The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1845-07-25
From The Naficgal Istsliigencer.
The EariH--No. vi.

New Orleans 10 suspend specie payments
La No, ii. il was demonstrated that The
reduction Of duties under the COMPROMISE
Act stimulated imports 10 such an extent
that exports in the years 1884, 1888, and
1886 old not keep pace with them by one
hundred and twelve millions Of dollars,
and in consequence there was considera. +
Bile drain OF the precious metals, which
compell,d lhs most Of The banks OF ths
country 10 stop paying specie. Now, y me
opponents oi'the existing larlitdesle 70 WI.
ness similar state OF things, they should
90 10 work with all !helr might and PEE
vail upon Congress to reduce The average
duties on imports 10 twenty per ceut.,
which il seems some of my brother South.
erners have in contemplation. Some OF
them, | happen 10 know, think this can be
done others, thar II is pfoblemaIical bu,
| thluk il almost impossible. Wei, sup.
pose that the next Congress should, in Il
moment Of infatuatIon, reduce the duties
TO an average Of twenty per cent. every
practical man must toretel the result.
The old game would be played over agon;
imports would be vastly increased beyond
our wants, and in three years get SO far
ahead ol exports that foreign exchange
would advance above par value, and then
another drain OF celn must follow with I'M
elrins cerlanty, Il IS true that, III con.
sequence Of the genial influence Of The
present tariff, the country is much richer
IN com (and indeed every thing) than II
was before lS4l, and probably IN condI.
non 10 protect herself against excessive
imports ilt,Ie longer than before; but,
under so materially reduced duties, ancth.
er commercial and financial reyuislon must
come sooner or later. Il should be the
first duty of the Government to have q
tariff that will at least work in such man.
ner as to prevent imports from exceeding
expo Is of both goods and coin. The pre-.
sent tariff is barely sufficient for thus pur.
pose. For illustration, viii suppose that
Congress direct The Secretary Of the Urea.
sury to mouopnlza the importing aud ex.
porting business, and give him capital Of
ono hundred millions of com 10 carry on
the business, which ls to last say ten years;
aud suppose he were to import each year
millions. Ii ha were to d. this, how would
his capital stand at the expiration Of the
ten years Why, his once strong box
would not have a single dollar 10 it. But
suppose he we're to be cautious, business.
like, and reverse the order Of trade; that
IS to say, he imports annually ninety NIL
lions and exports one hundred millions
' how would his capital stand, IN this case
at the expiration Of len years! Why, t
. be sure, he would have IN It two hunire
) millions /; TINT IS 10 say, instead Of geltIn
broke under the unwise system of import
: ing more than he exported, (by which tn
. entire capital Is lost, } he would, in the tim
+ specified, double his capital.
: If the people Of this country desire
grow rich nationally, as well as lndIvdL
:, ally, the laws in regard TO revenue froE
imports should be shaped 50 as 10 max
:. our exports exceed our imports. Bot II
- useless to dwell upon question SO p.al
- and demonslrabIe It Is palpnble that
" duties on imports be materially reduced
the whole business OF the country, now VI
=, der good regulation and IN a prnsperol
CONDITION, Will IN three or four years there
after be thrown into confusion worse cot
-, founded, at great national and indvjduj
~ loss; and last, though not Iesas all III
banks from New York to New OrIear
= viii suspend specie payments as they d
}" in 1887. Uudcr similar circumstance
what occurred 10 1897, WV. Il lerib
commercial and financial reyu'siou,) mul
., inevitably occur again.
Having, by facts, figures, and i.lusirr
, tons, established all he propositions ST
-. out win, wall, after making some geneu
., but brief comments, take lraSe OF the sui
= lecl for ever. saw for ever, because {,
E the last five years have voluntarily dew
> ted part Of my leisure hours to wrtr
,o articles tower other signatures On the tar
lie question, Until tho subject and rs concor
- ranls hive weauea my mind, and prob
JIy, after ALL no good Ina, been done.
Recently | have inspected an nuhenr
in statement, winch shows that the tot
C. amount Of duties upon our exports Of s.
en- to Great Britain and her West InJDa po
es sessions, France and her West India pa
10 sessions, Spain, Porto Rico and Cuba, Ru
M sa, Prussia, end Austria, va. a bout jhlrD
ie nlne mi soas Of dollars From the be
re estimate can make, the annual d0u
ly co.Iected on our total exports amount 10
1y east fifty millions Of dollars. or an uyeH
h. Of fifty per cent. on their value,
an Now, in The face Of all these facts, al
The perfect certainty that free trade Is t.
ie,l,, ,.,it CT tho r+4c-ttrD a.. - mt rum, p