The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1842-04-14

announce only an historical truth when
| declare, that during and ever since our
colonial existence, necessity has given rise
to the existence Of paper circulation OF
some form in every colony ON this conii'
nent and there was perpetual struggle
between the Crown and Royal Governors
on one hand, and the colonial Legislatures
Oh the other, on this very subject OF paper
money. No; if you had to morrow a cir
culatlon consisting of nothing but the pre-
cious metals, they would leave you as the
morning dew leaves the fields, and you
would be left under the necessity OF devils
ing a mode to fill the chasm produced by
their absence.
am ready to make one concession to
the genilemen on the other side. ] admit
that, if The circulation acre in CON alone,
the thermometer Of the monetary tiuctua-
tions would no, rise as high or fall as low as
when the circulation is of mixed charac.
ter consisting partly Of coin and partly oil
paper. But then the fluctuations them
selves, within more circumscrlbed range,
would be quite as numerous, and they viii
and mus, exist so long as such a tariff re-
mains as forces the precious metals abroad.
| again repeat the assertion that, could
YOU annihilate tomorrow every bank m
the country, the very same description OF
embarrassment, if not in the same degree.
would still be found which now peryades
our country.
What, then, is to he done to check this
fore gu drainl We have tried free trade.
We have had the principles of free trade
operating on more than half the total
amount Of our imports for the greater part
of nine years past. That will not do 1t,
we see. Do let me recall TO the recollec-
ton Of the Senate the period when the
protective system was about to be perma.
nently established. What was the great
argumen, then urged against lis establish.
mentl 1t was this; that. if duties were
laid directly for protection, then we must
resort to direct taxation 10 meet the wants
of The government--eyery body mus, make
up their minds to a system Of internal Taxa
ton. Look at the debate in the House OF
Representatives of 1924, and YOU will find
/ that that was the point on which the great
stress was laid. Well, it turned out rs
the friends of protection told you il would.
We said that such would not be the effect.
True, it would diminish importation, as II
did but the augmented amount Of taxes
would more than compensate for the re-
duced amount of goods. This We told you,
aud we were right.
How has free trade operated on other
great interests | well remeilber that
ten years ago, one of the most gifted OF
the sons Of South Carolina, Mr.. Hayne,
after drawing most VIVID aud irightiu
picture Of the condition of the South --ol
the fields abandoned houses dllapGated
-oyerseefs becoming masters, and mas.
tiers oyerseers-general siagnatIon and ap'
preaching ruin--a picture which, | con
TESS, filled me with dismay out &c
US c6olish your tariG--reducc your rcye,
nue. to the standard Of an economical gov
ernment--and once more ,hc fields Of s
Carolina will smile with beauty---her EN-.
barrassments will vnnish---commerce will
return to her harbors, labor TO Der planta-
lions, augmented prices for her staples, and
conteniment and prosperity, and universal
happiness to her oppressed people. Well,
we did reduce the tariff, aud, after nine
years Of protection, we have had nine Of a
descending tariff and Of free trade. Niue
years from 1875 10 1889 we had the
protective policy Of high tariff; and nine
years from 1888 to lsi2) we have had
the full operation Of free trade on more
than a moiety of the whole amount Of our
imports, and descending tariff on the re.
sidue.
And what is the condition or s. Caroi-
ia at this day Has she rcgained her lost
prosperity ! has she recovered from the
desolation and ruin so confidently imputed
TO the existence Of a high tariff be.
iloye if the gentleman from $. Carolina
could be interrogaicd here, and would re-.
spond in candor, unbiased By the dclusions
cugendered By fayorl,c but delusiye theo.
( vy, he would tell US that she has not expe.
rienced the promised prosperity which was
dweit upon with 50 much eloquence by his
feIIow-ciizen. How is ii in regard to the
great staple Of the South how stand the
prices Of cotton during these niue years oil
the descending tariff and the prevalence oil
free trade 4 How do these years compare
with the nine years of protection and high
tariff Has the price Of cotton increased
as VIC were told it would, by tho talented
South Caroinlan 1t has happened that
during the nine tariff years the average
price of cotton was from 1924 10 1888
higher than durlag the nine years Of des.
cenJlng tariff and free trade aud at the in.
slant am speaking, | understand that cot.
ton IS selling at lower rates than have ever
been realized since the war with Great
Britain. knew with what tenacity theo.
rlsts adhere to layorite theory, and
search out for imaginary causes Of results
before their eyes aud deny the true. |
am not going INTO the land Of distractions
and Of metaphysics. There arc two great,
leading, incontestabe facts, which gentle
men must admit: first, that a high tariff
did not put down the prices Of staple com.
modIties and. second that a Lou, ,ar;fr,