Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1844-12-06

now paying increased prices for fabrics OF
/ the large manu!act tories. which ccnse-
quently dividing exhor bi,ant profits, many of
them from 0 10 80 per cent, on their invest
ments. And yet the prices of western pro-
duce, cur almost exclusive reliance for meet
ing this large and increasing dram on our
means. are at the lowest ebb. We need
system that will "protecl'' equally as prac-
,icable, the industry Of the farmer and small
mechanic as we'll as that of the wealthy CAPT
,alist. The question is not, whether duties
on foreign goods shall be db,lished, bu, wha,
shall be their ertent? Any omount of duty
operates a correspon ling protection TO the
large manufactured Of the rv,i domestic ar
,icle, who, therefore, under this system. mus,
always have an advantage TO that extent o.
yer the labor Of the farmer. Aud ought he
not to be satisfied with this protection when
created by duties sufficient for reasonable
revenue!
1t has not been proposed in Congress. 10
reduce the tariff duties below those establish
ed under the administration OF Washington,
Jefferson Madison. On the contrary.
Willingness has been manifested 10 go beyond
them, if found necessary, for the economical
expenditure OF the government.
Many advocates OF the called "protec
tire policy profess to be 10 favor of system
v,
or as 1t is usually termed, Revenue Tariff.
But under the existing tariff regulations,
find that the revenue will largely exceed the
legitimate wants Of the Treasury. This not
only tem?ts to lavish prodigahty on the part
OF government, but it operates Cppres
sive tax on western labor. Its effect i, the
greater or less exclusion Of imports. which,
has been shown. must limit the amount of orr
exports to a corresponding extent. This re-
suits directly as twoiold In Jury to the farm
er, for, by the exclusion Of foreign manufac
lures the demand for aud prices of, the do
mestic article which he is compelled 10 pur-
chase, is increased, while the demand for the
produce Of his own labor, thus accumulated
al home, is limited and the price consequently
diminished.
The most thorough conviction is felt, shat
our embarrassments must, to greater or less
extent, be aggravated, while such system
continues to exist
The great mass OF our fellow citizens,
will not suffer myself TO doubt, are willing
nay. anXious-to meet all our ust Obligations.
With them il is not question OF inclination
but ability. But the extent of the debt, the
actual condition., and means OF the State. aud
more thorough examination OF the whole
subject, have only served TO confirm me IN
the opinion expressed on a former occasion,
that it is beyond our power. at least tor the
present, to mee! our Liabilities. Indeed, so
lar my observation has extended, the opin
ION advanced by my predecessor IN his last
annual message '!hat We cannot now pay
the interest on our public Gebl is UNIVERSAL
Y entertained among the people Of the State.
Since the last adjournment, have received
a commune alton from Boston, enclosing
memorial from sundry our bondhoiders 10
London. 1t was only competent tor me TO
ack DoI Tod md nj
ual opinion as IL the ability of the State TO
meet their claiDs, and engage 10 lay the me-
moral before the General Assembly, which
is accordingly done.
Under all the circumstance>,l would RECON-
mend that provision be made by law tor the
appointment of one or more commissioners
as may be hereafter addressed 10 the author
ties o! State. IN reference To thus matter, III
the hope Of making an arrangement as to all
our Just debts, which, while II will bring the
subject within our means, will save the honor
of the State, snd oe satisfactory to our cred
itors. Such an arrangement should, Of course,
not be binding until ratified by the Legis!a-
ture, or what IS perhaps better, until confirm
ed by direct vote Of the people. The latter.
IL IS understood. was the course adopted by
M lchIgan IN relation 10 a portion OF her debf,
and that the arrangement was duly ratified at
the polls by her citizens.
Few among us, | hope, would be found
willing TO repudIate any just clam against
the State, and ! have great confidence that
If In the manner proposed, plan for ex''n
gushing the debt is maiured and agreed upon.
.one which in terms will be feasible and
clearly brought within the ability of the
State to meet, that an appeal TO the sense OF
the citizen for his approval at the ballot box,
will not be made in vain.
The settlement Of this question would IN
fuse more of cofidence throughout the COM
muni,y, would improve the credit of our cit
liens individually, would encourage immigra-
ton ana hasten the improvement OF the coun-
try. Our creditors. too, when thoroughly IN
formed Of our condition, and the extent OF our
means, will. it is hoped, see their own inter