The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1852-04-17
WHOLE No $50

Glenn at his leisure TO make the estimate. The
abandoned mineral lands should be taken into
the estimate also.
Your co'respo"us": ike every other friend
Lation of the precious metal. That may be so;
the gentleman has the advantage Of me if he
knows much about the management Of banks,
for, so far in an active life of over 60 years. I
have never yet had Ninety days day note dis
counted. But, as little as know, cannot
agree with tie genllcman's reasoning in the
matter. He says: the banks have a two fold
policy, in exporting and drawing the specie out
of circulation, in the United States. First, be-
cause, by sending it out of the country they OBJ
tain on it premium, and secondly because for
every dollar in specie they send away. il makes
room for bank promise to take its place. In
regard 10 the s, cond argument, would think
that the more specie bank has in its vaults, the
more promses-io-pay they might issu.; and con-
the more business the more profit.
Adhering to my former opinion, submit a.
proof, the fact that during low tariffs, the hal
aEcc OF trade is now and always ha. been against
US; and un''er Protective tariff tie balance Of
trade has always been in our avor, and as n con-
sequence under high duties import the precious
metals.
The imports OF the ending 80 September, 1871,
amounted to $l27.9a6 III
Exports the same year l06 $50, 722
Leaving the balance oftrnde aeainst.--
us, to he paid in specie, $2l .563 ,i53
In 9 mOntl OF the year ending ?0,h June, lS43,
the exports Of American products $77,193, 183
Our imports during the same time 64,753 .799
Showing difference in our favor $l3 ,03y,9S4
or equal 10 ST. ,299,960 in our favor in the
year.
BY the above it will be seen, ,ha, in 1871,
II. III, Zee H.
compromise, our exports were S2l SOB ,455 less
than our import; which sum Lad to BE- paid by
shipment O!specie. Immediately ON the passage
Of n protective tariff, our exports reached Sl3,.
2J9,9G0 MGR" than our imports; md our imports
OF specie was lar year 1927 COG. G26. Specie
continued to flow into the United States until
after the passage Of the tariff Of 1876. In l847
our exports OF bread sluh>, owing to the demand
created by the potato rot, amounted 10 S31.2l5,-
271 more than on the preceding year. upio
this time at least from the passage Of tho pro-
ective tariff the banks sold no specie al a pri-
MUM.
Since 1S47 the trade has been going against
us; and now millions of specie are SHIPPED week.
ly, to pay interest on debts created by free trade
in England. To strengthen my position, I
would remind the gentleman that. at the time #
the passage Of the protective tariff Of 1928. we
the revolution and other debts; and that, by
1886, under the tariff Of '2S, We had not only
paid that debt, but had $40, OOO.OO0 in the trca-
sury. All this to in years. besides payin. all
expenses Of government. building and Increasing
the navy, constructing Notifications, and carry
ing on other scheems of Internal Improvement.
to an extent never equalrd in this country, be-
lore since.
The same success would doubtless have fol-
lowed the act of 1912, had it remained law.
The gentleman cannot have forgotten the
straight that the country was in, previous to the
passage of the protective act Of 1912. How the
compromise had beggared the countIy-thn,
agents were sent to Europe to borrow money but
had TO return without, tina, the whole business
OF the country was paralizcd. The accumu-
lated millions under protective tariff were all
spent, and, instead Of being able to borrow from
Europeans we we've abused and ca lied repudiat, IS
BY them. The gentleman does me but justice,
when he charges me with wanting more strin-
gent tariff than the present one. And if that If
1912 was prohibitory, it is just such an ono as
desire to see. II there had been any assurance
of its continuance, we should, by this time, have
had mills sufficient to have manufactured all
the cotton, wool, fax and hemp grown, in our
country. The progress made in the mannfac-
ture Of Iron between the years 1912 and '46 is
can industry would have succeeded equally WELL
The gentleman admits that there is no subject
Of equal importance to the great mass Of the
people, or one they so imperfeCily understand,
or upon which they are SO liable to be led astray
by crafty and designing politicians; as the effect
produced on agricultural labor, BY indscreet
prohibitory tariffs. If the gentleman had sub.
stituted the seemingly plausible term free trade,
instead of"indIscreet prohibtory tariff" might
have agreed with him in that entire sentence,
go against all tariffs, that compel us to send
one dollar for foreign goods, that we can manu-
facture at home, either of cotton, wool, fax,
hemp, silk or iron. We have the material, We
want only law to protect labor, TO enable us
to get men who will consume our spn provisions,
on our own soil, under our own government, to
work this material.
Designing politicians try to make it appear,
that high tariffs protect none but the capitalists
who furnish the money. This is deception.
The operative who erects the buildins-the
mechanic and machines. who fit up for work
the planter and .fa,mer who farnish the raw
material and provisions, and the operator in the
mill are the people who get the money first.
The original proprietors too frequently get
total loss, as the reward for their enterprise.
We have but two manufacturing corporations
in Delaware, that know Of. In one Of these,
the New Castle Manufacturing Company, where
Locomotives of the first class are now made 10
order, seven-eishths Of the original propri-tors
sunk all their investment, their stock being for.
feited. The other the the Franklin Manufac-
turing Company ofWilmneton, 200 shares, be.
longing to widow, was sold al public auction
for SIS per share upon which $50 had been
paid.
We were told BY the friends offree trade, that
we were heavily taxed by the tariff Of ~; that
trace chains, horse-shoes and shoes for men,
also alum salt was charged $50 per cent. duty.
Well, the tariff Is reduced on ali these articles,
and now, five years after the passage Of the act
of 'I6, We have 10 give just three times as much
wheat, at IS cents per bushel, for set of britt
tie, British trace chains, as /, would have re.
quired five years after the passage Of the tariff
of '42, to procure set Of chains, of good, rela-
BILE, tough, American iron. The same is true Of