Liberty advocate. [volume] (Liberty, Miss.) 1835-1866, 1846-03-28

D Ikhioot VI tHCNl) uuahuObCu tHO uuolHOoS
3 not being able to compete successfully
with fraudulent foreigners. will not
(, say that all foreigners commit fraud or
Q the revenue; far from it;--but | do say
: that enormous frauds have been perpe
' trated by foreigners, on the revenue, I'M
E der ad vnlorem duties, and will be again
e prostrating the business of honest foreign
u and American importers In less than
twelve months after the new plan shall
r have been in operation, this whole coun
iftry will be literally surfeited with for
q eign merchandise; (if it be not so, the
revenue will fall short of the wants oil
S the Government3 we shall then owe a
e debt abroad Of millions of dollars, which
must be paid in coin. The exchanges 90
Dup to point that makes it profitable TO
$ ship specie; money becomes scarce in the
= Atlantic cities; yet bills on England and
. France do no. fall; the loans made to the
> South end West are called in; demands for
debts due from those sections of country,
5 are made; exchange cannot be Obtained
produce is purchased and shipped; and
, when it arrives at the North, it will not
command the cost in the West; q paraIy-
: sis will have struck the business of the
Icountry; produce will no longer answer to
pay debts due at the North, and the next
resort is TO coin, which is to be collected
and sent down the Mississippi, or over
1.-The mountains to Baltimore, Philadelphia,
New York and Boston.
off, as the people Of those sections can no
longer promptly meet their engagements
The new states and the outer circle Of the
Republic, are the weak points, and first Civ
ing way Of the banks is card from those
points, where there is the least amour: Of
cdpual We see the storm approaching
like thunder shower in Summers day
we watch its progress, but cannot escape
its tall.--lt al last reaches the great marts
of trade and the change, having swept
every thing in its course; and the banks
in the Atlantic cities, after a violent effort
to maintain their credit and honor, are
forced to yield TO this Utopian expert mem
on the currency. have no hesitation
in stating that all this will take place with
tl,n. the space OF le months irom the Nm
} this experimental bill goes into operation
and not specie paying bank, doing bust
ness, will be found in the United States
Where will be the revenue which was &c
produce such a mighty sum under low
duties? Where The Treasury, and the
Secretary, and the Presiden, and his Cab
met? The Treasury is empty; the Sec.
rotary is making his estimates OF income
for l849, and preparing to ask Congress
for a large batch Of Treasury Notes; or
perhaps the deficit is so large that loan
may be required We have now to come
to point of depression in the great bust
ness Of the country, which has attrac ted
the attention aud anxiety Of all CLASSES o
people, all having felt its blight, excep.
ting the great capitalists and money hol-
ders, who are reaping golden harvests by
the purchase of properly, which the wants
Of the unfortunate throw into the market
at ruinous rates. 1t is now seen and felt
from the low wages ofabor, and the great
number of persons unemployed, with the
cries o.! distress from all quarters, that it
is the labor and not the capital Of the
country tina, suffers by violent revulsions
caused by unwise legislation. Have the
people of the South and West forgotten
their troubles Of 1887 10 AZ to the hour of
the passage of that law, which has re.
deemed the credit Of the Government, ard
restored prosperity to the country! |
have intimated that there is less capital in
the new 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 in
debted to them. Now, should be glad TO
be informed what benefit is to be derived
10y planter in Alabama or Mississippi or
a farmer in Ohio or Illinois, by change, /
like that have described, particularly, il
by chance he should be in debt? Do the
people Of the South believe they can
raise the price of cotton, or be able to
negotiate loans to prosecute the construc-
ton oil their contemplated rail roads? Dol
Ohio, Louisiana, Illinois, Michigan, be-
ileve they are to increase better market
for their produce, or sooner complete their
harbors, so much desired on the shores Of $
those "lnIand Seas" and be able to nego. I
tate loans, and obtain subscribers to the [
stock of their intended rail roads, by the
adoption Of this new system Of poll teal '
And now what say the great I
states CT New York and Pennsylvania to
this proposed experiment. Can they b
afford TO try it, and are .they ready? Ii I
they are, ii will be adopted; if they are o
not, the present law will stand, and the s
country will rePose for a while in happiness e
and prosperity. mr.ra
Any one would suppose, that those i
states, that ere now just emerging from
embarrassment, which at ono time seemed