The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1858-07-23

by home competition, do justice to the consu-
! mer.
Nor can ] see any objection in principle 10
a specific duty on an article Of the same value
/ under the same name, like iron I! is the
/ msaPphcation Of the specific principle. as in
the act Of 1912, that renders,it oGious and un-
! Just, eXactIng higher per cent. Of taxation
] from the consumer Of the fine, but where arti-
cles Of the same quality and value are known
/ By the same name this is notthe effect.
/ say, also, that tar as home production
can be stimulated, with due respect 10 the
rights q other interests. it ought 10 he done.
! cannot understand why anv raaa sh2u'd m
trrtain any other feelings. [ h4ya geea il
| announced that your Senator from lois Sat.
| is 4 free trade man. And why Because be
voted for dutv Of II per cent on iron.-
iLaughter.) That is singular logic your
Representative free trade man because h.
voted for a tariff Renewed Laughter)
am not Tor free trad, bat for raising the revon-
uas ofthe Government bv duties on l9gaign
gaods. I think revenue the primary object Of
4 tariff but in adjusting the rate of duties.
would consider ;he interests OF the producer
ana consumer, and the relations of capital and
ll55r, and whlte taking care that capital should
make ITS lall contribution 10 the Treasury by
taxing uXurjes at high rate, would extend
every possible s,imuiaDt to our manufacturing
operations.
was 5y no means satisfied wifh the adjust
monl Of th@ tariff in March, 1857. | resisted
and voted against the Srnale bill throughout
I did SO on ,ae ground that it seemed like an
innulsve aad nc2asiaera'a change Of a policy
/ which had been succeeding very we'll. ]
thought the question deserved more consiIera-
ton. / did vote i5r the reports Of the Commit
toe Of Conference. because by agreeing ID do
that I couII zel the schedule in which iron is
found raised from p 70 - per cent. It was
obvious too. taat a much lower rate could have
been carried. ! though. it prudent 10 take
this for fear Of worse. Our people must not
expect too much. So long as their great staples
are kept in the highest class, they hav" NJ rea-
son % complain OF the arrangements Of the
duties, though they may Of the rate.
But, Mr.. President, there is another point
connected with ta.s subject 10 which | wish 10
refer aai that is, the influence which our
system Of currency necessarily exercises on
The business ofencouraging manufactures.
Il is riIicul5us for the advocate Of an extern
ded system OF paper money, initiating credit
ani nominal values 10 a destructive extent as
It does, to talk about ssprotection 10 home inter
osts, "protecls2n t. the toiiing million. .
Mr. President, the manufacturers Of this coun-
try. and the loilaE mlli0as, need protection a.
ganst the operation Of fourteen hundred Institu-
tjons th at make paper money. about as much as
they do against the manufacturer Of foreign
,99ts loud a7oIaos. md Ianyat4r1 A sTs-
tenn of r9ner-ra5ney and inflated price is utter
~ at variance with the policy OF protecting
ro1r home interests. The one coun'era-ts The
other. Our loose system Of credit and su-
p.~a5unl.aca Of fictitious money besrt spirit
1f z9ac9f,t,9n. 8reynraaiel with enhanced
values. winch c9mnl~tgfv c9unteract The effect
ora9v inst rats. 3T Tg.v, For instance Wha.
47sz II avail III, manufacturer that Congress
assesses a dutv Of . per cent. upon the article
which he taa~7f,ct,jr5e If credit and speculation
bas7uaIuiy stimulated in this cluatrv, that all
IN. elements thai enter into the production OF this
article. immediately become enhanced in value
10 sych an extent that If costs him the addition
al - per cent. to produce The article
The foreign manufacturer is not affected.
He brings ID his article, and sells It at p per
cent. increased price, b"cause the home produ-
Ger was obliged to put il up to save himself
He can sell and realize the same profits ne did
before the duty was assessed
Onr great misfortune, Mr.. President, IS an
uagoverna5i~ inclination 10 high prices We
attach undue importance TO the mere nominal
value Of things. It in tnis way that We give
the manufacturers Of other countries undue
advantage oyar us. Odr system Of currency
initiates the prices Of every thing and then, if
We have a aa!aoce 10 roy to John Bull or aay
b51y else in Europe, he demands coln-he
Won't t.Le cur Dan's. money and when the
r9uo,ry -.ts ri-ht we'll m debt, and foreigners
call on tHe Importers, and The importers ca!| On