The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-12-09

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II is necessary that this coin should receive the Amer
can stamp by recoinage at own mint into eagles hall
and quarter eagles IN order TO enable to pass into general
circulation When consider the vast amount OF for
egn coin that il brought into the city OF New York
through the operations OF business well OF the GUS
tom-house there, also by emgants from abroad the
importance OF converting all this al there into Amer
lcan coin scarcely be overestmated Ii the specie
now flowing within limits remains in foreign coin
II may md ITS way, not into circulation, but into the
vaults OF the banks, where be made the basis
often heretofore OF bank and paper expansions and
ruinous reyusons could fail TO ensue Ii is mpor-
tant to all the great interests OF the country but especial
10 manufacturers that the currency should be
dundant or deprecated and excessive imports OF foreign
merchandise brought as consequence into the country
In connexlon with The constitutional treasury, branch
OF the mint al New York would be most useful in
yerlng the foreign into American coin, encouraging
thereby It's circulation among the people, instead OF triple
and quadruple issues of bank paper.
We are beginning 10 realize the benefits OF the new
tariff, many imports having been warehoused in antcpa
ton OF the new duties and already paid By reer
interchange OF commodities, the foreign market opened
to our agricultural products our tonnage and commerce
are rapidly augmentng, our exports enlarged and the
prce enhanced, exchanges IN favor and specie
| is flowing within our limits The country was never
more prosperous, and have enjoyed such large
and profitable markets for all products This is not
the result OF an inflated currency but is an actual IN
crease of wealth and business Whilst agriculture,
merce, and navigation released from onerous taxes and
restrictions, thus improved and nvigorated, manu-
features not depressed The large profits OF
facturers may be IN somewhat diminished (;
but that branch of industry now Teposing lis
skill and resources, still prosperous and progress
sve New manufactures are being erected throughout
the country and still yield greater profit most cases,
than capital invested in other pursuits.
Commerce between nations is but exchange of their
respective products specie qudatng only the occasion
al ucuatng balances, and cannot long be maintained 10
any great extent by sales for specie only Thus If Eng
land opens her markets to products, whilst
clude by high duties most OF the fabrics she would sel
IN exchange her specie would rapidly diminish, and such
a commerce would anguish and decline. She might
STILL from necessity purchase portion OF our products
but necessity, equally stern and irresistible, from ex
hausted means, would compel her reduce the
purchases and price, and thus diminish the balance de-
manded from her in specie To maintain, them penna-
nently profitable commerce with England the barriers
must be broken down on both sides-her corn laws
pealed, and duties reduced, TO permit eN-
change OF her fabrics for products. With high du-
ties part, could realize but little permanent
advantage from the repeal OF her laws Such high
duties would continue in force, against farmers,
the British corn laws nearly efiectualy though
they had been repealed Before the repeal of those
laws, the advocates OF protective policy conceded
that If England would open her markets for bread
sus and PROVISIONS should receive her fabrics in
exchange. Now her markets thus opened to these
products; and the friends OF protective tariff abandon
ing their former position, would still arrest by high du-
ties the exchange of English fabrics for bTeadstut
and provisions Ii the reduced duties continued
both sides, TO permit reciprocal interchange of
commodities, the foreign market opened for our
breadstuts and provisions, must be maintained.
Our farmers now have, and must retain, home
market with without the tariff because brea1stufs and
provisions cannot protaby be imported here. The few
diverted from farming to manufactures by high tariff,
bear comparison in number with the people of the
world, whose markets lost, in whole part BY
high duties Nor is il chiefly the farmers but the mer
chant the shipbuilder and shpowner the seaman and
the thousands OF aborers in the marts of our foreign
commerce, that furnish much the larger portion OF those
who driven by high tariff from existing pursuits
into manufactures; and consuming, they all did, our
own breadstus and provisions, well before after
this change OF their pursuits, additional market
thereby secured to the farmer: Indeed, there is abso
lutte loss in far the machinery of the manufacturer,
which consumes breadsuts provisions is subst-
ted for the manual labor engaged in agriculture
merce and navigation. The number OF manufacturers
would not be increased Q increased at ally more than
oneenh by the difference between the tariff of 1Sl2 and
that of 1916; and of that tenth, than one-haf
would not have changed from agricultural pursuits. In
the meantime when commerce and navigation flourish
under low duties, larger number of consumers of
breadstus and provisions diverted to those pursuits
from agriculture, than would be driven from into man
uiactnres Inv b;rb dt;es Nothing then s Gained in n
home market TO the farmer by high duties, whilst the
markets of the world lost diminished The popula
ton of the world is thousand millions, increas-
ing at the rate of not less than ten millions per annum,
with but little augmentation anywhere of breadsus and
provisions, except in our own country; yet farmers
asked to abandon this immense market, in the vain
attempt to create adequate home market by sacrificing
agriculture, and navigation, for the benefit OF
manufactures
land after long trial, and runous results it Is aban
doned and here under the tariff of 1872 the prices OF
breadstuhs and provisions fell, and have now risen with
the reduction of duties and the opening of foreign
ket From long peace, Europe is becoming so densey
populated that her poorer soil and more uncertain climate
afford less adequate supply of food from year to year for
her rapidly increasing population Under system OF
low duties, and reciprocal interchange of commodities,
will be the interest not only of Great Britain but also
of most OF the continent of Europe, TO take large supply
Of food from but by aresng this exchange OF their
fabrics for proc ucs it becomes their interest, and in
fact necessity, to look for and encourage markets else
where's and also by extraordinary MEANS and high gov
ernmena bounes, to drive capital into agriculture there,
to supply the wants of their people, unable to purchase
our products, for which, by high duties demand pay
ment in specie If receive the fabrics of Europe in
exchange for products will be their interest TO en-
rapidly augmenting, until our country becomes the gra-
nary for Europe, and export there OF food shall
exceed that of cotton great that destined to be under
a system OF low duties With this enlargement of our
exports will come correspondent increase of our i'm
ports, and great augmentation OF the of the
government and of the prosperity OF the people. There
will be greater number profaby engaged agrl-
culture, commerce, and navigation. The increased mum
Der and prosperity OF those classes, constituting four
fths of the whole people, will enable them greatly to
extend their purchases and the manufacturers by the in
creased ability and means of own people, viii derive
in a of years, greater benefit, than by destroying
the ability of their customers, by excluding their products
from the foreign market and deprvng them TO that
tent of the to purchase AT home abroad If the
builder constructs, and the navigator reights
vessesf the farmer sells more breadstus and provisions
and the planter cotton, and at better prces- the
merchant ansacts larger and prosperous business
if the seamen increase in number and receive better
ges-if the working classes employed in connexion with
trade in American marts of foreign
creased and rendered more prosperous, they must all be
enabled 10 purchase of manufactures, and
at better prices Under such system of reciprocal inter-
change Of commodities with all the world the great city
- Il l. l. = Al