Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-09-29

TI'c Annrhburo 1'irsluiam.
1HURSD.7Y, SEPTEMBER %. 1912.
Il Rec TRADI. :"

Lake individuals. they cheated by some beau
u illusion, which has the remarkable power of perpe,
ua'lng lis fascinating influence long after its brilliant bu,
deceptive hnes have melted away, beneath the steady
rays oi truth and Or if pcrchance there Lc fer
bfri season abandonment Of the phanasy no, lone
Is before some iheorist arises preach anew to gen
rraen who did not witness or who # they did have
h'rgolen The stern lessons had taught them, the doc
TIMES hlc had previously been conlu.cd by their de
strueve tendencies, and The ruin they had wrought
Such IS the bliet history Of that school Of politicians in
Inns country, Tho are new sustaining Tie principles Of
what they are pleased To call Free Trade-wbo al
though some Of the lcading III. among them ,auoht
different creed some twenty Eve years ago seem to for
get hro important taets which, in the abscnec of all
reasoning On the SUBJECT, 1t SEEMS to if they would
me'nber them. would inalliby disspate their nacnif-
cent e'fes-Just as the gorgeous air built castles OF
the day dreamer ass away when he suddenly atous
ed from profound and rroGllcss reyoric
he .t'3t OF these two facts is this:-ilat during Tie
existence OF The Protective policy, in its fullest yeor
III this although its fatal efcts upon the yere
nuc, as well as upon all the great interests Of the conn
Try were as confidently predicted and were pour,raycd
with as gloomy pencil, as they now the nation
attained the highest point of prosperity 10th in rel, renee
to the government and the peope-he former wing of.
IN less than twenty years besides defrayng its ordinary
expenses, nearly l50 millions of debt contracted in its SC
cond war Of independence; lille the latter with coca
sional exceptions from hch system can m,ij,aalg
exempt any nation enjoying Tie advancement Of
the thee gfea sou1eos Of wealth and miur --aprcul
iure, commerce and manufacturers al the harpincss
which II is in The power Of any government to secure to
The people, the legitimate fruits Of their unl,t,r,d r
tcTprsc, skill and industry. Weave aware that diff
irreni stony Was told about the c Of that period wien
the Protective pulley. becoming both p Ilical and
sectional question, ambitious mcn seized upon il as q
means Of contributing to their elevation ,opower But
the fact remains undeniale HAT during dat period The
acreage price crcn q c1Non. Che interest which was
sad suffered most severely rom the O Grafton Of tie
rIt.) was higher than II had been, any tinc before or
since Tor the same number OF Yeas
The second fact is this that during the ten years OF
the descending scale Of duties, under the Compromise
Act, and which only reached the low, =, point TN the
list o June last, the cHniry has passed through unpara
clrd distress and suffering decreasing to an
extent so great in the midst of general peace (the
Indian shrmshcs cNcepted,) 10 involve the government
in heavy debt after having used large surplus on hand
in 1887, in the payment Of its ordinary expenses; while
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we're pccnuary pressure which is now crushing them to
the earth, and from The effects Of which they are in
many sections clanorng to lie relieved, by the at all
tunes eqpiyoeal eNpedicnt of valuation and stay laws
Aud il is worthy remorl, rs having the semblanae Of
Pr sidenlla ntbutlan, thai upon section oihe Onion
has the the blow fallen Wit! half much severity as
upon The oetea sro,eins region.
Il may be added too tina, in tie first named period
l..l 4 / n
roncy consisting IF thr notes Of National Bank. which
passed as currently specie. not only in every section
Of the Unitcd States, but in Europe and Asia kewiu-
while in the latter period, have he currency and
exchanges dersnged 10 unknown in any other
country, aud heretofore unparalleled in this.
These ara the ttcisand they cannot be dcnod how
ever ingenious minds may endeavDr trace them excu-
svey To other causes,oi the force Of some of which
in conjunction With The too precpatc reduction of du
ties, which regard the primary Of the mis-
chief, ourselves not nlscis;tlc But we repeat
the change in commercial policy, consequent upon
the suddtn and rash reduction Of duties. the praa
~ fine ,v-ihe fountain from which have main
ly flowed tie waters OF bitterness that have deyc the
land. When the National Bank put down, the
Stat. Banks might perchance have sustained themselves
had not the balance of trade against us created by the
heavy importation. which io- we'd tie reduction Of Gu-
tics, rendered explorations Of specie necessary keep
the beam in egnpuse-by which the basis of currcn
cy undermined, aud the whole system weakened and
well nigh overtIrwn And this. the first and mos ob
vius effect Of our policy, would have been Gt much
sooner than it was, but for The deceifu appearances
which the facility Of borrowing money in Europe, by
States and Curpcations served for time 10 keep up
We arc told, sometimes, that specie imported
during thai limc thaa exported, Admit it fur a
momcntbul st how do those who predicate an arru-
ment upon tins fact G it be iact,) against the Tariff
policy. account Tor the remarkable phenomenon in con-
mcrce, that The mutton ,ohich bOngh than she s0d al
The same time in,'ead ofstpping specie, to pay The in
dcbtedaeSs thereby created against her, actually brought
home specie than she sent abroai' The amount OF
State aad Cooperation Indebtedness in Europe answers
this question. We sent over our bonds to an amount
greater than the am4! bal ncc Of traie against u.s. and
the surplus came back to US. to deceive with the
signs Of decisive prosperity. We have been awakened
from that dream, however by tho clan0r of our foreign
creditors, toI the interest upon the heavy debt we owe
them-and tu Interest, well the principal (eXcep
OF such portion Of tedcbt may be repudatedbv black
leg politicians will hereafter go swell the balance
galnsl instead Of during the borrowing ere
atng balance on tie other side of the ledger.
How are VIC TO pay tha,deb,, but by diminishing To-
reign in"rtaiions and living more within ourselves:
In no other way is it possible but by a perpetual drain
OF our specie. But HI arc told that five b,n,
less. shall of necessity sell ess-becausc the ability of