Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-11-15

s;t and wors,ed, manufactures Of silk, Of which sils
h,l he the component material of chief value coming
Co., his side the Cape Good Hope, except sewing
silk We msy add 10 This, that reduction OF dutte:
took efac, woi @noen cloths. cotton cloths, IRON
&c The result wns, that as in lc32 we imported outy
free articles The value at Only Si4 2l9 433-in IS''
they sweps under this new law 10 the eaiue OF ~,
3e3 $50 more than fnu"li-and The year AFTER they
reached The amount nf !2 AL Here was an anoun'
ti,an six times greater than 'he quantity =.
atoms the year before The passage oi "e repeating ~
II is worth While Wills, pursuing this subject, TO en-
uure whether there not IN ie3s s"h'e o.'e' GU @
stance 10 which this increase OF 'thf"''s ",'J ~
properly attributed than 10 The fepea' % lne n
h. ,boss ,,ho are acouanted with the history OF Tue pc
Rod referred to- (and there ere lew who are noD wa
no ,ecollected that the Bank OF the u States was en-
gagged in making arrangements 10 con'eno :, tho
avsrnmen, by panding her issues preparatory tome
c,,ailmen in the fail Of 81, and CONNIE OF 90
which produced the memorable panic OF ina. perez
Aware OF her power The Bank OF The Y , a. 'na' ~"
attended 20 an almost unlimited degree It's accomWooa
,o,s s,A follow ed BY every other Bank VIII" readily pt al
the bait, and stepped into Inc Trap SCI -, = ~ w
R.ouIafor To this expansion, instead oil Inc reouc.'on
If The duties is the increased imports 10 oe
Monev was easily obtained and temptations ouefea W
lure men into irnGp; the products OF our country VIZ
mo, sufficient field upon which to manaurre the arse
amour, of capital thrown by the operation oil Dahhs i'S
existence and those who had borrowed money, nu"o
themselves compelled to look 10 Europe ier The produce
in which to heir means, and from when was 70
result their profits The result would nave oeei 'he
1t matters not "HSt uie ouNHS
been SO long as the merchant calculates lheh N
n the cost Of ,hs article and places his per ceh'un
upon The whole, which he knows Tue consumer ihus'
paw IL would be reasonable to contenC lhat an IN
crease in the price Of F0ur barrels would nave ten
dsnev n decrease The etsrqtioR Of lreut 10 insist that
high duties will decrease The amouns oil imports 90
long as the preudces q" our people lean IN favor OF '
ported articles they will always conmant reader sue
in opr markets and the cupily Of VIII
always induce them 10 add 10 the price OF the domestic
fabric whatever may be pu, the imported goods IN the
shape Of duties 49,
i'm evidence OF the above it will be remembered that,
although the repeal Of the duties took place IN 81 ano
Tremendous impo5,a,ions Of foreign goods were made
in 81 vet neither the domestic nor imported afucie e
in nominal value, owing to The tact ihat Inc
condition OF the currency was suhcieht 70 sustan h
high prices Bot, 10 tine fall OF 81 ano oa"afu WI 'ne
I,ter mart OF '35 when the curtament OF the BANK OF
The United States and the consequent contraction OF The
svs,em took place. things had yield their fictitious
value and settle down TO a fair price
But says the Amercan:-
..Tbe FIRE, reduction of duties under the Compromise
Act took place the close OF 1883 The reduction
was ten per cent. off from The scale q" existing ou'ies
like reduction took place 10 1870 Then came the
inuDdaling torrent of mporations for lcJO-imporia
lions 10 the amount Of SlS9 9o003 leaving balance
against US for that year only OF SOL 3 90 In word
the removal of restrictions against foreign imporaii"S
against foreign impor,a,ons has always been IKE 'he
breaking down OF a dam 10 pent up waitIs-a oeiuge
has followed flooding the whole country, and sweeping
away our domestic establishments OF manufacturing IN
dustry.'
The period TO which the above remarks refer, is GER
ainly one Of the important in the latter history oil
our commercial transactions. The American attributes
the inundalinr OF mportaons which took place
in 90 TO reduction Of the duties OF ~ per cent The
wear previous; but what is the truth OF this mailer: le
efforts Of the Bank of the 10 force The people to
restoration Of The De2osles IN the Congress OF 34-3
having proved unsuccessful she again commenced her
expanding operations and al the commencement OF The
year So The amount at currency hhhat had attained
~, knI. E.tr, bod In
addition 10 this bubble had been gotten up IN tie
dealings in Exchange and almost every Bank on lie
Atlantic seabDa,d and MANY private houses were en-
gagged Craving bills upon Europe, which were sold 10
individuals upon long credits, ard assisted TO facilitate
the imports In addition the system Of killing. driving
race horse bills and Nil The paraphernaIa OF modern do
mesc exchange had got into iu!i blast aud 1t Is only
surprising that The evil vac not greater than 1t really
But the latter sentence ne the above quoted para graph
coma aims position sustained by t!uth for the Editor
we'll knows, ts Instead Of The domestic manufacturing
establishments Of the country being swepl away by the
imporlaons Of Sc, there was not period OF greater
enterprise more laxurant demand for labor OF every
description prices Of manufacturing goods OF every
kind were high, and il not until The bursting Of he
bubble in 81 that things found ii.e. real level
To those who have examined The financial terange
men,s OF the periods which The American hes par
ticulury chosen 10 illustrate lis position there eau be
nothing astonishing in the evils tina, attend them
wild spirit of speculation called into existence by
bank accommodation, haa:dAeh possession VI We minus
Of the people the pursuits Of agriculture abandoned
rs being TOO slow road 10 wealth. the golden held o
speculation was thrown open 10 all; farms only
considered valuable in proportion to Inc facilities they
offered for building towns on and after The pursuits Of
manufacturing ard importing had been gorged !" the
full extent when the dealers IN stocks had become 50
numerous ha, there opportunity for more than
the nagn6cen, idea Of laying of the whole continent
ave. and part Of lie ocean, into city, that they NIGH
speculate in tie ios appeared to take possession Of The
minds Of men, and be pursued with zeal worthy ii a
better
We are now suffering the evils Of the state Of things
above alluded TO- and The grand remedy Of the political
Sangrados is higher duties For OR part We believe We
have too many quuck nos,runs already. The presen,
banking system is but the warm water OF modern en-
Pyrics and the nation will be sound until II has
no of than is necessary for Wholesome state OF
trade.