Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1841-08-16
S9uliern I'D We,lern Dirtssten.

From this table il will appear that the Northern
anu Eastern states were strongly opposed 10 the
Bank; that the Middle States were Comparatively
Indifferent as % us fate; whilst the South aud West
carried the DI.., giving nearly ,wo-thirds OF their
votes 90 !,s favor. This is a very striking fact and
mas gwen rise 10 soma reflections IN my mind as to
the probable reason OF o.; and | invite the at
tCnto1 OF my friends from South Carolina especial
" 10 one view which has presented itself 10 my
mind. We OF The South have always opposed "a tar
Ut Tor protection, on the Eround that the duty en-
CHANGED the price OF merchandise, and that the con.
sumcrs Do the South Ultimately bore the burden; or
IN other words that the duty was bounty TO the
the NOhsrern manufacturer which was paid by the
Southern consumer Without pretending TO dis.
CuSs the precise extent 10 which this argument is
sound, am willing, for the present, 20 admit its
tuh to The full extent. But let US see u there Isn1t
another mode OF taxing tho South and West for the
5Cu.h. Of.he North, whchIs equally oJIecuonlbeIn
principle and equally one,ous 10 practice. / aI.uds
10 the arrangement In the exchanges OF he country
We all know that the Northern arc the importing
and manufacturing States, while The Southern are
the consuming SItcs. In 1916, Mr. McDufig tells
us IN his report, the average rate OF exchange
between the Northern and Southern divisions nj the
Union was about ten per cent IN favor Of the
North, and II is not great deal less now.
Nov, how did this arrangement operate prlct-
clIly2 and how does IL operate now Tue whole
amour, Of our imports are now estimated al one
, hundred and forty millions Of dollars. lie, us sup
pose that fifty millions Of this amount are c0usunl-
cd in the Southern and Western Slolc5, What Is
{ the process which must UC passed through before
these goods arc consumed 10 the % 81 place, they
| atC imported into tue Northern cities, and the
Southern merchants go there 90 lay 10 their sup
plies. They either take with them their local pa
per, which i5 at discount Of ten per cent VT they
/ pay premium Of ten per cont az home Tor a dfai.
/ on one Of he Northern Giles. IL they taka the To-
cal paper with them 70 market they arc no, able 10
buy goods With NJ cash prices and they are there.
fore, compelled either IN go 10 the brokers shop ,rd
have the money shaved az ten per cent, or they leo
the merchant indirectly turn broker and exact tho
premium boo the enhanced price Oilbg goods. VIVA,
do the Southern merchants 10 next DO they Ig5l
this ten per cent out gl their pIOltsl by n5mgans
Tho amount paid MS premium Tor tic draft, OF the
amount paid 90 the broker is essentially lust al
much part Of the price paid Tor the goods as 'hC
amour, pa. 10 thc importer. The merchant so re-.
CARDS o., and IN fixing bis price on his goods he al
wlys adds 20 the amount p5lj 10 he importer lhl
amount Of 'he brokerage or premium, and Icn 10y
his pruhi on the aggrCg fej and the consumers tho
farmers ADD planters Of tho country, pay The whole
And who enjoys the benefit is itno' The brokers
ard money changers Of the NJrh2 / Hcg gentle,
I men 10 look at this proposition seriously. II Oh,
south consumes hlty millions Of imports, and " the
brokerage, or premium, or exchange fs ten per cent
ask, docs Ii not operate 20 tax The South 10 thl
amount Of iHbt ten per cent? or i've millions Di dol
lars, i0r the benefit gt the North! Or 10 bring Oh,
, clso home 20 ourselves, do not the constituents O
every gentleman on ths floor, who consume 800,
GOD worth of merchandise brought from the North
, ply ajax 90 The Northern brokers to the extent o
1--WE or tom thousand dollars, ns the rate Of cRcdaug
, may happen 20 be five or ten percent am awar
W1i THIS state Of things could not continue perma
p. nenly, but D. IS always the case upon any suddc
anu violent teVusIun lu the business OF the countr
y which dslutus The currency and dsranEes the cy
D, changes. May not ibis view Of the subject furnis
some clew u The reason which governed tho votes
" The different sections Of the Union i'm 1857 Ot
be- Northern brethren are shrowd and sagacous in SCI
- ing their interests and Il they found that the ds
200 rtngcment OF the currency was "nuring 10 their b
~ neht" Is u matter Of surprise that they should
ne opposed 10 bunk, which would restore unilor
an currency and equalIze the exchanges, and depr,
TO- the swarm Of brokers and money-ehangers, who 4
IT, WAYS reap in the field Of dera5ged c,,S,o, -
'aS rich harvest which they were gathering. The M