Nashville patriot. [volume] (Nashville, Tenn.) 1858-1860, 1858-11-17
What is the ExpIanationa

II has been common for politicians of par
ticuar school to find in the existence of banks
and Of paper money" a ready explanation
of every monetary crisis or commercial re-
vulsion which has overtaiSen the trade and in
dustry of the country. ''mctallic currcn
cy," they tell us, would be an infallible pre-
sentative against the periodical arrangement
of our financial affairs. and would, at the
same time furnish to the people that circulat-
ing medium which the Constitution designed
to secure. In like manner an Intelligent
class of political theorists affirm that the
protective system" is incompatible with the
best interests and prosperity of any country
that adopts it; the principles Of ree-trade"
being. in their estimation, no less expcdient
in practice than comfortable to the maxims
of a wise theoretical economy.
We have no purpose at present to review
the grounds on which these propositions are
respectively based. but desire simply to dir
ect the attention of their patrons tn a dscre-
pancy which seems to call for explanation.
II IL hard-money currency be a specific against
The approach Of monetary crises and cmbar-
rassments how did it happen that the trading
town of Hamburg, in Germany. whose bust
ness is conducted without banks, suffered
more severely in the late financial revulsion
than any other community in Europe? And
~ n protective tariff be such drawback to
come TO pass that France, the country of all
Europe which has most consistently adhered
to this policy, is precisely the country whose
condition, as well financial as industrial is
admitted to be the most flourishing? 1t has
been remarked that the severity of the '.panic'
which prevailed during the last year was
greater or less in the different countries affect
ed by il. according to their relative approx
nation to practical free-trade. Certain il
ic fhaf xxhar vi of f,-.,-
trade are the farthest from realization, and
which is now the great exponent OF the pro-
tcctive system, less affected by the late
commercial reverses than any country in
Christendom. Was this accideniall
Aud if We turn to the external commerce
of France we shall find result no less salts
factory than that afforded by her internal de-
vclopment. 1t has been common for the ad-
vocates of free-trade to point to the maritime
prosperity of Great Britain as having receiv-
cd q vast impulsion from the repeal of the
corn laws. The argument might be admitted
were it not totally rebntted by the fact that
other countries which give protection" tn
their own interests show as great an increase
in their gross commerce, and a greater in
crease in the nett or profitable increase OF
trade. To prove this We compare the returns
of the foreign commerce. for the years lS47
aad 1857. of France aud Great Britain:
Countries, 1884,. 1851. pnc p. c
France s46sOO0 900 81 O65 500, 900 l2s
Great Britain 73o.s6O,OOO 1860 100000 sc
We see from this statement that the foreign
trade of France, in the past ten years. has in
creased more rapidly than that of Great
Britain; and the increase in the profit of the
foreign trade has undoubtedly been even
greater.
If the efficiency of free-trade in building
up foreign commerce be so great, how dos
il happen that the less of free-trade country
has the more its commerce is seen to expand
rs in the case of France !-NdtisRal iateiii-