Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1824-04-27


count bemadc up, whatcvcrmay ulcbeitcms ofa
trade, commodities, fishing industry, marine la
DOR, the Carrying trade, all of which, admit,
should be comprehcnded, there can by no doubt
| think, that the totality of the exchanges of all
descriptions, made by one nation with another,
oragainst the totality of the changes of all other
nations together, may be such as to present the
state OF an uniayorable balance with the one OF
with all. 1t Is true that, in the long run, the
measures of these exchanges that is, the totali-
| ~ m,vauc OF what Is given and of what is re-
ceived, must be equal to each other. But great
distress may be felt long before the countcrpoisc
can be effected. In the mean time there will
be an export of the precious metals, TO the deep
INJURY of internal trade, an nntavorable state of
exchange, an export of public securities re-
sort TO ere 4, debt, mortgages. Most Of if not
an, lhcse circumstances, are believed now 60 be
Indicated by our country, iii It's foreign com
'nercial relations. What have VIC recoired for,
exainE le, for the public stocks sent to England,
Scods. But those stocks are our bond which
must be paid. Although the solidity of the
credit OF the English public securities is not sur
passed by that of our own, strong as it Justly is,
when have we seen English stocks sold in our
market, and regularly quoted in the prices cur
rent as American stocks are in England An
unfavorable balance with one nation, man be
made up by favorable balance with other ma
ions; but the fact of the existence of that unil-
Voraole balance is strong presumptiye evidence
against the trade. Commerce will rcpulate it
sell Yes, and the extravaganza of a SPEND
THRIFT heir, who squandcrs the rich patrimony
which has descended to him, will regulate itself
ultimately. But twill be a regulation which
VIII exhibit him in the end safely confined with
in the walls Of jail. Commerce will regulate
Itself But Is it not the duty of wise govern
ments to watch its course, and, beforehand TO
provide against even distant evils; BY prudent
legislation stimulating the industry Of their own
people, and checking the polly of foreicn now
crs as 1T opcratcs.en thein' The supply, then,
! OF the subjects OF foreign commerce. no less
than the supply of consumption at home, re-
qtres of us to giyca portion OF our labor slch :,
direction Will enable us 10 produce them.
That is the object of the measure under consi-
Iteration, and cannot doubt that i adopted. il
will accomplish its object.
/ 8. The fifth objection TO the tariff is that il
will diminish the public revenue, disable us from
| paping the public debt and finally compel a re-
sort 10 system Of excise and internal taxation.
THIS objection is founded upon the s,ippos;;inn
that the reduction in the Importation of tlc s;;i
lects, on winch the increased duties are to on
crate, will be such as to produce the alleged eff
fect. All THIS Is matter of mere conjecture and
can only be determined by experiment.. / have
very little doubt, with my colleagc (A1r Trim.
bic, that the revenue will be increased consi.
tteraDiy, pr some years at least under the one
ration of this BILL The dilninutic,, in the oman
hty imported will be compensated by the aun
mentation OF the duty. In reference to lIje
article OF molasses, for example, if the import OF
IT Should be reduced fifty per cent. the amour,
ofdUty collected would be the same as if now is.
But IT will not, in all probability, be reduced bv
any thing like that proportion. And then there
are some other articles which willcontinue to be
| introduced IN as large quantities as ever, not
withstandlng the increase of duty-the object in
reference TO them being revenue, and NOT the
encouragement of domestic manufactures. An
other cause will render the revenue of this yeor.
IN particular, much more productive than it
otherwise would have been, and that is. that
large quantities of goods have been introduced
INTO the country, in anticipation of the adoption
OF this Measure. The eagle does not dart a
iseener gaze upon bis intended prey, than that
| with which the British manufacturer and ner
chant watches the foreign market, and the
coarse even of our elections as we'll as orr Ie-
gisiation. The passage ofthis bill has been ex
pectcd; and all confederation is, that the iynpor
tatons, during this spring, have been immense.
but, further, the measure of orr importations Is
| that OF our expectations. I'll am right in sun
POSING that, In future, the amount of these, in
the Old or new forms of the produce OF anr la
/ Dor, Will not be diminished, but probably IN
4 creased, then the amount of our iInportat;ons.
and, consequently, Of our revenue will not be
reduced, but may be extended. If these ideas
be correct, there will be no inability on the part
of the government TO extinguish The public debt
| lbe payment OF That debt, and the consequent
Liberation OF the public resources from the
charge of 1t, is extremely desirable No ono
is more anxious than am to see that important
object accomplished. Bat l entirely concur
with the gentleman from Virginia Mr. Bar
bour,) in thinking that no material sacrifice OF
any OF the great interests of the nation ourht TO
be made to eaectuate it. Such is the elastic
and accommodating nature Of our public resour-
ces, from the silent augmentation of our ropuIa
uon, that If, III any given state of the public re-
venue, we throw ourselves upon couch and pc
| 10 sleep, we may, after short time awake will
an abilHy abundantly increased to redeem any
| reasonable amount of public debt with which
we may happen to be buTthened. The public
debt OF the United States, Trough nornjnaIIv
larger now than it was in the year 1871, bear.
really no sort of discouragiDg comparison to its
amount, at that time, whatever standard VIC NAV
choose to adopt to institute the comparison. ii
was, In 1901, about seventy five millions of dol
lars. 1T IS now about ninety. Then we had a
| population of about four millions Now we
| have upwards Of Ten millions. Then VIC had q
| revenue short OF five millions of dollars No,y.
| orr revenue exceeds twenty. 1--we select noD-
uation as the standard, our present population
IS one hundred and fifty per cent. grcatcr than
1t was IN 1871; if revenue, that is four times
more now fhan at the former period; whilst the
pubic debt has increased only in a ratio OF
| twenty per cent. A public deN of three hum
dred millions of dollars, at the present day, con
| SideriBg orr actual ability, compounded both Of
| the increase of population and ofrevemie. wonld
not be more onerous now than the debt Of &c.