The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-01-03
No. 43.

culation, or too small amount Of bank paper or
that any injury ever will be inflicted upon the bu-
siness Of the country, bya diminuon Of the cifcu-
lation Of the paper Of banks, and the substitution
its place, 10 that extent Of gold and silver. Even
their most ardent advocates must admit that banks
tons, and that THE evil would be increased by Civ
ing the funds Of the government TO lo,n, and by
receiving and disbursing nothing but their paper
tits believsd that the permanent interest of ev
cry class Of the people will be advanced by the
establishment of the constitutional treasury, and
that the manufacturers especially will derive great
benefits from its adoption. 1t will give stability to
all their operations, and insure them, to great ex-
tent, against those fluctuations, expansions, and
contractions OF the currency, preudcial TO their
interests By guarding against limitations OF the
currency, 1t will have tendency to check period
cal excesses of foreign importations purchased in
fact upon credit; while loans from banks, or dan
gerous enlargements of their business, and exces-
sive issues of their paper will be greatly diminish
ed. Whilst sound and stable currency guards
the manufacturer against excessive importatons
from abroad, il protects him from disasters at home,
and from those ruinous reyusions in which so ma
ny thousands are reduced 10 bankruptcy. The tar
if, iffollowed as in the absence adequate checks
it certainly soon will be, by an inflated currency,
whilst It thus enhances the expenses of manufac-
turing at home, win speedily and certainly raise
prices up to the whole amount Of the duty, so as
to repeal the operation of that duty in favor Of the
manufacturer, and enable the foreign importer
again to food the market, at the enhanced prices
arising from inflated currency But soon the re-
vulsun comes, and all are overwhelmed in a com
mon ruin. The currency is reduced below the
wants of the country, by sudden and ruinors con-
traction; and the labor and industry of years are
required TO repair the mischief Stability, both in
the tariff and the currency. is what the manuf'c-
turer should most desire Let the tariff be perma-
nently adjusted, bya return to reasonable and mod
crate revenue duties-which, even when imposed
truly and in good faith for that purpose, will yield
sufficient advantage to afford reasonable profits;
and let this permanent system (and none other can
be permanently he established. aud accompanied by
stable currency; and the manufacturer, in series
of years, will derive the greatest benefits from the
system. The present system cannot be permanent
It is 400 unequal and unjust-too exorbitant and
oppressive, and too clearly in conflict with the fun
damental principles of the constitution. If the
manufacturer thinks that this system can be per-
manent, let him look to the constant changes which
have attended all attempts to establish and contin-
ne protective tariff The first tariff Vas based IN
part upon the principle Of very moderate proec-
ton to domestic manufactures; and the result has
been, as appears by the table hereto annexed that
the tariff has been changed and modified thirty
times since that perdd-being more than once, on
an average, for every Congress since the govern
ment was founded; and one of these tariffs was in
itself system OF successive annual changes, oper
ating thrr ugh period of ten years. OF these
changes, fourteen have been general, and sixteen
special. From 1916, onward, these changes have
been most frequent; and it is vain to expect per-
manency from anything but revenue tariff, Sta
biity is what the manufacturer should desire, and
especially that that question should be taken out
of the arena politics by just and permanent SET
tlcment A great number of tables, Illustrative of
the effects of the tariff, compiled from official doc
uments accompany this report Some Of these
tables exhibit the operation of each of our tariffs,
from the organization of the government TO the
present period. In order to enable the Secretary
to comply with the direction of the acts Of Con-
gress, requiring him in his annual report to suggest
"plans for improving or increasing the revenues"
and TO give "information to Congress in adopting
modes of raising" the revenue, two circulars were
issued, published, and generally distributed, pro-
pounding various questions connected with this
subject and requesting replies. Some answers
have been received, from friends as well as oppo-
nenis of the tariff; but the Secretary regrets that
the manufacturers. with very few exceptions, have
declined answering these questions, or communi-
eating any information as regards their profits and
surplus, or in relation to the wages of labor. An
abstract of all that is deemed useful in these re-
plies, together with copy of both the circulars, is
appended to this report.
The coast survey is rapidly progressing having
been extended eastward TO the eastern coast of
Massachusetts,, and southwark nearly to the divid-
ing line of Maryland and Virginia, on the Chesa-
peake. Two new centres of operations have been
opened, under the sanction of this department. in
North Carolina, and on the Gulf of Mexico. from
which the work may be spread until the parts unite
Important positions for forts, navyyards, harbors
and lighthouses present themselves along this IN
teresng portion OF the coast of Louisiana, Missls-
sippi, and Alabama, and the islands guarding the
interior channel between Mobile and New Orleans
Great economy exists in the administration of the
fund appropriated for the coast survey; and every
effort is made by the superintendent to press the
work onward TO completion Three charts re-
sulting from the survey have been published with
in the past year, and FIVE more are nearly ready
for publication This great work is most honora-
Bile to the science of our country, most useful TO
our navy and commercial marine, and, in eonnex-
ion with our lighthouses, must decrease the cost
of freight and insurance, well as the risk OF life
4. f. -, ky