The national era. [volume] (Washington [D.C.]) 1847-1860, 1858-01-21
HOMESTEAD POLICY, FREE TRADE, &c.

While l am writing, perhaps it may not be
considered impertinent to make some sugges-
tions in regard to the course the paper is pur-
suing in its advocacy of Free Trade, the Home
stead, and its war upon Banks-that it is detri-
mental to an increase of subscribers. do not
wish to dictate its course, but to of us it ia
a suicidal policy to encourage overtrading and
extravaganza in many things, by advocating
free trade, when our Indebtedness to Europe
on that account, if we may rely on statements
which have been published, is more in amount
abroad than all the gold and silver coin now in
the United States.
" Ii it is right-if it is good policy to pursue
such course, instead of building up home
markets and encouraging home manufactures,
and thus retaining suficiency of the precious
metals at home for circulation and all other
purposes, not liable to be drawn from this coun-
try to meet foreign demands created by over.
trading, honestly confess we are not able to
see it. The Era advocates the Homestead 80
do l, and out of the public domain, too but
let every man possess it at some price, at some
cost, no matter how small, and thus encourage
our representatives to carry OFT principles of
honesty and Justice-the fou!dation of civil
Government. DIP"
The Public Domain is held by the United
States for the benefit of the People The Gov
eminent is bound to dispose of it go as best to
secure this end. Sometimes it makes free
grants for educational purposes. Whose rights
are violated What principle of justice is dis
regarded? Sometimes it makes free grants to
States, to aid in the construction of great pub
lie works. Such policy may be unwise, but
our correspondent does not belong to the class
who denounce it as in violation of honesty and
justice. Now, we advocate the policy of free
grants of limited portions of the public lands to
landless persons, who will go upon them, settle
and cultivate them. We say this policy will
tend to relieve the older States of surplus
population-to stimulate industry-to multiply
landholders-to augment the production of the
country-to open new markets for the products
of the industry and capital of the older States.
Whose rights does it trespsss upon ? How does
it violate "honesty and justice?" 1t costs
something for poor man to remove his family
to the West-something to provide means for
telling trees and planting corn-something for
a subsistence till his crops yield. Why infct
upon him the additional charge of buying his
farm2 If justice demand this, charge him
full price: if it do not, why charge him any
thing? The other necessary charges are quite
enough to stimulate his enterprise.
AS to overtrading and extravaganza, hosC
does free trade produce them? If l am ad.
dicted to extravaganza, it will make no differ
euce to me, whether an article be manufactured
at home or Abroad shall be just as likely to
60 beyond my means in paying for one as for
the other. AS we have often said, the root of
the evil is, in. living beyond our means-and
this will take place in all prosperous countries,
whether under protective or free-trsde system.
Isolate thiscountry-excude all foreign com.
merce: great Interests remain Cotton, Sugar,
Tobacco, Wheat, Corn, Pork, are raised
Woollen, Cotton, Silk-manufactures abound
the People thrive, grow rich the spirit of ad
venture and speculation is inhamed haste to
be rich, discomfort with slow and moderate gains,
prevail passion for luxury and ostentation
grows rampant. Men live beyond their means-
men anticipate their neans-men obtain loans
to carry on speculations or adventures, from
which fortunes are to be born in a day. One
49, -r '~e~.e~, grain, or sugar- hOsrds it
keeps 1t out of the market-runs up prices, and.
at the nick of time, sells, and realizes fifty or
a hundred thousand dollars on the adventure.
A friendly bank has helped hin, and shares
the profits. Another borrows vast sums of
money, and invests in railroad or Western
city. The railroad stock goes up-the lots
double their value-he sells, at the nick of
time, and becomes millionaire. The whole
nation runs riot in extravaganza and specula.
ton. Now, while all these magnificent enter
prlses are In progress, depending entirely upon
confidence for their success, suppose, from any
cause, great operator fails to realize, the ,
bank that sustained him fails TO redeem-soa. /
tidence begins to be shaken, panic begins to
stir-credtors call upon debtors-the Banks !
upon their operators Whew what an ex.
plosion follows The Business World collapses. |
and life ia suspended. Spectators fail-mer-
chants break-banks suspend Western lots
won't sell-stocks 60 down-their holders can
not pay their debts-exchanges are disorder
ed prices fall farmers cannot sell their
grain-and the whole land, although full to
overlooking, mourns as if stricken by famine.
Does not every man of common sense see that
this kind of revulsion might occur, even were
our Tariff prohibitory?
As to our debt to foreign nations, it is great.
ly exaggerated, and the nature of our indebted.
ness is often lost sight Of Only a small portion
of it is for foreign goods. Foreigners have in
vested in railroads, in Western lands, in Fede-
raj, State, and City Stocks these investments
form the greater portion Of our foreign debt,
but certainly they are not draining us. The
money is here, has aided in developing the re.
sources of the country, and has entered into the
general circulation. We pay the interest on
it, but this constitutes no such d.ain as to in.
volve the nation in bankruptcy.
Our creed in relation to all these questions
is plain and consistent one Government is
bound to provide for the security of property
and personal rights, and tordo all it can, con.
sstenty with the liberty Of conscience, for the
promotion of Intelligence, Virtue, and Religion.
Beyond this, the best it can do for the citizen
is, to let him alone. AS general rule, he will
understand his own interests better than any.
body else. Of what, by genius, or taste, or
training, or circumstances, he is best qualified
to do, he is the proper judge. Whether he
shall diversity or simplify his enterprise, wheth-
er he shall be farmer, merchant, manufac.
turer, mechanic, professional man, is for him to
say. He will need no presuming legislators to
tell him that he can devote his capital or labor
to more profit in one channel than in another.
If he find that one branch of nrodnot;o, 80 =, |