Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1844-05-30
THEORY OF TAlslTF PEeOTE CVION
speech OF Nr. =. A. Wright, OF EEiians.

Speech OF Nr. ). a. Wright, OF Endiana,
Delivered in The House Of Representatives., APrif p and
%, 1874.
The House being in Committee of the Whole on the state
81 tie Union. and having taken up the taTIh bill rePosted
from the Committee OF WAYS and Means
Nj. WRIGHT said that he felt a desire TO say something
before he should be called upon u vote on this question. lie
did rot rise for the purpose Of making a party sleech-of
abusing THIS OF That distinguished nan: he leit that Tor tn
ers, who might Feel disposed 50 TO act. lie had long since
come TO the conclusion that one Of the grea; evil. OF the day
was tie conversion Of this hall into an acna Of paitsan po-
lIiical discussion in which principles aud measures that the
people have a n interest in ~ lost sight OF; and The worst
feelings Of onr nature aroused; and slandeT aud abuse are
hcapcc upon our public men and all Tor the purpose Of eic-
vating this or that man 10 the presidency These things
Ought not 10 be and. so long a. | have a seat upon this floor,
in no event will enter upon such discussions. When de-
size thus TO speak, will 90 TO the hustngs, where the pco-
pie assemble for POLITICAL Discussion. ami take my part with
others before that tribunal which alone has The light 10 hear
and determine all such questions. But to the subject teiore
Much has been said about the operation Of the tariff Of
1912, ard its influence on The country by the me'e p'ftsan,
who seeks not for truth for lis own sake, but for whatever
may he held up plau>ibly bcfore the country as a good IN
strument Of party warfare. IL seems sufficient T. sly The
tariff vas passed in 1912: this IS ls44; we are Pfo>pernS
now, therefore the ta,if Of 1912 IS the cau'e OF the prosper
iy Of 1914. This IS h's reasoning. and he doe % sulp"SS
that any maj is vain enough To stop by the "a' .'de ana
make inquiries. But with this wholesale assertion, he pass
es on, not surprising for a moment that the mass OF our peo-
pic Will inquire into this question, and III others .. mem ~
selves. and not rest on the meIe assertion or conclusion u
others. But we shall see how tins is
The act was passed in August, 1872 The BUSINESS OF The
county, all agree. continued, IN more than a yea alter ITS
passage, IN a state Of depression. of inactivity, 1t was pass
cd at a time when the nation was hborine under u conse
Qucncc OF the great Ievul>IOns, c mmcncing IN 1851 we
had then acquired knowledge from adversely, ard a return 10
a Iigd system o. economy vas apparent every where; all
men were tying To live within their means there were
fewer debts contracted IN lsll and 1912, than there had been
during any twenty-feur months for more than fifteen years
past the evils of The credit system were felt and ackno~l-
edged by every man people everywhere were Struggling 10
get out Of debt, az d limiting their expenditures To the least
possible amount. This know TO be true IN my own STATE
and presume II was so IN every other. Mat would be The
consequence Of this general f1ct2 | answer. that several
results would follow, independent Of all tariff regulations;
ii the people were so universally eeonomizins. they would
buy goods To a limited extent and this would cut oil >acs,
both II foreign aud domestic manufacture; that 5 TO say
the people would limit then purchases. whether he articles
were made in Old England or Netr England, OF any other
manufacturing region. Imports. for 'h's rc.>on. # for no
other, would tie diminished. such a state # things would
reduce The p,ice Of goods, a. that is aiwsy, effected by an M
creased supply and a diminished demand. Tins u i;hi, IN
part. explain the low ,ce Of last year, and a N increased
business Of itself might bring up prices. Prices ale row
rising on almost every a'',lo Of manufaeiure. Whittier or
eign OF dlmrstic, owing to this cause ana 10 the operation u
the tariff, as ! shall show.
Two things have an existence now, that could no, be said
of the country last year-A perfectly sound currency, and a
partial recorery BY the pc pie from embarrassment. This
sound currency is the result OF two thln->-one a tdrf, The
other a principle. or law OF trade; the Jaet |" The mi'en,aw1
bank paper, and the resumption If specie payments by TIE
solvent banks. The principle. or law Of trade referred 10, IS
this: that a worthless currency dives a sound currency out
OF circulation, and II goes to seek an investment elsewhere;
when the worthless currency is displaced, the sound one hGws
back again. As Burke sand. a pound notea and a shVe collar
never uavel. in The stage f%Ogcihcr."
This * in fact the reason why The precious metals have
flowed into the county IN such prodisious sums ioI The pm
cd during which the publication of the currency Of tie coun-
try has been going on and the hooi-tie has been DUNG
the past year We q NV ~ Cau~eS o. t~ return VI wv
gold and silver-one a general cause. always operating un-
der such circumstances and the other a Temporary one,
which must soon cease. and the cur nt set back again, until
the perfect equilibrium Of trade shall be res'oicd h"'h a U
the precious metals aud all other commodities. The tempo
rary cause was mainly this; We had our trade with Erg-
land and other countries. The uad'' o n our PARK oons,'eu
IN the r1w material for many of her manufactures and IN
the wheat, pork, beef, &c, Of which she has bought con>id-
cradle quantitie. Of US for several years past. for which she
paid u in such manufactures as were needed. She had
adapted her trade TO ours. and looked 10 this country I r tho
accustomed supply. The cause which have mentioned, d.
minishiug, for the lime, a demand among Us for either Amer
ican or foreign manufactures. the price came down; the Ia
riff iutcrp SD, by high duties.a barrier TO the importation q
many articles whuh could not be sold here 80 a. 10 pay cuS
ard the duty or tax. The result was. that, fr the necessary
ANIMAL supply to England Of our products, she has paid ~
considerable portion OF gold and silver.
At this point the advocate e a high protective tar II look
our products for money, instead Of giving them ~ eNcharg
for such commodities a : we need IN turn, TO piomoe o.
not a : partisans. How long will this state Of things last
Does any man believe that a taie between w. AND a y othe
all Europe beside. can last, il We do not buy their comm iii
ties an exchange Tot ours IL we sell, We must buy Tn
gold and silver Of The world are mere commodit cs but the
aIe OF such a character and nature, that they constantly see
~ :" ~ 2 tsau ,riI 6,s o If w. sr, = much rIea,er pC
portion Of the currency of he world. by accidental cause
OF o"i : y eond,,,on he # W. could gel nothing hut none
for all we sell. OF # we would take nothing but money Il
what we sell, and. for that puI pose. should establish sue
ressraui ms as these The fact l., n such a state OF ,hm'
as th,s-in The very luxury OF wealth, we would lie IN u
mndt OF poverty we soon woulo nave no'nIns y eu v
very soon should have NJ ;.='e- n purchaser, oil u or
mOdIties: and We shortly would DC Whttt Nhhd' '""'
last few years, was-an i~olatcd. oppressed, benshten g
PIE; cut Oft from trade, from all i"teleour>e with nations
deprived Of the improving, humanizng benefits that ITO
from communications and interchange Of commodities b
tween man and man, a GLORIOUS privilege VIC now ENJOY WI
te inhabitants If all nations.
Hut Il il not necessary 20 put this matter IN any strong
lirht. for there IL no person here who contends . d 'etHn
of this strength, nor have heard any person cont,n NJ on W
floor for rera iaion in the rate Il duties that l. lett Tor OF
es who do business IN a smrH rry. Bat have innmat
that the people have partially recovered from then emba
EASEMENTS OF past years. and that there Is an incita>ing q
mand for goods. The abundance of money always causes
TO seek investment m all directions at a low at aud a M
crate p.oht extfavagant hope by the manufacturing INIT
esis have caused thousands 10 be added 10 me investments
this direction. The plenty Of money, ana IN nenAhu
goods, is Iai,ing the priec Of the substantial atcles. a
more particularly tho.e articles upon which the duty Is b
IN the tamil Act Of 1912; and the people VIII mo una.
prices must come up they have come ~ ALREADY from -
IS per cent. Under these influences. the wooiiens oil "
many sell readily for twice theis cost and many cot on II
lies Of England, together with bar iIon aud hardware, IN
same proportion. And the lar aer Of the West will md II
in tuyins his bolt Of domestic colt AMI other a n
articles, that they will cost him from p t. 50 per cent m
thin they did twelve months since. The effect has os
and will still be, increased imp rt,uons dui ing the year,
sales Of foreign 90 de will take place al sue. a price as
meet COS, and The duty but who will ray hat cost and
IL, auswer-as all me must-the consumer. Anos
effect Of all this: that the puee Of factory stock has raj
u 100 pei cent above what IL was a ,esr ago, and sci IN
anas 70 bu,ltin, new factories. Wei. let Us follow the
cess through; when the m,nufactuwIs STRAIN every ne
and foreign goods come crowdng IN. what Will happen ,
less speedily checked by a modinctron of The taIin. l
swer that prices will fall; the importer must quit the n
ke'; the ho.bed manufacturing establishments must dc
der the unhealthy action Of a fofcef state III hing %
fug'cits will follow an organized sys,sn OF smuggling;