The Northern Daily Times.
Liverpool, Merseyside, England, 1853-10-15 00:00:00

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Xiirtijait

SATURDAY, OCTOBER 15, /853.

THE announcement of a modification of the
American tariff, is one of great import to England
at this moment. The question of restricted
duties has long had many able advocates in the
&ides, whose arguments, though consistent in
theory, were not unanswerable in practice.. The
danger of an excess of imports over the exports of a
country was looked upon as a matter involving great
uncertainty as to revenue, and also difficulty
and danger to trade. In a monettiv point of

view, it was held to be a source of considerable
embarrasment, both to the fiscal and commercial
interests of the state. Arguments based upon
these principles, lost much of their cogency when
England threw off her restrictive system, and
adopted the bolder policy of Free Trade.

Under the restrictive tariff, America was induced
to embark in manufactures, with a view to supply
her own wants at less cost, and, at the same time,
economizing her resources. In this, she succeeded
to a marvellous extent in all those branches which
contributed to her national greatness, such as ship-
building, machinery and mining, also in many textile
fabrics. In the former, the growth of her production
is unequalled by that of any country in the world,
while in other departments, where the magnitude
of production decides the profit both of the pro-
ducer and consumer, she has found that time alone
could give her the advantage which other nations
enjoy. Under the old protective regime, that
want of many of the comforts of ordinary life, was
keenly felt by the American producer—it being no
uncommon thing to see a farmer possessed of pro-
digious herds of cattle, large stores of grain, and
other sources of wealth peculiar to tho country,
without a second coat, or such other articles as
were imported into the country. The tariffs of
England, and Europe in fact, almost prohibiting
the importation of the American farmer's produce,
left him without a market for his commodities,
while the tariff of America raised the prices of his
necessaries to a most exorbitant amount. Under
this system, the American farmer was glad to sell
at a nominal price, while he was compelled to
purchase at a ruinously high rate. When selling,
he could seldom find a market for more than one-
third of his produce, while the surplus in nine cases
out of ten was actually lost. And we witnessed an
anomaly which could not be justified by common
sense or any degree of state necessity. The
American was buying the English manufacturer's
coat at the tariff rate of say £7, and he was selling
his grain at from six to ten cents. per bushel;
while the English consumer could buy the Same
coat for £3 10s, and his 'wheat realizing 58s. per

quarter.
The partial transit from this State to the ad-
vanced condition at which the American producers
have arrived, by the alteration of our Tariff alone,
has given a sense to appreciate, and the power to
adopt, for themselves, the system they find that
has enriched England, while it has elevated their
social condition.

'ln dealing with raw materials, in the first in
stance, the American statesman shows nothing
more than a just political regard for the domestic
industry of the States. To England, however,
any concession in this branch of American imports
must be of paramount importance. Her require.
ments for the metals and minerals of this country,
must keep pace with her growing require-
ments for the means of manufacture, arid for the
increased facilities required in the immense transit
needed to enable her to participate fully in the
advantages which our market offers for her pro-
duce ; and, indeed, it appears more than probable
that her wants in this direction will assume the
same magnitude which induced us to forego our
import duties on American cottons.
If her demand for raw materials keeps pace with
her production,—which appears to be the basis on
which the proposed alteration on the tariff has
been brought forward—it would be impossible to
form the remotest idea of the extent to which the
demand upon our markets will grow, by reference
to the statistics of the present day. Nor should
we be justified in merely taking into account the
agricultural capabilities alone of the States. Her
gold fields are so prolific, and the cost at which she
obtains her supplies of bullion so low, that not
only the quantity, but the price of the raw material
she requires from other countries, leave no room
for concern or prospect of disappointment.
Should • the proposed alteration extend to manu-
factured goods, the gain to this country will also be
exceedingly large. When we are told that—" the
existing tariff was designed substantially for
revenue, and for a fair and equal operation, both
between the various sections Of the country, and
branches of industry ; and that the increasing re-
venue, and accumulated amount of money in the
treasury, render it most probable that the tariff
will be made a prominent subject,of discussion
and examination, with a view to reduction, during
the approaching session of Congress "—we see no
grounds for opposition, but, on the contrary, a
broader and more distinct illustration of the
benfits of Free Trade, than we can find even in our
own prosperous condition. We must therefore
hail the promised effort of the enlightened poli-
tical economist of the United States, as a fresh
pledge for our future commercial well-being.

AUSTRIA, the incipient ally of Russia, and the
silent foe of England, it appears, has had the cool
effrontery,to propose the negotiation of a loan to
this country. How far English subjects •will be
justified in subscribing to this mendacious mode
of subsidizing such a licentious and despotic State,
remains to be decided. That Austria has been
sitting in solemn council with Russia, at a moment
when the peace of Europe was threatened, and a de-
claration of war said to have actually taken place on
the part of the Russian AUTOCRAT against this
country, is a matter of history too recent to be for-
gotten.

The precise object and result of the great de-
spotic conference at Olmutz, are unknown in
England. But who will pretend to say that the fu-
ture course of these two gigantic despotisms was
not distinctly laid down, as also the means by
which funds were to be obtained for its prompt
and successful execution. With the fearful and
bloody design of war all pre-arranged, the high and
honourable task of coming to England to borrow
money for her own destruction, was, in all proba-
bility left by the perfidious CZAR to his no less
sanguinary ally, the Austrian EMPEROR. That the
whole scheme is one of deep premeditation and
cool arrangement, there can be no question. In
the City Article of the London Times, of the 11th
instant, we find a statement of Austria's financial
condition—and in the same paper of Tuesday, we
have the fact announced, " that the new five per
cent. loan has been effected with the Rothschilds,
at 89. It amounts to £7,000,009 sterling. There is
a clause declaring the contract invalid in case
of war." Seven millions sterling of British money
are to be raised by Austria, for the use of Russia,
which may at this moment be shedding the blood of
Englishmen in the Dardanelles ! There are many
who would smile' at this idea, forgetting all ex-
ample, and the 'absence of any guarantee to the
contrary.

That Austria as well as Russia should view
this country with intense jealousy and deep-rooted
terror, can be no matter of surprise. The very
principle on which our social existence is based at
this moment, is diametrically opposed to that by
which they exist and uphold their Anti-Constitu-
tional government. •By Free Trade fostering
Commerce our career is progressive and prosperous,
our Revenue growing, and our resources spreading
with immeasurable strides, in every land that en
joys the light of Veil; Whilethese prohibitory
States find their powers of production crumbling
to the dust—their revenues declining to a ghostly
shadow of an Imperial competency—and their peo"