Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-07-31

allied, and drawn from all quarters 10 one sec
lion find their way into the banks in considerable
amounts, ard Tor limited periods; 50 as, on 4 &C.
neral average, 10 make great addition TO thee de-
posts, which always constitute no inconsiderable
basis on which banks venture 10 issue. Al the
same time, from the stimnlants existing and
the general disposition TO embark in manuiac-
turing enterprises that require large capital
and credit, extensive loans and issues are de-
manded and Obtained from The banking institutions.
The general appearance Of prosperity and con-
fidence, and The ACTIVITY given 10 many collateral
pursuits nv The large gains received, and extend
ing operations IL The manufacturing classes in
this section, deludc the banks, End contribute 10
hurry Them 10 excess and imitation. Things adj
vance in This manner al pace constantly acccle-
rating, (tor il is the nature nj these undue is
sues 10 cause the generalization oil all things,
and 10 mad excuses in al branches OF trade and
speculation until those gluts and reactions in
manufacturing operations, OF which have spo-
ken, or some other of The numerous checks, which
The course Of trade opposes TO over slimulans
and wild speculation, ensue. a shock IS given
10 The general confidence; actual conveItblily
is sought 10 be enforced in lieu OF the nominal
one which banks have rested upon. The wide
ly-cxirnded system Of credit is subverted in all lis
Iamitcalions and rigid enforcement OF liabil-
ed, al the same time that facilities Tor the COM
nand alike al means and cTcdit are Utmost To-
tally cut oil. Suspensions OF specie payments,
failures in every line Of business, and CONNER
cial Ievulsi0ns, ensue, with all those convusive
a.ilatons 10 the business and fortunes OF all, save
lie large capitalists, who b;lten on The number
less sacrifices OF The unfortunate, and with
their long train OF evils-Iuin, bankruptcy and
decentralization, social and political. But why
deepen a picture, OF which the hdcous hues
have scarce faded from sight, and yet live in fresh
remembrance? Shall not experience; recent as
we'll as more remote, avail 10 read bitter admo-
milton against the system which has contributed
10 such caamitIes? That il has done 50 largely.
verify believe. And ne, Mr. Chairman, who
looks aitentiyely a; the history Of our CONNER
ciaI Ievusions, will find thai, although the hreok-
lue M. in some instances, has been delayed unli
after the modification ot a high larih had allowed
the check OF loreign imports o arrest and expose
The swelling imposhune, in mos il has socn
followed and in all il may DC traced 10 the legit-
male effects Of lis unwholsome pamperino and
silly restrictions on the heathtnl courses OF trade
The large amounts annually subracted IRON
the masses constituting all The other classes of
the people save The protected not Tor the wants OF
the Government but 10 iced with bounties The pets
Of political tavoriism and sustain them in pre-
mature or proflle>s employmens, constitute an
other .! the general evils Of this protective system
This is an effect so obvious, and generally urged
that hall mol dwell upon il. only rele! 10 u 10
STATE he amount 81 the contributions lhus annual
IL exioiiei, thai q dne appreciation OF us extent
NAV mol be lc>i sish'o! ~ Summing Ef liz e@sie-
cate 81 national los from The FOLLY VI Pala 2is-
!a.ion The gentleman rom New iolk. Nil
Collin in his aide speech on This subject, estimat-
IL. "A n ~ ar
The Secretary Of the Treasury. in his elaborate
repor'. deems in not less Than ;5S coo 0G0 Fer an
mum; and the smallest calculation Iecolsect 70
have seen from any opponenrct Inc sys;cm, Is S4S,-
900 600 When il is recoected how much more
are the internal manufactures consumed IN the
country than those imported from abroad, II must
be manifest, al least, that considerably larger
sum must be extracted from The people for boun-
ties TO The protected Glasses than Tor duties 10 The
Government. This should be abundantly sul-
cient 10 srar'le the great masses 10 conscious
pess Of The ,nonsirous injustice ana oppression
practiaed ~ the system uron heni. found mp
on i. no appeal and ei;ain iron al inrecliVe !
simply ask Tia, !. may be pondered on I'LL, Teaii-
Z-I with all tie potency q PRACTICAL truh II
come hume 10 the feelings and convictions oil eve
rs just man.
On the great productive interests Of The cuun-
try, and especially The two leading classes. OF aS-
ri-ulture and commerce, this system presses, Mr..
Chairman, as a banctul incubus Apart from
The large proportion paid BY them on their con-
sumption as boun,ieS, 10 which have JUS. refer
red the indirect Influences Of The system IN
checking their development and narrowing thelf
spheres OF action, are even more hnhiul.
should he tempted 10 dwell long here on this. the
mosr interesting view OF the operations OF the re-
s,rctiye system, and by statistics and general rca-
sou;ng 10 enforce AMI illustrate lis b!;ah,ing 81
fnc;s had not The liel. been 50 fully occupied and
exhausted by Inc able speeches Of ny colleagues.
From the accurate statistical statements Presen-
led hy them, moi limited 10 selected periods, but
extending over long series Of years, as well oe-
fore the establishment; OF line protective system,
and when il was not in operation, rs during NE
whole time of its existence, II has been concu-
sively shown, that whenever The system was IN
operation, The exports, rs well "A the imports OF
The country, have invariably declined; The prices
al all leading agricultural staples have been de-
pressed ard the tonnage OF The Union, in the
coasling as well as foreign trade. has fallen OF;
while, on The other hand with no less regularity
under the free trade Of moderate revenue dnis,
the same unerrng cri!eria all concur in giving
most gratifying evidence OF increase and prosper
iiy. 70 The same effect arr The results 81 The en-
rarilnants. recently made in Gfea! BRIAN, when
und.r The iepeal or great reduction OF hugh Gu
lies 10 the number Of nine hundred and cdt, such
rand advance in trade and consumption has been
made, that, 10 the surprise OF the most sangune,
there has been increase instead Of dminulion in
revenue.
These results, 100, are entirely consistent with
reason. Il has long been an axiom OF political
economy, Ina, The exports Of country cannon
long exceed lis imports. On comprehensive
scale trade between nations must consist IN Tar
Ter and exchange Of products; and trade one,
s,ded is doomed 10 speedy decay and extinction
|; is also clear, that Inc CONSUMPTION ol our
products bv thc ether nations al the EARN must
epcnd on their ability 10 Lux, and that !"
ha extent we deal with them and purchase ,hcir
products, 10 that extent VIC increase the'r aoii'y
Ii huy and enlarge their consumption Of our
PRODUCTS. On these principles, whenever, from
high protective duties, our imports from abroad
are restricted and cur,ai!ed. our exports cor
rcsnondinciv lessen, and the means Of inter
national exchange seriously diminishing, and The |
ability Of our foreign consumers declining, ali
The staples of our asrcuurisls are depressed ~
price. Nor is this effect confined 10 foreign mar
,ets: for The dminuiion Of demand from aDfoac
for them, comrels undue supplies III be cast upon
The hcme markets, which are consequently $40"
nd low This is one view 10 illustrate me
Incckery Of tie home market; Inc pretended D.
neits ol which, 10 The agricultural ihlti.ss CON-
,ii!ule the s!creoyped arguments ct The rroiee-
jonis,s. and are so loudly eytolled by lnen here
md throughout the breadth OF he land. But III
his connexiou, this 5oas;ci equivalen. rendered
or all The inequalities and expressions OF the
protective system, NAV deserve brief e1amna-
ion. Thatlhe multiplying OF the industrial Pur.
,ai.s Of the people, the diversion Of labor and
capital 10 as numerous and varied branches d pro-
iuction as possible and the consequent enlarge
nenl 10 each Of The number Of its consumers,
promote The general ACTIVITY and prosperity OF all
NAV be most cheerlully conceded, provided IN
iusiry and capital so diversified be really produc
i've. and Weld .sainfu returns. But it. as we
have seen is The case with The large classes oil The
sustained orPrema'ufe'y stimuia-
ed by The protective system they are only spirit
"a 10 10 embark in pursuits ialrinsicaily profit
.ss. or carried On al . loss, and derive their gains
rom cxac,ion: on all other classes, il Is absurd 10
suppose these last can he generally benefited ny |
he partial reiurs o: their own contributions IN |
purchase Of their prodncis. The home market |
81 The more numerous classes Of manufacturers
who. engaged in established and inirinsicaly |
profitable protucinn subsis' not BY protection, i
valuable, and will he enjoyed as fully without as
with high duties. Bnt Tie home mar et Of those
rkaI ~ n ~