The Madisonian. [volume] (Washington City [D.C.]) 1837-1845, 1841-11-13
roR THE mADIsoHlAN.
Ma. Eprroo.


A distinguished civilian of the Bay State, in a re-
cent address TO the citizens of Boston, has adveed to
the policy of discrimination in laying duties for the
Protecuon OF labor; and having alluded to late act
OF congress which contempates horizontal tariff,
by means Of lad valoremn duties, with the total
abandonment Of the specific princple-he came to
the conclusion that if the great principle of discrimi
nation should be given up the best interests Of the
country would DC Frustrated, and many Of our wor-
thy citizens would be impoverished
The essays of "Statistcus," and his dialogue with
"Pho-S ophos," which appeared in your paper of the
9th instant are Instructive upon this topic and in
estimable truth may arise and be established from
its 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 vexa-
tous arrangement of regular dealings and nterchan-
ges And is it not to be apprehended that the contn-
uation of traffic convenient and invigoratinp To
the foreign interest, and deeterious and debita
ting to the intrinsic resources of duped country will
soon become intolerabe, and eventuate in recourse
to Paixhan shot and Congreve rockets, as now en-
poyed 10 force antipodal people to purchase pol
SON and submit to destructive diplomacy
In the National Gazette Of the 9Th instant, under
the head Of "Money, Finance and Currency it is
asserted that the best irredeemabe paper currency
is always deprecated. But can that assertion be
sustained by facs2 Certainly not il il be true that
the time was, and that soon after the last war with
sye importa.ons Of her imsy fabrics and rotten
haberdasheryn dsgorged upon us, and forced through
auctions merely to raise money and dlsencumber their
own market,) when the irredeemable paper Of the
Bank Of England was actually worth, in our mari
time ports, large advance specie; and bills on
England sustained premium Of 20 per cent. and
more, being, in effect, superior to gold to that a.
| mount, as those bills were payable in irredeemable
paper at maturity All which may be verified by
the prices current Of those dayswhen that curren-
cy was found sufficient not only for all the purpo-
SEES of commerce and circulation but to sustain the
British Government for twenty years in the most
terrible conflict Of modern warfare The truth is,
an rredeemabe currency, if properly restricted and
protected by competent regulations to secure ia
vorable prep0nderance in foreign trade NAV ALWAYS
command its full equivalent in gold or silver, and
often more Suppose, for instance, that this Gov
bills, without interest, TO an amount equal TO- but
not exceeding at any time, the estimated revenue of
the year, az has been proposed and suppose fur
Their that such notes or bills and nothing else) should
be receivable for all public dues is it not palpable
to all conversant in monetary Matters that an tire
deemable currency with those restrictions and quail
ties would bear an dgio in advance of specie? The
question is clear, and crcumscribed; and the func
tionary who cannot perceive that it is solely subject
to the commercial principles of supply and demand,
has not, ween, optics keen to qualify him for fnan
cial duties.
In the periodical, and of the same date it is
truly said that the main cause Of our embar
easements has been excessive mpoftations of for
eign fabrics and productions; and that until they
relief"
And resumption by the banks is clamorously called
for, and will be enforced to 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 devouring absorption of injurious
commerce with foreigners; the suces being OPEN
ed, the fluid will escape; and it will become notori-
GUS that the precious metals cannot be retained in
the existing state of external trade and its imperfect
regulations. "s
Can farmer count upon secure cropping without
encosuIes2 or miller upon retaining his head of wa
ter whilst his gates are up2 The calculation would,
indeed, be foolish and preposterous. And does it not
argue radical defect in the code Of commerce. or
rank remssness in the Government (whilst the land
abounds with all the essentials ofindividual happiness
and public prosperity TO find the country in a con-
dillon Of structure and gripping throughout the
chinery Of social intercourse from The want Of
an equitable and adequate measure IF value? 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 %, intrinsic value p
and whether, not it would be sufficient that the
measure" should fairly represent, and be founded
the wealth Of the whole nation with the superaddion
of the public faith In fact is there not 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 it not proper
that the supply Of the measure" should be sufficient
to enable the possessors of property their
valuables into avaabes equitable rates. and to ena-
BILE Proprieors of land, and others Of credit borrow
readily on mortgage, or other sufficient security, on
moderate termsa
The argument is Socratic, and the design is to
elicit TRUTH which is mighty and shall prevail Pom
der upon these propositions of paramount considera
on ye unctionares whom entrusted the dearest
MORE ANON.