Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1844-08-29

Inc dttiHPt DeCduSc VI tllo lilCdpdSlty VI iiiiii
r. foresight to perfect scheme SO tremendous.
Again, have spoken Of the power over the
r State Banks. These without doubt, are Con
t stitutional When the Constitution was es-
: tabIished, some of them We're in existence
They were not forbidden by that instrument
? therefore the right of the States to establish
them was recognized They have their rights
as State institutions, and it may not be unwise
: to restrict their issues by some supervisory
power-the concurrence of the States-an a.
mendment Of the constitution would answer
this end as well as National Bank But
National Bank admits CT coalitions with the
State institutions, where they shall be profita-
bic. | leave this consideration merely to men
ton another. The great objects of National
Bank as put forth by its friends are: lst Al
stable currency not subject to fluctuations 3D.
The regulation Of exchanges. AS to the first,
put it to you whether an institution at the
will Of Irresponsible, selfish directors ever can
{ be otherwise than fuctuating: and as to the
second, appeal to the present state Of exchan-
ges for triumphant, unansWerable refutaton
of any such argument. The limit of my time
will not allow me to speak Of the injustice to
labor and the unfair benefit to capital conferred
by this institution. These arguments you
must elaborate to the conviction that it is no
poor mans friend-that he has nothing to
hope from 1t, but everything to fear, as he has
from every other enemy to equal rights.
As to the distribution, my time will only
permit me to remark, that the public lands,
the proceeds of which the Wing party propose
to distribute to the States, belong to the Gen
eral Government. The proceeds are part of
It's revenue. 1t wants now and will want all
its revenues,-for the taxes upon the people
should be as light as possible 1t is as unwise
for the government to throw these proceeds to
the States, as it would be for each of you to
throw part of the income to your children or
other relatives that you need for your own
support. Nay, the case is more unwse on the
part of the government, for the amount of reve-
nue. given away must be replaced by other rev.
enue, raised by taxation from the people, to
collect which numerous officers must be en-
! ployed, large salaries paid, and heavy expen-
! ses incurred.
| speak now of the Tariff, and in speaking
OF this wish to be clearly understood that so
far as | am ncquaintJd with the sentiments of
the Democratic party on this subject, they are
IN favor OF supporting the national government
! by Tariff upon imports, and believe their
sentiments are in favor of Revenue Tariff as
contradistinguished from a Protective Tariff
In the imposition of Tariff there are two ex-
! tremes, at or between which every Tariff must
be imposed. One Of these is free trade-where
ports are thrown open and the consumer is at
liberty to buy and the producer to sell wherever
their interests may dictate. The other is a
prohibitory Tariff that surrounds nation as
with reef of rocks, and cuts off all inporta-
ton.
Every Tariff restriction upon free trade short
of absolute prohibition has necessarily double
operations it is to some extent protective and
/ to some extent prohibitory. 1t is protective 50
I far as 1t saves our own manufacturer from the
competition of the foreign manufactured is
prohibitory so far it tends to keep out an ar
ticle by an increase Of its price.
Again, Tariff may be imposed upon princi-
pies of revenue, that is, in order to render it
principally subservient to the purposes of the
government In raising revenue, or 1t may be
imposed upon principles Of prohibition, that is,
to render it subservient to the purposes of our
own manufacturers in keeping foreign goods
out of the home market, thus giving them a
! monopoly in that market.
1t is obvious that in the imposition of Tariff
laws the interests of the country should be
equally and fairly protected--the burthens of
taxation should fall as lightly as possible upon
ALL The Tariff of 1S42 has failed to protect
upon this principle, and its direct tendency is
to foster one branch Of industry at the expense
of another.
/ What are the interests to be protected by the
Tariff, and what is their relative proportion.
In one point of view they are reduceable to
manufactures, commerce and agriculture. OF
these interests agriculture is by far the most
important. More than II 500, 900 of our pop
ulation are engaged in this noble pursuit, and
comparatively speaking, nearly the whole cap
ital OF the country. To agriculture we look
for the means of wealth, and for all the Gle
ments OF national dignity and importance. 1t
Is cotton, tobacco, flour, rice, &C., that have
made the country what it is.
In another point of view the interests Of the
country present themselves to US as capital and
labor. Of these interests labor is vastly the
more important, constituting, as it does, the
source of all our national wealth.
Let us now ascertain how these interests are
protected under the present Tariff, and wheth-
er they be wisely protected. 1t is mott can
not be disputed that an inordinate protection,
prohibitory in It's character, is extended to the
manufacturer whose profits are from IA to SO
and in some instances 100 per cent per year.
refer the gentlemen on the other side to ia
bles to establish the fact.
Now the direct consequence Of this protec-
ton must produce one of two consequences
First, the investment of large amounts of CAPT
: tai in manufactures, withdrawn from other
employments, and producing great competition
amongst the manufacturers. I'd. At some flu
ture day the modification of the Tariff law it
self, for the public will not see the manufactu-
! rers benefited to great an extent without
concern and interference in the matter The
latter case supposes an alteration of the Tariff
. which must operate prejucially to the manufac-
: turer, and the former the capital is invested n
pom the supposition that principle of prohibi-
ton will continue that is liable to be disturbed
whenever the principles of revenue shall inn