Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1843-06-10

baccn to the foreigner. Whence the abi
ity of the foreigner 10 buy the rice, COZ
ton, and tobacco of the South? In his
ability TO sell his own productions ofmln
ufactnres to us. If we will not buy o
him, he clnnot buy ofus. Consequently
int in proportion as The Lynn shoemaker
pl ces an impeachment in the way OF the
tore ign1r selling TO us, does he pla"e al
,pe 'ne t in The WY # his selling his
n ,es o h. South and West. In prop n
ii III as he secures, by prohi tty Gu les,
The mon poly of the home r'irke', he di.
mir.ishes its value, by diminishing the al IL
Iy Of The people to consume. Here, al
best. he loses on the one hand all he
.ins on the other. Yet we boast ofthe
intelligence of The Lynn shoemaker, and
his intelligence, by the by is above the av-
erage intelligence of The country.
But, absurd as the protective policy
would lie under any state of things-im'
pl>ing that industry can be more energet'
ic and efficient if bound than when let to
The free use of its limbs-it is doubty SC
when coupled, as we have coupled it, with
the paper money system-a system which
though somewhat shaken, the mass Of The
people are still attached 10, and the abo-
liipn of which scarcely public man who
values his reputation dare even propose
Very few of,he people have ever thought
of inquiring into the operations of the two
systems when combined. In the first
place, the paper money system, by depre'
eating our currency below that OF foreign
nations, operates as direct premium, to
the percentage Of the depreciation, in IA
yor of The foreign manufacturer; because
the foreigner sells to US at the high prices
produced bv our depreri ted currency, b b,
buvs of us always, according 10 his own
appreciated currency. This, for years in
orr tro lie with England, ve:y nearly neu'
,ralized the tariff intended to protect oul
own manufactures.
In the next place, the tariff operating
with the banking system tends to increase
instead of diminishing the advantage of the
foreign manufacturer. The first effect o
protective tariff, if it have any effect a
ali, is no doubt to diminish the exports
which throws the balance Of trade in ou
own favor. This cuts off all foreign de
mand for specie, and sends specie into TIT
country, if needed. This, freeing bank
from all fear Of demand for specie t
settle up foreign balances, and rendering
i, easy for them 10 obtain specie from
abroad, if necessary, enables them to EN-
plov the capital IN discoun'ing freely t
business men, even 10 spectators, and t
throw out their paper to an almost unllm
tied extent. This expands, that is, depre
ciates the curren"y-prlces rise; and the
foreign manuiaclu err is able to come II
over our own tariff, sell his goods at ouI
enhanced prices, paw the duties, and Pock
ct profit. This. in turn, swellst1e rev
enue, which, if deposited in the banks, be
comes the b,sis of adIiiunal discounts
which expand still more the currency, en-
nance prices still more, till The whole lan'
is flooded with foreign imp 'r;s, whicI
shall, MS we have seen in cur own case
notwithstanding our agri utnral resour
res, extend even to corn, barley, oats, an
potatoes; thus Gushing not only our HON
manufacturers, | ut the interests Of ever
branch of industry and that Of trade-an
at length even that by destroying its yer
basis This is no theory, it is fact; it
our own bitter experience as "A people
from the terrible effects of which we a.
no, yet recovt red; and still we h I'D IN
the policy, and he majority Of the Amer
can people, even today, after all their e9
perience, believe in the wisdom Of contr
nins both sysrcm>!-[ Democratic Rer'eu