New-York tribune. [volume] (New-York [N.Y.]) 1841-1842, 1842-02-26
THE TRIBUNE
4aos,,c League.

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gFome League.
We predict that the Home Industry Convention
portance with the great assemblages which led to
the Declaration of independence. The object OF
both this and those which preceded the adoption OF
our glorious Constitution were the same-lNDE-
rESpEScE. We shallrelinquishit its life, spirit and
essence if the Compromise Act is left unchanged
at the close of the present Session Of our Congress
Much of the Iron we at TINS time use, portion oil
our Clothing. and many other necessary articles Oh
consumption are obtained from Foreign Countrle9
the supplies from our factories and work SHOPS
not being equal to our home demand. since liic
termination of the great wars IN Europe, colnPet-
ton has assumed new character, ana oPeia'os
with power in former days not at oil UNDERSTOOD,
and which individual enterprise and efficiency can
not Withstand If market offers any temptation,
the surpluses of the Old World are poured into
If in overwhelming quantties-several years sup
=nly in single year. This is not fancy. Our
Government documents show that it is true For
series of years our imports of Silks did notequa
Seven and a Half Millons--tha, is, while duty
was exacted after the Compromise Act, making
them duty free, the imports of Foreign. Silk IN
single year exceeded Twenty-three Millions of dol
lars,-being a supply of threeyea imported in a
single year The excess Of Imports cur Elk
ports in the three years which preceded the passage
of the Compromise Act were $50, 30 $50. The
excess in the three years succeeding were SILL
7e3.5l9, an increase inthe excess of imports over
our. exports in three years of S75,970,655. The
repeal of duties was the signal for rush from all
parts Of the world Our market was made the
grand focus for competitors. 1t Was their battle
ground For it is aptly called war of competi-
gun il does the work of destruction silently and
eiecualy Il is we'll to see what class of articles
imported, embrace the bulk of this increase; they
will BE found to be duty.free articles. The M
crease of the imports of dnty.free articles the
three last years over the three years first named was
Sl97, 9S9,93l. The excess of the imports of ar
1icles paying duties Of the three years after the
year of the passage of the Comp .omise Act varied
from the imports Of three years previous, only
Sc, 638 O32 The main attraction of the enormous
importation was the duty-free principle
We wish our merchants to examine and ponder
over these figures. They are not guessings, but
Treasury Statistics. They may ask the question,
If the Compromise Act had never been thought
wears $4,000, GOO less than we have imported I'M
der this Free Trade Law 7"
We will admit for arguments sake, that the
duty on free artic les would have increased ftlyPer
cent 1.-THE imports then would have been S5j,970,
655 less than they now are. For this we have
paid pece or its equivalent as every thinking mcr
chant will admit. This went out of the country
Suppose the law had not passed. would this Not
have remained in the country! Ii New-l DIRK does
two-thirds of the business used to be estimated
would not S37 OOO, 900 now have5been in New
York that are now out of it? And could not our
Banks have discounted on that specie on sale
principles three times its amount, VIZ: one humid
red and eleven millions Of dollars more than they
can now discount? If the Banks now had 1T IN
their. power to accommodate the merchants,
Sill ,oOC, 900 would not their interest induce them
TO do it /? And would not notice that the Banks
would extend their discounts Sill ,0OO,O 600 give u
new face to our whole city, and make the heart oil
many Responding merchant leap for. joy? We
ask the merchant whether it would not have been
better to have employed the S55, 900 coo sent out
of the country in trading in domestic fabrics )!
The answer often made is that g ace cant make
ass,much on domestic as on foreign goods, they
won't bear as much profit. But we ask the mer-
chant had you not bettsr make less profit and save
profit and capital both Is nota currency OF bank
bills essential to the merchant? Must it not be
based on specie And is it not vitality necessary
to have powerful restraint which shall preyentits
s.ssing out Of the country And what will re-
strain it but Tariff Individuals always have
been and always will be tempted by cheap bargains,
and while this one-sided Free Trade keeps our
ports open and restrictions close others to us we
shall continually be offered goods, beautiful indeed
and all in the fashion, and cheaper than ever
they will cheaper every day until starvation is as
common here. as it is in Europe. Our Bank cir
culation is rapidly contracting, and no one Con-
tends that specie isincreasing, and Free Trade
could retain all we have now in the country with
out the help Of bank paper, there is not enough in
our whole State to transact the business OF our
city alone Let the merchants join the g Home
League and aid in obtaining reciprocity or pro-
lection.
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