The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1857-10-21
THE CURRENCY AND TARIFF
QUESTIONS.

ocratic Legislature.
THE CURRENCY AND TARIFF
QUESTIONS.
Several of the Pennsylvania and New
York journals, and politicians at public
meetings, recently held in those States,
are charging the existing distress to the
absence of a tariff for protection. After
all the expense and all the discussion
upon this subject, it is a matter of
amazement that such a fogy idea should
find a Judgment in the brain of any man
claiming to possess a knowledge of the
elementary principles of political econ-
omy.
The existing embarrassment and dis
tress have been caused by our paper
money system alone, and can only be
permanently cured by a total extirpation
of the evil.
As to the effect of the tariff in pro-
ducing these periodical revulsioDs, a lit
tie reflection will teach any man that we
can never, for any length of time, have
a tariff FOR PROTECTION, aohie papey
money Banks are permitted to e1ist, and
to vitiate and dilute the currency.
Suppose that Congress, ten years ago,
had enacted a protective tariff--a tariff
amounting to a prohibition of all imror-
t~ations of foreign goods. Our currency
then, we will assume las a mere illustra-
ton of our argument) amounted to five
hundred millions-one hundred and ff-
ty millions in coin, and three hundred
and fifty millions in Bank Notes.
Under a currency of this character
and amount, we started out, in lS47, un-
der a tariff affording Protection. The i'm
p%ortation of foreign manufactured goods
ceased at once. The Federal Govern
ment supplied the wants Of its treasury
by the proceeds of the sales of lands,
and by a resort to direct taxation. The
manufacturing interest fourished as it
had never before fourished. New es-
Adjustments rose up in all parts of the
country, and our people were clothed in
American fabrics-American locomo-
tives ran upon American rails-the
proceeds of our exports, diminished
though they were, came to US in hard
coin, instead of the goods Of European
manufacturer tho prices of labor and
all commodities rose up to a point
scarcely before known gold and sill
yer increased, but Bank paper amg-
mented IN u much greater ratio. The
dividends of stockholders in Banking
and Manufacturing establishments and
in Railroads, were almost fabulous
But about these days,"--or days that
came upon the country some three or
four years since, it was discovered that
the tariff, which commenced on a pro
hd6itory scale, no longer afforded protec-
tion. Our currency, from fire hundred
millions, had been augmented 10 fifteen
hundred millions. Men could order
goods from Europe-pay our high duties
undersell our manufacturers al
their Osc7a doors! Manufacturing estab-
finding themselves again in
competition with "the pauper
labor of Europe" began to languish and
close up. Coin rapidly disappeared from
the vaults of the Banks-and the base
less fabric of the rag money vision trem
bled and fell to tho GROUND.
Such have always been the consequence
of Efforts to establish the protective
in paper money countries, and
such ever will be the result. There is
interest in the country that has a
greater stake in Che establishment of the
of the Constitution gold and
silver-than the Manufacturing interest.
We all suppose that We feel the pelt-
of this financial storm, and VIC do,
toc-and the worst is not yet,--but com
pared to that which would have occur
red under the policy we have supposed
to have been established, it is moro than
as a gentle zephyr to a tornado.