The American. [volume] (Washington [D.C.]) 1857-1857, 1857-10-21
WHAT Is THE MATTERS

In all times of national circulation, when the
business affairs of the whole country are disturbed
and thrown into confusion; when commerce is
suddenly checked.and brought almost to COM
plete stand-still, when the channels of trade are
blocked up SO that one section of the country can
not obtain from another section what it needs in
exchange for that which others need, and are
suffering for; when merchants in the full tide
Of successful business, and not only solvent,
but absolutely rich, are made suddenly bank.
rupts, though only so in name when banks with
more specie in their vaults than bills in circulation
are compelled to suspend specie payments; and
when farmers, whose barns are grooming with the
abundance Of the fruits Of the earth poured into
their laps by bountiful Providence, are unable
to send off their over-supply to those who must
supper without it,-when all this takes place in a
country like ours, and comes upon us suddenly,
in the twinkling of an eye,-there must be some
thing wrong somewhere, and Il "is the duty Of
statesmen and such as are familiar with CONNER.
cial and financial subjects-in other words Politi-
cal Economy,-to endsavor to discover and point
out the cause or causes of the evils that the pro-
per remedy may be applied.
ing newspapers Of the country and by men emf
nent for ability and experience in such matters
We have now before us speech delivered in
Fanuel Hall, Boston, on Thursday last, by N. p.
Banks, late Speaker of the House Of Representa-
tives of the United States, member of the 35th
Congress elect, and candidate for Governor of
Massachusetts.
The views taken by Mr.. Banks Of the causes Of
the present monetary revulsion and embarrass.
ment, whether correct or incorrect, are those of a
statesman, and show that he has given the subject
deep thought; and as he lie man of no little
eminence in the Union; one whose name Ia
familiar to all parties and all sections as well as
man of undoubted ability, we deem Il proper to
present our readers with portion of his speech.
The subject as presented by him will claim and
receive the attention Of the next Congress, and
iswel for members to come prepared to discuss and
act upon the matter. The policy established for
the country by the tariff of 1s4e partially changed
at the last session Of Congress, must be farther
changed, 80 as to give that incidental protection
and nourshment to some of our own industrial
pursuits which they need, TO enable them to meet
the products Of other countries In common mar.
ket upon an equal footing.
Mr.. Banks speaks in terms Of prise of the free
trade policy of Great Britain: this is more nomi.
nal than real. She takes care that all such arti.
cles as her manufacturers require, shall come in
free of duty; but she allows no injurious competi
ton in her own ports with them. They have had
the fostering care Of parental and sagacious gov.
eminent for hundreds of years, until their great
skill and accumulated capital have made them
strong enough to protect themselve, against all
others. Thus entrenched, they can well afford to
adopt the policy Of free-tiade, from which they
have nothing to fear, and to urge it upon other
nations less able to stand up against the competi.
ton Of the world.