Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1851-08-28

We commend 10 our readers ,hc following
extract irom 600 article the AuT1st number OF
th"' Plough th- Loom. aui j1e Anvil" "a reply
20 free Trade trade OF the Philadelphia Public
Ledger:
he free trader OF today is content that
Gorfrmi1W ias much 90 waste. and Il is ndfi-
ersnt 90 him Whpiurr the means % the people
increase or decrease unlert he present sy=ian.--
io prove 10 han BOW mat the people consume
less c'oih end Tar less iron than they dii four
years since. Notwithstanding the vast grow ia Of
population, Is waste ol words lie points
uuuphmily To- the revenue, and SO dd he do ID
81, when the nation bad Just arrived at the
BRINK oi The prec plce, AS soon was proved. tie
ls opposed to any Interference of government
for the protection of tbs farmer IN hs efforts 10
draw 10 las side the spindle and the loom, the
hummer and the anvil yet does hereIoice that
the government can collect large amount Of
taxes, TO be employed n supporting steamships,
ln their competition with the cheap labor and
cheap capital of Europe, and fleets Of govern
ment vessels M looking after the ships. and MI
nsters resident, and ministers plenlpotenilay,
m scrutlnizing the operations of other countries,
m The hope TO find more employment for ships
and lhus is he ever the advocate Of government
a. Interference IN one direction while denounc-
ing II m another; compromising
-" Tor sic, he is inclined to,
BY daa.ains those he mind TO-"
The piston that drives the steamship must be
protected but 1t Is held TO be contrary to sound
policy to protect the one which drives the cotton
mill.
What, however, are the facts in regard to this
revenue Does not tins writer know well, that
since the passage Of the bill Of 10, we have con-
tracied a foreign debt Of at least hundred mil
lions, making with that contracted under the
a. 4
Does he not know that the amount of interest
now payable abroad requires almost eighteen
millions of dollars per annum F? Does he not
know that each and every day increases the a.
mount OF bonds and stocks held in Europe, and
IN a corresponding degree the sum required 10
discharge the INTEREST," Does he not know that
we la 1896 an equal amount of revenue, and
that the laudaton of free trade then the
same as now II gave US surplus revenue, and
doing so, II was then, as now, held TO be perfect
ly clear that protection was fallacy," and yet
does he not know thst in few short years the
government was on its knees to the brokers and
shayers Of Europe, soliciting loan, and meet
ing every where with repulse? Does he not
know that such is the inevitable tendency OF
things at the present moment' Does he not see
that enormous imporations and large revenues
must inevitably be followed, as were those OF
IL 81, by snail lmportations and small revenues,
when the government will again be IN the mark
ct as a borrower; Does he not know that IT was
the protective tariff of le2e, and the large and
constantly grOioing revenue which II gave, thet
anaihiiaied he public Debt in 1884 ? Does he
not know that it was the constantly diminishing
revenue under the COMPROMISE that built up the
debt which existed in ls42? Does he not know
that the rapid growth of revenue under the tarlh
of 1912, enabled us at once to cease borrowing
and commence the payment Of the debt Does
he not know, and see, and feel, that the present
revenue is due to a credit, destroyed by The rom
promise, reconstructed under the tariff OF ~
and that tends now TO disappear with every IN
crease of debt, precisely would be the case
with an Individually If he does not know these
things, we would recommend him TO study anew
the facts in relation to the public revenue ana
the public debt, before he shall again undertake
TO write OF either"