Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1840-03-19

Cut up tut NH VI Cotu VI oSihe
conscientiousiy opposed TO all monopoiists.-l
They would probably be too lazy to pn, the
bars and fences up after them No they passed
about the farm, and after the cattle had de-
stroyed The meadows, they would c0olly con. |
fess that they left the bars down on purpose,
as they were eonscisntiousiy in favor Of free
irade.-They would soon SET the farmers and
their old and faithful servants by the ears,
ard finally, after having under one pretcncc
and another, obtain,d every spare dollar the
farmers had left, and after having compelled
them TO mortgage their farms to pay their
wages and the losses their own conduct Ind
occassioned by the loss and destruction OF his
whole crop, they would cease work nltogetn
er, and devote their whole time to the spread
ing Of malicious reports abroad Of the Bank
rnptcies Of their employers, precisely as the
Ipeltifoggers in the Senate Of tho United
States are now doing with regard TO the In
dvidual states they represent, and which
they themselves in connexlon with the Exc
cutive, have reduced to their present impov-
erished condition.
As ridiculous as the foregoing supposition
may appear, II is IN reality not So absurd us
that we should confide all the great and
complex interests of the country into the
hands OF these same men, who would bring
such certain destruction on business so
comparatively simple as that of agriculture.
TO shew more fully the danger of sending
men 10 Congress who are ignorant Of the
common principles Of trade and business
generally. the writer will make u few extracts
from the late speech Of Mr.. Walker Of Mis-
sIssppi in favor Of The Sub-Treasury, one Of
the leading great m,n Of the administration.
Mr. Walker says
"rhc amount Of labor must depend upon
the markets for its products. These markets
are FIRST the FOREIGN aud SECOND
.Y the DOMESTIC MARKETS"
Mr.. Walker ought To know That the domes.
tic market Of This and OF most other civilized
countries, Is probably equal to l5 or 20 times
the amount of the foreign market. Again
Mr.. Walker says
THE nett annual PROFIT upon the
national industry, is the truesi measure Of the
naiionm goins-and these PROFITS are
alnost utterly unnihilated by the BANK
PAPER SYSTEM"
TO illustrate this idea of MIR. Walkers
fully, we will suppose the present price Of
labor with board to be one dollar per day
and flour to be worth eight dollars per barrel.
A merchant goes into the market and pur-
chnscs one thousand barrels of flour costing
in the aggregate 5000 dollars. This he
sends abroad aud receives the net sum OF
l0,CC0 dollars in return for it-thcrcby ma
king profit OF 25 per cent in his shipment, or
1000 dollars IN the aggregate.
We will now suppose the specie system TO
be adopted, the labor To fall to fifty cents per
day, and the flour to fall to five dollars per
barrcl.--This merchant now purchases the
same quantity Of -four for 5000 dollars he
formerly did for 5000 dol'nrs.-This flour he
sends to foreign market and sells Tor 5000
dollars nett. The merchant now receives
1900 dollars as his profit, or about Sirty per
cent.-This is the species u: profits such men
as Mr.. Walker says enrchrs COUNTY,
What they mean is, that it enrches the capi-
tallsts-but in reality imporershes the coun'
try, as shown in the pre- ecediDg iliustrnticn,-I
the last Of which goes to prove that on the
1000 barrels Of flour the capitalist with less
than two thirds the amount Of capital used, in
the first instance gains 1000 dollars--the far
mer and the laborer loses 1900 dollars, one
thousand of which is gained by the merchant,
the balance of 1000 dollars is lost to the la
borer or producer and the country al large
The decline in price of our own products of
industry at home, must inevitably lower their
value abroad--as in that case sufficient
quantity provided We can furnish ,hem,) will
inevitably be sent abroad 10 supply foreign
markets at the lowest profits they can be af-
iordpd. Competition in business will always
produce this effect. Mr.. Walker again says:
by the official returns upon the files Of
the Senate, it appears that, from the lst of
October, 1850, to Both September, 1899, the
totalty of our exports was S3,557 ,S29,95I,
and the totality of our imports during the
same period, was s. ,339, 7l3,Gl9, being an cx-
cess against us Of imports over exports of
S7el ,eS3 Cos; and this vast SUN approaching
near one thousand millions Of dollars, is, in
truth, but part Of the bounty paid to foreign
industry by debasipg our currency, and Thus
yielding up to them, to so vast an extent. both
the foreign and domestic markct.-In addi-
ton to this vast sum, the diminished exports,
the decreased profits upon their sale, and the |
decreased products Of every kind, will make
the national loss from the bank paper system,
at least two thousand milions of dollars
We have seen that the total excess Of imports
over exports, from lst y, tobrr. 1850, to 30th
September. 1889, was a7SI ss3, ,69S. the whole
Of which, except $I96,055 02l, occurred from
1871 I'LL 1Sl , ard from SIC ill 1891, during
the wreiched career of the two Banks Of the
United States; and with the exception of
81 ,560, III, It may all be truly said to have
occurred during the dominion Of n United
States Bank, for the present United States
Bank under its new charter, has inflated
prices, currency. and fictitious credit, fully
as much as any Of its predecessors. One
thing, however, IL certain, that it is all the
result Of our bank paper system. Another
Tact is also clearly proved, that neither the
first Hamiltoninn tariff. nor the tariff of 1916,
nor that of 1924, nor, yet even that of 1923,
arrested this ruinons excess Of imports over
exports. No, sir; it is not high tariff that
We want. but the most limited revenue duties
with specie policy that is to command for IL
our own, as well as foreign markets, that is
to advance all interests, in every section of
the Union, and make it the interest of all to
encourage free trade"
The writer does not remember ef ever hav.
ing seen a passage, in 80 snail a compass.
containing so mnny nbsurdities as the fore.
going extract from Mr.. Walkers speech
With regard 10 the excess Of imports over
our exports. the writer has previously shown
in his second communication, that the excess
of imports over aud above the profits of our
exports, most if not all occurred at the two
periods we were without a National Bank
which can readily be proved by reference to
the Secretary Of the Treasury's report. Mr..
Walker seemingly lamcn,s the that from
tho ycor ESQ In 1870 tho i,nnor,s into tho