Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1838-06-21

not be told that such is. and always hts been, the
case. To n certain but infinitely less extent il
has. Under the system Of receiving convertible
bank paper the mcd,carir Of commerce and trade
has greatly diminished the injurious effects.
IL has been said that the South is to be benefited
| by the exchange the North being against U.S.
How bene6led' By forcing a direct trade TO our
own ports. This looks nightly like tho tariff poll
cy Ii lis certainly true. that ifthcrc total non
intercourse with Northern cities tho People Of tho
South would be forced to trade nj Southern seaports
and that in proportion ifnpcdiments are thrown in
the way of such intercourse, will this effect be pro-
dnced. Bat nj whose cost AT the cost Of the
consumer, II there Is any thing true in the anfi-fa
r,tf argumcnt-tat the effect Of cutting off compe-
,ition il to increase prices. Ask the farmer I'd
which marke, he prefers that his merchant should go;
To Charleston or New York His reply will be TO
that where he can lay in his goods cheapest For he
knows that the cheaper he buys the cheaper he can
sell II he can buy as cheap in Charleston, there is
no need ot artificial checks TO competitions II ne las
to pay higher prices the consumer ultimately pays
the difference. Now, sir, il any Sta;e Of the South
wishes to force the increase Of importation in their
own cities. nothing is easier Let the Legislature
provide by law to pay onehalf the duties on
all goods importrd; my life on il, the imports
tons there will be enormously increased and, u !
am not mistaken, ut some risk OF dissatisfaction
when the People come TO be taxed to pay the mo-
ncv.
The South. IL is said taiscs the staple, which
command oi foreign specie a greater fallacS never
uttered. We these staples, II is true, but
they are marketable commodities, and any body's
who pay for them. How but in cotton do we
pay How can We pay for the immense amoupts
which we annually purchase OF Northern cofntno8-
ties such articles as obliged TO have and which
tho Northern People can furnish us on better terms
than any one eIsenegro CLOTH shoes, hats earfiages
furniture all articles OF wood, leather, fhfs III
sbort. all articles of which the material const
"a he ltpte eli nj Nheut hev huSa
cotton well rs we andihe same cbmrsnd off eigd
specie as We have. Let us state case.
rev bank is about to be Established. and every
body wants spec'c from Europe 10 take stock An
enterprlsing yankee comes 10 the South with car
20 OF the articles have enumerated. Has he my
dlilic ully in obtaining our co,iun Bui New York
me, chant wants hundred thousand dollars in spe-
Gle from England so does n merchant OF Augusta.
They both have the Uopcy In bsnk uotes Of their
respective tI,ies. The New Yorker deposites his
money IN the Manhattan bank. goes to Augusta, and
sells bills a, ten per cent. premium. He has then
SlI 000 whilst he Augusta liant his 81 90 600;
so that lie can ship ms cotton 10 Liverpool, and
bring back his specie with the same amount with
which the Augusta merchant has his cotton in tho
warehouse IN Augusta. And this is the coirtmand III
foreign specie which our staples and adverse
exchange gives us-another case, | suppose, whero
the facts and theory do not agree. So much the
worse for the facts. But, sir, | go further, and do
not hesitate say, that il specie in large amounts "
=
cost of those who furnish The staples OF toteign font
mcrcc. Such always has been the case, and always
will be. Specie never is imported without a depres-
sion NJ the same time IN the price Of cotton. Ii is
melancholy instance of party nfatuaop 10 SEQ
Southern men chuckling at the importation Of spc-
Gle, attended, ~ ever has been. by the fall Of
ton. suppose we determine metallic CURRENCY,
orwhat is equivalent bank paper representing spctio
dollar for dollar No one will say that we haye tod
much currency now. think h defffonstrahe that
have n had euOpQh. Etauce. with Infbte
our population and less commerce, has eight hun
dfed millions OF dollars and prices arc not swollen
in France. VI rs one Of the cheapest countries III
Europe. We them are entitled to four hundred mil
lions, whilst we never have had the half ofh But
even take it at what it now is whence is the hundred
millions TO come IL must come chiefly from Eng
land, our great customer. u is too manifest to
need argument, that whilst the whole country
cevcs the benefit we pay the expense in the du'in.
ished prices of our staples. EngE nd has about
thirty five millions sterling. Suppose half ofat is
Withdrawn twill not prices fall Cotton, with every
thing eIsel VIII not the manufacturers dismiss
their workmen cotton accumulate, and demand d.
minsh Is not a fall in price the inevitable effect
have earthly doubt that il is the interest Of the
cotton planter that specie should be from this
country 10 England. and not that il should DO
brough, from England TO This country. That we
more interested in the currency Of England being
bundant than that it shouldbe so IN for the Obvious
reason that the moie abundant money the higher
will prices be, and the animated all commercial
aud manufacturing interests; and it is the picc in
England which fixes the value of cotton in this
country. The fable, sir OF the boy and his goose does
not represent greater folly than for the cotton plan
ter to desire increrse of our currency at the
expense of diminishing that Of England. Again, if
bank notes are good as specie there can
be for discrimination. ifthcy and
duties paid in specie, and the goods sold for bank
paper, the price is enhanced the consumer that
extent. This is too obvious to need argument. Is
il forgotten how fcrcey, and TO the last we resisted
the demand Of cash duties How near the COM
promise OF 1882 was being defeated by the tenacity
of Southern men on that ground What was tho
difference between cash and credit. compared with
the difference between specie and bank paper Spe-
Gle is TO be imported. and only be paid for in
staples II will not be pretended that the same cot
ton will procure both specie and merchandise Ii
specie come, merchandise cannot and we are forced
to buy articles Of American manufacture at an en-
HANGED price, at the time that there is Diff
cheney of revenue from diminished importation.
But, sir this idea of receiving payment fot our
staples in gold and silver is not a new one. 1t has
been advanced before and secuted by Southern
statesmen impratticable absurdiiy !; literally
tramplcd into the earth. Strange that Southern
should be the first lake il up out Or the dust.
II, sir have not been in to all the priuci-
plies OF trade and political economy, h is Of infinitely
more importance to the Southern planter that there
should be large importatons, than it is at what par
ticular point those importaons shall be made:
have always believed and now do, that nation can
not for any length OF time, import more than II ex-
ports export more than it imports; that all COM
inerce is exchange of equivalents; that the larger
the amount imported, the greater the necessity Of
equivalent exports and of consequences. the higher