Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1848-01-19

" ILL >. II,
N. b. SMITH.
J. l.. SMITH,
Dec. Z, Is47. J. b. SMITH.
The official organ made large parade Of fig
ures day or two ago, affecting to prove that the
Protective System has had tendency to pre-
vent those revulsions in trade arising from the
export Of specie made necessary BY excess Of
imports. in answer to remarks the fiscal
portion Of the Presidents Message.
The article referred TO is an entire failure, be-
ing founded on f"lse premises 1t assumes the
years 1916 to 1892 as those in which, the protec
tive system was in operation. and from 1882 to
1911 those in which that SYSTEM in abey-
and had ceased to operate. Nothing can be
further from the fact. 1t is true the system may
be considered as having been established in 1916
by the influence Of South Carolina in favor Of
the cotton minimum, but the effect of the change
could scarcely be felt for many years. 1t was
not until the years 1893 or 1890 that the full cf-
feet Of great amount Of capital invested in man
ufacturing establishments was fully realized, and
the years 80 to $40 were precisely those in
which the full effects of the system were felt in
all their force. The tariff Of 1899 ffor which
Mr.. Polk voted was more highly protective than
that Of 1912. The reductions, under the com
promise act, were unimportant for the first seven
years Of its operation. 1t was not felt until it
came TO the jumping reductions Of / $40 and $40
The imports of lS4l and 1912, consequent there
on. caused drain Of specie and tremendous
revusion in business. The tariff Of $40 brought
US in the great import of specie Of Is43. which
at once restored the country to u degree Of pros
perity never before experienced. We now
beginning to feel the effect of change of sys-
tenn under the tariff of 1916.
This change Of system, combined with the
Mexican war, is threatening with a monetary
crisis Of ordinary character. The rumbling
of the distant thunder is already heard in
commercial cities. Prudent men are preparing
for a storm; and these two measures
continue, year will not have gone round before
the vaults of the Subtreasury will be drained of
their last eagle. The substitute will be rags :
rags-rags; in other words, Treasury notes.
Nat. Intel.
appearance Of tie Ohio Shore since
the late FIood.-Mr. John Brough, Of
the Cincinnati Enquirer, left his tripod and
that city few days ago, for Washington.
in fllfilment of his duty as one of the Com
missioners appointed by the Governor of
Ohio to adjust the boundary question be-
tween this State and Virginia, with sim
liar Commission appointed by that State.
From the steamer on his upward pas
sage, near Portsmouth. Dec. 3Oth, Mr.
Brough gives the following account of the
towns and country along the shores
of the river, since the late flood:
The towns and country bordering upon
the river so far as have been able to look
ness to the destructive character of the
late food New Richmond must have
suffered very severely, the entire town hav-
ing been inundated. Maysvillc did not
experience very serious inconvenience,
though considerable amount of property
was lost, by the destruction of one or two
warehouses; A considerable portion of
Portsmouth was overlooked, there. and
much damage done. The most serious
matter there, however. is the slipping of
the bank, near the junction of the Scioto
and Ohio. which now threatens several
buildings in that portion of the town with
destruction.
Slides have ,aken place at numerous
points along the bank: and some of them
very heavy. taking down in some instances
whole acres of ground-in other the pub
lie road, rendering it necessary to rebuild
it, and lay it further back upon the farms.
Strewed along almost the entire route,
are wrecks of wood and flat boats, and
RATS of lumber. The bridges across the
small streams are nearly swept away
indeed do not recollcct TO have seen one
standing. The loss to the farming inter-
est must be very great. The bottom lands
have been overlooked, and fences have
been swept for miles together. Large a.
mounts Of corn in the fields and Grill S,
and probably much other grain has been
destroyed-whilc, in many instances.
barns, and other outbuildings have been
entirely swept off. or removed from their
foundations. We passed the locality of
the ''Clermont Phalanx" after night, so
that did not see the ruins there. | trust
it may be long ere we shall have another
such a visitation.
4 PRINTERS FEsTIvAL-Took place
at Pittsburgh on the gath ult. Among the
Toasts on the occasion was this: ''Omr
Country Right or Wrong'-We will stand
by her when right; when wrong We will
try to right her.
The Interpretation here given to the sem
country right or wrong y
is the best we have yet seen. Thus inter-
preted it is true Wing doctrine. and pre-
cisely wha. the Wings are practicing in re-
lation to the Mexican War. as well as
wha, they prac,iced in the Wars which
our country has heretofore been engaged
in. In the War of the Revolution. and
that Of 1912. the Wings knew their coun-
try to be right and they went for her. both
in the council and in the field; but in the
present w ar they know her to be wrong
and they are doing all thy can to ''right