The Lansing state Republican., 1866-02-21

tons % ctV. vUU IONS
Prosperity ~as universal: mines were
opened: ml.is We're built and money plenty.
aud tie pubic AMI private revenues greater
than ever.
once more. in 1886. the British free-trade
policy was adopted by repeating our tariff.
and Notwithstanding the discovery OF gold
in California. money was as high Is ever.
British iron and cloth came in and gold
went Out
Ia 1857 the elimination was reached, and
a crisis OF ruin came 0n.
Tie Treasury Was again nearly bankrupt.
ln Three years immigration fell below the
point of twenty-cight years before, and our
exports leil oH 10 "a mere nothing.
Nhy were ali these scenes OF wreck and
ruin brought on our country Mr. Cary
has well Saud .' IL was because 0ur coun-
Try adopted a British policy that has
drained 10 itself the wealth that did not re-
sist DO. The result of the two systems, a.
shown in contrast. Is as follows. our n2-
tional system. as seen In 1910, ISIS, ls42
and io6l. when labor was we'll paid. money
plenty. immigration great and prosperity
universal
IL j. wel iOf us. the people. 10 look al
the condition OF our country during the
froe wtol We were Introducing what call
the British monopoly system Of free trade
when ihi- system was allowed TO operate
im connection with our use OF the paper
money 10 Incorporated state banks.
Tie cunseI Iuences. as they appeared IN
lol7. 1854 aud l7J7. when labor was lily
paid. money scarce, immigration declining
and bankrupis by thousands
A system oi free trade that leaves such
lruf. although it NAV look as beautiful rs
the wAuei sepslcher OF Old. II 10 is inten-
lei 90 operate ln connection with a proper
circulating meuium should 0e dreaded as
We Wou'l arcad the presence OF a pestl-
.cuce.
The fathers OF our constitutional govern
ment intended To guard their posterity
against the train of evils that would follow
all attempts 90 le-slate permanent value
into a paper circulating medium.
To accomplish this they induced the pe0-
pile 20 Yield up 10 a general government the
entire right 10 coin money and regulate
the value thereof They also prevailed on
all the states % agree that they would not
issue any bills of credit or make anything
Legal tender in payment of debt but gold
and Silver, hoping thereby 10 prevent the
individual states from the folly OF incOr-
p0ratmg state banks Of issue. To initiate the
currency. and thus raise the price Of every
thing and make a tariff for protection in
le-peu'-ihle.
Against such an act of folly Washington
gave his warning voice in a letter 10 q
member OF the Maryland legislature who
asked his opinion IN relation 10 the propri-
ETY. of am issue of paper money by the State
TO Ibis Washington replied by saying:
" Had l 4 voice In your legislature, !
would give 1t decidedly against tie emission
Tor the reason that people always mistake
the amount OF money necessary for cir
cglating medium
" lt Is not the amount of money i'm
country that makes it plenty. but il is the
raWdty and the certainty with which it
passes the round OF circulation" lie said
that "In exact proportion rs Won pour pa
per money into the volume Of the circua-
ting medium, just in that proportion will
every thing m "a country rise: and labor
Will he the last 10 feel il. II will not benefit
the farmer or the mechanic; it will only
benefit the debtor, as it will enable him "a
pay his debts with a shadow Instead of "a
substance" BY going contrary TO the ad-
vice OF Washington we have tempted the
world 10 sell Us everything, and have made
everything too dear with Us TO sell in return
with profit H. is now 10 be determined
whether our Goals and ores and other raw
materials. that can be put inJO forms OF
usefulness with a. little expense of human
labor here as in any part Of the world shall
Give employment 10 our people. or whether
our own labor is 10 be left unemployed. and
our Own raw materials unused. or whether
our own labor shall receive such reasonable
protection as Will enable the labOrers TO
live until the government can restore the
currency 10 specie basis. and shall have
paid the national debt by duties on imports.
The highest form of duties should be lev
led on Injuries of every kind. and the low
est form Of duties on the ueces~aries of lie
and those articles needed 10 give employ
ment to labor.
l cannot fOrebear 10 warn nv country
against a system Of free trade wiki foreign
countries. and q reliance on the direct tax
alton OF States to maintain the government
and pay the national debt. The warning
OF Chancellor Kent should not be neglected.
lie assures us that as soon as the old
cOntederacy of States was ratified the
sta;c- bc=au TO raii in prompt and faith
ful obedience 10 the laws; and as danger
receded, instances of neglect became more
frequent. and by the time Of the peace of
l7,3 the delnQueDcies OF one State became
the apology for another, until the idea OF
supplying the pecuniary wants of the nation
from requi,itiOn on the States was found TO
he phantom"
1t should be remembered that there is
nothing that We as a nation can buy
cheaply from foreign countries that must
be bought hy leaving our own laber unem-
pl0yed and our raw material unused.
We should never forget that the boasted
system OF free trade. both In France and
England, IS q complete system of protec-
ton 10 the labor of those countries. and
that il is only possible TO secure national
wealth and general prosperity 10y the apVli-
cation OF knowledge, economy and well
directed labor.
PETER COOPER.