Kanawha Valley star. [volume] (Charleston, Va. [W. Va.]) 1856-1861, 1857-10-27

foreign manufactures, we answer, q q SIX
port still coes Oh. Nay, il has increased
tn quantity. In addition, the staple crops
Of cotton, tobacco and sugar have been
bearing almost unprecedented price for .
series Of years past. whilst the whole
West has been pouring through our AT
lantic ports immense quantities Of provi-
%sions. at high ptiocs, to DO sold i'll the
markets Of Europe.
Now, twill be observed that the theory
we would refute changes simply that the
exports Of the United Ststesdo not pay for
the s.naanu features, Imported and con-
sumed. IT IS not proposed, we Believe,
10 put d prohibitary duty upon tile pro-
ceeds Of State and corporate stocks, Ior up
on money borrowed 9bY individuals ii
Europe and remitted for Investments il
America. Yet this last class of obliga-
lions constitutes the Indebtedness which
embarlasses us most, But, setting apart
this last class, and comparing the total
values IN Europe of our gold and staple
fremiitances with The total values in Eu-
ropean manufactures imported, il will be
seen that tile balance Of that statement
will BE- largely in pur favor.
We ask then any impartial MUD # q
higher tariff would have prevented the
present financial embarrassment?
We admit tile difficulty Of proving 4
negative in any other manner than by ex1
Eeluding those causes which might have
produced an alleged effect. but evidently
did not produce it. We must, therefore,
cite the indisputable fact that the.prescnt
embarrassmehtis confined to the Northern
Ecities, and to those who arefcommereially
connected with them. The great body
of Southern people are free from obliga-
|tions WHICH they cannot meet. Their
property and their productions are bear
ing a fair value. Now, ii the embarrass-
ment was caused BIZ an excessive impor-
tation of mann laetIres. and ani inability to
pay for them, the Southern States, which
consume, according To- our belief, much
more than. half these impottatioas would
experiences greater pressure than the
North. But tie adverse ofH this is the
fact. We think, therefore, thai the pre-
sent pressure cannot have been occasion
ed by an excessive Importation of mai ~
factures over our rcmiltancesi and If this
Ebc true, it follows that an increase of
the tariff woult-not have prevented it,
We do not admit that even i tariff. which
would have cut OF the entire demand for
foreign manufactures, would have left us
iii a state Of ~ great postelity as our
country presents at present, The manu-
factures Of New England could not have
taken all the coottonof tile Southern States.
They could not have consumed all the
provisions which have fsd the workshops
aud armies of Europe FIR some years past.
Nor could the manufacturers Of New
England have supplied The growing wants
Of Dur people. even through the tariff had
been kept up TO the highest standard thar
The greediest protectionist ever prayed
for.
We presume it is very Obvious that a
large proportion Of il annual indebted
ness TO E,ffropa has arisen from the sale
Of American SECURITIES. These represent
almost exclusively, : loan Of capital 70
build the magnificent 4 stem Of railroads
which has developed lie whole interior 81
The United States with such magical IA
pidity. Nov. this money has been bor-
rowed by the kortheh States 10 pay for
labor and material Of DEMONSTRATION. We
might be prepared 10 admit even chat, A.
a part of this material consisting or iron,
n protective system might encourage III
Production at home. Yet still il mustbe
paid for. And unless il can be shown
that ths ~foundries and rolling mills of the
North would occasion 4 better demand
Efor our agricultural productions than
those Of Europe. We cannot admit 1hal
even the money paid for foreign railroad
Iiron could have been better laid out Al
hnine. But after ALL, .tle portion Of TIL
American securities imported In railroad
iron ii very small III comparison with tx
total amount imported from that source
and the railroad iron imported constitutes
the only item imported on account o
American securities which al tariff could
upon any theory affect
But so far an increase of duties being
lproductiye Of Financial relief, il would, ac'
Wording both to reason and experience
haye increased our. embafrassmennts.-
The object Of the p5rotectieHists is to keeI
the tariff up to rs highest limit. Til
@Eebject of the free trade statesmen is, Of
the contrary. Il reduce all taxation to III,
most moderate waatsldf tile Government
The one system look ID a surplus in TN
national reservoir, and has provided tn,
waste gate o. Distribution ia relieve it,
The other has announced and acted upol
the3policysof preventing amy surplus BY
steady reduction otthd taxes, Under iii
policy Of a~protectisA tariff, the Nationa
Treasury WI, is has been heretofore ii,
case, BE- filled BY a gradual accumulation
Of gold and silver. WI have WING ar
gurnents to show that the collection o
the Federal revneue oecasioAed such
congestion Of the precious metals in til,
Federal treasury as 10 weaken the cireula
ton by d~epriying the Banks Of the bash
essential to their ~solveney, Now. imagis
a~pIotectiNe system administered uponth
principle enounced. There could be h,
reduction of duties, 3D. long as any ID
dustrial interest demanded protection
There must be an excess above the want
Of the government, and, In ashort tim
above lis outstanding obligations, Thi
excess must be cumulative. Would no
s,nh s-vetnnat;e Mind IA wal III f.oi,