Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1842-03-17
MIR. CLAY'S GREAT SPEECH.

We present our readers our first page, the first
part othe able speech of MI Clay uPnhc resolutions
Gently submitted by him the Senate upon the
imperative obligation Of the government 10 provide, by
duties on imports revenue sufficient for economical
raon-pointing to the true of that
yenue-defning the objects and limiting the amount Of
cxpenditure-and advcrtus in general terms, the abu
which have grown up in the conduct Of our affairs,
to which the pruning knife of ''rctrenchmcnt may be
properly and successfully applied. We shall not,
upon any portion of it because comment IS
necessary, As lucid in expression it is orthodox and
patriotic sentiment it carries its best commentary upon
its face We are much mistaken if even the opponents
Of the great Statesman will not concede il to be Of the
mastery expositions eff the policy of gov
eminent that has ever been male and they who
may rise from its perusa unconvneed by It's arguments,
will commend the spirit OF Cancellation by which il is
ncntly characterized.
Ia the Of his remarks VI Clay took occasion to
advert to the main argument urged against the tariff of
l921-to wit, that it would cut upour commerce by the
ROOTS and by diminishing mpoatioas deprive us Of an
adequate revenue and that the necessary consequence
would be resort Direct Taxation to supply the wants
Of the federal Treasury. One of John Rando rhs most
splendid efforts the floor of the House of Representa-
tives in opposition to high duties upon fore IN i'm
ports, upon this express groundlle demonstrated, by
process Of arculnen, deemed irresistible, until his logic
was relutcd by facts that the immediate effect Of the
Tariff Of s24 would be the dimution of imports to an
extent that would bcggar the treasury, and render
direct axaton the oppressive nature Of which be
graphically pourray cd, absolutely recesslry. The
suit however, of an opposite character II roplcn-
shed Golfers ard gave a revenue mote tian de-
quate for all purposes In fact il enabled to pay
of our national debt, created during the last war,
while there wasa reduction in The price Oh
the commodities upon Which the duileswc level Iha,
argument thus elulcd by the annual returns from the
custon-houses. was of necessity abandoncdana ihcop-
poe position then assumed. that 1t ,coUt I I'd to
surplus, which more to be deporcd han def
cent revenue We shall mol discuss that 90 >on at
present-arthe than to say that, if ay thing is more
ohe amcned than the existing condition Ct uur treasury
in debt without current revenue adequate TO meet the
drafts upon it, the public creditors camoous yenl
but necessarily turned off without their jest ducs-if
any thing say, be than this. In NV not
what 1t IS Many persons fear the coi7apthr elects Of a
surplus revenue; but what can indicate u.re deeply
seated corruption than repndati0 which is tie conse-
qsence of empty vaults? But shall not NV discuss
ms question. Our purpose in referring to is To show
the ialacy of the arguments originally urged against
high duties, by reference to the results b, vi III those
arguments contuted and invite public -iricn to
the fact that the men belonging to the same sat vi po
clans "hoorignav opp1sed the mpast Of hahdutics
because the policy. if persisted in would ly diminishing
imports crcatc Tic necessity for resort 10 Tie ea3xious
system of Direct Taxation now themselves IN favor
of abosing all duties, and of forcing the government
to adopt that very system the most equal and bcnef
ca OF all the modes Of raising rcvenue But le the re D.
pie be pnrsuaded to adopt it, and ii will not lie i've wears
before the tax gaiheer will he by an ordinance OF
Notification, infinitely dangerous Lccaasc more
easily enforced than that which ryced al tie us.
/ tom House in 1892.
After the effects of the tariff of 1921 had sufficiently
rcuted the great argument of s opponents hy filing
The treasury, the politicians of the South Carolina school
took ground-to wit that high duties operated rs
tax upon whoml The consumer? No; for hat would
have placed the different sections Of the I'nion in
which there is at least approximation equality Of
consumption, upon equal ground, in reference 10 the pay
ment of taX-but upon the producer And arguing
upon this hypothesis, Mr. McDutlie hit upon h.. celo-
bated theory, by which he convinced himself and those
who looked up to him oracle that duty Of 30 per
cent upon foreign imports. precisely equivalent to
that every planter who raised 100 bales Of cotton was
robbed OF forty OF them in shape of to tie govern
ment. This theory manifestly absurf fhat out
OF South Carolina. it found few disciples l'ut even
had IT been true. the Cotton planter might wei prav to
be restored to the 40 per cent. times when even losing
Az bales he received more money, than he has done
since the gradual reduction ofthe duties and twice as
mitch he receives when the duty is about 20 pe
cent and when, OF course, according the theory he
only pays 90 bales in the loo as a tax to the general
government
Mr.. Clay adyors to the pictures drawn BY the South
Carolina orators OF the tightening effects Of the tariff poll
cy upon the prosperity of that State and he shows that
still backtr hue might Re given 10 the canvass II
the distress of the planting and incrostsohe
South was not exaggerated from lS2I to 1882 tier
present condition. which is much worse shows that the
decline oi their former prosperity not attributable TO
the tarti--hat the disease had other origin-and
that the physicians must seek cseN here for remedy
than IN the commercial policy Of the federal government
The argumentb by which the South Carolina poil
clans blinded and deceived the people was based up
on the plausible and upon superficial view Of the sub
Ject, npr2nabe ground, that the duty rviodby the
enment on imports enters into ard that precise extent
increases the price Of the commodity upon which i, is
Iposod-In other words, that itupen yard Of cotton
cioth costing % cents, duty 70! cents he
eNacled, the price OF that yard of cotton cloth
Will be 81 cents. But experience has long aco
demonstrated the ialacy Of this argument and tho 70