Clarksville chronicle. (Clarksville, Tenn.) 1857-1865, 1858-12-17


Isequence of our unsound and extravagant
system of bank credits and inflated cur
Irency. With all the elements Of national
wealth in abundance, our manufactures
were suspended, our useful public and
private enterprises arrested, and thousands
of laborers were deprived of employment
and reduced to want. Universal distress
prevailed among the commercial, manu-
featuring and mechanical classes Our
manufacturers everywhere suffered severe
lly, not because of the recent reduction in
the tariff of duties on imports, but be-
cause there was no demand, at any price,
for their products.
The people were obliged to restrict
themselves in their purchases to articles
of prime necessity. In the general pros
tration of business the iron manufactures
in different States probably suffered more
than any other class, and much destitu-
tion was the inevitable consequences among
the great number of workmen who had
been employed in this useful branch of
our industry. There could be no supply
where there was no demand To present
an example-there could be no demand.
for railroads, extending its benefits to
every portion of the Union, had been
brought to a dead pause. The same con-
sequences have resulted from similar
causes to many other branches of useful
manufactures. No government, and es-
pecially a government of such limited
powers as that Of the United States, could
have prevented the late revulsion.
The whole commercial world seemed for
years to have been rushing to this catas-
trophe. The same ruinous consequences
|, would have followed in the United States,
T whether the duties upon foreign imports
had reamiued as they were under the
tariff of 1916 or had been raised to much
higher standard. The tariff of 1857 had
no agency in the result. The general
causes existing throughout the world could
not have been controlled by the legislation
of any particular country, but the effects
of the revulsions are now slowly and
surely passing away. The energy and
enterprise of our citizens, with our un-
bounded resources, will, within the period
, of another year, restore state of whole
some industry and trade. Capital has
, again accumulated in our large cities the
rate of interest is very low there; con-
) fidence is gradually reviving and as soon
as it is discovered that this capital can be
! proftably employed in commercial and
, manufacturing enterprises and in the con-
struction Of railroads and other works OF
p public and private improvements prosperi.
? ty will again smile throughout the land
e 1t is vain, however, to disguise the fact
;. from ourselves that speculative imitation
, of our currency, without corresponding
y imitation in other countries, whose manu-
. factures come into competition with ouI
n own, must ever produce disastrous results
to our domestic manufactures.
; No tariff of complete prohibition can
J. prevent those evil consequences. In con.
: nection with this subject it is proper tc
n refer to our financial condition. The same
$ causes which have produced pecuniary
b arrangement throughout the country have
d so reduced the amount of imports from
8 foreign countries that the revenue hat
Y proved inadequate to meet the necessary
d expenses of the Government. To supply
IS the deficiency, Congress, by the act O
the 23d of December, 1857, authorized tn,
e issue of S20,000,000 of treasury notes
Y and this proving inadequate, they authoriz
@ ed by the act of June IA, 1858, loan o
IS 800, 900, 900 to be applied to the paymen
It of appropriations made by law. No states
man would advise that we should go OF
st increasing the national debt to meet th,
D, ordinary expenses of the Government
e This would be most runous policy. l
.e would be ruinous to continue to borrow
'e Besides it may be proper to observe tha
e the incidental protection afforded by
d revenue tariff would at the present moment
Is to some extent, increase the confidence o
&c the manufacturing interests and give
is fresh impulse to our reviving business
To this surely no person will object 8.
rs In regard to the mode of assessing an
collecting duties under a strictly revenu
lg tariff, l have long entertained and ofte
a. expressed the opinion that sound polio
te requires that this should be done by specifi
a duties, in cases to which these can be prop
It, erly applied. They are well adapted I
commodities which are usually sold
lie weight or by measure, and which by thei
OF nature, are of nearly equal value. Sucl
ne for example, are the articles of iron, {
n different classes of raw sugar, and foreig
he wines and spirits. In.my deliberate iudg
70, ment specific duties are the best if not th
ms only means of securing the revenu
%, against false and fraudulent invoices, an
such has been the practice adopted for tn
ch purpose by other commercial nations
he Besides, specific duties would afford to I'll
ss American manufacturer the incidental az
ia vantages to which he is fairly entitled III
n der revenue tariff. The present syste
ng is sliding scale to his disadvantage
Ia Under it when prices are high and bus
ID, ness prosperous, the duties rise in amour
nd when he least requires this; and on Il
contrary, when prices fall and he is struI
les Cling against adversely, the duties a
lc- diminished in the same proportion great
IT. to his injury. Neither would there