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
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All .s.nns nicationsaddressed tothe
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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