New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1842-05-07


posed by some OF the friends of Home Industry
to give up that part of the Compromise Law
which requires cash duties imports. and TO sub
stitutc the old Bonding System and extend slx and
twelve months credit, all imp osis after the
30h of June The system Of granting credits for
duties imports l., We believe. confined to rh,
country, and we, in this particular are anomaly
to all other COUNTRIES Look at It's practical opera
tion imports 800, 600 worth of goods, and
pays duty say of % per cent. For this hc gives
his bond for i2j ,090 at advance of six months.
The goods he sends TO auction, and sells a, 90 or
80 DAYS credit-viz for the auc,ionecr's note--
good OF course, which he precure' TO be discount
ell. He then has $4,000, with a small deduction
of commissions and interest to repeat the opera
ton of importing. The capital of our Banks, our
American capital is drawn off to effect the impor-
,ation of foreign goods! This can be extended,
and it ha. bees extended under the former system
of credits, until ali amount equal to the capital Of
ali the Banks in the city of New-York was in the
hand. of few importers. Single importers
might be named who had tie address to pass a
three bonds to an amount of over half million OF
dollars 1t has led to the widest ,peculations and
the most wide spread bankruptcies. 1t is a means
by which vast amounts may be realized even after
the importer becomes bankrupt. He has only to
procure bondman, and this he may ordinarily do
through the moneyed influence always at his com
mand. He obtains an immense power, by the
ready money he controls, over moneycd institutions
as well as individuals, sustaining himself in ,li,
gambling operation until necessity compcls him 10
yield, and IA commercial crash follows Ia the last
degree frghtfu and affective 1t will. on a little
consideration, be seen that it's tendency is at war
with regular business, giving stimulus to impor-
tations beyond the natural demand, drawing cspi.
tai from It's Wholesome employment, in Home IT.
dustry, and applying it to strengthen foreign com
petition against that Industry II eventually d.
minishes revenue because il dcranges our Internal
Industry, and by that means contracts the ability
OF the country to pay for foreign goods.
The Government, moreover, will be subjected
70 losses, which, in the course cf few wears. ui
amount to large sum, beside continued oxpcnd.-
lures in vexatious Lawsuits against the suretic.
which arr brought on 10y the frequent failures pro-
duccd by this unnatural trade. The sums are GEN
orally large Tor which they have been induced IN
give their bonds, and they usually resist paym,n,
TO the last. Why should We virtually loan the
money 81 the Government (for in all other coup.
tries the duties are cash in The Treasury to en-.
courage buying of foreign nations when We ,,e
already indebted to them hundreds Of millions Of
dollars We hope TINS mos, Wholesome par, or
the Compromise Act viii be adhered TO- The
true friends Of Industry mus, make a decided
stand and never Weld the point; for it is in ever,
point oil view, one of the most important points
inv'IVet m the revision of the Tariff.