Martinsburg gazette. [volume] (Martinsburg, Va. [W. Va.]) 1833-1855, 1853-03-23

the following article from the "Baltimore
American
| The Secretary Of the Treasury is o person
with whose talents az financier and states
man the country il altogether unacqnainted
yet there never was o tlne when this Officer
should be more distinguished for ability and
independent patriotism. We have no reason
70 question the present soundness of our ma
tional treasury but when a minister Of f.
nance is q partizan, and is sustained by an
overwhelming party majority in Congress, his
mind must be 50 pradently balanced between
all the great industrial and monetary interests
of the country, that he will neither betray q
prosperous nation into spendthrift extraya-
gance nor crush one branch Of business to fos-
ter another.
/ The tendency Of the Democratic party has
hitherto been against protection. Il tolera-
ted the idea to certain degree, by allowing
determinations in a tariff of reyinue but the
more recent impulse is towards free trade,
which we do not hesitate to pronounce one OF
those theoretical beauties, but practical I'M
possibilities, that have done so much harm to
society. There can be no Stree trade un-
/ less by universal consent among nations but
| that, we imagine, will be impossible, especi-
ally in the older governments, where the al
tentative is direct taxation.
And what is this free trade policy, togeth-
er with the existing mode of valuation, doing
for US at present in the United States 1t
is teaching commerce to avail itself, to the
last cent, Of the credit which is accorded to
our merchants. The leading New York pa
papers show that the iIuportations are cnor-
nous and increasing Great Britain exports
1855, 100000 in her manufactures, while we
export S25, 1000, coo in our home fabrics, and
consume $l75,000,000 in foreign, besides
using S30,000,000, additional, in the free
produce Of the Indies Any one can see the
result of such balance sheet Exchanges
are soon exhausted, and the and the precious
metals become, first an article of trade instead
of circulation, and are then drained by ex-
rortaSon, Let us ask ourselves soberly,
whether we are not in danger Of continuing
reckless 81 stem of selfish adventure, which
sweels our commerce into dropsy, while it
campers with our agriculture and entirely
destroys our manufactures
1 nc great Ceutle VI tHlo Gailtg tFduc -,
of course New York. New York Is thus be-
coming the satrap Of Great Britain and parts
of the Continent, but the other capitals are
becoming the satrap of New York, by a bond
of debt for those iilportations which we ac-
quire from her on credit, and for which we
give our paper, or the discounts of our banks.
And what is the financial condition of N.
York Ifsome of the cleverest independent
papers are creditable, it is by no means as
comfortable as the Bank of England. The
general prosperity of a few past years, and
the enormous influx Of gold from California,
have stimulated enterprise and speculation TO
a wild excess. These are chiefly displayed
in the rise Of real estate, The increase and
Of Banks, augmented importations,
stock gambling, and unparalleled domestic
extravaganza.
At such moment, we repeat, firm and
expert fnancer is greatly needed in the Ma
tional treasury, which, ottentimes, is able to
exert considerable influence by its control
of vast amounts of specie. As long as the
nation is unembarrassed, however, we fear
that our government will be careless in de-
veloping all the industrial pursuits that have
tended so much to consolidate the wealth Of
England. When we are once touched by
disaster, and forced TO hoard our resources
or to contrive measures of relief, we shall be
less liable to the sway of great States and
more alive to the independent prosperity of
small ones.