The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1866-03-15

dAy afsetss,.sass Il, 5nsur., assertion
tuns t. >tsaa,R' .uu~ Prosperity wa>
universal mines were opened; mills
were built AMI money plenty, and the
public and private revenues greater than
ever Once more, in lS46. the British
free trade policy was adopted by repeal
ing our taF5G, aad, Notwithstanding the
discovery ef -aid in California, money
was ~ hiE1 a~ scr British iron and
eloth came q and sold went out In
ls31 the c.zaioation was reached. and
crisis OF rain came on.
The Treasury was again nearly bank
rupt. In taes years immigration fell
below the point ST = years before, and
our exports .ci) of - q mere nothing
Why were ail these scenes of wreck and
ruin brought on oar country Mr.. Ca
rey has welg s.iti, 1t was because our
country adopted q British policy, that
has drained 10 it>elf the wealth that did
not resist Ii fhe result of the two
systems. as shown III contrast, is as fol
lows Oar national system, As seen in
1910, ls2S, 81 and 1861, when labor
was well paid. money plenty, immigra
tion great AMI prosperity universal. 1t
is well for Us, the people. to look nj the
condition ut our country during the
times when we were introducing what !
call the British monopoly system of free
trade-whcu this system was allowed to
operate in connection with our use of the
paper money ofiucorporated State banks.
The consequences. as they appeared in
1917, when paper was lily paid, money
scarce, imui grafton declining and bank
rupts by thousands. A system of free
trade that leaves such fruit, although it
may look as beautiful as the whited sep
ulchre of old, If it is intended to operate
in connection with n proper circulating
medium, should be dreaded as we would
dread the presence of a pestilence.
The fathers of our constitutional gov
ernment intended to guard their poster
itv against the train of evils that would
follow all att empts to lcgislate perma-
nent value into = paper circulating me
dium To accomplish this they induced
the people t. Weld up to a general gov
eminent the entiro right to coin money
and regulate the value thereof They
also preyaHe3 on All the States to 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 individu
al States from the folly of Incorporating
State banks of issue To initiate the cur
rency, and thus raise the price of every
thing, and make tariff for protection
indispensable Against such an act of
folly Washington gave his warning voice
in letter To = member of the Maryland
Legislature. WEo asked his opinion in re-
lation 10 the propriety of an issue of pa
per money by tee State TO this Wash
ington replied by saying: Had i
voice Ia yolr legislature, | would give
it decidedly against the emission, for the
reason that people always mistake the
amount oi money necessary for u circu-
latiug medium 1t Is not the amount of
money in a country that makes 1t plenty,
hut it Is tho rapidity and certainty with
which il passes The round of circulation.
He said that ''in exact proportion as you
pour paper money into the volume of
the circulating medium, just in that pro
portion viii everything in a country rise;
and labor will BE the last to feel it 1t
will not benefit the farmer or the mo
chanie it viii only benefit the debtor,
it will enable him to pay his debts
with a shodJw instead of substance.
BY going contrary to the advice of
Washington we have tempted the world
to sell us everything, and have made
everything too dear with US to sell in re-
turn with ssil II i now to he deter
mined whether our Goals and ores and
other raw materials, that can be put into
forms of usefulness with as little ex
pense OF human labor here as in any
part of the world, shall give employment
to our people or whether our own labor
is TO be left unemployed, and our own
raw materials unused, or whether our
own labor Shall receive such reasonable
protection a will enable the iaborers to
live until tie government can restore the
currency 70 "A specie basis, and shall
have paid the National debt by duties on
imports
The highest form of duties should be
levied on laXuries Of every kind, and the
lowest form OF duties on the necessaries
of life and those articles needed to give
employment to labor. / cannot forbear
TO warn my country against a system of
free trade with foreign countries, and
reliance on the direct taxation Of States
TO maintain the government, and pay the
National debt. The warning of Chan
cellor Kent should not be neglected. He
assures Us s.that as soon as the old Con
federacy Of States was ratified, the States
began to fail in a prompt and faithful
obedience to the laws and as danger
receded instances OF neglect became
more frequent ana by the time Oh the
peace of I753 the delinquencies of one
State became the apology for another,
until the idea Of supplying the pecuniary
wants Of the nation from requisition on
the States was found TO be a phantom"
II should be remembered that there is
nothing that ne as nation can buy
cheaply from foreign countries that must
be bought by leaving our own labor un
employed 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 to the labor of those countries, and
that it is only possible TO secure n.tionai
wealth and general prosperity by the ap-
plicatIon Of knowIedge, economy, and