Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1845-01-03

Wing mGjorties. Democratic ntaJor,t,cs
In MARYLAND $500 In Virginia 5000
In North Carolina $500 In Alabama II 900
In Tennessee 100 In Arkansas 1900
In Kentucky 10000 In Missouri G,000
In Georgia 5000
In Mississippi 5000
In Louisiana 600
Can any candid man look on this contrast and
>av he believes Mir Clays assertion, that his po-
lev ha. OF late been gaining foothold al the
South?
Let rs ool, at other portions Of this same
strange letter. He says:
"Discouragement has taken the place of con-
iiience in the business OF the country, enterprise
is checked, and no one knows 10 what employ
ment he can now safely direct his eXertions"
This is but bald rcileration of the misrepre-
sensations of the Boston Atlas, New York Courier
and Enquirer, and other special organs of gam
blers in fancy stocks. Every man who has taken
The trouble TO keep the run OF the newspapers,
since the election, knows that no single instance
Of a fall in the price Of labor, in any section OF
The country, has been published; that real estate
(the true thermometer by which TO test The condi-
lion Of The limes) has been steadily increasing in
value since the first day Of November last; and
further. ,hal great Improvement has taken place
in the market value OF the stocks ol those States
(whose credit had been heretofore in bad odour)
that have of late, cvinccd determination TO at
tempt the redemption Of their obligations by the
only honest and practical means lett 10 effect that
object viz: by assessing taxes on their people
sufficient 10 raise the interest money already due,
and sufficient also 10 prevent an accumulation OF
Indebtedness hereafter.
1t is most true, that "fancy stocks" have fallen
in price But what are they but iroh on The sur
face ofan unduly excited state oi buSinessl The
Il. - ,lat;. ale pa,
ing entirely without solid foundation, their in
crease in value is but proof that credit is running
oui of lis legitimate and safe bounds; and their
fall surely indicates 10 the prudent man OF bust
ness, that the operations oil the day are sound, no.
nest, and be depended on. will not detaln you
with further comments on this so maniestly false
assumption of The condition OF The country. All
sober-nnded men will agree. that no one, at
present basing his hopes OF success on the use OF
actual capital, be il borrowed or not in any really
industrial employment, need fear the ''discour-
agcmcnl' OF which Mr.. Clay writes, provided ne
practices economy and energy, and understands
what he is about grant you, that the men who
deal in fancy stocks as the iaro-deaer does in
CARDS on the neutrality-suspicious.
principle, need no longer expect such fine times in
their line OF busincss-and it is well for the coun-
trv that such is the case.
Let rs look at one more statement in Mr..
Claws letter, and am done with il for this day at
least. He says:
'.Instead Of constantly angmenting home
market, we are in danger OF experiencing its de-
cline, at a i,nc when the foreign market is abso-
lu,ely glultcd with American productions, and
cotton especially, which is now selling al lower
Price Than was ever before known. II IS proba-
bis destined 10 fall even lower"
Mr.. Clay here ESSAYS 10 convince The country,
hos IN ifc
II because the people would not make him Pres-
dent! hardly Ike 10 treat 50 ,nonsrous a hum
bug seriously, even though it comes from so dis
iingushcd source Bat, for the information OF
those who pin their faith 10 his sleeve, il may be
best 10 remind them that, until our Government
adopted his .wiil-o'-lhc- wisp" scheme OF sacric-
ing cur growing foreign trade, England lock-
ed only To the United States for her supply OF
raw cotton. TO be manufactured for The use Of The
world. She was willing 10 lake il, too, at pri-
ccs yielding two OF three times as much in
terest ON the capital invested in ts cult
walton, as her manufacturers realized on
capital invested in the production OF those
goods with which she paid us for the raw mate
rial. All acquainted with the statistical history
of Britain and The United States, know hi, TO
be a fact established beyond contradiction
Put. when she found our Government (actng
under MIR. Clay : suggrstion) attempting 10 pre-
kent her from purchasing her., BY cutting on the
market for the merchandise in which she ncces-
sariIy made The payments, in sell-detencc she was
forced to spend millions upon millions TO build
np The cultivation OF cotton in Brazil, Egypt ana
India, where she could in future pay for her pur-
chases in such manufactures Cher only equiva-
lem as all agrculrurisls must necessarily nse
Having ALREADY succeeded in Obtaining large
portion OF her supply from other countries, our
planters are beginning 10 reap The Legitimate con-
sequences of forcing trade out of lis natural chan
nels-ol Mr. ClayS attempt 10 conne The mar
,el for American agricultural products 10 the
. wants OF American citizens not directly engaged
in The cultivation OF The SOIL on The one hand ana
10 force our agricuturisls 10 buy in The deares
market alone, on the oiher which make up the
s,:ir ard substance OF lis Tariff policy.
The whole m ier may he summed up as fol
lows The cotton ancr OF the United States,
ere his Government forced England 10 look else
where Tor the raw material, nelled from six TO
twelve per cent per amin on capital invested
in his business and paid 6ul three or four per
cent per annum profit On capital employed By
those with whom lie traded. But under this po-
tent plan OF protecting" his interests, he finds
himself forced 10 he content with three or four per
cent prof, on his investment; while he is no less
imperously obliged 10 pay twelve and three
four:hs per cent. per annum Profit on capital in
vested IN producing WHAT ne mas 10 guy.
The increased cultivation oil cotton in foreign
countries necessarily growing ont Of The opera
lion OF portion Of Mr.. Clay's protective sys-
,en," on The one hand, has, Their, really produced
"lhe" unprecedented low price of cotton out Of
which he would make political capital Tor Fede-
ralism-afd under The operation OF the other por-
ton OF 'the system" The planter is lold BY his
Government that he shall be deprived Of benefits
accruing 10 all The world, but home consumers OF
American manufactures Qrom Improvements in
The application OF science TO the manufacture.
an>) by a sys.em Of partial and total prohibilive
duties levied for The benefit Of favored capitalists
alone.
The same truths apply with equal force 10 the
prospects Of those engaged in other branches OF
American agriculture. II remains TO be seen
how long they will be content 10 give ear
10 The sophis,ries and bald assertions, unsuscep-
lbIc Of proof, like those of Mr.. Claws recent
letters TO Wings Of New Haven How long,
indeed, they will be content 10 be ''tickled
with straws. y while their true interests are being
lrsisated as nearly pas, redemption, as the cotton
interest now stands under the fostering care Of
Federalism.
TO The Editors Of The Enquirer:
Gentlemen: The enclosed letter from Mr.. Bow
den 10 me, ha. been approved by such Of our
friends as have seen it, and they think i, best TO
have i. published. If you can fnd space in your
columns, be good enough 10 giveit an early in
sor,ion Yours resDectfully