The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1852-03-20
THE OTTAWA FREE TRADER.
OTTAWA, ttlarsb 90, 1852.
The Wings and The Spccie Drnin

The Wings and The Specie Drain.
The wing papers, in all parts of the Union .ro
still whining over the heavy exports Of specie
from this country, caused As they pretend by the
democratic tariff Of 1916; but which, as we
have on former occasion shown, arises from en-.
tirely different causes--causes altogether beyond
the reach Of congress. And We again repeat that
our country and our commerce were never more
prosperous than they are at the present time
that money was never more abundant and dis
counts easier, nor enterprise more bold aud sue.
cessuI than since the adoption of the democratic
tariff Of lSi6-anl that the country i. not in the
slightest danger Of being ruined by this so called
-heavy specie drain" We even go farther and AS.
sert that this expectation at this time is healthy
result arising from the natural operations Of the
laws Of trade
To prove this assertion TO be true We
have but to refer to the history of Spain Be.
fore, and, in fact number of years after the &C.
cession to that nation of the immense riches Of
her South American discoveries, and particularly
the golden pacers" Of Peru, Spain stood at tie
head Of European nations. Her commerce was
almost equal to that Of all the other powers Of
Che Continent; her ships hoated in every ocean:
and she proudly boosted Of being the mistress
OF the Sea- Her people were bold and enter.
prising, and their discoveries in the New World
were the wonders OF the age But the vast amount
OF the precious metals derived from her Amer-
can mines soon flooded the country. and thc
price Of labor was raised to such pitch that her
manufacturers and producers could no longer
compete with those Of the neighborng provinces,
md consequently. this excess Of specie was car.
ricd to other nations to buy, not only luxurics.
but all the necessarics OF life Home industry
was soon neglected, her manufactures wer idle,
and her broad and fertile fields were RAPIDLY
turning into barren wastes. Ferdinand and Is.
nbella soon discovered that there was something
wrong for, although all kinds Of labor command
ed goodpay within their own realm, their fields
and workshops were neglected, while those of
the neighboring provinces, were the la, orer was
tns meaniy paid, ilourished with rcloubled pr9s
perlty; but, like our modern wings, they mistook
the cause OF the evil. They became alarmed at
the heavy specie drain from their country to
purchase foreign merchandise and to check it, a
decree went forth forbidIng the further export
OF the precious metals and the import of foreign
fnbricks. BY this step Ferdinand and Isabella
hoped to revive the industrial pursuits of their
country, and to limited extent, for short time.
they succeeded, But the low prices Of foreign
fabrics, compared with those Of home manufac.
turc, opened wide field for smuggling. and in [
less than year after the promulgaton Of the
above decree, the borders Of Spain swarmed
with smugglers. This illegal traffic led to other
violations oflaw; and from tina: day forward, it
may be said, Spain has retrogrlded.
Had Ferdinand and Isabella understood the
true interests of their country, they would have
opened their ports free, to all the world; and
converted the gold dust which their American
discoveries now yielded into m article OF com.
merce the same as any other production Of tho
soil Spain bad become gold producing country
thousands Of her people forsook their former
pursuits to seek their fortunes in the placcr4 of
the New World, aud Instead Of producing lead,
copper, and iron, or wool, silks, and olives with
which to supply tue markets Of the world, as
heretofore, she now produced the precious ore;
and, TO prohibit its export was no les, mpolc
than 1t would have been to have placed an en-.
barge upon her former products
We now ask those trembling viii, Editors
who are so terrified at the recent heavy exports
ofspeeie from this country, to compare this frag.
ment from the History Of Spain with the history
Of our own country at the present day
Tho United States since tho acquisition Of Cal.
ifornin has also bccomca gold producing country.
Thousands and hundreds Of thousands Of her hard
working mechanics and farmers have abandoned
their workshops and their fields and are now en-.
ployed in digging gold Already have the Cal.
ifornia mines yielded over three hundred millions
OF doIars worth Of gold, aiTcrding splendid
compensation to those who have dug it from the
soil-doubtless more than they could have real
lied from their shops or their farms. Instead of
raising cotton wheat, and corn, as heretofore,
they now produce the precious metals, Both
are alike the fruits Of hard aud homes, toll, and
naturally sess the best market that is offered, no
matter upon what corner of the globe. And
there would be just about as much wisdom in
checking tho export Of the products of the farmer
~ those Of the miner.
In the United States gold 10 now n commodity
and is no more changed in its character in that
respec, BY being sent to the min. ior coinage be
tore expectation than Is the bale Of cotton by be.
ing first sent from Alabama to Massachusetts to
be manufactured into cloth previously to seeking
nmarkel in China, the Sandwich Islands. or any
p'her point where customers may be found Il.