Year: 1869

nent eanFesCue1tffonl'that Iplh " MH'OH " 20 A"ft'
T6ats ssihSha peass Egsggs ts Iete1lse1on i. Of
spiFineSSiti ee1 SAtsss tc we shan notice. has pot
enlyecgasohed ouf 20 oe Sutted 10 an alarming
toned channels, and given 1t direction which, II pur-
sued must inevitably ultimate in the ruin Of the eca-
tie establishments Of our country.


sympathy and patriotism combine to induce ms, while
this subject 70 speak also ON behalf OF the manufae
turing interest Of the nation. The which are
operating the destruction Of commercial prosperity
the abyss Of ruin The fate of the one necessarily in
yOyed in that Of the other and the destiny Of the nation
inseparably interviewer with the welfare OF both


Ny father migrated from New Hampshire to Yer
mont in January, 1921 ; and remained resident OF
the latter State for the next decade or from my
tenth to my twentieth year During that term'
though hiring and working for wages were common
in Vermont elsewhere, am confident that not one
dollar in twenty there earned as wages OF PAID for
farm produce was paid in money Gram orders OF
some "store," &c, &c, were the universal media OF
payment; very little money seen OF rciIculatedand
that little mainly in connection with the numbering
business THAT is the cutting saving into boards,
and drawing or rafting away. of the scattering pines
still hidden in clefs of the mountains or in morasses
hardly more accessible; one expected to be paid
in money for work, or grain or meat, unless such
payment was expressly stipulated and when was
appcntced to the printing trade in 1926 it was pre-
scrbed in writing that was to be allowed my board
and forty dollars per annum, payable in clothing or
stOre-goOds. Such was, even yet the usage, though
money since the passage of the Tariff of 1924 was
not so lamentably scarce it had been Barter was
still the general rule as it has long since been for
years in the payment of mechanics in very consider
able and growing cities of this State.


Now cannot state the precise extent to which the
country had been drained of its specie by the eXees-
siye importations Of 1S15-24; but l know that our
export of the Precious Metals within that term left
us considerably moro than half the amount we pos
sesscd at the close of the War. And before quarter
of our specie had gone-vhen it was simply realized
that it was going-all the channels of circulation
seemed to have been suddenly frozen. The few who
had money boarded and chung TO it the many who
needed sought il anxiOusly, but IN vain Many banks
failed OF were wound up; taxes, though low, were
paid with difficulty; those who sold out to migrate
westward and must have some money tor traVehng
expenses, parted with lands, cattle, implements,
crops. furniture, &c. at very low prices remember
ss,'4H ~ e w. lid at auction by sheriff in
New Hampshire t1S2O) at one cent and slA'ce-.-
per pound-less than $25 per tun Judge that more
New-England families were reduced from comfort 10
want in the years 1870 than in the next half
century.


This, then. hci11 u fundamental error of the
economists in question: They assume that, if half
the money in a country leaves it in payment for
goods imported, the residue will perform the func-
ton previously devolved on the whole: save only
that there will be general reduction of prices l.
on the contrary, insist and appeal TO the experience
of mankind to sustain me- that in such case the re-
maindeT, so far from subscribing the end formerly
answered by the larger volume of currency will not
even subserve half OF it; for it will all but to
circulate at all. Money may continue to be, in some
vague sense, a measure of value; but il will cease
to be usually proered and received in payments for
Labor, for Produce for almost any form of COM
modify In its absence, the people will quite gen.
orally be driven back to Barter-a discOuagement of
industry and long stride on the downward road to
baTbarism.


-Letme now deal directly with the Balance Of Trade
The opponents of Protection have no difficulty in
knocking down the man of straw they have set up
for the purpose, and demonstrating that nation may
gro,r iicb uEHe e declared or Custom House rae of
its Imports Joeeds that Of It's Exports Bastiat fairly
Outdoes himself in the fippancy and selfconceit
whercwith he shows that, exporting a cargo of Ice
valued at $1,000, and bringing home in exchange
therefor a cargo of Lemons, worth $1,000 is not a
losing business-as though we did not understand
that quite as well as he does 1t is not position
that an importation Of Goods valued at $lO0OOOOOO
per aunum, balanced by an expectation of Produce
valued at $SOOOOOOO is necessarily ruinous. We
quite understand that the Produce valued may
have paid for the Goods and even left balance on
the right side Of the account. The presumption is
otherwise: still, the fact may be thus. We do not
determine that the balance is against merely be-
cause our Imports are officially valued higher than
our Exports.


But when a nation is, year after year. drawn upon
for coin TO pay balances standing against it in the
foreign marts whittier its Produce is sent, whence
Its Fabrics and Wares are imported-when its Banks
because of such drafts find it difficult and some
times impossible, to maintain Specie Payments
when the obligations of its Government Of its
States provinces counties, cities and of its indus
trial or moneyed corporations are constantly tend
ing abroad for sale even at ruinous rates with no
cOunter-cuuent of securities in the opposite direc-
tion-when such country finds its banks founded in
part foreign capital IFS mines sold out to foreign
creditors, its railroads in good measure owned and
managed if not actually constructed by them, and
everything tending more and more to make its peo-
pie toll and sweat through future ages TO pay barely
the interest and dividends which must necessarily
be due from them TO foreigners, then l submit
that the course which that country has entered is
perious and portends evil at band i do not in
sist that nation should prize gold and silver above
all other wealth. seeking to import and amass them;
do not say that a moderate efflux Of the Precious
Metals. from a country which bounteously produces
them, is to be deprecated do not say that nation
should neverowe a silver abroad or import fraction
more than it exports in a given year but do firmly
hold that a nation like an individual, or a family
should generally pay az it goesshould buy no more
than it can pay for-should dread running into debt
and avoid it when il may; and that the expectation
Of It's coin or bullion beyond the amount of its an
nual product is mprovident thriftless and tempts
as we'll tonde IN grcvp financial disasters / hold