capital, production, foreign trade, revenue and expenditure. Aggregate true Value of the Real and Personal Property of the States and Territories $16,159,616,068 12,084,650,014 The aggregate property of Great Britain at various periods is given in the Edinburgh Review, No. 225, as follows. Pounds sterling are converted into Federal currency, at five dollars each. • The census returns of 1860 not being fully made up, this amount is in part estimated by an assumed percentage of increase on the returns of 1850. • See Table O, p. 61 of the text. In connection with the view above given of the resources of the United States, I present, in Table M, a statement of our condition as compared with that of Great Britain.1 THE TARIFFS OF THE UNITED STATES. The commercial regulations of the United States, however liable to the charge of inconsistency and frequent change, may at least claim the merit - not a slight oneof comparative simplicity. The dates of our principal tariff-acts, from the beginning, with the percentage, and amount of duty collected under cach of them, is given in Table N. 1 These statements were compiled with great care from the official reports of the two countries respectively. The years 1868 and 1859 were chosen for the comparison; as the English returns, later than 1859, could not be obtained. The imports of the United States in those years (see No. 11 of the Appendix) were somewhat below the average. In comparing the reciprocal imports and exports of England and the United States, as shown by their respective trade-reports, It should be borne in mind, that the annual returns in England are made up to the 5th of January, and in the United States to the 30th of June; making a difference of nearly six months in the ending of the commercial year. Speaking generally, our reports show an importation from England larger than the exportation to this country, as shown by her reports. This arises in part from the fact, that the value of the merchandise is taken in England before any expenses of exportation are incurred; whereas our valuation includes certain charges, which, under the tariff-laws, form part of its true value at the port where it is entered: but more especially does it arise from the fact, that our returns include, as English imports, the productions of other countries imported rid England. The amount of this indirect trade is considerable, especially in silk-goods; as is shown by No. 6, A, of the Appendix, p. 33, A. In comparing the tables and numerical statements in this work, some discrepancies will be found. They were unavoidable; as the official reports from which they were taken contain the same discrepancies, and no means could be found to reconcile them. They are, however, very slight, and of little importance as affecting general conclusions. In comparing the value of imports and exports, it is important to notice whether or not the statements compared embrace like items,—that is, whether or not they include specie; in case of the exports, whether they relate only to domestic produce, or include foreign merchandise re-exported; and, in case of the imports, whether they embrace the total imports, or only those retained for home consumption; and also whether or not they embrace the indirect trade. The Condition of the United States and of the United Kingdom of Great Britain compared. The Statements of Revenue and Expenditure, and of Imports and Exports, give the Mean Annual Amounts for the Years 1858 and 1859. The Exports include only Domestic Produce; and the Imports, only those remaining for Consumption after deducting the Re-exportations. The British Values are given in Federal Currency, at Five Dollars the Pound Sterling. TABLE N. Statement showing the Revenue from Customs collected in each Year, from 1789 to 1860; the Amount of Dutiable Imports and Free Goods (inclusive of Specie) imported annually; and the Average Rate of Duty on Total Imports and on Dutiable Imports respectively. 11.32 23.40 Dollars. 26.16 22,147,840 27,528,112.70 23.41 28.93 26,712,667.87 21.95 27.56 19.13 19.29 1818 April 20, Iron and Alum 121,750,000 17,176,385.00 14.11 57 While revenue has been the primary object in these acts, they have also been framed with more or less regard to the protection of American industry. This remark applies especially to the last forty years of governmental action. As yet, however, we certainly have failed to establish, in this important department of national economy, any policy of action so settled and uniform as to furnish our manufacturers with a safe basis of faith and practical dependence. Our tariffs, unfortunately, have been constructed, not so much on great and acknowledged principles, good always and everywhere, — as on compromises between rival interests and conflicting opinions. The alterations which Congress has made in the scale of duties have been so numerous, so great on some occasions, and so capricious in general, as to engender among our producers a strong feeling of distrust in regard to the future, which discourages enterprise, and seriously hinders the prosperity of the country. How important in this view, and how desirable it is, that we should establish a commercial policy, not only on right principles, but principles which can be relied on as fixed and permanent! What Lord LIVERPOOL said of England, more than forty years ago, applies with equal truth and force to our country now: "Experience proves that property and trade will adapt themselves in time to mistaken and defective laws; but constant fluctuations in our legislation, on such subjects, can only be productive of disorder and ruin. If, every year, there is to be a change in our commercial laws, no man, or body of men, can know on what they are to rely. Under such a course of policy, neither the merchants of this country, nor those of foreign nations, will be able to confide in us; and our distresses, instead of being relieved, will be multiplied tenfold." 1 To establish such a commercial policy, -a policy suited to the great and varied interests of the United States, and looking at the probable requirements of the future, while it meets our present necessities, — is, indeed, no easy task. The limits which I have prescribed to myself will allow only a brief and general discussion of the subject; which I shall examine in connection with the statistics of the tables. Viewed abstractly and upon general grounds, all commercial restrictions would be condemned. But we are not at liberty so to deal with questions of this nature. Considerations of expediency and necessity will come in to modify and control the deductions of logic and the plausibilities of theory. The exigencies of revenue are so absolute, and the requirements of production so great and so manifest, that no nation can disregard them. There is, indeed, another way in which we could raise a revenue, 1 Debate in the House of Commons, May 26, 1820. |