Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1846-03-05
THURSDAY, MARCH 5, Is4G.

exclusive of cotton 300 per cent aud this too on
raw produce generally, where the charge Of freight
constitutes from tenth to one quarter Of the cost
here and this is FREE TRADE!
hope you, of Virginia will examine this matter
aud ask yourselves where the best customers are to
be found for your agricultural products. will ist
state TO you here, that Massachusetts takes more
Flour, Indian Corn, Pork, and many other articles,
annually, the productions Of the West, as well as Of
Virginia, than all Europe.
The question then arises, what will be our con-
don after the proposed plan of low duties goes in
to operatonl In 30 days aitcr the bill becomes a
law, it will have reached every country in Europe
with which we have trade the manufactures are
all set ia motion for the supply Of the American
market the merchandise is shipped account Of
foreigners in many cases with double invoices, one
for the Custom House, and another for the sales
so that, instead Of the duty amounting TO 30 per
cent, it will not, probably, exceed Is per cent
This has been the experience Of the American I'M
porters in New York who. previous to the passage
of the Tariff of 1912, had (mos of them) abandoned
the business, not being able to compete successfully
with fraudulent foreigners. | will not say that all
foreigners commit frauds on the revenue but do
say that enormous frauds have been perpetrated by
foreigners on the revenue, under ad yalorem duties
and will be MISUNDERSTANDING the business Of hon
est foreign and American importers. In less than
twelve months after the new plan shall have been
in operation. this whole country will be literally
eited with foreign merchandise; (ifit be not so, the
revenue will fall short Of the wants Of the Govern
ment J We shall then owe debt abroad Of millions
Of dollars, which must be paid in coin The ex-
changes 60 up to point that makes IT profitable to
ship specie; money becomes scarce in the Allan
tic cities yet bills on England and France do not
fall the loans made to the South and West are
called in: demands for debts due from those sec
tons Of country. are made; exchange cannot be
obtained produce is purchased and shipped aud
when It arrives at the north, it will not command
the cost in the West: paralysis will have struck
the business of the country produce will longer
answer TO pay debts due at the North and the next
resort is to CON- which is 10 be collected, aud sent
down the Mississippi. or over the Mountains to Bal
tmore, Philadelphia, New York and Boston
Western and Southern credits are cut off, as the
people of those sections can no longer promptly
meet their engagements The new States and the
outer circle Of the Republic. the weak points
and the first giving way Of the Banks is heard from
those points, where there is the least amount Of
capital. We sec the storm approaching like ihun-
der shower in a summers day we watch its prog.
ress. hni ~s--~' As~-rs ifs fall II at last reaches
the great marts Of trade and the exchanges having
swept every thing in its course; and the Banks Of
the Atlantic cities after violent effort TO maintain
their credit and honor are forced TO ed 10 this ITO
plan experiment the currency. have no hesta.
ton in stating that all this will take place within the
space OF eighteen months from the time this exper.
menial bill goes into operation; and not specie
paying Bank doing business will be found in the
United States. Where will be the revenue which
was to produce such mighty sum under low du-
ties Where is the Treasury and the Secretary 7
and the President and his Cabinetl The Treasu-
ry is empty; the Secretary is making his estimates
of income for 1919, and preparing to ask Congress
for large batch Of Treasury Notes perhaps the
deficit is so large that loan may be required We
have now come TO point of depression in the
great business ofthe country, which has attracted
the attention and anxiety of all classes Of people,
all having felt its blight excepting the great CAPT.
tais,s and money holders, who are reaping golden
haryests by the purchase Of property which the
wants of the unfortunate throw into the market at
ruinous rates. Ii is now seen and felt from the low
wages OF labor, and the great number of persons
unemployed, with the cries of distress from all
quarters, that it is the labor aud not the country
that suffers by violent reyusions caused by unwlse
| legislation. Have the people of the South and
West forgotten their troubles OF 1887 to 1912, to
the hour of the passage of that Law, which has re-
deemed the credit Of the Government, and restored
prosperity TO the countryl have minated that
there is less capital in the States than in many
of the old ones it will not be denied that the mon.
led capital of this country is held in the Northern
and Eastern States, and that the South and West
are usually largely indebted 10 them. Now, should
be glad TO be informed what benefit is 10 be derived
by planter in Alabama or Mississippi, or farmer
in Ohio or Illinois, by change, like that have
described, particularly, if by chance he should be
in debit Do the people of the South believe they
can raise the price of Cotton, be able to negotiate
loans to prosecute the construction Of their cOnem-
plated rail roads, Do Ohio, Louisiana, Illinois,
Michigan, believe they are to create better mar
ket for their produce, sooner complete the Har-
bors so much desired on the shores Of those "In-
land Seas" and be able TO negotiate loans, and OBJ.
tain subscribers to the stock Of their intended rail-
roads by the adoption OF this new system of politi-
cal economy And now what say the great States
of New York and Pennsylvania to this proposed ex-
perimen,l Can they afford to Try il, and are they
readyl II they are it will be adopted if they are
not the present Law will stand, and the Country
will repose for while in happiness and prosperity.
Any one would suppose. that those States, that are
now Just emerging from embarrassment, which at
one time seemed almost sufficient to overwhem
them in ruin, would be unwilling to try expert
ment which is certain in my judgement 10 place
them in position that will be the means of destroy
ing the fair prospects Of thousands who resting
in quiet security upon the faith OF what they deem
4 ed paternal and wise Government. The question
OF an important alteration in our Revenue Laws
should not be kept in suspense. The Treasury
will feel its effects before the end of the present
year. The expectation of great reduction of du
ties prevents the Merchants from going with then
usual business. Voyages are delayed, and orders
for goods are held back until this important ques
ton shall be settled say, therefore, if we are te
go through this frey ordeal, let il come at once,-
we cannot probably place ourselves in better con
dition than we are now, TO meet the troubles tina
await u.s.
Mr. Walker proposes to substitute ad valorem fol