The Charlotte journal. [volume] (Charlotte, N.C.) 1835-1851, 1846-11-06
REMARKS OF
Andrew Stewart, of Pa,
~ Defence OF THE PROTECTIVE
POLICY.
THE EFFECT OF rue TARIFF on LA.

THE EFFECT OF THE TARIFF ON LA.
BOX AND INVESTED CAPITAL.
But gentlemen said, tina, while the tariff
was oppressive on the interests Of ogrlcul.
iure and OF labor, II was highly beneficial
10 Invested capital, to the . oh monopoljsts,
the lords Of the loom. Now, MIR. S. SAID
that Just tie reverse OF this was true
While protection greatly benefited both
agriculture and labor, Il was but small
advantage, II any, to rested capital The
gentleman aud his friends, without knowing
II. we're in fact dong more for the benefit
Of rested capital, by keeping up this agita.
ton and opposition 10 the tariff and there.
by establishing a monopoly by checking
competition, Than all the tamil men in that
House put together. In the case Of vested
capital The tariff had done rs work II had
bulk the manufactures up il had lntroduc-
ed improved machinery aud increased skill;
i, had done all that fixed capital req0lred.
Vested capital was nov On is feet--lt could
gel along wl,hUu. help. They had export.
ed during the las. year between four and
five millions Of dollars worth Of cotton
cloth; they had beaten the British out OF
their own markets. The great msuufactu-
rers Of these goods fear 10 foreign compen.
ton; they had overcome that, and Great
Britain was compelled TO impose dlscrIml.
naIiag duties IN her East Iudla colonies on
American costons--frsi :, then 10. and Fl.
naIIy 5 and 20 per cent, TO enable her ma
uufac uTers TO keep The possession Of her
own colonial markets. Oar manufacturers
had thus beaten down British competition
in the Chinese and other foreign markets.
What invested capital now feared, was A.
merlcan competition al home. Bot gentle.
men exultlngy say, you can beat the for
eIgner, what do you want with protection
answer, the Inyes;t d ptal inlhese branch.
es dom, want il. Bu, van, il, no, to "a.
vor them but TO encourage further invest.
mcnts, land build up competition elsewhere.
The protective tarti raised against them
tina, very competition. Wife advocating,
therefore, the continuance of our existing
tariff, and resisting lis reduction, Mr. S. was
working In the most direct and efficient
manner for the interests Of American labor
he was resisting foreign; be was going
Tor tho interests oil the American farmers
/ and the American laborers and not for the
interests Of large vested capita he went
I to destroy existing monopoly, by increasing
: investments and competition .;be only thing
that could destroy it. TWAS the gentlemen,
. and those who acted with them, by keep.
ing up This tariff agitaIon-"ho were aid
} ing vested capital. This agitation opera.
ted 10 check new investments, and OF course
4
who aero contemplating the investment OF
: ues capital would defer it. One woud say
! 10 another, " Doul build new mill or fur.
mace now, the tariff is going TO be reduced"
J Mr.. S. knew this 70 be tue. He had heard
of twelve large companies who had intend.
! ed to build furnaces in Pennsylvania this
J spring, but had suspended their purpose I'LL
: they should sec what Congress would do
5 with the tariff at The present session. Did
tnis hurt those who ulresdy owned manu-.
c featuring establishments Certainly not !;
!, il vas the very thing TO aid them. The
gave New England monopoly it secur-
ed in Der hands that which the people OF
Pennsy Iyanla and the people Of the South
most wanted. They wanted protection
t New England could do wi hout il. ViTgi.
D MA wanted ii, North Carolina wanted il, so
did South Caro,lna, aud Georgia, and all
d the West They wanted protection TO build
. them up; 10 New England the tariff had
h done its wotk-l had fulfilled its olFice.--
% New England might now say 10 this Gov.
!. vernment. Father, | am now Of agai |
d am on my own feet can make MY way
g through the world | have met John Bull
y and beat him; thank you very much for
5 what you have done for me, and will be-
: burden on you no longeri now take care
\ Of the younger branches of the family"
b The rest Of the country was compare.
lively young IN manufactures. They still
needed the helping hand of Government ;
they wanted protection in their infancy
e New England was magnanimuus and patrl.
J. otto she wished TO see other portions Of tbs
u country prosper by following her example ;
t when the South and West supplied, as they
: could, the coarser goods, she would 20 10
d work on the finer fabrics. DID not gentle
1t men see that by reducing the tariff they
we're checking investments in their OWN
country and IN mine, in the South and Nesis
and thereby securing monopoly and high
profits TO vested capital, wherever il exs.
IN ted, which could only be reduced by Gu.
n arged competition a, home Was not this
y true Was II not common sense? He put
y It TO every mans understanding. Il wss
y no, orly common sense, but what was more,
,e i, vas proved by universal esFerience.
5. 10 show tho practical operations Of tbs
&c protective policy, he would take, by way OF
e illustration, the neighboring iron works al
/. Mount Savage, near Cumberland. That
8 establishment has been built within 4 few
II years. Some time before ii was comnenc'
y ed land could be bought there for two and
Al three dollars an acre, which could no. nov
y be purchased under twenty or thirty dol
lars and mineral lands had lately been
sold at hundreds Of dollars per acre, which
10 few years before these improvements were
Of made, we're comparatively worthless. Such