Blackwood's Edinburgh Magazine, Volume 69, No. 423, January 1851Various
History
Blackwood's Edinburgh Magazine, Volume 69, No. 423, January 1851
Various
England -- Periodicals; Scotland -- Periodicals
What the prospects are of future relaxation may be gathered from the
following extract from the message of President Fillmore to Congress,
which has reached us whilst writing this article. We observe that the
_Times_ is bitterly chagrined to find that the President "has stated
and commended the false doctrine of Protection." Was it to be expected
that he would have done otherwise, seeing that the vast majority of the
American public are thoroughly imbued with the same doctrines, however
false and heretical they may appear in the eyes of Manchester?
"All experience has demonstrated the wisdom and policy
of raising a large portion of revenue for the support of
Government from duties on goods imported. The power to lay
these duties is unquestionable, and its chief object, of
course, is to replenish the Treasury. But if, in doing this, an
incidental advantage may be gained by encouraging the industry
of our own citizens, it is our duty to avail ourselves of that
advantage.
"A duty laid upon an article which cannot be produced in
this country, such as tea or coffee--adds to the cost of the
article, and is chiefly or wholly paid by the consumers. But a
duty laid upon an article which may be produced here stimulates
the skill and industry of our own country to produce the same
article, which is brought into the market in competition with
the foreign article, and the importer is thus compelled to
reduce his price to that at which the domestic article can be
sold, thereby throwing a part of the duty upon the producer of
the foreign article. The continuance of this process creates
the skill, and invites the capital, which finally enable us
to produce the article much cheaper than it could have been
procured from abroad, thereby benefiting both the producer
and the consumer at home. The consequence of this is, that
the artisan and the agriculturist are brought together; each
affords a ready market for the produce of the other, the whole
country becomes prosperous, and the ability to produce every
necessary of life renders us independent in war as well as in
peace.
Public-domain text, read in full here on John Shaqi.
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