New-York tribune., 1841-08-12
Z IL E T r B U N E i.
ssw-YoRK, THURSDAY MORNING, AUGUsE-'-.]

,iate ckonl submitted the WtRntcs ot Ectdencc
,tsired from Joseph Hume, M P-We find the Report,
which the above is the title has attracted consideration
an extent much beyond the ordinary pamphlets of the day
m free from the objection attending Of the publications
which appear from Manufacturers, those appa
,ay written subcrve particular interests The writer of
his is we understand, Merchant and conclude has
particular prediction for the Manufacturers. At all events
he Report indicates One of his positions Is that no
COUNTRY be prosperous without Protective Tariff, whose
aness is mainly transacted by Bank Papcr-or, in other
rord allows the Of Bank Paper instead of Metallic
Money in ordinary business. As corolary drawn from
. he contends that those sections of country which rely
the most on Bank bills will of suffer the most by the
absence of Protective Tariff and that the present condition
of the Country confirms this concusion-that the Planting
States are among those that place the reliance Bank
bills and that they greater sufferers from the absence of
Tariff than the Middle States and in fact greater sufferers
than the Manufacturing States of the East This is
new view of the subject and if confirmed by ucts should
never be lost sight Of by our Statesmen.
Bank bills require credit be of in the transaction
of business their credit lost they better than
rags Would Protective Tariff tend preserve their
credit and how7 the question They it is understood
and admitted all payable Specie Any course OF business
tending to draw away the Specie from the Country would
diminish the ability Of the Bankers pay them if redemp
ton sleud be wanted and any Of business tending
to the quantity of Specie in the Country would IN
crease the ability of the Bankers pay the bills, if required
1t clear therefore, that deficiency of Specie would tend
the discredt of Bank bills and that abundance would
tend equally to enhance their credit because the holders
would Justly have Increased confidence their ability pay
in proption TO the increased amount hand Of the
by which alone they could be paid
The direct question which solves all the difficulty now
arises Will the tendency Protective Tariff be retain
or accumulate specie in the country 1t will be admitted
that the articles intended be affected by Protective Ia
nf those coming from foreign countries and ii we buy
more from such countries than pay them for in the
produce of our own labor bankbs, every body knows
will no. pay the balance because they will pass lien of
metallic money in foreign countries; the bank being many
thousand miles distant metallic money and that alone, will
Qudate the balance The bs whichare first received here
the course of business for the balance must be converted
into gold and silver for remittance. If the tendency of
Protective Tariff prevent balance against country
in its exchanges with other countries, Influence will be
directly forty and strengthen the credit OF bank bills
Tariff of duties imports from foreign countries he the
more less, operate impcdment TO mpor-
Just proportion the amount OF the duty and 1t
may be raised high TO ameunt TO prohibition his
clear that nothing than bare statement ic
quisie but if necessary it's illustration may be in the
increased mportatons after the passage OF the Compromise
Law which exempted articles entirely from duty and
lowered the duties more less the rsidueor in other
werds diminished tho existing mpedments in the OF i'm
pouon. The third year after the passage OF the Compro
Act the imports of articles that paid duties amounted
nneytwo millions of dollars The previous to
the passage of the Compromise Law they amounted TO only
fourteen millions and quarter The whole import OF Free
Goods for FIVE years previous the passage of the C"mpro
mise Act did net amount much by many millions OF dol
lars as in single wear after. 1t will naturally be inquired
did WE NOT import less of the articles ,ha, paid duty We
will ,rsw,r bv figures The Immediately previous to
the Compromise reducing the duties, the of i'm
pora,on. paving duties $S6,7OSl3 the third year
after the law passed the imports OF articles paying duties
aeantea to $97 The imports of silk goods under
the duty did not previous the Compromise Law, average
ten millions of dollars per annunI after the duty was re-
peaed over twenty millions value imported in single
year.
Here manesty mighty increase of importatons and
amay not be ams TO ask How has the Country borne The
operation We answer few words 1t cost the country
hundred millions of Stocks, chiefly of the States, and
drawing and broke nearly every Bank in the
Union Is it that those portions of the country which
red the of Bank paper suffered the most =
For answer we refer readers the condition OF the
Banks in the Planting States, to Southern Exchange &c.
We need not dwell this part of the subject facts nds'
pabe are in the reach of ALL 1t is truth which worthy
the grave consideration of the South that the Manuactur-
aSa,es have suffered the least BY the reduction OF duties
because their currency better fortified Should the
South forward and ask the protection OF manuiac-
rres retain the metallic money in the country -
nOrs their Currency hope the manufacturers of the
N'h, who comparatively Indifferent will hareor none
the preudces so often thrown them by their Southern
eihren that the benefit Of the few is their object at the
'pehse Of the many, for if reasoning is correct
aa benefit would particular secten OF the
an'ry bya Protective Tariff the Planting States will be
VIC section most benefited. W.