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cording to their merits in practice. Mr. | idea of a subserviency to, or intimate union Jefferson was in no wise disinclined, when with, France. The French Revolution had a measure of his introduction had failed, caused in them a horror of that nation, to turn about and make his way back to and they now regarded the conquering the successful Federal policy which it had progress of Napoleon as but another and displaced. Various retrograde steps were more alarming phase of that strange peomade, accordingly, all serving to enhance ple's terrible madness. They were wonthe public weal, and the popularity of the der-struck at such a spectacle of ambition. administration, and at length the idea of a They believed Mr. Jefferson was about to feeble national government went by the throw the weight of his country into the board. An empire was purchased, to be scale of Napoleon, and assist him to prosadded with its people to the Union, and trate the British nation, and establish unififteen millions paid for the title-deed. Mr. versal monarchy. In the excess of their Jefferson recommended the legalization of fear of the result of such a course, some the act by an er post facto amendment to of them pronounced the experiment of the the Constitution ; but the party, in Con- government “a failure," and the Revolution gress contented themselves with an effort “a mistake.” So rapidly did the administo cover the act by a reach of construction tration party decline in the New England so broad as to alarm the Federalists, pre- States, all of which, except Connecticut, viously regarded by them so dangerous had supported Mr. Jefferson at his re-elecfor their constructive theory. Soon after, tion, that when the period for the choice the salaries of the principal public officers of his successor approached, in Vermont were increased 20 per cent., and additional only was there any chance of a successful duties imposed on the imports.

effort for the electors. The policy of Mr. Jefferson had so far To succeed Mr. Jefferson, the adminisdisarmed the opposition, that in 1804, the tration party was divided between the SeFederalists made active opposition to his cretary of State and Gov. Monroe. Mr. re-election in but few States, and only two Madison was supposed to be the favorite States, Connecticut and Delaware, voted of Mr. Jefferson, from whom Mr. Monroe for the Federal candidates, Pinckney and was somewhat alienated by his course in King. George Clinton superseded Burr, rejecting the British Treaty negotiated by who had lost the confidence of the party Monroe, in connection with Mr. Pinckney, by allowing himself to be used as a means and from a belief that the President's into defeat Jefferson in 1800. Burr be- fluence had been exerted to effect Madicame a candidate for Governor of New son's nomination. The Virginia LegislaYork, relying on the Federalists for his ture decided the contest between them by election, but was openly opposed by Ham- nominating Madison, by 134 votes to 47 ilton, and suffered a defeat.

for his rival, and the friends of Monroe The course of the administration was yielding in that State, where his support less cautious after Mr. Jefferson's re-elec was strongest, no farther opposition was tion than during the first term. In conse made to Madison's nomination by the Conquence of the commercial restrictive poli-gressional caucus. Mr. Madison, though cy, the Federalists became decidedly not possessing any marked popularity, was strengthened, and other causes induced a held in very general esteem, and was probschism

among Mr. Jefferson's friends, a ably more acceptable to the Federalists smail portion of whom, under the lead of than any other leading man attached to John Randolph, drew off, and co-operated the administration, his views being regard partially with the Federalists, though ed as in many particulars coincident with avoiding a close alliance with them. The theirs. Madison received 122 votes (6 embargo act disaffected a considerable Republican electors in New York voting portion of the party in New York; among for Clinton); Clinton had 113 for Vicethem was De Witt Clinton, who, however, President, and Pinckney and King 47 shortly after returned to the support of votes each. Three whole States, besides the administration.

several votes in other States---33 in all Nothing could have been more appall had changed from the previous election ing to the Federalists, in general, than the to the Federal side, reducing the electoral

majority of the Republicans from 148 | House, with Wm. H. Crawford in the Sento 81.

ate, infused a new spirit into their party Near the close of Mr. Jefferson's admin- associates, and even quickened the slow istration, the embargo was repealed, in energies of Mr. Madison himself. The conformity to Mr. Jefferson's recommen Navy was resuscitated, not as a tempodation, made on the strength of represen- rary defence, but enlarged beyond the tations made by John Q. Adams to the ideas even of the Federal administrations, President that the Federal leaders in Mas- to be relied on as a permanent protection sachusetts had determined on resistance to of our commerce and our coasts. the act, and that they would prefer civil After the election of Mr. Madison, the war to a longer endurance of the restric- Republicans had regained their ground in tion. This we have from Mr. Jefferson's New England, having control of the govown pen, at a later period. The Federal- ernment in each State of that section, exists had often been charged by their op- cept Connecticut. As the war policy, ponents with an intention to dissolve the however, became more apparent, the oppoUnion, or overthrow the government—but sition were again aroused throughout the none of these charges were ever substan- North, and were soon in possession of all tiated or rendered plausible by any offer of the New England States and New York. proof. Mr. Adams's conviction was doubt- The administration party was alarmed by less sincere, but in a subsequent corre these successes, and more by the determinspondence with Mr. Otis, Mr. Prescott, and ed opposition to their policy of the New other leading Federalists, who requested York Republicans, who had already reproofs of his charge, he admits he could solved on the support of De Witt Clinton offer no direct proof, but intimates that he against Mr. Madison, at the approaching may publish the evidence which establish- election. However, under the lead of Clay ed the belief to a moral certainty in his and Calhoun, they were brought to the own mind. He died without having re war point, and a caucus of the adminisdeemed the promise. The "Henry plot," tration members having resolved on the in 1812, failed even to justify suspicion. extreme measure, a committee, of which

A new part of the policy introduced those gentlemen were at the head, was sent by the Republican administrations, arising to make known the determination of the out of the foreign difficulties, was the en- party to the President. They found him, oouragement of Home Manufactures. Mr. in his anxiety for peace, engaged in a Madison (Message of 1810) considered fruitless negotiation with the British Ministhe growth of manufactures “as of it- ter. They informed him that the party self more than a recompense for the pri- was resolved, and would not retrace their vations and losses resulting from foreign steps ; that the people would no longer injustice, which furnished the general im- tolerate a hesitating policy; that if the act pulse required for its accomplishment.” was postoned until after the Presidential Thenceforward a system of encouragement election, he would probably be defeated of was pursued for the diversion of labor and a re-election ; and that, in fact, unless he capital from other pursuits to that of man- yielded to the sentiment of his friends, his ufacturing, efforts being made to keep up nomination, even, was not to be relied on. the protection afforded during non-inter- In this dilemma, Mr. Madison reluctantly course and war, by frequent revisions of assented. The war bill passed the House the commercial tariff.

79 to 49, and the Senate 19 to 13. In the twelfth Congress, a number of Immediately on the passage of the act, new, young, but talented men came into an address, signed by 32 of the Federal the leadership of the party, in the House members, and written by Hon. Harmanus of Representatives, and resolved to sub- Bleecker, of New York, was put in circustitute a more vigorous policy in the place lation. It was a mild, well-written, digniof that hitherto pursued by Mr. Madison. fied document, arguing the inexpediency Henry Clay (for the first time elected of the war, either to satisfy our honor, or Speaker), John C. Calhoun, William compensate our losses. Lowndes, and Langdon Cheves, in the

(To be continued.)

STATE OF TRADE.

THE COTTON INTERESTS.

In our last article on the State of Trade, ed sale of this crop was, by the Union's we gave a condensed summary of the first tables, 103,805 bales. Just at this time, part of an argument given in an editorial of the practical effects of the tariff of '46 bethe “Plough, Loom, and Anvil," in confu- gin to be felt; and the increase for the tation of the views taken by the New York succeeding year is only 20,000! and the correspondent of the Union, who is also price, until very lately not above the the financial writer of the Democratic Re- cost of production. view.

When cotton was low, the purchasers sent We now proceed to an examination of their orders early and purchased largely. the statistics of that correspondent. Thus, of the crop of 1847-8, 281,497 bales

While speaking of the cotton trade, our were taken in the first seven months, beargument will be taken chiefly from the ing at the rate of 40,000 a month, leaving “Plough, Loom, and Anvil."* In the

gen

for the last five months, 250,000—i. e., eral argument, we shall indulge in some 50,000 a month. reflections of our own.

Of the crop of '48–9, there were taken In his tables, the cotton crop of '46–7 in the first six months, 307,303 balesis set down, as usual, for that of '47, and 51,000 per month, leaving to be taken, to that of '47-8, for that of '48.

equal the last year, less than 83,000 a The whole business relative to the crop month. of '47–8 was closed in July, '48, just at Thus it appears that low prices, and a the time when the tariff of '46 came into large supply, induce larger sales in the direct and practical operation upon the early part of the year, and vice versa. business of the country.

One effect of the

“ If our readers will now re-peruse our exsystem was, however, felt before that time. The failure of the large English effect of the article to be produced by compar.

tract from the Union, they will find the whole cotton brokers had disabled them from ing the early purchases of the present year, acting as usual for the American growers, which were large, with the early purchases of and funds had fallen in consequence; this last year, which were small. bankruptcy, the fifth of that class of deal The real facts we will now show, made up ers in one quarter of a century, being at

to the time at which we write : tributable to unforeseen causes in England, On hand in Northern ports, of which we shall not now make mention. Sept. 1.......

57,997

759,833

Shipped to Northern ports.......619,381 The crop of the present year's consumption is the first that came under the opera

729,290

817,830

Exported from do......]86,892 tion of the tariff of '46; and yet the Union On hand in do......... 59,317 246,209 82,919 335, 470 gives us tables showing a large increase of

Taken for consumption.... 483,081

482,360 consumption of cotton during three years, under the operation of a tariff whose The quantity taken by spinners, thus far, is practical effects could not be felt by any shown to be 700 bales less than in the pre

vious year. "There remain yet about five weeks crop previous to the one of the has just ended.

to make up the year, and we may now esti

mate what their consumption is likely to be, Observe—the crop produced and sold by ascertaining what has been that of the few in '47-8 is the crop of '47. The increas- past weeks. * For a critical notice of this important period

The first six months gave....... 307,393 = per month 51,200
March 1 to June 14, gave.......139,600

40,000 ical, see Critical Notices of this number.

June 14 to July 25, gave....... 35,000 =

26,000

1848-9.

1847-8. 109,909

252,551

year that

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Tariff of 1842. 1842-3 increase...... 1843-4 1844-5 1845-6 1846-7

57,379 ..21,615

The remaining period may give 30,000, but | 1842 remained unchanged? Would not that is exceedingly doubtful, for within a month we have seen notice of the total stoppage of bales? And would not the demand have

we now be consuming 250,000 additional three or four large factories in our own immediate neighborhood, and the same causes that sustained the price at ten cents, as it now stop them must tend to produce the stoppage stands, instead of the low rates that have of others. Allowing, however, that 30,000 ad- prevailed through the year ? And is not ditional bales will be required, we obtain as the this the price that has been paid by the consumption of the year, 512,360; against a South, not less than $55,000,000, for reconsumption of the previous year of 531,772; fusing to allow the products of the land being a falling off of 20,000 bales in a year,

to be consumed on the land ? instead of an increase of 20,000 in ten months. The consumption and exportation of cotton

And now upon the topic of the Southern cloth for the year, notwithstanding the low factories, upon which the correspondent prices, will thus fall short of last year not less remarks that they have no protection than 20,000 bales; and then the following will against New England. It is true they be the result of the years affected by the tariffs have no legal protection against New Engof 1842 and 1846 :

land, but they have the prodigious advanTariff of 1846. tage over the New England factories, of

having their raw material growing almost

at the door of the factory. Against Eng. ..42,262

..33,591

5,380

1848-9 decrease..

1 843.

bales.

land, however, the South maintains a pro1847-8 .. 103,805

tection for herself in the shape of the tariff

..20,000 of 1846, and there is every probability This, however, tells but a small part of the

that if that were removed, she would be story. Every one knows that the consumption deluged with cheap and worthless goods is greatly affected by the price.

of foreign manufacture, and her new and

flourishing factories be broken down. Crop 952 millions pounds, average price 6 cents-

consequent increase in home demand of 57,000 Another topic of importance, touched 1844. Crop 812 millions pounds, average 8 cents.

upon by the “Plough, Loom, and Anvil,"

is that of emigration. Every emigrant to 1845. Crop 958 millions pounds, average 6 cents. Increase

the West is an additional producer of corn 1846. Crop 840 millions pounds, about 8 cents. Increase or cotton in the West, whose competition

in ditto, 33,000. 1847. Crop 711 millions pounds, average 10 cents. Increase tends to lower the price of Eastern and 5,000.

Southern products, and, we may add, to Total increase, then, over 1842, 16,000 raise the price of manufactures; and every bales ; increase of home demand over do., individual workman who kept at home 70,000 bales; showing the extraordinary and employed in manufacture, is an addipermanence and certainty of the home mar tional consumer of Eastern and Southern ket over the foreign one.

products, whose competition lowers the 1848.-Crop again large-price seven price of manufactures, and raises that of cents. Home consumption increased corn and cotton. 103,000 bales, and exceeded by 206,000 “We are gravely assured that the conthe quantity taken in 1843, when the

crop sumer benefits largely by the low prices, but was nearly the same, showing a large de whence come the low prices ? Is it not from crease in the power of consumption abroad. the depression of the South ? And can the 1849.—Crop 1100 millions pounds, five cents, as they could do at ten? Certainly

South consume as much cloth with cotton at average price eight and a half cents; and yet the consumption, so far as seaboard is its own loss, and the power to consuine

not. The South is now clothing the world at concerned, has, for the first time in some cloth is there diminished, and would be years, absolutely gone backward, while still more so, were it not that it is to a certain our population has increased with immense extent maintained by the introduction of a new rapidity.

species of employment, that would long since Now, if the consumption of 1847, with have been naturalized there had the plough,

the loom, and the anvil been permitted to come a crop of 711 millions, average above ten cents, increased 5000 bales, what would minishes, notwithstanding a vast increase of

together. The consumption of the North dibe the increase of the present year, with a population, and notwithstanding, the great .crop 389 millions larger, had the tariff of diminution of cost, and it does so because the

Increase

in ditto, 21,000.

in ditto, 42,000.

people who worked in mines, and furnaces, and agriculture shall furnish Great Britain, even mills, are idle and unable to sell their labor to without the aid of corn-laws, with a full obtain the means of buying food, or cloth, or iron.

supply of better food than the stale corn, “Every increase in the ratio of consumers to rancid meal, and withered potatoes, which producers tends to raise the price of food and

our farmers send across the Atlantic. cotton, and of all other agricultural products,

1. Either the farmer depends on the and to enable farmers and planters to consume contingency of a deficient supply of fooe more largely of cloth and iron, shoes and hats, in foreign countries, raising prices to th paper and books, and the producers of these famine point there ;-or, in times of latter commodities are thereby enabled to con

plentysume more largely of food and cotton, and thus it is that the owner of land benefits by an in

2. He must expect to undersell the Eucrease in the home consumption of the products ropean producer, who is able to produce of the land. Every man that is driven to seek at half the cost. the West, there to raise food or cotton, tends Again, to diminish the power of farmers and planters 1. At all times, the wealth of the farmer to consume cloth and iron, and to diminish the depends upon his ability to exchange his sume food or cotton, and thus it is that the surplus products for manufactured articles, owner of land is injured by a diminution in the

or for money wherewith to purchase such home consumption of the products of the land.” articles. -Plough, Loom, and Anvil.

2. The increase of his wealth is limited

to his ability to dispose of his surplus: that It is a fact but little attended to by the is to say, to the ability of the foreign manenemies of protection, that the wealth of ufacturer to supply him. the farmer is not to be measured by his 3. The foreign manufacturer will supply production merely, but by his power of him at prices regulated by the dearth or exchanging his surplus products. A sheaf abundance of grain in Europe and Great of corn rotting unused in the stack is not Britain. wealth ; but when a market opens for it, then 4. If food is abundant in Great Britain it becomes wealth. Now, by the free trader's and Europe, the home demand in those plan of trusting to the contingencies of an countries for manufactures will raise their European market, the wealth of the United price, while at the same time raises the States is to be gauged by the wants of Eu- price of food in America. rope. A good crop and low prices in 5. Thus it appears that the American Europe is to bring the entire trade of producer has a double disadvantage of sellAmerica to a dead stop.

Let us suppose ing less food, and getting less for it, whenthat not a single manufactured article was ever the price of food falls in other counproduced on this side of the Atlantic, that tries. our entire commerce consisted in an ex But there is still another consequence to change of breadstuffs for manufactures, be taken into the account. which would be the paridisaical condition The surplus of the farmer is that which of free trade, we are then under the neces remains over, when he has fed himself and sity of keeping the prices of breadstuffs his dependents. The home market is down so low as to compete with the farm- therefore composed of those who are not ers of England and the grain-growers of engaged in farming. Europe, who produce at a half or one But these are chiefly the artisans, and third the price that we do; and being sub- handicraftsmen, and those connected with ject to this competition, we should be obli- them. ged to pay our own freights and broker The farmer is almost always able to proages, and run our own risks of insurance, duce a considerable surplus, the sale of and other expenses, while we have twice which is his source of wealth ; and the or thrice the distance to travel over, and more there are of handicraftsmen and the political contingencies of corn-laws, others who consume this surplus, the embargoes, and maritime wars hanging greater will be the wealth of the farmer. perpetually over us; to say nothing of the When the number of handicraftsmen and certainty of a time to come, and that not operatives is sufficient to supply the farmer far distant, when the improvements in with all he needs, both parties will sustain

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