The northern galaxy. [volume] (Middlebury, Vt.) 1844-1848, 1846-02-10

S1SsnpG oil Inc luTlll VI AO1-s iiNN 49,,
ihem5 abandoDed the business, not beng
able 10 compeie successfully with fraudulent
orcirners. / will not say that all foreigners
co-nnil frauds on the revenue-iar from 1t
bn1 do s.y that enormous frauds have been
perpetrated by foreigners on the revenue,
Under ad valorcm duties, and VIII be again
frustrating the business Of honest iereign
and American importers. In less than
twelve months after the new plan shall have
been in oneraiion, this whole country will be
literally surieted with iureign merchandise,
Gf;t be not so. the revenue will fall short oil
The wants Of the government we shall Then
o,ye debt abroad Of millions of dollars.
which must he paid in coin. The exchanges
90 up 10 a; point that makes II profitable TO
shin specie; money becomes scarce IN the
Atlantic ciles; vet bills on England and
France do not fall; the loans made 10 the
Souih and West are called in: demands tor
debts due from those sections OF country. arr
made: exchange cannot he obtained pro
duce is purchased and shipped; and when l,
sr.ives nj the North. il will not command
the cost in the West paralysis will have
s,rnrk The business Of the country; produce
will no longer answer 10 pay debts due al me
Nor;h and the next resort IL 10 com, which
is 10 he collected and sent down the hlssis
.irni or over the mountains 10 Baltimore.
phii;tdeIohia. New ork and Boston. Yves
tern and Southern credits are cut of, ds the
r,nrIe OF those sections can no longer
pronpily meet their engagements. The
new states and the outer circle Of the repuh-
E.. are the week points; and The first giving
way of the banks is heard from those points
where there is the least amount oil capital
We see The storm approaching like lhun
der shower in a summers day; we watch
lis progress but cannot escape its tall. 1t al
lnsi reaches The great marts Of trade and The
EXCHANGES. having swept every thing IN lir
coprse and the banks of the Atlantic cities
afi.ra violent effort TO maintain their credit
and honor. are forced 10 yield 10 this Utopan
exreriment on the currency.
i have no hesitation in stating that all this
viii lake place within The space Of eighteen
moaihs from the time this experimental bill
gocs into operation and not specie paying
hank. dong business, will be iouc IN the
limited States. Where will be the revenue
r.l,irh was 10 produce sncli mighty sum
under low duties Where is the Treasury
AMI The Secretary? the President and hls
Cab;ne,2 The Treasury is empty; The
Secretary is making his estimates OF Incomt
for 1919, and preparing 10 ask Congress ioI
n large latch Of Treasury notes; or perhaps
th, deficit is 60 large that loan may be re
oured. We have now come 10 point OF de
pressien in the great business OF the country
/, hich has attracted the attention and ankle
f. oil all classes of people, ali having ielt lis
blight, excepting the great Capitalists ara
money holders, who are reaping gol,'ed har
vests bv The purchase Of property, which h.
want. of the unfortunate .ihrow into market
a. rniaors-: rates. Ii is low seen and iell
from the low wages of labor, and the
,r-oat number of persons unemployed.
the cries of distress from all quarters, that il
i. the labor and not the capital oi The coun
try III ulicrs by violent revulslons caused
l.. un,yise alcgislation. Have The people;oi
tbe South and West forgotten Their troubles
ctls37 10 I942. 10 the hour Of the passage Of
,boI law, .yhich has redeemed the credit Of
The government. and restored prosperity TO
IN. c3,u,iry2 | have minated that there
is less capital IN the new states than IN many
nj cld oues: il will not be denied that the
maned capital OF Ibis country IS held IN the
N,rihern and Eastern States, and thai thu
Son1h aud West are usually largely indcb:
ri &c Them. Now, should be glad TO be in
lor,ned what benefit is 10 be derived by a
nIanter in Alabama or Mississippi, or Tar
thai | hive described, particularly, ii by
charce he should he in debl? Do the peo
III, Of The South believe they can raise the
rice Of cotton or be able TO negotiate loans.
+, prosecute the construction OF their con
,e.n,l,,ed railroad? Do Ohio, louisiana,
IIIiasi. Michigan, believe they are TO create
\ heller market for their produce. or sooner
cog,,:l.,e the harbors, so much desired on
the shores OF those Finland seas, and be able
s., nernliate loans& obtain subscribers 10 the
storl, If their intended railroad, by the adop-
I; ~ nftbis new system Of political economy
AID wha1 say now the great states OF New
T.,rk and Pennsylvania TO this proposed eX-
nerinent2 Can they afford 10 try IT. and
are ;hey ready? Ifthey are, II viii be a
,ian,ed: if they are not. the present law will
s.1nd aud the country will repose toraa while
in happiness and prosperity. Any ore
wound suppose, that those states that are now
lust emerging from enhancement. which al
me time seemed alnos; Sufficient 10 over
vhel;n them in ruin, would he unwilling 10
Try an experiment, which Is certain. IN my
il. l.rement. 10 place them in position thai
will he The means of destroying the tar pros
meets IF thousands whn arc resting IN quiet
security upon the fa;.h OF what they deem
n Yat+rn1l and wise government The
ol4s,ion Of an Important alteration in our
/; .vcaue Laws should he kept in suspense
ne Treasury ~ill lcel is effects before the
eaI o. The present yenr. Tho expectation Of
great reduction Of .in'irs prevents the mer-
chant from going on M their usual hnfi-
ness. voyages are delayed. and orders fer
goods are held hack until This important
Question shall be settled. say, Therefore,
# We are going through ihissfery ordeal, lei
!, come at once,-we cannot probably, place
ourselves in a better condition than we are
now, 10 meet the troubles that await us.
Concluded nert lreek.