The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1844-07-26

ten per cent, but Of The last half of III,
whOle eTcesS above twenty per cent, left Of
ter 3lst Of December, 1899, and that re
value of the imports, unless q, that time the
revenue from that rate of duty should be
inadequate TO support the administration o.
the Government. Now, how stood the
facts at that day We had actually incur
red national debt OF more than $50 900,
600 at that very time, under the operation
Of higher ra'.ttaa d twert cent:
, aud that, too, with The aid Of all the lant
fund, and bank stocks. and bank dividend
besides. Our revenue had sunk so low tina
the credit of the nation was, al that very
moment, in the most deplorable condition
We had borrowed on that credit till for.
elgnsrs would not lend us another dollar,
! and, in our own market, the six per cent. Ger
lifca,es of the loan redeemabe in twenty
years could not be sold 10 any considerable
amount for any thing like their par value.
We had approached the very verge of ma.
iIonal bankruptcy, and but for tho Wing
revolution of 1910, which had elected a
/ Wing Congress TO decide our fate, we
4 should OF that moment have been in imm-
nent peril of national reputation. The
depressed state Of public credit was one of
the contingencies anticipated by the friends
OF Mr.. Clay at the passage Of the compro.
mise, and we now kH0U IRE rere right
We foresaw that the duties never could de.
scend to twenty per cent, if that pledge 10
raise the duties 10 the standard Of the wants
Of the Government, given in the act, should
be fulfilled; and our hope-our belief was,
! that Leiore they could descend, by the ope
ration OF the law, to twenty per cent, men
OF NJ! parties, seeing that the Government
could not be supported on that principle,
would confess old errors and Join with US,
under happier auspices, in so adjusting the
tariff MS that, while the wants OF Govern.
mcnt would be supplied from import duties,
ample protection, as incident 10 the reve-
nue., would be freely accorded to Us without
further strife. H. lhen, Congress had at
that time raised the duties 20 The standard
then fixed by the compromise, We should
have had tariff which would more eflec
tually have protected home labor than the
act Of 1912: because, although the duties
would have been for revenue, with only
incidental protection, (he very principle of
the net of 1912, yet those duties, without
the aid Of other sources OF revenue TObid
hare been sill higher than those of 1912,
and their collection far better guarded
against frauds.
But the compromise act caused grad
ual reduction Of duties until the 30lh of
June, l942, and the question remains to be
answered, "Why di1 the friends of protec.
ton to home labor consent to such reduc.
ton even for a limited period!"
The answer might be very short one.
Under the circumstances 10 which We were
then placed, it was palpable to the minds Of
those who voted for the compromise that,
unless We accepted that, we should have to
submit TO the speedy destruction Of the
whole manufacturing interest. But It is
due to the subject, that, 10 answer to this
question, the circumstances TO which have
alluded should be briefly explained. AT
the time Of the passage Of this law the VIC
lent opposition o: many Of our ielIow-cit,
zcns in the South, and Of not a few else
where, TO the whole protective policy, was
unparalleled in the history Of this country.
South Carolina, By her ordinance OF MULTI
cation, had openly defled the General Gov
eminent, and resolved that no duties should
DO collected within her limits. Ii s easy,
at tins day, after the storm had passed
over, TO speak Of her resistance as thing
which could have been easily crushed by
the exhibition Of a little irmness. never
doubted, nor do | believe that MIR. Clay or
any of his friends ever doubted, that the
power of this Government was amply sutii
cient 10 enforce for the time the collection
of the duties on imports in despite of all the
threatened hostility OF South Carolina and
all other enemies OF the protective poll
cy. But il is due to truth TO say, that at
that time South Carolina had many Sympa
thizers and not few adherents in other
parts of the country. Wewere every day
in danger of a collision, which might ter
inmate in bloodshed and, in that event, any
man lolerably acquainted with the Amerl
can character could anticipate, quite as well
as can now describe, the Imminent danger
of a protracted and bloody contest, which,
if it did not endanger the Union, as firm,
ly believe it would have done, must have
rendered the protective system hateful 10
our countrymen, as the exciting cause of
civil war, and incapable Of being maintain
ed except by the butchery of American cit.
izens by American hands. never did,
and do not now believe, that any such sys-
tenn can be long maintained 10 a Govern
ment like ours, if it cannot be upheld with
out civil war. The friends of the coin
promise, in the firm belief that the pro;ec.
tive policy was entitled to the confidence
and support of the American people, and
would grow up and establish itself IN their
affections, If violent civil strife could be
avoided, desired, of all things, time (; tine
for reason TO resume her empire; time for
the violent passions of men, then Iuitamed
to the very verge of insanity, to subsde ;
and they consented to a gradual reduction
Of duties for limited period, with view 10
tho ultimate safety of tho nrotertiye prIncI