The Ripley advertiser. [volume] (Ripley, Miss.) 1843-1897, 1845-08-09
From the .Mississippidn.
THE CURRENCY AND THE TARIFF.

The declaration of the Hon. ROBERT J. WAL
LER, in his, letter, to us, published during tne
past month, 10 the effect that the tar'n must oe
reduced TO the revenue Standard" has attracted
the attention of the public throughout the coun'
try. So far as we have observed, tha sehli'
ment is received with unbounded satisfaction by
the republican party. Some are, however,
doubtful whether any substantial modlhcation
Of the abominable bill Of 1912 can be effected
at tho next session of congress. II 10 d'mcuI.
( nav almost impossible to effect radical change
in favor Of free trade, whilst the currency Oh Tue
country is in so inflated condition. Inc ad'
yantages of unrestra,ned commerce with the
world are not manifest, whilst the currency Is
now contracted, now expanded. Experience
teaches, that when the currency 10 contracted
importations decline. When money IS cheap
Cor plenty,) importations increase. When tne
:. currency is scarce, expectations Will exceed
importations, and the balance of trade, thus pro-
/. duced 10 our favor, will be brought back IN
specie. When banks are chartered and paper
money becomes plenty, it drives the specie from
!. circulation; money is unnaturally cheap, anc
q heavy importations again commence; and agar
;, the specie is drawn from the banks, carried
" abroad, and distress and an exclusive rag cur
7. rency is the currency. Thus intimately aud al
:. most in separately connectee is the whale faori'
~ of duties, impo.ta,ions and currency. An a
. mendment on one subject may produce like re
&c suits on the other but with sound currency
s, currency no: bject to the ever changing pur
4. suits Of spectators, a reduction OF the hiSl
tariff follows as a natural consequence.
- Taking this view of the subject, truly may
~ be said, that MIR. Walker has difficult task be
re fore him. II he succeed in breaking down tn
!. high duties he will have removed one OF those
" causes which encourage mixed and unstable
10 currency; but could he first succeed in destroy
n ing the mixed currency, his task thereafte
!, would be an easy one. The abandonment o
&c protective duties would succeed as surely IA
darkness is diepeed before the glory Of the KIM
~ Of day
,s The federaists who believe that corruption il
Nc a necessary ingredient 10 good government
es will understand the principles which govern Thu
n subject. They favor paper currency-a ma
tional bank; for well they know the base pass
= ions which too frequently rule in human affairs
a. With a bank they know that an abundant cur
:, rency will prevent the people from Immediately
suffering the distresses of high duties; and they
G. likewise understand that a bank is almost surt
to follow high tarff-one being favorable t
the existence Of the other. Do away with thu
Us banking system. and the tariff will soon fall o
ns its own weight. Each is burthensome ia,
ID upon honest labor, levied for the benefit Of the
n. few. Each is at war with the most simple prn
az ciples justice between man and man.
!, Mr.. Walker has the most earnest wishes o.
v. the lovers Of true equality, every where, for a