Unless, therefore, it can be shown, that, by the reduction of import duties, and the overthrow of the American system, and by limiting the manufacture of cotton to Europe, a greater amount of the raw material would be consumed than is at present, it is difficult to see what interest, so far as respects the sale of that staple, the cotton planter has in the subversion of that system. If a reduction of duties would admit of larger investments in British or European fabrics of cotton, and their subsequent importation into this country, this additional supply would take the place, if consumed, of an equal amount of American manufactures, and consequently would not augment the general consumption of the raw material. Additional importation does not necessarily imply increased consumption, especially when it is effected by a policy which would impair the ability to purchase and consume.
Upon the supposition just made, of a restriction to Europe of the manufacture of cotton, would more or less of the article be consumed than now is? More could not be, unless, in consequence of such a monopoly of the manufacture, Europe could sell more than she now does. But to what countries could she sell more? She gets the raw material now unburdened by any duties except such moderate ones as her policy, not likely to be changed, imposes. She is enabled thereby to sell as much of the manufactured article as she can find markets for in the states within her own limits, or in foreign countries. The destruction of the American manufacture would not induce her to sell cheaper, but might enable her to sell dearer, than she now does. The ability of those foreign countries, to purchase and consume, would not be increased by the annihilation of our manufactures, and the monopoly of European manufacture. The probability is, that those foreign countries, by the fact of that monopoly, and some consequent increase of price, would be worse and dearer supplied than they now are, under the operation of a competition between America and Europe in their supply.
At most, the United States, after the transfer from their territory to Europe, of the entire manufacture of the article, could not consume, of European fabrics from cotton, a greater amount than they now derive from Europe, and from manufactures within their own limits.
But it is confidently believed, that the consumption of cotton fabrics, on the supposition which has been made, within the United States, would be much less than it is at present. It would be lessbecause the American consumer would not possess the means or ability to purchase as much of the European fabric as he now does to buy the American. Europe purchases but little of the produce of the northern, middle, and western regions of the United States. The staple productions of those regions are excluded from her consumption by her policy, or by her native supplies of similar productions. The effect, therefore, of obliging the inhabitants of those regions to depend upon the cotton manufactures of Europe for necessary supplies of the article, would be alike injurious to them, and to the cotton grower. They would suffer from their inability to supply their wants, and there would be a consequent diminution of the consumption of cotton. By the location of the manufacture in the United States, the quantity of cotton consumed is increased, and the more numerous portion of their inhabitants, who would not be otherwise sufficiently supplied, are abundantly served. That this is the true state of things, I think cannot be doubted by any reflecting and unprejudiced man. The establishment of manufactures within the United States, enables the manufacturer to sell to the farmer, the mechanic, the physician, the lawyer, and all who are engaged in other pursuits of life; and these, in their turns, supply the manufacturer with subsistence, and whatever else his wants require. Under the influence of the protecting policy, many new towns have been built, and old ones enlarged. The population of these places draw their subsistence from the farming interest of our country, their fuel from our forests and coal mines, and the raw materials from which they fashion and fabricate, from the cotton planter and the mines of our country. These mutual exchanges, so animating and invigorating to the industry of the people of the United States, could not possibly be effected between America and Europe, if the latter enjoyed the monopoly of manufacturing.
It results, therefore, that, so far as the sale of the great southern staple is concerned, a greater quantity is sold and consumed, and consequently better prices are obtained, under the operation of the American system, than would be without it. Does that system oblige the cotton planters to buy dearer or worse articles of consumption than he could purchase, if it did not exist?
The same cause of American and European competition, which enables him to sell more of the produce of his industry, and at better prices, also enables him to buy cheaper and better articles for consumption. It cannot be doubted, that the tendency of the competition between the European and American manufacturer, is to reduce the price and improve the quality of their respective fabrics, whenever they come into collision. This is the immutable law of all competition. If the American manufacture were discontinued, Europe would then exclusively furnish those supplies which are now derived from the establishments in both continents,and the first consequence would be, an augmentation of the demand, beyond the supply, equal to what is now manufactured in the United States, but which, in the contingency supposed, would be wrought in Europe. If the destruction of the American manufactures were sudden, there would be a sudden and probably a considerable rise in the European fabrics. Although, in the end, they might be again reduced, it is not likely that the ultimate reduction of the prices would be to such rates as if both the workshops of America and Europe remained sources of supply. There would also be a sudden reduction in the price of the raw material, in consequence of the cessation of American demand. And this reduction would be permanent, if the supposition be correct, that there would be a diminution in the consumption of cotton fabrics, arising out of the inability, on the part of large portions of the people of the United States, to purchase those of Europe.
That the effect of competition between the European and American manufacture, has been to supply the American consumer with cheaper and better articles, since the adoption of the American system, notwithstanding the existence of causes which have obstructed its fair operation, and retarded its full development, is incontestable. Both the freeman and the slave are now better and cheaper supplied than they were prior to the existence of that system. Cotton fabrics have diminished in price, and been improved in their texture, to an extent that it is difficult for the imagination to keep pace with. Those partly of cotton and partly of wool are also better and cheaper supplied. The same observation is applicable to those which are exclusively wrought of wool, iron, or glass. In short, it is believed that there is not one item of the tariff inserted for the protection of native industry, which has not fallen in price. The American competition has tended to keep down the European rival fabric, and the European has tended to lower the American.
Of what then can the South Carolina planter justly complain in the operation of this system? What is there in it which justifies the harsh and strong epithets which some of her politicians have applied to it? What is there in her condition, which warrants their assertion, that she is oppressed by a government to which she stands in the mere relation of a colony?
She is oppressed by a great reduction in the price of manufactured articles of consumption.
She is oppressed by the advantage of two markets for the sale of her valuable staple, and for the purchase of objects required by her wants.