Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1842-02-23
From the Daily Chronicle
"Trade Will Regulate Itself"

"Trade VIII Regulate AtseIA.
The caption of this article will be readily
recognized as one of the sell-creaed, self-sup-
ported dogmas, of the advocates of free trade;
cant that is necessarily relalled by them
against the policy of the Government taking
care Of the interests Of its subjects. If the
principles of free trade were acknowledged by
all the nations of the earth, and airee inter
course maintained between them for purposes
Of cOmmerce-or the unrestricted exchange OF
one species of The produc. Of labor for another,
then the trte dogma "trade will regulate itself,"
might be urged with some degree of plauslbll-
ny But now that the utmost inequality reigns
I in The commercial intercourse OF nations, The
remark is as far being, in the abstract, true, as
that ship in The midst of adverse winds and
currents, would keep safe and proper course,
without the aid OF either rudder, compass OF
sleersman. ~
Bui suppose il were irues lha, all.resiIicions
upon trade are wrong, and that the only tr!e
policy Is to let il alone 10 regulate HS~li-hoY
would this end be accomplished? The mean-
est powers of comprehension may readily DIS
cern that the means, IN our case, would soon
bring ruin upon the whole nation. 1t would
regulate itself by importing the products ol la
Dor from England, where labor IS worth lwen-
ly cents a day; from France, where II Is worth
fifteen cents, and from Germany, where days
labor commands ten 10 twelve cents, and where
the laborng population are but hall led, hall
clothed, and destitute of the comforts, to say
nothing of the blessings, OF lie. Our lahoring
population, being placed IN direct -comPetIoIt
with the pauper labor of the old world would
| gradually be brought down TO the same level;
| for the products Of The cheaper labor would be
| imported until such proportion ol our money
would be drawn out of the country 10 pay for
/ them, as would equallze The price OF labor, and
enable the holders Of the remainder 10 pur-
chase a days labor in the United States for
about fourteen cents Then, and not till then,
would money come by the ordinary laws OF
trade, in payment for The products of our labor;l
because these would be cheaper here than
abroad. This would be the glorious spectacle
of American trade regulating itself!
! 1t is automatically ascertained that between,
September 1910 and September l64l, about
SO 900, 900, in silver and gold, were exported
from New York, while, during the few months
which have since elapsed, farther exporta-
ton of about So 500, 900 has taken place
| While the bullion has thus been flowing out. Of
the vaults of our banks and the pockets Of our
people, it has accumulated with equal rapidity
| in the vaults of the Bank of England. The
! increase Of bullion from December $40 10 De-
cember le4l, was Ell $50, 900; and it is the
opinion of competent authorities, that the quar-
terly return for the present month, will show
an increase from f5,031 ,0C0 to 100000.
This shows what has become of portion, at
least, of our gold and silver, and who have been
reaping the harvest Of our enterprises. These
are facts against the moonshine theories of free
trade, and such as will readily enable us te un-
derstand the reason of the widespread bank
ruptcy of our own ms snufaciurers--why our
own labor is out of demand, and American en-
terprise prosrated.
! The Federal Constitution has delegated to
Congress the power TO regulate commerce."
with view, as the opinions of the trainers of
the constitution, frequently expressed, prove,
10 counteract the undue influence upon the
commerce, money, and industry Of the country.
| II is theirs to counleraci, by wise Legislation,
such catastrophies in the United States; expe-
rience, and sound reason, both teach the neces-
sity Of such Legislation, and Of protecting The
industry of cur citizens, as TO malnlalH al all
times, if possible, balance OF trade IN favor of
the Uniled States, which is the only means by
which our gold and silver can be preserved. and
those ruinous depressions prevented, which
bring adversely and distress upon the most en-
ierprising portions of our population.