The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1840-03-07

lara.;ans. Ia: tn e;t the fatal example here,
in their Legislative capacity. Remomhrr
there is bat ouc step between dividing thr
Income of Ihc S.nlcs. AMI that Of in'tivlI-
nails, AMI between a partial ana genera!
distribution.
Proceeding a step farther, in tracing
consequences, another question presents! !
i,scli-on what articles shall The duty be- r,
laid! On the free or the dnlied artlc!es!i
Shall thcv be laid for revenue or for pr"-
tcc.ioA, Is ii not obvious that SO largr an
amount as five millions. equal TO one
third Of the present inco.nc trnm tina!
source, and probably not mach less than
one.haif wha, it will be at the en- If tw"
years, canaol be raised without rouslng
from its slunber the tariff question, with
sil its distraction an; danger! SioH!l thai,
however, not b. tho case, there Is another
question connected with this, that cannot
fail to rouse it, as shall now proceed to-
explain.
The act of distributing the sales of the.
public lands among the States, "t itself,
as we'll as the amount to be distributed.
will do much to resuscitaie their credit
1t is the desired result, and the lrading
motive for the act. Five millions annual
", (ihc amount assumcd,) on pledge of
the public domain, would, Of 'scl!, be a
sufficient basis for loan of ninety or an
hundred millions of dollars, if jn'liciouslvI
managed. But suppose that only one half
should be appIiel, as The means # n'go-
tialing loans abroad, in order to complete
the old, or to commence new, works of
improvement, or other obj"cs. [ ask,
what would be the effect in our imports
of negotiating loan in England, or else
where in Europe. Of forty or fifty millions.
in the course of the next year or two?
Can any one doubt, from past experience!
We all know .he process. Very little
gold or silver is ever seen in these nego
tiations. A credit is obtained. AID that
placed in bank there, or with wealthy
bankers. Bills are drawn on this country,
and then sold to merchants. Thes" are
transmitted to Europe, and the proceeds
returned in goods, swelling the tide of IN
ports in proportion to the amount. Ihel
crash of our manufactures follow, and
that, in turn. by the dcnuncia.ion against
over-im porting and cver-trading. in which
those who have been most active IL cauS-
ing it are sure to join, bat will take spc- !
cial care to make nat the / asst alusIon to
the real source whence it flows. Is not
that the case at this moment! And can 1t
be doubted, that with the increase If the
cause, the clamor for protection Will Ia
crease, until with unitel voices. the friends
Of the system would dcmanditsrenew ]. If
to this we adj, that, under the cornpro-
mise act, tie tariff must be revived and
rcmoaellcd, who can lonk at such con-
cu-rence of powerful causes without see
ing that it would be almast Impossible t.
prevent the revival of the protective Sys-
TEN, should the scheme Of distribution be
adopted! hazard nothing in asserting that
the renewal would certainly follow; and,
as this would be one of the most promi-
nent and durable consequences Of that
scheme, | propose to consider 1t fully,
in its most important bearings.
One of the most striking feature es Of the
system is lis tendency to increase. Let it
be once recognised, and lei the most mo-
derate duties be lai! for protection; but
put the system in motion, and its course
would be onward, onward, by an rresist-
iblc impulse, as | shall presently show,
from past experience; and hence the ne
cessity Of vigilance, and determined re-
sistance to every course of policy that
may by possibility lead to its renewal
This tendency to increase, results from
causes inherent and inseparablc from the
system, and has evinc1d itself by the fact,
that every tariff for protection has inva-
riably disappointed its friends in the pro-
lection anticipated, and has been followed
periodically, after short intervals, by a
demand for another tariff 18th increased
duties, to afford protection vainly antici-
pated from its predecessor. Such has
been the result throughout, from 1916 to
1923, when the first and last protective
tariffs we're laid, which propose now to
show BY very brief historical sketch of
the rise and progress of the system.
The late war, with the embargo and 9TH
er restrictive measures that preceded ii,
almost expelled our commerce from the
ocean, and diverted vast amount OF capi-
f,] that had been emnIoved in it. to manu-