The daily union. [volume] (Washington [D.C.]) 1845-1857, 1852-12-16

to be apPrehensve that under the operation Of the pres
eni larn we are IN danger oil commercial revulson.
The present tariff has raised larger amount OF
than the government consumes One OF The chief
plants is that we have more than wants de-
nand The gentleman from South Carolina [Mr.
WooDwARD,l il understand The drift OF his argument,
Is IN favor OF reducing the duties The poin, which
submit to hun is this: II you reduce the duties, will you
not necessarily increase the amount OF nportss and in
doing that will you not OF necessity make the danger
more Imminent OF that very commercial reyuslon OF
which the gentleman seems TO be apprehensivel
Mr. WOODWARD Revulsions are brought on by
the private acts OF individuals The government does
not bring them on and the cannot keep them
on II is The excessive Of bank paper thai brings
them on; 4 IS buying too largely credit; and ii people
will do i, let them suffer for it, The government does
not bring on these reyusions and i ought not to be
looked 70 10 relieve the country from them.
MI. CLlNGMAN. desire TO ask the gentleman from
Soath Carolina question agree with him in the gen.
to be attended with such effects he attributes to
But since the last evuson, the United States have be-
come great gold producing couatTypIoducing sixty or
seventy millions OF gold annually, and exporting
forty or fifty millions. Now, the qaestion wsh 10 put
to my friend from South Carolina is this Suppose there
should be pressure here, would not the effect of it
god and thus prevent the revusion from operating ii
did ormey For instance, if things became very tight
instead OF relying on bank currency alone, and sending
abroad forty or fifty millions Of gold, that specie might
be retained in this country and such evils the gen
eman seems to apprehend would result II strikes me,
therefore, that as long continue TO get gold in much
larger quantities than we need it, this system will not
produce the injury which the gentleman apprehends But
the moment we stop producing gold, or The moment we
produce less than sufficient TO supply wants, then
think this difficulty will present itself
| Mr. WOODWARD My friend has stated what en-
deavored to stae that the in the production of
gold has operated to postpone this crisis. But think he
tails into one error he 10 suppose that long
the yield OF gold continues what il is, will have a
safeguard against such revulsons for all future time,
Tor an indefinite future | dissent from that II will
only postpone It for certain tme under the laws OF po
cal economy The yield of gold must be progressive
IN order 10 put off such crisis. II people will have a
bank currency based upon credithree paper capitals to
one specie capital, or probably specie capital at all
they must suffer the consequence, and all the govern
ments on Gods earth cannot save them from it, Now,
think, however, that there is probability that the yield
OF the gold mines of California will be for time pro-
gressve The earth seems to contain indefinite guam
uy Of gold The yield thus far has been in proportion TO
the population. Just exactly as the population has in.
creased in California, the produce OF gold has increased
and we have right TO expect that if the population
doubles during twenty years. the increase of gold may
also double, and that may the country from revul
sions'
Mr.. CLINGMAN. | do not think my friend under
stood me exactly My view is this that until the export
OF gold has to be stopped this danger will As
long as we are great gold exporting country the want
OF money here will check that exporation and must
check IT, and whilst produce great deal gold
than we need the danger is not TO be apprehended
Mr.. WOODWARD. So long as gold accumulaes for
expectation we will be safe But for every dollar of gold
you build up three dollars OF paper and that is the way
IN which the danger is 10 come The expectation OF
god paying debts and getting property in exchange for
1t, IS the way to avoid revulsion You either have 10
send abroad your gold and buy useful merchandise with
II, or you keep the gold you buy three times its guam
y IN worthless shinpastes, and that all you get by IT.
Mr. CLlNGMAN. Ii understand the motion Of the
gentleman from New York Mr.. BRooKs Alright intend
to support it. wish not II make speech upon the
subject, but merely TO add one word of explanation.
some oi the remarks he has made, like the proposition
submitted by him on the whole, and very much graft
ned that he made The motion. have personal
son for saying for Mr. Speaker, believe am the
ONLY | have had much assist-
ance upon this side OF the Housewho has been for
time past Insisting upon reduction, or repeal, OF some
oi The existing duties. congratulate myself, therefore,
10 hnding the gentleman iron New York, Mr. BRooKsl
who formerly stood upon different platform, is with
me- mean to vote for his NOTION whether is made in
good faith or not-and do pretend 10 doubt but that
II is made IN good faith. With whatever motive it is
made mean 10 support it; but shall perhaps differ with
the gentleman when his committee comes in with its
port Ii understand the tenor of his remarks, his OBJ
lect Is to make the present tariff more unequal than il is
now. My object will be rather TO equaize the burdens
among the different classes am willing TO take up the
whole subject OF the reduction OF duties. agree with
him that these duties generally too high There is
no reason why the government should have fifty millions
oil revenue endeavofed to press this pom, upon the
attention o Congress at the last session, and have done
so at previous sessions.
should be perfectly satisfied to see the revenue re-
ducsd to thirty millions; ahd If raised by direct
taxation we would not dare to collect than twenty
or thirty millions. am, therefore, with the gentleman
IN The proposition TO go forward and reduce the taxes
out when we come to specify the particular Items, fear
thal my Trend Mr BRooxsl and myself will be found
differing a little
He u willing to reduce the FIVE per cent duties upon
dye.sluis and other chemicals for the benefit OF manu-
iaciureTs. Perhaps | may agree with him in that in
spirit OF compromise; bui am for going one step fur
ther When the manufactures are relieved from i've per
cent dates say they ought 10 complain of our re-
ducing the thirty and forty per duties upon manu-
iaetured articles II FIVE per cent is too much for them
70 oea men say iory per cent is also too much for the
farmers 10 pay am disposed therefore, to 90 into the
whole subject fairly believe, for example. we ought 10
reduce the duties upon raw wool, so TO lei in the
coarse kinds OF South American wool for the benefit of
ling 10 reduce IL down twenty per cent but am
not wuiag at the time 10 increase the duties spop
the manufactured articles.
bad, MIR. Speaker, objection 10 the tariff oil 40 al
the time II passed. thought il too great and too
sudden reduction. II Gid fall hard upon The manufac-
lures oil that day but six years have gone round. and
we have now come 10 a point OF time when we may
make further reduction OF the taxes Our object ought
TO be to make the collection OF the necessary revenue
with the smallest butden TO the community, and as we
have large surplus hand LET move grad ually for
ward to tighten that burden.
My fdend from New York IMr. BRoogsl refers TO the
vote upon that question. believe the whole country is
calling Tor repeal OF that duty But having spoken
upon this subject upon former occasions will say moth
ing further now.
MY sole purpose IN rsng was to say why shall vote
lor the motion oil the gentleman from New York, Mr..
baooKsl though do not agree entirely with the speech
he has made in its support ! grauied that the mo-
tlon comes from gentleman who has heretofore been
identified with the protectoDis party and intend to 90
for IT, though do not wish ii understood that endorse
all The views he has thrown out to-day,
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