Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1855-02-28
, ,ha Hon. r. N. T. HuNrER:

L
! Refora nroceeding to speak of the measures
which are indisp nsable 70 the proper regulation
az our commerce with foreign nations, IL may pc
well 10 submit some facts and propositions which
| | deem to be ineontroyertble. ~.
The purpose Of Virginia and of the other States,
IN organizing the federal government was : 70 en-
able the United States in Congress assembled " 10
take into consideration the trade oil the onl.eu
states TO examine the relative situation and trade
! of the said States" and to adopt such UNIFORM
system in their commercial regulations as may be
necessary TO their common interest and permanent
harmony"
@ 10 regulate commerce with foreign nations, ana
TO coin money and regulate the value thereof
That the purpose of granting these powers was
to create fixed and certain standard OF values,
and, as far as practicable, prevent uncertainty ~
the values OF property.
That the value of the property OF commercial
nations is as thirty to one of the sum OF their cur
| rency.
That If the commerce between two commercial
nations be 80 regulated that one OF them can,
at will, contract the currency of the other, the ef-
feet win be to enable the nation having such con-
troll over the currency to regulate the value OF
money and of property in the country thus subject
| 10 that control, and by that means to regulate
their commerce as well as the value OF their money
and of their property.
| That the greater part of the debt of nine Euro
pean governments bears an interest not exceeding
three per cent, and that the annual accruing IN
terest payable, the greater part, in London, Is
more than two hundred and fifty millions OF dollars
per annum. -
That the European governments, and especially
the governments of England and France, have pro-
noted as far as they could, the distribution OF TINS
debt among the masses, because, TO the extent
that the masses are interested in the public debt,
they are interested in preventing revolution
which may injure the public credit
That, as the debt is a tax on their productive IN,
dustry, the governments of Europe are interested
in preventing an increase of the rates of interest
and that the governments and persons interested
in maintaining the value of their public credit, are
interested in preventing competition between
European three per cents and American securities
giving six and seven per cent
That the Bank of England can, by raising the
rate of interest, create an extraordinary demand
for bullion, and that the effect OF such demand Is
explained by an intelligent English writer, who,
commenting upon the exports OF British manufac-
lures, says:
"When manufacturer is in immediate want OF
cash, he dare not make forced sale in home
market. 1t would invariably pull down prices
permanently. 1t would expose his necessities, and
vtally injure his credit. Hegoes therefore, quietly
to foreign agent. He consigns his goods to him
for an advance of ready money, say fifty per cent.
of what he expects to realize, with an understand
ing that as much of the remainder as the goods
fetch in the foreign market shall be paid to him
afterwards"
That as under our system of commerce, as now
regulated by Congress, such forced sales" will
give greater and more speedy returns if the goods
are sent to New York, than If they sent to any
other market, it follows that, whenever the Bank
of England puts up the rate of interest so as to
" nffpnf trr-
ers who are compelled to make these forced sales
will send their goods to New York to be sold.
That the purpose of increasing the rate OF inter
est is to create money pressure in the London
market, and to compel shipment of specie from
! the United States, whence supply is more cheapy
and sooner obtained than from elsewhere.
That the necessary consequence of increasing
the rate of interest by the bank, and the forced
sales of merchandise will be au export OF specie
from New York to London and a contraction Of
our currency proportionate to the demand for
, specie thus created.
That the diminution in the value of our property
will be in the proportion of thirty to of the re-
duction of our currency; that is, if the currency
be reduced thirty mikiio~e, then the value of oul
property will be reduced nine hundred millions OF
, dollars.
That such contraction of the currency must
necessarily arrest our public improvements, by re-
+ ducng the value of our public securities; and
that it will also greatly embarrass private as well as
public enterprise, producing great distress among
the ,aboring classes, by depriving individuals as
{ well as incorporated companies, of the funds re-
quiste to pay for labor
, That the purpose of England in emancipating
her West India slaves, was to repeal the West In
dia monopoly of the supply of the British market
with tropical products, and to enable the British
manufacturers, to exchange their goods for Eas
India produce, under belief that the cheap labor
of India could successfully compete with slave Ia
, Dor in Cuba, Brazil, and the United States.
That the experiment has failed, inasmuch as Sil
Robert Peel himself was compelled to say in the
debate on the repeal Of the sugur duties: / mus
say that have my doubts, if colony in which
slavery has been abolished by law, can at present
enter into successful competition with district in
which the system continues to exist"
That the present with Russia is an effort
on the part Of England to maintain her monopoly
/, Of the East India trade, because the contnenta
! European Powers, having established home man
ufacturcs for themselves, England being unable t.
cell her manufactures to other European nations
now sends her manufactures TO India, where they
are exchanged for the tropical products Of India
which are carried In British ships to the cont
+ nent, and thus those European Powers who hay,
: no tropical possessions compelled TO pay Eng
;, land tribute in the shape of profits East lnd
produce purchased with British manufactures.
That nation which sends her best blood ant
her noblest sons TO perish before Sebastopol, tina
:. she may retain her present monopoly Of the Eas
India trade, will use whatever power she may hav
to cripple our resources, and prevent competition
, with them for that trade.
That the most sure and efficient mode of ar
y resting our progress, and preventing competition
for the East India trade is the periodical contrac
ton and expansion Of our currency, which is nov
accomplished through the Bank Of England
: That it is apparent, upon the face of events
that the alliance between Lord Palmerston AM
] Napoleon III must embrace combinations hos
tile to our interests and that successful termina
. ton of the war with Russia will be immediatel
followed by measures which may involve US in
war with England and France
That, under these circumstances, the tendenc.
{ of movement which creates a strong American
!, sentiment and which commits the North to main
tain the constitutional rights Of the South, must b
to promote that common interests and permanen
: harmony" among the States, which was their pur
pose in adopting the federal constitution; and
9 so, It is the duty Of the Sonth to unite in tn
: movement, and aid in the accomplishment Of 8