The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1847-08-27
Let the People take heed in Time.

Let the People take heed in Time.
The returns which have been made
relative TO our show that we
are having an alarming increase in the
imports of foreign goods, equal to thirty
millions, and that in seven months the en-.
tire sum has reached $55,s
to about one hundred millions per annum.
This does mol include a very large sum
in the warehouses, as to which the Bank
ers Magazine says, that "under the pub
lie ~ware.housing system lately adopted,
the public stores are groaning with mer-
chandise from abroad, the results of For
eign Labor"
The unsettled state of the times--the
Executive violations of the Constitution
the war with Mexico-the accidental
demands in foreign countries for our ag-
ricultural products, appear to be chang
ing the steady and healthy course of bu-
siness into n of uncertain speculation,
from which much evil may result. The
foreign demand for products has stimu-
lated speculation, and we learn from the
Bankers Magazine, that the Banks of
New York, under the influx of specie,
the increase of foreign shipments, and
incoming of goods, had in ninety days,
increased their loans IN amount 10 per
cent. and their issues IA per cent.
With the increase Of foreign goods we
donot obtain even a corresponding in
rease of revenue; for we have "a Tariff
which requires the importation of one
hundred millions of goods 10 produce the
same revenue which seventy-two mil
lions produced in 1856" With the
prospect of an abundant harvest in Eu-
rope, we must necessarily look for d fall
ing off in this foreign demand; with this
injury to mechanical labor in our own
country, we will not have an equal home
demand; and these, with our increase of
product, will probably cause a great fall
in price.
Atthe same time we are thus, so rap
idly creating a foreign debt, at the rate
of 55.Sl9, 900 in seren months, we are not
in a healthy state otherwise. We are
engaged in a Foreign war, of unknown
continuance-a war, too, which is caus-
ing immense drains of specie, to be paid
in the same foreign country to meet the
expenses. 1t appears by the books of
the Treasury Department o July l, 1S47,
that we have already created a domestic
debt by the Government of over $39, 1884,
40! and by the expenses of our armies,
this debt is increased atthe rate of near
$l00, 900 per day! When this war will
be-can be, ended, is not known, but till
ended-till long after these expenses will
continue.
Whilst the influence on the business of
the country is as stated and the prospect
so bad;-whilst we are. by imports max
ing debt of over GfyJfue millions, and a
domestic debt of forty millions, does it
not behoove the people calmly and
earnestly TO consider what is to be the re-
suit? To enquire when we are to be ex-
treated from our difficult position, and
return to peace-when we are to be re-
lieved from this already immense and
rapidly accommodating debt, and deter
mine how it shall be done!
Before we are rid of these troubles,
shall we not be involved in embarrass-
ments? Will not a resort become ne
cessary to that favorite scheme of many
prominent leaders of the Locofoco school
heretofore so often put forth-Drect
Taxation.
1t is time we began to consider our po-
sition calmly, and with a determination
to knowth the result and have a speedy ex-
trication from the threatened troubles
Gin. Gazette.