Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-03-11

mate, irdisputable, and Immediately before US.
One great, II not sole, cause Is TO be found in IN
| withdrawal OF coin from the county to pay debt
| accrued or aeerung abroad for foreign imports o
debts contracted during former periods ofprosperty
and still hanging over the country. How Thu
withdrawal operates in practice Is not difficult to b
understood. The banks oithe country, when the,
are in sound state act upon this coin as the bash
OF their circulation and discounts; the Withdrawal
| OF u not only obises the banks TO withhold dis
| counts and accommodations, hut TO draw in wha
Is due from their Debtors at the precise time wher
they sharing in the general structure least able
to meet the calls. Property Is then thrown into the
| market TO raise means to comply with those dc
mands. depression ensues. and, Ms is invariably
| the case when there is a downward tendency in
| its value, IL falls below its real worth. But the
foreign demand for specie to pay commercial and
other public debt operates directly upon the pre-.
eious metals themselves, which are gathered up by
bankers and brokers and others, obtained from
these repositories, and thence exported. Thus this
| foreign demand has a double operation, one upon
the banks, and through them upon the eommuni-
| w, and the other upon the coin of the country.
Gentlemen, in my humble opinion, utterly deceive
themselves in aributing TO the banking institutions
all the distresses OF the country. Doubtless the
erroneous and fraudulent administration OF some OF
them has occasioned much local and individual dis
tress. But this would be temporary and limited.
whilst the other cause.-The continued efiiux OF
specie from the country-if not arrested, would
perpetuate the distress. Could You annihilate
every bank in the Union, and burn every bank
note, and substitute in their place circulation OF
nothing but the precious metals, as long rs such q
tariff continues as now exists, two years would
not elapse till you would find tine imperative ne
cessiiy OF some proper medium Tor conducting the
domestic exchanges.
l announce only an historical truth when | dc
clare, that during and ever since our colonial exis
tencs necessity has given rise to the existence OF
paper circulation of some form in every colony
this continent; ADD there was perpetual struggle
between the Crown and Royal Governors on oac
hand. and the colonial Legislatures the other, on
this very hiect Of paper money. No; If you had
to morrow n circulation consisting OF nothing but TIE
precious metals, they would leave you the morn
| ING dew leaves the fields, and you would he left
under the necessity at devisns moe 10 al the
chasm produced by their uhgencc.
/ am ready n make one concession 10 the gentle
naen the other tide. admit that, il the eireua.
ton werc IN coin alone, the thermome'sr OF our
monetary fluctuations would not rise SO high or tall
So low as When the circulation IS nj mixed charac
ter, consisting partly OF coin, and partly of raper
But then the fluctuations thems YES within more
circumscrihed range. would be quite az numerous
and they will and must exist so long such tauf'
remains as forces The precious metals abroad. /
again repeat the assertion that, could you ann hi.
late 10 morrow every hank IN the country the very
same description of embarrassment. if no, IN the
same degree, would still be found which now per-
vades our county.
What. then is to be done to check this foreign
-
the principles OF free trade operating on more than
half the total Of our comforts for the greater
part Of nine years past. That will not 10 II, We
see. DO LEI me recall 10 the recollection OF the Sc
nate tie period when the protective system was
thought about 20 I've permanently csisblishei-
what was the great argument then urged aciins, its
establishment Ii was this; that duties were laid
directly Tor protection, then must resort 10 direct
taxation TO meet the wants Of the Governmeui-
every body must make up their minds 10 system
Nf T-Hr- Z -.,l-- 81. l. -
House Of Representatives Of 1924, and you W M find
that that was the point on which the great stress
was laid We'll. IL turned ont rs the friends Of pro.
lection told YOU il " uld. We said that such would
not be the effect. True, it would diminish impor-
tation as u did: but tue augmented amount Of tax
es would more than compensate for tn. reduced
amount OF goods. This We told you, and we were
right.
How has free trade operated on other great in
terests7 well remember That, ten years ego, one
OF the most gifted Of the sons ot South Carolina
mir Hayne,) after drawing most vivid and fright.
full picture of the condition OF the Souih-ol fields
observation-disclosures apidaied-overseers becom
ing maste s. and masters overseers-generl s'asnl-
ton Ind approaching ruln-a picture which. | con
fss, fllt d me with dismay-cried out 10 w. abolish
your tarif-reducc your revenue 20 the standard OF
an economical Government--and once more the
fields OF South Carolina will smile with beauty
her embarrassments will vanish-commerce will
return 10 her hhrbors, labor TO her plantations aug
menteG prices tOr lcr Sfapies, ana cOnentmCut and
prosperity and universal happiness 10 heroppressed
people. Well, we did reduce the tariff, and, after
nine years OF protection, we have had nine wears Of
| a descending tariff and Of free trade. Nine years
| from 1924 to 1881 we had the protective policy
of high tariff and nine years from 1898 I, 1912,
have had the full operation OF free trade on more
than raoiety Of the whole amount Of our imports
| snd descending tariff on the residue. And what
| is the condition Of South Carolina NJ this d,v ?
Has she regained her lost prosperity has she re-
covered from the desolaiion and ruin confidently
imputed 10 the existence OF high tariff believe
if the gentleman from South Carolina could be in
terrogated here, and would respond in candor. IN
biased by the decisions engendered by a fayoriie
but deusive theory, he would tell us Ina, she has
not experienced the promised prosperity which was
dwel! upon with 50 much eloquenee by his fellow.
citizen. How is 1t in regard 10 tie great stlple or
the South how stand the prices Of cotton durinr
these nine years Of the descending tariff and the
prevalence OF free tradel How DO these wears
compare with the nine years Of protection and high
tariff Has the price Of cotton incre.sed ne We
were told it would, by the talented South Caroli-
miami IL has happened that during the nine & riff
years the average price OF cotton was from 1924 10
1888 higher than during the nine years Of dewend-
ing tariff and free trade; and the Instant am
speaking, understand that cotton 10 seingat lover
rates th7n have ever been realized since the war
With Great Britain. know with what tenacitv
theorists adhere 70 fsvorts theory, and search out
for ssnsry causes q results before then ewes ord
deny the true. ! am not gong into the land Of ab
s,rsciions and Of metaphysics. There are two great
leading, incontes.aoie facts, which gentlemen must
admits first, that high tar # did not put down N
prices Of staple commodities; and, second, tha,
low tar n and free trade have not been able 70 saw.
them from depression. These are the facts: lei,
casutts and theorists, md the advocates or a ono
sided psrolytc free trade, IN which we turn our
sound side 70 the world, and oar t.igh'ed and ra-.
alyse1 and dead SIDE toward our own people, make
o. them what they can. 1.-THE very moment that
ing the fields Of India, and even contemplating tho
substzng Of Africa for the supply Of her factcrss
with cotton. nnd when the imporatons from InJi,
have swe,led from ZOO 900 10 Is % $4,000, We are
tod that there U be restrictions on free ,rsde
Let me not be misunderstood, and let me entreat
that may not be misrepresented. ! am not ad.
vocaiing the revival Of high protective tariff. /
am Tor abiding by the principles OF the compromise
act; ] am for doing what no Southern man OF fair
or candid mind has ever yet denied-gying 10 tho
country revenue which may provide fgr the eco
nomlcal wants Of the Government and at the same
time give an incidental protection 20 our home indus,
try. II there be here a single gentleman who will
deny the fairness and propriety Of this, / shall b.
/ glad % see and hear VhO he is
| THIS check On the flow Of specie abroad 10 nav
! either a commercial or q public debt. will opsr,i,
/ by nc imposiuon Of duties to meet the wants II
| the Government-wi keep the precious metals At
| home 70 much greater extent thanis row possi-
ble. hope that we shall lelrn 10 live within our
own means, and not remain % dependent ns We
now are on the mere good pleasure and Joms.ti,
I policy Of foreign Governments. We 20 for rive.
nuo-iof an amount Of revenue adequate 10 an eco-
| nomcil administration Ot the Government. We