Lamoille newsdealer. [volume] (Hyde Park, Vt.) 1860-1877, 1866-02-07

TEN of free trade that eA'ehuei 70 on
,.orts of our country on all articles that
are the products of our own fertile SOIL
and labor.
10 encourage this system duties were
levied on imports. that soon gave new lie
and energy to the trade aud business OF
the country. 3,
The public debt was soon paid of, and
prosperity became universal.
By degrees. between 1884 and 1912.
the tariff was repealed. the mills were
again stopped. furnaces closed, lands fai-
len to half price, the sheriff at work.
States we're repudiating their debts. the
Treasury unable to borrow ut home or
abroad, and bankrupt laws passed by
Congress.
In 1912 the national system was again
tried. and in less than five years the pro-
duction of iron alone rose from 100000
tuns 60 100000 tuns
Prosperity was universal; mines were
opened mills were built and money plen-
ty. and the public and private revenues
greater than ever.
Once more, in 1916. tie British free
trade policy was adopted by repeating our
tariff. and Notwithstanding the discovery
of gold in California, money Was as high
as ever.
Briti.h iron and cloth came in and gold
went out.
In 1857 the culmiat;on was reached,
and crisis of ruin came on.
The treasury was again nearly bankrupt.
In three years Immigration fell below the
points Of % years before, and our exports
fell of to mere nothing.
Why were all these scenes of wreck and
ruin brought GU our country? MIR. Carey
has well said, 1T was because our coun-
try adopted a British policy, that has
drained to itself the wealth that did not
resist it.
The result of the two systems, as shown
in contrast, is as follows: Oar national
system, as seen in 1910. 1928. 1912 and
1861, when labor was well paid. money
plenty, immigration great and prosperity
1t is we'll for u.s. the people, to look at
the condition of our country during the
times when We were introducing what |
call the British monopoly system Was al
lowed to operate i'll connection with our
use of paper money of Incorporated State
banks.
The consequences, as they appeared in
1917, 1884 aud 1857. when labor was
lily paid, and money was scarce. immi-
grafton declining and bankrupts by the
thousand,
A system Of free trade that leaves such
fruit although it may look as beautiful as
the whited scpulchre Of old, if it is in
tended to operate in connection with
proper circulating medium, should be
dreaded az we dread the presence Of pes.
thence
The fathers of our Constitutional Gov
eminent intended to guard their postcrity
against the train of evils that would
be sure to follow all attempts to legislate
a permanent value into paper-eirculating
medium.
10 accomplish this they induced the
people to yield up to general government
the entire iiggt to coin money and regu
late the value thereof They also pre-.
vailed on all the states to agree that they
would not issue bills of credit or make
"a legal tender in payment of
labt but gold and silver hoping thereby
10 prevent the individual states from the
FOLLY of Incorporating state banks Of issue,
10 initiate the currency, and thus raise the
price of everything, and make tariff
'or protection Indispensable
Against such an act of folly Washing
ION gave his warning voice in letter to
, member Of the Maryland Legislature,
who asked his opinion in relation to the
of an Issue of paper money by
he state. 10 this Washington replied by
saying: .... !
"iad voice in yonr Legislature, |
would give 1T decided against the emission
'or the reason that people always mistake
he amount of money necessary for CIR
;ulating medium.
"lt is not the amount of money in a
that makes it plenty. but is is the
rapidity and certainty with which it pas.
ses the round of circulation"
He sid that "in exact proportion as
you pour paper money into the volume of
the circulating medium. just il that pro.
portion will everything in Il country rise
and labor will he the last to feel it 1t
wi | not benefit the farmer or the mechanic:
it will only benefit the debtor. as it will
enable him to pay his debts with shad-
ow instead If substance"
By being contrary to the advice of
Washington we have tempted the world to
se,, -; 10 everything. aud have made every
thing too dear with us 70 sell in return
with rr fiji. 1t is now to 10 de;Em'ned
our COILS and ores and other NV
materials that can be put into forms Of
usefulness with AS little expense OF human
harm no IN ~ Of ho ,yn.tl