Richmond daily times. [volume] (Richmond [Va.]) 1850-1853, 1852-05-24
Fromth London Quarterly Review of April, 1853


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From the London Quarterly Review of Anri1. 1s5.
CALIFORNIA VERSUS FREE TRADE.
1t was Marius, we believe, who, when inso-
lentiy challenged to battle by an army of Barba-
rlans, replied that it was the part of good Gene
raj not to fight when his enemies chose. bnt tn
make them fight when he chose
Even were there a probability that the new
Ministry could succeed in giving full effect to its
own views on protection, there are considera-
lions which should induce it to act with great eau
ton and forbearance. 1t is not the part of pru
dent Premier to lightly set aside the great and
experimenting power of the State, and to show
that not single statutes, but systems of policy are
to be completely changed with change in the
persons of administration. We have heard that
doctrine proclaimed from Manchester but we are
not among the converts. We think it may often
be better to counteract erroneous course of po-
icy by modifying and compensatory measures,
than to retrace steps for yetrs back, and
sweepingy annul their Legislation Such course.
it is to be supposed, there is always party in
opposition aspiring to Office, would be to keep up
forever old subjects ofdispute, to introduce prn-
cipe of perpetual fuctuatiun and uncertainty, in
consistent with all good government, and in fact
to render real progress impossible. 1t is true
there is nothing irrevocable in the letter of our
laws; Parliament does not profess infalliblity.-
The interests of the country are or should be, its
rule, much rather than logged adherence to its
own decisions. But those Interests would be the
first to suffer, were our legislation to assume
purely experimental character. The exclama-
tons of the old barons at Merton, sNolumus leges
Anglia mutari, was the voice of a truly English
spirit. those forms with which the Constitution
has jealousy guarded the passage of bills through
both Houses, to the steps Of the throne, af-
fordng time not only for their fuconsideration in
those assemblies, but for the sentiment of the ma
ton at large to be pronounced on them, suppose
the enactnents to be generally of no transitory
character.
1t is very easy to imagine cases in which
statesman would rather decline the task of franz
ing Government than afford any sort of tolerance
to policy not in harmony with his opinions. If
that policy, for example, were clearly runous-
and Of such nature no modifying or comLen-
satory measures could amend-and if there were
we'll grounded reasons for believing that contin-
ued and energetic opposition to it would ere long
open the eyes of the nation at large to its evils;
it would then, we apprehend, be his part to de-
cline making any attemptto better adapt that pol
icy to the actual circumstances of the country
Considerations of this kind no doubt influence such
conservatives as adopt protection, lin the com
mon meaning of that term) for the whole sum and
substance of their political creed. We certainly
do not go with them so far. We think there are
other, and even greater objects to be commended
for-that protection is urgently wanted for still
higher interests than those in question.
We retain now the same opinions which we
held when Sir Robert Peel first brought forward
his bill for the abolition of tho Corn-Laws. We
think that measure was most directly calculated to
depress and burden the industry of the country
and to sap the foundation Of our existence as
great independent State-that it was no less mon
tran in,
character. But we are bound to confess, and our
opponents may make the most of the admission
that it has not effected all the evil we anticipated
from it. We have nothing to retract, but we
have something to explain.
With the development of. Free Trade an ac-
ton has been proceeding Pari PasSu, which
though it could in no degree be foreseen by the
most .agacious, and least of all, by the bold he
raids and popular champions of that policy, has
very materially counteracted its effects. We al
lude to the new gold-felds which have already
had some influence in upholding prices and con
sequently in stimulating industry-and which
will, as most merchants foretell, produce much
more decisive effects when the mining operations
conducted, as they soon will be, more
systematic and extensive scale.
The produce of gold from California, during
the year 1851, cannot in sterling value, we sup
pose, be set down at much less than sec, 900 900
"iAo 'iAio ioio' .""A'o"' 20 r appears WIZ" ~ 40
remembered 80 the existence of gold in that
soil was on stained few years since, will
in all l iG very greatly augmented in fu-
ture. The h. CENT correspondent of the Times
in New York tells us that, in consequence of the
large arrivals of gold, 100000 people will start
for California in the next six months. The same
communication thus describes the effect of the
influx of ore =
sour foundries are overloaded acih aUork. Our
manufactured goods, breadstutfs, provisions, and
our importations from abroad, are seized hold
Of a0it an unheard Of eagernesS Money is be-
coming abundant the countenances of merchants
look cheerful; an electric impulse has been giuen
to our entire business acorld."-New York, Feb.
II, 1852.
In this country the same effects are in degree
experienced. The bullion in the Bank very far
exceeds the quantity it has held at any previous
time. 1t approaches e20,000000. The excess,
as compared with the corresponding period of last
year, is upwards of four millions sterling. As a
natural consequence, money is abundant for all
the legitimate purposes of trade the value of
real property, after slight period of depression,
is again rising to aboutas high a price as was ever
known; the commercial markets are Cooking
up;" all branches of manufacture are in marvel
ous activity; even agricultural produce seems to
be slowlyrising; and men no longer go to bed with
the uncomfortable apprehension that when they
rise in the morning they may find that, BY soma
action beyond their CONTROL their property has been
Deprecated while their debts and liabilities re-