The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1848-09-02
The Tariff, Currency and Man
ufaCtlIricS.


1t is not forgotten BY the public that when the
prices Of gram and -four last year rose unusually
high, the rise was Inscribed by tho Admnstra-
ton journals to the Tariff Of 1916. The real
cause Of the increased price was apparent enough
being neither more or less than the scarcity
which prevailed on the other side of the Allan
tic
We do not find that the same journals nscribe
the tall Of prices since last year to the operation
ofthc Tariff of ls46, although the measure is as
fully in operation now as it wasa year ago.
There is another matter, however, in relation
to which the influence Of the Tariff system is re-
ally potential and direct. The manufacturing
interest Of the United States is at this moment
in very depressed condition. The journals OF
administration might find it useful to consider
how far this depression is connected with TIE Tar
iii ofl9l6
The Washngt OIL Union aludes 10 the distress
Of our manufacturers, particularly those who aFo
engaged in the manufacture Of iron. II comforts
thcm however, with the assurance that tn" bus
in css has been over done, and that an unnatural
stimulation was given to manufacturing cntcE~
prises generally by the excess of currency put
forth by The Banks. THIS theory is made to lool;
statistical by an array Of tabular statements,
witt, figures in different Coluns. The present
st rngcucy is imputed to a violent contraction Oh
the part Of the Banks.
THIS NAV be very satisfactory to those who
are willing to make tho Banks responsible for
all the Ills Of an lniud,riouse policy. Bat the
suggestion may arse, Coupled with doubt, as
to the efficiency OF the Sub-frea3ury system
which was audG.' Il. til" correctoF OF oVo!'lSsnes.
Is il possible that excessive pJpGr credits have
prevailed under the operation Ct this rigid rule OF
hard money payments; How does it happen
tina, ,he currency suffer all these fluctuations OF
contract ions and expansion which were iotmrr-
" denounced as the traits Of the National Bunk:
How does il happen that these fluctuations occur
now that there ~ no National Bdnk-now thai
tie Government Is blessed with lis Sub Treasury
( system and ito slI.ct endorsements OF the specie
standird;
! We are very well aware that it is not a
far mode Of argument to connect ali The
yicissitudes Of trade with any particua!
measure of finance or commercial policy
and thus to rXalt lis merits when things
90 we'll, and to drrrecate it wien there
are adverse circumstances and events
! But such has beenthp course Of "Unlon.'
: It claimed as the direct results oi the de-
mocratic policy Of the Tariff and tbs
Sub Treasury the prosperity an" high
prices Of lS47. when foreign famine
!rrw o,r rroducp across the water and
gave us in return abundant supplies Of
specie. Now that tull crops in Europe
prevent such demands for orr breadStuNs
now that large lmportations Of foreign
Goods are crowded into our ports to be
sold as any sacrifice, in order to recover
the spotic we had drawn from Europe;
now that olir manufacturing establish
montg are suffering, and some Of thcr
/ falling, under tiia pressure from abroad
and, to the extent Of their own distress,
are mpalrIng the bone market fo' our
/ farmers and planters--,n this state Of
things the organ Of the AdminiSl alton
! is anxious to find some incidental and
subordinate CAUSES for the present and
prospective decline Of last years pros
| poritv. In its search after explanations
/ i, can find nothing better, 1t would seem,
/ than the old cant Concprning over issues
| and paper mutations, which was so much
! in vogue before The Sub-rreasury system
came into operation as the panac"a TO!
all such maadies - BaH -4muicar.