The Union and eastern journal. [volume] (Biddeford [Me.]) 1854-1858, 1857-10-23
THE UNION
JOURNAL.
FRIDAY MORNING. OCT. o. 1857.
Speech Of Hon. n. p. Banks on the
Financial Crisis.

ElUkuClal CllSn.
Occasionally speech is made by
public man on topics Of absorbing interest
in which views Of public policy are given
with great ability, clearness, and logical
correctness. Such is the character Of tho
speech made BY Hon. n. p. Banks Of
Massachusetts, in Fancuil Hall, on Thurs
day evening Of last week, large portion
of which, being Of general importance, We
transfer to our columns, aud bespeak for
it the careful perusal OF our readers, Men
who are seeking for correct ideas Of the
causes Of the present financial einbarass-
meq,s, cannot fail OF deriving much valua-
bic information from 1t. Fer ciesrness Of
statement, and expansiveness Of views Of
public policy, as well as for dignity, sim
plicity, and praPicty Of expression it is
equal to some Of the best speeches eyer
made by Mr.. Webster in the same pace,
or in the halls Of Congress. ltshows that
Mr.. Banks huls u solidity Of character and
a statesman-like comprehensiveness which
does not fall below that so generally con-
ceded to Mr.. Webster. We print it the
more readily because We are satisfied that
questions of financial character are to
be discussed MORE than they have been
for some years past, with view TO some
alteration of our revenue laws that will
without any wide departure from the ideas
on which they are based, relieve the man
ufacturing interest from unnecessary and
onerous burdens and enable it to meet on
equal terms the manufacturers Of Europe
in the markets OF the world.
Mr. Banks states with great distinct
ness the fact that even men OF the demo-
cratic party saw clearly that the tariff OF
1916 required modification, and that Mr..
Pierce's administration in 1852 committed
Itself TO the measure suggested by Mr..
Guthrie. 1t was clearly . needed one, as
the experience OF time has demonstrated,
While it was not such an one as would
have been entirely satisfactory to men
with extreme protective views it was
step in the right direction. Mr.. b. shows
why it was so, and in his exposition lays
down principles which, if followed in the
a!justment Of the revenue laws, would be
of great practical utility to the country.
The endorsement which Mr.. Pierce in his
first message, gave to Mr.. Guthrie's inca
sure, and his withdrawal of that endorse
ment at the bidding of Southern men, is
a significant fact. Sooner or later the
thinking intelligent men ofthe free States
will see that even in the adjustment Of
the financial policy OF the nation, that the
antagonism Of Slave labor to free, has not
been forgotten, and the laboring men and
the mechanics and agriculturalists Of the
free States are injured most vitality, by
the preponderating influences Of the Slave
system in TIE adjustment of the. revenue
laws. Any thing and every thing to di-
minish the prosperity of the free States,
to load its free labor with unnecessary
burden will be done. This has been and
will be Southern policy, and the frcemen
of the North in struggling to prevent the
extension Of Slavery are doing more than
endcavoring TO keep the institution out of
new and virgin territory. They are de-
Tending the system of free labor, meeting
the antagonistieal current Of Slave labor
which threatens to impair or destroy their
own interests. Heretofore, this question
Of the extension Of Slavery has been main
" discussed with reference to its relations
rpon the progress and prosperity where
it was sought to be extended. Hereafter
its advocates and apologists of extension
will be forced to meet it in its wider re-
lations as bearing on the system Of free
labor. Mr.. Banks alludes to this and
charactcrizes most properly, most truth
fully the idea that Slavery goes wherever
the constitution goes, as set forth in the
bred Scott decision and Buchanan's re-
cent letter as intended by the South "to
give to the Slave labor Of this country
the absolute supremacy over the free Ia
bor." anna. Goo. .-...
The remainder Of Mr.. Banks speech
which we shall give in our next, elucidates
more fully the idea We have suggested in
relation to the hostile influences Of Slave
~ to free labor, entering into the arrange
mcnt Of the revenue laws. The South
defeated MIR. Guthrie's proposition, be-
cause its direct tendency was to benefit
the labor Of the free States, and it has
done, and will do hereafter, all it can to
cripple the industrial interests Of the free
States in the belief that every thing that
promotes the growth and prosperity Of :
the States that prefer free labor is an in {
jury to the Slave system. When We have
more leisure We may revert to this again.
NEWSPAPER CHANCES. Our old friend !
and former contemporary, John s. Say