Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1837-08-25

To THE EDIros or TIM CoslIEl AND ENouIRER-
SR.--Your publication Of the letter Of Mr.. Hamil-
National Bank your remarks spon the same and the
views you have taken 0fa proper tariff for the United
States induce me to address you these interesting
topics consider, cir that we have reached that cr-
sis in our national affairs when even he who knows
that he has but an hour to live, should devote that
hour 10 the service Of his country
On both those subjects, Bank and tariff, a mighty
mass of prejudice has got to be combatted. The ex-
tent of this prejudice the forms assumes the sources
whence il emanaes are not be learned except BY ex-
tensive travel among and converse with, the PEOPLE
every part of the United States. Much of arises
from the artful designs of intriguing men imposing on
the uniformed.
| consider the use of PAPER MoNEy-that is to
say the notes Of hand of individuals payable at fixed
times and fixed places the notes OF banks, always
payable specie on demand, by the bank that issued
them; and drafts or bills OF exchange payable at hx-
ed times and places more or less distant from where
drawn, among the most useful most elegant splen-
did and noble of modern Inventions. In the AID they
give to the business and intercourse Of civilized So
cety, they rank with the use OF steam on the railroad
and IN steamboat navigatlon--theyrankw with the ma
riners compass aid to navigate the trackless
ocean-and with the of printing, in the advantages
they are calculated dfuse but, like every other
good which is bestowed upon US, paper moneyls sus-
cepIibe of abuses. Against these abuses 1t becomes
the wisdom of legislation to guard.
l consider too, that tar1-such tariff as abso-
lutely protects home ndustry-such tarlif as will
always secure us against any considerable Indebted
ness abroad, being Indispensable, not only to our
general prosperity but absolutely Indispensable to the
existence of Specie-paying Banks, or any banking
institutions that will be advantageous TO, or tolerated
by the American people Opposition to banks exists
among large number of the aborers of the eastern,
middle, and western states-wlth large proportion
of the agricultural or farming population OF those
states,-and opposition to national bank is made
by respectable number and class ofpeoplc in all the
states on constitutional grounds
Opnoc ~ nrOt nm tart g
all classes in every portion of the United States, prn-
cpally on the ground of interest, as supposing that
they can buy foreign goods tlmported at low duty,
or free of day cheaper than the home made without
inquiring how they are going to pay for the foreign
goods Opposition is also made to protecting tariff,
the constitutional scruple of right TO raise more
revenue than the necessary expenses OF government
require, though tariff really protective, did not
absolutely exclude vast amount ut merchandise, and
thereby positively lessen the amount of revenue OPP
position is made or has been made to a tarlff-a pro
tectag tariff-by large proportion OF the import
ing merchants and ship OF the United States;
the one, in order have the sale Of the foreign mer
chandise which low tariff might invite to our shores;
and the other to have the freight its Importation
neither party inqulring when and how 80 large an
amount of foreign merchandise was to be paid for,
and neither party considering, for moment that the
extent and value of the sales Of mel chandse depend
absolutely and altogether on the ability Of the pur
chasers TO make payment and without considering
that between northern and eastern states on the
on the other promoted commerce is by diversity Of
SOIL product and climate and encouraged as commerce
is by the total absence of all restriction either way
ian advantage never TO be expected in our intercourse
with foreign nations) a commerce an hundred fold
more valuable and safe than any foreign trade, might
be built up by our fostering care.
Opposition has been made TO protecting tariff IN
the south-they considering themselves as secured in
market for all their products, at good pnces, indepen-
dent of the greater or less degree of prosperity that
the eastern, middle and western states might enjoy
and independent of that adverse state Of trade and
that ruin to banking institutions which excessive
importation would bring about
The South however, was the first to feel the
sad revusion resulting from excessive Importation
and through them is, that the north IS also suffering
The present is therefore the moment to avail
of that OF circumstances TO establish far
and wide IN the minds OF our citizens, the immense
value Of Banking institutions in general, and Of ma
tional bank in particular, when properly organized
and guarded SO as TO prevent abuses and the ndls-
pensable necessity of protecting tariff to the pros
perity of either North or South.
Do the South consider within what brief pc
Rod they have risen from the product OF one hundred
bales of cotton per annum, to twelve or fifteen hum
dred tkousanda DO they consider what immense
territories, (more than half of our Gobe are adapted
to the growth of cotton; that its cultivation is ex-
tending India Egypt Syria Greece all around the
shores of Africa, throughout South America, Mexico,
and Texas, as well as in our own States? Do they
reflect that within less time than when their cultiva
ton extended only an hundred bales their principal
market may be the Eastern, Middle and Northwestern
States7 Do they reflect that even now, nearly or
quite fourth part of the whole Southern crop is con-
sumed in the North, either manufactured there or i'm
ported from Europe in manufactured state, and that
our ability to pay for single bale either In its raw
state or when imported, manufactured from Europe,
depends the protection afforded 10 our northern
manufacturing industry?
Without protection to Northern manufacturing in
dustry we must cothe ourselves, and furnish the
thousand articles of household use, from WOOL flax,
hemp, and silk, the product of orr own felds.
The South must be fully enlisted, by being convnc-
ed that protecton to Northern manufacturing industry
is indispensable to southern prosperity.
The North, every portion Of its population ought to
be fully convinced that protection TO home industry is
indispensable to the prosperity Of each and every
class The aborer, The printer editor, the far
mer, the merchant the money lender, both In and cut
bank the landlord-a nj prosper by that which brings
occupation and wealth to each Of the other classes.
The members Of all the learned professions are best
compensated among an Industrious and thriving peo-
pie; even the mere dler has the best chance where
there are but few of his own Ihriftlcss calling.
On banks and paper money, in the vnrious forms il
may assume, have before remarked. Notwithstand-
ing the immense facilities afforded by banks and pa
per money, and the various forms and substitutes of
paper money, 10 all the business Of civilized society,
banks and bank paper were, and are still, unpopular.
party reckless Of consequences avaed themselves OF
this 10 increase their popularity and sr further
destroy the fair standing and usefulness of banks.
Added 10 these has the suspension Of specie
payments by the banks measure unavoidable and
indispensable at time when we were so largely in
debted abroad, and when epecie, beyond any amount