Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1831-10-27
From Niles Rrpistcr.

legal interest on Il mass of idle capital would bo
almost half Il million annually"-that how ''to be
relieved OF the iRcum6rGnce [spcciel it not
sy to sce'-that the ''Chnesc had takcn it INTO
their heads to second policy, and, having made
their thirty millions of gods of Silpcr, calling
| for Hnerchandizs," and so ''our market for specie
was lGst'-that 'ta uOrfcr wanted where
might carry cargo after Cargo Mroo it in and
it MORE &c. sc. See REGISTER of Jan. -,
| 1891, page 353.
On this article madc copious remarks-
! cndcavOring TO account for the abundance of mo-
i ncy, in the success Of tho "tmerican Systcm,'-
and because of new and profitable applications of
| capital and the nightly increased circulation Of
raiUeS saying, however, that several things might
happen to afford vortex" for specie, with
out ''pavng streets with it." rs the journal
of Commerce suggested might be means OF rcev-
| ing of the ''ncumbrunccn'
Specie is now in ''demand," and may be said TO
he ''scarccr," because it brings handsome pre-
nium; about seven millions have been lattcrly
ported, and other millions arc preparing to follow
tho banks have necessarily, curtailcd their accom-
modations, and very considerable degree of Pc
! cunlarv embarrassment begins TO prevail. The
payments account of the public debt about to
| be made, it is supposed by some, will relieve tho
existing pressure hut much of the stock is
! owned in Europe, and exchange is far above the
| reH par, additional exports OF specie may follow
such payment, and increased want of money be
fct-rathor than that relief which is anticipated
For, We think il will be freely admitted that every
Siirer dollar, fOrcibiy drawn from the u States in
the payment OF foreign debts, reduces the ordinary
and safe circulation 81 money, not less than five
dollars Such is the law Of scarcity and supply
a small deficiency or excess affects the whole mass,
OF any and every merchantablc comm dv.
1t is the erccSSge impOrtdtionS, notwithsta ding
the 'b Tthensome duty on goods bought with spe-
] cIe," as the Journal of Commerce. had it, which
makes fearful, because forced, s'vortex'' for
dollars. These heavy importat;ons, (cxceeding in
the sum 80 or 40 millions the amount of our export
atoms, Judging by the amount of the duties which
it is said will be secured in the present Year, may
be in part caused by the reduced price of labor in
England, IN lie increase OF pGuperS and the neccs-
sy of making pLsbLic sacrifices that the working
people may be employed and kept out of mischief.
The poor rates in England are above 80 000, 900
dollars-now, if by farming ont miserable beings to
the makers OF iron, aud others who require much
manual power, easily directed by few skilful ndi-
viduals the poor-ratcS may be abatcd-the policy is
'cse one; because, by this operation foreigners
may be compelled 10 assist in the support of the
English poor! 1t is ''throwing sprat to catch
mackercl." Thus-a person in England, entire
ly able TO perform scvcrest animal labor MUST
have, say, Gs week fer his subsistence; the parish
hires hun out to an an iron-naker for 4s. and pays
the balance needtul to his support Thus the iron
maker ig.cna5icd 90 send lass products abroad, and,
~ employing En@ish paupers, interferes will The
. employment OF valuable citizens of Pennsylvania
whose right 20 the enjoyment Of life liberty ANA
tic pursuit az hGpplUeSS, no vii have the im
PIGeuCe % deny. II Is not worth while TO carry ont
mis- proposition any fugthertcy it has no STAMP o
demonstration upon IT: still the Stree traders" will
! Sdy- ana DT!tiSh SUBJECTS declare, that American
ircemen who -'know their rights and KIN owing dare
maintain them," should encounter such competi.
ton! But we shall see that the high-minded and
hard listed working people of the United States
VIII nutIJy the dcbasing project of their enemies
that they are not SiG1eS, and will not suffer them
selves to be reduced into pduperS, through any hos
tile combination of interests to effect either. They
E will speak and be heard-if not, FcLri Theory
will not fill the bellies of their wives and children
nor cart load Of huzzas bake an oven of bread
They must and will understand these thing Our
philosophy" is, that every citizen of the United
States shall be protected against the paupcr-labor
81 England, and the Graf. of her agents located
among us to evade the payment of Just duties on
goods pp ported.
The excessive importations of the present wear
may have been in part caused by the increased pri-
vations OF the English aboring classes and the in
eispcnsablc obligation of providing n subsistence
Tor them. The supply of foreign woollen goods we
are told, has no parallel except in the ruinous i'm
P0rtatons of lSl6-hence The price of such cloths
have considerably fallen, though the rate of ex-
change has much risen, which latter should have
Increased the selling price of British goods in the
United Statcs-and an ample "vortcx" is opened
Tor our specie! But think that there is vet a.
noiher cause for these heavy importations. No
one, alter the repeated evidences that we have had
OF the fact doubt that it has been the policy of
Eril!sh merchants and manufacturers TO create
"guts'--that the manufacturers fothcr countries
might be paralizch or destroyed Such course of
proceeding has been openly avowed in parliament
ana approved by no less than the present lord
t chancellor of Great Britain, the learned and saga
cious lord Brougham; and to the operation of this
british P0iicy Of opinion, that the present
demand for specie is partially owing.
When, some months ago. we spoke the e-ces-
sire demand for and high price of wool, we repard
cd them the result of sheer speculation and init
mated more than once that they were not Of domes.
tic origin. l. is known to several of orr CORES.
Dordcnts that directly ascribed them TO the Ri
tish policy spoken ct-that the American woolIep
manufacturers might be embarrassed: and to one
OF our friends, the whole course oftbe supposed
operation was suggested and its effects calculated
" was, however hoped that the matter would mss
over without extensive injury, and deemed inpol-
tic fby those whose opinions VIC respect ) TO rive.
publicity 70 the conclusions at which we had arri
we'd, for stated. Bat it will be remembered
tlat we earnestly advised the farmers to put the
money IN their pockets for their wool and PROMPT
ly. Dat ofts rise in the price of wool it was man,
itcSt that our manufacturers mus: make cloth at a
much increased expense arrest The progress ~,
their worEs-Gud thus forced arrest or iesecycd
snPPty, OF woo.Cn cloths, would follow Such
was Tic sigtc OF things that many manufacturers
became sellers ~ 1cvOi-convinccd chat thcv could
not work 1t MP TO an equal profit ut the cxistine,
. ptice OF the material Better proof thar this can
not be oIcrcd Chat there some artificial excite
. rcnt 10 advance tie price Of hmcrican wool o.,
/ which our manufacturers chiefly depended .,cr
this being elected and before surp.ic. Of fore;0,
/ "1oi could DC obtained and made into cloth
| Though paying yrn duty OF more than 80
. per cent. or lis cos, which, in itself has our
'rty apprCbatlc.,) wc see that the market is over
owed v 18th ssfish wooIicB goods he hen
est ImpOrtatuI .er made, rs we r-. formed
nee the mad Of 1916. Wh~ does not soe
enlargement d. .aese Hrocccdings-L i9 an OK.
ssiyc advaue' fu &c Y-icc Of hmCriean WOOL and
an O. 3D. % r..., & D.