Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-12-03

iscis Improvement and other purposes arose from the
fact that the far greater part Of these loans passed through
custom houses in the shape Of goods which they
had been converted Europe. These loans of the
db,td states amount TO above S2OOO0O0 600 and is
esi from what has been said that this large balance when
paid, with its accsuing interest, must be mei directly
lndirccy-sooner lacrby the increased expectation
Of our agricultural and other staple products.
Ii Tie foregoing views correct the discharge Of
foreign Indebtedness will be less onercus accord
ing the tariff policy adopted by the general govern
mcnt more or less restricted. Indiana Is almost
destitute of currency because there has been
drain uIon IT. large balances due TO the eastern
cities. To supply this deficiency must have ready
and profitable sale of agricultural productions A
common argument IN favor of the system,
that furnishes home market for the farmer. But
ference the IN the last demonstrates that
the agricultural productions Of the United States far
coed any domestic demand FOR consumption. And they
would be si greater, If the industry aud enterprise Of
the farmer, stimulated by recommending prices The
turing States themselves largely agricultural
What they lack in supplying the demand within their
own limits could be easily furnished ly single
western State. Where then the other agricultural
States to find market for their surplus, Or. should
there he Of manufacturers, sufficient 10 con-
the surplus produce of the whole country, where
would their fabrics find market AT home. the demand
would bear proportion 10 the supply. and f the doc
ne of the resirlciionss themselves is corec abroad
others would nnderse.
The wealth country consists in the products Of la
hor in lis largest The aggregate 81 this wealth
number sIeg IN. industry and skill Of those engaged
It's acquisition. Any legislation, therefore, that gives
tain individuals in The community, higher prices for their
products than they could ordinarily get an the natural
Of trade, other words, besiows upon them
more than their share cf the aggregate wealth created ty
the tint Efforts of all must DO II at the expense of the
others. We have Illustration OF this Truth in the oper
alton of the existing protective system. is s,yd
advocates. We paying increased prices for
lbcs Of the large mauu!acOrlr- which are consequently
dividing exotant pre- fits. Of them from 10 to 30
cent. their investments. And yet the pces OF west
produce almost exclusive reliance for meeting this
ard increasing drain nj the lowest
,bb. We need a system that will protect y equally
practicable the industry OF the farmer and small me-
chanic as well as that Of the wealthy capitalist The
question not whether duties foreign goods shall TO
abolished, hut what shall be their exfeni2 Any amount
of duty operates coep ndng protection 10 the large
of the rival domestic article Who therefore.
under this system ALWAYS have adv aniage 10 that
extent the labor OF the farmer. And ought he
be satisfied with this advantage when created by duties
sufficient for reasonable revenue
Ii has been proposed IN Congress 10 reduce the tar
iii duties below those established under the adminsra
tons Of Washington, jefferson Madison On the
uary, a Willingness has been manifested go beyond
them If found necessary for the economical expenditure
of the government.
Many advocates Of The s.proteetire policy
profess be IN favor of system limited the fiscal
cessIiies Of the country II Is usually termed Rev
Tariff But under the existing tariff regulations
find that the VIII largely exceed The egi
mate wants of the Treasury. Tins only iempts
lavish prodgay the part of government, but Il oPe-
oppressive western labor. Its effect
the greater or less exclusion al imports which, has
been shown, Inii The Of exports n
corresponding extent THIS results directly iwofold
INJURY the farmer for by the exclusion of forcgn
uiactures demand for and price of, the domestic
tcIe which he compelled 10 purchase, increased,
while the demand for the produce of his labor thus
accumulated home limited and the
" diminished.
The thorough conviction is felt, that embar-
easements greater less extent, be aggravated,
while such "A system continues 10 exist.
The great mass of fellow citizens, will not suffer
myself to doubt, will'ng-nay, anxous-to meet all
Just obligd With Them question al
inclination but Of ability Bu the Of the debt,
the actual condition. aud means of the State and
thorough examination of the whole subject, have only
served TO confirm IN the opinion expressed a for
btlcs. Indeed, far my observation has extended,
the opinion adv anccd BY predecessor IN s last annual
message 4" that cannot pay the interest our
public debt is universally entertained among the people
OF The State
Since the last adjournment received communica-
ton from Boston, enclosing memorial om srudIy Of
tondhoder> IN London. II was only competent for 10
aoknowlsdse rs recent expess my individual opinion as
10 the ability OF The State 10 meet Their claims and engage
10 lay the memoI beiole the Gencra Ase nbly which
Is accordingly done.
Inde, all the circumstances would recommend that pro-
vision be made by law for the appointment Of
commissioners any such
be hereafter addressed TO the auio of the State IN ref
this matter the hope OF making arrangement
all just debts which, while will bing The sub
jet within means ill the honor of the State and
be satisfactory creditors Such should
Of be binding until ratified by the Legislature
what perhaps better, until confirmed by diect Of
the people. The latter, II Is understood, the
adopted iy Michigan relation portion of hcI debt aud
that the arrangement was duly ratified at the polls by her
citizens.
Few among hope would be founi willing cpud-
ate just claim against the State and have great
dence that If IN the proposed plan oE hing
the debt nstuted and aseei upon,-enc which
viii be feasible and clearly brought within the ability Of the
state 10 meet, that appeal the Of
for hIs approval al the ballot box will be made
The settlement Of this question would nfuse Of
hdencc throughout the
of citizen, individually, would encourage immigration
and hasten the OF the country Our creditors
too, when thoroughly informed Of condition
tent Of means, Will hoped their own interest
IN early adjustment If Tins matter before the present
anxiety Of the people co!aIge the debt by
apathy aud dcsga
ln OF the indebted States the aNment of their
foreign liabilities, by sale OF their public works
agiaied In favor OF Tins policy IN State IL has
been urged by that creditors ad loans
the ability of the State make payment
dlspTOpOriiOnac resources, with which hcv have
first made themselves acquainted, but the expected
prOduct, of the works for the of which
the loans We're nladc-ihat They could be finished
cheapll and speedily by individual enterprise than by
govenmcnttiiat y hen completed they would be equally
profitable to the purchasers the Stale she
the proprietor; and that they could payment for
them the cost Of constructions dcpr.cialc
al par. Ga the other hand the advantage the
the adoption ct such measure II has been suggested,
would be- that these works would thus speedily be
picicd whch otherwise would To- impossible for the
State with her present and credit inIsh-that
Tie bcneht 10 citizens would IA that ease bo crest
though the works constructed by the >ia'that
the progress If the works would give enpo,
labor and market FIR produce and finally that
state debt would tfus De lroIurionaly absorbed Pro-