Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1829-08-21
IFrom the New YORK nloroi,. n.-,I,;


jMts countTy2 This question has been asked in n
thousand shapes, and answered in as many. Adam
oihitii compares nation TO family and tells Us that
M'."' Mou'u renoer We'll regulated iamily prospe-
'ous' eNtehded, Wolid lender nation So: and o;
course what would deraure q family wouid If nm
piies TO nation produce sllnar effect Now If
Iamly that had been i'll the habit of buvnp 500 or
1909 dollars OF goods per aunuu it bi;n,s iu., - :
bout the amount they corld conveniently INV for
should be induced 10 buy double ihat QUANTITY and
! oecom; embarrassed, even though they obtained
.nch cheaper IMAM usual, would it not be strange if
'ne members OF the family should be found rupninp
about, and wondering tohy they were embarrassed
asking the cause, and attrbutiug to every kind of.
tn'hS imaginable hut the true one that is the b,,yin
OF too many goods? Great Britain To ,,reot oy i
IS the efchant for the United States She has or
Snariy sold US about 10000 900 OF dollars worth nf
goods, as much as we could well pay for. In 1929
WI eei 'cliS US she sent 10 this country more than
double that quantity After they were brought here
they 'ere sold doubt, and the money u. IL for
them Is game out OF this country to Great Britii-
IS IL strange then that we embarrassed Would
1t not be strange if not embarrassed? IL re-
cures no necromancy to understand this. 1t is us
plain az DR.. tranklin's mode of emptying the meal
tuh, which was done simply by taking ont, and put
ing nothing III. But why has Great Britain of late
sent Us so many more goods than usuala The ma :
tons OF the earth being pretty much at peace and
hndlng 1t better to make goods themselves than to
buy them OF Great Britain as they have been wont to
DO, she having larger surplus OH hand than usual
anu wanting money more than goods, the ports OF
tile United States being open TO receive them, il
would be passing strange if she did not ship them
IL may be said that, although there has been gen
eral pressure through the country it has been felt
more severely by the American rlauuf acturcrs than
any other class of citizens. This is perhaps true
Tie imported English goods being sold cheap to The
customers of the manufacturers would of course A
bridge their sales; this together with the general
pressure and hue and cry through the country that
the manufacturers were all about to fail has brought
great portion of the calamity recty upon their dc
voted heads. No class of manufacturers have suffer-
! GnpaTcu cot-
tons. This had for years been very profitable hu-
sness-nnd vast amounts of capital and credit were
employed. The prostrotion of credit operated like
the besom OF destruction. 1t was unparalleled The
Journals IN our mercantile cities vino were instru-
mental IN destroying this Confidence have ascritnl
the embarrassment to every but the true one.
Ii Is Chiefly charged to the tariff of 1929. The ia
rltf of 1925? What absurljty! Every body knows
that knows any thing the subject. that the tariff
OF 1873 had no effect cottuns. The repiy
OF al! the cotton manufacturers, who were cXa,nn-
ed by the Committee of the House OF RcprcsCntatyc
IN 1929 WAS unItOrm-that ta;ry wanted no further
proection-tlat they had under the existing laws cx
GUIDED foreign coarse cottons, and that all corpci-
| tIon but home competition had ceased. The ,ron-
bies IN Rhode Island might wei! he ascrbed TO the
revocation ofthe cdct OF NanZ as to the last tariff
and those who have produced this Impression have
dohe IL Ilo;'l ignoraacc the most wanton dccep-
ton.
Let 1t not be said by those who have been nstrrl-
mental IN prostratlng the manufacturing credit that
they had pushed the business far that they ought
not to have gone beyond their capital If the sanle
conduct had been pursued towards the Banks of this
City at particular Juncture, when OF our City
Banks failed, where would they now have been? ifa
general rush were now to be made upon us, Is there
any one so creduIouS to believe they would meet
all the demands Suppose at the time Of the failure
OF the Franklin Bank, every paper in the country hat
come out with the declaration that the New Yorh
Banks were all on the eve of failure how many
would have whstood the shock? What would liza We
been the situation of their customers they had re-
fused to discount and undertaken to redeem all the
paper they had emitted, by selling the goods, ships
&c Of their customers under the hammer, for what
they would bring? Would not the calamity have
been much greater? Mercantile credit is more ex
tended than manufacturing credit is, or probably
ever viii be. CLARENDON :