Burlington tri-weekly hawk-eye. [volume] (Burlington [Iowa]) 1852-1855, 1854-12-16

Al OLD TISSUES RETgRNIBG.
/ Thepresent disasters, happening as The
crash does, at time when we have an an
nual influx Of gold from California, amount
ing to over one hundred millions Of dollars,
is leading the minds Of thinking men back to
the policy advocated by Henry Clay, Of a
protective tariff and National Bank
These questions are forcing themse yes upon
the minds Of men, by the disasters growing
out Of M opposite policy. So long as we
buy more than we sell--so long AZ we pursue
. policy which depresses American labor
for the benefit of foreign labor and send
abroad lar % amounts Of precious metals to
pay for foreign products-just SO long
shall we have panics and monetary embar-
easements.
In remarking upon this subject the Frank
fort (Ky.) Commonwealth has the following:
.Follies Of Past Times"
The Louisville Democrat, re-publishing
our brief remarks on the returning favor
with which the old policy Of protective
tariff and national bank was now received,
says: eve think it quite likely that all the
exploded follies Of past times will be re-
viyed.' To this we have only to say now
that if national bank and protective tar
III are s.follies," they arc follies which never
drained us of our gold and silver to be ship
ped to Europe; never flooded our country
with an enormous excess of foreign goods be-
yond what our exported produce could pay
for; never ran up against US enormous debts
abroad; never deranged the currency; never
produced general Suspension of banks, and
induced wide spread commercial distrust, EN-.
barrassment, distress and bankruptcy, such
as we suffered in 1887 under the opposing
system, or such as we are now undergoing
under that same system so vauntingly brought
in to supercede those same ssfollies."
The theory OF free trade is very pretty
Doctor Sangrado's principles of medication,
were s'incontrovertible; - but the Doctors
patients died, Notwithstanding his readiness
to prove to them and their friends that they
ought to get well, and to demonstrate the in
failibility Of his theory by diagram upon
the ter Of each G. ttneiF Collins after they
were actually dead. And so it is with the
opponents of national bank. They will
show by o long disquisition that the bank is
a monster which would Of necessity crunch
up our trade and currency between its pom
derous jaws, and swallow the constitution
itself some morning for breakfast; vet ex-
perience exhibits the fact that both trade and
currency were vastly benefited by national
bank whenever we had one, and thai the con-
stitution survived its Ell tence many years
without bearing even the print Of one of its
teeth. They will prove that local banks and
ub-treasury are the only true regulators of
the currency, and that there can be no de-
rangment OF it under their reign; and this
they will demonstrate, while banks are fall
ling around them with perpetual crash, and
their deprecated notes Gil the air like au-
tumn leaves.
The free traders are equally triumphant
over facts and experience. By the potent
logic Of Smith or Jay they will prove that
the true road to national wealth is to buy ev-
cry year more than you can pay for; and by
a beautiful demonstration inscribed on a
roseat cloud, they will show that under free
trade national prosperity can never know
check nor end, although experience sees that
very prosperity struck down, crushed and
slain by that very system, lying stretched
pallid corpse at the very feet of the demon
strator.
We are therefore inclined to think that al
though tariff giving reasonable protection
and a national bank well guarded, may be
"follies of past times" yet as they were al
ways accompanied 10y beneficial results, the
people will be inclined, for coming times, to
prefer these advantageous and profitable
"follies' to such expressive wisdom as free
trade and stock banks have shown them
selves to be.