Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1858-01-13

sion into specie, on demand, with proper linn !
ltatlOns and restrictions, IS deemed preferable |
to the present system. It's introduction would |
correct many existing abuses not only in the |!
system itself, but in the present mode of bank |
ing. These questions, however, with the REM |
edies necessary to prevent 4 recurrence OF |
the evils under which we now suffer, together
with the nature and extent OF the relief, if any.
that may yet be required by the Banks of the
Commonwealth, TO enable them to resume the
payment of their liabilities in specie, are all
referred to the wisdom of the Legislature.
They are practical and important business
questions, and as such should receive Your in
tclligent consideration.
The present condition of our Commonwealth
and country deserves at least passing re-
mark. severe financial revulsion has oc-
Cured, inducing a suspension Of specie pay
ments by the Banks, not only Of this Com
monwealth, but of all the States OF the L Cnion,
deranging the currency and affecting diSaS-
trouslv all the great interests of commerce
and the industrial pursuits OF the citizen.
Labor is without employment, and thousands
OF strong active men are now asking Tor Work
or bread. The causes assigned for these evils
are almost as various as the interest pre-
judiccs of those who undertake their explica-
fion. To whatever cause or causes they may
be referred, it is neither just, nor proper to
charge all our present financial and CONNER
cial distress 10 the Banks and their manage
ment- However much they may have con-
tributed, other causes have operated still more
directly and powerfully TO produce these re-
suits: and among them first in importance
and influence is the present system of Low du-
ties, in connection with the warchousing sys-
tenn. adopted as the policy Of the General Gov
ernment in 1916. The abandonment of the
protective policy, as embodied in the Tariff
act of 1912, was resisted by Pennsylvania with
unanimity almost unparalleled in her history.
Her representatives in both branches of The
National Congress strenuousy opposed the
repeal of that act. The evils under which We
are now suffering were predicted, a cOnse-
quence of such repeal. But other cOUnsels
prevailed, the act repealed, and the indus
Try Of the country exposed 10 4 rDinous COM
petition with the cheap labor Of foreign na-
Iions. The disastrous effects Of the repeal,
were postponed by the operation of causes
well understood by every Intelligent citizen.
Famine abroad produced an unprecedented
demand for our breadstUffs, and the gold OF
California, although it may have added 10 the
excitement Of our progress, and contributed
It's fuil share IN producing existing financial
and commercial embarrassment, in millions,
supplied the means OF paying the overwhelm-
ing balances against us on our foreign impOT-
taLiOns- EdeT the present system OF low
duties, the excess Of imports over exports has
been beyond the mos: extravagant wants o!
the country. They have been enormous and
rUinOus-deStrUctive Ct domestic industry.
and involving the home manufacturer and
home labor, in one common ruin. We have
imported more than could pay for, and
much more than we needed. Pennsylvania
abounds in iron ore Iron and its nanufac-
turcS are justly regarded as important elements
OF her material wealth; and from her abun-
dance, If properly fOStcred and protected 10y
wise national policy, could supply the markets
of the world; and Vet, since the passage of
the act of 1916, we have imported of iron and
steel and their manufactures, more than two
hundred millions of dollars in value; paid for
IN gold or our bonds and stocks, now held by
foreign capitaliSts-thc interest on which bat
adds to the burdens imposed upon us by our
foreign Indebtedness. The same is true OF
many other important branches of home in
dustTy. Many millions in value of cotton and
wcOlen goods have, during the same period,
been imported that should have been made in
our own workshops. should have been woven
on American, and not on British, French or
German looms.
As an example of the practical working Of
the system, official DOCUMENTS exhibit the
fact, Tn at during the past four years, the I'M
ports of foreign merchandise exceeded our
exports one hundred and eighty four millions
two thousand seven hundred nd sixty eight
dollars; and as consequence, the drain of
the precious metals was cOrrespondiugIy great.
The amount of specie sent out of the country
during that period WAS two hundred and thir-
teen millions three hundred and sixty-fuur
thousand three hundred and eighty-four dol
lars specie imported, twcDty-siX millions
nine hundred and twenty seven thousand four
hundred and twcnty-seycn dollars leaving
balance against us on specie account of one
hundred and eightv-sx millions four hundred
and thirty-siN thousand nine hundred and
tifty-seven dollars. This depicting process,
aggravated by excessive impoTtatiOns, unset
tied the currency and induced an inflated pa
per circulation, resulting in bank suspensions
and financial embarrassment. But the evil
does not end here. An inflated paper curren-
cy, by cheapcning the price of money. increa-
ses in this country the cost of production, and
thus, whilst the American manufacturer is ex-
posed, under 4 system of low duties, TO a ru-
lnous competition with the cheap labor of Eu-
rope, he is paid fer his goods in q currency
less valuable than that paid 10 his foreign CON-
petitor. As necessary result, the home fab
ric is driven from the market, and the home
manufacturer ruined. The operation OF these
causes, stimulated by low duties, is sufficient
todestroy the industrial energies of any people.
With there facts before u.s. it is no matter of
surprise that our mills, factories and furnaces
have been closed, and thousands of honest
iaborers thrown out of employment: that COM
merce has scarcely an existence that hank
Tuptcy and ruin are around us, our general
prosperity paralyzcd. To avoid these disas
tiers, to which we have been periodically ex-
posed, reform not only in our system of bank
ing, but in our revenue laws, becomes indis-
pensabie.
If the principle of the act of 1872 had been
preserved-eyen If its rate of duties had been
reduced-ouF specie, by millions, would not
have gone into foreign Golfers to build up and
sustain the foreign manufacturer; home indus
try wouid be prosperous, and the cry eve
want work, - issuing from 4 thousand lips in
our large cities and manufacturing districts,
would not now be heard nor would foreign
debt of nearly FIVE hundred millions of dollars
TSt N-fo Ia ovaT a1a hat