Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1844-04-26

reserved the right OF such decision for
tho proper moment and the proper oc
aston.
Mr., Clay then entered into frank
and fearless exposition Of his views on
tho great question Of the tariff and the
currency. He said he came here 10 fiat
Ter no man or set Of men-and what he
dare say on the banks OF the Ekhorn he
would dare cay in the Palmetto State.
He had ever been in favor OF the pro.
tecllVe policy TO a certain extent. 10
preserve al once the peace and great
interests Of the country, he had been &C
tive in effecting the compromise Of 1888
and although he was for maintaining The
doctrine that any Congress could bind
it's successors, the extraordinary exigen
cles and slate OF the country which led
to the passage OF that compromise made
him leeI it an obligation Of honor TO ad
here 10 it in good faith; and he chaIIen
god the most dlIJgent search Of the re-
cord TO show that he had ever counte =
naDced it's violation in the slightest par
ticulsr-nay more, he was bold to say
that during his entire service 10 Con =
eress since, there had never been an ef
fort to violate il which had not met with
his prompt and earnest resistance. i:
was important 10 understand The true
character Of that compromise. 1t pro-
VIded ior a gradual reduction OF duties
down 10 20 per cent. at a given time,
and after that foT the raising OF such
revenue, By duties on imports exclusive.
y, as was necessary for an economical
administration Of the government. But
the principle ofibe home valuation was
an essential and indispensable feature of
that compromise without that feature
It could not have passed, nine Senatorial
votes having depended on that conces-
siou-and although distinguished Sen
aIor from South Carolina al first strong
ly opposed it, he afterwards publicly
and ponIedly in the Senate surrendered
the point, and the passage Of the meas
ure was secured. Mr.. G. denied th at the
principle Of the compromise required
the maximum rate Of duty 10 be fixed al
20 per cent. its true principle was
that no more revenue should be raised
than was necessary for an honest and
economical adminStralion Of the gov
eminent, and within that limit there
might be discrimination in favor OF do
mestIc industry. He was far from con-
cedng that The tariff OF lS42 was 10
violation Of this principle of The com
Promlse-but if it we're it equally viola
ted the principle Of the homo Valuati ion,
and neither interest afe:led by it had
more righ. TO complain than the other.
A brief vindicalioD OF a moderate pro
tective policy next followed, as necessa
ry 10 secure the independence Of The
country, and its ability for defence in
time OF war; and as furnishing to the
agricultural producer home market
10 other words Two markets of sale and
Two markets Of purchase. Mr.. Clay
concluded this branch OF his subject by
declaring himself in favor OF system
of protection, moderate, reasonable,
certain and durabls-yieIdIng no more
revenue than is necessary for an homes
and economical administration OF the
government, and within that limit, dis
eliminating in The imposition OF duties
between those articles which do anC
those which Go not enter into compeli-
, ton with domestic MISUNDERSTANDING
the heavier duty on The former and the
lighter on the latter. He said that on
this basis This great question must be
seltsd-that re must LiUe together, we
cannot do olherwIse-and there musl
be some common ground on which we
should meet That The advocates oI
Tree trade and the advocates OF ptohib-
tory or high duties, occupied The two
extremes; and safety and peace could
only be found by taking the middle path
: That neither interest nor section could
expect TO have it all their own way
the matter must be adjusted by conces-
sIoO compromise and Cancellation such
concession compromise and conciIialior
as led to the adoption Of the federal con
stiulioD; and under The influence O
which our political union would continue
10 fulfil itS sacred trust and move for.
{ ward in its high career blessing to ouI
: race. Each interest must concede somC
thing, ard thus a system Of equivalentt
would give satisfaction 10 all-aDd W.
} should be the more prompted 10 this re-
sull, as tho concession would not be L
} foreigners and foreign interests, but tc
domestic interests, TO fellow citizens OF {
common country, TO brethren OF tht
/ same family.
10 relation 10 the currency, Mr.. Clay
I pronounced the idea Of an exclusive me.
taIlic circulation mere deIusion; asSu'
med that bankS and The banking system
would continue TO exist under The aus
pIces Of the States; and thence inferred