Jeffersonian Republican. [volume] (Stroudsburg, Pa.) 1840-1853, 1849-04-12
The Scarcity of Money.

! The present unwonted stringency in the M.
markets of this country has naturally excited :.
| ious enquiries as to its cause and probable d.
tion. That there are many minor causes Conn.,
ing to produce the result which inspires so mn
tuneasiness among business men, we have no dorS,
The renewal of the business season operates. =
the increased prices of merchandze, demand
more capital for trade, has probably had its eF.a
The demand of money for railIoad and obp, :
provements has also its influence; and we sas i
stated that, in addition to the large amognr
ready absorbed, ten millions will be dema05
within a twelvemonth for this object. These >.
other causes contribute to produce the pess'
embarrassed state of the money market; bm \
real, the true, the great cause is, We have M
doubt, the excessive importations consequent n,,'
the Tariff of 1916.
Every evidence of prosperity, every addition +,
our trade or increase in the price of our sads,
which has been recorded since the enactm4n, !.
the British bill, has, by the free trade ipnr,,l
been ascrbed to its influence. The openiD7
the British ports, under the change in the ca,
laws. was attributed to the tariff act of As tb,,
that act was posterior to the change and eve
the demand for bread stuff consequent upon I'm.
pean famine, was claimed as the result of II.
treacherous triumph in Congress of the foe, ID
American industry. Here. however is preseb,si
one of the real and legitimate consequences u
that rash and ILL lconsidered policy. When d.
bill was passed, it was predicted that il wolI
flood the country with foreign goods, and that Ia
season Of repayment would be one of perurbaia
and distress. The excessive importations whc
did f0lL0w proved the soundness of the views Il
the friends of protection; but the Journals SUP
porting Mr.. Folks policy, instead fregardiag tl.
result in its true light, raised shouts of exun1l
over the increase of the revenue. Still the fond
of importation poured on and will, with the weei
ly steamers, be renewed. The Sub Treasury con
tribnted, and still contributes, its share. The Con-
sequences, at length, are to some extent realize
and the predictions of the friends of American ia
dustry, which were the objects of such genen
ridicule by the Loco Focos, are now remember
but without the disposition or spirit to renew
the ridicule.
A writer in the ~ Y. Tribune gives the follow
NC as some of the results of the free trade policy
in this country -
First: an unsettled Money Market for Longer
period than is recorded in the history of our CON-
nercial Operations.
During the four years that the Tariff Of a!
was in existence, there was little variation
he price of money. 1t was attainable AZ al into;
est of from 5 to per cent. For the last eighteen
months, money has maintained high value-na
4 day has interviewed in that time that an indyL
lal with the money in his pocket could not sle1
nto Wall-st. and lay his hands on choice secun.
les at a discount of from ten to Is per cent. per
annum.
From October AT to December '45, perio II
fifteen months, there occurred in our city q syek
only of the Dry Goods interest and do not ncIQ1s
retailers) thirty-two falures-hve more than hap
1ened in the four gears commencing with 81
md terminating with 46. In Boston the proDo.I
ion is still larger; in Philadelphia about the
same as here in Baltimore less in Richmond
IS numerous as in 81; in Charleston, more ia
number with less liabilities than in 81; in New
Orleans less. In the same time more money has
been lost by our merchants who deal with 1s
Country than in FIVE years previous.
The failure Of the crop throughout Europe ID l
1916, saved Us from general bankruptcy in q
ind 8.
The deficient crop in Great Britain last ye1
ogether with the steady transmission of Amen
,an stocks to the other side, now enables Oa
Banks to hold on to what little specie they have
The time has arrived, when the rash and reci /
ess experiment of Mr.. Walker upon the prosper
ty of the country, must be judged by its fiuls-
We of Pennsylvania have felt its whitening effects
With peculiar force; but there is reason to appr
lend that the worst is not known-that the end +
lot yet Fortunately, the place of the fghiy All |
allacious dreamer appointed by Mr.. Polk to con
rol the financial destinles of the country is nov
lied by statesman, whose profound, pOndero@
nd practical intellect is adequate to the great
efore him. The friends of American Industry
ave much to debut they have also much 70 I
ope.
n - h. G<~l IL