The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-09-08
slDfivea q lke WalI.s

.cDfivsa 10 The walI.r
The Tribune s Clipper under the above
very self-cobsoling head, endeayprs tocons
ISince us that we ought to advocate tax up
%. all otherclasses to support the manulac-
fturers. Thomas Jefferson and Andrew Jack
son, and our most eminent Statesmen, says
the editor, warmly advocated such measure
ergo, aOc ought 10 support it. sOld John
Adams advocated the alien and sedition laws,
therefore the Tribune & Clipper ought to ad-
vocate them, too. Henry Clay and General
jackson used to fight duels, therefore dueling
lis right and proper, ergo, our neighbor ought
to shoot at somebody when he gets angry
Mdshallah, great is the Tribune & Clipper
editor, and magnificent his reasoning.
The editor complains, that we did not
mention the iron interest of Pennsylvania
Just as though it was our bounden duty 10 do
SO, whether it was pertinent to the subject
matter or not. The editor says that one-half
of the iron establishments Of that state have
closed up-been offered at Sheriff's sale. He
says we didn't tell our readers anything
about that! Will the editor tell his readers
why half Of the iron establishments in Ohio
have not been sold by the Sheriff? Will he
also explain why half of those in Missouri,
kentucky and Tennessee have not been clo-
sed up? If The tariff has caused the closing
up Of the Pennsylvania furnaces certainly
those in Other States should be affected SINH
larly, ~
The Tribune & Clipper says further that
we do not deny that the balance of trade is
against this country, therefore we acknowl-
edge that it is SO. This conclusion is as eno-
neous as many others which the editor comes
to. We askeda civilquestion which he de-
clined to answer. We want official not New
York Tribune statistics. 3
Our neighbor puts himself forth as a
champion Of internal Improvements, and yet
advocates tariff upon iron that would at
once give a. fatal check to the Railroads
which are now in course of construction
all for the benefit Of goh0m? But let us
look into the causes of the late temporary
pressure of the New York money market,
which our neighbor attributes 70 the tariff
If the tariff of 1916 had tended 10 create a
pressure of the money market, why did it not
manifest that tendency during the Mexican
war, when we were making large specie dis
bursements in foreign country, and when
the great commercial nations were tottering
on the very verge Of bankruptcy2 The are
causes, it is we'll known, upon the surface
which were operating to produce the pressure
for some time previous; and although ii
might have been easily guarded against, the
perverseness of the New York banks and
their utter disregard to commercial and mer-
camille interests, have given greater effect to
It's causes. They were, LIST, the heavy loss
es by San Francisco fires I'd, the losses on
a fall in the price of cotton; Sd, the defec
tive management Of the Philadelphia min
in coming double eagles for expectation in
stead of smaller coin for domestic exchanges
and 4th, the system Of banking founded OF
deposites Of stock, instead of being based OF
specie--thus driving the specie abroad These
causes in ordinary times would tend tOpro.
duce pressure; but they have been counter
acted in great degree by the genefal prosper
ity of the country and the salutary influence
of the Independent Treasury. The injury
which New York bankers inGict upon tht
country cannot be charged to Democratic
policy.