The Rhode-Island Republican. [volume] (Newport, R.I.) 1809-1841, 1840-04-29

er ACTIVITY 10 various Departments Of business.
~hioh according to general aud iuvarisble law
OF 'raos' demands. and of r.urse is sccompa-
nieo py an expansion OF the currency where pa
per eomposes the medium. The e,n,nsiou.
BY Kind OF reflex influence. increase, s,;Il fp,-
Ihsi Tue rise Of prices, which continues un,il
The increase OF price. corresponding with IN.
increase OF duties makes The importation of
foreign goods again profitable, and lbe don,..
tic market no longer remains in the e.cInsi,.
possession OF the domestic manufaetp,.r IT.
protect himself then from this renewed ronn.1
tIIon. he must ask additional protection. and
Tor second time 20 through the same circle of
changes. Thus every increase Of duties must
be followed after short Intervals by greater
increase, destined like the first TO dsaoooipt i,s
friends. Nothing less Than an absolute probi-
bitIon OF imports, or total abrogarion of the
system can relieve him from The difficulty.
Ihai such must be the result, NAV be
clearly shown by the upanswerable areumen,
lately advanced IN speech Of Mr.. Calhoun
As the design of the tariff is 10 hinder the i'm.
port Of foreign goods Of a certain descrin,ion
exports must cease altogether. or he paid for by
aieturn Of commodities Of another. kind, or by
gold and silver. But the demand for commodi-
ties being limited, the balance is generally H.
quldaird by payments of specie. An influx Of
specie. indicating a favorable stale Of exchange
is eagerly seized upon by the banks to extend
their Accommodations and loans. The cos.e-
quence OF ths enlargement Of their circulation
is an initiation Of prices that does not cease un-
Ill imporiafo from abroad are recommended.
At this point, The exchanges turn, banks begin
TO contract, the usual facilities 'Of credit are
withheld. and the home manufacturers. with all
who are dependent upon them. are suddenly in-
volved IN deep embarrassmsnts. The next step
4 q OTe rf,nn hx t.h ,,ll
It succeed, they are again mpelled thro ugh the
same career OF transient prosperity and final ru-
in.
There can be therefore, ne stability, nor per
manence, nor sure gains, nor progressive wealth,
in any branch Of art drawing its sustenauce from
this false system OF protection. The fortune i,
builds. like the golden sands thrown up by the
swelling disappear with the retiring wave. leas-
ing scarcely a trace 10 mark the place Of their
existence. To the manufacturer, the working
of it has been as though his factories were cree
ted by the side Of a stream. which, at one sea
son poured delugs Of waters along its channel.
and at another became exhausted and dry; AZ
! if The steam engine which to-day drove his
spndes with rapidiy. should tomorrow ex-
plode and fly into pleces and as il he had found
! ed his solid structures upon a marsh perpetual
/ ly receding or sinking below tho earth.
In contrast with this, the democratic policy
is simple. WISE just, and really advantageous to
the manufacturer. Its project Of separating the
government from the banks would be in effect
the most efficient protection thai could be de-
vsed. BY reducing the expenditures Of the
government to the smallest practicable amount.
by eIsetng cash duties from importers. by
Withdrawing the public funds from hands ia
which they have been employed in swelling for
-ign inportations. by impartiug frmness 10 the
currency. giving check to speculation, dimin-
lshing the chances OF commercial fuctuaton
and permitting industry TO be directed TO the
best channels, it would administer a healthful
stimulus. and afford sure protection, which
manufacturing enterprise will lock for in vain
under any artificial system.