Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1841-11-18
NV No COG
Prom the y. Y. Commercial Advertiser
THE AMERICAN POLICY.


We are graiiGed to notice indications
in various pnrts of the country OF nm ~
wakening interest in tae public mind on
the importance Of some efficient protec-
ton of domestic industry. A writer IN
the last Peoria (lll.) Register has 'hs
following remarks -
This subject is lost sigh, Of by tho
American people, and our country ~
dnomed TO suffer. The people are quar-
relng about s,rnws, while their sub
stance is eaten out by the willy politicians.
The question suggests itself to prac'Ica,
men, aud what must be done Is there
nothing in store for us that will restore
our enterprise as a people : The coun-
try is in debt to foreign nations some
hundreds Of millions the interest is in.
creasing the amount daily the govern
ment is borrowing money 10 pay ihs
debis of the last administration, and will
have to keep on borrowing unless the
imports under twenty per cent. duties
shall furnish a sufficient revenue To pay
the current expenses, aud to do this, Ia
NEE, twenty or twenty-five millions ex-
/, pendnure, we shall have to import goods,
with the free articles now exempted, to
the amoun, of one hundred and fly nal
| hons. Our ,mportaiions for niue years
/ past have eniailed n debt to the country
( of five hundred millions, and the compro-
! mise act will increase It till we cannot
pay The interest or principle. Ii is well
known that the usage Of the British
| merchants is TO undervaue their goods,
! so that under ad valorein duties they can
run in their goods without paying tho
real duties. As their goods have berD
jinvoiced To other nations as well rs ours,
they have been undeirated at least one
third, which would take probably two
hundred millions Of foreign goods, alias
foreign labor, that the government can
save little out for their use.
I The crisis has arrived when the people
4 should arise in the majesty Of their
strength, call meetings IN every town
/ and precinct in the country, before the
next congress should convene, and tell
congress to protrct the interest of Amer
leans bv prospective tarifitil IL amounts
to prohibition on the great staple ar,i-
'Ity. A bank will not make money, aud
all the insignificant tritling about things
OF minor Importance sinks into perfect
contempt in The view Of hghminded and
Intelligent statesmen. We must demand
,Iperfect protection, nj the hand OF our leg
sators. We must shut out OF our mar
kets three -iour,hs Of the imported goods,
| pay oil our Indebtedness, and 20 ahead.
| Nothing but a prospective protective
I'iarfr can keep this republic together
How are we TO be freed from our deb,
Can We cx,rnguish il by pursuing the
plan we have followed for the last eight
years Have we not got into debt
some hundreds of millions Let W.
q take a retrospective view of the affairs oi
n the nation and see what conc lusions we
: shall arrive at. In 1898 the high tariff
$ law, as it was called by the oppnscrs oi
u the system, was enacted, and continued
TIL 1892 when n revision took place, aud
, 10 1888 the compromise act was passed.
/, The government paid of n debt Of two
hundred and eight millions, and had in
the treasury about seventy millions, aud
was SO rich and prosperous that it could
scarcely find way to dispose of the sur.
plus, when the hue and cry arose about
taxing the people, and the presidcn, and
his secretary were anxiously engaged Ia
relieve the poor people from these bur
dcns. South Carolina in arms against
= the manufacturers, backed by the party,
pre- sident and cabinet, caused The com
promise act and thus saved the country
1 from blood.
II Well then, we will now see the effects
p on the poor people, government, and
,, country. The act was To deduct 10 per
4 cent per annum on the duties until 1874 +,
f, aud then one half of the duties To come
e Oft, and in l34l every thing TO be fixed
i at 30 per cent. Let il never be forgot,
" ten that after we had paid off our nation.
= al debt, and had tho large surplus in tho
: treasury, that the thrift law was so opera
tive in our favor that exchanges so fell
that instead oi our sending the specie oh.
tanned by our other trade ~ Grew, Rrifain,
We brought il home, and our country and
banks had an abundance OF II, so nuc u
}. that all the banks paid il AT their counters,
merchants and farmers, mechanics and
IS manufacturers paid their debts, aud spec
CIalOIs HHU VtoIP Et"t'""y """ "''"' Y
c enough Tor their business purposes. III"
\ The government and the people were all
g prosperous and happy together,
Now let US see how the people were
helped by facing away the protection %
d 1923. In the commencement OF the
IS operation Of he compromise act, by
J which, il viii he remembered, 10 POI
cent was taken Off the duties, il was
;. scarcely observable, but the tide beR"'
e in a few years 10 operate rather as O
. slow poison, and in 1871, when one hal
:. the protection was taken of, what do wf
IN experience The government bank
rupt, merchants mostly failing, the conn
try in debt 500 millions and The debt M
- ,crcasing. banks Wspending all oyer 'hf
: county, tho people without money, hn'
the produce of our labor not remuneraiInl
the laborer Tor his toll. All this too u
time OF peace, and when the earth ne'c
yielded more PlrnliluIIy. We see ihl
m ,,nnnyprishpd cond,tion of the country