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

Congress shall coin money and regulate
the value thereof; no Stale shall emit
bills of credit, or make any thing but gold
and silver legal tender" Here are pos.
tive aud negative provisions; grant OF
power to Congress. and Limitation on
the power Of the States, in reference to
the currency. Can you doubl that the OBJ
ject was 10 give 10 Congress the control of
the currency? What else is the mean
8" to regulate" the value thereof! Can you
doubt that the currency was intended 10
be specie What else is the meaning
"iO coin money!" Can you doubt, on the
other hand, that il was the intention that
The States should not supercede the curren-
cy which Congress was authorized to es-
tablish? What else is the meaning of the
provisions that they shall mol issue bills OF
credit, or make any thing bu, gold and sill
yer legal tender? Can we doubt. final
ly, tha: the country is not in the condition
that the Constitution intended, as far as the
currency is concerned? Does Congress,
in point of fact. regulate the currency!-
No. Does it supply a coin circulation!-
No. Do the States, in fact, regulated
Yes. Does it consist of paper, issued by
the authority Of the States? Yes. Is this
paper, in effect, legal tender? Yes; it
has expelled the currency Of The Couslitu-
ton, we are compelled TO take it or nothing.
Well, then, as the currency is in an uncon-
stitutional condition, the conclusion is ire
sislible that the G. constitution has failed TO cf-
feet what ilintended, as far as the currency
is concerned; hut whether it has failed by
miscnnstruc,ion, or the want of adequate
provisions, is not yet decided. Thus much
however, is clear; thati it is through the a.
sency Of bank paper that it has failed, and
the power intended 10 be conferred on
Congress over The currency has been su-
perseded. But for that, the power OF Con-
gress over the currency would have been
this day in full force, and the currency
itself in a constitutional condition. Nor
is it less clear, that The Constitution cam
not be restored, while the cause which has
superseded it remains; and this presents
the great question, how can it be removed?
/ do not intend to discuss il on this occa-
sion. shall only say, that The task is one
of great delicacy and difficulty, requiring
much wisdom and caution, and in the ex-
ecution Of which, precipitation ought 10 be
carefully avoided, but when executed,
then, aud not till then, shall we have the
solid, stable, and uniform currency inten-
ded by the Constitution, and which is in
dispensablc, not only TO the full success of
our manufactures, and all other branches
ofProductive industry, but also the safety
Of our free institutions.
The next Indispensable step to secure to
the manufactures the foreign market, is
low duties and light burdens on produc-
tions; yes, as low and light as the wants Of
the Government will permit. The less
the burtlen-lhe freer ard broader the
scope giver to the products of our manu-
factures--the better for them. Above ALL,
avoid the renewal Of the protective spslem,
1t would be fatal, as far as the foreign
market is concerned.
Its hostile effects have already shown
from The table Of exports; and shall now,
by few brief remarks, prove rha, it must
be so. Passing by other reasons: l shall
present but one, but that one deci-
sive. il has been shown that the effect
of the protective system is 10 expand
the currency inihe manufacturing sections,
until the increased price of production shall
become equal TO The duty imposed for pro-
lection, when the importation of the pro
tected articles must again take place;
that is to say, that its effects are to enable
foreign manufactures 10 meet ours in our
own country, under the disadvantages Of
paying high additional duties. How, then,
with that result, would it be possible for
our manufacturers to meet The foreign fab
RIGS ofthe same description abroad, where
there can be no duty to protect them p
There can be no answer. The reason is
decisive.
I do not wish, in what l have said, 10
be considered the advocate oflow wages,
am in favor Of high wages; and agree
that the higher the wages. the stronger the
evidence of prosperity; provided (and that
is the important point) Dey are so natural.
ly, by the effectiveness o ofindustry, and not
in consequence of an inflated currency. or
any artificial regulation. When say the
ofindustrv, [ mean to COM
prehend whatever is calculated TO make
the labor Of one country more productive
than that Of others. l take into consider
alton skill, activity. energy, invention,
perfection of instruments and means, me-
chanical and chemical; abundance of capi-
tai, natural and acquired; facility of inter-
course and exchanges, internal aud exier-
nal, and, in, word, what, ever may add
10 the productiveness Of labor. High
wages, when attributable to these, is the
certain evidence ofproductiveness, and is,
on that account, land that only, The evidence
of prosperity. 1t is easily understood
Just as such labor would command, when
compared with the less productive,a a greart-
or number of pounds of sugar or tea,
greater quantity of clothing or food, in the
same proportion would it command more
specie, that is, higher wages, for a days