The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1855-05-24
! COLUMBIA COUNTY, PA, THURSDAY MAY "a. 1855.
From the Phila. Ledger.
The Money Market.

Before the tariff law of 1916 went into op-
Grafton, the advocates of revenue tariff
were all the time stigmatized as theorists
visionary people, welded TO crude and i'm
practicable notions, that could never be made
10 work advaniageously. A trial of the tariff
Of '46 has very conclusively shown that theo-
rs is are wholly upon the side of protection
the fallacy of countevailing duties having
been most concIusively demonstrated Prom.
inent among the theorists of the present time
is that very respectable gentlemen, Mr.. Hem
ry C. Carey, who lets Of the following in the
April number of Hunts Merchants Maga-
zine
"Tbe more gold that comes from Calfor-
mia, the poorer we shall become, under sys-
tenn that closes the mills and furnaces of the
country, that destroys the power for associa-
lion, and that causes demand for exporta-
ton of all the gold that we receive for with
every step in that direction, we are increas-
ing the power of other nations 10 produce
cheaply both cloth and iron, while diminish
ing our own"
This is the theory Of the celebrated DR..
Dryasdust, of the more we get, the less we
have. The theory is a little blind and will
not work both ways, but as the thorough
theorlst looks only in one direction the doub-
le working is not considered important. The
more gold that aaches us from Califor-
mia the poorer we shall become, and YET ev-
cry dollar of gold sent 10 Europe, Mr.. CGyin
the same breath says, increases tie power
of other nations 10 produce more cheaply
than we can. The gold that is so deslruc,-
i've oil American interests il seems wholly
changes its character when it reaches our
cousins on the other side of the Atlantic. 1t
is there very advantageous and increases
their ability TO produce more cheaply. Here
in the Atlantic States, it closes factories and
mills, provokes poverty, and causes demand
for gold for expectation. Thisis all theory
fiimsy gauze 10 hide imposing facts which
paper money advocates do mol care 10 ack-
nowledse. The revenue tariff men contend
not only against the right of the nation 10 i'm
pose burhens on one class of persons for the
protection and benefit of Others but they 90
farther, and have very concusively Demon
sirated that our system of banking and cur
rency has and always will render imperative
the most protective law that has ever been
enacted. The moment imports are checked
by countervailing duties, the banks, losing
all apprehension of loss of coin, expand
their business; and by multiplying credit in
every shape, SO cheaper the currency. that
the price of production renders imperative
whatever protection may have been afforded,
and the cry is at once raised for more protec-
tion, which, if not yielded, the goods manu-
factured under dearer currency and afford
ed at lower prices, Immediately come in, and
away goes the coin on which the banks have
SO expanded and cAeapened the currency !;
for, be it remembered, the foreign manufac-
turer, in taking his pay, always discriminates
in favor of our coin. He never takes dol
lar of paper money. That part of the system
is left for us at home, and soon, having little
base to sustain it, topples over, and falls
comparatively worthless at our feet-over-
whelming the country in bankruptcy and
carrying want ard misery to half the fami-
lies of the hundreds Of villages that the fos-
tering cause of this credt-bubble brought in
10 existence. No. We are not hurt by the
gold, nor are we benefited by protective
tariff. Purge and correct our mixed currency
and the advantages of gold, in whatever guam
titles ii is likely 10 come, will be all here that
they are elsewhere