Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1844-07-12

In anticipation OF the payment OF this debt, and OF
consequent surplus of revenue, Gen Jackson sug- ,
gested the policy of distributions policy certain
ly expedion in reference to the public lands as
to a surplus revenue derived from any other source
TO avoid these evils, "a surplus rcyenuc or reduction q ne
TARIFF appears that tho most safe, ust and equitN
disposition which could be made Of The Surplus revenue would
Of OBSERVATION-DISCLOSURES, Dec &, ls-9'
1t is thus shown that the Wing policy is in every
respect congruous with that of our Republican
fathers; that in its main features it adopted by
the first Congress- and pursued by every admins
tration down to Jackson; and that in the outset
Jackson himself adhered to it. To this we have
only to add, that under this policy the nation was
prosperous and happy; but from its abandonment in
the reign of Locoiocosm nothing but mischief en-
sued to both government and people.
There is another view of the Wing policy which
ought to be taken in this connexion the system is
consistent, harmonious; every stone in the edifce
is necessary, and all its parts happily adapted
TO each other As phoie, it will stand and -four
sh vigorously, dispensing rich blessings upon the
nation; but if broken IN single point, the whole
must inevitably fall to the ground.
Protection is the grand object, and this our OPP
ponents lin Vermont) concede to be indispensable.
We insist that without the other two measures
without sound currency and distribution rotec
ton is useless, nay impossible; and this ground,
too, it is demonstuble, that the professions of Lo
coioco leaders, in favor of protection, either
made in utter ignorance Of the effect of their poll
cy, or they are hypocritcal.
What is protection without sound currency P
Let the condition of the country, after the explo-
sion Of the pet banks, answer; Or let us come to
the real point and inquire, whether a depreciation
of the currency, and consequent exorbtOnt rates of
exchange, arc not equivalent to reduction of pro.
lection? The surplus produce of our soil and in
dustry goes to our market, and from thence to eve
ry section Of the lane, and back comes, in pay
mont of the balances due, money which is 10, Is,
90 or 30 per cent. below par WHO suffers the
loss 1t is not loss TO one section or one class
only but to all. The merchant and the monufac-
turer must make up their loss somewhere and it
IS divided among the producers, the laborers-the
people, who are all taxed with the immense sums
which go into the hands of the capitalists, note
shavAs, and brokers. This, however, is not the
worst or greatest mischief of deprecated curren-
cy. There is no stability in business under such a
currency-nothing upon which business men can
rely from day to doy-ond hence they go on, if
they move at all, slowly and tinidly they can pay
but little for labor which may not be requted to
them, and must either live from hand to mouth or
ncautiously run headlong to destruction, sweeping
the multtudes who are connected with them to the
same unhappy end In such state of things con.
fdence is ost,-merchants fail-factories suspend
mechanics are thrown out of employment-and
the great mass of producers, whether of food for
subsistence or of the raw material for manufacture
ers, find only precarous and proftless market. A
country stimulated by protection and yet cursed
with unsound currency, is like man in full
health struck with palsy-powerless, to all prac-
teal purposes lifeess.
We wish no one to understand us as asserting
that the old U. S. bank, any bank like it, is
sential 10 protection: we mean that sound nation.
al currency is the thing neutrality-suspicious. =
Our own currency in New England never was bet
ter than now-as whole, the currency of the ma
ton is now in toerable condition-the rotten anC
corrupt brood of banks, which sprang up after the
refusal of the recharter to the U. S. bank, having
been purged off in the explosion of the pet banl
system, leaving only the really sound and solven
institutions standing. ana IL is 10 De remembered
that have to all intents and purposes, nationa
crrency of no inconsderable amount in the treas
ury notes. But what shall take the place of thes,
when the national debt shall have been paid ?-ant
when capital and specie are superintendent a
this moment, when, if this state Of things con
tnues, the banks will be tempted to force out thu
highest circulation, as ere long they will be-shal
nothing be done to preserve a sound currency? 1t
preservation will be necessary-defence agains
this internal injury is essential to we'll ben
as defence against foreign armies either of soldier
or monopolists.
The policy of Distribution is also absolutely es
sential to protection. BY the common consent @
all parties it has been agreed first that no NOR
revenue shall be raised than is fairly required t
sustain the government-and second, that whatev
err protection is extended is to be given throug
our revenue laws. 1t follows from these point
that, if Congress pns the land fund into the treas
ury, 1.-THE locofoco doctrine, it is at liberty to rails
only the balance of revenue wanted by Tariff
How would it operate We will assume S25000
600 as sufficiently ample for the support
the government, and, by giving the actual amour
f derived from the public lands in series of years
l., will show the operation of this system:
;. Sum derived from Sum required to be
Years. lands. raised by Tariff.
1884 $6,0999sl O4 SIs,90o,Oi6 90
J. 1885 I5999S04 III 9,0O0095 80