Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-04-28
EXTRACT IRON sPEECn ~
NR. ABBOTT LAW n NJ &c 4,
NOME INDUSTRY

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ruly hightlul The amount OF State, Guy, Bank, .
md other Corporation stocks held abroad, which
sc have sold and pledged, amounts to TWO NUN
oRsp MILLIONS or DOLLARS. Besides tins ptioe'pa
,On,, We pay Tor should do SOL nearly mutton OF
dollars every month for interest. Yes, SIR, more
Than two hundred thousand dollars goes every week
To Europe to pay our interest on this debt. Now,
] ask, what have TO show for this two hundred
millions OF debt, created in the last years, under
the compromise act of low duties and no duties at
all on one half Of all our importsl Why. zee hare
had great amount Of champagne and French rtb'
bons, and a LITTLE RAILROAD IRON. | confess that
the reckessness with which public affairs
have been managed in this department, OF our
national economy, is absolutely appalling. Our
country literally mortgaged, not ut home, hu,
abroad, Tor TWO HUNDRED MILLIONS OF DOLLARS,
for which we have received the surplusses OF the
manufactures of every country IN Europe, to the
permanent injury OF our farmers, mechanics, mer-
chants Manufacturers in fact OF every individual,
whatever his occupation or condition may DC.
Many persons have regretted loss Of credit
abroad; for one, | cannot agree with them, OF the
risk OF being denounced as political hereto
rejoice that We cannot borrow another dollar. My |
only regret Is, that have been able TO borrow so
large an amount, much OF which tear will never |
be paid, to the disgrace OF those who have borrow
ed the money. IL would have been great HES !
sing TO us all. il our credit had failed us abroad
many years ago. II we had drawn the coir for the
loans instead OF broadclohs and calicoes, French
boots and shoes, sc. &c, debt now would have
been hut small nmcunt.
MIR President, the question comes up ut once,
when VT look ut the condition Of the country, what
can he done to restore lost prosperity. and RAISE
the telling credit Of the country The first nica-
sure IN my humble Judgment. that should have oc-
cupied the attention of Congress last December
was To have made ample provision, by the adoption
of tarIf OF duties upon imports, To meet all the
necessary expenses Of the government and provide
sinking fund To pay Off he national debt. Ii this
had been done, confidence would have been rcstur-
ed, and you would not witness the scenes OF trou
bic that present themselves at the present time.
regret, however, To say that the condition of affairs
at Washington is not nitoring, and that many
things arc doing that should not be done, nnd n
great many left undOne which II sis their duty 10
do"
do not speak as a politician | wish nothing
from the people but their good will, and nothing from
the Executive and Congress but wise legislation,
such rs will restore TO the whole country fair
ward for the industry Of the people.
u appears TO me, sir, not very difficult matter TO
NIX unon plan TO achieve the great objects we all
have in view. sound currency cor only be based
on sound tariff; give us the latter, and we
afterwards establish the former. am very clear in
the opinion, that We can never maintain a sound
currency throughout the United States il we are to
transfer our workshops TO England, France and
Germany. We never be prosperous IN this
country, and maintain a uniform standard OF value
without protecting the laborer in his employment.
Our wealth, our resources, everything we possess
and enjoy is founded on labor; herce it mus, lie
cherished, and never suffered to langush from for
elgn competition.
do not desire, Mr. President, to raise one dollar
more revenue than may he required for the neces-
sary and economical wants OF the government
Looking back TO the expenditures of the govern.
meni and forward TO the condition of our deiences
upon the seaboard our Indian relations upon our
borders and frontiers, together with the positive
wants OF he navy and army-I have estimated the
expenditures az thirty millions annually for the next
five years, and shall set aside two millions annually
10 create sinking fund for the extinguishment OF
the national debt. The amount then to De raised is
~ mlilions OF dollars I estimate the whole amount
OF imports at one hundred and ten millions on an
average, for five years; the two first years will fa
short OF that amount, the three last will prcblby
exceed the estimate. OF this one humid 3 and ten
millions, deduct from three 10 five millions of coin
and htteen millions OF articles which should be free
OF Duty leaving about 80 millions upon which du
ties should be assessed. We have then ninety
millions upon which can assess thirty.two mil
lions annually, which would give about thrty-three
and a third per cent
The difficulty arises, how shall the duties
he assessed shall be horizontal duty OF thirty.
three and one third per cent. nd valorem or every
thing or shall we adopt the principle OF discrimina-
ton and specific dutiesl From considerable expe- !
Renee IN these matters, have no doubt whatever of
the eNpedency nay, the necessity, of adopting the
latter. Discrimination was adopted in the FIRST IA
rti established, and should not, must not now be
abandoned Specific duties are far more safe and
convenient, in most cases, than the ad raorem sys
TEN. All practical merchants agree in regard 10 the
utility OF specific duties. Our own experience
should not be lost upon The revenue. am !
confident, would be much larger under specific du-
tues. equal TO p per cent. than ad vEorem duties
OF 20 per cent. The effect OF ad valorem duties
has been 10 place The foreign importatons Of the
country in the hands Of foreigners; great proper
ton OF the ad Valorem goods imported from Great
Britain are brought 10 us by British subjects and
nine tenths of all the Rd valorem merchandise i'm.
nored into New York from France is imported bv
frenchmen. so II Is with ad valorem German
goods. deem it essential that there should he
SPECIFIC duty upon boots and shoes. Under the ia
riff Of 1882, you had specific duty Of one dollar
and nifty cents per pair boots, and thirty cents on
shoes Now there have been, under the reduction
o. the compromise act, large quantities OF French
and German boots imported; the best French boots
cost four dollars, and the German three dollsrs; un
der an I'D valorem duty, YOU will find these boots
invoiced from France NJ three dollars. and perhaps
at two dollars hnd fifty cents and from Germany
az two dollars. duty Of thirly-thr and ono.
third per cent would not give YOU the protection
that would enable you 10 pay the laborer any thing
Ike the wages he has been IN the ha bit Of receiving
oil course II his wages materially reduced he
and his family must be deprived Of many Of the
comforts they have usually enjoyed. Besides, you
degrade the character OF our now independent In
boring people, when you reduce the wages Of labor
so iow as not 10 allow them the means Of educating
ther children, and clothing them dccently that thew
may attend public worship and the Sunday school
on the Sabbath. We should exert oil our ,f,,t IN
1--we under popular government, founded on pub.
nc opinion, and II IS 10 the intelligence Of the peo
pie we nre TO look for It's stability and permanency
SIR, ! am for universal education. | have no fear
OF the people learning and knowing too much.
Our Government cannon, will not stand, but with
an in'ellgentnnd moral population. Shall we com.
pare and place IN Inc sea the free intelectu
az industrious mechanics and working men OF our
country with those half-paid, half Starved parish
Ied people OF Europe No, SIR, my Indignation is
excited when hear II said, that the reason wbv
We cannot compete with the old countries IN mann.
Iaciures and the mechanic arts Is because our lain,
IS 100 hIgh-we must bring down the labor IL is
snld 10 the European standard, and then we shall
20 on very well. Sir. do not desire to compste
with foreign labor. hope never to see the lime
when abor can be obtained the price il is nov in
Great Britain. fair hand loom weaver obtains
hut from 81 Is to % per week. Farmers may be
hred Tor twenty 10 twenty five cents per d1y, and
most kinds of mechanics IN proportion; paid, of
course, according 10 the skill and employments-
Most articles Of subsistence, too, you must re
member, are double the price they are with US
Upon the Continent Of Europe labour is still
lower. Can We, shall throw open our great
country 70 the productions Of all the world, and
maintain Free Tude, which is oil on one side
Not a country IN Europe will take an article from
ms country that they are NOT obliged 10 receive
tlther for revenue or their manufactures. Cotton
they cannot NJ present do without although nm eC
Tort making, and fear successful one bv Great q
bniain N supply herself with the common ouali. I
ties from India Tobacco is taken for revenue Win
q duty from 10 500 per cent. Flour. pork. beef +
N short al our great staples with tho eYcenfioo al