The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-03-14

inr off. during thc whole tariff reg!nic OF
ei,yh, wears, from '2,5 To .'"2, Of nearly
a1Oa,NU. A. this po;ni, We enter Oh the
relaxation of i e SYSTEM. and there mas
been an onward move, with but little VI |
bra,ion until lhn present time. The last
wear VIC have is 81, whom the exports IN
rcadetl ai.v ;rt cr,ling year. They anoun-
ted to S3,30s.O7S, being al increase du-
ring ,lc six years of the reduction of du-
tics, Of S3, ,34G, 4t5, against falling of, in
the preceding eight years of protection, OF
of ,OO0-an increase of IS per cent.
in six wears, and this in tile Heidst of all
the embarrassment of commerce, and eX-
pansion and arrangement of the currency
and, let me add, what has been so much
dreaded by the friends of manufactures,
the mighty increase of the exports OF our
great agricultural staple during the same
period; clear proof that under the tree
trade system, the one docs not interfere
with the other, Let no friend OF manuiac
turcs suppose that this interesting result
is accidental. 1t is the operation of fixed
laws, steady and immutable in their course
as shall hereafter show.
Now, sir, feel myself, with these facts,
warranted in asserting that if the deranged
state of the currency had not interfered,
the great manufacturing interest would
have gone on in hourishng condition
duriag the whole period Of the reduction
under the compromise act, proving there
BY to the satisfaction Of all, the fallacy OF
the protective system. Any supposed loss
from the reduction of duties, would have
been more than made up by the increased
ability of the South and West to consume,
and the rapidly growing importance OF
the foreign mari ket.
But | have not vet done with the system.
1t has additional and heavy sins to. answer
for. The tariff Of '2S is the source IN
which has originated that very derange-
ment of the currency, which so greatly
cmbarrasses, at this time, the very inter
est i: was intended to protect, as we'll as
other branches of industry. Bold as is
the assertion, L Iap prepared to establish II
10 the letter.
1t has already been proved that the great
expansion of the currency in '29, '3O, and
81, was the immediate effect of the tariff
of '2S. 1t remains to be- shown that the
cause of the still greater and longer con-
tinued expansion which has terminated IN
the overthrow of the banking system, and
the deep and almost universal distress OF
the country. may be clearly traced back
10 the same source. To do this, we must
return to the year '32, and trace the chain
of events 10 this time. In that year, the
public debt was finally discharged. The
vast revenue which had been poured into
the Treasury by the tariff of '2S, and
which had accelerated the payment of
the public debt, could, after its discharge,
no longer be absorbed in the ordinary ex-
peniitures of the Government, and sur
plus began 10 accumulate in the Treasury.
The late Bank OF the United States was
then the fiscal agent Of the Government,
and the depository Of its revenue. Its
growing amount, and prospects of great
future increase, began TO act on the Gu
piIity of many of the leading State banks
and some of the great brokers of New
York. Hence their War against that insti-
tuition; and hence, also, the removal OF
the depusiles. The late President l be-
licve to have been really hostile to the
Bank on principle; but there would have
been little or no motive 10 remove them,
had it not been for their growing impor-
tance, and the hostility which the desire
of possessing them had excited. They
were removed, and placed in the vaults
of certain State banks. To this removal
and deposite in the State banks, the men,
bers over the way are in the habit OF at
tributing all the disorders of the currency
which have since followed. Now ask,
in the first place, is it DOT certain, if it
had not been for the surplus revenue, the
depostes would not have been removed
And, in the second, if there would have
been a surplus had it not been for the ia
Tiff Of '2S!
Again: is it not equally clear that it was
the magnitude of the surplus, and not the
removal, of itself, that caused the after
arrangement aud disorder! If the surplus
had been but two or three millions, the
ordinary sum in the deposite, it would
have been Of little importance where it
was kept; whether in the vaults Of the
Bank of the United States, or those of the
States; but involving, as it did, fifty mil