Bloomington herald. [volume] (Bloomington, I. T. [Iowa]) 1840-1849, 1843-08-11
From the Democratic Review.
PrOeecgto1ae

: -, "a return for moment 10 what 10 CALI
II !. n,o,eciive policy" The Lynn shoema-
bar clamofs for protection. for high dusles. %
diminish foreign imports, and 10 secure 20 n'm 1
The monopoly Of the home market. - no can
onlv exclude French shoes, he shall then nave
This monopoly Very we'll. Where does no
6nd the principal market for his shoes
Son,h and West. The value Of that market
10 him. then, will depend on the ability OF the
South and West 70 buy shoes. Whencs THIS
ability depends, Of course, on the ability OF
The South and West TO sell their own Produc'
lions. The principal market 70: Western pro-
duce is a, the South The ability Of the Wesf
to buy Lynn shoes depends, then, on its ab'll'
" TO sell its productions to the South
Whence, then, we must ask again, the ability
of the South to buy Western produce and
Lynn shoes! In its ability to sell It's rlce'
cotton. and tobacco 10 the foreigner. whence
the ability Of the foreigner to buy the rice.
COTTON. and tobacco Of the South! In mis- a.
biIi,y 10 sell his own productions OF manufac-
ture 10 rs. Consequently. just in proportion
az the Lynn shoemaker places an impeachment
I in the way of the foreigner selling his shoes
| to the South and West. In proportion as he
| secures, BY prohibitory duties, the monopoly
| Of tho home market, he diminishes its value,
| by diminishing the ability OF the people to
| consume. Here, at best, he loses on one hand
all he gains on the other. Yet we boast Of
| the intelligence Of the Lynn shoemaker -and
his intelligence, by the by. is above the aver
age intelligence of the country.
But absurd as the protective policy would
| be under any state Of things-implylng that
commerce can be more energetic and efficient
! if bound, than when left to the free use OF itt
limits-it is doubtless so when coupled, al
we have coupled it with the paper-money sys'
,em.-a system which, though somewhat shaI
ken, the mass of the people are still attached
to and the abolition Of which scarcely pub
lie man, who values his reputation, dare evea
propose. Very few Of the people have ever
thought of enquirng into the operations of the
two systems when combined. In the first
place, the paper-noney system, by deprecia,
ting our currency below that Of foreign nations
operates as premium 10 the per centage Of
the depreciation ia foreign manufactures; be-
cause the foreigner sells 10 US at the high pri.
| ces produced by our deprecated currency. but
buys Of US always according to his own APP
preciated currency. This. for years. in our
trade with England, nearly neutralized tie
tariff intended to protect our own manufa;-
turer. !,
| In the next place, the tariff, operating WIN
the bank system. tends to increase instead o.
diminishing the advantage Of the foreign man
ufacturer. The first effect Of a protective TAR
if, if it have any effect at all, is no doubt to
diminish the exports; which throws the bal.
lance Of trade in our own favor. This cuts off
| all foreign demand for specie, and sends spet
Gle into the country. fneeded. This freeing
the banks from all fear of demand for specie
to settle up foreign balances, and rendering il
easy for them to obtain specie from abroad, II
necessary, enables .hem 10 employ tha CAPT.
| tai IN discoun,ihg freely 20 business men, even
TO Spectators, aud TO throw out their paper to
an almost unlimited extent. This expands
(,ha, is, deprecia,es) the currency; prices rise.
| and the foreign manufacturer is able 10 come
in over our own tariff, sell his goods al cnr en-
HANGED prices, pay the duties, and pocket
profit. This, in turn. swells the revenue,
which, il deposited in the banks, becomes the
| basis of additional! discounts. which expand
still more The currency, enhance prices still
more, :ill the whole land is flooded with for.
6;cn imports, which shall, as we have just
seen in our own case. notwithstanding our
agricultural resources, extend even TO corn,
barley, oats, and potatoes; :hus crushing mi
| only our home manufacturer, but every branch
Of industry but tina. Of trade-and at length
even that, by destroying its very basis. This
is no theory, II is fact, il is our own bitter ex-
| perience as people, from the terrible effects
| Of which we have not yet recovered.
1t appears by recent report, that there are
10000 families in Penn. without Bible.