The Evansville journal. (Evansville, Ind.) 1834-184?, 1844-12-12

u sal ~ DIOQuCG Vi tUe WDOiS
country. where would their fabrics find a mar
ket.
The wealth OF the country consists in the pro-
ducts OF labor in its largest sense. The aggre-
gate OF this wealth cannot be inc reased by iegis
iation II IS limited by the number, strength. in
dustry and ski engaged in its acquisition
ANY legislation. therefore,. that gives certain
individuals in the community, higher prices for
lhelr product than they originally get in the ma
turai course OF trade or in other words bestows
upon them more than their share of aggregate
wealth created by the joint efforts of all, must
do 1t at the expense oil the others. We have an
illustration of this truth in the operation of the
existing protective system, p as il is styled by
its advocates. We are now paying increased
prices tor the fabrics of the large manufactures
W blch are consequently dividing exhorbitant
profits. many of Thorn from 10 to 80 yer cent, on
their investments. And yet the prices of West
ern produce, our almost exclusive reliunce for
meeting this large and increasing drain on our
means. are at the lowest ebb. We need IA sys-
TEN tina; will project as equally as practicable,
the industry OF the farmer and small mechanic
as well as thi.. of the wealthy capitalist The
question is not, whether duties on foreign goods
shall be Abolished, but what STALL be their ex-
tent? Any amount OF duty operates as cores
pondIng protection 10 the large manufacturer of
the rival domestic article, who, therefore, under
this system. must a yays have, an advantage to
that extent over the farmer. And ought he not
to be satisfied with his protection when created
by duties sufficient for "a reas revenuel
Ii has not been proposed to Congress to reduce
the Tariff duties below chose established under
the Administrations Of Washington, Jefferson or
On the contrary a willingness has
been manifested &c go teyond them, if found me-
cessary, for the economical expenditure OF the
government.
Many advocates OF the so called .sprotective"
policy profess to be in favor Of a system limited
to the fiscal necessities of the country, or as il
is usually termed a Revenue Tariff. But under
the existing tariff regulations, we find that the
revenue will largely exceed the legitimate wants
of the Treasury. This not only temPts to law
ish prodlgality on the part of government, but
1t operates as an oppressive tax on western la
Dor. Its effect is the greater or less exclusion
OF imports. which, as has been shown, must linn
it the amount OF our exports to a corresponding
extent. This results directly as a two iold in
jury to the farmer, for. by the exclusion of for
eIgn manufactures the demand for and price OF
the domestic article which he is compelled to
purchase Is increased, while the demand for the
produce OF bis own labor, thus accumulated al
home. is limited and the price consequently d.
minIshed.
The most thorough conviction is felt, that our
embarrassmen:s must, to a greater or less ex-
tent, be aggravated, while such a system con-
tInues to exist.
1he great mass of our fellow citizens, I will
not suffer myself TO doubt, are williDg-nay anx-
ious-to meet all our just obligations. With
them IT is not a question of inclination but oil
ability. But the extent of, the debt, the actual
condition and means of the State, and a more
thorough examination of the whole subject.
have only served to confirm me in the opinion i
ex pressed on a former occasion, that it is beyond
our power, at least for the present, 10 meet onr
liabilities. Indeed, so far as my observation has
extended, the opinion advanced by my prede-
eRaanF IN hIa n Of a an ~ n N GDthat M a n a N
not now pay the interest on our public debt
is universally entertained among the people oil
the STATE.
Since the last adjou mment l have received q
communication from Boston, enc losing a memo
rial from sundry Of our bondholders in London
Ii was only competent for me to acknowledge
its receipt, express my individual opinion as to
the ability OF the State to meet their claims, and
engage to lay the memorial before the General
Assembly, which is accordingly done.
Under ali the circumstances, | would recon-
mend that provision be made by law for the np
polntufent OF one or more commissioners, 10 re
ceive any such communications as may be here
after addressed to the authorities OF the State II
reference TO this matter. in hope OF ma king al
arrangement as to all our just debts, which
while it will bring the subject within our means
will save the honor OF the State, and be salts
factory 10 our creditors. Such an arrangement
should oil course not be binding until ratified BY
~ III Z u "AAt a SAh0P 80 e0
confirmed by a direct vote OF the people. Thu
latter, it is understood, was the course adopted
by Michigan IN relation TO a portion oil her deb
and that the arrangement was duly ratified al
the polls by her citizens.
Few among us, | hope would be found will
ling TO repudIate any just claim against thu
State, and | have great confidence hat ii IN ih'
manner proposed. IA plan for extinguishing th'
debt is matured and agreed upon-one which
in terms will be feasible and clearly brough
within the ability of the State to meet. that al
appeal to the moral sense Of the citizen for hi
approval at the ballot box, will not be made II
vain.
The settlement of this question would Infus'
more of confidence throughout the community
would improve the credit of our citizens indlvid
ualIy, would encourage immigration and hasten
the Improvement of the country Our creditors
too, when thoroughly informed Of our condition
and the extent of our means. will. IL is hoped
see their interest in an early adjustment oil TIN
matter, before the present anxiety OF the peopl'
to discharge the debt is succeeded by apath,
and despair.
In some Of the indebted States the paymen
oil their foreign Liabilities, by a sale oftheIr pub
lie works, has been agitated. In favor OF thu
policy IN our own State, it has been urged b,
some that our creditors advanced theioans, no
on the ability of the State to max payment wit
Its dIsproportiOHate resources. with which the.
must have first made themselves acquainted
but on the expe cted produclIveness OF The work
for the construction of which the loans wer'
mude-that they could be finished more chcaph
and speedily by individual enterprise than b.
governneut-that when completed they woui'
he equally as profitable to the purchasers as tt
the State, if she were the proprietor; and tina
they could make payment for them at the COG
OF const r%ucti0n, III our Gepreciated bonds at par
On the other hand the advantage to til { State b
the adopt on of such a measure, it has been sug
qested, would be, that these works would thu
speedily he completed, which otherwise it wonl
be impossible for the State with her presen
means and credit to fnish-that the benefit t
our citizens would. in that case, be as great a
| thongh tie works were constructed by the STAT