The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1846-08-25

Ana u you DO not IN any case increase the supply
more than yon Increase the demand, You do no,
inJufe the market. And here is the whole answer
10 me argument which is so much harped upon
nere' tnat you cannot increase the import Of for
e,gn 'aorics without displacing equal amount
OF American maintain it is entirely practica-
o'e 20 DO the former without the latter, and the
whole secret is in increased consumption And
'ns Is done by comforting the greatest amount Of
prosperity upon the greatest number. n your
poicy increases consumption more than il does
,mportalions, even the home producer will he
benehtted This has proven to he the case alnos,
invariably in England. as could show in detail
1t time permitted
have one word to say about another ground of
tn's PanIc-and that is the !" ad valorem" prin
clpe. Every one will admit that the assessment
OF duties on the oatue is the most equal, hest lin.
hers'ood, and IN everv respect most desirable. if
pracucabIe IL is sn2 What is our own expe !.
Tence upon that subject? About three fifths of
the revenue under the tariff act of Is42 is collect
ca on ihe " al vatorem'' principle And this prin
eipie; oy That act. is applied to articles about
wn'eh tnere ls as much danger of fraud any
other The difference in that act and the one
we have just passed is only in the ex,en, of the
application OF the principle, and not in the prin.
cipie iiseff. How has 1t worked in that act2 If
there has been any difficulty, have yet TO learn
it,
Permit me. before concluding, to advert to an
other ground of bitter complaint on the part of the
pfotectionlsts. They say. that Pennsylvania was
doped on the subject of the tariff. and hence our
ability to repeal the act of 1912 To make GOOD
this charge, they compelled to stultify the
people of that old Commonwealth. Mr.. Polk had
been Tree trade man all his life, and the evi
dehces OF MS opinions were upon record Even
the gentleman from Tennessee (Mr. Gentry) adj
mus that upon this subject he has been consistent
Yet, suppose Pennsylvania was dipped in the
presidential election. which | by no means admit
yet II is not pretended she was in the cong resson-
al elections. Her Representatives with one ex
cepiIon' have voted against the repeal of the act
OF 1872 Ii is not pretended that the people any
where were dipped in the congressional elections ;
ana yet the tariff is purely Legislature measure
IL is true, the President was sincerely and ardent
y the friend of the bill we passed, but still it was
legislative measure.
Mr. b., In conclusion, adverted to the fact. that
'he progress OF free trade principles had been very
great IN this country. even where there had been
no corresponding change elsewhere and he arpu
ed that that progress would be much more rapid
hereafter, particularly in the great West, where
had already been rapid. in consequence of the
Jate changes IN the commercial policy of Great
Britain.
From these facts. he concluded that this manic.
II got mp, might derange business, infiict some
INJURY upon the country but it would produce no
more effect. as far as changing The policy of the
party to which he belonged was concerned. than
the panic of 1884 did in changing their policy
upon the question of Bank of the United States
me manufacturers might put their funds into The
hands OF politicians TO be squandered they nigh,
allow themselves 10 be used by politicians for
their selfish purposes; but he told them it would
be Infinitely better for them to accommodate
themselves TO what he believed was now the fixed
policy OF the country, than to enter into useless
EFFORTS Tor the premature repeal of the law. They
would get no repeal this Congress As to the
next Congress. there was an absolute certainty
that the majority in the Senate would be greatly
increased and he believed it would be in this
House. And soon census would he taken,
which would add many free-irade advocates from
the West. He called upon the manufacturers,
men, 10 ADJUST their business to the settled policy
Of The country, and not join in this miserable at
tempt to get up panic. which would prove a
tallure-a ridiculous failure