Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1846-02-12

country, are made exchange CanIot pc OUt'lhcui
produce is purchased and shipped and when 1t
arrives Mt the north il will not command the cost in
the West paralysis will have struck the busl-
ness of the country produce will no longer an
swor to pay debts due at the North, and the next
resort is to coin, which is 10 be collected and sent
down the Mississippi, or over the Mountains to Bal
timore Philadelphia, New York and Boston. Wes-
tern and Southern credits are cut off, as the people
of those sectiops no longer promptly meet their
engagements The new States and the outer CIR
Gle of the Republic, are the weak points, and the
first giving way of the Banks is heard from those
points, where there is the least amount of capital.
We sec the storm approaching like u thunder show
or in summers day: we watch its progress, but
can lot escape its fall 1t at last reaches the great
marts Of trade and the exchanges, having swept
every thing in its course and the Banks Of the At
antc cities, after violent effort to maintain their
credit and honor are forced to yield to this Utopan
experiment on the currency. have no hesitation
in stating that all this will take place within the
space of eighteen months from the time this eXpe-
rimental bill goes into operation; and not specie
puying Bank doing business will be found in the
United States. Where will be the revenue which
was to produce such mighty sum under low du-
ties Where is the Treasury and the Secretary?
and the President and his Cabinet? The Treasu-
ry is empty; the Secretary is making his estimates
of income for 1870 and preparing 10 ask Congress
for large batch of Treasury Notes Or perhaps the
deficit is so large that loan mag be required We
have now come TO point Of depression in the
great business OF the country, which has attracted
the attention and anxiety of all classes of people,
all having felt its blight excepting the great capt.
talists and money holders, who are renpng golden
harvesis by the purchase of property, which the
wants of the unfortunate throw into the market at
runous rates. 1t is now seen and felt from the low
wages Of labor, and the great number OF persons
unemployed, with the cries of distress from ali
quarters, that it is the labor and not the country
that suffers by violent rcvulsGns caused by unwise
legislation. Have the people Of the South and
West forgotten their troubles of 1887 to 1912, TO
the hour of the passage of that L1w which has re-
deemed the credit of the Government, and restored
prosperity to the country? have intmated that
there Is less capital in the new States than in ma
ny Of the old ones; it will not be denied that the
noncd capital of this country is held in the Nor
thern and Eastern States, and that the South and
West are usually largely indebted to them. Now,
should be glad to be informed what benefit is to
derived by planter in Alabama or Mississippi, or
a farmer in Ohio or illinois, by change, like tina;
have described, particularly, if by chance he
should be in debt? DO the people Of the South
believe they can raise the price OF Cotton, or be a.
bic to negotiate loans, to prosecute the consruc
ton of their contemplated rail roads? Do Ohio,
Louisiana, Illinois, Michigan, believe they are to
create better market for their produce, or sooner
complete the liarbors, so much desired on the
shores of those L" Inland Seas" and be able to ne
gotiate loans and obtain subscribers TO the stock Of
their intended railroads. by the adoption of this
new system Of political economy? And now what
say the great States Of New York and Pennsylva-
MIA to this proposed experiment? Can they afford
TO try it, and are they ready If they are it will
be adopted; if they are not, the present Law will
stand, and the Country will repose for a while in
happiness and prosperity. Any one would suppose,
that those States, that are now just emerging from
embarrassment, which at one time seemed almost
sufficient to overwhelm them in ruin, would be I'M
willing to try an experiment which is certain in my
Judgment to place them in position that will be
the means of destroying the fair prospects of thou
sands who are resting in quiet security upon the
faith of what they deemed paternal and wise Gov
crnment The question of an important alteration
in our Revenue Laws, should not be kept in sus
pense. The Treasury will feel its effects before
the end Of the present year. The expectation of
great reduction of duties prevents the Merchants
from going on with their usual business. Voyages
are delayed and orders for goods held back,
until this important question shall be settled. say,
therefore, if to go through this fiery ordeal,
let it come at once,-we cannot probably place our
selves in better condition than We are now, to
meet the troubles that await u.s.
Mr.. Walker proposes to substitute ad valorem
for specific duties, in opposition to our own expe-
rence, and that of almost every other country. |
have never yet found an American merchant who
has not been in favor Of specific duties, wherever
il can be done with convenience to the Importer
and the Government ] confess it is bold meas
ure to propose total and entire change Of a Rev
enue system, which was established with the Gov
eminent, and has stood the test Of experience
through all the trials of political parties and adj
minisrations, from Gen. Washington TO MIR. Polk.
1t appears more extraordinary at this time, os the
country is in high state of prosperity. The rev.
enue is enough for all the reasonable wants OF the
Government and the people appear to be satisfied
with their condition. The resources of the coun-
try were never developing more rapidly; the in
crease of our population, the present year, will
probably equal that of the last which estimate at
100000 souls our wealth too has been wonderfully
augmented by the construction Of rail roads there
has been great increase of our shipping, engaged
III the domestic commerce Of the country, not only
by sea, but upon our rivers, and great lukes the
manufacturing interest has been largely extended;
and the soil too, has been made to produce vastly
more than at any former period. The whole produc-
tive power Of the country has been greater in three
years THAT is since the passage Of the Tariff of
le42) than during any equal space of time in our
national history. There have been three periods
of universal distress throughout land since the
peace Of 1888, and in each case under low duties.
appeal to those who remember those periods and
to others, refer TO the annals of our country
Those periods were from 1888 (thc conclusion of
the revolutionary war; to 1889, 1915 to 1924, 1887
to 1912.
would respectfully recommend to the Secreta-
ry of the Treasury who appears to have received
new light upon the subject Of our national econo-
my, to examine the history Of the legislation of
Congress at the above periods. lie will find in his
own department Of the Government, an abundance
of evidence of the distress that existed under low
duties, and a deranged currency.
There is prevalent idea abroad, that the capt.
tai of the country will suffer exceedingly by
vulsion i'll its business, and that the Tariff of 1912
has operated in favor of the capital and not the Ia
Dor of the country. There can be no doubt that
capital is generally proftab ly and safely employed
and well paid The profits of capital are low, when
wages are low; but capital has usually had the
power TO take care Of itself aud does not require
the aid of Congress to place it in any other posi-
ton, than to put the labor in motion. Congress
should legislate for the labor. and the capital will
take care of itself will give you an example of
the rate of wages under low duties, and under the
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