Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-02-19


state Of things Might not man, who buying ans
consuming every day double much be sod welboas
OF his prosperity Ruin just certain to the nation
would be endvdua guilty ofsuch folly and
These enormous mportations only carving away
specie and Government stocks by Millions but they
breaking down American establishments Accounts Of fail
ures reaching us daily, and TO extent Yes sir
and these failures made the theme of exutaon by the
Union, the official paper, the organ of this Admnistra-
ton, which rejoces at the ruin of these immense American
manufacturing establishments eoices that they broken
down by the British-by British imporations. Sir will
you the words of the editor OF the Union in his paper
Of yesterday morning In speaking OF the failure Of
large establishments and among others of immense iron
| establishment at Worcester, he says:
at perhaps for the great iron interest
extravaganza OF Of them that have gone headong
has been soon arrested by the iron suddenly thrown into
this market from The revulsions IN Great Britain"
Yes, sir fortunate that American manufactures have been
arrested broke down by the British, by British sudden
y thrown into markets Such the British sentiments
of this American oca-Preden Polk and Secretary Walk
organ But this all Abiding these the
gan further says it i'll wind that blows good It is
good wind that blows in British goods, blows up American
manufactures and blows back their ships filed with American
specie and American stocks This Is the wind for the British
and this American organ but it is wind sirocco that
brings death to American industry. But what next He
says The sutary check which the ron-masters
receiving will be good lesson every prudent man. Yes
sir sautary check" Stop American manufactures, and
hem men, women, and children, out without employ
sarve support British labor and send our money to
pay for British on made by British labor out OF British COAL
while farmers deprived of these great home
kets for their produce American labor turned out to beg
and American coal and left useless in mountains
And this is " a good lesson, says Mr. Folks organ Sir
the American people, when they read this, will give him and
his pasans good lesson and a saluary check at the
| polls which they will not soon forget.
But this is all In conclusion the Union says free
trade will give them market for their goods in distant
tries and the face of the English Manchester itself
and WILL the end give their great interest much better
protection than the stringent tariff of 1912.
Free trade better protection than the tariff Of 1912
What does this mean The protection which the WOLF the
welknown fable Of Esop gave the lamb; and under fee
trade to export goods to England-to Manchester"
to distant countries" When When by g free trade
American labor is brought down to the re Of the labor in
those distant COUNTLESS and be,c and before You
work longer and harder and cheaper and sell cheaper
before you send your goods to Manchester; and the
Union and its supporters know it and this the condition
which they intend to bring the free people and prosperous
labor Of this country-l25 cents day. This is the inev
table result Of their system And with free trade where is
your revenue gone-every dollar Of it-and you must
draw your whole by direct taxation from labor
duced to 21 cents day. This the resu-he certain
result of the " free trade policy of this Administration There
is escape on it. What will the people Of this country
say such system refer the question to their decision
Before the question taken Mr.. STEW ART motion
Mr. ROCKWELL, of Connecticut, moved to add at the
end of the LIST section the words including the
horzed be hypohecated in pursuance Of the provisions Of
| this act and other acts Of Congress"
Mr. Rockwell, in support OF the amendment said that
the of Treasury outstanding and in the posses
sion of the Treasury within about half million of the
whole which, by the provisions Of this substitute the
Secretary authorized to keep out at any tme-ex
cep far the Eoes should be funded the whole additional
authorized to be issued of these Treasury notes spe
CITED would be only that sum-of half million of dollars
II conceded that this would be the result of the passing
of the substitute He npprehensve that evasion
might be attempted Of this provision in the substitute, the
Administration would find itself seriously embarrassed if
this their fayorite should prevail The Secretary
might under the provisions Of this substitute, obtain loan
hypObecation and
the amendment render the section clear and provide
expressly what indeed agreed 10 be the fair construction
OF the ACT that the notes hypothecaed should be deemed
part Of the twenty millions allowed to be issued and oustand
ing Of the authorized under this act and the preceding
loan acts, and not IN addition to that sum
The amendment rejected
Mr.. KING, of Massachusetts, moved to amend by adding
the words But Treasury shall be issued under this
until the President shall have nominated and the Senate
confirmed the nomination Of commissioners negotiate
peace with Mexico" Rejected.
The question then REQUIRED the motion of Mr. STEWART
| TO strike out the lst section, and it rejected.
The ID section then read.
Mr.. GREGORY then moved TO amend by adding the
words on all notes OF the denomination OF 800 and up
wards but Of interest shall be paid any Of
I lower denomination" Rejected.
The 4th section having been read
Mr.. j. II. INGERSOLL moved to add 10 the clause
which authorizes the issue Of part the Treasury
such persons choose receive them cat par the words
" or rate below the market price,"
He said these evidences Of debt might be disposed Of in
be borrowed they might be hypohecated pledged under
particular circumstances and all this would give the Secre
tay Of the Treasury great power, and enable him to
else favorsm. He might lei them go at par when 10 reality
they worth great deal Treasury notes have,
almost in all instances risen above par He thought bis
friend from Pennsylvania Supposed TO be an aluon TO Mr.
SrEwARr) mistaken when he supposed that at this
they par. However, the Secretary of the
Treasury ought 10 be prohibited from selecting favored nd
vdua whom 10 issue them better than they would
be taken AT by others. Whether therefore, the substitute
should be ultimately adopted not he desired the amend
be made, guard against the possibility Of
favoritsm being allowed 10 be vested in single individual
by Treasury note BILL
The amendment adopted.
The 18th section having been read
Mr.. GRINNELL submitted amendment to strike out
all relating the receiving Of proposals and appointing agents
negotiate the loan, and to insert the amendment which
his motion attached to the bill reported by the chairman
Of the Committee Of Ways and Means. II was adopted.
Section 10 passed without amendment.
Section 81 having been read
Mr. COLLAMER moved 10 add al the end Of the section
provision repeal the tariff Of 1916, and revive the
tariff Of 1912. He said, IL they TO begin system
Of taxation he preferred that they should have system
by which perfectly clear they could realize nine millions
dollars importatons He thought the exigeDces
Of the Government would require this amount at the same
time that il would give protection industry,
and the Government from the necessity Of making any
loans whatever.
Mr. McCLERNAND inquired if the effect Of this amend
would be revive the tariff act Of 1912 Loud
cries Of " Yes. u
TeIers were then called for on Mr. CoLLhMERs amend