Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1844-06-21
The lerungemen, of the currency has been often

elect rather than cause although in It's turn II be-
came an efficient cause in aggravang the msfortun,s
Of ihe country by snspendlng the operations of labor
ana depreclntnR It's productions; by adding To the
weight OF Indebtedness and nus giving additional
force 10 the original cause of ALL Had not your I'M
ports vastly exceeded your EXPORTS no foreign debt
would have been created call for specie for expor
tation, no pressure upon your banking institutions,
and OF course no arrangement OF ur currency The
STATE debts, too have come IN for their share OF the
oboquy But the contracting these debts did not
constitute the evil. Ii was the form in whirh the
loans were receveiin pershable fabrics, which fur
nlsied no means of repayment, to the Encouragement
OF your own domestic industry. You had, TO great
extent, abandoned your protective policy, and thus
invited The Introduction OF foreign fabrics instead OF
that which would have served "a bnsis Of your cur
rency The whole amount of State loans added but
little, If any thing. To this basis and when the day
oil payment arrived the pressure transcribed the
ability aud the means Of your monetary institutions
Here IN tins abandonment, was the primary and
radical error
How, then, is the mistake 10 be rcmedicdl The
remedy is obvious reduce your imporntions, not
merely 10 the standard of your expectation, but you
must, for the present, 90 below it, in order that ror-
ton Of the production of your industry, the only true
source of wealth, may he applied 10 the extingsh-
mcnt OF your !cbi Sir, l speak with particular
reference TO tie cotton planter OF the South Give TO
him the advantage, enjoyed by the wool grower Of
my own State of domestic market. Save him from
the Consequences Of thus unvrr al Indebtedness both
individual and national which tends more than any
hing else TO dcpreciae his great staples for nothing
has more decided tendency TO depress agricultural
production than distressed, embarrassed, and neces-
.lious condition of the whole class Of producers;
and save him from these overwhelming revulsions,
originating the foreign market, which fall with such
Tremendous and peculiar force upon HIN.
Sir this free trade policy, the fayorlie remedy Of the
Senator from South Carolina will only aggfavatc the
evil. We have imported too much already. The
Senator says, extend your importa'ions still further.
You are IN debt HI advises to contract mere. lon
need ell your meet this debt he advises to
anticipate those means, you have done heretofore,
roe m swallow u.
and leave your debt where il Is; his policy IS to add
TO your income by increasing Your expenditure. lie
saverts TO the laws OF trade and the theotles OF VIII
tiers on political ecunUy, ne insss 'nat you cannon
export unless you import; and argues that by IN
creasng your importation YOU nc' ase your exporta-
ton. | am aware SIT, thai commerce is but nm ex.
change OF COMMODITIES, bat circumstances may anu
often do destroy the equilibrium of foreign trades and
the nation which finds itself embarrassed from that
caus- must take the proper measures % restore II.
He will find no writer who lays down the dpctiine
that nation can extend its expectation in 'sinrey
nv increasing its imports or that it is necessary in
order to preserve your foreign trade, that you exceed
in your importation the amount of your exports or
VINO recommends II as a mater Of national economy.
The Senator insists that the South the exporting
portion Of the country, and therefore the Importers
and niers from this (not very accurately in my ndg-
ment) that they are the principal consumers; nnu he
asks that they be permitted 10 do as they please with
their own To tins, certainly, there can be no oblcc-
ton. 1t s expected by the friends of protection h,t
the con'modocs OF other countries Wi be received IN
know that your expectation must he limited 10 the
demand abroad aud desire tina; your importation
should be graduated accordingly. And here sir. is
the answer To the objection that we desire the eXihc
ton OF foreign commerce. We do not desire to de-
eiroy our foreign ira c but to restore lis equilibrium
to place 1t upon It's legitimate footing as an inter-
change OF comnodes-o make 1t conducive 10 ma
tpnal wealth and prosper,y-to lop oil lis excuses
IN the article of importation, which experience has
shown TO be so fatal to our pro .perity.
Nor does the protective policy, properly admins
Tered, tend 10 the destruction I'll ioregn commerce.
There w always be competition between the do
hestc md foreign manufacturer. Could you throw
the whole American market into the hands Of the
former, anu make him the exclusive producer Tor
American consumption, twelve months would not
elapse before he would encounter a competition from
abroad. That competition would grow out o! your
foreign commerce. necessarily, inevitably, and out OF
the necessity Of receiving the commodotes Of other
nations IN exchange for your productions exported.
And here SIR permit Inc 10 advert 10 the very ial!a-
clous apprehension which has been presented as
sort OF bug ear that the tendency OF the protective
system is TO build up an arisocracy OF manufacturing
wealth, to which the whole country shall be subject.
Such result cannot be brought al out. 1t VIII be
prevented by foreign competition. The duties lmpo
eed by the act of 1872 little more tian an equlva
lent for the relative cheapness Of production in Eu-
rope; and should the manufacturers Of this country
seek TO accumulate large profits by means of unrea-
.onable prc.s they would he at once ama.,?T,d ny
those Of Europe. This cause cooperating win the
domestic competlton 50 ready 10 start up Mheh any
invest nent becomes profitable, will be etiectnal to
keep down prices and prevent an undue accumulation
OF wealth among the nanlfac urlng class.
Mr.. President. it was not my purpose to discuss the
merits of The act of 1917 cons Tered as mere feVe-
nue. measure the effect to be produced upon the
finances 10y It's repeal. leave those SUBJECTS IN no'er
and better h1nds-:hose of the distinguished rhalr-
man of the Committee on Finance. My design mas
been 10 vindcate the protective policy, as exhibited
in the tariff of 1912. And what, in substance, does
that policy propose! Sir, 1t prosposes, IN view al
our recent disasters and the cause winch has produ-
ced them, TO bring back the trade OF tbs country 10
its le! innate toolng-to Ii nit oar expenditure To our
means-to increase the production OF labor and It's
v"iu3 by dnerstylng that labor, and dver,lns a
portion of 1t from pursuit already oyffsiocked 10
9th and more valuable and uSttu employment, anu
thus developing more fully the resources III the cDnn
try Ii proposes 10 diminish our expenditure, anu OF
course the Tux upon do lie tic industry, by creating
within ourselves to n certain extent what we have
hitherto pare ed iom aboad-addlne al the same
time 10 The FRO 'uci.n of our own labor precisely IN
proportion as we diminish inporta'on-tmpioy ne
our own labor, instead If making II tributary 10 Tor
eign nations. Proposes not TO sub 'tine Wanulnc
ionTfGtrfr hHiJplRg fgpst fsdt and diver.
sliyng our projections and objects Of roria-
tod, and thus enlarlng the commercial capacity Of
the nation IL proposes IN short, that system Of
economy which, as individuals. we approve ana
ndopt-to produce as mach possible by the eillrts
oil our own industry, and 10 keep our cxpeniI'nr
Wl'hln our income gong upon tie assumption thai
national ana personal economy are based upon The
same principles and thai national prosperity is but
the aggregate OF individual prosperity. In regard II
local an sectional considerations, il forgets not TN
grea, variety of inuress-of soil and climatc-of pro
ductlon and resource of occupaion and pursuit, ir
this our widely extended country, but very Justly de
'erinnes That The protection ani the pro perlry o
eac section are the protection and the prosperity
ofal.
For New England destined ms she is to lie man
nac'nrlng people, 1t proposes the encouragement o
domes lc man TACT res-glvlng 10 that people re
source hy which their prosperity and happiness ma
re perpeinned, and saving that fair portion of on
n moi