Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-04-07
COM NICAT oNs.
HOME INDUSTRY.
No. m.

| No. III.
In my last communication. Il promised to devote
this number TO the consideration Of the present
bsSrassed condition Of our country, as il has been
! affected by the reduction OF the tariff That our
whole country Is labouring under extraordinary
embarrassment, is proposition that WILL presume,
be admitted by all-unfortunately, most Of us have
the evidences OF this too nedr home, TO make il
quise that should seek abroad for further proof
How far this condition OF things may have been re
mo,ey encouraged by the fiscal policy, want OF
policy OF our Government, Il matters not now to
enquire; and as seek to separate this truly Aue-
rcau question from all political prejudice, | shall
avoid oil allusion 10 that branch OF the subject.
IL is evident that the proximate cause OF all the
derangemen, Of our curreney--al the disasters in
our mercantile communicable the depression in
our seversl branches OF Domestic industry-the
humiliation OF State pride, and the degradation Of
State CREDITS TO he found in the excessive mpor-
taton ct foreign goods, and injudiciors use Of
foreign credit. During the last ten years we have
contracted an unpaid debt of 200 millions with Eu
rope, ond that after dealing out with her in the
mean time, the whole amount of our surplus pro.
duetions, and keeping down the accumulation OF the
debt by heavy shipments of specie. The result OF
the operation ts,nitling though il bel shauld be
proclaimed throughout the land. IL is, that the
whols amount OF specie in the United States, es.i.
mated very fully tf not largely the fae at one
hundred millions would psy bot onc-half Of our
foreign debt; and the import and export operation
OF every month is swelling the already awful dis
crepareY between our Liabilities and our present
available means. Is IL wonderful that under such
state ct things, monetary atflirs should be IN
centurion, our banks in a state OF suspension our
people grosnins under heavy tax ,tion, and the
credit OF cur States by-worl amonc the banker,
4 Of Europe The total amount OF importations
from the 3oth Sept 1880, to 3o;h Sept. 1910. is
sisted at $500, 33I, iiI
And the total exports during the same
| period, at 1901 s27 .9OT
Being an excess OF imports in 10 years
OF 2OS, 500, 507
/ Md Il.
earrassueni Of the last year, and contrary to The
anuepalons OF the whole country. the returns show
an additional excess Of importaions TO the 3O.h
September last, of $4,000 900, while are de-
Isuters Tor unpaid interest aeefuins during the
year, Of probably ; 600 900 more.
Now a careful analysis Gf the items CONFUSING
the importaoEs o. the ~ years stated above shows
that OF the 1900 millions imported, S55 millions y
eomp"sed OF articles which we have the unques,ion
ell capacity TO produce and manufacture at home To
that ~ho'e amount; and 40 millions more, OF art:
eles which we now produce partially, tho domestic
supply OF which - capable OF increase, though not,
perhaps, to equal the home demand
IL - fact worthy nj especial note that during the
years of the Tariff era from 1924 10 1888 the
excess OF our imports was only $50, IsI 900 or So
5oOOOO Fer annUm; while IL increased during the
next years, under the operation OF the Compro-
mise Act TO Sl72,770, 00O or S2I $50 OCO per an
num- Can there be any commen necessary on a
fact so celrly indicating the cause and RENE
dy OF all cur Ilsi Is 1t not passing sirange that
while an analogous condition Of any mans private
affairs would suggest to him, 'oreibly, the necessity
for, and the means OF, reformation he should for
moment ia TO perceive refu Sc TO admit that the
same national III requires the remedy. What
sensible man finding, himself embarrassed aud dis !
covering that hts expenditures largely exceeded has
income, would not. nj once trace his embarrassmert |
10 that eiuse2 and what prudent man would not al |
once apply the simple remedy OF reducing his ex.
pendItures To his income IN order TO the evil
And how differs It with nation1 Shall We endea-
vor. as some reckless do, TO bolster up our
shattered condition. by awaiting ourselves sill fur
Their of our credit, and thus merely put off the evil
day. or shall we more dScreetly determine TO fur
hish Nthir ourselves such wants cannot be fully
met by an exchange Of our surplus productions p
strip the subject OF all sophistry, oil Abstr,ctons
all mYsuhcatIon ard resolves itself into ts SIM
PIE queston-nnd, surely, there are none who can
not understand and decide plain a proposition
am aware that the force OF these statistics will
be met, and attempted TO be overthrown bv tie
sweeping assumption, made upon high authority
ibat they present false balance which has been
settled by the profits realized abroad by our own
citizens on our exports and the fact will lie ponted
TO las conclusive OF The tru OF this assumptonl that
exchanges are so nearly equalized between the q.
States and Europe that specie is not at present be-
ing shipped IN large amoun:s
This Tact, considered IA the abstract is s,rons
presumpuve evidence against our indebtedness
aoroao, ana would be well nigh conclusive against
the existence OF a very heavy mercantile debt run
nng 10 maturity. But il loses all its force when
apPled 10 offset the existence of funded debt as
me arser portions OF our foreign debt is well known
10 De- 10 the former case the debt running rapidly
10 maturity, would create a pressing demand Ia, |
prompt remittances covering the whole amour, and
" our ehporis would not meet ", specie must neces.
shHly 20 out 10 make up the dshciency-and
II there was no demand for specie, and sterling
bills could be drawn the proceeds Of our exports
10 cover the demand. Il would, Of course, be fair
inference that our exports bala ed our I'M ors and
mat there was no resulting deit But in the case Of
funded debt, the present demand is only for the
interest and the debtor States, TO The larger amount
not having been able during the past wear to NEE,
even this, 1t follows that the demand ,Ipon our e,
porn, OF the drain Of specie, must have been very
uncomfortable as yet on account Of this debt-nnJ
Us existence IS not incompatible With the condition
Of our exchanges. Bat we do not the less owe ~ I
aho scorer or later II must be paid either N the pro
ducts OF our soil, or IN specie, our policy in re-
gaTd 10 the protection Of our domestic inGustrv |
may determine If 20 on importing 10 the C,lI !
amount OF our exports we create no credit abroad !
ana When due, this debt must be paid IN sp,ee N
we restrict our importaiiOns, and encourage or,r
expectations, We may be enabled 10 absorb thc |
amount by our foreign Credits by the time II Is de
mandabls by its own terms.
The obvious and only means, then, Of ertriea,;,,
INC country from the present and impending din.
eulues' Is promptly and adequately 10 protect tbs
oomestc manufactures and other produces Of m.
country; 10 secure the active development Of the rich
resources Of our highly favored lsnd and tber,h,,
Ii
zens. Neither the fine drawn theories Of our closet
poiiucians nor the more imposing schemes OF our
hnaneers on Change, will avail us-We must lite.
rally iooTk out Of debt, and TO enable US to do so
our labor must be protected for a WHILE sgainst the
laOof OF the hall-starved paUper population. and
the heavy manufacturing capital OF Errope ,ntii
oy me ard Of difused s,imulant 10 industry
hIoonshou' the country, increased experience, nos
ael''es, Snd the cap,s which coahdenes will sure
~ accumulate, We shall be enabled 70 stand with.
Out protection ag1inst tho world.
ms - the policy which con alone effect a cure
OF al our iIls-the only panacea which will Prove a
ya.m and tonic at once healing and stimulating 10
VIC oody polite. Its invgorsting tendency will be
"''fe particularly considered hereafter.
AMERICUs
! u meeting Ollie whrsof Riobmoud and Henrieo
,."uny IS requested 81 ne lonr room oT,he Rtehsnrs
Hotel On Thuraiay the 7i. nstsn, a. hail o.st irs
= w. "f me purpose of dominating suitable person 10
represent This district 10 me State Henae.s vacancy hsv
"s PC" c'e''en ~ 'h' resignation n NJ Lyons foil
meeting s urged by every Consideration t,, souLi eo
troll heefnen IN he pursuit n their poiifIe Al RIGHTS