The weekly Minnesotian. [volume] (Saint Paul, Minn. Territory) 1852-1858, 1857-10-17
One Cause of the Pressure.
From the Cincinnati Times


We repeat it, the foundation of all this
depression is, scarcity Of specie in the coun-
try, and that scarcity has grown upon us
even while California has been throwing its
millions upon millions of gold into our mar
ket yearly. All this has not sufficed to pay
for the excess of our importatiOns, and the
result we now find in the stratened circum-
stances to which we, as a people, are reduced.
Excessive importations of foreign goods of
all kinds, of articles Of luxury, and articles of
necessity began in lS47, and from that time
We have, notwithstanding our agricultural
truitiulness. and our heavy products in gold.
been continually going backward True,
these occurrences have tended to delay the
crisis now at hand, but it must come, come it
has, and We are now grooming under its pres
sure.
Heavy importation then, has, in great
measure, tended to produce this condition OF
affairs, and under its unlimited control we see
our own workmen thrown out OF employ
ment and our factories stopped. This would
not have been so had we, in obedience to the
counselings of Henry Clay and other advo-
Gates of the measure, adopted, years ago. a
protective tariff that would have cXerted a
sheltering power over the industry of our
country. Master minds like theirs, looking
into futurity, could perceive this crisis, could
see that it was but a natural result, and that
there was needed preventive that should
check it in proper time. A Tariff of reason
able protection during the last ten years
would have made us the richest people in the
world.
In the single article of iron alone we would
have saved the sum Of two hundred millions
during that period. Last year alone we paid
to Europe twenty-five millions for iron and
steel that could have been saved to our work.
men at home just as well. Thus we have
gone on madly increasing our imports, indul-
ging in all kinds of luxuries, until at last we
are brought to a stand still. Judging then
by what our present condition is, how much
worse might have been our portion had we
not have had the millions that have yearly
been poured into our lap from the mines Of
California.
We know this is not doctrine that is
very palatable to our Democratic friends,
for during the time of its discussion they
used every sophistry to convince the wo.k.
ing men, those who would have been
most benefited by protective tariff, that
it was dangerous policy, and could not be
entertained. Let these leaders now look at
our position, see where we stand, recount the
causes producing this pressure, and from the
midst of their wisdom, invent a remedy if
they can. We know that tacitly they have
been creeping upward in the scale of duties
upon articles that could be manufactured in
this country until they had reached the tariff
of 1916, and there they stopped declaring
that was protection enough. But was it -
Since 1916 our importations have been heav-
Ter than ever before.
When that had been tried but few wears,
its friends rejoice and pronouce it perfect, be-
cause it had not made the country bankrupt,
but they did not take into consideration that
there were counter inhuen ces at work that
might delay while they could not effcctuaily
present the crisis that must eventually over
come US. 1t is upon us now, and we fancy
that it will require clear mind to look
forward to the time when we, heavily bur
dened with debt, consisting of bonds held
in a foreign country, and contracted solely
from the need of Tariff protective Of our
own manufactures, shall again see the sun
shine that proclaims us in state of real
prosperity.