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pm-w). t*r (d in XI), 85.050,-,
033 in '31 an.I showing an aggregate falling oil'. (inline tin- whole tari 11* regime of eight years, front HIS to .'o'i, of nearly ; $700, Ov 0. At this point, we enter on the j lelnXu'.imi of lie system, and there has j !>ecn an nnwurd move, with hut little vi- ( hration until the present time. The lust year we have is '& ?, win n the exports t xeceiled aey pr< cedingycar. They utnnuuted jo $3,3.H.07N, being tin increase during the six years of the reduction of duties, of 83,340,11f>, against a falling olT, in the preceding eight years of protection, of of 8700,000?an increase of 05 per cent. ~ . ? ? _ 11 in six years, anil this in ttic fluust 01 an the embarrassment of commerce, and expansion anil derangement of the currency, and, let rue add, what lias been so much dreaded by the friends of manufactures, the mighty increase of the exports of our great agricultural staple during the same period; a clear proof that under the free trade system, the one dors not interfere with the other, Let no friend of manufac turrs suppose that this interesting result is accidental. It is the operation of fixed laws, steady and immutable in their course, as I shall hereafter show. Now, sir, I feel myself, with these facts, warranted in asserting that if the dt-ranged state of the currency had not interfered, the great manufacturing interest would have gone on in a flourishing condition during the whole period of the reduction under the compromise act, proving thereby to the satisfaction of all, the fallacy of the protective system. Any supposed loss from the reduction of duties, would have been more than made up by the increased ability of the South and West to consume, and the rapidly growing importance of the foreign market. But I have not yet done with the system. It has additional and heavy sins to, answer for. The tariff of '23 is the source in which has originated that very derangement of the currency, which so greatly OmOarrU35es, HI una luuc, wv. .V.J ...... est it was intended to protect, as well as other branches of industry. Bold as is the assertion, I aip prepared to establish it to the letter. It has already been proved that the great expansion of the currency in '29, '30, and '31, was the immediate effect of the tariff of'28. It remains to be shown that the cause of the still greater and longer continued expansion which has terminated in the overthrow of the banking system, and the deep and almost universal distress of the country, may be clearly traced back to the same source. To do this, wc must rclnrn to the year '32, and trace the chain of events to this time. In that year, the u'ae fin? 11 v disrhnroed. The r,"",v uvi" c ? vnst revenue which hail been poured into the Treasury by the tariff of '2$, and which had accelleraled the payment of the public debt, could, after its discharge, no longer be absorbed in the ordinary expenditures of the Government, and a surplus began to accumulate in the Treasury. The late Bank ol the United States was then the fiscal agent of the Government, and the depository of its revenue. Its growing amount, and prospects of great future increase, began to act on the cupidity of many of the leading State banks and ?ome of the great brokers of New York. Hence their war against that institution; and hence, also, the removal of the deposites. The late President I believe to have been really hostile to the Bank on principle; but there would have been little or no motive to remove them, had it not been for their growing importance, and the hostility which the desire of possessing them had excited. They were removed, and placed in the vaults of certain State banks. To this removal and deposile in the State banks, the mem1 ? In flto hnVnf nf nt. OUTS uvci' UlC way ait 111 uiv w* tributing all the disorders of the currency which have since followed. Now I ask, in the first place, is it not certain, if it had not been for the surplus revenue, the deposites would not have been removed7 And, in the second, if there would have been a surplus had it not been for the taliff of '28? Again: is it not equally clear that it was the magnitude of the surplus, and not the removal, of itself, that caused the after derangement and disorder? If the surplus had beeu but two or three millions, the ordinary sum in the deposite, it would * * _ r I ? nave oeeu ui nine iinpuimutc nucic u was kept; whether in the vaults of the Bank of the United States, or those of the States; but involving, as it did, tifty millions and more, it became a question of the highest importance. I again ask, to what is this great surplus to be attributed, but to the same cause? Ye6, sir, the tariff of 1829 caused the surplus the removal ond all the after disasters in the currency, aggravated, it is true, by being deposited in the State banks; but it may be doubted whether the disaster would have been much less, had they not been removed.? Be that, however, as it may, it is not material, as I have shown, that surplus itself was the motive for the removal. *Ve all remember what occurred after the removal. Tho surplus poured into the Treasury by millions, in the form of bank notes. Tho withdrawal from circulation, ? ? ? - -I-- !.~ ..C .k ? .1 . .. nnu locking up in mc vuuuo m mc ui-jiusite bunks, so large ati amount, created I an immense vacuum, to be replenished by repeating the issues which gave to the banks the means of unbounded accommodations. Speculation now commenced on a gigantic scale; pi ices rose rapidly, and one pa ty, to make the removal acceptab'e to the people, urged the new depositories to discount freely, v.bile the other side produced the satne effect, I y censuring tftcm for not affording as ex!cfl-<:ivc ?c eommodations as the Dank of the United J States would have done, had ihe revenue been left with it. Madness ruled the hour. | The whole community was intoxicated! with imaginary prospects of realizing im- j tnense fortunes. With the increased rise of prices began the gigantic speculations in the public domain, the price of which, being fixed by law, could not partake of the jreneral rise. To enlarge the room lor their operations, I know not how many millions (fifty, I would suppose, a?. least, of the public revenue) was sunk in purchasing Indian lands, at their fee simple price nearly, and removing tribe after tribe to the West, at enormous cost; thus subjecting millions on millions of the choicest public lands to be seized on by the keen and greedy speculator. The tide now swelled with irresistible force. From the banks the depositcs passed by discounts into the hands of the land speculators; from them into the hands of the receivers, and thence to the banks; and again and again repeating the same circle, and, at every revolution, passing millions of acres of the public domain from the people intn the hands of speculators, for worthless rags. Had this state of things continued much longer, every acre of the public lands, worth possessing, would have pass' ed from the Government. At this stage ..t , ????? ?.a? I ii)6 aiurm luuit i nc icwuuo ???* j attempted to be squandered by the wildest J extravaprance; resolutions passed this bo^ ) dy, calling on the Departments to know how much they could spend, and mucl resentment was felt bccaUse they couli not spend fast enough. The deposite aci i was passed, and the Treasiny circular is sued: but, as far as the currency was con cerned, in vain. The explosion followed and the banks fell in convulsions, to be resuscitated for a moment, but to fal again from a more deadly stroke, undei which they now lie prostrate. I have now presented, rapidly, the un broken chain of events up to thc.prolifit source of our disasters, and down to the present time. In addition to the cause: | originating directly in the tariff of 1828 1 there were several collateral powerful | ones, which have contributed to the preni-nrlfiiifiil /.fin il if i n n fif lllft MirrPnTl j OUJJI> pi vgu UtVU WI?U(?I VII w* V ^ ! and the banks, but which would have been : comparatively harmless of themselves.? j Among these was the important change in ! the character of the Bank of England, at j the last renewal, about the time our sur' plus revenue began to accumulate, by which its notes were made a legal tender in all cases, except between the b.ink and its creditors. The obvious effect of this modification was to diminish the demand j for specie in that great mart of the world, and, in consequence, must have tended powerfully to keep the exchange with tii in an easy condition, while the tide of circulation was rapidly rising to a dangerous height. But there was another cause which contributed still more powerfully to the same result: 1 reier to tue great loans negotiated abroad by States and corporations. To these I add the operation of : the United States Bank of Pennsylvania, I the direct object of which, in some of its more prominent transactions, was to prej vent the exchange from becoming adverse I to us. By the operation of these causes comI bined, the exchanges were kept easy for years, notwithstanding the vast expansion which our circulation had attained, from the powerful action of the more direct causes to which I have adverted. The stroke wus delayed, but not averted, and fell but the heavier and more fatally, because delayed. And where did it fall, ; when it came, most heavily? Where the 1 measure which caused it originated; on the heads of its projectors. Behold how 1 error, folly, and vice, in the ways of an 1 inscrutable Providence, turn back on their authors. I< is full time for the North, and more especially for New England, to pause and nonder. If they would hear the voice of one who has ever wished them well, I . would say that the renewal of tho protective system would be one of the greatest 1 calamities that could befall you. What ever incidental good could be derived from it, you have already acquired. It would, ' if renewed, prove a pure, unadulterated 'evil. The very reverse is your true polij cy. The great question for you to decide is, how to command the foreign market. 'The home market, of itself, is too scanty I for your skill, your activity, your energy, your unequalled inventive powers, your } untiring industry, your vastly increased j population, and accumulated capital.? I Without the foreign market, your unexampled march to wealth and improvement must come to a stand. How, then, are, you to obtain command of the foreign market.' That is the vital question. The first and indispensable step is. a thorough reformation of the currency.? Without a solid, stable, and uniform currency, you never can fully succeed. The present currency is incurably bad. It-is impossible to give solidity or stability. A convertible bank currency, however well regulnled, is subject to violent and sudden changes, which must forever unfit it to I be the standard of value. '* It i? by far the most sensitive to every change, cummer[ cial or political, foreign or domestic; as j may be readily ilustratcd by rcfcrrcncc to ; the ordinary action of foreign exchanges I on such currency. For this purpose, let us assume that our ordinary circulating medium, when exchanges are easy, amounts to ?100.000,000, consisting, as it does, of convertible bank paper. Let us suppose that it is all issued by what arc [ called sound specie paving banks, with a circulation of three dollars .of .paper for one dollardn^pccie, which is reganlexl ^s. constituting safe banking. Next, suppose exchange abroad turns against us, to the amount of 810,000,000. Is it not clear, that instead of reducing the.circulation by that amount, that is, to 890,000,000, which it would do if it consisted only of specie, it would be reduced three times the amount; that is, to 870,000,000? Let . us now suppose the exchange to turn the i other way, from this point of depression, | and to be kept flowing in that direction till it came to be 810,000,000 in our favor, instead of that amount against us. The re! suit would be, under the operation of the jsame law, not to increase our circulation to f"JI IO,UUU,UUU only, which would be the case if consisting of specie, but to 8130,000,000; making a difference between the extreme points of depression and elevation of 860.000,000?more than equal to one-half of the usual amount of circulation by supposition, with a corresponding in, crease of prices?instead of 820,000,000, equal only to a Hfth, ami with but a pro. portional effect on prices. A change the i other way, from the extreme point of ele? vation to that of extreme depression, ? would cause the reverse effect. I hold ii I certain that no honest industry, pursued ; with the view to moderate and steady pro 'fit, can be*" safe in the midst of such sud5 den and violent vicissitudes?vicissitudes ? as if from summer to winter, and fron l winter to summer, without the interven tion of full or spring. Such great am ' sudden changes in the standard of valui i must be particularly fatal with lis, will 1 our moderately accumulated capital, com t pared to the elFect on the greater accurnu - lation abroad, in older countries. In stat ing the case supposed. I have assumec , numbers at random, without pretending ! to accuracy as applied to our country I simply to illustrate the principle. Th( : actual vibration may be greater or Icsj than that supposed, but in every country where bank circulation prevails, it mus : be greater and greater, just in proportioi; ? to the extent of its prevalence* > For ibis diseased slate of your curroil, cy, there is but one certain remedy?tc I return to the currency of the Constitution Head that instrument, and hear what il r says. "Congress shall coin money and i regulate the value thereof; no State shall emit hills of credit, or make any thing i but gold and silver a legal tender." Ilere ; are positive and negative provisions; a grant of power to Congress, and a limitation on the power of the States, in refer dice to the currency Can you doubt thai I the object was to give to Congress the i controi of the currency? What else is the meaning " to regulate" the value thereof! Can you doubt that the currency was intended to be specie? What else is the meani ing "to coin money?" Can.you doubt, on the other hand, that it was the intention that the States should not supercede I the currency which Congress was authorized to establish? What else is thtf meaning of the provisions that they shall not I issue bills or credit,* or make any thing but gold and silver a legal tender? Can we doubt, finally, that the country is not in the condition that the Constitution intend ed, as l'ar as the currency is concerned? Does Congress, in point of fact, regulate the currency? No. Does it supply a coin circulation? No. Do the Stales, in fact, regulate it! Yes. Does it consist of paI per, issued by the authority of the States? Yes; Is this paper, in effect, a legal tender? Yes, it has expelled the currency of | the Constitution, and we arc compelled to j take it or nothing. Well, then, as the ! currency is in an unconstitutional condition, the conclusion, is irresistible that 'the Constitution has failed to effect what it intended, as far as the currency is con'cerned; but whether it has failed" by misconstruction, or the want of adequate provisions, is not yet decided. Thus much, however, is clear; that it is through - ~ I. If vxnv-v/iw if Kqc fail II1G UgCIlcy U< uuun. pup v., mat i> n?g ed, and the power intended to be conferred on Congress over the currency has been superseded. But for that, the power of Congress over tha currency would have been this day in full force, and the currency itself in a constitutional condition.? Nor is it less clear, that the Constitution cannot be restored, while the cause which has superseded it remains; and this presents the great question, how can it be removed? I do nut intend to discuss it on this occasion. I shall only say, that the task is one of great delicacy and difficulty, requiring much wisdom and caution, and in the execution of which precipitation ought to be carefully avoided; but when executed,, then, and not till then, shall we have the solid, stable, and uniform cttr? ' -I rcncy intcnnea oy uic ^ousiiiunun, aim which is indispensible, not only to the full success of our manufactures, and all other branches of productive industry, but also to the safety of our free institutions. The next indispensable step to secure to the manufacturers the foreign market, is low duties and light burdens on productions; ves, as low and light as the wants of the Government will permit: The less the burdea?the freeer and broader the scope given to the products of our manufactures?the better for then). Above all, avoid the renewal of the protective sys* * - ? / iL- i*._ tem. It would be fatal, us tar as me ioreign maiket is concerned. Its hostile effects I have already shown from the tabic of exports; and shall now, by a few brief remarks, prove that it must be so. Passing by other reasons, I shall present but one, but that one decisive.? It has been shown that the effect of the protective system is to c.vpand the currency in the manufacturing sections, until the increased price of production shall become equal to the duty imposed tor projection, when the iijinartaljon of. I he., pro-. tccted articles most again take place; that, is to say, that its effects are to enable foreign manufacturers to meet ours in our own country, under the disadvantage of paying high additional duties. How, then, with that result, would, it be possible for our manufacturers to meet the foreign fabrics of the same description abroad, where there can be no duty to protect them? There can be no unswer. The reason is decisive. I do not wish, in what I have said, to be considered the advocate of low wages I\tm in favof of high wages; and agree that the higher the wa?es, the ctrnmrop tlio evidence of nrusDeritv: nro - * f, i *'m vided (and that is the important point) they are so naturally, by the effectiveness of industry, and not in consequence of an inflated currency, or any artificial regulation. When I say the effectiveness of industry, I mean to comprehend whatever is calculated to make the labor of one , country more prodoclive than that ol others. I take into consideration skill, i activity, energy, invention, perfection ol instruments and means, mechanical and , chemical; abundance of capital, natural t ana acquired; facility of intercourse anil I exchanges, internal and external, and, it: a word, whatever may add to the produc tiveness of labor. High wages, when at s tributable to these, is the certain evidence 1 of productiveness, and is, on that account - and that only, the evidence of prosperity I It is easily understood. Just as such la ; bor would command, when compared will i the less productive, a greater numbir o - pounds of sugar or tea, a greater quantity of clothing or food, in the same propor -? .i.... -jtion would it command more specie, ma l,is, higher wages, for a day's work. Cut fisir, here is the important consideration , [high wages from such a cause, require ni y. protection ? no, not more than the higl i i wages of a man against the low wages o r|a boy, of man against woman, or ths t skillful and energetic against the awkwari i and feeble. On the contrarj, the highei such wages the less the protection rcquir cd. Others may demand protection agains > it?not it against others. The very de . niand of protection, then, is but a confes t sion of the want of effectiveness of laboi I (from some cause) on the side that make* I it; but, as a general rule, it will tu.n oui I! that protection, in most cases, is a mere > fi.laev: certainly so when its effects are an i: artificial expansion of the currency. Sc far arc high wages from being ihccvidenct ; of prosperity, in such eases, or, in fact, t( whenever caused by hi^h protection, higl i taxes, or any other artificial cause, it if >j the evidence of the very reverse, and al1 ways indicates something wrong, or a tendency to derangement and decay. Having arrived at this conclusion, 1 will now hazard the assertion, that in nc country on earth is labor, taking it all it all, more effective than ours; and especially in the Northern and Eastern por tions. What people can excel our Northern and New England bret: ren in skill, invention, activity, energy, pcrsevercnce, and enterprise? In what portion of the I globe will von find a posilion more lavoraj blc to a free ingress and egress; and l'acili ly of intercourse, external and internal, through the broad limits of our wide spread country?a region surpassed by ! none, taking into consideration extent and fertility? Where will you find such an abundant supply of natural capital, the f gift of a kind Providence; lands cheap, ' plenty and fertile; water power unlimited; | and the supply of fuel, and the inosl useful metals, iron, almost without stint. It j is true, in accumulated capital, the fruits .of past labor, through a long snccession j of ages, not equal to some other countries, but even in that, far from being deficient, ! and to whatever extent deficient, would I be more than compensated by the absence of all restrictions, and the lightness of the burden imposed on labor, should our Government, State and General, wisely avail themselves of the advantages of our situation. If these views be correct, there is no country where labor, if left to itself, free from jestfiction, would be more effective, and where it would command greater abundance of every necessary and cornfort, or higher wages; and where, of course, protection is less needed. Instead of an advantage, it must, in fact, prove un impediment. It is high time, then, , that the shackles should be throwu off industry, and its burden lightened, as far as the just wants of the Government may possibly admit. We have arrived at the manhood of our vigor. Open the way?remove all restraints?take oil' the svvaddiins" cloth that bound the limbs of infan cy, and let the hardy, intelligent and enterprising sons of New England, march forth fearlessly to meet the world in competition, and she will prove, in a few years, the successful rival of old England: The foreign market once commanded, all conflicts between the different sections and industry of the country would cease. It is better for us and you, that our cotton should go out in yarn and goods, than in the raw state; and when that is done, the interests of all the parts of this great confederacy?North, East, South, and West 1 ?with every variety of its pursuits, would 1 be harmonized; hut not till then. If the course of policy I advocate be wise as applied to manufactures, how much more strikingly so must it be when to the other i two great interests of that section, commerce and navigation? I pass the former, and shall conclude what I intended to snyj ion this point, with a few remarks appli-j 'cable to the latter. Navigation (I mean; j that employed in our foreign trade) is cs-l sentiully our outside interest, exposed toi the open competition of all the world.?! It has met, successfully, the competition j of tire 'Io'.rcsf only without j protection, but with heavy burdens oft alnvosl every arrticle that enters into the outfit, the rigging, and construction of our noble vessels, the timber excepted. If, witli such onerous burdens, it has met in successful rivalry the navigation of all other countries. What an impulse it ' would receive if the load that bears down ; its spring were removed! and what im mense additions that increased impulse would give, not only to our wealth, but to the means of national influence and safety, where only we can be felt, and in the quarter from which only external danIfjer is to be apprehended! I have now, Mr. President, concluded what I proposed to say, when I rose to address the Senate. I have limited my remarks to the prominent consequences, in a pecuniary and fiscal view, which would result, should the scheme _qI as ?* sumption be adopted, There are higher, " and still more important, consequences, which I have not attempted to trace: I ' mean the effects, morally and politically-^ I as resulting from those which I have I traced, and presented to the Senate.? I This, 1 hope, may be done by some other i Senator, in the course of the discussion. But I have said enough to show that the | scheme which these resolutions are in ten* 1 L. !__ t.l-.l : > cion 10 condemn, ou^iu u> ue uvumcu ua , the most fatal poison, and the most deadly . pestilence. It is, in reality, but a scheme * of plunder. Let blood be lapped, and the 1 appetite will be insatiable. f But the States at e deeply in debt, and it may bo asked what shall be dene; I know that they are in debt?deeply in debt. I t deplore it. Yes, in debt, I am not afraid , to assert it, in many instances, from the : most idle projects, got up and pursued in > the most thoughtless manned Nor am I i ignorant hotv deep pecuniary embarrassf menls, whether of Slates or individuals, ; blunt every feeling of honest pride, and I deaden the sense of justice; but, I do trust, r that there is not a member of this great - and proud Confederacy, so lost to every t feeling of self-respect and sense of justice, - as to desire to charge its individual debts on the common fund of the Union, or to r impose them on the shoulders of its more > prudent assoriates; or, let me add, to dist honor itself, and the name of an American, i by refusing to pey the foreigner what it i justly owes Let the idibtcd States re) membci in time, that there is but one hon: est mode of paying its debts; stop all fur, ther increase, and impose taxes, to disi charge what you owe. There is not a : State, even the most indebted, with the smallest resources, that has not ample 10 sources, to meet its engagements. For one, I pledge myself; South Carolina is [ also in deb;. She has spent her thousands > in wasteful extravagance on one of the i most visionary schemes that ever enleied. into the head of n tl.inl.ing man. I daresay this even of her; I, who stood on this floor, to defend her almost alone, against those who threatened her with fire and sword, but who now arc so sqcamish about : State Rights as to be shocked to hear it asserted that a Slate is capable ol* extravagant and wasteful expenditures. Yes, I pledge" myself she will punctually pay : every dollar she owes, should it take the > last cent, without inquiring whether it was I spent wisely or foolishly. Should I be in ; this mistaken?should she tarnish her uns sullied honor, and bring discredit on her common1 country, by refusing to redeem her plighted faith, (vhirh I hold impossible,) deep as is my devotion to her, mother ?s she is to no, I wou'd disown her. From the Glubc. The 41 Dogs of liar."?The.Charleston Mcrcnrv is tinder a misapprehension with regard to (he use of the Cuba hounds in Florida. From our knowledge of Mr. Poinsett, we hazard little in saying that he would lie the last man in the country to m ike the slightest concession to the spurious philanthropy, or rather silly cant, which prevails cn this subject, much less at the sacrifice . of the interests of suffering Florida. The muzzling of the hounds does not in the slightest degree, impair their value for the purpose, for the purpose, for which they arc to be em- . ployed. It is practiced in Cuba, and in this matter, General Taylor had in fact, anticipated the orders of the Secretary.? Their virtue is in their nose; not their teeth. The many explanations given by the Department, have already muzzled the nioulh of the tender hearted Mr. Wise not to speak of the Carolina Senator, who is the sentimental representative of the melting pro-Scminolc spinsters of Philadelphia. Whig philanthrophy al t.Afc ronniroc enme f>nlnr fnr it? cvinnn ttiv 1/r. Clay?The correspondent of the New York Times speaks of his speech as" one of the most impassioned and earnest appeals I ever heard from human lips. It must be reported fully, in order to give an adequate action even of the vxtrds. As to the manner, that cannot be reported, alas ! The flush of genuine and deep feeling on the cheek? the beam of emotion from the eye?the thrilling tones of a I voice attuned by nature to the heart of ! sensibility?the emphasis of gesture canI Kn rl/tcnnhfwl " Iiv/t UU UVCV1 Go it Boots'.?Mrs. Boots of Pennsylvania has loft her husband, Mr. Boots, and ! strayed to parts unknown. We prcsumo that this pair of Boots arc rights and lefts. We cannot say, however, that Mrs. Boots is right,-but there is no mistake that Boots himself is left. At the last accounts he was nursuing her with all his might. Go it, Boots??Picayune?