Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1840-03-26
SPEECH OF MR.. CALHOUN,

vi SOuW CufOttHus ON r's ~
Grundy, Of Tennessee, in relation TO me
Assumption Of the Debts ofthe States by
the Federal Government.-U. States
Senate, February 5, lS4O.
(Concluded from our last.)
thrust that have now established to
the entire satisfaction of the Senate, the
truth of the great principle which has been
laid down-that every increase OF prolec
tive duties is necessarily followed, in the
present condition of our country, by an ex-
pansion of the currency, which must con-
iinue to increase ill the Increased price of
production, caused by the expansion shall
be equal to the duty imposed, when new
tariff will be required. Assuming, then,
the principle as inconvertible, IT follows
tha, the natural tendency Of the protective
system is 10 expand, in seeking to accom-
plish ils object, till ittermina'es in eSPlo'
sion. 1t would be easy TO show, from what
has already been stated, that this tendency
must continue till the exports shall he so
reduced as 10 be barely sufficient to meet
the demads Of tho country for the articles
not included in the protection; as it must
be obvious. so long as they exceed that a.
mouut, so long must specie continue to he
in our favor, till The protection is broke
down BY the expansion ofthe currency.
The consumation, therefore, Of the sys-
tenn, mus, be one Of two things; explosion,
or the reduction Of the exports, so as no,
TO exceed the amount Of the exports. so as
not TO exceed the amount of the unproec-
ted articles; but either termination must
prove disastrous to the system; the former
by sudden and violent overthrow, and the
latter the impoverishment Of customers
and raising up of rivals, as they ceased to
be customers. To have just conception
of its operation in this particular, it will be
necessary TO bear in mind, that the Sou,h
and the West are the great consumers Of
tho products of the North and East; and
that the capacity Of the South 10 consume,
depends on her great agricultural staples
almost exclusively; and that their sale and
2tion depend mainly on The for
eien market. What, then, would be the
effect Of reducing her exports to the point
indicated, say to forty or fifty millions Of
dollars? Most certainly to diminish her
capacity to consume the products OF the
North and East in the same proportion.
followed by corresponding diminution Of
the revenue, and the commerce aud navi
CATION flhe country. But the evil would
no, end there, as great as it would be. Il
would have an equal or greater effect on
the consumption Of the West. That great
and growing section is the provision por-
ton of the Union. Her wide and fertile
region gives her an unlimited capacity to
produce grain and stock Of every descrip-
ton; aud these, for the most part, find their
market in the staple States. Cut offtheir
exports, and their market would be de-
stroyed; and with it, the means Of the
West, to great extent, for carrying on
trade with the Northern and Eastern States.
To the same extent, they and the staple
States would be compelled to produce
their own supplies, and would thus, from
consumers, be converted iuto rivals with
the other section.
How much wiser for all would be the
opposite system of low duties, with the
market ofihe world opened to our great
agricultural staples? The effects would
be vast increase of our exports, with
corresponding increase ofthe capacity to
consume on the part Of the South and
West, making them rich and contented
customers, instead Of Impoverished and
disconnected rivals of The other section.-
II is time that this subject should be regar-
ded in its true light. The protective sys-
tenn is neither more nor less than war on
the exports. lagain repeat, if we cannot
import, we cannot long export; and just as
we Gu, offor burden TIE imports, to the
same extent do we, in effect, cut off and
burden the exports. This / have long
seen, and shall now proceed to prove, by
reference to the public documents, that
my assertion is sustained by facts. The
table of exports shows that during the
seven pears from 1924 to 1881, our domes-
tic exports remained nearly stationary,