The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1857-11-21
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Ms. SEWAaD: Let us look backvsrd "a
Instructions. In 1854, By excessive imDor-
tstions, By IN ansxampled salasxcneat a
credits, Ne h~d brought on RYeet fenal -.
barTasments. Property Of every Kind "a
deprcciated everybody wanted relief lnans:
credit was pAralyled.7 The B4ak Of IN
United Ststcs cxcrted itself md gave pSlieG:
the orisis seemed to have becp paaaeds.-.
lmportstions were Immediately rcsumed /:
credit was again expanded. Wheat roae "a
two dollars per buskel; prices OF sll descr;n.
sions Of property weee inflated. IA y.l,rs
obtained vas only temporary. TIE 1890
rsssments of 1884 retained in 1897. arrra.
vated ten-fold. And then csnne that fenr-
ful convulsion which csrried distress a,.d
rufa throughout the broad Land -distress
and ruin from which We have REQUIRED
twenty years to recover. Sir, We. in 1884.
have just passed through the premunitorv
symptoms Of Z crushing pressure. which Il
to come in 1857, Or soms year not lons
thereafter. Let this not BE- thoushl slsaaee.
ltis nearly twenty years since the last re-
yulsion. Commercial revulsiops come onco
In twenty years. The Circumstances of our
condition now correspond exaetly With osr
condition prcyions to the last sevulsien,-
Government then refused to stimulate pro-
duction by tariff Of protection. and or, The
contrary, stimulated importation. h wens
on to the bitter end. agT4f
Government refuses to stimulate produe-
ton now by q tariff for projections. and eives
fresh impulse to importation. The results
must, inevitably, be the same. Those who
think otherwise, rely upon the fresh eontri.
buttons to our currency which are derived
from the gold mines Of California. grant
that those contributions may delay COM
mercial revulsion for q time, and may naodi.
~ and break its force when il shall havs
come. But they can neither postpone it in-
definitely, nor can they break ito force, 90
that It Will leave the country harmless
What will be the limits Of the influence Of
these contributions upon commercial reyul-
sions, 10 mere speculation. After the severe
revulsion of 1887, produced by excessive i'm.
portations, government returned to system
OF projections in 1872, and so restored the
prosperity Of the country. We shall rsturn
TO the same policy, for the same purpose, in
the present case. The only question l..
whether we shall adopt that policy as d pre-
ventive, or wait until the distemper has lbe.s
come otherwise incuIable. lam for applys
ing protection now. Nevertheless, stand.
alone. Congress ID not prepared to raise the
duties on imports. All that remains for me
10 to do all that can to prevent the Ye,1uc.
tion Of those duties.
think, sir, that the restoration OF the
business of railroad building to a healthy
state requires u 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 nanufae-
ture. Any thing short Of this will fail to,
give any tone to the general financial system
OF the country, now so mach deraDged. The
troubles with which we are contendinx arose
from excessive importations. The project
before Us tends to reduce d1ties, and 20 sp,
encourage and stimulate imports still moro.
1t is fever Of which we are sick. You pro-
pose to add fuel to the fame that is consul
ming Us. III 52Sf ds# ff B a.
Sir, will the railroad companies be less en-
barrassed three years hence than they are
now? Will they be sounder and better able
to pay then than now? Is any thing moro
certain than it is, that, If you stimulate fe-
L..
ssa' 'Is su1eier VII ultimately Do exhaast-g
-: e - =. tuls PIocess tue raii.oad eomPa-
..:a.a ...s a's Pusneu ln.o oeePer anc more mex
s.;IaS ISe TL aDsll''ssmen', sne rehe1 Wall nave
tsn .,;. auen !ou must renew ana extend
~. S.s. ~. lohscf Pef'oa' OF remit the
'1res DE- aHse'ne .e ,
oasoa n af Ely. IT, .a~s, "w"ss ocjse'ionaD,e oy
t;onoho soh =. !ao very nature, are oouniy onJec
ns.;"" ' n,as ni" shss aLs s.s:al .na oisclim'-
" 10 pnci ~. Ut ulancnes y lnaustly are en-
Saah !. ~ nos ,ess snan Inc ralloaa interest.
;nter.st snS ~, - ;..:S. M.'n sre Mooasn .,,
come to you for relief, also: indeed they ara
here now, importuning you for relief. Will
you extend It to them? No; for that in
wolves the necessity for raising duties, in
stead Of remitting CT giving credit for
them. But these are as important and as
meritorious as the railroad interest. They
create wealth by controyerting unimproyed
resources into capital, while railroad COM
panics create no wealth, but only favor it's
creation. l am not inimioal TO railroady
enterprise; throughout my whole public life
[ have favored them and share now the