Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1831-11-24

was graduated 10 Scaic preclsciy auc-
quate to that purpose. His interest re-
quired the exclusion of the East India
fabric, but was supposed to be hostile to
the attempt of the American citizen to
manufacture the material; the duty there
fore, was adapted to the first purpose, but
not to the latter. Ii banishcd the for
ciyn manulacture;-it did not protect
the home being thus accurately adjust
cd to the wants and wishes of the plant
ing interest, without protesting to serve
any other.
This placed our commerce upon the
most favorable footing for the cotton
grower that could be desired; and the
nation, having thus performed its duty to
this valuable interest, turned its attention
to other branches of industry.
The Tariff of 1916, it may be remark
ed, was a measure that met the appro-
baton of the large majority of the peo-
pie in every section of the union. No
partial nor local cons idcratons were
embodied against the operation of either
It's principles or policy. The southern
states were even more forward than their
northern coniederatcs in recommending
the policy and defending it in the cOun-
ellis Of the nation. by this tariff various
manufactures were attempted to be es-
tablishcd in the United States. The
want of skill aud capital exposed these
infant institutions to Il fierce and vindic-
tive competition from the manufacturers
of Great Britain; and, in three years, al
most every capitalist who had ventured
into this field Of enterprise was broken
up. The heavy loss and distress that
visited this endeavor to establish manu-
factures subsequently urged the subject
Of more extended protection upon Con-
gress, and the result, after various strug-
giles, close and elaborate inquiry and a
cal eiul attention to the expanding means
Of the country, was the establishment of
II vigorous - stem, which has difiused
health and strength into the industry of
the nation, and added to the wealth of
every class OF the community.
We ask the attention to another topic.
Rcvulsions in trade are unavoidable; the
balance Of supply and demand cannot
always be regulated with precision
There is tendency, growing out of n
prosperous commerce, to push success to
an extreme which produces reaction.-
To these periods of embarrassment, Of
general stagnation, and severe pressure
for money, the United States have been
peculiarly subject. We attribute this, in
u great measure, to our having depended,
in 50 great degree, for our manuiac-
lures, upon the nations OF Europe. I'M
portation is induced more frequently by
the necessity or hope of the manufacture
er to find market, than by actual refer
encc to the wants or means of the coun-
try. Areduction in the prices Of exports,
following an excessive importation, eau
ses "a -stute Of exchange which leads to an
expor,utiOn of specie; the moment this
expectation touches that portion of the
precious metals necessary to sustain the
money circulation, the operations Of the
banks become embarrassed, and distress
and dismay are spread through ull clas-
scs OF the community.
We believe that the system which fur
nishes nation with manufactures, es-
sential TO ITS daily wants, from its own in
dustry, is the best possible security a.
gainst violent changes in its currency;-
changes which paralze all industry, and
disturb all trade; and we therefore sub
init it to the experience and judgment Of
the American people whether the pro-
tective system is not, in this particular,
more advantageous to the country than
that which after deluging our markets
with foreign manufactures, draws from
US, IN return, not useless commodity, :,
but the instrument by which our exchan-
ges are performed, the very basis of our
bank circulation, the essential principle
OF commercial confidence.
Mistaken opinions in regard to the eff
feet of the tariff upon the prices of com
modities used in the United States and
upon which the protective system has
been brought to bear, have furnished
some popular objections against the wis
doc, OF the policy. 1t has been said that
the effect Of a duty is necessarily to in
crease the price of any article upon
(which it is laid to the full amount of the
tax. 1t would be easy to show, by a
minute survey Of the whole field Of A
merican industry, that, so far from his
beng true, the invariable operation of
the tariff has been to lower the price to
the consumer of every article that has
been successfully manufactured under
the protection. Such survey would
require more detail than the purpose of
TINS address allows, but we propose to
examine the operation of the tariff upon
some OF our most important staples.
| In the article of cotton il is admitted
that our manufacture has arrival a, s,oh