Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1857-10-07
causes of the Pressure.

the eyes of the people to the ruinous effects Oh
Democratic tariffs and Sub-Treasury systems
nothing whatever will. For several years past
it has been the custom of juvenile politicians TO
decry the doctrines of Clay and Webster as OBJ
solete, but the country is now waking up 10 Tue
undying truth of all they taught. Ever since
the tariff law of 1916 was passed, Wing speakers
and newspapers have been predicting the pres
ent revulsion, but "because sentence against an
evil work is not executed speedily, therefore the
hearts of the children of men are fully SET III
them to do evil" Many of our readers must re-
member the speeches of John NJ. Bolts, deliver
ed in this place during the last ten years, IN
which the causes at work to produce financial
crisis were fully explained, and the result lore
told with perfect accuracy. The Democratic
presses tell us that the pressure is produced by
the extravaganza of our people in purchasing
too largely in foreign countries, but they forget
to state that our tariff laws necessarily lead to
this kind of extravaganza. The estimate for the
year 1857 is, that our imports exceed our eA-
ports by more than fiftyfour millions OF dollars,
and this deficiency must be paid in gold and
silver. Thus there is constant drain OF specie
from the country. In addition to this, the Gov
eminent requires all its dues to be paid in specie,
and locks up millions in the Sub-Treasury, with
drawn from circulation. No wonder then that
specie is scarce, and the Banks have to suspend
The Philadelphia Pennsylvania, leading
Democratic paper, has remarkably candid ar
tiole upon this subject. 1t says, the stubborn
fact is shat no sufficiency of money is in the
land, and that the condition of things is not ow-
ing to panic, but financial crisis" The
chief reason of our distress for money, says the
Pennsylvania, is our foreign Indebtedness,
which absorbs nearly all the gold proceeds from
California. SIT consists" continues that paper,
Sin the annual excess ofimports offoreign goods
over exports of domestic produce, to be paid for
in hard coin, and in the interest of colossal
debt. Both ercess offimports and debt are the
consequence Of an utterly tdsltacio'Is commercial
policy, schich policy is the original cause Of oar
mistortuas. 1t has diminished our monetary
resources so as to render them wholly inade-
quate to the requirement of the country"
! The following article from the Petersburg In
telligencer is worthy of perusal: 3"'
SIT is not at all unusual to see in Democratic
Journals articles extolling the wisdom of Demo-
cratic craftsmanship and uhesuccess Of Democrat
ie measures of policy. In illustration ofths, tits
the practice to cite the tariff law and the Sub
4 ofn-
" connected with the currency and commerce
of the country, influencing them to far great
err degree than all the other polity of the gov
ernment The Tariff which went into operation
the 1st of July has not yet had time to exert
any considerable influence upon the interests OF
finance and trade But as it does not differ ma
terially from the law which it superseded, it
cannot be expected to differ much in its effects.
] The tariff of 1846 is that which has command
ed the frequent and loud applause of the Demo
cratic leaders. Both it and the Sub-Treasury
system went into operation before the discovery
| of gold in California. 1t was predicted by their
opponents that they would operate disastrously
| upon the commercial interests of the country,
the former by paralizing the manufacturing in
terests of the country, and inducing us to trade
abroad to an extent surprising our exports, and
thereby producing a constant and ruinous drain
upon our specie circulation and the latter by
withdrawing vast sums of specie from the ac-
] tive currents of trade and locking it up in the
vaults of the government. How soon these pre-
dietions would have been fulfilled if no new ell
ement had been thrown in effecting the result,
III Is not easy now to coy, but that they have at
length been fulfilled the present alarming condi-
ton of affairs permits no one to doubt. For six
or seven years past we have been receiving gold
from California to the amount ofabout $50, 000,-
900 year. Yet this immense source of relief
this totally unexpected auxiliary to the Sub
Treasury and the Tarif-has been impotent to
ward off financial revulsion which is now
shaking our whole commercial and industrial
fabric to its centre. What would have been the
condition of the country years ago. but for this
accidental boon, whereby the demands of circu-
ation at home, and the calls to square off the
balance of trade against us abroad, have been
rneasurably satisfied, we may form some idea OF
from the ordeal through which we are now pass
| ing. If the hundreds of millions of gold that
have poured into the Golfers of the nation have
been inadequate to prevent the disastrous effects
of the ub-Treasury and the Tariff, into what
hopeless bankruptcy and universal ruin would
we not have been plunged but for the prevention
and relief thus afforded Nor are these meas
ures of Democratic craftsmanship moro capable
of relieving from disaster than averting it. AT
this very time, when specie is selling at ten and
twelve per cent. premium, the government has
under lock and key, rusting in its money chest,
some twenty or thirty millions of coin, which
there is no lawful means of getting at. While
the people are obliged to have gold and silver
and are paying exhorbitant prices to get it, the
government goes on day after day taking it out
of their hands and hiding it away in its vaults.
Will not so startling and terrible lessen as that
which we are now receiving teach us wisdom"
| Gen. Pillow. ~ -&.a 81.