Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-09-02
Middle Dipision.
Southern and Wesfern Dirision

From this table it will appear that the North
erR and Eastern States were strongly opposed to
the Bank; that the Middle States were compar-
ativey Indifferent as to its fate; whilst the South
and West carried the bill, giving nearly two
thirds of their votes in its favor. This is very
striking fact, and it has given rise to some refec-
ton In my mind as to the probable reason of it
and invite the attention of my friends from S.
Carolina especially to view which has pre-.
scented itself to my mind. We of the South have
always opposed tariff for protection, on the
ground that the duty enhanced the price mer-
chandlse, and that the consumers in the South ul-
timaely bore the burden: or, in other words, that
the duty was a bounty to the Northern manufac-
turer which was paid by the Southern consumer.
Without pretending to discuss the precise extent
to which this argument is sound, am willing,
for the present. to Admits truth to the full extent.
But let if there is not another mode of tan
ing the South and West for the benefit of the
North, which is equally Objectionable, in princi-
pie and equally onerous In practice. allude to
the arrangement In the exchanges of the country.
We ali know that the Northern are the importing
and manufacturing States, while the Southern are
the consuming States. In 1916, Mr.. McDuiIie
tells in his report the average rate Of exchange
between the n Northern and Southern divisions of
the Union was about ten per cent. in favor of the
North, and 1t is not great deal less now.
Now, how did this arrangement operate practi-
cally? and how does it operate now The whole
amount OF our imports estimated at one
hundred and forty millions OF dollars. Let us
suppose tina; fifty millions oIths amount are con-
sumed in the Southern and Western States
WHAT'S the process which must be passed through
before these goods are consumed! In the 6rs
place, they are imported into the Northern cities
and the Southern merchants 90 there to lay il
their supplies. They either take with them thei
local PAPER, which is at discount of ten per cent
or they pay premium of ten per cent. at hom
for draft on Of the Northern cities. If they
take the local paper with them to market, they arr
not able To buy goods with it at cash prices, an,
they are, therefore, compelled either to 90 to th
broker shop and have their money shaved at tel
per cent, or they let the merchants indirect
urn broker and exact the premium in the enhar
ced price of the goods. What do the Souther
merchants do next! Do thy lose this ten pc
cent ont of their profts7 BY no means. Th
amount paid as premium for the draft, or the 2
/ mount paid TO the broker, is essentially Just a
! much part Of the price paid for the goods as Tn
/ amount paid TO the importer The merchant S
regards it, and in fixing his price his goods b
| always adds 10 the amount paid TO the importe
! the amount OF the brokerage or premium, and the
lays his profit on the aggregate; and the consu
meTs, the farmers and planters of the country
pay The whole. And who enjoys the benefit
is 1T not the brokers and money changers OF I'll
North! beg gentlemen to look at this propt
sIton seriously. If tie South consumes fit
millions Of imports, and if the brokerage or pr
MUM, or exchange is ten per cent, ask, does
not operate to tax the South 10 the amount Of TN
ten per cent, or five millions of dollars, for u
benefit of the North! Or, to bring the case hon
10 ourselves, do moi the constituents of every ge
tleman on this floor, who consume 100000 wor
merchandise brought from the North, pay