The daily Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1841-1845, 1842-12-22
OUR COUNTRY FIRST-POLlTICIANS
AFTER WARDS.


vitality affecting its business aud its finances,
makes it all important that Congress, which is
the conservator Of those great interests, should
look carefully into the causes that are operating
so ruinously upon every branch OF industry and
source OF revenue.
Business aud revenue are so intimately con-
nected and reciprocal in action that they thrive
or languish together. Under the healthful ac-
ton of Government, they are as cause and eff
feet It's vain to expect that by any mere sys-
tenn of legislation, in regulating Tariff, that
an amount of revenue can be obtained equal 10
the wants Of the Government, whilst all the de-
partments of business from which revenue Is
derived, are langulshing and unproducfive.
Business must be first revived, and be made
healthy, then revenue follows as sequence
To accomplish this primary object, it is neces-
sary 10 ascertain the cause that is operating up
on business to repress its energies and to rem
der it Improbable. We believe that the evil is
to be found inthe wdnt Of a sound and uniform
medium of circulation. For the want of this
medium, distant parts of our widely extended
country cannot carry on that interchange in buy
ing and selling, which The convenience anu the
wants OF every community call for. In the
absence OF this currency, the country is thrown
upon the precarious, changing and insufficient
medium of State institutions. The issues of
these institutions vary materially in their de-
grees of relative value, and have little else than
strictly local circulation. There is a pervading
distrust of their solvency, and that Is increased
in proportion to the distance at which they are
10 be esii mated, and the want of information TO
know their value at their respective places Of
redemption.
We must now look at the operation of this
state of things upon business and revenue, bear
ing in mind that revenue is derived almost ex-
clusively from imports and public lands. The
foreign mportaiions are confined to the Atlantic
border, and the great bulk of our domestic man
ufactures are produced in the New England and
Middle States. How can the South South
west, and West, whose wants are so large,
and constitute SO important a portion of the
custom Of the importers and The manulactu-
rers, command the necessary facilities Of
trade, or expect TO deal on terms of reciprocal
advantage2 The local currency which the buyers
have to take with them TO the markets where
they seek their supplies, is at such ruinous dis
count that they cannot afford to meet that loss,
and add to it the merchants business profits.
Neither can they afford to buy exchange on the
foreign market to meet their purchases, and
pay for it with local funds; with this additional
embarrassment, confidence being every where
so impaired in the solvency of individuals
and institutions, that the buyers of bills
have to calculate the hazards OF non
payments The consequences are, that
trade is suspended beyond the unavoidable
wants Of the communicable importers mea-
ure their foreign orders to the restrict wants
'fther diminished customers, and correspond
ing reduction of revenue is felt at the Treasu-
~. The manufacturers also must necessarily
limit their fabrics 10 the circumscribed state of
the market, and must submit to reduced sales
and reduced profits. The operation of the same
causes check the demand for public lands, the
productive industry of the country is les
sened, the growth of cur young States
and Territories is arrested, and meagre
revenue is derived from this hitherto fruit
full source. Thus commerce, manufactures,
industry and revenue are suffering from
the same blshting cause. Nor is agriculture.
that great branch of our prosperity and happi-
ness, exempt from the general calamity. 1t is
link in the chain of cause and effect, which
has to share It's part in the general loss, though
less severely than its more dependant sisters.
The rationale which we have thus given in
part, of the operations Of trade on a portion of
our country, is applicable to The whole, differing
only in degree.
The States, in their several capacity, have not
the power to remedy this pervading evil. They
may, it is true, mitigate it TO some extent by
adopting judicious system of Legislation in re-
lation TO their moneyed notwithstanding
those that are unsound to go into liquidation, and
those that are solvent TO meet all their issues
with spe Gle on demand.
The remedy, to be effectual, must be taken in
hand BY power equal 10 the EN- rgency. That
mower is the General Government, and it may
result, incidentally, from its own measures in re-
la,ion to the coll, ciion and distribution of the re
venue.
We believe that the Exchequer plan if adopt
ed a. i, has been recommended, or with modf-
cations that will not destroy its essential f, a.
lures, will accomplish what is necessary TO en-
courage industry and enterprise, and 10 restore
busn, SIS and prosperity. Add to this system
of legislation that will give assurance of slabil-
iy in the operation Of laws that directly affect
trade, and The ground is occuped-that is, TO
raise rs upward and onward 10 our high destiny
USIvEasALIsn ExAxMKp, RssouscEp, AND Ex-
POSED. BY Matthew Hale Smith. This is the Sc
copd edition Of this work. Sepentsea hundred copies