Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1842-09-21

ure Of tho home crop. large importalions
ofgrain had beeh made from the Bullic
1t was from this state Of things. and mol
from small stock Of bullion, or large cir
culation. that exchanges ran so steadily a
gainsl England. The demand for gold
continued in the face Of the fact, that the
directors of the bank raised The price ofin-
,crcst TO 5 per cent; and on The 20lh June,
1899, they advanced it 10 50 per cent;
and On the Isl August it was fixed at the
unprecedented rate Of 6 per cent. Still
the drain for specie continued, and they
were compelled TO obtain ,f2, 600, 600 from
the Bank of Francc. Now have taken
this operation upon the exPorialion aud i'm
por,ation Of specie from country ful! OF
restrictions aud high tariffs. And | an
compelled 10 believe hiatt doctrine Of q
high tariff being necessary TO prevent the
expectation Of our specie, is mere is
norant assumption. The truIs is, that
all depends upon the state Of trade; and
that, again, is regulated by the invaria-
bic rule Of demand aud supply. Ills one
of the mos, beautiful and philosophical
laws Of gold aud silver, that they will find
their level. Press them where You WILL
yet like water, they will rise to a COM
mon surface. Your unwisc and prasmat-
ical legislation may produce temporary
depression al some point; but its whole
effect is TO hcranSc trade, ami the law OF
natural demand and supply, nnh thus un-
justly 10 disturb tho distribution OF wealth.
Mr.. Chairman, in proposing any tax MP.
on our importalions in the prcscn, state oi
the commercial orld. We must take into
consideration The contracted state Of The
currency and circula,ion; aud also tina, the
interest ou The debt nf the country abroad,
amounting to near Sl0.O90,000 annually,
mus: DC paid ou, Of our exports. aud will
TALL IN some measure, as tax upon our
imports. Under all these circumstances,
our commerce cannot bear 4 taxation of
36 per ccut. |, will inevitably be aveid-
cd by smuggling, which will prove ben
cht tn British tonnage, as for as supplies
OF the interior West. through The 81. Law.
renee, may he concerned,) and an injury
10 ours. You will he disappointed in your
revenue; and those who expect rro,ec-
ton. will also bc disappointed. There is
4 great change MOI only in our condition.
bul still greater change in the condition
Of the whole commercial world wi,hG the
ast twelve years which We canuo, over
ook III framing onr tax laws. or any sys-
cm u! policy uhich is To last. The doc
rine that high tariff is necessary To pre-
erve our specie. is IN ignorant nssunp-
ion, aud If it were lruc. il would produce
IN injurious effect upon the wages Of labor
md the permanent and steady profits Of
:apital. The only true, just, aud wise
protection TO domestic industry, is in fixed
md Stable legislation. with fixed aud sta.
Ne currency. These arc the great propo-
itions which | believe to be true.
Sir. we are ut an imrortan, junciure in
'ur affairs. British prosperity and power
vc1,lc wealth Of the " world have seen their
eight. if we are wise TO seize the oppor-
unity destiny has marked out TO us a no.
lie career. High restriction and prohihi.
ion, which have accumulated for nses in
England, have produced an artificial state
{ cxistence there: and the cost Of prodnc-
on with her has become too great for her
, command The markets OF The world. In
very raw material, with the exception
oal aud iron,) NC arc her snperiors, ar,
] these her equal. Our enterprise aud
kill mus, pass her. Our policy is to seize
&c markets Of the world. The home mar
CT viii! be too limited and contracted for /
ur views. The wealth and enterprise Of
&c Middle States and New England mus, |
'ok abroad. IL is miserable and con-
acted policy thu, would confne them TO I
monopoly of the home market. Ten I
.ars more, and i, will be far too limited :
" ,hcm. The immense Girl 4
Greal Britnin, together with the expcn- :
8 OF her extensive navy, army, aud n
Iurch-a!l need heavy taxation to sup
'rt them. which must bear oppressivcly p
,on ;he PRODUCTIVE industry OF the nation. q
'ilh prudence aud forecast. weuecd have C.
II little of these eexpcuscs. Without bur- a
ms. our industry must have every advan. a
&c in competition. With our great sta O
cs-the creates, Of any other uarion-
d with light taxes. we mus, inevitably 81
nIrol commerce, aud. finally. command el
, markets Of the world. In Tie nex,iwen ST
years. we will yearly double our popu- III
ION. and far more than double our great y,
ourccs. We are in our iufaucy aud En-. fe
nd iu her old age. al
Repor, of;hc Chamber Of Com. and Man. A
Manchester. OH Bank Of Ing. IslU, p, I'll. CO
M
ALHOUN AND CEITTCNDEN r.,
The Washington correspondent of the pr
ernpcra'ic Banner" Nj. Vernon, Ohio. of
rs the following graphic accoun, of the e,
cnnnIcr in Ihc ScnnIn M iLa e..