Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1857-11-11

SEES, be strictly adhered to- except when the cash Is
paid when liberal discount will be made All enar-
ges for advertising and job work que wnen tue 10
done.
Bank of the United States and a Protec-
tive Tar1n.
We perceive that movements are on foot IN
various parts of the country to re-establsh
Bank of the United States and o protective tariff
The recent arrangement of the currency and ex-
changes, and the disastrous revulsons in COM
mercial affairs, seem to have awakened the peo-
pie to the necessity of o change in the policy OF
the nation. They have seen the gold and silver
of the country rapidly withdrawn from it to pay
the balance of trade created by the excess OF im'
portations, and they cannot close their eyes 10
the fact that the Banks have suspended, and
that the rate of exchange between Richmond
and New York has risen from a mere nominal
rate to ten or fifteen per cent. They know that
gold and silver are no longer parts of the cur
rency, but are articles of merchandise command
ing high premium over Bank paper. They see
that even the Bank paper of the different States
is of unequal value--the notes of the Baltimore
Banks being worth from to per cent more
than Virginia paper, whilst the notes Of New
York Banks are worth from to per cent.
more than those of the Banks of Baltimore
They see, therefore, that citizen OF Virginia
who owes o debt in Baltimore or New York
must in the first place submit to shave OF from
8 to 7 per cent. on Virginia money to get funds
bankable in Baltimore, and from 10 to IA per
cent. to obtain funds current in New York.
This is o heavy burthen on the people; for
every one must know that the merchants do not
suffer the loss of these slaUes. The cost OF ex-
change becomes an clement in the price OF goods
bought in the Northern marts, aud the mer-
chant in fixing his retail price, treats it like
freight or insurance or any other charge, and
lays his profit on tho aggregate cost. Thus the
consumer pays the cost of exchange, as he pays
everything else which enters into and constitutes
part of the price Of the merchandise.
People are beginning to see, also, that it is
with nations in their dealings very much as it
is with individuals. If farmer buys from the
stores $1,000 worth per annum, and sells but
$500 worth, it is easy to see that he will be drain
ed of his money and after awhile be obliged to
mortgage and ultimately to sell his plantation.
So it is with nations which pursue the policy
that we have been pursuing since 1916. Ever
since the repeal of the tariff of 40 the balance
of trade has been against US we have been an
nually buying great deal more than we have
sold our gold has been going out of the coun-
try at the rate of fifty millions of dollars year,
and we have been giving our bonds to the amount
of near four hundred millions Of dollars to the
English merchants aud capitalists.
The results of this policy are now before us.
They stare US in the face, and force people to
pause and think. 1t has been clear to our
minds for years past that they would come to
pass. They were foreseen and foretold by
Henry Clay, Daniel Webster, Willard Fillmore
and other distinguished statesmen. The col
umns of our paper from time to time, have been
filled with similar admonitions. Our convictions
on the subject are now just what they have
always been, except that they are little
strengthened.
But notwithstanding all these things we hes
itate not to say that we are against the agita-
ton of the Bank and Tariff questions. The
Democratic party have always maintained that
the Bank was ''Monster" and that the Tariff
was system of 'legalized plumber" The peo-
pie have by their suffrages sustained the De-
mocracy in this judgment Of condemnation. The
Democracy have boosted that by means of the
Sub-Treasury, State-Banks and low al gatorsm
Tariff they could make all things straight, and
we are for giving them fair chance to redeem
their promises. We wish their policy fair tri-
al. We are tired of having the great business
questions of the country made party questions.
If the Democracy are right and we wrong, we
win acknowledge our error when the matter has
been tested and proved by experiment. If, on
the other hand, experience proves that their
policy is injurious to the country, we shall ex-
pect the Democracy, as true patriots, to surren-
der their preconceived opinions and return to
the policy which has been proved by its fruits
in former times and sanctioned by the Fathers
of the Republic.
1t is too soon now to talk of Bank or ia
riff If we suggest them as measures OF relief at
this time, all the bitter partizan feelings OF the
country will be aroused, and if either measure
should be adopted it would be in spite of very
determined opposition, and the war cry OF re-
peal would at once be sounded throughout the
land. We do not wish to see either of those
great measures of policy adopted until they
shall meet with something like general ap-
proval of the people. We wish to see the de-
liberate common sense of the nation brought to
the consideration of these questions, free from
the disturbing influences of party strife. fap-
proved by that sober judgment they will stand
if not they will again be in danger of being a.
gain oyerthrown by some ambitious leader of a
party.
We acknowledge that we have not much hope
of success from Democratic tinkering with the
currency or commerce of the country. But still
we say, let them try their own measures. Let
them, if necessary, break down all the Banks, de
plete the country of its gold and silver, paralyze
its industry, stagnate its commerce, crush out
its manufactures, destroy its agricultural pros
peritv, overwhelm it in debt, and bankrupt its
people. Better 90 through all these tribulationsfor
a time than to have everything unsettled in the
future. "Sweet are the uses of adversely" and
if adversely will teach us practical wisdom, let
ns have it in full measure. 1t will profit us in
the end if it enables us TO see the necessity OF a
dopting measures that will secure our nation