The Illinois free trader and LaSalle County commercial advertiser. [volume] (Ottawa, Ill.) 1841-1843, 1843-06-02

"Niilions upon millions Of specie continue TO
pour into this country" the last Sangamo Jour
tells us, and all because Of the tariff passed by the
late whis congress. We certainly have no dis
position t. withhold from the late whiy congress
any Of The credit 10 which they may be entitled
f1r passing our present tariff law-it is the only
great public measure adopted by them which they
did not repeal before they adjourned and if it has
been bcnehciai TO the country, for gracious sake,
let them have the praise-they need it; but when
they claim the present great influx of specie as
one Of the immediate results Of thai. tariff, then
we must most respectfully ask leave to differ. Il
seems TO US that is claiming little too much
# the influx nf specie here Is caused by the ia-
erase of our iarf then it is no more than reason
able to infer that in country where the scale OF
duties has been b,rered the current of specie
should take the opposite divcctan. But is this
the case In England it is well known, the rate
of duties on provisions Of every kind has within
the last year been greatly cut down, while it has
not been increased on single ar clc, and has
a great drain Of specie taken place there -
We find in the last Peoria Register the following
paragraph, which will throw some light upon the
subject:
| The Hi5ornia brings about two millions Of dol
luIs Of specie in gold enough Of which will pro-
badly be added to tho ten and half millions al
ready IN the vaults Of our banks, to make the I'M
prcccdented sum Of twelve millions. At the Ia
test dates specie was pouring into England from
all parts Of Europe, and pas.ing on to the United
states. The Bank of England was constantly
adding Ia her immense treasures, Notwithstanding
the drain from this country, which, it is estimate
/ ed, will, from the continent and Great Britain
amount to twenty millions 1t was expected in
! England that the drain would continue.
! rom tuts sc rPpeus ulat nn r'"", ,',,'. ~.
Ing tira Of specie Com England takon place,
there was actually, at the latest dates, great
iojQpr Of specie into that country as well as into
his Now will it be pretended that decrease Of
the tariff has caused the influx of specie into Eng
land and that an increase of the tariff has produc
the same result here This would be too rdicu-
lous even for whgcry like causes produce like
effects every whcrc. It seems pretty plain then
that the country Is very little indebted to the wing
tariff Tor the present inlux Of specie.
There is way of accounting for the flood Of
specie into this country that appears to us much
more philosophical than to ascribe i, to the wing
tariff. 1t has always been contended by the de-
moerac party that ii the deprecated paper of our
rotton banks was banished from circulation, the
vacuum thus created would soon be filled by good
money. But the wings denied this. They CON
tended that without banks wo could have no cur
rcncy and that there was scarcely specie enough
in the world to answer the commercial purposes
Of the United States alone, They therefore chung
and fell from theirgrasp. The rotton banks went
out Of existence, and with them their deprecated
paper: and "hey presto the scene is changcd'
Tho channels of circulation, crst chokcd by de-
prccaied paper are now filed with silver stream
that is watering and refreshing bushes in all its RAJ
Indications And would this be the case if the
country was still flooded with deprecated pope,
Far from it. The foreign merchant who is now
compelled to ship his specie to this country in pay
for produce, would be apt to do as the eastern
merchants did with the farmers of Illinois two
Years ago. lie would sell his specie to the bro
ker and lmy up our deprecated paper to pay us.
1t is truism as certain as any in the Bible, that
deprecated paper and specie cannot circulate to-
sothcr they will no more mix than oil aud wa |
ter. But Danish the one and the otherwill inei I
vitality take its place, aud all the tariffs in the
A, II &,