The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1837-11-10

- sAA0s1Aa y M0hs1 16sr M3I ample no.
lice 81 The accumulation nf public moneys
In The local banks. and. by timely mea-
snres Of precaution, II could have prevent.
ed The speculative uses 10 which lheY
were applied. Such an institution would
have been bound, by is relations 10 The
goFernmenl. 10 observe IL appropriations.
and financial arrangements and wants,
and % hold itself always ready promptly
10 meet Them. Il would have drawn 10
gelher gradually. but certainly, The pub
lie moneys, however dispersed. Respon-
slbllily would have been concentrated up-
on !. alone. instead Of being weakened or
lost BY diffusion among some eighty or
ninety local banks, dispersed shroughou.
The country. and acting without any e.
lecuTe concert. &@- ~
A subordinate but not unimporlanl
cause oi the evils which al present en-
compass us has been the course Of The
late Administration towards the compro-
mise act. The great principle Of that
act, in respect 10 our domestic industry,
was its stability. il was intended and
hoped that. by Withdrawing The tariff
from those annual discussions in Con-
gress. ii which il had been The fruitful to-
pic, unr manufactures would have Ger.
iainiy, for long period. as 10 the mea-
sure Of protection, extended 10 them by
us provisions, which would compensate
any reduction in The amount contained in
prior acts, For year or two after il
was adopted. the late Administration ma
infested disposition 10 respect IL, as an
arrangement which was 10 be inviolsble.
But, for some time past. II has been con-
stanlly threatened from that quarter, and
settled purpose has been displayed to
disregard lis conditions. Those who had
an agency in bringing i, forward, and car.
rying /, through Congress. have been
held up 10 animsdversion; il has been de.
clared by members, high in the conf
dence Of the Administration in both Huu.
ses. to possess no obligatory force beyond
any ordinary act Of legislation, and new
adjustments Of the tariff have been pro-
posed in both Houses in direct contra.
vention Of the principles Of the compro-
mise; and al NE last session, one of them
actually passed The Senate, against the
most earnes, enireaty and remonstranees.
A portion Of The South has not united in
these attacks upon the compromise; and
| / take pleasure in saying that the Two Sc
majors from South Carolina, especially,
have unilormly exhibited resolution 10
adhere TO il with perfect honor and fideli-
y. - &c..
The effect ofthese constant threats and
attacks. coming from chose high in pow
er, has been most injurious. They have
shown 10 the manufacturing interest that
no certain reliance was to be placed upon
the sleadipess otthe policy of the Govern
| ment. no matter under what solemn cir
cnmstances il was adopted. Tha, inter-
est has taken alarm; new enterprises have
been arrested, old ones cur,siled; and at
this moment il is The most PROSTATE of all
the interests in The country. One half in
amount. as | have been informed. Of the
manufactures throughout The country have
actually suspended operations. aud those
who have not chiefly confine themselves
to working up their stocks On hand.
The consequence has been, that we
have made too lItile at home, and pur-
chased ton much abroad. This has aug
mented that foreign debt, the existence
of which so powerful contributed 10 the
suspension, and vel forms an obstacle to
the resumption Of specie payments.
\ The Senator from South Carolina (Mr.
Calhnua) attributed the creation Of The
surplus revenue to the tariff policy, aud
especially To the acts of 1924 and 1928.
do not perceive any advantage. on the
present occasion, in reviving or abiding
to the former dissen,ions which prevailed
on the subject OF that policy. They
were all ses,leG and quieted by the grea,
healing measure THE compromise) to
which | have referred. By tina, ac.
have been willing and ready TO abide
And have desired only that il should be
observed and executed in spirit Of good
faith and fidelity similar 10 tina. by which
have been actuaied towards il.
The act of 1928 was no measure of the
friends of the manufacturers. lis passage
was forced by coalition between their
secret aud open opponents. But the
system of protection Of American indus
try did no. cause The surplus. II proceed
ed from the extraordinary sales Of the pub
lie lands. The receipts, from all sources
other than that of the public lands. and ex-
pendi,ures of the years ls33-s-5-6. (dur-.
ing which the surplus was accumulasing.
Doth amount to abou, eighty-seven mil
lions OF dollars, thus clearly showing that
The customs only supplied The necessary
means of public disbursement. and that it
was the public domain that produced the
surnlns tr ~-& q l. T.