Mr. Boutwell, the American Finance Minister, has the most delicious
ideas of political economy. All materials used in ship- building being " protected " in the United States, the yards cannot compete with British builders, and the carrying trade has gone over to Great Britain. Mr. Boutwell does not like this, and suggests that a bounty of $13, or £2 12s. a ton a year shall be paid to every American vessel of not less than 2,000 tons' burden. This bonus is to be given for five years, during the whole of which time Americans are to be taxed in order that Pennsylvanian iron- masters may make profits, and New York may engage in a trade which, as this demand for bounty shows, it is not fitted to carry on. After the five years, Mr. Boutwell thinks the ship- builders can get on alone, American iron being so good, that American vessels can carry, ton for ton, ten per cent. more goods thaw British vessels. If they can, and protection is no injury, why do they not oust British vessels without any bonus at all ? Our merchants certainly will not let patriotism stand in the way of a saving of 2s. in the pound.
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