The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-11-27
against England and her dependencies were as fol-
47,s79,6Ii

1913 lnine months i bJ25,zoo
1914 '........'.'.'.'..... 'o4
47,s79,6li
These large balances against England enabled the
United States TO pay the balances which she owed
to Spain, Brazil, China, and other countries. Great
Britain, in her turn, accumulated balances against
other nations; and thus in The circle Of trade, all
iions make erehange II squiuoitats. Each, in the
long run, loses nothing; and each is enriched by the
amount of its annual industry beyond ts annual
consumption.
will devote few moments to the consideration
of the effects which high tariff has upon the mon
etary system Of the nation
The currency of this country is made up OF mix
ture of gold silver, and paper money. The relation
which paper has TO the precious metals is as to 3,
at the lowest ratio. Sometimes it is much higher
than that All know the tendency of the paper sys-
tenn to expansion. AS the power to increase or
to diminish the volume Of paper money is substan-
tally vested in those bodies which manufacture it,
viz: the banks, they increase decrease it at
pleasure
Hitherto, with the exception Of the single year
during which the sub treasury system was in opera
ton, the government Of the United States has de-
posted its revenue in the banks of the country.
As surplus of public money, more or less in
amount, is constantly lying in the banks, they re-
gard it as equivalent to 80 much capital paid in,
and make it the basis Of an increase of their
| business Of an extension of their loans to the
community, and Of an expansion of their crcu-
laton. This expansion of the volume Of currency
tends to increase the nominal prices of all descrp-
tons of propertyof domestic manufactures as well
as Of everything clse-unt finally the prices Of all
fabrics get so high that the foreign importer
bring his goods, which are now prohibited, when
prices run low, our Market and successfully COM
pete with the domestic manufacturer. But, instead
Of taking our produce in exchange for the foreign
article and exporting it abroad to settle his account
with the foreign manufacturer, in consequence of
the prices being higher in this country than the
prices of the same articles in foreign countries the
importer is obliged to carry away specie, and pay it
to the foreign manufacturer. This removes the sub
stratum of the paper issues in this country causes
sudden contraction Of our paper circulation, fall
in prices and wages, ending in the distress, bank
ruptcy, and ruin of thousands. Thus, high tariff
defeats itself in the end but in its explosion it inaicis
| picfims.
Every protective tariff which has ever been adopt.
| ed by our government, has resulted in just such
catastrophe; and the present tariff will so result
| if permitted to run on to its crisis.
| now pass to consider the circumstances under
which the present tariff was enacted
| In the first place, it was passed at very late
period in the second session Of the 9th Congress-
when there was but little time given to discuss its
multifarious details; having beeh introduced and
passed Immediately after the veto Of former bill
| Secondly, it was admitted by those who voted
for it, that it was very defective-that it was too
high in many Of its provisions, and should and
would be amended on the very first opportunity
Thirdly, the democratic senator's, including
Messrs. Buchanan, Wright, and Williams, who
voted for it, believed that if was not passed. there
would be no law in existence which would enable
the government to collect its revenues declaring their
dislike to the bill when they gave their votes
for it.
/ Mr.. Buchanan said:
at is bill which do not approve, and for phich
/ ipouH not role, were it not for the present UNI
paralleled condition of the existing law, the treas
ury, and the country. had earnestly hoped that it
| might be m0ulneu anu amended Oy the senate, IN
such manner to render it more acceptable; bui
in this ! hare been utterly disappointed"
| Again, Mr.. Buchanan said:
81 shall accept this bil now, MS much the least
Of the two evils, and look forward with hope to better
times for an adjustment Of The tariff on scale more
consnndnt NTH all the great and pUioils interests a1
the Union, ,cithou regard 10 sections"
Mr.. Wright, taking similar view of the bill
to that which Mr.. Buchanan expressed, said
"Thc alternative presented, then, is this bill or
none and the deep and deliberate conviction of his
mind was, that this bill should pass bad and loaded
,oih deftcts he beeucd 10 be, rather than that
none should pass.
Mr.. Williams, of Maine, in expressing his deter
/. mnation to vote for the bill, said
81 need not say that the BILL as whole, is highlu
Objectionable TO me- and, as believe TO maoriiy Of
my constituents and the country"
i How different the noble and eloquent language Of
the Hon. Perry Smith, senator from Connecticut.
He said, on the passage Of the bill
/ whence come the outcres about the distress of
the country and furnishing laborers? Was it from
the agricultursts of the couniryl Was il the lar-
dy ycomanry, who depended on their hands, their
own unaided energies, and, in their indomitabe
love of Independence disdaincd to cringe and sup
| picae for support at the expense of others No;
| such men appreciated the American character too
wen 10 become suppllants TO power. These out
cries como from widely different degenerate
a hot-bed class-or, rather, from spectators and
monopolists, who, for their selfish ends, reared
up these hot-beds, and fattened and grew rich upon
the labors which wasted the energies and destroyed
the true American spirit Of their dependents. For
the further ACKNOWLEDGEMENT of such monopolists, he
was called upon to vote for this bill. And what
was its proposition for it could not be denied that
it wasa measure for protection. II is proposition
to tax the hardy frcemen Of this Union, who trust
to their own industry alone for their support, and
make them pay nearly double price for every i'm
| ported article which enters into the consumption of
their families, that the rich monopolists may grow
| richer, and their dependents may become more
| dependent and more numerous. Where WINS such a
system TO end, but in the encouragement, diminu-
ton, and destruction Of that hardy race best cacu-
lated to uphold republican institutions, and the
multiplication of arstocratic distinctions between
wealthy monopolsts and paupercd dependents which
must, sooner or later, if such system is promoted
| by the general government, lead to the gradual
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