Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-10-04

Uiouleu 10 DrlnS upon tue couutIy tte iaeS
disastrous revulsion. The Government is al
together innocent, says the President, of this
thing; and so say the leaders of the Demo
cratic party; the banks alone are guilty; all
the wild speculation. over-trading. and stock
gambling, which brought on the late crisis,
were caused by the banks.
Sir let ms see how this is. What has been
the policy of the Government of late in rela-
ton to the public lands? Millions upon mil
lions of acres of the public lands have been
purchased from the Indians and thrown upon
the market, far exceeding in amount the wants
of the country or of an increasing popula-
ton. Investments OF a speculative character
in the public lands have thus been invited and
encouraged by the Government, which have
greatly deranged and embarrassed the regu-
lar business operations of the country.
Again, in the last five or seven years,
twenty-five million acres of the public domain
have been given to encourage the construc-
ton of railways in the new States-some OF
them penetrating to the rcmotest borders Of
the settlements in the interior and these
donations have stimulated the expenditure OF
large amounts of borrowed capital in con-
structing roads which cannot pay the current
expenses of operating them, and are not now
worth one-half their original cost.
Can il he truly said that the Government is
in no degree responsible for this enormous
stock gambling which have grown out of this
improvdent multiplication Of railroads. and
its kindred policy of tempting speculation in
wild lands not wanted for settl' ments? have
heard that some grave Senators have been
seduced by the idea that they could he sud-
denly enriched by embarking largely in the
purchase of these lands.
Mr.. President, embarrassed as | am by the
obvious desire of the Senate to close this
f,rt nIatA I ct-
bic that | have not been, and shall not be,
able to do any sort of justice to the subjects
which | have undertaken to discuss. But.
sir, even at the hazard of mourning the dis
pleasure of some of my friends propose to
continue nv remarks, and bring to the notice
of the Senate and of the country another
branch of the subject before us-One which
consider of the greatest Importance.
The observation and experience of the ablest
business men of the country have led them to
the conclusion that the best regulator of trade
and currency. and the surest preventive of
those disastrous fluctuations in both, which
have so often brought distress upon the coun-
try. is 10 be sought for in the commercial
policy Of the Government. By the Constitu-
ton the commerce between the thlrty-two
limited sOVereignties of the conttderated I'm
ion, with an aggregate population OF thirty
millions. is free. Here there is full scope for
the operation of tree-trade principles. The
commercial power of this Government, though
given in terms equally over domestic and for
eign commerce, is virtually limited by other
provisions of the Constitution to foreign COM
mcrce: and accordingly, if we leave out of
view the regulation of the coastwise trade.
it is only in reference to foreign commerce
that we have any commercial regulations
prescribed either by treaty or by statute. The
great question is, whether this power to regu-
late foreign commerce can or ought to be eX-
erciSed in such manner as to Increase and
give stability to domestic or internal com
merce: or as one school of political ecOnO-
mists contend, solely with the view to raise
revenue for the support of the Government?
Can il he that the commercial power Of the
Government was given for any such narrow
and limited object? or was il not rather given
for the far more noble and bencficcnt purpose
of developing the resources, stimulating the
productive energies increasing the wealth of
the country. and thereby adding to the com
fort aud improving the condition Of the peO-
pie? Commercial regulations that look ey
ciuSivelv to revenue, or to an increased
foreign trade, neglect the foundation of both;
for an ample revenue aud a constantly in
crcaSing commerce depend upon the increas-
ing activity and productions of Internal COM
merce and industry. Increased productions
depend upon the diversity of pursuits which
and, withal, upon a sound and sufficient cir
culating medium. All these considerations
enter into the economy of domestic industry
and trade; and as these flourish and increase,
so do the revenue and foreign trade. There is
no antagOnism between them; yet rom the
nature of things. that one interest upon which
another depends for its support must be of the
greatest importance. So in fact it is in mag
nitude rs well as in priority of rank.
=. Al, - &c
Professor Tucker-as the value of the annual
product OF the industry and capital of the
country in 1910. and taking further his esti-
mate of the decenual increase of the annual
products relatively to population. and making
proper allowance for the accession of Cali
fornia to the productive power of the country
since 1910 as the basis of the calculation. the
value of the annual products of the industry
and apital of this country, at this time. may
be estimated AT t,0o H0LsoIid FUe hundred mil
lions Of doiI0rs. The distribution and inter
change of the articles or commodities which
make up the amount of these products are
what constitute the domestic or internal com
merce of the country, except that portion
which not being wanted for consumption at
home. is exported and exchanged for foreign
merchandise; and these last. when brought
into the country, add to the internal COM
mcrce of the country in proportion to their
quantity and value.
Discardng alike the amount of exports in
the fiscal year of 1856, ending on the 30th
June, 1857, and the exports of the present
fiscal year, ending on the 30th June. 1858 -
the one being too high and the other too low
upon which to base an estimate of what the
amount or value of the exports would be If
the commerce of the country were in a sound
and prosperous condition. will take me-
dunn amount. say $3.50, 900. 900, as likely to
be the full value of the annual exports of do
nestle produce for some years ut least after the
trade and industry of the country shall re-
sumo their usual activity. The profits made
upon the expectation of these S250.000, 900
worth of domestic productions, and upon the
merchandise received in exchange, constitute
the full value of the foreign commerce of the
country for one year.
1t will thus he seen that the domestic com
mOdties annually sent abroad and exchanged
for foreign products estimating them at $780,
600 900 constitute but one-tcnth part of the
annual products of the capital and indstry of
the country. This one tenth of the annual
national products is all that is exchanged
abroad, and is the basis of what we call the
foreign commerce Of the country. As TO the
relative magnitude of the two interCsts--the
foreign and the domestic-th- one is ten time
more valuable than the other
But small as is the proportion of our for
eign to our domestic commerce, do no I'M
dcr-valuc its Importance. 1t is our foreign
trade which takes up and turns TO account
the annual surplus products of our industry,
or that portion which is not demanded for use
or consumption at home.
Though f,om the variety of the soil and
climate. aud the extent of its mineral deposits
this country is less dependent for any essen
tial supply upon the products of foreign
trade for some articles which from habit have
become necessary To the comfortable subsis-
tence of the peoplc-snch a tea. coffee, sugar
aud some others employed in certain manu-
features; but for ali else-for the $50, 600, 900
of woollrn goods. the $4,000 900 of cotton
goods, $50 100000 OF silks the S25 200, 900
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