The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1857-11-11

lated by a low tariff of duties, and BY an
unexamped enlargement Of credits, leading,
as these must necessarily lead. to great H.
nancal endorsements. VIII Herald.
mir. President" said he, eve we're told
by the honorable Senator from North Caro-
lima, Mr.. Badger, that we must adopt either
the tariff project before US or his amend
ment, because the railroad interest requires
relief.
"This brings me back to the precise ques-
tion which discussed here few days ago.
think, sir, that the restoration of the busi-
ness of railroad building to healthy state
requires us either to leave it to work out its
own cure, or else to adopt remedy very
different from what is here proposed--a
remedy which will stimulate production OF
the raw material and Of fabrics by manu-
facture. Anything short of this will fail to
give tone to the general financial system OF
the country, now so much deranged. The
troubles with which we are contendng
arose from excessive importations. The
project before US tends to reduce duties,
and so to encourage and stimulate imports
still more. IT'S afeUer Of uhich zoe are sick.
Rou propose 10 add fuel 10 The flame that IS
consuming as.
LET us look backward for instruction.
In 1884, by excessive importations, by an
unexamped enlargement of credits, we had
brought on great fiscal embarrassments.
: Property of every kind was deprecated /;
: everybody wanted relief loans; credit was
: paralyzed. The Bank of the United States
exerted itself and gave relief; the crisis
: seemed to have been passed. Importations
were Immediately resumed, credit was again
expanded. Wheat rose TO two dollars per
bushel; prices of all descriptions Of property
!, were inflated. The relief obtained was only
? temporary. The embarrassments of 1854
: returned in 1897, aggravated tentold. And
! then came that fearful convulsion which
> carried distress aud ruin throughout thu
q broad land-distress and ruin from which
we have required twenty years 70 recover
Sir, We. in 1884, just passed through ths
premonitory symptoms Of crushing pres
Z sure, phieh is 10 come on IN 1857, or SOM
I year mol long thereafter. Let this not b
: thought strange. IL is near twenty year,
y since the last reyulsion. Commercial reyul
o sions come once in twenty years. The cir
II cumstances Of our condition now correspond
n exactly with our condition previous 10 TIN
reyuslon Government then refused 10 SIM,
: uiaie production by a tariff Of protection
u and, on the contrary. stimulated importation
: Il went on to the bitter end.
e Government refuses to stimulate pro
a ducton now by tariff for protection, ant
n gives fresh impulse to importation. re re
? suit must, unaroidabiy, be The same. Those
who think otherwise rely upon fresh contri
y buttons to our currency winch are derived
. from the gold mines u California. ! gran
q that those contributions may delay CON
e mercial re, ulsion for time, and may mOdii.,
: and break its force when il shall come
e Bm they can neither postpone il Indefinitely
. nor can they break lis force 50 that Il riR lear
: The country harmless. What will be the lin
5, its of the influence Of those contribution
le upon commercial reyulsions is mere speeu
n latinn. After the severe reyulsiOn OF 1857
le produced BY excessive importations, Govern
N ment returned TO a system OF protection D
lS42, and 80 restored the prosperity Of tn
le country. lie shall return 10 tie sa,ns policy
i for tie same purpose, IN The present. ras,
l. fhe only question IL, whether We shall adOp
that policy a a preventive, or wait until tn
I distemper has become otherwise incurabit
ie am for applying protection now. Never
;. theless, stand alone. Congress IS not pre-
e pared to raise the duties upon imports. A
e that remains for me is to do all that can
y prevent the reduction Of those duties"