The daily union. [volume] (Washington [D.C.]) 1845-1857, 1849-10-11

THOUGHTS ON THE PRorEcTIyE POLICY.

THOUUnto yin ". VI
In furiherance Of the views presented in my former
communication on the restrictive system, might cite his
tocal acs TO prove that commercial and financial reyul
sons periodically by the excessive importaons
which paper money encourages. Were i not for the
wholesome check imposed upon avarice and Wild specn'
laton by the necessity OF paying custom house dues IN
specie, even now should witness the same national
disaster which beiel this country in 1886 Unless used
with great discrimination, figures will sometimes lie most
egregously. false credit based upon debts, whether
pubc private, will never the honor OF nation IN
the hour Of need That hour has not IN Great
Brain butn these United States, il commercial actlvi-
" be the result OF increased consumption and production,
we may let the balance OF trade take care oil Itself pro-
vded the currency be sound II is too late to open
still wider the avenues OF trade and TO set good exam
pie TO other nations who may be too blind TO consult their
best interests The best proof that restrictive policy
wrong in principles is the TACT It has been SO tenaciousy
embraced by those which utterly adverse
to popular advancement and welded to astocrac pvi
leges and monopoles. Reciprocity is but half way
measure, and retaliation only be defended on the plea
OF bringing conumacious customers to lar terms III The
latter fails to convince them oil double error to them
selves and relatives the sooner we tack ship and change
our course the better we are wrongng ourselves least
In matters OF opinion, as between England and China on
the opium question, knock down argument is nadmis-
slbe lnmalters OF right withheld as between the United
States and Mexico resort to the ultima ratio is justin
able
The prosperity OF people may be measured to all in
tents and purposes by the large small production and
consumption OF objects which inure to the convenience
and pleasure OF civilized man. The imports and exports
OF exchangeabe articles will be found 10 balance each
other very nearly if average OF several years De taken
for cOmparson BECAUSE any excess OF either Will sooner
later impede further production or consumption as the
case may be- II England produces much, she must also
consume much consequence; and the temporal bless
ings OF the population would correspond, were those
blessings fairly distributed among individuals according
to their deserts, and the laws framed SO as to pro-
tect labor instead Of favorng capital Portugal con-
sumes little oil foreign or domestic products, she cannot
produce much for foreign and domestic consumption, and
her means of enjoyment are propotonaely limited. 20
litical economists may wrange about exports and i'm
ports, or their relative values but unless very wide
scope be taken of this subject to include collateral
considerations, and their effects upon the general
the philosophy oil commerce Will continue to present
many vexed question for sophists to delade the nn-
wary into false systems OF practice. How long will a
blind faith be reposed IN would-be great politicians and
constitutional expounders whose principal claim to noto
riety the commission OF great plumbers in politics and
finance "Lucus a tucendo."
The test OF national progress in the arts and sciences
appears TO be this Supposing the production and
sumption of things useful to be large and well balanced
nary or injurious efforts of labor surplus OF commodi
ties to dispose of abroad for SPECIE the most convenient
representative of wealth because in this way money
capital is accumulated which will generally command the
good things of this life at short notice Like the nau
raj body oil man. the artificial body polite most surely adj
vances by steady accesslons in wealth and strength. We
have also 10 believe that the growing age OF a
nation may be very considerably prolonged by prudence
and moderation Even its mature age will admit If not
increase OF physical and nee resources at least
full share OF positive happiness BY means OF good
constitution, and the free OF all its faculties The
political condition OF this young republic is emineniy ia
yorabe TO individual exertons consequently wealth rap
idly increases, (perhaps too as) and large amount OF
real prosperity may be found among her citizens COL
ectvey. That she may ive thousand years. and her
shadow never grow less is the silent prayer OF thou
sands in the Old World who regard her the beacon OF
hope No great contrast OF social privileges exists here
England great difficulty in providing the
sares and comforts of life All interested Gf they
could only think SOY IN purchasing the products OF la
Dor which they may require, whether manual or
mental at The lowest possible rate consistently with the
allowance of fair profit They stop not to inquire,
under ordinary circumstances, whether the cheapest and
best wine, coal, CLOTH linen be offered by white
black slaves; and they care as little whether II be mon
archst republican, Jew or Genle who will pay them
the highest price Tor the fruits OF their own industry In
civilized communities where competition is encouraged,
both buyers and sellers satisfied with their bargains
at least we have no reason 10 suppose otherwise Both
parties then, enriched in the best accepaton OF the
term. II be not gold silver which has been gained
by the transaction, II something perhaps better, or at
the time more desirable, such as health or knowledge
which valuable commodities in an open market.
The most fatal error, however which those who live
by honest industry, particularly agrcutursts, can
commit one which is blAked at every day under the
deluslve hope that each o. them 70 particular wiz be inc
dred blanks for every prize What prevents the Amerl-
corn and coton-grower from underseng the whole
worlds ay English Iaupers and Russian serfs' II is the
paper value of their produce. This circumstance ian
HANGED price, considered alone is favorable to producers
and in this light too many view the subject, forgetting
that they are consumers likewise The increased yaua-
Ticultura produce is trng when compared with the en-
hancement OF goods which can be controlled by a few
holders, and which required by agticulturists Tor
daily When reflect upon the capabilities oil this
continent discover how disadvanageous reihe effects
OF nfatabe currency upon land and its products like
labor in nearly all its branches the supply being large,
they are the last TO feel the benefits Of bank expansions
and the first TO bear the brun OF contracted issues
few prizes may be drawn by those landbolders whose
property lies in the vicinity OF large cities or manufactur
ing villages built upoa paper money or Is situated con.
veniently for the rapid disposal OF surplus produce.
which they must know detrimental to all
others with conscientious regard for common honesty,
be So Planters and out oil every
hundred-mus look abroad for market al present, al
though under certain probable contingencies, and in the
fullness OF tme-whch IL would be inexpedient or even
most available; not that these United States would be
gamers thereby TO any great extent, much as foreign
nations with whom they deal might lose by diminished
intercourse Domestic trade is best promoted by exten-
sive foreign connexions. Neghbors are, therefore, in.
teresed IN each others weare and under the present
industry, unmpeded by wanon restrictions and left to
IFS Instincts can require According TO the statistics
furnished by Professor Beck, interruption regu
lar trade except under the most urgent State necessities
wond be attended BY appalling sacrifice OF the great
landed interest, which immediate prospective de.
mand for agricultural produce at home could possibly
compensate
The simple question NAV be respectfully put 10 pro.
tectioniss Are China and Great Britain happy and pros.
porous under their restrictive systems England may
point TO her costly manufacturing establishments, the
warehouses OF her merchant princes, the magnificent
estates OF her noby-as described, con aMore, by Mr.
Colman-with tenant gentry and other DEFENDANTS,
but the people, the Millions is consolation to them
to live upon The smiles and frowns OF their proud