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The high duties upon foreign manufactures, and upon all goods imported by alien merchants, all tend to the same purpose. Corporation laws enable the inhabitants of towns to raise their prices, without fearing to be undersold by the free competition of their own countrymen. Those other regulations secure them equally against that of foreigners.
There was a Turkey Company, the members of which contributed to a general fund, and had in return the exclusive privilege of trafficking with the Levant; but those members trafficked, each on his own account; they forestalled each other; they undersold each other; one became rich; another became bankrupt.
It could not have come about, still less could it last, were there not an honest and widespread belief that without duties the variety of industries needful to make a civilized and prosperous nation could not be attained in young countries where nascent enterprises are almost certain to be undercut and undersold by the giant capitalists and cheaper labour of the old world.
He has spurned all solicitations to join combinations. Far from asking tariff favors he has entered European markets and undersold English, French, and German makers on their own ground. Instead of taking advantage of a great public demand to increase his prices, Ford has continuously lowered them.
The Treasury was besieged by merchants whose warehouses were filled with goods on which duty had been paid, and who were in grievous apprehension of being undersold and ruined. Impartial men must admit that this was one of those cases in which a government may be justified in deviating from the strictly constitutional course.
Pick up a paper, at the moment when things are being done, mind, all over the world, done against them when their shipping is being captured, and their industries destroyed, and their goods undersold beneath their very noses and the thing they want to know is Why Are the Swallows Late?
Our merchants frequently complain of the high wages of British labour, as the cause of their manufactures being undersold in foreign markets; but they are silent about the high profits of stock. They complain of the extravagant gain of other people; but they say nothing of their own.
The Commons had, soon after they met, appointed a Committee to enquire into the state of trade, and had referred to this Committee several petitions from merchants and manufacturers who complained that they were in danger of being undersold, and who asked for additional protection. A highly curious report on the importation of silks and the exportation of wool was soon presented to the House.
All these countries have probably at this moment a much larger amount of capital than ever they had, but having been undersold by other countries, they have lost by far the greater part of the share which they had engrossed to themselves of the benefit which the world derives from commerce; and their capital yields to them in consequence a smaller proportional return.
The price of all necessaries being thus enhanced, the wages of the tradesman and manufacturer must be increased; and where these are high the manufacturers will be undersold by those of cheaper countries.
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