Sentinel of the valley. [volume] (Woodstock, Va) 1841-1848, 1845-12-18

and are consequently prohibitory to the
amount of such decrease. Under 30
per cent, according to the ''Protective
System" there is no "protection'' to
domestic industry" Tie principles
| Of such system are manifestly unjust
and oppressive in their operations upon
every branch of "domestic Industry"
except those particular classes that are
''protected." Mr.. Polk argues that
the government has the taxing power
for no other purpose than to raise mo-
nev sufficient TO delray the expenses at
tending the administration Of the govern
ment, and that therefore that power
should be used with aneyetorevenue on
y. He is not opposed ,however,to discri-
limitations being made in favor Of edo
nestle industry" in all its branches, as
far as may be PRACTICAL ole, provided no
duties shall exceed the maximum rate
of the "revenue Standard" Indeed,
he argues the necessity of such discri-
limitations. That Congress will abol-
ish or modify the existing tariff agree
ably to the suggestions of the presi-
dent, we entertain not the least doubt.
The people demand it, and as faithful
representatives of their wishes, they
would violate every principle of Repub-
licanism and justice, If they refused to
carry out those wishes.
THE SUB-TREASURY.
The psesident recommends the re-
establishment of the Independent or
Sub Treasury as the only mode known
to the Constitution for the collection,
sale-keeping, and disbursement of the
revenue accrulng to the government.
The agents who are to receive the
public money are to give ample securi-
ty for the honest and faithful perform
ance of their duties, and will render
themselves liable to heavy punishments
for unfaithfulness. Nothing is want
Ing, under the system proposed, to Sc
cure the public funds against all frauds
and dangeroflosses. What is there in it
that can be objected to by the PEOPLE,
whose sacred duty it is to support their
government Nothing. There are
those, however, who advocate the mon
strous proposition, that the funds of the
government should be converted into
banking capital--shouId be made the
basis ola paper circulation sufficiently
! large to answer the trading and private
purposes Of the nation; and upon this
bank the government must depend for
Its support-a supper: rendered doubt
ly precarlous, not only from the fact,
that such bank would be irresponsi-
be to the government from the very
nature of its functions, but because ex-
perlence has clearly demonstrated, that
banking institutions are ever liable to
be involved in those disastrous revul
sions and revolutions which so frequent
ly agitate and overwhelm the CONNER
clal and trading interests of the coun-
try, and with which banks necessarily
have an intimate connection; for is it
not one ofthe main objects in view, in
establishing banks, to accommodate
capitalists with money, at interest, to
enable them to prosecute their schemes
and enterprises? and is it not from this
source that the stockholders derive
their principal dividends, at least so
long as prosperity follows their borrow
ers and becoming thus connected
with commerce and trade, and the bor-
rowers being overwhelmed in ruin, are
unable to discharge their obligations,
and both banks and borrowers are
plunged into bankruptcy. Such in
situations, we repeat it, are unsafe, and
consequently unfit repositories for the
public funds, which are paid by the
people for no other purpose known TO
the constitution but that of defraying
the expenses necessarily incurred in
faithful administration of the govern
ment. The purity of the government,
no less than the preservation of our
commercial interests in a sound con-
dltlon, demand that an entire and eter-
nal separation should take place be-