The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-11-13
ron THE mADlsoslAs.


Mr.. EDToh
A distinguished civilian Of the Bay State, in a re.
cent address 10 the citizens Of Boston has adsened 10
the policy Of discrimination IN laying duties for the
protection Of labor and having alluded 10 late
OF Congress which conempates !" horizontal tariff,
by means Of "ad yalorem" duties, with the total
abandonment Of the specific" prineple-he 10
the conclusion that, If the great principle Of discnm
nalisn should be given up, the best interests Of The
country would be Frustrated, and many of wor
thy ciizens would be impoverished,
The ESSAYS OF ''Statisiicus, and his dialogue with
"Phio- Sophos" which appeared in your paper Of the
9th instant, are instructive upon this topic; and in
estimable truth may arise and be established from
affective evils which depfess the nation through all
It's parts with the exceptions only of The mats OF
monopoly selected BY foreign factors and Temporary
agents for their depicting operations, to the Effective
exclusion Of the American merchant, and the
tous arrangement of regular dealings and lnterchan
gees And is il not to be apprehended that the contin
uation OF traffic so convenient and invigorang TO
the foreign interest, and deleeIious and deblts-
ting the intrinsic of duped ccuntry will
soon become lntolerable, and eyentuae in recourse
TO Paixhan sho, and Congreye rockets, as now
ployed To force anipodaI people TO purchase
SON and submit to destructive diplomacy
In the National Gazette, of the 9Th instant, under
the head Of "Money, Finance and Currency" is
asserted that the best irredeemabIe paper currency
is always deprecated, But can that assertion be
sustained by factsl Certainly not If il be true that
the time was, and that after the last with
Britain, (when the country flooded with Excess
sive mportatons of her " fImsy fabrics and rotten
habcrdashery" disgorged upon u.s. and forced through
auctions merely To raise money and dseDcumber their
own marke,,) when the irredeemable paper Of the
Bank Of England actually worth, in mari
time ports, large advance specie; and bills
England sustained premium Of 20 per cent and
more, being, in eject, superior 10 gold to that
mount as those bills payable in iuedeemabe
paper at MATURITY All which may be verified by
the prices current of those days-when that curren.
ey was found Sufficient no. only for all the purpo-
ses of commerce and circulation, but TO sustain the
Brush Government for twenty years IN the most
terrible conflict of modern warfare. The truth is
irredeemabe currency, if properly restricted and
protected by competent regulations to secure ia
rorabe preponderance in foreign trade, may always
command Its full equivalent in gold or silver and
often more Suppose, for instance, that this Gov
| eminent should issue Treasury notes" Fiscal
bills without interest, 10 amount equal 10, but
not exceeding at any time the estimated revenue of
the year, has been proposed; and suppose, fur
Their that such notes or bills and nothing else should
be receivable for all public dues: is il palp abe,
10 all conversant in monetary matters that "irse-
deemable currency with those restrictions and quail
ties would bear an agio in advance of speciei The
question Is clear, and circumscribed and the func-
,ionary who cannot perceive that it solely subject
TO the commercial principles of supply and demand,
has not, ween, optics keen TO quality him for inan
cial duties
In the same periodical and OF the date, is
truly said that "ih- main Of present embar
EASEMENTS has been our excessive impo taons of for
eign fabrics and productions; and that until they
abae, in great degree, the country cannot expect
relief
And resumption by the banks is camorousy called
for and will be enforced, 10 the immediate destruction
of the insolvent Institutions, and the speedy bank
| ruptcy OF all beyond the marts of monopoly. And
even these Will be drained and collapsed, at distant
day, through the devourng absorption of injurious
commerce with foreigners the sluices being open
ed, the huid Will escape; and it will become noor
Gus that the precious metals cannot be retained in
the existing state Of external trade and its imperfect
| regulations.
encosuIes miller upon retaining his head Of wa
ter whilst his gates are upa The culation would
indeed be foolish and preposterous And does il not
argue radical defect in the code Of commerce. or
rank remssness in the Government, whilst the land
abounds with all the essentials OF individual happiness
and public prosperity TO find the country in
dillon OF structure and gripping throughou the
cbnery Of social intercourse from the mere want Of
an equitable and adequate measure of vane? And is
II not essential TO the due comprehension Of this appa
rent deficiency, TO inquire If it be necessary that the
measure should possess, per Sc, intrinsic value 4
and whether, not, would be sufficient that the
measure should fairly represent, and be founded on
the wealth Of the whole nation with the superaddton
OF the public faith la fact is there not reason to
believe that intrinsic value is calculated impede and,
thereby, embarrass the operations of measure" the
proper and legitimate functions and purposes of which
should be TO facilitate commerce and interchanges
by an unobstructed circulation And is il not proper
that the supply Of the measure should be sufficient
to enable the possessors of property TO convert their
vauabes into avnabes at equitable rates, and to
BILE proprletors of land and others Of credit borrow
readily on mortgage, other sufficient security on
moderate terms?
The argument is Socratic, and the design is 10
elicit truth, which is mighty and shall prevail Pom
der upon these propositions, Of paramount considera
tion iunconaIies to whom entrusted the dearest
interests ola confdlng but jealous people.
MORE ANON.
Nov TO-