Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-06-10
FREE TRADE.

Our readers will in our country edition
speech of Sir Robert Peel on free trade Il will be
used oy the Locos IL it really did advocate free
trade, as TOE understand h-although they well
know it does not. Heretofore a vas, number OF ar
tcles Of the growth OF Great Britain, have been
protected 10y prohibition of the importation OF
like artic IS from abroad, and al this free trade ad
vocate intends doing 10, to Gdmu some that have
been heretofore prohibited, at duty OF cent.
per cent Many articles will still pay double their
orsna. cost IN the way OF duty, ana some ~ times
their first cost Now is free trade like this that is
sprung on our county at the moment of a re-
adjustment Of the Tariff Laws, and obviously for
the purpose, in great degree OF affecting our Lee
sisla,on. There is no party here, nor has Their.
ever been one, hat has advocated prohibitory du-
ties, except a means of retaliation--but large
Intelligent and inf rental party believe that the
interest. Of all sections and classes require that duties
on imported articles should be assessed sufi.
GENTLY high to deiray the annual expenditure of the
Government and to prevent such an ingress Of
foreign goods, the payment for which would re.
qure the annual expectation Of millions OF our spe-
Gle, in addition TO our own exports One single
year OF scarcity IN the grain market of England.
II will Le recoecled-ior none can have forgotten
1t, 1t is OF such recent occurrence, was very near
causing the failure of the Bank OF England, from
the drain Of specie 1t produced. This is a lesson
should bear in mind and profit by. In add.
ion TO all our imports we have a standing balance
against US in favor Of Europe Of some 10 millions.
How, If We continue our present system, are we to
pay this except by our specie, and how is this
enormous annual drain to be supplied Ii one
year shook to It's foundation, the Bank Of England
how can our Banks stand this process annually.
Under present system no bank or banks
in this country can long continue to redeem their
notes in specie, if they do business enough TO pay
expenses.
There is old adage that experience is the best
ieacher-if we will be taught by thst we shall find
that no increase OF the Tariff has ever been followed
by equivalent increase in price, nor the o:h,r
hand, that any dminu:on Of the Tariff has been
followed by conesg ondent diminution in tho price
Of the article. We have no space for details, but
defy our opponents 10 disprove the assertions we
have madei it will be time enough then for proofs.
r. Four Members Of the Senate Of Tennessee,
having, in publication OF the 10Th OF February
last expressed their willingness "to return the power
to elect u. S. Senators, pure and undehled TO the
honds OF their constituents" and the belief that
their Iocofoco colleagues were all ready 10 udop,
the same course, Committee Of Wings at Nash
vile opened n correspondence with the several
Wing members, upon the subject, the relut Of
which has been the receipt Of the formal resgna-
ton Of each Of the Wing Senators, which to be
handed over to tho Executive 10y the Committee. so
soon as the Locos como up to the scratch, The
last Nashville Banner contains an Address to tine
1ocofoco Senator's, by the Committee setting forth
the facts above stated, and calling upon them to
redeem their pledge by resignng their places. and
thus place the Senatorial question fully before the
sovereign people. Will they do TT