The New era. [volume] (Martinsburg, W. Va.) 1865-1871, 1866-07-19

have perfect reciprocity with all ma.

have perfect reciprocity with all ma.
tons.
There ~, however, sir, no proper or
equitable reciprocity in trade between
different countries which do not recog-
nlze common currency;and consequent
~ while greeEbacks are a legal tender
I'm this country, and are mot SO in En-
gland or other countries, I would pro-
feet the public crAdit by prohibiting i'm
Portations from foreign countries until
those countries are willing to receive
our securities at par. There is no iegit-
| innate reason for a premium on gold ex-
cept that there demands for money,
debts to- be paid witch can be efischar.
ged only with gold, ard the greater the
premium on gold; or, in other words.
the depreciation Of our currency, which
must remain with us as legal tender,
and the gold value Of wlrch is, as have
before stated, the index tosthe national
credit. In order, then tosslstain the ma
tional credit and biin our currency to a
specie value we must cut off, as far as
possible, all demands for money for
The prohibition of importations villa
strike the evil in its vitals and release
the struggling credit of the country
from the encircling folds of this anaeon-
da Whish is crushing out its life.
And, sir, this policy is not for the pro-
lection of the manufacturer and capital
ist alone, but for the protection and the
interest of all, as all alike are interested
in the value of our currency; and home
competition in the various branches Of
enterprise will be sufficient to prevent
monopolies in any, will purify the cham
nels of trade, and preserve a heathful
n. ! INt.t,, bnA.
ments of industry. But for the sake Of
ton OF importations from abroad would
raise the price of commodities in this
country; it would at the same time, by
cutting of the demand for gold, raise
the value OF ourcurrency in agreaterpro-
portion than the price of the article, and
would thus enable us to pay more east
~ for the article at the advanced than
we now can at the lower rate. To Illus
trate: 81 % in currency is now worth
worth one dollar; the prohibition of I'M
portatlons would raise the price ofgoods
Of o tMe cafahey pft5 t Ssnb Der e gt, the yaae
now at the lower rate is worth one dol
lar, but costs in our deprecated curren-
cy 81 80 would then at the advanced
rate be worth 81 ., and would cost no
more in currency then appreciated to
gold value, being a clear gain to the con-
sumner of twenty-five cents par in the
cost of the article-gold being always the
Andarl of values.
And sir, we should bear in mind chat
all, except the lrenes in society, oeeu-
by at The same time the double relation
OF both producer and consumer. What
the farmer produces the manufacturer
consumes, aud what the manufactures!
tl,n t.,r,4 aC o,4f CT
on through all the departments ofindH~-
try, through which capital and enter
prize ebb and flow to seek a common
level as do the waters Of the great deep.
Now, sir, just one word with reference
to the provisions of this section. My
admiration at the ingenuity with which
| this discrimination is sought to be made
in favor of British American coal is
equaled only by my humiliation at the
thought that American statesmen are
capable Of making an effort TO sacrifice
a principal of great nationa, import and
aoliicatiOn for the netlliiarY advantage
of u section, and of a few capitalists of
| that section who have invested their
means in these foreign coal-fielCls, aud
who will pay by the duty proposed less
revenue to the Government by invest
ing their capital out Ofthe country, than
the same capital would pay under our
internal revenue laws if invested in an
enterprise ola similar character within
the country. This proposition, sir, is
not based upon friendship for or a desire
for reciprocity in trade with Canada
but upon considerations ola nature pure
~ sectional and selfish. Sir, let us have
the principles of political economy of
uniform application throughout our en-
tire common country, no invidious dis
examinations between other nations of
the earth, protection to the citizen by
protecting the national credit. and re-
ciprocity in trade only where greenbacks
are money.
Here the hammer fell.
| Eil.p ut IltuSl,1liH. III.