Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1843-07-18
The Truc Node Of Protecting American
Industry.

II We believed that a Protective Tariff" could d. wha
advocates in their popular arguments. shy is design
ed accomplish. we should be IN favor Of a Tamil ou
cares, studies in political AMI national economy howev-
er, taught that the system falacy. Even with
out regarding the experience Of other nations common
sense iaught u. thar with fpofuG,inS paper chr
reaeg, no stationary farf could Be IN HsC protective
II must, 10 the nature Of things. time be IN
operative aud another prohbiiive, according TO hc
ioume Of tie currency. This lets at once into the
phoso hy Of the protective part of the British Taf-h'
Corn Laws-whieh are made Aucuate as the Prices o.
The currency which rgu a'es prices IN srca
degree hucuaies Ne needed nothing more TO convince
Of the faacy Of the tariff d,ctines. though
we.conBued Investigations thousands Of atd. on
al facts taught right. We have shown pIs-
,ous to tbs by authentic statistics that the
Foreign npoations regulated if may 81 say by
the volume Of curencythat is. that when volume OF
currency vas large, the rp'raiiOns were largs and
rice when the currency contracted, the mpor
tauons were likewise comparatively small.
pamphlet. maintaining these doctrines some
years ago. published in New York by CLINTON RoosE-
Esq entitled a Brief Statement, of Views in re-
laion the mode Of protecting Domestic Industry ~ op-
Grating the currency" For the qualification of our
readers, though perhaps the time is very favorable
calm consideration of the subject present them
an abstract o: the pamphlet alluded TO- in the hope and
belief that it may to conim the believing, and
vince those who in doubt homes, error.
Industry says Mr.. Roosevelt in his preface Is the n
of wealth. and wealth is the great of in
dependence and power Consequently. whatever tends
discourage industry, tends weakness weakness
suIjection.
The history of the wofj will by the rise and fall of
States and empires, prove that their happiness and glory
has been Just in brob,rtoH fe protection siren to in
dashy; and when disappointed il their hopes
of reapng the just reward of labor degradation and
misery haze ai.geys yfoto,yed
We therefore look spon the Of securing to in
dus,ry lis jus, reward, only second the declaration
that tyrani shall take OF the fruits Of labor with
out and appears self evident that unless
be taken to property, useless
to clare thu, they shall take it for words not
allowed by corresponding deeds amount to nothing.
lie then proceeds to
Re1le.v Of tie american Spsten
Having strange and unexpected results from the
system founded by Alexander Hamilton the protection
and encouragement of manufactures and commerce. the
writer has been induced to look for first principles. and
by them learn from whence the good and whence the ev
flows.
1t Is purpose shake rudelv tho urn Of de-
parted hero May his ashes be stepped in tears and not
scattered to the winds. But every has his excel
lencrs and his defects, the greatness OF the of Nh
Hamilton should deter from an examination of his
work. particularly when connected with national and
individual wealth and happiness the system IS which
propose to review.
We have discovered. and design TO show that this sys-
under which the people aioring contalcoyy.
that notwithstanding high tariff our ports are in ol
feet open the world theory well as practice Nav
more that have given foreigners abroad an adyaa-
fase orer orr citi79s in o.ra marlr;s 5y The
rcry intended 10 cncourcge nscsfic commerce and
mann factTcs.
1t is difficult to frame acceptable argument in SCI
so little IN lers.ool political econonY but truth
is simple when discovered and hope to render plain
to the ndolent minds To d. So shall avoid I'M
important considerations and draw conclusions from
simple facts, with which the woll is acquainted
We oil know that facilitate domestic commerce and
manufactures, the intention of Mr.. Hamilton.
That for the fertilization of domestic commerce. he es.
tablished the original United States Bank 1t true there
other objects in view in this hui they
uecel with our present arsu nent.
That for the protection and Of domestic
manufactures, he laid the foundation of the tariff and
That since Mr.. lIamtons day, to increase the tariff.
and the number Of banking institutions has lecn the real
American system, which is unfortunately couradic-
tory.
Now, how was it anticipated that tie banks and tariff
encourage domestic aud marnfac'urcs
Every will answer, the Banks to furnish the
people with money, that thy might make PR
cha.es, and
The Tariff was 10 raise tie prices of foreign goods
uflcurers would have aiyantise by thus being en-
ablcd to oiitr their fabrics cheaper.
Then it by raising the Prices of foreign goods if
brought in competition with domestic, TIA, domestic goods
were To be preferred. lie, forget this
We intend prove, that by he banking sy-ien Prices
of domestic productions have been raised high, and
sometimes higher than the tariff raises foreign produc-
tons in our markets. and Is because both the ta aud
the banking systems $50 calc) have like effect pc-
es that the obvious purpose Of each Is destroyed, aud the
Hamtonian system is nuga'ory, and WORSE much worse
than none a, al-runous. BY the banking system, the
circulating capital Of the country has been greatly incres
ci-,his all know.
Now, has happened, that the Increase Of tic cir
culang capital Of country the world, has raised the
prices accordingly Look the history Of the Bank of
Eng landof the assigna,s of France. &C. Look back
also the time before the discovery the silver mines of
South America Before they discovered specie
was distributed. (or much specie in circulation has
he same effect much paper money prices generally
were much lower than after every reader of history
know. improvements in machinery have brought down
the prices of some articles but the exceptions do az
feet the principle.
The people have with their eyes the effect Of
the and decrease Of Tie circulating ta of