Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1840-11-27

memorial is in circulation at sshtngton for the sg
natures ofcrens praying to Congress for recharer Of
The banks ofths District The last Congress refused to
recharter the banks but granted two for them to
settle their affairs The memorial in question closes
as follows:
Your memoralists therefore humby pray that the
passed by your honorable body last session. ent
banks ia the District of Columbia for certain PURPOSES
be speedily revised and that the banks Of the city
Washington may again be chartered for reasonable
time with provisions for the security Of the public
interests just and proper not inconsistent
with due degree Of usefulness to your memorasts and
their fellow citizens generally
At the coming session of Congress movement must
b. provide the for the expen
dture the 4h Of March At the last returns Of the
treasury department. the secretary had reached the limit
to which he is authorised to issue treasury notes The
imports have during the month of November increased
bit sufficient to meet the expenditures Of the govern
On the first assembla8e Of Congress,
mast be adopted. They may be either extension Of
the limits which treasury notes may be issued,
ere alton Of national debt This latter be the
most desirable Of the two but it will be leaving nest
egg for the succeeding administration build upon, and
the present party in power may endeavo to avoid by all
means the odiun Of creating national debt. The reve
0ues are however, in such state that remedy must
be applied, and the creation Of debt better than the
beggary way of borrowing post notes, like the United
States Bank.
tariff in order increase the Of the general go
veran sn This movement will undoubtedly meet with the
strongest opposition from all the agricultural interests
which comprise the great majority in this counry not
whsanding that it is the fashion to look upon the COM
nercal interests othe country paramounto all others
asd he banking system has been trumphany pointed to
as tae means by which commercial prosperity has
been Increased An examination into the facts howev
will demonstrate that the foreign trade this country has
actually decreased from what i. the beginning of
the century, if take into consideration the
increase ofpopuation Exclusive of cotton, domestic
exports have not doubled while population has quad
ruoled
The export ofl7so were slo,soS 900, of which was
The export of 1899 were $50 900 900 of which was
The reputation at the former period 5OOo,oso
is now lsOO0,s00
The increase Of the internal of the country
comparison with its foreign trade, may be estimated from
the following statement
Tonnage engaged in Foreign trade in 1915 ss4,ao4
Decrease 2O,o5o
Tonnage engaged in Domestic trade in 1915 slss3s
1899 l,262,2s6
Increase, tons s,4oI
This is illustrative of results unfavorabe to the inter.
es embarked in the foreign trade The Of
the tonnage engaged in commerce at home is illustrative
OF the growing importance of the agricultural
The agricultural interests fast ousripping in mpor
tanse the manufacturing interests The Western States
are rapidly increasing population, and almost their
sole staples and -four Already the supply ofhese
articles much exceeds the powers Of consumption home
ani foreign market has become absolutely necessary
take OF the surplus.
On the Continent of Europe partic uarly Germany the
leading Interest, of the country agricultural de-
peading chiefly on England for market, and in
tusn they took large quantities of manufactured goods
The njudcious protective system OF England has how
ever, not only caused her people to be hea-
Willy taxe in shape of high prices for food, but has ope
ra.ed directly in creating powerful rivals in manufactar
ing The capital formerly employed in agriculture
freed cut OF it, by the exclusion of grain from the Eng
lh markets. and applied to snufasturing with
success. The result has been, that the exports TO Ger
mrny, which in 1920 $4,000 ooo gradually fell off
Zoo 900 in 1885, At the time the exports of
and yarns increased from f550oo to f 100000 and
there manufacture into goods. These and many
fact. Of interesting have been developed before
the committee on import duties. II is proposed
remedy FOR this to open the ports OF England foreign
corn, whereby it is supposed that agriculture on the
sentiment will be encouraged in preference to manufae
lures aad the price OF being equazed again allow
the English manufacturers compete with the foreign
eass
main argument for the rcduc ton duties is the hope
held out that the exports the T. will be immense
ly increased by the import Flour from this country Il
will have this effect doubt extent will
not create any less demand that for does
tic goods By taking off the surplus Flour of this
try he yalus of the whole crop will be increased $4,000
ooo at least, which is adding mech the purchas-
Jag means OF the agrcutursts. At the time the
will have the advantage of those abroad In
having not only the staple material at their own
doors but the necessass olfe first cos, Under such
ereumsances they surely must be able to compete sue
cesscuy with foreigners in market II they cannot
do So there is why the majority OF the people
should not only pay tax for their peculiar benefit and at
the time risk OF having their produce excluded
from the foreign markets.