Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1842-08-18

| Aie'3 .hC oeudtOf from .. y. re-
Piled that, when expenditures were
brought down to the minimum, and
the land fund was restored to the treas
ury, he would tell what he would do.
The Senator fom New Hampshire
came more to the point, and said that
he would not go higher than 20 per
cent, IN duties for revenue; and, if
more was needed, he would go for d.
rect taxes. That Senator thought
there was a natural standard for revenue
part from imports and part from d.
rect. taxes-something like a proper
ton Of two-thirds Of one, and one-third
! Of the other.
The direct taxes Of the States are al
ready thirty-two millions for State pur-
poses. If one-third of the requisite re-
venue for the General Government be
added, it will bring the amount up to
something like forty Misunderstanding
but seventeen millions to be collected
by duties on imports. Here would be
a system of direct taxation most op-
pressive in it's character, and it ought
to 60 to the people to show by whom
it is proposed.
Mr.. Z. adverted, somewhat in detail,
to the arguments Of the Senator from
South Carolina, and to those of the
Senator from Missouri, denying that
greater prosperity existed now, than
did previous to the passage Oft the COM
promise act,
He stated that the duties were now
lower than they ever had been; yet no
increase Of importations had taken
place. Instead Of increased prosperity,
every thing was going down. There
is no bank now; no high taxes; plen-
ty Of money was to be had in the large
cities, if there was any business to call
for it; but it was lying idle. What ev-
idence was all this of the blessings of
low taxes? During 1888, '34, '35,
'36, '37 the prices were high, and the
country was prosperous; but these
We're not times of low duties. The av-
erage of duties was higher during those
years, than that of the present tariff
bill ; for the reduction under the COM
promise act was very inconsiderable
until the last two years.
He did not see how a nation could
be injured by having balance in its fa-
vor between its exports and its imports,
to be paid in gold and silver. It was
just as it is between two laborers: when
the labor of one is counted against the
labor of the other, if a balance is due
to one, it is fair it should be paid in
specie, that he may have it to meet his
debts and his taxes. When the bal
ance is received by nation in gold
and silver, if it occurs according to the
natural operations of trade, it must be
an aGvantage-or he should read his
books of political economy again.
Such tables as had been quoted
showed nothing definitely. They only
showed the quantity of business done,
but did show whether that business
was done at loss Or gain,
The Senator from S. G.. had said that
the amount of the annual exports of
! of the country was one hundred mill
lions. But the productions of the
country were two thousand millions;
and out of this two thousand millions,
one hundred millions only are exported;
leaving nineteen hundred millions to
be consumed at home. Yet the whole
prosperity Of the country is said to be
dependent on the ona hundred millions
of exports. The Senator imagines that
the interests in those one hundred mil.
lions are ten to one, compared with the
manufactures. IF the Senator calcu-
lates all the artisans, artists, merchants,
farmers, laborers, and consumers de-
pendent on the manufacturers, he will
find his estimate of ten to one ought to
be reversed.
The Senator thinks prices may be
low, and wages very high. Such
thing may be within the limits ofpossi-
bility, but not Of probability. He, on
the contrary, thought if there was re-
duction of prices, the very thing to feel
the reduction was wages. He adyer-
ted to the distress prevailing in Eng
land, in proof Of this.
The great test Of the prosperity of a
country was, in his mind, the high price
of wages. What is to keep up the
price Of wages but high prices' But
now a new doctrine is broached-that
low prices and low wages are blessings.
tits necessary to have these blessings,
that our products may be exported
What was the use of sending our pro-
ducts abroad at low prices' Why send
any thing abroad that can be consum-
ed at home on more remunerating
terms' Why should We suppose that,
while we consume. nineteen hundred