Rutland herald. [volume] (Rutland, Vt.) 1823-1847, 1846-07-09

that wni.c the tam was oppressive on
the interests of agriculture aud oi la
tor, It was highly beneficial TO inves-
ted capital 10 the rich monopollsts, the
lords of the loom. Now Mr. 5 said that
Just the reverse oi THIS was true
While protection benefited both agrl-
culture and labor, II was but small
advantage, any, 70 vested capital
The gentleman and hls friends, with.
out knowing II, were IN fact dong
more for the benefit OF vested capital,
10y kecpiI & u this agitation and OPP
position 10 th tariff, and thereby es-
tabllshing a monopoly by checking
competltion, than all the tnllff men IN
that House put together. In the case
Of vested capital the tariff had done It's
work; II had built the manufactures
mp; II had introduced improved ma
chinery and Increased skill; 1t had done
all that fixed capital required. Vested
capital was now on lis feet-lt could
gel along without help. Tn ey had ex-
ported during the last year between a
and 3 millions of dollars worth OF cot
Ton cloth; they had beaten the British
out Of their own markets. The great
manufacturers Of these goods feared
no foreign competition; they had over
come that. All that they now feared
was Auuuricau competition nj home.--
The protective tariff raised against
them that very competition. While
advocating, therefore, the continuance
OF our existing tariff, and resisting It's
reduction, Mr. s. was working in the
most direct and efficient manner for
the interests Of American labor-he
was resisting foreign; he was going
for the interests of the American lar
mers and the American laborers, and
not for the interests of large vested cap
itnl, he went to destroy existing mon
opoly, by increasing investments and
compettion-the only thing that could
destroy it. 1t is the gentleman, and
those who acted with him, by keeping
up this tariff agitation-lt was they
who were aiding capitals. This agit-
alton operated to check new invest
monts, md of course to promote and
secure monopoly. Those who were
contemplating the investment of new
capital would defer it. One would say
TO another, "Don't build a new mill or
furnace now, the tariff is going to be
reduced" Mr. S. knew this to be true.
lie had heard Of twelve large compa-
mes who had intended to build furna-
ces in Pennsylvania this spring, but
had suspended their purpose TIL they
should see what Congress would do
w n the tariff at the present session.
DID this hurt those who already own
ed manufacturing establishments =
Certainly not; it was the very thing TO
aid them. This gave New England
monopoly; 1t secured in her hands
that which the people Of Penn. and the
people of the South most wanted
They wanted pro.ccton-New Eng
land could DO without it, Virginia
wanted it, North Carolina wanted 1t,
so did SouthCarolina and Georgia, and
all the West They wanted protection
to build them mp; in New England the
tariff had done its work--it had fulfill
cd It's Office. n. E. might now say to
this Gov, "FGthcr | am now of age; |
am on my own feet; can make my
way through the world; | have met
John Bull and beat him; thank you
very much for what you have done
for me, and will be n burden on YOU
no longer; now take care of the youn,
ger branches Of the family"
The rest Of the country was com
paratlvely young in manufactures
They still need the helping hand Of
Government; they want protection in
their infancy, n. f. was magnanim-
GUS and patriotic; she wished to see
other portions of the country prosper
by following her example; when the
South and West supplied as they
could, the coarser goods, she would &c
TO work on the finer fabrics. Did not
the gentleman see that by reducing
the tariff he was checking investments
IN his own country and in mine, in the
South and West, and thereby Secur-
ing a monopoly to vested capital
wherever 1t existed, and present high
profits, which could only be reduced
by enlarged competition at home =
Was not this true? Was it not com
mon sense? He put it to every mans
understanding. 1t was not only com
mon sense, but, what was more, il
was proved by universal experience.
tConc!uded next week.