Independent Democrat. [volume] (Canton, Miss.) 1842-1844, 1842-10-15
Philadelphia Ledger.
from the ". Y. Herald, Sept. H.

some quarters ms the harbnger OF improv-
ed trade in all directions, although no one
has undertaken to show, by what possible
operation, the means of the people 70 pur-
chase goods at higher prices, can be i'm
proved by it, The mere fact, that, with
markets glutted with goods of all descrip-
tons, foreign and domestic, taIiff has
been passed prohibiting the future intro
duction Of some of these goods, produces
no positive benefit to the people al large,
nor does it give any immediate relief to
the manufacturers. Ii only holds out to
the latter the hope that, 10 future years,
after the present stock Of goods shall be
consumed, they may obtain at least pre-
sent prices for those which hereafter may
be manufictured.-This, in regard to
trade, is the whole length aud breadth Of
the Tariff. In regard to rcpenue, it toiU,
most undoubtedly, diminish the customs
His a fact clearly susceptible Of truth,
thai the high duties Of 1928, did not in
crease the repenue of the Government.
The increase arose solely from the IN.
creased imports caused by the increased
volume of the currency. The following
table will show, from Difficult sources, the
average quantity of fprei,n goods entered
for consumption during the five years pre-,
vious to the Tariff of 1928, aud for The
five years during The action of that Tariff,
also the average U. s. Bank loans, and the
average customs of the same perlod:-
Average of 5 years before the Tariff,
For goods consumed, 57,O00,OOo; Bunk
Loans, %, 100000; Customs, %, 100000.
Average during 5 years Tariff For
goods consumed, 6S,OJU, 900; Bank loans,
4l,O1O0OJ; Customs, 240O0,0DO.
Increase under the Tariff For goods
consumed, 81 100000; Bank loans, 22,-
100000; Customs, 3,s2),000.
The u. S. Bank loans are an index to
the expansion all over the Union, the in
crease in all banks being IN the same pro-
portion. The facts are then clear that the
bank loans doubled-!hat the imports in
creased 20 per cent, aud that the customs
increased also 20 per cent, showing the
increased rates of duties had no effect
either in increasing The revenue or in d.
minishing imports; the latter effect being
counteracted by the expansion of the
banks. The banks now are in no condi-
ton to expand. There is now no foreign
credit, and all banking credits are perish
Ing beneath The State, corporate aud lndi-
vidual dishonors. The following table
will illustrate the dlfsren IN the posi-
ton of the banking system, now aud at
the passage of the Tariff OF 1923:
INCREASE OF BANKING IN THE U. STATES
From 1920 to 1880, No. banks 9 }; Cap
itll S,0Sl ,657; Loans "a, $50 900; Circu-
luton and opposite 46,000,O0O.
From 1880 to 1910, No. hunks 392;
Capital 2i3,250,4l4; Lodns 262 ,445,-
3d.; Circulation and depoSite 65,So0,-
OO0.
Decrease from 1910 t. 1912. No.
banks l4I; CdptH l30,590,220 Loans
295, $3.50, $50; irculdtion and depoS'te
6s,000,OJ0.
This decrease since 1910 is by actual
failure and liquidation of the ban&s; al
much lirger diminntion in loans and cur
rency has taken place on the part Of those
banks that are yet doing business. The
cause OF this vast retrograde movement
has not been in the nature of the Tariff,
but in the absolute inability to pay debts.
1t is an undoubted fact, however, that
the banking capital Is still redundant, and
the process OF curailmenl must 90 OH, I'M
al the funds employed in banking are no
greater than will pay profit in Iegli-
mate WY. the amount of funds requir.
ed, depends in great degree, upon the
state OF the markets for prod lco, fact
which may be illustrated in the article of
flour, which absorbs in great measure
The means OF the banks in certain dis
'ricts. The quantity Of four manutactur.