The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-08-13
From the Jackson Mississippian, July 80.
THE CURRENCY AND THE TARIFF,

The declaration of the Hon. Robert J. Walker,
in his letter to u.s. published during the past month,
to the effect that the tariff "mst be reduced 10 the
enus standard" has attracted the attention of the
public throughout the country So far as we have
observed the sentiment liz received with unbounded
satisfaction by the republican party Some are,
however, doubtful whether any substantial modif-
cation of the abomnable bill Of 1912 can be effected
at the next session of Congress. 1t is difficult
nay, almost lmpossble--to effect a radical change in
favor of free trade, while the currency of the coun-
try is in so inflated a condition The advantages of
unrestraned commerce with the world are not man
iest, while the currency IS now contracted, now ex-
banded. Experience teaches, that, when the cur
rency is contracted, importatons decline When
money is cheap, Tor pleny,) importations increase.
When the currency is scarce explorations will ex-
coed lmportations, and the balance of trade thus
produced in our favor will be brought back in spe-
cie When banks are chartered, and paper money
becomes plenty, it drives the specie from crcuation
money is unnaturaly cheap, and heavy importa-
tons again commence; and again, the specie is
drawn from the banks, carried abroad, and distress
and an exclusive rag currency is the consequence
Thus intimately and almost inseparaby connected
is the whole fabric of duties, importaons and cur
rency, An amendment on one subject may produce
like results on the other; but with sound curren-
cy-a currency not subject to the ever changing pur-
suits of speculators-a reduction of the high tariff
follows as natural consequence.
Taking this view of the subject, truly may it be
SAID that Mr.. walker has difficult task before him.
IL he succeed in breaking down the high duties, he
will have removed one of those causes which en-
courage mixed and unstable currency; but, could
he first succeed in destroying the mixed currency.
his task thereafter would be an easy one The
abandonment Of protective duties would succeed as
surely as darkness is dispeIed before the glory of
the king Of day.
The federasts who believe that corruption is n
necessary ingredient in good government will un-
derstand the principles which govern this subject
They favor paper currency--a national bank; for
well they know the base passions which too fire.
quenty rule in human affairs. With bank they
know that an abundant currency will prevent the
people from Immediately suffering the disresses of
high duties; and they likewise understand that
bank is almost sure to follow high tariff-one be-
ing favorable to the existence Of the other Do
away with the banking system and the tariff will
soon fall of its own weight Each is burdensome
tax upon honest labor, levied for the benefit of the
few Each is at war with the most simple prin.
eipes OF reciprocal justice between man and man
Mr. Walker has the most earnest wishes of the
lovers of true equality everywhere, for a successful
termination of his exeriions to unshacke commerce;
but whilst he is collecting statistics in relation to the
tariff, let him not forget that he will hardly be able
TO effect much whilst the government supports the
''pet bank" system-one Of the grand causes which
keeps alive the restrictive policy, deIudes mankind
with an outside show of prosperity, and finally be-
queaths vice and debt legacy to posterity.