The daily union. [volume] (Washington [D.C.]) 1845-1857, 1848-10-13
nal bank and a high tarif, in the


You were then warned. if Mr.. Polk succeeded, and
these carried out OF the disastrous con
sequences which were to follow. If the tariff were
reduced to the standard the manufactures must
stop; the iron furnaces, orges, and oundries 10
be suspended the coal mines TO be closed commerce
vas TO anguish the price OF produce to decline; no
narketwas to be found Tor the farmers grain and while
ne revenue oil Tue government TO fail, general rum
with It's desoatng train, sweep over the country
How have these predictions been VERIFIED Have they mol
proved TO be The sayings OF false prophets hat me
conduon OF trade and commerce under the system OF 10"
taxes! The manufactures have not suspended commerce
tsncieased The great and paramount interest OF agrcu
ture heretofore neglected and even oppressed BY Inc pro
techve policy, has been placed equal iooung WIN ohe
INTERESTS and with agriculture all the other interests
the country have risen into new prosperity New ana prof.
table markets have been opened and increased prices Cd
ained for the farmers products The labor OF the coun
try rewarded with higher wages and more constant EN-
ploymeni The exports of domestic products Tor the last
sold in foreign markets. amounted to me enormous
and unprecedented of hundred and nifty millions
Of dollars Instead OF the revenue beng reduced by low
lutes, predicted by our opponents, II was IN
creased eight millions OF dollars over the last year. and
the credit of the government, in the midst OF foreign
war, rumphantly sustained. Under the wing ad
ninsration, in 1871, government bonds were sold at
discounts in time of profound peace. They now CON-
mand-and what is fact unprecedented In the history
of any other nation, they have throughout the war
mandeda premium. In the negotiation of the last loan
this premium paid into the treasury amounted to
half million; and the President, in his last message in
relation to the Mexican treaty, has announced the graft
tying fact that the revenue under the existing tariff will
not only fully meet all the ordinary expenditures of the
government but Will leave yearly surplus to be applied
the rapid eXtingushment of the debt contracted TO up
hold the rights and honor of the country in the war with
Mexico
Such have been the triumphs of this new financial
system consummaed by a democratic administration
that the restrictive policy of Europe has been re-
axed, and the advocates of high protection have been
compelled to bow before the people, and open their
ports to American products. Not only have the ports
of England been recently opened to our breadstufs
hut this moment the Parliament of the whole German
Confederation is meditatng relaxation of the German
tariff. which will open new and vast market for
staples among German population of than forty
millions Our vessels every and flag is
unfurled in every port: The constitutional treasury
which. according to whg predictions to give gold
and silver the Office holders and rags to the people,
has been in force two years and half Under its opera
ton, large amounts of gold and silver have been collected
and disbused without the aid OF the banks, and without
The loss of single dollar to the government The gov
eminent debts have been paid TO the creditors in specie
AMI thus flowing out through all the veins and arteries of
trade and commerce. the precious metals have found their
way into the hands OF the peoples and the result is that
at this day we have larger specie circulation than
ever before witnessed in this country.
1t appears by report emanating from the Committee
Public Expenditures OF the House OF Representatives
the close OF the last session. that under the opera
ton OF this and OF the tariff the treasury
has received from forty nine millions of stocks and treas
ury notes issued during the present war; fifteen million
six hundred thousand dollars more in SPECIE than was
obtained in specie, its equivalent for eighty millions
of stock and treasury notes during the of 1912
1t is also shown, in the official document that un
Ter the constitutional treasury the receipts IN specie into
the treasury from LIST Jan, 1sI7, to the end of June s.S
have amounted TO than sirtyseuea millions of dol
lars and the disbursements specte during the same pc.
Rod exceeded siIty millons-thus showing that du-
ring seuenteen months of the present administration more
than ten times much specie has been discussed from
the treasury amongst the people, has been paid out
from the treasury under the old national bank system
during the ftyseven years preceding from the organza
ton OF the government The document also shows
that from the 4th of March, 1885, the 3lst of Nav
ls4s-that is in three gears and three months of the pres
/ J,rn, tho - - II
coined at the mint to pass into the general circulation of
the country, is hirtysix million five hundred and seven
thousand six hundred and nineteen dolars-beng more
than coined under the old system in hutaseucn
gears preceding, from 1892 TO 1890
The working of the constitutional treasury moreover;
has proved thai there no necessity of great moneyed
corporation 10 regulate exchanges thus annihatng the
most potent wing argument in favor of national bank
But its most sautary effect has been in checking the
issues of the banks, and combining them within their
proper limits. The government dues are paid in specie
and this constant demand, the banks are compe
ed to restrict their issues within their means of ime
date redemption Last year there was extraordinary
influx Of the precious metals into the country from
abroad Had national bank other banking corpora
lions been the repository of the public funds and the
revenues and debts of the government been payable in
paper currency, almost every dollar OF this immense
amount of gold and silver would have gone into the
vaults of the banks upon which five dollars in paper TO
every in specie would have been issued The coun-
try would have been flooded with rags, and properly OF
every kind assumed fictitious value. This wear the
great crisis in the monetary affairs of Europe has drawn
great amount OF this unnatural influx OF specie back
the Old World This could not have happened with the
banks in the full tide of their prosperity with the govern
men funds in their vaults, and their great over issues
without producing of those disastrous revulsons in
trade and commerce which from similar have been
frequently and most fatally realized in this country
Not only would all this have ensued if during the
past three years the wings had succeeded their cher
shed design of fastening great national bank upon the
people, to hold in its custody the public but by
such state of things the whole money power of the
country would thus have been in the hands of those
classes, and of that political party which have signal
lied themselves by their reckless and ruthless opposition
to their country's JUST and glorious war. The wing
finance SYSTEM If carried into effect, would have placed
government, in It's efforts to maintain rights and
those wing leaders at whose bidding they would have
withheld granted only at their pleasure to their
government the sinews OF war. The consequences which
must have resulted from such state OF the national
finances cannot be contemplated by any patriotic Amer
without shudder II is to the prevalence of demo-
cratic principles, and the wise and vigorous policy of this
administration, that we escape from such a ca
lamity.
Nor should it be forgotten that the policy of the pres
ent administration in relation to the public lands in 80
far depended upon the urgent recommendation of the
Executive has been marked by the same provident and
wise regard TO the prosperity of the great agricultural
interest and the growth of States in the Great
West The President has repeatedly urged upon Con-
gess the graduation and reduction OF the price of the
public lands If this measure has failed 10 be carried
into effect by the present Congress- not the less on
that account to beregarded part of the Democratic
policy OF the administration
Under this administration the navy ha. been aug
mened by the construction of useful and efficient war
steamers in the place OF the massive and unwiedy shps
under the old system Our commerce is protected upon
every and our flag respected in every port AT the
close of the last Conorass Ill =