Columbus Democrat. [volume] (Columbus, Miss.) 18??-18??, 1840-01-11
From the N. 7. Eeentng Post


The efforts made by majority ol the Why
prints to account for the recent failure of the
Banks are to say the least OF them, entertaining,
They were floating along quietly enough IN the
midst of Their customary declama,ions, when the
suddeness Of the event struck lhem II We may
use a seaman's phrase, "al aback.n Not lit
tie COMPOUNDED by the surprise, they set about
finding easons for the disaster. Here, one was
heard to suggest the arrangement! Of the opium
trade in China, there, another asserted thai specie
payments in 1898 had been resumed too hastily,
hird, acclaimed of the odlous despolsn Of the
government and fourth propounded flmsy theo-
ries as 10 The hostility Of prevalent democratic
sentiments to the interests Of commerce and
trade, Thus, to Convert comparison which
Dean Swift, on certain occasion, disparagngly
applied to the female mind
In doll stream, which moving slow,
You hardly see tie current flow,
II a small breeze obslruc the course,
1t whirIs about for want Of force,
And in It's narrow circle gathers
Nothing but chaii, and sraws and feathers"
The last cause of the difficulty, originally as
signed by Baltimore paper, is perhaps more Gu
nous than either of the others. II amounts TO
this, that the late reductions Of the tariff leading
to excessive importations, created debt beyond
our ability 10 pay, which exhausted the whole ma
ton OF its specie. Whatever truth there may be
IN this solution Of the problem, It will not readily
receive the sanction Of the friends Of the "Fa-
thsr d the protective SYSTEM" who is likewise
tho parent Of the compromise act. 1t Will be
hard TO reconcile their predictions TO the belief
that Henry Clay is the author Of all our embar-
easements. Nor need they give themselves
much trouble on lhat score. With the real cause,
tho atrocious conduct of the delunct institutions,
staring us in the face. there is no need Of resort
ing to a cause altogether inadequate to produce
the effect.
The orgnators Of the last notion, acting IN
consistency with their opinions, propose as pre-
ventlve against future caamities, that the rate OF
duties on foreign products should be forthwith IN.
creased. We have no design Of engaging IN any
controversy Just now, on that head, for we consd-
er the convictions Of two thirds Of the people, so
decided in regard to the subject, that no discus
sian Of il would be Of any imaginable use. II
may be lntimated, however, that there is m the
leading measure oil the administration, an adnI-
rable provision against the exravagant nmpona-
lions which so many deplore. The independent
treasury, by operating as check upon the over
issues of the banks, will avert much Of that ex-
cess in the introduction Of foreign goods, winch
has SO often glutled our marke Is, to the M
poyerlshment oil the domestic manufacturer.
Heretofore, The difficulty has been, no demand
Tor articles cf bone Manufacture IN consequence
of the profuse supply CT cheaper products from
abroad-An Inflated currency, by raising prces,
l., Il "a ri
rer-1( We had furnished hlm, with the machine
ry Of bis factories, OF the wages OF his %0kmen,
we could not have given him more ehectual com
petition with our own Observation-Disclosures the
cost Of me raw material has been nearly The
Same to both, The latter have been obliged to pay
more for every other article ot Their consumption.
The foreigner receives only s2ecla Tor what IS
sold at price created by a redundant paper cur
rency, while the domestic manufacturer Is paid 10
paper and must Of necessity, purchase every
thing al paper valuation. The rent OF his build
ings, the cost of his tools, the salaries OF ms
agents, in fact all bis expenditures are at rate
much above what they should be- and VIVA. '6ty
would be under proper system Of hahklhg' ne
may call Justify upon government Tor ald' ne may
urge his schemes for tariff with unceas'ng I'M
portunity, but until our modes OF supplying cur
rency are efficiently adjusted, envy assistance lhaI
may be profiered him viii be wholly nugaicFy'
Nothing proves this SO conclusIgely as me 'ao'
that imports have expanded enormously WIN e'-
every expansion Of the issues Of the banks a.
bles Of statistics that are before as, sbo" 'ha' 's
one has followed the other az invariably as me
vibrations Of pendulum are pursued by nose o.
ITS shadow