Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-05-25

10 gold, than most nations give it; it is higher.
especially, than in England, at tho present mo.
ment. The consequence is, that silver, which
remains legal currency with us, stays here,
while the gold has gone abroad; verifying thu
universal truth, that, iftuo currencies be allow
ca 70 exist, of different values, that which is
cheapest will fill up the whole circulation. For
as much gold as viii suffice to pay here n debt
ora given amount, we can buy in England more
| siver IMAM would be necessary to pay the same
debt here; and from tins difference i'm the ya,uo
OF silver arises wholly, or in a great measure.
the present apparent difference in exchange.
spanish dollars sell now, in England for f1ur
shillings and nine pence sterling pcr ounce.
equal to one dollar and SIN cer's. By our star,
uard' thc same ounce, Is worth one dollar
and sixteen cents equal to one dollar and
sixteen cents; being difference of about nine :
ercent. The true par ofexchange, therefore.
Is nine per cent. If a merchant here raw one
hundred Spanish dollars for bill on Enslan5.
at nominal par, in sterling money, that is, for q
Dill for E22 10, the proceeds of this bill, when
PAID III England, in the legal currency
will there purchase, at the present price of
silver, one hundred and nine Spanish dollars.
| Therefore, If the nominal advance on Enp6sia
bills do not exceed nine per cent. the real ey-
change is not against this country; in otter
words, it docs no; shew that there ia any press
ing or particular occasion for the remittance of
d
As little can be inferred fom the occasional
transfer of United States stock 10 Epola,M.
Considering the interest paid on our stocks. tho
entire stability o.. our credit, and the accu;ou
lation OF capital in Eng gland, ii is not at all Won
dertul that investments should occasionally be
made in our funds As sort of-eounteryailinor
| fact, 1T may he stated that English stocks arc
now actually holden in this country though
probably not TO auy considerable amount.
| | will now proceed, sir, TO state some obicc
tons which feel, of more general nature, 10
| the course of MIR. Speakers observations.
He seems TO me to argue tile question as if
all domestic industry were confined to the pro.
duction of manufactured articles; as if the em.
ploymcnt of our own capital, and cur own labor.
IN the occupations of commerce and navigation
| were not cTphatically domestic industry as
any other occupation. Some other gentlemen.
| in the course of the debate, have spoken of the
PRICE paid tor every foreign manufactured arti.
Gle, rs so much given for the encouragement of
foreign labor, to the prejudice of our own But
is not every such article the product of our own
/ labor as t:uly as If we had manufactured il our
selves, Our labor has earned il, and paid the
price for it. 1t is much added to the stock of
national wealth. If the commodity were dol
lars, nobody would doubt of this remark; and It
is precisely as correct in its application to any
other commodity as to silver. One man makes
a yard ofcloth at home; another raises apricDl
tural products, and buys yard of imported Cloth
Both these equally the earnings oftlomesh,.
industry, and the only questions that arise in
the case are two; the first is, which is the best
mode, under ali the circumstances ofobtairiee.--
the article; the second is, hoo fq,. th;s n,,esf;o,
as proper 10 be decided By gorcynmel,t and ho,,
far 1t as proper TO DC left 10 ;mdioil1ai discre
ton There is no foundation for the distinc
ti''n which attributes to certain enlrIoy;nerts tlo
peculiar appelation Of American industry; and #
is, ia nay Judgment, extremely un,7ise. 10 a.
tempt such Determinations. We are asLe,
what nations have ever attaind e.nincut nrosne-
rity without encouraging iy.alinfacturcsa may
ask, what nation ever reached the like prosne,
Tlty without promoting foreign trader I,et.ar,t
these interests as closely connected. and am Of
opinion thai 1t should be ouI aim to cai,se Thorn
to flourish together. ] know it would be verv
| easy to promote manufactures at least for :,
| uine' bui probably only for short time if we
might act in disregard of other interests. W.
could cause sudden transfer ofcapital. and :,
violent change in the pursuits of men. Wa
could exceedingly benefit some classes bv
these means. But what, then becomes of tho
interests of others /. The power of coIle,t;nor
revenue by duties on imports and the habit of
the government of collecting almost lis whole
revenue in that mode, will enable us w;,h,,,,
exceeding the bounds of moderation to &C.
great advantages to those classes of ,nanufac.
lures which we may think, most useful to prc.
mote at home. What I object to is the inmo
derate use fthc powcr-eXcusions and probi-
billions; all of which, as think not ONLY inter-
rupt the pursuits of individuals, with great iniu.
| ry to themselves, and little or no benefit tn fba
country, but also often divert our own labor. oy
as it may very properly be called, our own do.
Inestic industry, from those occupations in which
1T is well employed and well paid to otbers in
which ii will be worse EMPLOYED and worse na;d
For my part, sec very little relief to those WHO
arc likely to be deprived Of their employmenfs,
or who ind the prices OF the commodities which,
they need, raised, in any of the alternatives
which Mr.. Speaker has presented 1t is nothino
to say that they may, if they choose, continueto
buyjthe foreign article; the auswcris the price ia
augmented; nor that they may use the domestic
article; the price OF That also is increased Nor
can they supply Themselves by the substitution
OF their own fabric. How can the arricuIf,,
rist make his from How can the sb;, y
owner grow his own hemp.
But | have yet stronger objection 10 tho
course Of Mr.. Speakers reasoning: which l.
thatbc leaves out Of the case al! that has been
already done for the projection Of manufactures.
and argues the question rs if those interests
were now. for the first time, 10 receive aid from
duties on imports. | can hardly express fhe
surprise feel that Nj. Speaker should fall into
the common modes Of expression used elsewhere
and ask if we will givc our manufacturers M
protection. Sir, look TO the history OF orr ia,ys.
look TO the present state Of our laws Coos;1or
that our whole revenue, with tr:1inc- cxccg.
ton, is collected at The custom house ana 1l;zasJ
has been; and then say what pr5Diicty there
IN calling on the government fJr protcc!:Oc, .
u no protection had heretofore bee, corded
me real question before - ia regard =, III tl,e-
IN NfNrf 1rnf oil, e al