The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-03-24

This table presents periods Of the highest tariff and Of
the lowest is full Of instruction commenced in the
year 1921 when the country was laboring under the
disastrous effects of the creation Of National Bank and
Of the heavy influx of goods subsequent to the declare
ton Of peace From 1921 to 1877 currency of the
country continued very steady as in the loans Of
the National Bank, which index to those through
ost the country In the last year the amount nearly
the same as in the first In the period the exports
Of domestic "nufactures had than doubled and
the consumption Of foreign goods increased thirty per
cent In 1928, of the most outrageous taris that
ever disgraced legislation, went into operaton-yet
what was its operation The consumption of foreign
goods increased Immensely while the exports domes
tic manufactures decreased. In the same period tie
losus of the National Bank doubled in amount. Here
is and effect clearly distnguishable The follow
ing the each item for 1--WE years dur
ing the high tariff, and aveyearsiprevious:- ~.
For. goods Er. Dome Bunk
i s;9s'; the tariff :: s S$:ss
Increase underthe tariff $1,000 900 100000 oeo
The value of domestic goods exported is calculated
the prices at the place of shipment These greatly
influenced by the increased bank accommodations
hence there real and large dimnution in export.
The value Of the foreign goods consumed is calculated
abroad Hence have the fact that under the opera
ton Of the tariff the consumption Of foreign goods in this
country increased 20 per cent This the effect Of
the tariff and banking systems acting upon each other.
The result great increase in foreign trade and ruin
to domestic operatives. With the operaon of the
compromise act in lsa3, influences into play
The paper imitation rapidly in the ascendant and
the open credits abroad foaed goods into this market al
most withou, check It became then evident that the
National Bank charter would not be renewed and cur
tailed loans 30 per cent causing the panic Of 1884, In
that year new agent State stocks, into play from
1895 Of stocks were negotiated abroad
and the proceeds brought home in the shape OF
goods from 1885 to 1888 $4,000 900 more were nego-
taed and brought home in specie and goods and was
not until the revusion of the exports of domes
tic manufactures showed any real was an
sher ear Of bank imitation, and the consumption of TO-
reigh goods bee line nearly large in 1886 gene
raj failure and severe cuailment then took place. In
consequence oil which the consumption Of foreign goods
fell in saOo point lower by so per than it had
been for ten years previous that the
compromise tariff was nearly in complete operation In
s4l the absurd hopes engendered by the Of the
wing party again swelled the imports speculation the
importers supposDg that another paper imitation would
be brought about The consequence 10 that discredt
has become great that the suspended banks can
no longer sustain themselves The merchants are fol
lowing in bankruptcy, and the cities are loaded with
goods that will not bring half the cost Of importation
The truths here pointed out ought convince the man.
ufacturers that their protection consists not in tariff
eut steuuy winch, while
them full remuneration, deprves foreigners Of
the ability to send goods here in competition. To the
government also discloses the fact that large reve
cannot be raised on imports in dear currency
That, without paper imitation, q duty Of % per cent
becomes prohbitivs. is also evident from the facts
daily transpirng, that an expansive paper system
not be established.
The question thea arises what is the greatest amount
ofrevenue that be raisedf twenty per cent on
900 Of imports would yield $4,000 06o but
doubt that imports under such would reach
amount 900 would perhaps be the outside which
would yield sl6oooooo. The proceeds of the public
lands returned to the Treasury would yield perhaps
s2,5ooooo more, making sis,6oo,ooo. The expenses
should then be cut down TO OoO order slowly to
bring arrearases For the present under this system
domestic manufactures would monopohze the mark cts
The Of domestic goods and produce would rapid
ly increase and with that increase the return Of
goods would keep pace pari passu and leRitimately
huil IN he venu of he