Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-08-30


aons, to make her the great repository of the pre-
cious metals and 10 give her all the advantages
mhIel, the possession Of them can bcsiow. | shall
be most cgrreIously disappointed. She will be more
aud more the head quarters Of brokers aud money
Iobbrts, who will exercise the banks of Ire rest
OF The country, especially the South and South
west the most tyrannical sway. Whcnereri il shall
please them 10 drain those banks fwhose notes will
be at perpetual discount in New York; they will do
! II without impeachment, and without remorse. Bank
my Will be rendered more easy that great centre
e' '"hhtttc, IN proportion as 1t will become moro
dlIhen elsewhere its paper will be every where in
demand n premium, and IFS supremacy Of credits
be established none firmly the specie basis Than
ever haN been on tho paper system. IL is possible
indeed, nay, think certain, that the aggregate n
mount "l our commerce would be diminished by
tue ne" plan. Nen-Y ok would moi perhaps acquire
the same absolute grandeur and prosperity under il IA
sue would aitan To, II things were left to take their
RaiHf6t cunlsc-but her fcIdtifc importance, so far
hon beng impaired would be- in my opininn great
" increased. book ut the growth oil Harrc.
NJ ll Is become al the commerce, once so consi,Ic-
lahIc, oi Bordeaux, Nantes I'Orcni, Rochelle &C.
ny s all gone to city Of yesterday, and thai too
IA country where commerce Is SO little understood
That lis metallic currency alone amounts GOO mil
huns al dollars tlnec leurihs OF which absolute
" thrown away Why has the 3" hard money" SYSTEM
NJ France had moi The least effect III preventing this
Capitalization uI all the o,c,gn trade OF that great ma
lion, with IFS diversified interests of north aud sourl
And II II has not prevented IT there, why should il
do 81 here ,
! repeat II the absolute prosperity of New Yoik
may be impaired by the Sub Treasury scfrmc. but
not Ict fofRifrc importance. We shall, b} withdraw
my IN u cluilmh sp,rt, from the of commerce,
| the deposits III public monoy levied on commerce;
diminish the aggregate trade OF the country sornn
fifteen ~ twenty millions n year. Ga, Hono! That
Is question whiCh others must auswcr-l am total
~ unable To do sp--hut II do NOT know who Is 10
gain. fhluh II very olcar who ~ 10 lose by H. Have
You iofgolIcn, sir, how We, OF rather you and your
political friends IA Souti tarona, reasoned about
the effects o The tamil 10 show thai PR. 'nocrs
merely, We pad the whole amount ofthc duties levi
ed on the commodities sent luther by foreigners ,f
exchange Ion our etops' II YOU check (saI youy
andm proportion as you check, lInponailnns, ,on
discourage and diminish esporia'Ions; intcrr.ts
demand the Hecsl and most extended commerce
the p'oc'p r duct OF our son can be grown, al
most ani ntted Guan les over vast porlipn of tho
enlh's su,taee-tho only chance Of inainrainnr
prices, rs pro luction increases 50 enormously ~
Ia icmnre all mpednens IN the way of con-
sumption, Nc. | thought then, aud think now,
that You pushed your notions upon this snbrct 10
Great cAagecialion, but that there truth in
them IL lndnpntable Bnl, how, | would ask was
the argumcat better hcn, Than IL is now II taxing
imports To the an cunt oilorty or forty FIVE per cent.
oppressive our agriculture, when YOU help
ed commerce by lending 10 tho YER levi
ed upon IT, why should not average duties Of from
twenty 10 thtty per cent do AT least much harm,
whcu addition To tho dncct loss b, the tax rs be-
tore You to lose all the trade, formerly carried
~ upcnehe Government depnsiics, t6thc whole ~.
tent OF tic drefaec ol these dcpos,tcs, and the bank
accommodations founded upon them, amounting
probably 10 mul more We complained bitter
~ NJ Que time, of the payment OF duties in cash,
faffri protested vehcmcnly against il, agra
satlon al The protective principle. Why IS r,ynent
not only III easli, but in specie (Which, pace idnt
nj Mr.. Wright must not Npee 10 conlound be-
cause II docs,) less hlrlshp now You will re-
mark that the mltlltlrdwal OF this large amount OF
capital from a commerce which the producers IL
such an aluclc cotton have every motive To extend
rs much rs possible, must not be couinunded with
the evils ol II contraction IN The currency in Engand,
| OF dcrdHgc2 currency al home another probable
effect, MS we have seen, Of tins dangerous policy.
They are perfectly distinct and wc shall suffer from
both. beg you 10 reflect, with the seriousness il
deserves, on tds important view of tho tas-, and
then to say whc,hcrany advantage which poss:-'
bly, accrue to the Sonti, from the withdrawal Of the
Government credits, 1t all likely pensaie for
positive dminntien Of iis commerce to snch All
amount accompanied with dsoidercd slin,cd
| currency.
How, lhcn, is the projected system to bring a.ont
thai commercial emancipation OF the Soulh, which
has hem confidently promised us rs one Of its
lfnirSl VIII IL repeal the navigation act 7 VIII it
rqnalzc the burdens and disbursements If the fed
| cral government Will 1t give 10 the mrlehau, re-
siding IN Charleston amy facility for importation which
he does not now possess Wlitale away from the
merchant residing nj New \ otk, his right, rs Il ct-
OF the Unitcd States, TO establish house ia any
!
mercc, with all the advantages Of native If that
: county? vii it prevent tiai system Of ajScnfoe-
| ism so fatal 10 all pursuits Of industry or aecunula
! ton Of capital among us, except IN a2rcuturc-an
absfaiefsH not III ireland, Of the rich and the pro-
nlgatc but (a much woisc) that Of the labollng and
economical classcsi You krow that ii has becn
more aud more growing into an established system,
tltlradcsmcn of all sorts visit periodically, dur
lne the winter and spring, in quest OF employment,
without any intention of spending upon our soiI tho
wealth mllchthcy ultimately draw from it. The
South has BEEN for many Yeas past deYoiing
lis whole labor and capital exclusive - asn-
| culture, and has been compelled 10 buy 81 s'rin-
gers almost every COMMODITY but raw plo incr, pay
ne for what she bought in her great staple cohinodi-
ties only The middle classes oi societyiilo'e ,las-
ses hlch constitute its bulk and body, its strength and
lis activity in other courtries-havc been gradually
disappearing. That this natural effect OF the
division OF Labor under system of Tree trade IN coun
try like tins, united under the same Government, I
do not deny nor DO doubt that the causes
sill, to a certain extent, continue to produce the
same eject hereafter, unless by violation ofthe
principles that govern the distribution of capital and
labor when left take their course, protection
be given domestic industry among Were
Charleston the seat of an independent eovernnen-
were preference given to merchants residing there,
AL to slips sailing from her por-were all the mo-
ney drawn from the south by taxation, returned TO it
in expenditures for its defence and government, We
should immediately see that city ilourisbing COM
mercial emporium The planter, it is probable,
would have 10 pay lille more dearly for all the
commodities on which his income would be expend-
IL.