Democratic standard. [volume] (Georgetown, Brown County, Ohio) 1837-1850, 1843-07-11
From The Democratic Review.
PROTECTION.

Lynn shoemaker clamOrs COr protection,
for high duties, TO diminish foreign i'm. |
ports, and secure TO him the monopoly
of the home market. II he can only ex' |
clude French shoes, he shall have this
monopoly. Very we'll. Where does he,
and where must he find the principal
market for bis shOesi South and West.
The value Of that market to him, then,
will depend on the ability Of the South |
and West to buy shoes. Whence this
abilityH 1t depends, Of course. on the
ability ofthe South and West TO sell
their own productions. The principal
market for Western produce is al tho
South. Ths ability to buy Lynn shoes
depends, then, on its ability to sell its
productions TO the south. Whence, then,
we must ask again, the ability Of the
South to buy Western produce and
Lynn shoes2 In its ability 10 sell its
rice, cotton, and tobacco to the foreigner.
Whence the ability Of the foreigner 10
buy the rice, cotton aud tobacco Of the
SoHthl In his ability 10 sell bis own
productions Of manufactures TO US. II
we will not buy Of him, he cannot buy Of
US. Consequently, just in proportion as
the Lynn shoemaker places an impedi-
ment in the way of Tim foreigner sell
ing to us, does he place an impediment
in the way Of his selling his shoes to the
South and West. In proportion as he
secures, by prohibitory duties, the mo-
! nopoly of the home market, he diminish
es its value, by diminishing the ability OF
the people to consume. Here, at best,
he loses on the one hand all he gains on
on the other. Yet we boast Of the intel
ligence Of the Lynn shOemaker-and
his intelligence, by the by, is above
the average intelligence Of the coun>
try.
But absurd as the protective policy
would be under any tate Of things
implying that commerce can be more
energetic and efficient if bound, than
when left to the free use OF its limbs
il is doubtless so when coupled, as we
have coupled il, with the paper money
system-a system which, though some
what shaken, the mass Of the people are
still attached to; and the abolition of
which scarcely public man, who val
ues his reputation, dares even propos Sc.
i Very few of the people have ever thought
Of inquiring into the operation Of the
two systems when combined. In the
first place, the paper money
system, by depreciating our cur
rency below that Of foreign nations, op.
crates as a direct premium for the per>
centage of the depreciation in foreign
manufactures because the foreigner, sells
us at the high prices produced by our
deprecated currency, but buys of Us al
ways according to his own deprecated
currency. This, for years, in our trade
with England, neutralized the tatif in.
tended to prot eCt our own manufactdr'
er.
III the next place, the tariff, operating
with the banking system, tends to in
crease instead Of diminishing the .advan.
tage ofIhe foreign manufacturer. The
first effect of protective tariff, if il have
any effect at all, is no doubt to diminish
the exports; which throws the balance
Of trade in ou: own favor. This cuts
off all foreign demands for specie and
sends specie into the country, if needed.
This freeing the banks from all fear Of
demand for specie TO settle up foreign
balances, and rendering it easy for them
TO obtain specie from abroad, ifnecessa.
ry, enables them to employ the capital
in discouRting freely 10 business men,
even 10 spectators, and to throw out
their paper to an almost unlimited ex.
tent. This expands THAT 10, depreci-
ates) the currency; prices rise, and the
foreign manufacturer is able TO come in
over orr own tariff, sell his goods at our
enhanced prices, pay the duties, and
pocket profit. This, in turn, swells
the revenue, which, il deposited in the
banks, becomes the basis of additional |
discount, which expand still more the
currency, enhance prices still more,
till the whole land is flooded with for.
eigD imports, which shall, as we have
Just tseen in our own case, nOtwithstan.
ding our agricultural resources, extend
even TO corn, barney oats, aud potatoes;
thus crushing not only our own home
manufacturers, but the interest Of every
branch Of industry but that Of trade
and at length even that by destroying its
very basis. I
This is no theory il is fact; it is our
own bitter ex perience as a people, from
the terrible effects Of which we are not
yet recovered; and still we hold on to
the policy, and a majority of the Amer
icaD people, even to day, after all their
experience believe in the wisdom Of
continuing both systems!