*
BY DAVID OVER.
From the American Agriculturist.
Grafting and Transplanting Grapes.
A correspondent writes us that be has seve
ral roots of the ecmmon Fox grape, which he
wishes to graft with improved sorts; and asks if
he shall do the work at the same time and in
the same way as for apple-trees. He also wish
es to remove a large Isabella to a better loca
tion.
We are glad to see that the improving taste
of our people will not let them rest satisfied
with the old-fashioned grapes. There is a de
licious sweetness and flavor in most of the new
varieties, of which many people bad before read
and dreamed, but which they supposed could
be enjoyed only by the owners of costly glass
structures for raising exotics. \\ edo not won
der, therefore, that so many thousands of the
new comers arc annually dissemiuated over the
hud. Nor do we wrnder at the desire to en
graft the old sorts with the new and better.—
This work is easily done, though success is not
as certain as with apples and pears. It may be
done in the Spring, at the time of grafting fruit
trees in general, if the stock is cut eff several
inches beiow ground, and then well waxed over
to prevent excessive bleeding. But it is more
likely to succeed, if done later, when the leaves
are nearly expanded, and the first flow of sap
is mostly over, which occurs, in this latitude,
from the let to the 10th of June. Saw off the
stock moothly below ground, split it in the usual
cloft-manuer, insert one or two scions, bind the
stock firmly together if it docs not adhere well
cover with wax, aud draw the earth over the
whole, leaving one bud above the surface. If
the weather is dry, it will be quite important to
mulch the ground and shade the scions for a
month or two, otherwise they will dry up and
perish. Wheu the stock is large and difficult
to split, several gimlet holes may be bored in it
two or three inches deep, and the scions insert
ed. Make the boles in the direction of the
grain of the wood. Care must be taken to rub
oft" the suckers which will spring up from the
stock, and would otherwise rob the scions of
their necessary food. If the scions get well
established, they will make a growth from five
to ten feet the first season, and will bear some
fruit the second year.
Wo can hardly advise to transplant a large
vine. The roots extend far and wide, and axe
very easily broken. If, however, one chooses
to try it, take Ume enough. Take a leisure half
day; begin at the stump, and uncover the roots
for as great a distance as the branches would
extend if laid upon the ground. Then, with a
transplanting trowel and the fingers, follow out
each root, lifting up the fibres carefully so as
to break noDe. Then set it out as speedily as
possible, so as to allow none of the roots to be
come dry, giving it the Lest possible soil. Cut
out the oldest canes, and shorten tho youngest
to sor 6 feet, ilu'cii the roots for the first
soltson, and water them if necessary to keep the
viue from flagging.
A HATTER SEARCH OF RUSSIA
FUR.
On one occasion a hatter named Walter Did
dle, called to buy some furs of us. For cer
tain reasons I was anxious to play a joke upon
Lim. 1 sold him several kinds of fur, includ
ing beaver and coney. He wanted some 'Bus
>-ia.' 1 told Lim we had none, but Mrs. Whee
ler, where 1 boarded, had several hundred
pounds.
'What on earth is a woman doing with Rus.
sia V said be.
I could not answer, but assured him that
there were 130 pounds of old Rushia, and
150 pounds youDg Rushia in Mrs. Wheeler's
Louse, aud under her charge, but whether it
was for sale I could not say.
Off be started with a view to make the pur
chase. He knocked at the door Mrs. IV heel
er tho elder msde her appearance.
•1 want to get your Russia,' said tbe hat
ter.
Mrs. Wfcecler asked him to walk in and he
*eated. She, of course, supposed he had come
after her daughter 'Rusbit.'
■ 'What do you want of Rushia 1' asked the
old lady.
'To make bats,' was the reply.
'To trim bats, I suppose, you mean,' respon
ded the old lady.
'No, for the outside of hats,' replied the
hatter.
'Well, I don't know much about hats, but 1
will call my daughter,' said the old lady.
Passing into another room where Rushia the
younger was at work, sho informed her that a
man wanted her to mak hats.
'O, he means sißter Mary, probably ; I sap
pose he wants some ladies' hats/ replied Rushia,
as she passed into the parlor.
'1 suppose you wish to see my sister, Mary;
she is our milliner,' said the younger Rushia.
A Weekly Paper, Devoted to Literatnre, Politics, the Arts, Sciences, Agriculture, &c., &c—Terms: One Dollar and Fifty Cents in Advance.
'I wish to see whoever owns the property,
said he.
■Sister Mary was sent for and soon made Lcr
appearance. As soon as she was introduced,
the hatter informed her that be wished to bay
'Russia.'
4 Buy Russia !' exclaimed Mary, in surprise.
'I don't understand you.'
'Your name is Miss Wheeler, I believe,'
said the hatter, who was annoyed at the dif
ficulty he met with in being understood.
'lt is, sir.'
'Ah ! very well. Is there old and young
Russia in the bouse V
'J believe there is,' said Mary, surprised at
the familiar manner in which he spoke of her
mother and sister, both of whom were present.
'What is the price of old Russia per pound,
asked the batter.
'1 believe that old Rushia is not for sale,'
replied Mary, indignantly.
'Well, what do you ask for young Rushia ?
pursued the hatter.
'Sir,' said Miss Rushia, the younger, spring
ing to her feet, 'do you oome here to insult de
fenceless females I If you do we will soon
call our brother, who is in the garden, and he
will punish as you deserve.'
'Ladies !' exclaimed the hatter, ia astonish
ment, 'what on earth have 1 done to offeud
you ? I came here on a business matter. I
wan't to buy some Russia. I was told you had
old and young Russia in the house. Indeed,
this young lsdy just stated such to be the fact,
but she eays the old Russia is not for sale.—
Now, if 1 can buy the young Russia, I wane to
do so—but if that csn't be done, please say
so, and I will trouble you no further.
'Mother, open the door and let this gentle
man pass out, he is undoubtedly crazy,' said
Mary.
'By thunder ! I believe I shall be if I re
main here long,' exclaimed the hatter, consid
erably excited. I wonder if folks never do
business in these parts, that you think a man
crazy if he attempts such a thing V
'Business 1 poor man,' said Mary, soothingly,
approaching the door.
*1 am not a poor man, madam,' replied the
hatter. My name is Walter Diddle ; 1 carry
on hatting extensively at Danbury ; 1 came to
Grassy Plains to buy fur, and have purchased
some beaver and coney, and now it seems I'm
to be called 'crazy' and a 'poor man' because I
want to buy a little 'Russia' to tnake up an as
sortment.'
The ladies began to open their eyes & little.
They saw that Mr. Diddle was quite in earnest,
and bis explanation threw considerable light on
the subject.
'Who sent yon here V asked one of the sis
ters.
'The clerk at the store opposite,' was the
reply.
'He is a wicked young fellow for making
this trouble,' said the old lady. 'He has been
doing this for a joke.'
'A joke !' exclaimed Diddle, in surprise.—
'Have you not got any Russia then V
'My nauie is Jerushia, and so is my daugh
ter's,' said Mrs. Wheeler, 'and that I suppose
is what he meant by telling you about old and
young Rushia.'
Mr. Diddle bolted through the door without
a word of explanation, and made directly for
our store.
'You young scamp !' ho said, as ho entered,
'what did you mean fey sending me over there
to buy Russia V
'1 did not send you to buy Rushia, I suppo
sed you were either a bachelor or a widower,
and wanted to marry Rushia,' I replied, with a
serious countenance.
'You lie, you dog, and you know it,' he re
plied ; 'but never mind, I'll pay you off for
that some day.' And taking his furs he de
parted, less ill humored than could have been
expected under the circumstances.
WANTED TO KNOW.
Tbe name of the tune which played upon the
feelings.
If the cup of sorrow has a saucer.
In what form the phantoms of doubt ap
pear.
What is tho fine when people bocome intox
cated with happiness.
Why other iuen should not have a forge as
well as a blacksmith.
How many men have bolted from tbe course j
of true love.
If any one has strangled who Lung upon a
doubt.
How many dutiful sons belong to Mother
Church.
If tbe light of other days was gas or elec
tricity.
Tbe name of the Irishman who got to the
top of tbe morning.
If keeping a fast day don't destroy many a
brood of chickens.
If any one ever felt fatigued after the ex-
I ercise of forbearance.
I if the girl who clung to hope had'nt a slip
| pery bold.
The 'Hoop' Disease.
Tbe Petersburg (Va.,) 'Express' is responsi
ble for tbe annexed. We clipped it from the
editorial column of a receut issue;
"A Dew disease ba9 made its appearance since
r the introduction of hoops. It exhibits itself
; only in cold weather, and then is only discover
j able in cities where the buildings are warmed
' with furnaces. Two ladies were standing over
! a register the other day, talking and laughing,
when one endeaveriug to sit, was suddenly at
tacked and screamed violently. The other soon
also tried to sit, and was attacked in toe same
manner. The explanation is that by standing
so long over tbo register, their metallic hoops
became heated to such a degree that when they
attempted to be seated, it was like sitting on a
BEDFORD. PA., FRIDAY, APRIL 15, 1859.
hot gridiron. Of course they were not a great
length of time in getting up again, and natu
rally enough uttered screams—all of which
would be very mysterious to a looker on, un
acquainted with the mysteries of hoops.
RE-ISSUE OF TREASURY NOTES.
SPEECH OF IIOJS. SIHOV CAMEROS,
OF PENNSYLVANIA,
IN THE SENATE, MARCH 2, 1859.
The Senate, as in Committee of the Whole,
took up for censideration the bill making ap
propriations for sundry civil expenses of the
Government for the year ending June 30,
1860.
MR. CAMERON. Mr. President 1 cannot vote
for this bill. In my judgment, it is unwise to
borrow money without providing the means for
its payment. Let it be accompanied by a sec
tion changing our revenue system from ad valo
rem to specific duties, and I will vote for this
additional $20,000,000 of Treasury notes.
I have becu disposed, hitherto, to hope that
something would be done for the iudustry of the
country at the present session; but 1 am satis
fied now that it is not the intention of this Con
gress, or of this Administration eitber, to cur
tail their extravagant expenditures, or to pro
vide the meaus of payment. We are to live
upon credit, and those who follow us will have
to pay the debts contracted under this Admin
istration.
The proposition of the very iuteliigent Sen
ator from Khrode Island, to altar the form of
collecting duties, was voted by tbe majority this
morning as unconstitutional, upon the ground
thai it was iu the nature of a revenue measure,
and that such measures must oiiginate with the
(louse of Representatives. Its purpose was
to prevent frauds; and its effect upon the Treas
ury would have been an increase of its receipts;
but, in preventing frauds, it would also have
benefitted, incidentally, the manufacturer, by
keeping out of competition worthless and un
der-valued fabrics. Now, wo are about to vote
upon a measure wbich avowedly and opeDly
raises revenue, in the shape of irredeemable
Treasury notes. This measure will be voted
constitutional by the same Senators who refus
ed by tbeir votes, this morning, to BO adjust tbe
present law as to make frauds mpossible.
The Government should increase their income
by a wise adjustment of the revenue system;
bat they come here and ask us to allow them to
borrow more money. If they get this new is
sue, of eoursa they will act as all broken-down
merchants do—-use tbat expedient fortho pres
ent, and next year they will probably come for
another Latch of irredeemable notes. In his
annual message, the President told us tbat he
was desirous of changing tbe revenue sustem
from ad valorem to specific duties, iu accord
ance with the interests of bis native State and
with his promises made to her citizens, lfoes
any Senator believe he was sincere in those prom
ises? If be was sincere, then meu will wonder
bow bis call for tbe Cuban fuud of §30,000,-
000 was so cordially supported by all his par
ty. Will BDy one believe tbat the President
was sincerc.in his recommendation when be gets
no support for it in thus body, when a large ma
jority aro his partisans, and many of them were
the advocates of protection before they joined
bis standard? lie would not himself be will
ing to admit a fact so discreditable to his pow
er. And yet such is the truth. All of bis
friends are now doing" all they can to prevent
any action on the subject.
The organization of all ievenue bills belongs,
property, to tbe House of Kepiesentativcs. It!
is known here, it is known at the other end of
the avenue, that no loan bill can reach us from
the House of Representatives, unless it is ac
companied by un alternation in the tariff. This !
subterfuge is, therefore, resorted to. It is a
part of that skillful' legislation whiob the well i
trained gentlemen who come from the section of j
the country where, they say, they have no sec-;
tionalism, always practice with signal ability. I
They can always find some mode of getting j
around the Constitution, when it suits tboir own
purpose. They want no change in the tariff but
they want money to carry on the Government:
and tbe credit of the Government will raise
money.
Yesterday, an ameudment, originating in the
Senate, changing the mode of merely collect
ing the revenue, was, in their opinion, uncon
stitutional. To day, it is constitutional to orig
inate a loan bill in the Senate; for it has been
discovered that such a bill, having passed this
body, can be squeezed through tho house of
Representatives by tbe skillful use of its rules.
In all the discussions on this subjeot, wo of the
North have been treated as not belonging to
the country.
Tbe honorable Senator from Virginia, [Mr.
llun'.er,] as well as the distinguished Senator
from Georgia, [Mr. Toombs,] have, in their dis
cussion of the tariff question, endeavored to
excite the prejudices of the people of their sec
tiou by the alarming cry of taxation. They al
lege that the South is unduly taxed for tbe ben
efit of the North, in all revenue bills which
even incidentally, or by accident, give protec
tion to the manufacturer. They are highly hon
orable gentlemen, of acknowledged ability, and
wilh long-standing reputation as statesmen, —
They seem, too, to be sincere; and I should not
venture to contradict what comes from such
high authority without the most ample proof.—
But, believing the facts would prove them to
be in error, 1 have taken some trouble to have
carefully examined the census tables in the re
port of the Treasury Department.
Mr. Guthrie's report on tho finances for the
year 1855 contains a number of important ta
bles, compiled from the census of 1850. Turn
ing to table No. 21, page 100, tbe population
of oach State and Territory is given, separa
ting the slave from the free; and giving the
former the benefit of Delaware, whioh is often
olassed as a free State, we have the following:
POPULATION IN 1850.
I'ree States, 13,465,576 —58 per cent.
Slave States, 9,726,309 - 42 "
Total, 23,191,876—100
Revenue derived from customs in 1849-50,
(ace table 12, page 82,) $39,668,686 42;
equal per capita, $1,715.
Amount paid by free States, §27,106,935
Amount paid by slave States, 12,561,933
Total, $39,668,868
At page 100, table No. 21, you will find the
following heading: "Amount of paying im
ports, less foreign paying exports allotted to
each State, based upqn its productions."—
Tnese productions refer to the total value of
agricultural and manufacturing productions
of eaeh State. They sum up as follows:
FREE STATES.
Per capita , $7 51, $101,222,351-68 per ct.
SLAVE STATES.
Per cadita, $4 82, $46,829,224—32 "
Total, $148,051,575
Here we find the free States and slave
States showing the following ratio:
SHAKE OF THE PUBLIC BURDEN PR. CAPITA.
Free States, 58 per ceut.
Actual allotment as above, 68£ "
Excess, 10 i " "
Slave States, 42 • "
Actual allotment as above, 32i " "
Deficiency, 9£ " "
Apply these figures to the revenue derived
from customs:
Proportion due, per capita—free
States, $23,032,823
Actually paid by free States, 29,106,935
Excess paid by free States, $4,074,112
Proportion due per capita, slave
States, $16,635,863
Actually paid by slave States, 12,561,751
Deficiency of the share due from them, twen
ty-fire 1 par cent.
The share of the burden of the free States,
per capita, of income from customs, was
$1 71 4; but they paid, per capita, $2 01;
equal to twenty-nine and six tenths per cent,
too
The share of the slave States was, per capi
ta, $1 56.6; but they paid, per capita, only
$1 29; equal to fifty-seven and six tenths per
cent, too little.
Now let us compare some of the manufactu
ring free States with the strictly agricultural
of the slave States. Iu the last column of ta
We No. 21, we have the following heading:
"Allotment per capita of the paying imports,
less the foreign paying exports, as ellotted to
each State, based upon its productions."
I<roai this colutuu 1 select the following sev
en manufacturing States, with their rations:
Massachusetts, 812 26
Rhode Island, 12 H
Connecticut, 11 48
New Jersey, 8 89
New Hampshire, 8 62
New York, 8 47
Pennsylvania, 7 61
Divided by 7) 69 14
Average per cent, $9 88
Also seven agricultural States:
Georgia, $4 52
Florida, 4 03
North Carolina, 3 36
South Carolina, 4 19
Alabama, 4 83
Texas, 3 76
Virginia, 4 37
Divided by 7) 29 06
Average per cent, $4 15
Thus it appears that the seven manufactur
ing States consumed two and three eighth time 3
per capita more of foreign products than the
seven agricultural States did; and hence they
paid two and three eighths times more than their
per capita share of the burdens or taxation for
the support of the General Govemmcut.
Notwithstanding these facts, the planting
States of the South, and those who ge with
them, are constantly complainiog that the tar
iffs have all been made for the benefit of the
workmen of the North.
In the north every man is a laborer, and ev
ery man is proud of his pursuit. Every man
there produces something for the benefit of the
whole, and every man is a portion of the com
munity. It is not so in the cotton States. —
Tbero they have two classes —ono the free and
the rich, and the other the slaves, who do the
labor. 1 make these remarks because it is
constantly said by southern gentlemen that we
of the north are oppressing them with taxation
for our own benefit. I have been told, too,
that my State was a beggar here- that she
came asking alms. Sir, 1 reject these asser
tions with scorn. It is not necessary for me to
say anything in defonse of that great old State
which I represent —a State which has paid
within the last twenty years nearly eight mil
lion dollars for education; whose people volun
tarily taxed themselves to the samo amount; a
State where every man reads; whore every man
is a portion of the general community; where
all are equal, and all intelligent; where her
f government has expended more than fifty mil
lion dollars to improve her roads aod rivers;
where her citizens have expended $>100,000,-
000 to construct railroads, aud to make her
coal mines productive aod profitable. Such a
people require no defense from me. They can
defend themselves. Their ohurches, thair
I school houses, their cultivated fields, their sub
-1 stantial homesteads, their massive hams, their
I beautiful cities, their thriving villages, and
tbeir philanthropic edificos are monuments to
I their patriotism, thoir intelligence, their virtues
i aDd their greatness. They will stand as long
!as this Union shall last, and I trust that will
!be forever. That State, and her people, 1 rc-
peat again, require no defense from any one.
The planting States, having possession of
the machinery of the once powerful Democrat
ic party of jthe Union, have moulded its princi
ples to suit themselves, aud, by the constant
agitation of the slave question, have combined
the whole South with them, in a position an
tagonistical to the North. The real interests
of the grain growing States of the South are
identified with these of Pennsylvania, and yet
she receives sympathy only from a part of Ma
ryland, Kentucky aud Tennessee. It is time
we were done with the negro question, so con
stantly thrust upoD us by the cotton States.
From the date of the Declaration of Inde
pendence untiljnow,Pennsylvania has been Re
publican. Republicans, as that term was un
derstood by those who made the Constitution,
and as it was understood and held by Jefferson
Madison and Monroe, and the Republican par
ty, before the North and South were arrayed
against each other as sectional factions; before
sectionalism became stronger than patrio'ism.
Pennsylvania was then, aDd I hope will long
continue to be, the Keystone of the Federal
arch. Never failing in any emergency to re
spond to the call of duty, whether her aid was
required in the tented field, or at the polls;
whether for war or peace, Pennsylvania has
always been true to herself aud to ber duty, as
a member of the Lnioa. What sbo has been
she will continue to be. As an humble, but
honored citizen of the State, lhave been train
ed to fcalieve that it is no less the duty of ev
ery citizen than of the President of the United
States, to preserve, protect, and defend the
Constitution; and this 1 construe to inelude the
rights of the South DO less than the rights of
my own State. This I construe to embrace no
less the rights of the cotton and rice planter
of Carolina and Georgia, than the rights of
the miner or manufacturer of Pennsylvania
and Massachusetts. 1 bold that we are one
people, united by an identity of interest and
of duty, ana I again assure southern Senators
that I, as ar. individual, and Pennsylvania, as
a State, ars now, and ever will be, ready and
wiiling to preserve, protect and defend all and
every one of their rights under the Constitu
tion, whenever and however they may be as
sailed, whether it may be by a foreign enemy
or a domestic foe.
Having said this much, I will add that I
was oue of those known as the original Jack
son men; that I was, ana am, of the school of
Jefferson, Madison, Monroe, and Calhoun, and
that 1 look to them, and to the Constitution for
my rule of action. What, then, is the lan
guage of the Constitution? It says: the Con
gress "shall have power to levy and collect
taxes, duties, imposts, and excise; to pay the
debts and provide for the general welfare of
the United States," and "to regulate commerce
with foreign nations and among the several
States." Now, what is the construction which
Jefferson, Madison, Monroe, Calhoun, and the
Republican fathers gave to these grants of
Did they deny the power of Congress
to pass a protective tariff? Was not the fact
that the Parliament of England was opposed
to tho growth of manufactures in the colonies
one of the chief causes of the Revolution? Did
not Pennsylvania, by her Senators Morris and
Maclay, demand, in the first Congress, protect
ive duties? Did not Jefferson, Madison, Mon
roe, Calhoun, ail and each, advocate the en
couragement of American manufactures, as
conducive to the "general welfare?" Let not
Senators be startled. I quote the words from
the Constitution, and I will show them that
they were properly and wisely placed there.—
Did not General Jacksou recommend a pro
tective duty on irou, because it is an article in
dispensable to the "geueral welfare," for which
we should not be dependent on foreign na
tions?
I will not take up the time of the Senate by
quotations. I refer to the known and oft-re
peated opinions of southern statesmen when
they represented and spoke for the south; and
1 refer to their known opinions, because there
are some who rely on the iufiuence of their
names to sustain the new theory of ad valorem s
—the modern bed of Procrustes, which regu
lates the "general welfare" by the length of
party platforms. 1 profess to be practical in
the business relations of life. 1 have great re
spect for the opinions and precepts of these
great men. My purpose was not to cite their
opinions as the rule which should at this time
regulate our opinions; but I would show that
they have all admitted not only the right to
create, but the expediency of a protective tar
iff; and to insist that that which was right aod
expedient then, is now an indispensable neces
sity. 1 propose to do this, by contrasting the
tariff enacted by tho men who made the Con
stitution, with the tariff of the present day;
the tariff of specific and protective duties, with
the new system of ad valorems; the tariff which
gave life to our manufactures, and created a
body of American merchants, ready with their
wealth, with their lives, and their honors, to
"preserve, pretcct and defend" the Constitu
tion; with the tariff which makes us debtors,
dependent upon the caprice and financial poli
cy of forcigu bankers, and substitutes the agents
of foreign manufactures for the American mer
chant; converting into mere money chaDgers
those who, under a wise regulation ot our for
eign commerce, would be the hope, the pride
and support of our country in peace aud in war;
making them dealers in usurious interest, and
shavers of notes, instead of dealers in tho pro
duce of our industry, giving to it life and en
ergy.
The time was, when an American merchant
could purchase foreign merchandise on credit.
He gave his bond for tho duties, and was ena
bled from his sales to realize the funds, not on
ly to pay the duties, but to purchase American
produce, wbicb he remitted to his correspon
dents in Europe, in time to meet his payments.
Then the British manufacturer furnished the
capital, and commerce was a reciprocal exchange
VOL. 32, NO. 16.
of the surplus products of labor. The Ameri
can merchant bought British manufactures and
paid for them with American produce.
It will be remembered, that in his speech on
the tariff of ISIG, Mr. Calhoun admitted the
propriety of protecting the manufacturing in
terest which had been created by the war. It
was not until after the election of John Quiney
Adams, and the question of iuterna! improve
ments by the General Government was made a
part of Mr. Clay's American system, that the
South rallied against a protective tariff as un
constitutional. The question then was not so
much whether there should be a protection for
American manufacture, as whether a largo sur
plus revenue should be created, to be expended
by Congress on internal improvements. Con
gress may have power to levy duties "to pro
vide for the common defense and general
welfare,'' and yet it may not be authorized
to create a large surplus to be expended in
internal improvements. I note this distinc
tion to mark a period in our progress, and that
I may call the attention of the Senate to the
fact, that this part of Mr. Clay's system hav
ing been arrested by the movement of South
Carolina, the payment of the public debt, and
the transfer of the public money to the State
banks by General Jackson, led to such an in
flation of the currency, and gave sucu a stimu
lus to enterprise and speculation, that the States
entered upon an expensive system of roads and
canais, which led to an issue of State bonds,
which became a new clement in our foreign
commerce, and which element it is the duty of
the statesmen of tho present day to study and
comprehend.
Failing to obtain a renewal of its charter,
the Bank of the United States sold its branches,
and invested the greater portion of the pro
ceeds in State bonds, and sent them to London
for sale, to reinstate its capital. We all know
that the London Bankers and the Bank of
England exerted their influence, and, by the
depreciation of tho value of the State bonds,
prevented their sale until, by the failure of the
Bank of the United States, they were no longer
fearful of its agency in placing our six per cent
in competition with their securities. Having
brokeD down tbo Bank of the United States,
they permitted our credit to be so far reinsta
ted that our railroad companies were enabled
to purchase foreign iron with their bonds.—
This has been done until we have accumulated
a foreign debt of at least five hundred million
dollars, the payment of tho interest upon which
and the continued importation of foreigu iron,
will soon create so large a balance against us
that our condition will be much worse than a
colonial dependant upon England: for 1 beg
leave to remind southern Senators that our
credit has become as much an article of com
merce as their cotton. It is now used to pay
for other merchandise, as well a6 iron and steel.
and that this purchase of foreign merchandise
with our bonds is a violation of the principles
of trade, I beg to remind them that commerce
should be a reciprocal exchange of tbo surplus
products of labor, and that, by exchanging our
credit for the products of English labor, wheth
er it be in the shape of iron or other merchan
dise, we create a debt, the payment of the prin
cipal and interest of which, will subject us to
all the contingencies which may at any time
affect the rnouey market of Europe.
I beg Senators to reflect for a moment on
the cause and effect of the late monetary crisis,
and to realize that the use of our credit in the
shape of railroad bands is a new element of
commerce unknown to Adam Smith and the.
other masters who taught them the science of
political economy. T ask, if a protective tariff
is wise and expedient when our commerce was
an exchange of the surplus produce of our
labor, is it not indispensable now as the only
means of preventing a ruiuous foreign debt ? I
beg to remind them again, that the effect of the
ad valorem system of duties has been to change
the system of our foreign commerce. We no
ionger have American merchants employed in
the purchase of American produce to be ex
changed "for foreign merchandise. In their
place we have the agents of foreign manufac
turers, who invoice their goods at the cost of
production—not at the commercial price in the
foreign markets. These goods are placed in
our Government warehouses until the agent
can sell them by bis patterns to the jobbers.
These jobbors do not deal in American pro
duce, but give their notes payable to their own
order. These notes are placed in the hands of
a broker, and sold at a discount, which diseoaut
the agent of the foreign house charges as a pari
of the price of the goods? Who, 1 ask, pays
this discount! You all must sec that it is paid
by the consumer. The jobber pays the face of
the note ; the agent receives what tho jobber
pays, less the discount.
Would he sell the notes for such a price un
less he had made himself whole by the price at
which be had sold his goods ? Surely not who,
then, profits by this mode of levyiugour duties ?
The government does not, because this system
favors a class of invoices charging the goods at
less than their value in the foreign market. Is
it not obvious that the consumer does, because
ho is compelled to pay the duties and the pro
fits on what the retailers pay, which includes the
shave on the notes in the hands of the broker ?
And what does the foreign agent do with the
proceeds of these notes ? Does he buy Ameri
can produce ? No. He remits specie aud thus
derauges cur currency. Tho use of our credit
in the shape of railroad bonds has oreated a
balance against us, which, if the present system
sontinues, will overwhelm us in irretrievable
ruin. There is no hope of escape hut in such
an increase of the duty on iron as to prevent
the further importation of tho foreign article.
If we estimate that the interest on our debt
now payable in Europe be but thirty millions
and our imports of foreign iron and steel be but
I thirty millions, (and the averago for ten years
j has been forty million?,) aud compound this
I sum for thirty years at six per cent interest, it