Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1843-11-25
From the Journal of Commerce.
The Drain Of Specie.

The proteciioaists are so ixei to their
stereotyped arguments, thai they contin-
NC 10 insi st upon the constant dlaia OF spe-
CT. from The coaA.ry by our toreigE trade.
The fact tha, our foreign trade las
brought into coantry almost all the spe-
Gle VIC ever have had, aad that within the
last twelve mcaths it has brought in some
twenty millions o: dollars which now lies
buried and locked up in the vaults Of :he
banks; makes no difference with them.
They still go on sociiera,ing tina, foreign
trade drains the country OF specie. Oa
the a.t evening OF the fair, the president
of the America Institute dsli,ere an nd.
dress Of al hour and half, IN which he
said 'one third OF our foreign commerce
was with England aud her colonies.
The balance OF her trade have been a.
gainst US for many years past, and have
varied in different years, from FIVE nil
lions even TO sixty millions year. rus
impor,ations Of her manufactures have
been received by US upon little more than
nominal duties, while duties oppressive
aud prohibilory have been exacted on our
produce exported to her, With France
eur commerce has been equally disxs-
trous We have taken her wines, silks
and gewl gaws, duty tree, and swelling
the balances oftrade against US to grea,
amount, TO be paid in specie
All these iaischcods, and many more
like them, were stated in the faces OF an
American audiance; and so graveIy that,
We dare say, many Of the hearers sup
posed them truths. The newspapers
have been heralding the price OF bills on
England aud France at two snj three
per cent, below actual par, and the arri
v Il O. ,niliions on millions Of coin TO settle
tn /. enormous balances which our foreign
,adc had created agains; those countries;
yet General Ta,lsnadge has neve- heard
20 il. lie thinks current OF specie,
migh,y as the Gulf stream, is setting out
Of this ountry towards Europe; and this
is the man who stands in the very centre
Of pre,ec,ion--the sun Of the system.
How great is the darkness!
As 10 the comparison bet wcen the scale
Of duties in the United State. and Great
Britain, we will venture any thing that
the duties paid 10 Englsnd upon the total
Imports from the United States do not
amount to one quarter OF the SUN paid on
the proceeds Of those imports when
brough: back to this country; besides tho
tact, lha, great portion OF our du les
are entirely prohibitory. The average
of Brush Duties is not one fourth -
great ~ the average Of American dutics.
This same enlighlener VI the age, 10
the course Of his remarks, state j OF Eng
land, thu, TO cripple our whale fishery.
her duty imposed on Americas OH IS x6I
les per toni and that 'Americar wha!e
b ne is subjected to duty OF $50 Ter
tom The duty in England on tram OIL.
blubber, &C., from the United States and
all foreign fisheries, is 81 per ton; and On
spermscsti l5i per ton, and on whale
bone 2OI per ton. The demand IN Eng
land it is which has carried Up whale
bone 10 double its price six months ago,
10 the almost unprecedented price OF 90
cents ! pound. And the same market
has contributed freely to carry Up whale
oil TO its present extremely high price ol
20 cents per gallon. II is by suen bare
faced impudence As this, that Americans
are imposed upon; their foreign antipa
lhies aroused; and the selfish objects u
men who make Congress q machine 4
tax the country for their own private
emolument, accomplished.
4 Not only are the statements OF the
pre- sident Of this political institution IN
true, but the exact opposite Of them i
true. England has placed very moder
]. ale duties on ell the product Of our g
riculture, with the exception Of tobacco
wh.ch is everywhere cocatcd viciou'
j LUXURY, and dearly taxed for reyrnas.-
4 Thousands Of tons Of butter, lard. chess
4 beef. hams, oil, whalsbone, ashes, hour
ana aeain, have .been exported % Gfea
Rritain during The past year. That mar
Lst i Is. above all Others, which ha
.sved our farmers from being entirel;