The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845, 1841-11-09

| sup9 ssded, and put aside, ~ noss VI 'o'es"
and nerant agents who infsst our country, ana o's
gors upon Us their Aimsy fabrics, and "old shop
kseoers rotten haberdashery refuse wares which can
mo, be sold at home, those rejected from stains
bctches. rents and gouis or being under measure,
or 90 narrow tender from time, alkalis, or acids de-
ca,ed in fibre, or otherwise defective" How would
vol correct so great an evil
Stat. A partial corrective might be found IN the
imposition of ten per centum on sales by auction
| Phi. Sop. But would not the effect of such tax
urusly operate upon those States which derive reve-
| pses from that source
| Stat. Not at all "unjusily," because the tax Is
paid by the consumers throughout the Union aud lie
walls are therefore justly the common property Of the
| whole nation.
| Phi. Sop. What other remedy would you apply !
Stat. There are several correctves which might
be employed, and amongst the number the minimum
pincipIe, and prompt payment upon the delivery Of
the importation-lhs application Of which would ei-
fecualIy operate TO restrain the Pernci"us tramci
whilst an od palorsm upon low valuation OF the
trash disgorged" with orders to "sell without re-
serve" to raise money and disencumber the home
trade in connection with credits at the custom house
capital for its extension and prosecution
Phi. Sop. Would the resumption Of specie pay
mens restore confidence, equalzs exchange and re-
gulate the currency
Stat. II would not realize those desired results
without the aid Of adequate commercial enacmens to
produce favorable preponderance in foreign trade to
secure the country against excessive imports and the
debating drain from debts due to foreigners, amount
ing at the least TO million month for interest only
As specie payments, without such salutaIy enact
ments could not be sustained and, in their absence,
the most available substitute might be applied by
nconvertible currency issued by the Government, as
"a measure Of ralue" under due restrictions and
guarantees.
Phi Sop. Your suggestion is, apparently not with
out merit But would not the tender Of such mea-
sure excite adherence and revolt in the public mind
And would not its adoption result in ruin and des-
| tructon of credit
Stat. We have practical proof to the contrary, IN
the limited of Treasury notes and, from crcum-
stances which have arisen out Of adverse commerce,
mainly ascribabe to the Compromise act, we have
been constrained to submit to an insecure and depre-
ciated medium When national currency, made re-
ceivabe in all public payments, would have suificed
for every purpose Of public accommodation and pri-
vate convenience. And shall such currency depre-
ciae (from the influence OF hostile balance in TO-
reign trade) Instead of evil it would be, in fact,
benefit, as that effect would prove in practice pro-
lection and essentially tend to equilibrium in na,u-
raj accordance with the laws Of trade, and operate
substantially protective tariff, whilst II would be
free from objeciiors entertained against duties imPos-
ed for such purpose the depreciation would enure,
pro tanto, the advantage Of the staple producers
by enhancing the value Of their productions to the ex-
tent OF the premium on the exchange. Rationale Of
the principle will be apparent from following the mo-
dus opsrandi throughout its course, to its exclusive
action.
| Phi. Sop If such indeed, would be the effect Of
the operation of national currency such you pro-
pose, (and who, that regards the crying evil which
affcts the country from a vitiaed circulation, would
deprecae or PREJUDICE it the expedent would prove
public blessing.
| Stat And in contemplation Of benefcent a
desderaum, authorized by the Constitution and pure
" republican in principles, is it not worthy Of con-
alteration; and, if approved by an enlightened Con-
gress, of being tested in actual practice
| Phi. Sop. It surely is--but we may further dis
cuss this vexed topic on another day seems now
ever, that we must have either tariff for protection,
or an inconvertible national currency One or the
other is indispensable and imperiousy demanded by
the general veal. Adeu.
PHILo-SOPHOs
BALTIMORE, Nov. 6.
PS The condition of things is not improving
here-the circulating medium, although diminishing
| l., ,,a n,;ty IL 20, forny in nj finn
| PmILo SoPHos.