The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1851-08-14
From the Ledger.
The Tariff and the Currency.

manufacturor OF Iron, who fagors Mr.. Walk
er's revenue tariff, contains the only asgu-
ment in favor of an Increased duty on iron,
under that law, that we have ever seen ad-
vanced-nau1ely-,hat the price of iron 10
not 80 high now as when the law was pass
cd, and therefore as much as. much revenue
| from iron as was intended is not produced.
But our correspondent shall speak for him
| self:
"Dfessis. Editors IL desire 10 make somo
| observations on your money article OF 23d
July, in reply to some stIictures BY the "Mi-
ner's Journal" in regard TO the tariff. am
a manufacturer Of pig iron, belong to the
Democratic party, aud have Seen a warm
supporter Of the free trade doctrines OF H.
j.. Walker, which l still consider Me only
correcttheory. There appears, however, to
be an anomaly between the theory and tho
practice of free trade. The most oil those IN
our business have failed, and many more
will fail, simply because iron can be ia,por-
led cheaper than ii can be made here. And
why cheaper? Some will answer, because
the free trade doctrine is theoretically iiicof-
rect, for how is il, they say, tina! We have
coal and orc in abundance all around US,
and yet we are obliged 10 send TO England,
three thousand miles of, for rails to lay
alongside our coal and ore mines This is
a poser. Where, then, is the difficulty?
Free trade, eaeteris paribus, is the only cor
rect theory. Other Thugs not being equal
the theory is false, as is abundantly shown
by the ruin j. has caused TO the iron interest
in our own Stale. The inequality IS in our
enpanded or deprecated currency. If this
could be corrected, have no doubt but that
our iron masters could compete with the
English, with open ports and q free trade.
You justly remark that elf q dollar Of
appreciated currency will buy as much as
much as two dollars Of deprecated currency,
is II not apparent that we lose by infusing so
much paper into our currency, and by run
ming Up prices without approaching Ualaes,
prevent our competition in the manufacture
of commodities, the raw material Of which
abounds all around us? Every million OF
paper added TO our currency, by increasing
the price Of produc tion, sceakeas our eompc-
tition pith foreign producers, without adding
a dollar 10 the real wealth of the country /;
because, what we have TO sell abroad 10 sold
by the more appreciated measure OF value"
This is the whole matter in O nut shell. But
| disagree with you in the remedy you pro-
pose 10 give up protection, and strike at
the root OF tho ovil--a deprecated currency"
This, | contend, cannot DO done, as there is
moi q politician or statesman in tho county
who dare risk his popularity on this curren-
cy question. You doubtless recollect how
tho Hon. James Buchanan was yilified aud
abused when, in tho u. S. Senate, a few
years ago, he took precisely tho ground you
now occupy.
The United States Government recognises
no currency excepting gold and silUer and,
further, the constitution prohibits the States
rom issuing +" pnls OF credit: put, If bank
notes are "bills OF credit,p how are We to
I" strike at the root Of the evil,o SO long as
a single State bank can flood the country
with its bills of credit, in defiance to law ?
President jackson crushed the u. S Bank,
but can Congress crush the State banks
Show me the man who has the nerye 10
! make the attempt. And if he has, how
would nc succeed? They are an owl SO in.
terwoven with oil the G@Hsiness relations oil
| life, that centuries may elapse before Inc
system may be relinquished if, thci', ireS
trade and a deprecated currSaey are incom,
| patible, and lcakens our competition aOith
foreign producers" ough, we TO adopt the
former, before we rid ourselves of tho latter!
Shall we go on cutting our W throats and
" weakening ourselves" when we can avoid
! it by q simple and e~ffectual modification of
the tariff?
Walkers bill, which | favored from the
first, was intended 10 produce a certain
amount of revenue from iron, aad was
based Upon the price of the articles at the
time the sill was framed, and this afforded
sufficient incidental protection for the man
ufacturer here. Bnt tho price has iallen 10
such an extent that many furnaces have
| stopped, and the Government does not get
| the amour. of revenue which the bill cou-
templaied.
Under these circumsta ices, certain poll
%iicians, forgetting thai even the protectionist
manufacturers arc mol willing to accept q
tariff which will produce the most revenue,
are struck with q new affection for the peo-
pie, ard insis: that all increased tariff would
make iron too dear for them, a thought they
never thought Of the consumer when the
price, and consequently the tariff, were at
The higher grades of the revenue tariff.
Columbia, Aug. 8, 1851. +. Ii.