Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1850-09-04

IN our own country. would have been con-
sumed here, and u greater amount, (as the
higher prices Of wages here would have
swelled this TO at least ten millions Of Gol-
lars, and the cos. Of transportation, in
addition saved to our American farmers.
Here, then, sir. We have eigh, millions Of
dollars worth Out Of the fourteen we sen,
10 England and Ireland, returned to US in
this single article o! iron alone.
Why, sir, il the entire amount Of iron
and manufactures of iron, that are used by
our people, were produced in this country,
instead Of so large proportion being i'm
ported from abroad, the laborers employed
and their families would consume between
hir,y and forty millions Of dollars worth
Of breadstuifs-at least fifty per cent. more
than we now export TO every part Of the
world. The same is true 10 the same extent
of manufactures Of wool and cotton. Take
those three articles-woolen,c cotton and iron
fabrics, and make careful computation of
the amour, imported to this country from
abroad, and of the number Of persons who
have been employed and who have been
fed and sustained By the productions Of
foreign farms while producing them, and
you have an amount OF bread.tufis, foreign
breadstufs, imported in that shape to this
country, more than double the amount OF
all you have sent abroad-and which, Il
those articles had been manufactured here,
would have been supplied by our farmers.
| have always contended, sir, and | have
not a particle Of doubt Of the fact, that our
farmers are as deeply interested in the pro-
tec,ve policy as any other class of people
in the country; and that the only safe,
reliable, constant, consumers for the farmer
are the other classes of the same commun-
iy who are engaged in other pursuits.
But this iree,,rade policy affects the far
mer injuriously in another respect. When
you break down the manufacturing interest
Of the country, and throw thousands OF
laborers out OF employment, they are COM
PEELED 10 seek some other pursuits, and the
only one left to them is to resort',o farming
themselves. Hence, from hasing been
consumers Of the agricultural products Of
the country, they become producers, AMI
their surplus is thrown into the markets, in
competition with the others. and the conse.
quence is, that the demand is no longer
equal TO the supply. and prices become
low, as the markets become glutied, and
general depression and Pros,ration follow in
the train, as the legitimate and inevitable
results Of this ruinous free trade system.
But, sir, i, affects business and trade
most disastrously in another respect. 1t
causes 10 an alarming extent what is called
or excessive importations
Within the last two years, our importa,ons
have exceeded our expectations, or we have
brought more from other countries than we
have sold to them, forty millions Of dollars.
A simple and familiar illustration will
show what must be the result from such
state Of things. This balance of trade
against US must be paid, and if not paid in
something that we have to sell, it must still!
be met in some way. Now the usual way
Of paying this balance, so long as the credit
of the country is good, is by sending our
public stocks abroad. They pay larger
dividends aud higher rates OF interes, than
can be obtained in England. But the mo-
ment that stock begins 10 fall. or trade and
business become embarrassed, these come
back upon US specie in large quantities is
demanded in lieu Of them, and to meet the
balance that may be against US. This is
drained from our banks and repositories,
and is shipped abroad. Should this con-
linue any length of time, our banks are
compelled to suspend, the currency becomes
deranged and deprecated, that confidence
so essential TO commercial and financial
prosperity becomes impaired and destroyed,
and general ruin and bankruptcy follow in
The train. Such, sir. is. in my view. a
faithful delineation of the consequence OF
free. trade. Such has been, on several oc-
casions within the last half century. the
bitter experience Of this country under sim
liar systems Of policy, and | have observed
the signs Of the times 10 but little purpose,
if We are not now rapidly approaching to
a most fearful and deplorabIe commercial
and financia! crisis, under the operations ol
this free-trade policy. Adventurous cir.
have conspired to meliorate its
evils and 10 avert its consequences for the
present. but though postponed, its final and
disastrous effects can only be avoided by
an carly and prompt removal Of the opera
ing cause.
The question is frequently asked, why
can not iron be manufactured in this coun-
try as cheaply as in England! There are
n number of most satisfactory reasons. 10