Weekly national intelligencer., 1854-11-11
NATIONAL INTELLIGENCER.
IMposTs AND PROTECTION.

We met lately in an exchange paper with short
extract from a speech, delivered during the last
session of Congress by Mr. WAsHBURN, Of Maine,
on the general subject of protection, tariffs, and
political economy, which seemed to us to contain SO
much practical and sound argument in brief space
that we concluded to give it to our readers, and
therefore subjoin it:
1t true as the gentleman from South Carolina says
that what purely duties at one time at
another become prohibitory.
Under the system which has to some extent been in
operation quarter of century and more with the
achievements Of inventive genius and with great ad
yancement in all the aids and helps to production flor
which we nothing to free trade, able to
furnish home many articles heretofore imported under
high duties cheaper than they be afforded in any
other country Where do this duties inopera
tive whether for revenue protection. They are at
once useless and harmless duty cotton would
neither help harm South Carolina the general Tea
sury But there articles largely imported into the
United States, composing, to considerable extent our
enormous aggregate of 5000 600 000 which in
petition with similar articles produced here for the
production Of which SOIL climate situation and labor
well adapted. Without discriminating duties we
stand in relation to them stood to coarse coons
forty years ago but under the system which we have
applied to cottons may expect similar experience to
that which has attended the ability to compete
with the world. And should have great incidental
and auxiliary benefts-employment Of our instead
of foreign abor sale for large quantities of products
which will not bear transportation to distant markets.
the circulation of our money in country;
reduction Of the trade balances against If not balance
in favor. #
This is our condition importations exceeding $780,
100000; surplus in the Treasury Of 600 The
question what shall be done ID important and think
imminent Shall we reduce the duties foreign
articles similar those produced in this country which
noprotection is necessary? That would be idle Shall
reduce the duties articles like those produced here
which need presectons That would increase importa-
tons swell thebaances, too large against us, and
probably not diminish the revenue.
What in my Judgment ought to do is to reduce
abolish the duties those necessaries Of life for which
wholly dpendant on other countries than own
and on such raw materials enter into manufac
lures and not the product growth Of this country
and to have suchleglslaton in regard to imported ar
ces which come competition with articles Of our
production will restrain their importation, and there
by decrease the rwenues The in this way might
be brought down the required by the wants Of
the Government, he of mporations greatly
duced, indebtedness abroad at worst enlarged
and the country phced in condition of healthy and sub
stantia prosperity that would render the ultimate
tincton Of this dbt easy and certain. Now, sir with
out some egsatin of this kind and that speedily
vulsion is inevitable 1t may be postponed but cannot
be prevented TA laws OF trade, inexorabe and ire
pealable, determine this. should be glad if could di
rect the attention of the House to the clouds that
gathering in the utpre and could impress upon it the
necessity of taking at to avert the bolts
full disaster and un which preparing to discharge
upon the country This future this danger, this
sity, not only juses the minority in calling the aten
ton of the majority to the question Of revision at this
time but seems me constrans them, wishing
well to the country above faction and above par
ty to say that theyw 60 along with their Democratic
brethren co-worlers and helpers in such
it must be obvious all unwarped and far-minded men
demanded by tn condition of the Treasury and of the
country.
The gentleman FINN South Carolina clearly sees this
danger Of revulsi looming in the distances and well
says that the discovery of the California mines has
rated to postpone and has indicated how it happened
that the predictions the Wings of insufficient
nue. from the tariff ofl846 have not been verified.
The California miles cannot prevent the breakdown
anticipated by prudet and thoughtful And it is
not TO be overlooked that they have had potent auxa
ries in the past which cannot be depended upon in the
future The famine IN Europe, which gave extra
ordinary market for provisions and breadstu has ceased
to exist and with the market that it created In the
troubled condition of European affairs, growing Of
the disturbances and revelations of 1848 foreign capital
lists looked to this the safest country
their money and they sought for securities with
activity and millions, perhaps hundreds Of millions
our stocksstocks of tie United States and Of rail-
roads and other corpoAtionshaye been purchased by
them Thus our merclAnts have been able to meet the
balances accrung agait them abroad without reducing
our circulation at home But will this market for stocks
continue indefinitely increasing? This, well
slant increase in the receipts from California
tuated to warrant the b&ef that commercial and
tary crisis long beeferred Sir these stocks will
to be in demand ioreign markets The time must
come when European caitalists will stop buying them,
and when those which thy now hold win be maturing.
Then with the specie current setting towards Europe to
pay the bonds that will be falling due flor all of them
will not be extended or enewed) and to pay the trade
balances against us, andwith countless millions locked
up In the form OF fixed aptal, how shall we get on !?
Will there De no stringent revusion prostration
What will prevent this htastrophe or, if it cannot be
prevented what will ALLEVIATE it? The expedients of the
gentleman from South Carna and his trade friends
ls not plain and egble these will but hasten and
aggravate rather than Hevent or relieve the crisis
There is, there car be- in by Judgment, but
for u.s. we must tontriveto stop this impor
taton of foreign gods Casing to run in debt we must
husband the resources hatare our own SO as to be able
to pay what we owewith aittle embarrassment as pos
sble to our commercial andindustral interests Setting
our own labor at wor making business active and profit
able at home we wilgive increased employment to our
railroads, enabling m to pay their bonds as they shall
mature and strength our merchants by keeping down
new balances to wipe ,ut the old. Thus we NAV If In
any way can be doe escape revulsion such as the
country has hardly kniwn
Gentlemen talk abot repeating the duties railroad
1rn Did 1t never ocr them that healthier and wiser
encouragement and mte substantial aid could be given
to railroad companies, ind to communities needing the
accommodations which hey afford, by wise adherence
70 policy which tendso increase the traffic upon rail
foads And who hieve, if there had been
pc protection for the a years railroad rop that
he domestic producoof this article would not have in
eased to the full meas,re of the wants of the country
md the prices become i1ed rates very much lower
han We are now compeledto pay?
But to return We told that it paper money that
mas caused this danger Of revulson 1t is convenient
70 nave some scapegoat when unpleasant trace
ugly results to their true Is quite just
tne esils admitted to exist to paper money, when
extraordinary receipts of money from California anG
from the sale of bonds abroad within half dozen years
have been from three to five hundred millions of dollars
Expansions in the