Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1843-02-17
WATCHMAN e. STATE JOURNAL.
FRIDAY, FEBRUARY II, ls43.
TnE TIMES AND THE CAUSES.

fca.''--Ft, Patriot,
Ii we understand the alusou, it is TO late fSi
Ure III New llaaipshire--a state essentially loco
.l.co ridden. o. COARSE tbs man could not refer
Tic "harl times to any Whig legislation, there
nor, taking the whole Union as the ground could
lie refer the hard tmes"to Wing state leg station
rs ocoiocOisr happens now to control minority
Of the state governments. We suppose the true
mealiisig is, that The present deP'orabo condition
Of the country is churgeabIe to the Wing nlHJofI-
~ il Congress--Hud perhaI's embracing John Ty-
lsr. is this true? We should like tn have the
privilege of examining this witness, face to lace
of requiring him to show wherc, rheH, and hoio
The Wigs have become responsible for these
hard times: Lui Us that is out Of the question: We
will take the liberty ct accomplishing the principal
acts Of the Wings, with view Of seeing whether
obey are indeed 10 he burdcned with this g,icyous
bundle of sin.
Foremost was the Repeal of Tie Sab Treasury.
Certainly this was shocking 10 the friends of the
late administration shocking to tbs admirers Of
CubU-euu d,mo,recy and lohulS shocking To
some Of tho persons who held he public money
IN lhcir hands as Receivers General: yet we are
at perfect luss to see in hat ANY cause for The pres
cnt condition OF the business of the country. The
people demanded the act; and they demanded it,,
TOO in part us u measure of relief Dy disIl nsing
with the requirement OF payments ia specie TO the
treasury, there is no ground TO duub: that the re-
peal did relieve the banks of ihe country, and the
Whole peope.
Second Ike Bankrupt .Act The question lsnow
NOS whether that act was good or bad, wise Or un-
wisc--bul simply TO lis influence upon the
"times." 1t is insisted, perhaps, THAI creditors
very generally conplain-;ha they have lost by
persons gong into bankruptcy that they dislrust
debtors, and Frequently press Them, through fear
that they pW g. into bankruptcy. There is GER
iainly much truh in all this: we have no doubt
that creditors have lost something particularly
ihos lucky fellows who are always sure TO get Oh
the first attachment, when Il man fails. They
these A. No. creIiors-have lost ruly, but not
the tens, aud twenties, snd iorlies of creditors,
who will not press their debtors, who do mol get
their wrts ready uil all is gone Bat we admit
the evils Of bankruptcy TO creditors. ]! must he
admitted also, however, that this is only one side OF
the question. The bankrupt act most en-
phatically relief lac, in the intention OF Con-
Eress ard practically it is such-to The debtorS-
II there has been sorrow i'll the counting house,
there has been great joy in the log cabin; if the
great body of independent creditors have suffered
something tey can find some consolation or we
cau-iu the fact hat the chains have been broken
which have bound down thou ands of poor debt
ors Taking both the evil aud the good Of this
acI, there viii not be very large balance left, TO
be mnde an element in producing these hard
tules." Not few will think The effect of it has
been TO alleviate the existing distress.
Third-lhe Tu'iG fs that The source Of hard
times: h4cerIain!y certainly" says some one
of our locolocO friends: "dcn't you know that
t0ool is all down TO nohing--thaI these South A
merican chaps filing our markets and selling
cheap dirt Indeed my good fellow our
wool is certainly down, and the South American
is nj the top perhaps, pressing il down: but we
ask how has the new Tariff produced this re-
suit? Ii is u question we should like TO see an
swered The truth, we have no doubt is, that
were it not for the new Tariff, tcoot tcouM Be still
1o,cer than il nor IS. Tie dHies Of the new tariff
are higher and moro protective than lhe ole! aud
Just 50 far, The price OF wool is al this moment
higher than il would hove been were the old act
noN in force, The Tariff has tended TO keep up
prices higher than they would hive been, first by
more protection and second, Ivy giving new life
10 manufacturers. Ii has done this in some de-
gree, and to that degree has given better demand
Tor labor aud for Ike raw material Than Otherwise
would have existed All its tendencies and effects
have been good good IN replenshing tue treasu-
ry; good &c the locos 10 Congress assert lrulyl
i'll diminishing the amount of foreign goods i'm.
ported, and thus lcssening foreign debt /; and
good IN giving more activity 10 agriculture and
manufactures than they would have had without
that act. II has not accomplished all that lis friends
hoped, and for most Obvious reason Instantly
upon lis passage, locoiocoism raised the cry of
"repeal" and this was followed 10y locoloco yrto
ries in the ensuing state elections. By these two
events the Tariff was shorn OF most OF lis power
for good these destroyed confidence in lis stability
The moment the black cloud of locofocoism over.
Swallowed the land, the confidence of merchants
and manufacturers dropped, and the right hand of
Domestic Industry was palsled. She has since
worked little, Northumberland daring to invest
capital and take hold and labor with will, fear
ing thai ocoioco Congress in 1913 will leave
her shelteress and unprotected.
These the ocls Of the Wings, and all the
acts directly bearing upon The business of the peo
pie, unless we add the Washington Treaty a
measure greatly favorable 10 commercial prosper
ity, so far as il ensures Peace But from these,
We fancy, il will take very ingenious man 10 de.
duce causes adequate to account Tor the present
condition of The country. What is her condition
Credit, NATIONAL state aud individual-enIirely
Frustrated in Europe; whole states bankrupt, ;
conmerce, manu- 'aciures, and agriculture in
sicky, Improbable condition, and yet the dslon
possesses all the elements, in vast proinsion, MOI
only to recover itself from immense Indebtedness,
but 30 60 on increasing in wealth and power as