Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1832-03-05

seize upon, and divert from legitimate object |
the appropriation to the sinking fund TO redeem |
tho national debit and that our commerce. and ma. |
vigation were threatened with complete PARALYSIS.
In short, sir, il were TO select any term of Sc.
ven years since the adoption of the present con-
stitution, which exhibited u scene of the most
wide spread dismay and dcsolation il would be
exactly that term of seven years which iuuncdi.
ately preceded the establishment of tho tariff of
1924
have to perform the more pIc,s;,g task
of exhibiting an imperfect sketch of the existing
state OF tho unparalleled prosperity of the country
On general survey, we behold cultivation ex,end
ed, the arts 1ourishng, the face of the country i'm
proved, our people fully and profit ably cmnloveJ
and the public countcnance exhibiting ,ranouili,v
contcntment, and happiness. And if we descend
INTO particulars, we have the agreeable coptemplo
ton OF u people out of debit land rising SLOWLY in
value, but in secure and salutory Jcyrce: n
ready, though not eXtravagant market for all
the surplus productions of industry; innumerablc
ftocks and herds browsing and gamboling on ten
thousand hills and plains, covered with rich and
verdant grasses our cities expanded, and whole
villages springing up, as it were, by enchant.
ment; our exports and imports increased
and increasing; our tonnage,% foreign and
coastwise, swelling and fully occupied; the rivers
of our interior animated by the perpetual thunder
and lightning OF countless steamboats,; the cur.
rency sound and abundant the public debt of the
two wars nearly redeemed; and to crown all the
public treasury overlooking, embarrassing Con-
gress, not to find subjects of taxation, but to Sc
icct inc oD]ccts Wnlch snail be liberated from the
mpost. 1t the term of seven years were TO be Sc.
lected of the greatest prosperity which this peo-
pie have enjoyed since the establishment of their
present constitution, it would be exactly that pc
Rod of seven years which immediately followed
tho passage of the tariff Of 1924.
This transformation of the condition of the
| country from gloom and distress to Brightness and
prosperity, has been mainly the work of American
legislation, fostering American industry, instead of
allowing 1t to be controlled by foreign legislation,
cherishing foreign industry. The foes of the Anne
rican System, in 1924 with great boldness and
confidence, predicted, LIST. The ruin of the public
| revenue and the creation of necessity TO resort
to direct taxation. The gentleman from South
Carolina, Gen. Iayne,) l believe, thought that
! tho Tariff of 1924 would operate a reduction of
| revenue to the large amount of eight millions of
| dollars. I'd. The destruction of our navigation
| Sd. The dcsolation of commercial cities. And 4th
The augmentation of the price of objects of con-
sumption and further decline in that of the art
Giles of our exports. Every prediction which they
made has failed-utterly failed. Instead of the
ruin of the public revenue, with which they then
| sought to deter us from the adoption of the Anne
rlcan System, we are now threatened with it's SUBJ
version, by the vast amount of the public revenue
produced by that system. Every branch of our ma
| VACATION has increased. As to the desolation of
! our cites, let us take, an example, the condi-
| ton OF the largest and most commercial of all of
them, the great Northern capital. | have, in my
hands, The assessed value of real IN the ci,y
OF New fork, from 1917 to 1881 This value is
ColcSteu, SCrutlnlZCd, and adludgeu by
| the proper sworn authorities. 1t is therefore en-
titled to full credcnce. During the first term COM
nencing with 1917, and ending in the year of the
passage of the tariff of 1924 the amount of the va
lue of real estate was, the first year, S57799 435
and, after various fluctuations in the interme.
date period, is settled down at S52Cl973O
exhibiting decrease in seven years. of s. 779 7O5
During the first year of 1925, after the passage
OF the tariff it rose, and, gradually ascending
throughout the whole of the latter period of seven
years. 1t finally, in 1881, reached the astonishing
height of S95, 6,465! Now, if it be said that
this rapid growth of the city of New York was
the cfect OF foreign commerce, then it not
correctly predicted in 1924, that the tariff would
destroy foreign commerce and deSolate our CON-
mcrclal cities If, on the contrary, it be the eff.
feet OF internal trade, then internal trade cannot
DC justly chargcabe with the evil consequences i'm
puted to IT. The truth is, it is the Joint effect
OF both principles, the domestic industry noursh
ing the foreign trade and the foreign commerce.
IN turn, nourishing the domestic industry No
where, more than in New Y ork, is the combination
OF both principles completely dcvcloped In
the progress of my argument, will consider the
effect upon the price OF commodities, produced by
the American System, and show that the very re-
verse of the prediction of its foes in 1924 has ar
tually happened.
Whilst we thus behold the entire failure ola
that was foretold against the System, it is q sub
Ject OF just felictaon its friends that all their
anticlpatons OF its benefits have been fulfilled or
are in progress of fulfilment. The honorable gen
teman from South Carolina has made an ausion
TO speech made by me, in 1924, in the other
House, In support of the tariff and TO which, other
wise' should not have particularly referred But
would ask any one who could now command the
courage TO peruse that long production, what prin
clple there laid down is not true? what pre
dIction then made has been falsifed by practical
experienced
1t is now proposed to abolish the system. to
"hich we owe SO much of the public prosperity, |
and it is urged that the arrival of the period IF
the redemption Of the public debt has been conf |
IDENTITY looked TO as presenting n suitable occasion
TO RID the country OF the evils with which the sys
tenn is alleged to be fraught. Not an inattentive
observer OF passing events, / have been aware;
tnat, among those who were most eagerly pressing
the payment of the public debt, and upon that
ground were opposing appropriations to other
great interests, there were some who cared less
ABOUT the debt than the accomplishment of other
Objects. But the People of the United States have
not coupled the payment of their public debt with
inc destruction OF the protection of their in
dustry, against foreign laws and foreign indus.
try. They have been accustomed to repard the
extinction OF the public debt relief from bur-
then, ana not as the inhctiun Of a curse. If it is
to be attended or followed by the subversion of
the American system, and ar exposure of our es
ADJUSTMENTS and our productions to the unguard-
ca consequences OF the selfish policy of foreign
fowers, the payment of the public debt will be the
otterest OF curses Its fruit will be like the fruit
''Oi that forbidden tree whose mortal taste
brought death into the world, and all our woc
"With loss of Eden"
If the system Of protection be founded on prn.
clPles erroneous in theory, pernicious in practice
above all, II 1T be unconstitutional as is alleg
ed, 1T ought to be forthwith abolished and not n
YestIge OF it suffered TO remain. But, before we
sanction TINS sweeping denunciation, let us look n
ntlIe at TINS system, its magnitude, its ramifca
tions It's duration, and the high authorities me,
have sustained it, We shall see that its foes will
mDlic bod