Indiana American. [volume] (Brookville, Ind.) 1833-1861, 1855-01-05


OF all the peoples resources-stupen-
dous swindling was brought 10 light.
and defalcations from port-collectors
down to letter-carriers. from cashiers
down to clerks--were familiar eviden-
ces of the wreck Of principle in the
same sweeping storm which foundered
prosperity.
7Hrdly--It Is a fact that when the
country had been thus plunged into
the depths Of disaster and disgrace,
the Protective Tariff Act Of l842 was
passed, and within almost the first
month Of It's operation. the whole
aspect Of every interest was chan
ged. Confidence in the future,
which had utterly disappeared,
returned as by magic. The dust was
swept from mills, the lamp was carried
into mines. the FIRE was lighted in for
ges-industry in the workshop and
field, on the house-wall and at the
sales counter, on the sea, the river and
the road, again took heart, again
stretched forth its willing hand so long
palsied and thriftless, again was well
coined 10 its labors, again rejoiced in
its rewards. Every product had a
market, every consumer had means.
Within four years the recuperation in
every department Of enterprise and
trade was almost miraculous. There
was nothing specious, nothing hollow
in that prosperity. It was not a return
TO the system Of buying abroad upon
credit and staving off payment by
borrowing. But debt in that direction
was constantly diminishing, and with
it dependence upon foreign labor and
foreign markets, while wealth at home
was filling alike the pockets Of the
people and the treasury Of the gov
ernment. So rapid was the recovery
from the fearful paralysis Of the reign
Of nine years Of Free trade, that with
in one-third of that period for the op-
Grafton Of Protection, the nation was
enabled to go into foreign war, with
all its enormous cost Of scotes Of mil
lion Of dollars, without any sensible
effect upon any branch Of industry or
upon public credit.
Fomthiy-It is a fact, that when
again the Free trade policy became
ascendant, and the Tariff Act Of '46
was consequently passed, an instant
revulsion commenced. Within one
year, the Iron interest-the touch
stone Of every other-began to decline
and so continued, in spite Of the acci-
dent which a famine abroad made for
farm products, until 1850, when again
II was PROSTATE, and manufactures and
trade in every department sinking
with il. Then came California gold,
Just in time to check the down-rnsh,
and help back prosperity to its lost
ground-prosperity as the multitude
have believed ii. 1t lasted just three
years, but although hundreds of mil
lions Of the precious metal came fresh
from the earth to the aid Of Free
Trade, il has proved all in vain; and
for twelve months past, we have again
been learning the lesson, that false
principles and systems will work
out sooner or later their legitimate
mischief.
These facts are all before us. We
see like causes again and again pro-
ducing like effects, and that however
powerful the resistance, the same end
must come at last. We have seen the
remedy once-it is the only one which
will answer again. So long as VIC
pursue the policy Of separating pro-
Queer and consumer. ofpaying abroad
double in the end.-for that which
with a little patience we can make for
half NJ home. so long as we make IL
the interest of foreign oapital skill and
labor to remain whore thew are. instead
of coming here for our custom and
thus supnIvinU in return all their own
wants from our products; so long rs
wo refsse N be self reliant. and prefer
to lean upon borrowed adjust so
lone will we suffer as we have done
as we now do To draw an illustra.
tion from m extreme bvnothesi, who
can doubt tbat Il Tomorrow Congress
were 20 abolish all dut;es on foreion
nroduo.s inter- ru;n would sween over
aIl that vet f,our;shes oi home indus.
trv9 And on tho other hand II ab-