The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1843-09-12
NUMBER 81.
Correspondence Of the Richmond " hig.
PHILADELPHIA, JULY 10th, ls43

oIiei, yer was mol sufficiently explicit IN
regard TO the operation Of Protective Ia
MI on the currency. SAID, it, tendency
IS TO retain the precious metals in the
country, and gradually diiluse them
throughout the land; That Protective
Tariff has this effect there cannot nov he
the slightest shadow Of doubt.
The crisis of 1897 must be iudcIihy
eugrayen on your memory. W hat brought
Il about! The causes were numerous -
the savage and relentless crusade Of the
Government Gt will not be credited fifty
years hence that our national Governments,
owning seven millions Of the stock, made
=, war upon is own national bank upon the
currency Of the country; the consequence
OF which was the prosration of the L. 5.
Bank, which operated as a beneficial
check on the State Banks, and the subsll.
tuition OF some four or five hundred State
institutions, not brought into being to regu.
Tate the exchanges and give facilities to
carry on the business Of the country, but
to afford field for speculation and gamb-
( Ing, Next in order came the inordinate
| dcslre TO grow rich by bank stock specu-
/ Iatons, which the banks themselves en-.
icouraged by flooding the country with pa.
per or trash, which many of them never
intended TO redeem. Following close up
on the heels OF baull mprudence and fol.
~, came tue ambition to grow suddenly
rich by specializing in lands, houses and
lots, which wound up by the ruin OF hun
dreds Of thousands. But last, though not
least, came by way Of Gaping the climax,
excessive imports, which not only brought
US heavily in debt to foreigners, but was
the prime cause of the awful commercial
rerulslon Of 1887 and the suspension of
specie payments throughout the country.
had the Tariff been as protective then as
II IS now, there would not have been such
immense imports, aud consequently, ex-
change on England would not have adj
vanced above par value. The balance of
trade in 1887 was against US, and hence
the stoppagc of all the Banks from New
York to n. Orleans. If they had not
stopped paying specie, foreigners, vast
number Of whom have their branches and
agents hcre-would have swept off almost
every piece of coin in the land. In con.
sequence Of the suspension Of the banks
and the failure ofthousands upon thousands
.of merchants, who imported more goods
than they could either sell or pay for, we
lost credit in Europe and what is the re.
suit Why, instead of enhancing the rate
OF foreign exchange, which, when it goes
above per cent. premium, invariably
causes a refuX Of specie to Europe, we
have, within The last SIX months Witnessed
most saiutary thing, /. c. great influx
OF that most desirable article. Establish
free trade. however, or even make a ma
ielal reduction Of duties on foreign fabrics,
ond you will soon see a rise Of foreign ex-
changes, and then must inevitably follow
another drain of specie TO Europe, another
suspension OF the banks, and by conse-
quence, another commercial revulsion
more terrific probably than that of 1887.
1t requires no Cassandra voice to warn
Us Of the rocks on which we have so fire..
loently stranded. Whilst we are protect
ING our own domestic industry, and the
millions Of mechanics, labourers, &C., to
say nothing of the Factory girls " of
Loweli-many of whom are the support
)t superannualed mothers and fathers we
protect, by moderate Tariff, the whole
country from poverty and dissolution
This country-which is rich in the eIe-
ncnts of wealth aud prosperity should
more and import less. Fo.
reign nations will never do any thing for
is. Mr.. Webster at Baltimore made
speech about a Commercial treaty, but
Mr.. Webster knew, while the words were
rolling from his lips, that England will
never sanction any treaty with this Coun-
try, unless it be 10 her favor. England
knows full well, that her internal reguIa.
tons have contributed much to her pre-
sent greatness, and she will be wary in
making any changes at all calculated to
retard her onward course. The acting
President may, as often as he pleases, re-
quest our Minister at St. James to intro
iuce Gen. Duff Green or any other bearer
of dispatches, TO Sir Robert Peel, for the
purpose of discussing the subject, but rely
upon 1t, Sir Robert will not give any ono
from this country the slightest attention,
unless there be bright prospect of En-
gland becoming the gamer by treaty.
She will never admit our Flour at low
fixed rate of duty; and why should Mr..
Webster talk of the probability of low du.
tv on maize Wheat is the great grain
article (tor sale) of the U. States, and it is
the only grain we desire England TO ad-
nit at low fixed rate Maze--or rath>
er Corn as we in the South call it's US
ed in immense quantities by the whites as
we'll as the Blacks Mr.. Webster knows
very well, that the English people would
not cat our Corn.
But the Tariff (once more and the last
ime) again Why not allow your cotton
o be manufactured at your own doors -
Why tax yourselves with expenses on it
rom Charleston to Liverpool, and from
hence to Manchester-then contribute TO
oregu labour and when the articles you
iced are manufactured, add further cost