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We will cling to the Pills of the Temple of or Lawd* *0 Wil *6" afSlis 00 alws VOLUME VII. Lt il U u t 1o s %' NO. 4. KDGEFIEIID ADVERTISER, IST W. F. DURISOE. PROPRIETOR. Mr TERMS. Three Dollars per.annum. if paid in advance-Three Dollars & Fifty Cents if not paid before the e4iration of Six .ajths from the date of Subscription v.4 Four Dollars if not paid within twele)Months. Subscribers out ofthe State are required to pay in adrance. No sabscription received for less than *esyear, and no paper -liscontinued until 4ll arrearages are paid.except at theop tion of the Publisher. All subscriptions will be continued unless otherwise orderedbefore the ex piration of the year. Any person procuring five Subscri bers and becoming responsible for the: sameihall receive the sixt b copy gratis. Advertisencats conspicuously insert ed at M; cents per square, (12 lines.or los,) for the first insertion, and 431 cts. for each continuance Those published montbly. or quarterly will be charged $I per square for each insertion. Ad vertisements not having the number of insertions marked on them, will be con tiued until ordered out, and charged accordingly. All .s.nns nicationsaddressed tothe Elitor, post paid, will be promptly and strictiv attended to. * Candidates. for Seals,- as J. d. Jeter, for Us of RAprescatatires. CoL Seft Bniet. Maj. Tillman Watson, Dr. J. 0. Nicholson, Maj. George Boswell. - CoL James Tompkins, Dr. R. C. Griffin. W'ley Harrison. Esq. Dawson Atkinson. Eq. Goal. M. L Bonham. James Sheppard, The friends of H. R. W LIAM. announce him as a candidate for the Office of Sheriff. june 15 'tt 20 The Mends or Capt. L. J. ENTELL, announce him as a candidate f the e ofheriff. march 28 9 00 The fMiends of Scar BOROUGH BROADWATER, announce boasacandidat for the office of Tax Col ~ .... - nareh9 6 ."e ftienos if Capt W. COLEMAN, annornee bins as a candidate for Ordinary of Edgefield Dis Ict. Jan 19 if 51 O*The friends of Wn. J. BMUKINS, Esq.. announce himt as a candidtatt for the office of Q:dinary. of Edgefield District. September 2. tf 31 The Mends of Colonel J. HELL. announce him as a candidate fur Ue ol See of Ordinary. of EdgeeldI District. A t26 if 30 rThe friendsofCol. W. H. OSS, annoace hit as a candidate for the office of Ordinary of Edgefield Dis trict. Commercial. AUGUSTA EXCiANGE TABLE. Augusta Insurance and Banking Co. pfar. Bank of Augusta. Branch State of Georgia at Augusta, Agency Bank of Brunswick, Brunch Georgia Rail Road. Mechanic's Bank. Bank of St. Mary'. Bank of MAlledgeville par a 4 disc. Bank of the 8t.of Geo. at ay. par a 4 Branches of ditto par a 4 Agncy of ditto, at Greens~boro' par a " Bank af Brunswick. para - Commercial Bank. at Macon. par a - Geo. R. R. & 0kg. Co. Athens. para - Marine & Fire iaa. Bank. Say par a 4 Branch ordiuo. at Macon. par a 4 Planters' Bank. Savannah. par a 4 Rnckeruwille Banking Comip'y. pat a 4 Phwnia Bank of Columbus, 5 a 10O Ocanulges Bank. 3 a Ezchange Bank. Brunswick. it0 a 15 Central Bank of Georgia. 27 a 30 - Cental R. R &Bkg. Co. sav. 16 a :0 - Ins. Bk. ofLolumttbusat Maon, 2 5 ' AlsbarnaNotes. - a 35 Charleston Banks. par. Bank of Camden. Dank of Georgetown. Commercial. Columbia. Morehant'. at Cherutw, Bank of H amburg. No Sale or Uncertain. Bank of Darien aned Brianche.. Bank of Columbus. Chanabooche. R Road & Bankmag Comany. Monroe RL. Hoed & Banking Comp~any. Planters' and Mechanics' Ilank. C..itnmbus. W~estern Bank of Georgia, at Rome. Dank of Hawkinvie. Drtfts. On New York, a I premn. Charleston, a 4 Savannah, par a 4disc. Philadelphia. I a 14 preni. Leuington. Ky. par a I Ia Bankruptcy. T H E Sitbacraber has beetn. by th Judge of the District Court for 8outh Carolhna District~appoirsd Cotnmissioner inr Edgetie-d District, pursuant to the provisions of the Act of Congress. made, and now in force, conce-rn ing Bankrupts. Therefore. any person wish ing to avsail bimslfofa'aid Act. w ell please call sse the undersigned. at Hamburg. S C., who mdl prepare all the paper.. necesary to a isnal discharge. on as liberalI terms an. any othier per son, having procured all the Rules and Blanks ofsaid Court requtared. &c. ROBERT ANDERSON. hamburg, June 27th18412 i 22 Congressional. SEE C II Of Mr. Pickens. of South Carolina, on, the Tarif and the Res'rictive Policy: deliv ered in the House of Representatires. June 22. 1842. The Ilot.se hein;: in Committee of the # hole gin the state of the Union. and the tai ff bill being before thet fcr contsidera tion Mr. PICKENS. of South Carolina, ad. dressed the committee as fhllows: Mr. CuAIRFAm: The bill upon your ta ble has two objects-the fitst to raise re venue for the wants of thi- government ; and, secondly. to afford. by restriction, protection to large interestS coiter ted n ith domestic manufactures. i % iil he my ob ject, at present, to confino e li princi pally to the first branch of the subject. and reservo what I may have to say Ot other topics to some other stago of this discus nlon. The chairman of the Committee of Waya and Means (Mr. Fillmore) has es timated that $27.500,000 of net revenue w a nece.sary for tle annual expentlitures of this government; and, boy his bill, he proposes to raise that revenue exclusively out of thejoreign im portations of the coun try. The'gross atmount proposed to be raised is $32.0000.00: but S5,(j0.000 are allowsed for expenses and drawbacks. If I understand him correctly, he rested his estimates nod calculations upon a supposed avernee of imports to the amonnt of $107, 000.000- Front this he deducted $18.. 000 000 of goods re-shipped or re-exported. upon which duty would he refunded in the shape of drawbacks, or would not he col lected under a warehostaing system. Thi-i, then, would leave $89.000.000 of imports from which revenuo would be collected. Then. again. fron. this would be deducted near $12.000,000 of free articles-about 86.000.000 in speci:-, and $6.000.000 in free goods: in all. $12.0tt0,0110 We then have a balance of $77.00,00-or, I he. lieve. acconing 'i the calculation of the chairman. $71,000.000-out of which you are to collect taxes to the amount of $:-7, 500,000. This, then, would amount to a general average of about thir:y six (36) per cent. Thirty -six per cent. upon $7, 000,000 would be $27.720.000. Now, the great practical ques'ion for thiscommittee and the country is, can that amount be raised from foreign commerce, in the pro -sent sto of the commercial world? whom awl #his government in a low and difficlh sit n ation. but the Statep are (many of them) in a far worse condition. The corporations and companies of associated wealth in the Statesa, together with individual citizens, are- all under the deepest embarrassment and prostration. Taxation, at this junc ture. is a question of the deepeat interest to all portions of thiscummttunity. Ani why it it that f(nre-gn commerce should be se lected as the sole source of an enormous revenue to suttport a wasteful government? I- commerce more prosperous tban ither branches of national industry ? Why ihould we burden it e-xclusively? There never wias a period teti it needed more your tosteringeare. The chairman (Mr. Fllmore) enot drive mc into a discts sotn upon direct taxation or excises. I at not to he drawn off upon any collater:l issues he may choose to raise, by way of diverting public attention front the unjtst tudtmprcticable provisions of the bill upon your table. I hold him to a discus sion upon the specific measure ie has pro posed. lie nsist proive the aiffimative. I shall advance the negative. lie being in power, atnd at the head eof the finatceecotm mittee,. it is with htm and his party to sus tain the credit of the- Covermntt nod shtow he soundnerss of his mteasure for that pur pose We have no rower lf. but to ex amine the spectfic maeastures proposed. We have before us. -'t present, a tax of 36 per cenat. tnpona $77,000,000 worth of imports. advocated as the great atnd only measure by which % ou are to raise $27.00J0,000 of revenue. I shall nut at ptresenlt discuss the acuestion as to wheo is to pay this tax I shallinut say that at falls entirely uipotn tho producer of those exptorts which are exchanged for the atnp--rtations that you designt to tax by this bill. But theo doctrine thtat it falls exclusively upon the consu mer, is as far from trutha (to say te least of it) as to say thtat falls upon the produ cer. As well mtght you a that a direct tax upon houses will full exclusively upona consumners. The argumnent in that case, Iau ppose. n ould be. tha' the ow ner of th, house wo-..Id reimaburse htutself for the di rect tax in the increasedl price of rent. So, ini like manner. thte batte argumnent woauld be advancwed as to the opleraltioni of excise dutte-s. The producer of the domestic god. upetm which an excise might be Ie ied, woul iidemniafy hitmself in the en hancedl price ofl his articlo when sold. But, sar, is this true! it mtighat he if you coul get the enhlanced rent, or the in creased ptrtce upon the goods sold. It is clear that, if it could be got with the tax imposed, it could also be got without the tax. Thte trutha is, that the tax, whatever it may he, and whatever form it ma- as sume, falls linally, for the most part, upon productive labor, in all its branches. An impost taix falls, itt the first instance, prin cipally upon the producer of experts. by lessening demand abroad; and, in the se cond instance, upon all branches of do mestic labor and capital, connected with comimerce; and, in athe third instance, upon the consuamer. It Onally falls upon the producc. ibe mcrchan:. and the cnsumer; but with greater disaster upon the first. The producer may not be able to e:hange bis capital or labor. and then it is full of pressure and ruin to him. But, sir, to come bark to the revenue ol $27,000,000 proposed to be raised by this bill frotm the importsofthe country. I lay down the proposition, that, in the existing state of the country. you cannot rmise that amount from our foreign commerce. Gentlemen seem to think that the coun try is where it nas in 1828 and 1832: whereas there is almost a total change of our circumstaices. In 1828 sd 1832, we had the United States Bank in full I operation, with all its credits. We then bad about $104,000,000 of Circulation throughout the Union. In January, 1837, we had $14d,000,t000 circulation. And now, in 1842. we have only $4,000,000. In 1828, we had 6,000,0YJ of population le-s than we now ha',e. We now have 17.000,000. wit h a circulation of $94,000, 000, and, in 1828. we had 11,000,000 of people, with $10,000,000 more of circula tion than we now have. Aga.n: in 1828, we had only about $49.000000 of specis; and now some estimate it at $70,01.0,00, and others at S90.000,000-sny we have $80,000,000. Then, in 1828, we had more tha: 50 pet cent. more circu!ation than specie; ani, in 1842, we have only $10,000,000 more. % e have now a cur rency near the speci,. standard. A nd yet gentlemen propose a tax of 36 per cent. upon commerce, when we have in the country less circulation by 810.020AG than we had in 1828. andl with G0A00,OO more of population. They propose this enormous insation, too, when our circula tion and specie are near the same amount. Do gentlemen suppose that the country or commerce can stand it under thess cir cumstance? Sir, it would produce pes sure and disaster beyond calculaton. A tax of 36 per cent. now upon importatioos, would be equal to a tax of 60 per cent. in 1828. This tax, in the present emtarra3 sed state of the country. together with its contracted circtslatiou, would produes greater restriction upon your importatine than even 60 per cent. would in 1828; sa4, instead of raising the revenue expectad, would be a failure in proportion to the amount ofimports cut off by restriction. But, sir, great as is our diffierence now and in 1828, as to bank credits. circulation specie, and population, it is not greater than is our diderence as to surplus capital and labor in the Ioun. n PIa Jber Prudisedo o country. 'We hall, flil tide ofenterprising population sweeping to the Northwest and Southwest, engaged in new and vabt settlements and cultiva tion ; and the same might be said also as to that rich and noble country in Western New York. What, now, ts the state of the country ? Al that large class of capitalists connected with stocks and banks are hopelessly prostrated. A large amount of capital is now lying idle in all our ci iies, and in many sections of the country, waiting to see more as to future prospects. So it is as to labor engaged in all domes tie productions. There is a great stagna tion, particularly in the region that pro duces the great export staples. There is, at this moment, more surplus labor than we have ever had. The consequence wituld be, that if you impose high restric tive duties under these circumstances, the immene amount of surplus labor and cap ital, or rather that amount that is not pro fitably employed, would Instantly take the direction of investmentd In the production of ihose very manufactures, upon the iam portatiob of which you propose to raise a revenue. Then. sir, in the eudet propor tion thet your restrictive taxation tempts or forces iuvcestments itt the production of thme domestic article, does it itn lIke man ner, cut off the foreign import, and conse quetly the revenue, It is thus clear that, as a fin ance tmeasure, it must fail, But this is not all. If an undue propor tiona of thme surptlus cap~ital and labor of the country should be tempted into domestic manufactures by your legislation, the re sukt would be, that they would come then into direct competition with establishments ntow fixed andl in operation. And unless you again extendedf the circle of protec tion to meet new contingencies, the bene fits of the present, as a protective measure would in the end fail and prove disastrous. In the present state of the currency, capi tal. and labor of the country, you cannot tell what deep injury you may finally in flict by high restrictive measures (such as the present bill) upon your foreign com merce. If you expect to collect 827,000, 000 of revenue f-om imports, you will be entirely deceived. Again, sir, let us look for a moment at a very powerful, increasing, and import ant section of this confederacy, as compa red with its situation in 1826-I mean the interior JWest. In 1828, it was almost en tirely a new country. Its labor and capi t al was then actively employed in cutting dotwn their magnificent forests, in clear ing lands, and in erecting habitations for a hardy and enterprising population. Ar that period they were but limtted consumers of foreign importations. They confined them selves to the mere necessaries of life, and kept their expenditures to the minimum point. The taxation upon imports was at that period of little importance to them. Not so now. No country on the face of the earth has improved so rapidly. From being small consumers, they are destined, in the next ten years to be thbe greatest con sumters of any other section of this Union The valley of the Mississippi and its tri that hi meantan er the ryqof- Considering the ex hsutu -their soil, nod their teems aestiate their espa city to the next few years, double liagh taza ion will be to them of the .er some time yet, I tially an agricultu ral rme interests would be to at jiodanion of foreign experti ereste consusmers for thei the eaportiog region. But. sir inrior West in a nother It is skirted for a the most maguiflcent ivland' . and all connect ed sriver which seps rats t' gcoutr from teBri * in Caoada. Ud *~ ive measures up 00 is vast eountry will be sup St. Lawrence with to ir his proposd tariff. looks t4 things. I admit that as the grain may ' wo cemed, he benefited directly by bIs But indirectly its er . The wheat of our reat ' be shippel to the a become man'factured into siped in British hot lows as .Under this new re vision of tafi;' the ickled pork and sa& lter' o es will be in wrenot for tbe great d' :M; k also undoubted ly be ,then, will be the retnM .our so shipped, to gther eand salt 6eef? hy, must come in. and and In throngh flie St. Lawr plo on the lake (ron. tir a "here are anywhere; b: ya t more conscien tious rye your revenue laws. vs tas laws be un I joerl 0g, they produce a mind, and cannot be o Jiid fraudulent legis a0ion - trated both public I s Abecountry. Even in E b&ernavy, her reve nue -ng army-with heeqsolidated gov Impossible to pre -,et Prime Minister. In hip a it is Impossible SUpereatL If this must withus '0-6l4bf2 river a travigable stream CassAya ~eiremastancee, cot leer that portion of the conf /d in the nest ten yoars, to be - ebsusmers of those Yoa propose to tax so eat iampossabe. You will be dina As your revenue - and those w "4 -.6" by high do iies, will, r, theet with diss ter when W tdary fooded with goods duty The hole effect of bich legislative undwer existing cir cumstances, I be to sranefer a large portion of you a to the St. Lawrence to the e t of British tonnage. Another great 8lt would be, finally to discourage and rdgicef your ommercial marine. A esay *old be h no value without an aedpq add fiourishing marint. Your powerand-istength upon the ocean does not coshid Wdtue number of guns and naval vesseb Aisa,; bu in an expericuced and enterp rtaaue to mao and direcs them. I# iirom a deaicsncy in this re pect; that Fs~nee kas hretofore built na vies in pisme, tht Orei Britain micht takethemiswA 1Sn islwithus. Our strength ad-rank as a nation-prticular ly as a great naval power in the world rest upon iniAnd daring marine, ae quiring daily in an extensiv-e and in creasing cesmeree. Yeanr navy will be worthless witl~dat this. Btuike at this. and you strike it thd great tight arnn of our neg tiona trenth ad defence. Ii isa (atal policy is as~t threw all our burdens ad restrnetios Upea commierce, The whole system of retaliation andi re striction grew oqt of a state of things exist iag some hi yer ago. All Christen do. had sl e ut erged from a uni vesal war, hadl generaaed hostile and coon ~ Sstimtelti. Et was sap posed that ts ould efirect by legislative war, what thyhad failed to de b; anap peal to grteat amd undpr an imeanary no tio of secrlig what (hiay eelle nassonal mndependesesu, the eomnuenced a systemu of retaliation a restriesions. At that period, these were the prevailing ieas of the age. BdAf ihmre stay stateamn who can slat bis~eye to the ssigb:y changes that have besjpiprduced in the warld a round him, ,ad to the history of evews in the last twnt years ? The whole face of modern isshas changed. We are net where so were twenty yemr age. Look at devestinn ofesteam puwer a loee. t is tbIhthis wonderful agent that we are be Into habitual andI daily in tercourse w' .Europe, so that we are in formed of wit takes place in London and Paris with sireertaanty and eapedition than, thirty y~ssago, we were of What occrred in Eat.and New Orleans. It Is through thingreat agent that commerce has bees iamataed and expanded-en that remeta qsarters of the world now ex camge their with as much ex pedin'n nand as was the simple bar erofneig ented thirny years ince. Coaee has enlarged more ra pidly than at.5ytforer period and has extended its to158 fbres into every class ad lngdrast. 611 hmtlly .f tho habitable globe. So it is with the other great rcfbr merof modern times-1 mcan afrce prcs This great Irreller of mankinid has prodsa ced a community of thought and fceling, that heaves and moves all sociely to its deepest foundations. Sir, it is commerce stimulated by steam power, and contacted with that mighty engine of nklern tiiei -afree press-ihat has bound all civili aed men sigether is adamantiae rn:in4 ' interest, of sympathy. aud of feeling, which thank God ! all the rechl".i le;;is lion of mad ambition or base avarice can never dissever or dissolve. Not a :icral in any remote province of Fratnce-no haughty Spaniard. even of Castile or Ar ragon-that strikes for the equal riighats of man, who does not teneb a chord 1that Va brates to the heart oaf every freeman, whet. er on the baniks of the H11dson41, or Ia his cottage on the remote waters of :he Mis sonri. Sir, ihat universal feelhi, n hich breathes and burns for the everla-,ting and equal rights of man, is oue tof thr cre: characteristics of mniealern society. And all your mnopooitlis, exclusive privilege,, anl melksh restrictions. will be swept 'idown leefore it, as the lion thros% s tie cohwebs rrom his mane. Your potwer n ill ptrave impotent to execute high lemislativ-- res trictions, which are against the whole ge nius and spirit of the age. Mr. Chairman. I firmly believe Lat iat vast fabric of modern society, wthoA2 chief corner stone rests upon nonflp.oliP and privileges to the few at the expense if the many, is ionring to its deepest roundasions. The suoperstitionas delu-ipn that induced a large porntin vf mikind to believe in the necessity o' an estahfk ad church, supported lv government. ;s rast passing away. And sn, in iiie mai ner. will soon pr.ss off the destsion an" rnss injuslice of thsatsy.tem lwhich rostefs argecompanics anl exteuive interests. by taxation imposed upon the great labor ng classes for the benefit of a faw, under the vain and empty assumption that it is secessary for our general natiosal prosper ity and independence. Sir, this belef is a relic of barbarism. It proceeds upon the idea that the barons of old had, when they kept their battlements illed with ar ned followers to defend themselves fron the plunder of their powerful neighbori. l'his whole notion of retaliation and es riction rests upon the assompwion that avery nation must retire within its owa bor iers, and, in the true spirit of Chinese phi losupy, erect barriers, so as so preserve its suagsh aNd soarees frow tlw ipre Is Ift posible that In this, th niueteenth century, and here in this, the freest ef all countrbs. where knowledge ii so uaiver sally diffused among all clawes,-is it possible that we are now to be called on to revive a system which originsted in ig morance, and all mankind were eszentiaUy ti-social ? Beter at once trihe down the arts and refinements of civilinid life ; better at once io deity ourslvcs all the :orafrts arti luxuries of conimerce, better rar better. to put ont :he li~.;hts of science and learning that flush nad hlies all arod is, atid siuk down -.gai into barbarian ieclusion. War an I superstition hanL heretofore >een the great means lay which inankind save been citilized. It is by war you con juer a barbarian posple. and y supersti ion you are cnabled to reaU- their hearie. mnd control their feehais. Wit the great lificulty has been to clothe (hem after cin luest; and you cansnot p-rinmienly re-fine he vuvage, unless you first claitho his na eduess. It is thi-s that stimulaes and >repares him for ite reftmenmest-s and art,4 of life. Moidern times have furnishcd, in he shape of coston. and iy meaus of na :hinery, she cheaest and ;mst abundanst noaterial ever discover e:l by she wit of maan o clothe and comfor:s she wild sasvage. insd commercee, exseneiu~g the temsptatioans mnd luxury of this great errcicle, id destined o subdsue andl convect sti, world so the arts af civilized life. Titere, as not a batle that arent Brita, fsght< ina Adghasnistan, or int he remote ,sas ofChi~na, but whast is des ined so extend commerce, wish the con umiption of this wvonde-ul ma~terial, and, brough it, the refinenemss andc comnforst of ife, and, inally, sfhe elevation oaf she hu nana family. In this. point of view, free rade is uthe very life .ad soul of umde-rn :ivilization, Is brings isnto social iunter :ourse the remcote valleys ocf shis earth : it :euses oven the A rab ol'the descert so ejsic-k in wish new emterprise; aunde awvakes sthe seasant o'f the Alps to leap with niew hope ad new joy, as the bright prospects rise ipon his enraptured vision. Ab, sir, fetter 201 Commerce. Unhcind her beautiful and .Jelicate limbs. Let her spread her wisags ipon she fourv winds of henten, andl, wvish in cucistreched armn. she will bear to usE snuocen regions comfurts and blessiug's, and ksing back, upon her expmanded and exii inraot tbosom, peace ande plesnsy so bless mad to gladden the latnd that loves and that :berishes her. Blut, sir, England is held up to us as an examaple of a nation who, by a restrictive and prohibitory policy, has risen to she dliz sy heights of power. antd wemihh, andI pros perity. Admit is; and pray, sir, who is it that loves ste eriual rights securedt by ste principles of our glorious Constitution who is is that loves she free air of his owna native bills-who is it that has an A meri tan heart, that would prefer even the ca reer of Great Britain, gilded all over as is is with the wealth, the power, and the glo ry of this world, to his own country and her noble institutions? Who can see the future destiny of Great Britain! Fate has slet yet unfolded the leaves upon which Hiutaew is to record her anal end. When we contemplate the misery, wretchcduesu . and starvation that now pervado millions of her populatiou, it is enough to fill the heart with lte most melancholy feelings. Unn it be possible that any man living would prefer tihe condition of her people 4 to that of ours ? Go into Ireland, that twn-trodden laud of genius and elo quence. and follow the care-worn peasant as he gathers his suffering children, at eveutnLg, into his miserable hovel, to shoro nmemungst Ohm that scanty food which has I lewn procutred by the poor pittance for bi. A;siiy lisbuv;-asi him if he feels the bles singsf rDriti-th wealth and British pros pcrtY. Uo into tho very heart of old Eng land herielf. and sec that poor little facto rv-"iri raise her trembhag hands up to tho Wind4ow grates of some dung:ou-work si.op, crasing and begging the froh air of haveu to blow upon ier parched brow au.1 exhausted famnie;-ask hrr if she fcei she blvhsingsof British protecoion snd Ihit - ish weahltt. Ali. sir, the burning tear-dror. a it rolls down her pale cheek. but appeals to lleaven for vengeance upon the cruel policy of that ieartlsvs government. tha viml objrct of whose whole legmslation is to place labor mithout hope at the mercy of capital. Is there anytthintg in this state of rhwngs to reconmmend the cnreer of (rest iritain to the admirationi of freceeu! ler brow imay glitter with the accumiulated wealth of ages; but who can tell the wroiA and misery that fester aud canker beneath it! Poorer we may be; but give us our own country, vith e-qual right-s to all, and mnotpolies to none, lalnzimg over the broad flds of our national '.,aner. rather thana all the wealth and power and gloty of En;l.tnid, 31r. Chairman, it i.4 3mid. that we must have a tarit. and restrictive mensares, in order to preserve our specie in the coun try, and prevent its exportation. Let us examine for a moment this proposition. Suppose it to be true: how is it to operate? As a mere tneasure of value, specie has two great offices to perform: first, it adjusts balances in trade between us san foreignt countries; and, secondly, it is the measuro of value fur our donestie productions at home. When the balance of foreign trado4 is against us, foreign exchanges rise, and there is a demand for specie to meet them. This can be prevented, as is said, by re strictive measures-which, of course, must operate to cut off importations that other wise would be made, so as to adjust the balance of trade, and make foreign ex changes in our favor. For Istance: su pse-oueapset *10ioOE0OOOi~aains, -:, and, under free trade-, would import in ex. change for it more thiea that amoun. Then, say the advocates of the tariff to preserve sp.-cie, you must have high re strictions, or foreign exchanges would, id that case, be against us, and the exporta tinu o.fspecie would follow it. And to pre vent this, the argument is. that Sy resine lon you would reduce tli importations below S100,000,Oo itt value; and thus the balance, connectel also with the profits of trade. would be brought back in specie. This must be the modus operandi, if it bei true that restrictton is to premt ve our spe cie from exportation. But do not gentle met see that by this courm they adrmit that a high tarillfdues cut off iiporttitns. nd thereby, a-, a nrcessary c-mequrnce, lesseus the demantd for cxport-; and is, to that extent, a tax uponexport,? But sup pose, sir, you do, by restriction. forco the imnprtatiou 11f specie instead of :oods. For instauce, in the ctse omf the $t00.00.0OU of exports, iostead of bringing back $110, W00.000, as its value, nrtd the prolfits in traie it importation-;--,n ppoS, by restric tion, you cut off $100.00.000. and bring back that amiount its -p,,ecme; w hat. then. is the resulm l The value of specie hero ist that it turntishes an accurte mecasure of our anntmual dlomestic pr..ducetin. and pro perty at home. Any imure brou;;ht into the coumttry than what i-s neces.ary for this purpose, unless tt be used in plate or furtui tre. &c., is ait actual injury. A4 reduni dancy oif gold and silver may prodmome an ilationt as well a too miuch paper. ex cet that it is not so mdia,irouse int its effect-, because it is not subtject to such great vi brttions. But if you haeve a redundncy of specte, it takes the direction of becom iig the basis of credits and circulatiuon. Undter high restrictions. if specie is to ho brught itn, it n ill be, that it will immewdi ately becotme, in time hands of capitalists. accumuitlatedl capital, and furtnish the basis of new credita, new cxpansiotn, now circu lation. And, then, what is time seconud result ? Prices rise ont every thing, ammd the cost of productiott is increased until it reaches tho point at which you have, by restriction, fied your proEtection : amnd then thet for igmn article'comes in under the swell of your local expansion. And then you must raise te restrictive harrier higher-until a new expansion, in like manner,again takes place ; when you must run thme maine rouad, aud thuis the w ages of labor and the profits of capital. in the protected region, are kept in a bloatedl atnd unnatural st ate until the fnal catastrophe of prostration and ruin overtakes them. When yon once comn mence this system of prohibition and pro tection, you miust pile, periodically, re strictiont upon restrictionl, to meet each ci: c expanding after circle. For instance: you attempt to prorect tme manufacturing interests of Massachu setts by this bill. Well, in it you lay a tas of thiriy'dollars a ton upon iro, which is about forty-eight per cent. upon the cost. Masahsetts is a great consumer of iron -she uses it in all her vast machinery of every kind; and it goes into all those im -l.manrs by wvhich She conduct, her labor