Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1832-03-22
HERALD OF THE TIMES.

Great Britain, as from other powers, but
not the less acceptable on that account
1t is misfortune that so large portion
of our foreign commerce concentrates in
one nation; it subjects us too much to
the Legislation and the policy of that ma
tion, and exposes us to the influence of
her numerous agents, factors, and mer-
chants. And it is not among the smallest
recommendations of the measure before
the Senate, that its tendency will be to
expand our commerce with France, our
great Revolutionary ally-the land OF our
Lafayette. There is much greater prob
ability, also, Of an enlargement Of the
present demand for cotton, in France,
than in Great Britain. France eng aged
later in the manufacture of cotton and has
made, therefore, less progress. She has,
moreover, no colonies producing the ar
tcle in abundance, whose industry she
might be tempted to encourage.
The hon. gentleman from Maryland,
Gen. SMITID by his reply to speech
which, on the opening of the subject Of
this resolution, had occasion to make,
has rendered it necessary that | should
take some notice of his observations
The hon. gentleman stated that ne had
been accused of partiality to the manulac-
turing interest. Never was there more
groundess and malicious charge prefer
red against calumniatcd man. Since
this question has been agitatcd in the
public councils, although l have often
h.. .l Ia nt aft fnc oh n nj
to this branch Of industry, have never
known any member a more uniform, de-
termined, and uncompromising opponent
Of them, than the hon. Senator has inva-
riably been. And if, hereafter, the cal
umny should be repeated, of his friend
ship to the American System, | shall be
ready to furnish to him, in the most So
lemn manner, my testimony to his inno-
cence. The hon. gentleman supposed
that | had advanced the idea that the
permanent revenue of this country should
be fixed at eighteen millions Of dollars
Certainly | had no intention to announce
such an opinion, nor do my expressions,
fairly interpreted, imply it. l stated, on
the occasion referred to, that, estimating
the ordinary revenue of the country at
twenty-five millions, and the amount of
the duties OH the unprotected articles pro-
posed to be repealed by the resolution, at
seven millions, the latter sum taken from
the former would leave eighteen. But |
did not intimate any belief that the rev.
enue Of the country ought, for the future,
to be permanently fixed at that or any
other precise sum. l stated that, after
having effected so great a reduction, we
might pause, cautiously survey the whole
ground, and deliberately determine upon
other measures sofreduction, some ofwhich
l indicated. And | now say, preserve
the protective system in full vigor; give
us the proceeds of the public domain Tor
internal improvements, or if you please,
partly for that object and partly for the
removal Of the free blacks, with their own
consent, from the United States; and, for
one, have no objection to the reduction
Of the public revenue to fifteen, to thr-
teen, or even to nine millions of dollars
In regard to the scheme of the Secre-
tary of the Treasury for paying off the
whole of the remaining public debt, by
the 4th day of March, 1893, including
the three per cent, and, for that purpose
selling the bank stock, l had remarked
that, with the exception of the three per
cent, there was not more than about four
millions Of dollars Of the debt due and
payable within this year; that, to meet
this, the Secretary had stated, in his an
nual report, that the Treasury would have,
from the receipts of this year, fourteen
millions of dollars, applicable to the prin-
cipal of the debt; that l did not perceive
any urgency for paying off the three per
cent. by the precise day suggested; and
that there was no necessity, according to
the plans of the Treasury, assuming them
to be expedient and proper, to postpone
the repeal Of the duties on unprotected
articles. The gentleman from Mary
land imputed to me ignorance of the act
of the 24th April, 1880, according to
which, in his opinion, the Secretary was
obliged to purchase the three per cent -
On what ground the Senator supposed |
was ignorant Of that act, he has not sta
ted. Although, when it passed, was at
Ashland, | assure him that l was not
there altogether uninformed of what was
passing in the world. l regularly re-
ceived the Register of my excellent
friend Mr.. Nilcs) published in Balti-
more, the National Intelligenccr, and
other papers. There are two errors to
which gentlemen are sometimes liable
one is to magnify the amount of know
ledge which they possess themselves, and
the second is to depreciate that which
others have acquired. And will the gen.
tleman from Maryland excuse me for
thinking that no man is more prone to
commit both errors than himselfi | will
not cav that he Ia ioenara,I &C ALa a...a