Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1858-06-30
The Tariff and Bank Paper.

The late Legislature Of Massachusetts,
says the Ledger, in its proceedings. gave
evidence of having grown more rational in
its notions than was her wont in years past,
and even more radical than some making
louder pretensions to tariff and bank reform.
One of the committees in that body recently
came ont in favor of abolishing all laws for
the collection of debts, and advanced much
sound reasoning in favor of the project
Another committee, in the same BODY, about
the same time. brought forward an argument
of much force growing out of the connection
of the currency with the tariff. The General
Government has established system of pro-
lection more or less stringent and effective;
but the States have undone all the benefits of
such legislation by the extravaganza of their
infations of currency, The web of protec-
ton that has been woven by the law makers
at Washington in the day, has been unravcl-
led in the night by the law makers in the
States. On this point the report says:
The national government has established
the system or policy of a low tariff of for
eign imports, with currency consisting
wholly of the precious metals. The different
State Governments have no control over the
tariff of duties, but they have generally ex-
ercised the power of creating currency of
paper money, by chartering nearly fifteen
hundred banks, with authority 70 issue notes
to circulate as money, practically to an un-
limited extent. The tariff and currency are
kindred subjects, which act and react upon
| each other; and no financial system, in any
country, can be successful, which does not
combine them and cause them to work in
harmony
"A low tariff, with an expanded currency
of paper money, increases the cost of manu-
featuring and exposes the manufacturers TO
an unequal competition with the products OF
foreign labor under a more restricted and
sounder currency. An ercesstre paper cur
remcy is at all times unSound and unsafe; iu
| connection with a low tariff of duties, it is
exceedingly detrimental to the success o
manufacturing and producing classes. 1t i.
at war with our various industrial pursuit:
and rocations; il opposes their prosperity bj
generating fictitious values of property; auC
in spite of the skill and application SO credit
able to our manufacturers it secures the ad
| vantage, even in our own markets, to mucl
of the competing labor and product Of Eu
rope"
I'm time of peace and uninterrupted com
merce, the benefits of the high prices arisin!
from an expanded paper currency cannot b
secured to the industry of our own commu
nifty without the protection of a high tariff O
duties: and, as such tariff cannot now b
had, tits obviously for the interest of Ney
England with so large proportion of he
population dependent on industrial and man
utacturing pursuits, that the currency shoul'
be regulated by restricting it. so as to brin
1t nearer an rdlne to the cuTreRcies Of hos
countries uhich are nor our great competition
for the supply Of ,chat is consumed by o..
o'en people,"
What do We gain by the additions to tn
currency in the form of bank notes, whe
California is furnishing an ample supply {
the precious metals for currency, if the cOur
try will not make use Of it? Why should tn
people of New England encourage the use
bank notes for currency and force the preciou
metal to be sent abroad, to be exchanged 70
, foreign merchandise, at the very time whe
they need protection for their free labor er
gagged in manufacturing enployments, again'
the immense imports of the products OF fol
eign labor received in exchange for the e2
ports of cotton, tobacco and breadstuffs pre-
duced by the servile labor of more genial c,
mates and more fertile soils?'
There is much truth in these views of til
Massachusetts, Committee, and we are please
to see that in that manufacturing State, til
people are becoming awake 10 tue uisaslroo
! influence of the Paper Banking System upo
the labor and industry of our country. Pc
i. iticians may talk about Tariffs for the prote'
! ton of American interests, but all TAR
Legislation is vain, SO long as Banks are pc
mitted to fill to overhowing all the chaune
; of trade, with paper promises to pay, AT
thus drive out of circulation and out of tt
country, the only true and reliable currenc,
that of the Constitution, for which JacksC
. contended, and which the interests of G.
: people and the prosperity of our country r
. quire should be greatly enlarged gold al
= stlrer.-Lancaster Hteuigencer.
. British Exploration Of the Niger.