66 



THE WOOL-GROWING INTEREST. 



Last summer we commenced an examination of the statistics connected with, 

 the wool-growing interest of our country. "We obtained from official publications 

 the amount of wool, of different values, imported under the various tariffs from 

 1824 to 1861, showing the amount coming in free of duty, and the amount 

 under a specific duty, and that under an ad valorem duty, the amount and value 

 of different woollen goods imported under 'the same tariff acts, and the prices of 

 wool during the same years. 



But these statistics serve to mislead unless considered in conn esion with 

 others, namely, the amount of the circulating medium, the general prosperity of 

 the country, and the particular form of our industry. For instance, the swel ling 

 of the currency under the pet bank system, stimulated consumption into an ex- 

 travagant folly, during which imports of woollens were largely increased, and 

 must have been so under the same rates of duty even if almost prohibitory, 

 when the currency was not thus expanded. Again, in the prosecution of the 

 works of internal improvement by the several States from 1835 to 1840 

 large foreign debts were contracted by the States, which appeared here in the form 

 of an increased importation of merchandise. And again, whilst the country was 

 slowly recovering from the exhaustion occasioned by the state of the currency 

 and its excessive imports just referred to, that is, from 1842 to 1846, we have, 

 following the latter year, in which a non-protective tariff was adopted, a high 

 state of prosperity, occasioned not by such change, but by the enormous exports 

 in consequence of the potato famine in Ireland and short European crops- 

 This prosperity led to increased consumption of wools and woollen goods, crea. 

 ting such a demand for them as to enhance the price of our domestic w'ools. 



A reference to the statistical tables we have compiled would, apart from the 

 matters we have named, present this general fact, that under the protective 

 duties on wool and woollens, the prices of wools decreased, and under the non- 

 protective tariffs the prices advanced. In fact, there are no kinds of knowledge 

 more dangerous than statistical tables, for being a very condensed statement of 

 facts, a multum in parvo, we must be certain that they contain not only the 

 truth, but the whole truth, and nothing but the truth. To determine this re- 

 quu'es a familiar acquaintance, not only with the statistics, but with all the 

 agencies connected with the results they represent. It was this fact that forced 

 the Department of Agriculture into the publication of these monthly reports in 

 connexion with the operations of its statistical division. The tables must be ex- 

 plained either to be rightly understood or properly appreciated. 



To show the operation of the increase of currency and of general prosperity 

 upon protective laws, as affecting the prices of wool, we give the following from 

 the tables we have compiled : 



