Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1837-10-31


1t was in the late contest with Great
Britain that, amongst other adverslties,
the currency of the country became, like
il now is, completely deranged. This was
the most discouraging of all our Difficult
ties, and the mind Of the patriot pondered
over the subject with intense anxiety. The
sentiments OF many leading republicans
had been often and freely expressed against
national Ban6, whilst the opinions OF ma
ny others had always been favorable to
such an institution. 1t was however now
generally conceded by the friends Of the
administration, that the establishment OF
Bank of the United States was the only
expedient that could be adopted 10 relieve
the treasury and thecountry. The measure
was at length attempted, the proposition
being brought forward by Mr.. Grundy, the
ready encomiast of General Jackson, and
zeaIously supported by Mr. Forsyth, now
Mr.. Van BurenS Secretary of State, an n
by Mr. Calhoun, with other leading lnidN
entail members of the republican party.
The measure was urged by Mr.. Monroe,
then both Secretary OF State and OF war,
who stated in private letter, that there
was not dollar in the Treasury. A small
minority of the republican members were
opposed to it, on constitutional ground;
and few of the federal members gave 1t
their support. With these considerable
exceptions, it may be called emphatlcally
republican measure, designed by the re-
publican party, with view, NANNY, 10
vigorous prosecution of the war, and OPP
posed by the federal party, who were OPP
posed to the war. But although the re-
pubIicans agreed to the principle, they dis
agreed as 10 the details, and held caucus
: on the subject, at which not iederallst
was present.. The difficulty OF detail was
not lessened by this meeting, and 1t be-
came serious obstacle to the passage oil
any law for the purpose On the score
of detail, Mr.. Cheeyes, the Speaker OF the
House, who was not very favorable to the
principle, gave casting vote against one
, bill; and on the score Of detail, also, Ar.
Madison, who had made up his mind IN
favor of the principle, rejected another
bill. One was however at length agreed
upon, and sanctioned by the several de-
partments OF the national Legislature. The
!. happy effect OF this on the currency anc
!. general prosperity of the country, | have
e already suggested in the first number o
q this investigation. And here would ask
), who has felt any aristocratlc influence
# who has seen any, attributable to the dl
;. rection Of this institution, designed AM
4 effected by a republican congress, and ap
|. proved by the great Madison, the lathe
! Iof our free constitution, and one OF tn
n purest republicans that this country o
"a the world ever saw?
q. Twill here make DEPRESSION, to presen
i for reflection another subject, which, thong
IT not embraced by the message, has an e'
10 sen,ial bearing on the great concerns
n. politicalIeconomy and tits TO some branch
n es of political economy that the messag
IL exclusively relates. .
N It is often the fate Of the most useil
measures as we'll as of the most useful mel
n to be put down by senseless clamor, e.
n cited by unjust prejudices and false view
n. This was the fate of the late Natlon'
N. Bank. and The fate too Of the late protectlV
10 tariff. in relation to the last of which, tn
m best intelligence Of South Carolina was
70 fault. The talented and estlmable publ
ST. men of that State, viewed this tariff wit
the eve of a mere merchant, in calculating
r. that in proportion to the amount OF dut
10 imposed on imported articles, would be tt
,lv price which the consumer would have
les pay for similar articles, whether OF dome
m. tic or foreign manufacture. They did n
,r: view it with the eye of political econ
ed mist, in foreseeing that adequate protectlC
+ | to our own manufactures, would raise up
m new market among ourselves, at which Il
nal raw material might be sold, as we'll as Il
MI manufactured article purchased; and
,lv thus creating a competition with Europe'
Nr. markets, the price of the manufactured 2
,as ticle would be reduced, and the demand I
ck. the raw material increased. Nor did tn
E a view it with the eye of a political philos
ROT pher, in contemplating how encourae
is ment to mechanical industry and expe
I'VE ment would lead to invention and lmproV
ese nent in the useful arts, by its exciting
ich fiuence on the genius OF the Amerlc
eve mind. This is mere glance at theor
I'VE which might be explained in detail a
md maintained by facts. And what were
,ha facts Of the case alluded to? Concise
Of the following.
hat 1t was argued by the opPosers OF t
in tariff, that it would raise the price
re- goods; but this proved to be very erl
neous position, for the prices fell soon
mil Ter the duties were raised; and goods &C
Oil tinued to be cheaper, and better too, ull
,ult the duties we're reduced by the act OF co
1t promise. And goods are now conslde u
in higher than they we're when the taf,il v
cen at its highest point 1t was argued Al
the that the tariff would njure the public re-