Questions of the day: economic and social by Elder William 1806-1885

Author:Elder, William, 1806-1885. [from old catalog]
Language: eng
Format: epub, pdf
Tags: Economics, Protectionism
Publisher: Philadelphia, H. C. Baird
Published: 1871-03-25T05:00:00+00:00

selves out, lie tlius describes : " The bonds of men, whose competency to pay their debts was unquestionable, could not be negotiated but at a discount of thirty, forty, and fifty per centum; real property was scarcely vendible; and sales of any article for ready money could be made only at a ruinous loss." Ramsey's History of South Carolina, and Belknap's History of New Hampshire, show that the distress was as general as intense, and that it displayed itself in "a disposition everywhere to resist the laws."

This state of things, more than any other, impelled the States to draw closer the bonds of political union, and to grant the needful powers to Congress to establish an effective system of commercial regulations for the nation. Mr. Madison, in a letter to Joseph C. Cabell, dated September 18th, 1828, fully and conclusively demonstrates this point. No one can read this letter without being convinced that, above all other causes, the sufferings of the country from the evils of its unprotected industries literally drove the loosely confederated states into a " more perfect union " empowered to provide more effectually for the "general welfare." Protection of the home industries against foreign rivalry was not only the sentiment, but, under pressure of a terrible experience of absolute free trade, had become the sensation of the day. In the heartiest sympathy with this general feeling, Washington wore a coat of domestic cloth on the day of his inauguration, "giving," as a New York journal of the day said, " to his successors, and to legislatures of after time, an indelible lesson as to the means of promoting national prosperity." The preamble to the first tariff act of the first Federal Congress, passed on the -Ath of July, 1789, echoes the urgency of the public feeling, in answer to petitions poured in from every State, not excepting commercial New York, or planting South Carolina. It reads thus: " Whereas it is necessary for the support of the Government, for the discharge of the debts of the United States, and the encouragement and protection of manufactures^ that duties be laid on goods, wares, and merchandise imported," etc. This first protective act was followed by another of the 10th of August, 1790, largely increasing the duties already imposed.

The happy results of this policy became immediately apparent— instantly, indeed—as soon as the languishing industries felt the reviving touch of the nation's fostering hand, because the confidence of security has the power of credit to anticipate time. As

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