The Massachusetts spy, and Worcester County advertiser. [volume] ([Worcester, Mass.]) 1825-1831, 1826-06-07


: expensive and distressful sacrifices which In,
: patriots OF those days Of trial were called Il
endure During the last war, when tn,
, chesapeake was invaded, il was immediate
ly apprehenled s. that the banks and credit
would be drained from the middle districts o.
; the United States. toward the places of the
greatest activity, 10 the manifest detriment o.
the banking institutions from which it was
; drawn, and to the commercial facilities of the
people" To prevent this evil, "recourse
: was had TO a suspension of specie payments
by the banks" in the middle States, and this
I measure was followed by the excessive issue
OF bank paper, which, with its consequences
of improvidence, distress and crime, always
attends the removal OF this salutary restraint.
! might find lively Illustration Of the same
causes and effects, in the present condition of
some OF the western States; but | need not
extend these remarks TO describe what is too
notorious and too important 10 escape merited
attention. Ii appears, then, that there may
De drain of specie, which will be highly i'm
furious to country but this will be produc-
ed, not By any proportion of exports and i'm
p Is, but by the mismanagement, and the
| excessive multiplication of banking insttu.
tons, which we have the power at our pleas
ure to facilitate or restrain. | win hereafter
attempt TO give an account of the principles
! and the present condition Of the banking sys-
tenn of this Commonwealth.
1t seems due 10 those for whom these re-
marks are intended, and to myself, to say
word to justify the assertion, that such the
| DRY as the balance of trade and the conse-
| quent drain of specie, are popular in our
country. For evidence of this, would APP
| peal to the fact, that this therory is alluded
to as an acknowledged truth, or defended as
such IN large proportion Of the paragraphs
| in our newspapers, which relate to the inter-
ests of trade. | am aware that the voice of
the people may be, and it is happy that il
often is, quite different thing from the voice
Of those who speak in the name of the people.
But, in any case, those who rest their argu-
ment on the general reception Of an opinion
by those TO whom they address themselves,
may certainly be taken as so many witnesses
of this reception, which is the foundation of
their argument; and, in this instance, il there
were no other believers in this theory than
those who take pains TO propagate it, their
number alone would prove a good degree of
prevalence. This theory was urged with
great zeal in the discussions which were had |
previous to the adoption of the late tariff, to I
which have already alluded under the name /
OF the Manufacturers controversy. The ad-
vancement of manufactures in our country is
certain, and il needs not the tFeacherous aid I
of arguments founded on false and mischiev-
Gus theories. The price of labor in our couu-
try has been and is higher than in any other,
for the simple reason that our people can fud
more valuable employment. Is it then wise
or sale to adopt any measures, which, by Gre
atIng diversion Of Industry, may deprive US
OF shis valuable employment, and hasten the
day which, philosophers tell us, must surely
arrive, when we may enter into competition
with the manufacturers Of Europe in their
own way, by the aid of miserable popula-
ton, whose labor can fud no better reward
than scanty and uncertain provision for the
sustennnce and most humble enjoyment of
life: | rejoice that the high value Of labor
does not prevent the profitable prosecution
OF manufactures in our country. That our
citizens are able to carry them on with sue
cess, depends not on the exclusion of foreign
competition, nor on the compulsory direction
OF industry, but on the advantages which re-
suit from the security Of property, and the
lightness and easiness Of taxation, but, espec-
tally, on the intelligence and good habits of
our worknen, and their skill and ingenuity in
the mechanic arts. In all of these particulars !
we may challenge the competition of the
world. The balance of trade has been in |
some form introduced into arguments in favor |
of bankrupt law, and, of late, it has been |
called from the shades to resist the attempt of
tho allied banks in Boston, to make a change |
in our paper currency.
do not wonder that absurd theories, res |
pcCiing trade and every subject of taxation. |
should have found support under the influence |
OF the monarchies of Europe for il is the |
manifest policy of the privileged orders TO
create justification, and give currency 10
any notions which may conceal from the peo- |
pie the system which sacrifices the happiness
o! the many for the luxury of the few. But
it is our happiness shat there is among us no
class, distinguished by privileges, at once
to oppress the people and to deceive Them as
TO the cause of their sufferings. With us,
there is every facility end every encourage
ment for the discovery Of the most just max
inns Of policy. Yet, W it'll all these advantage
es, an error is prevalent among us, which the
merchants and manufacturers of England
have the credit of renouncing. With all due
allowance for the influence Of the literature
and The political conduct of older countries,
ii is strange that this subject should be go
misunderstood among US and it is passing
wonderful, when it s considered that the his
tory Of our nation has been a continued de-
monstraion of the absurdity of this theory.
Fer those who make the alarming discovery,
that Che imports Of our country exceed the
exports, have before their eyes, at the same
moment, the fact, that such has been the
state Of account through all our history, and
that the balance has always been largest
when the wealth of our country increased
most rapidly. have before me IN. A. Rev.
July, 1929 a statement which gives one
hundred and six millions Of dollars as the
aggregate of balance against us from 1895 to
1901, the golden age Of American prosperity,
when the nations of Europe employed thenI-
selves u the glorious trade of war, and left
the profits of vulgar commerce to the mer-
chants aud shippers Of our country.
There is 10 need TO resort to. arithmetical