The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1857-11-26
Political Prophecy.

The Louisville Journal, quote withappro-
val the following from speech Of Senator
Seward, made in 1855, in the Senate, and
they both regard it as remarkable in
stance ~ political prophecy. The Scna
tor, it viii BE- seen. predicted not only the
crash, bst the year in which it would
como.
s,'Mr.g President said he, "we are
told BY the honorable Senator from North
Carolina, Mr.. Badger, that we must
adopteither the tariff project before us or
hisamendment, because the railroad in
terest requires it.
"This brings me back to the precise
question which, i discussed here a few
days ago. / think sir, that the restora-
ton Of the business of railroad building
to a. healthy state requires us either to
lesye it to work out its own cure or else
to-adopt remedy very different than
what's here proposed. remedy which
will stimulate production Of the raw ma
tefial and of fabrics by manufacture
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 contend
ing arose from excessive imporiations.--
The project before us tends to reduce du-
ties, and SO to encourage and stimulate
imports still more. Ais fever Of whioh
wears sick. Yos propose to add fuel to
hsJeame that is consuming as.
Let US look back ward for instruction.
In.ls34, by excessive impcrtations, by
an unexampled enlargement Of credits, we
brought on great fiscal embarrassments.
Property Of every kind was deprecated /;
every body wanted relief loans; credit
was paralysed The Bank Of the United
States exerted i!sellf and gave relief the
crisis seemed TO have been passed. I'm
portations were immediately resumed,
credit was again expended. Wheat rose
to two dollars per bushel; prices of all
descriptions Of property were inflated
The relief obta ined was only temporary.
The embarrassments Of 1884 returned in
1887. aggravated tenfold. And then
came that fearful convulsion which car
ried distress and ruin throughout this
broad land distress and ruin from which
We have required twenty years to recov-
er.- Sir, we in 1854, just passed through
the premcnitory symptoms of a crushing
pressure which Is to come on in 1857 or
some year not long therer'ter. Let this
not be thought strange. 1t is near
twenty yaass. since the last revulsion.-
Commercial revulsions come once in
twenty years. The circumstances Of our
condition now correspond exactly with
our condition previous to the revulsion.
Government then refused to stimulate
production by tariff of protection, and,
on the contrary stimulated importation.
II went on to the bitter end.
Government refuses to stimulate pro
duction now by tariff for protection, and
gives fresh impulse to importation. The
result must unavoidably be the same
Those who think otherwise rely upon
fresh contributions to our currency which
are derived from the gold mines in Cali
fornia. grant that those contributions
may delay commercial convulsion for
some time, and may modify and break its
force wien it shall come. But they can
neither postpone it indefinitely, nor can
they break its force so that it will leave
the country harmless. What will be the
limits OF the influence Of these oontribu-
tians upon commercial convulsion upon
mere speculation. After the severe re-
vulsion Of 1887. produced by excessive
importations, Government returned to a
system Of protection in 1s42. and so res
tored the pro pvrity Of the country. We
shall return to the same policy. for the
same purpose, in the present case. & The
only question is, whether we shall adopt
that policy as a preventative, or wait un-
til the distemper has become otherwise
incurable. lam for applying protection
now. Nevertheless, l stand alcnc,
Congress is not prepared TO raise the du
ties upon imports. All that remains far
me is to do all that ] can to prevent the
reductiod Of those duties.
mit a