The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1842-04-05

he market TO raise means TO comply with those
demands, depression ensucs, md MS 10 invaiihD!y
the case when there is n downward tendency 10
its value, il falls below its zeal worth But me
foreign demand for specie TO pay commercai ana
other debt operates directly upon the precious mel
ais themselves which are gathered up ny bankers
md brokers and others, obtained from these depos
,tories and thence exported Thus this foreign
demand has a double operation one upon the banks
and through them upon the community ~ the other
upon the coin of the Country. Gentlemen, in my
humble opinion, utterly deceive themselves IN at
ribung so the banking institutions all me uls>
tresscs OF the Country. Doubtless the erroneous
and fraudulent administration OF some OF them mas
4 ccasioned much local aud individual dlslress
But this would be Temporary aud limited, whilst
the other causes--the continued eftux oil specie
from the Country--if not arrested, would pefpetu
ate the distress Could you annlhi'ate every oanK
in the Union, and burr oveIy bank note, ana sud-
stltule in their place n circulation OF nothing out
Tho precious metals, as long as such tari c"n'n,
ues as now exists two years would not elapse tili
YOU would find the imperative necessity of some
Taper medium for conducting the domestic ex-
changes.
announce only an historical truth when de-
clare, that during and ever since our coionai ex-
iserce necessity has given rise to the existence OF
a paper circulation of some form in every colony
on this continent; and there was perpetual strrg-
gle between the Crown and Royal Governors on
one hand, and the Colonial Legislatures on the
other, this very subject OF paper money NO, IL
you had TO morrow circulation consisting OF noth-
ing but the precious metals, they would leave you
the dew leaves tne Hetus, anu Jou
would be left under the necessity oil devisinga
mode to fill the chasm produced ny their absence
am ready 10 make one concession 10 inc gen
tlemen the other side. admit that II inc cir
culaton were in coin alone, the thermometer OF our
monetary luctuaors would not rise as high or
fall as low when the circulation Is oil mixed
character, consisting partly OF com ana partly OF
paper But then tho fluctuations themselves,
within q more circumscribed range, would be quite
rs numerous, and they will and must exist so
long as such tariff remains as forces the precious
metals abroad. | again repeat the assertion mat,
could you annihila,e to morrow every bank III 'he
country the very same description of embarrass
meni, if not in the degree, would still be
found which now pervades our country,
What, then, is TO be done to check ms ioreisn
drain? We have tricd free trade. We have had
the principles of free trade operating on more than
half the imports for the creator part Of n'ne years
past. That will not do it, we see. do Eel me call
TO the recolcction of the Senate the period when
the protective system thought about to be per
manently established. What was the great argu
ment then urged against It's establishment IL
was this: that If duties were laid dirocuy lot pro-
lection, then must resort to direct taxation to
meet the wants of the Government-ever body
must make up their minds TO system OF internal
taxation Look at the debate in the House OF KEEP
resenalives OF 1924, and you will find that ihat
the point which the great stress was LAID
Well, it turned the friends Of protection told
you il would. We said that such would not be
the effect. True, il would diminish mportation,as
it did, but the augmented amount OF taxes would
more than compen sate for the reduced amount. OF
goods. This we told you, and we were night.
How has free trade operated on other great inter
ests /? L well remember that ten years ago, one OF
tho most gifted Of the OF South Carolina, (Mr
HayneD after drawing most vivid and irlgiiuui
picture of the condition of the Souih--of heids
abandoned-houses apidated-overseers becom-
ing masters, and masters overseers- general sagna
ton and approaching iuin-a picture winch, con
fessed, filled me with dismay-crIed out to us, a
bolish Tarh-reduce your revenue to Inc stand
ard of economical Government-and once more
the fields of SonI Carolina will smile with beauty
her embarrassnients will vanish-commerce VIII
return to her h,rbors labor to her plantations, aug
mented prices for her saples,and contentment ana
prosperity and universal happiness TO her oppres'
sed people, Well, we did reduce the tariff, and,
after nine years Of prote ction, we have had nine
years of defending tariff and of free trade
Nine years (from 1924 to 1889 had the proiec
tive policy of high tariff; and nine years Qrom
1888 to lS42) have had the full operation OF
free trade on more than moiety OF the whoie a.
mount OF our imports, and a descending tarh on
the residue. And what is the condition OF South
Carolina at this day. Has she regained her lost
prosperity? Has she recovered from the desoiaon
and ruin confidently imputed to the existence OF
a high tariff? I believe if the gentleman from
South Carlina could be interrogaied here, and
would respond candor, unbiased by the deiu-
sons engendered by favori.e but deluslve theory,
he would tell us that she has not experienced Inc
promised prosperity which was dwelt upon with
much eloquence by his fellow citizen. How
is it in regard to the great staple of the South
How stand the prices of cotton during these nine
years OF the ueSCeHuInS hTth uhu tho P'o'o'o"|o
of Free trade How do these years compare with
the nine years of Protection aud high Tariff
Has the price of cotton increased, as we were told
it would by the talented South Carolinians 1t has
happened that during the niue Tariff years the ave
rage price of cotton was, from 1924 TO 1888, high
than during the n,ne years OF descending iari
and Free Trade; and at the instant am speaking
/ understand that cotton is selling at lower rates
than have ever been realized since the war with
Great Britain. / know with what tenacity theo
rsts adhere favorite theory. and search out for
imaginary causes for results before their eyes and
deny the true. am not going into the land OF
distractions and of metaphysics. There. are two
great, leading, incontesble lacts, which gentle
men must admit: first, that high Tariff did not
put down the prices Of staple commodities; and sec
ond, that a low Tariff and Free Trade have not
been able to save them from depression. These
the facts, let cauiss and theorists and INC ad
vocates of one sided paralytic Free Trade, In
which we turn our socnd side to the world, and
our blighted and paralyzed and dead side toward
own people, make of them what they can; AZ
the very moment that England is pushing the re
sources of Asia, cultvating the fields Of India and
even contemplating the subsidizng of Africa, tor
6 ,,,th anh wi