Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-08-19

as SUCH and no further. Who now a.dayS
locks money in his chest as alone consti-
tuting wealth.
Again-it is folly on the largest, and
most destructive scale Tor any nation to
attempt to monopolize the precious met
ais beyond its undue proportion for the ma
tural wants of its foreign and internal
commerce. Such experiments have been
repeatedly tried to no purpose. The ex-
port Of silver from Spain was prohibited;
yet Spain supplied all Europe with it,
Commodities, in spite of legal prohibition,
or restrictive systems, will go from that
quarter where they are abundant and
cheap, TO those where they are dearer and
in demand: and the remark applies as
we'll to coin as to -four, or sugar, or any
other valuable articles of trade. Hence
it is that the evh of an undue export Of
specie for any length of time uniformly
cures ITSELF By the export the value of
it is Increased in the country whence il is
taken-and as soon as this increased va.
l1e is much above The general value OF it
IN other parts Of the world, so that it can
be probably invested, when it is scarce it
flows in again as fast or faster than it went
out. Hence the maxim SHAT specie like
water tends uniformly to level" II is
the interest Of money (f the expression
may be alowed) to seek investment, and
t. avoid too much com. oany.
Ifthe United States exported manufac-
lures alone, and got in return specie
alone, what would be the effect but simply
to surcharge The currency-4o money
cheap here and extremely valuable else
wherel And does any man in his senses
suppose that the immediate effect would
not be 10 export the superfuous amount
thus obtained to other countries where il
was in demand, and where therefore ia
yorable bargains could be obtained fort
Bat,
9Th, and lastly. This selfish, and self
destructive policy cannot be rendered ef-
fectuaI, even ifafter importing coin to our
hearts content we prohibit the export.
"a determination TO maintain favora-
be balance of trade, that is to export
goods and receive returns of specie, is in
fact determination to have no foreign
trade at al; for The nation with whom tie
trade is 10 be carried on can only give in
exchange what it has TO give. lfone par
ty will receive nothing but the precious
metals the Other party will come to sim
liar resolution; and when both parties re-
qire the commodity, there is no possibil-
ity OF any exchange. We're hpractica-
Bile TO monopolize the precious metals
there are few nations in the world who
would not be cut off from all hope of mu-
tual commercial relations. If one coun-
try offered to another what the latter
wants in exchange, what moro could she
have2 or in what respect would goldbe
preferable? For what else can the pre-
cious metals be wanted, than as the means
Of subsequently purchasing the objects
we desire?"
"The time will eome," says the same
eminent writer "when people will won
der at the necessity of taking all this
trouble 10 expose the folly of system so
childish and absurd, and yet so often en-
forced at the point ofthe bayonet"
To the shame and disgrace Of our coun-
try, that time seems yet far distant, if we
may Judge of the success and holiness
with which this and hundreds of fallacies
worth no more, are urged in the public
press, and the harrangues Of politician,
who, with such spurious coin as this, de-
fraud the people at the same time of their
good sense and their votes,
We have now done with the arguments
urged in favor ofthe American System
We have endeavored to consider them all.
No doubt, many have wondered whether
it be true that they are so shallow and un-
as they appear upon the exam
nation we have given them. Re.exam-
inc and see. Turn the matter over
Sft it. Dress it up in metaphors-if you
please, get pathetic on the subject. Lash
yourself into passion about it-stamp,
rave, and grind your teeth in disgust at
''free trade" and shout at the top Of your
voice "baiance of trade" ereciprocity,"
"pauper labor" and every
other imaginable out,ry of ''the system"
And at the end take long breath and GO
forth in quest Of some honest men. Stop
him, look him in the face, and deliberate,
ly repeat whatever your defence Of she
system" may be, and if you can do so
without an internal conviction that you
are making a fool Of yourself, set mo
down as the arrantest knave in christen-
dom. Ransack your own head. Turn
its ideas over. Look al them on this side
and that; and see il there be sound and
claer thought among them, or whether
the whole collection in the drawer marked
''tarD' be not foul and filthy accumula-
ton of self convicting frauds, and soph-
isms that will not bear single strong
heam of lipht 10 shine nnon then, VIZ