The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-01-21

sum OF $lOOVOOV, tney ulust nave = So
revenue from that source OF $l7, 2O0,0o0 And TO
give ST., 20o, 900 they must make the dutiaoe I'M
ports at % per cent amount TO $50 OOO, OeO; and as
they had left margin Of $50 Q! free gooes
it would require $1,000 900 worth OF articles lol
home consumption produce that amount OF revenue
Well, if they went little further and supposed
$50 900 900 to be dutiable, would still give them bnt
revenue of &lS 600 900 and deductng the costoi COO
lection and boaniies, and drawbacks but 81
They would require then consunption "A .n,,
the country OF ll60 600 900, and could the country
bear il Could they import so much Woui1 !,
be safe to do it He had strong fears that IL wouo
be attended with great danger. he 1ound aIeauy
that moned men and banks were CONTRACTING, .oI
thew foresaw the danger Of all their specie hnding
ats way abroad He had in his possession laole
of the domestic consumption Tor SIX OF seveh yeH,
commencing with 1884, and including ioio' anu nc
found that the whole value OF the goods consume
and retained in the country for those seven years
vas R851 600 900 and some hundred thousand, being
an ayerspe of 9l22 100000 OF consumption. but
that embraced 1885, when the imports were exces,
eive, and 1896 when they were enormous, ana 1913
when thew were almost as high as ls36-three very
dsas trous years. as his friend from New Hampshire
(Mr. Woodbury. last year very properly SAID.
Those three years too were during the time when
the States were making their foreign loans, and
hei exaggerated the amount - some portion OF
the loan contracted abroad came. home 10
the shape of imports. But now all mat must
cease. If, then, during those seven years lne ave
-
years when prices were high. and stocks were going
abroad-he did not think in the present state OF the
country, it could by any possibility reach $ll6O0O
O0O II certainly could not go beyond that amount
But if these SIG 00e 900 of imports were to come
IN for home consumption, how were they to be pad
for! We export on an average OF seven years. Oh
domestic productions, $l03, 600 0O0-(the last year
the amount was $l07, OOO ,OO0)-and what prosPect
there that next year we should export greater
value than last several preceding years! ne
feared they should export much less both IN anoua.
and value He understood that the cotton crop
shorter than last years. and II was natural 10 sup
pose that, in consequence, prices woulo Iise, ~.
locking at the stock on hand and by statement
from Havre he learned that 1t was double Inc
amount of last year, and greater still al LII
verpeol-there would be less demahG iIol i,
abroad and the apprehension was undos6te9Iy wen
founded that prices would decline; and II cotton
declined but cent and half per pound 1t would
make difference of $l2, 100000 He did not know
that exports OF other artices-rlce, ana
tobacco were increasing; he saw no prospec! 81 lne
demand going beyond that of last year; but In ad'
dtion there Was greater demand for the withdraw
al Of foreign capital, such was the lameniaoe
state of American credit abroad. Inc holders
Of stocks, then seeing their daily decline were
beginning to return them mere loi sa!e' any e
selling them for what they would obtain; and II
SO, OO0, 900 or $sl0,OOO,000 only were returned, II
would make considerable difference IN the return
of expectations. Something should be done TO
place the revenue ON more staple foundauon; Du!
any Senator, ON looking at It, would come 10 the
conclusion, based on the exports OF our own pro-
auctions, that we cannot expect greater amouhi
than Sll6,OO0,O0O fthey did, he very much feared
that there would be very great distress and disor-
der, and continuation of suspension OF specie pay
ments; for the drain of specie, he learned, was
very considerable. But still our revenue might IN
crease; there were causes in operation that mignt
produce such results buff So 1t would not increase
beyond our ability, but from other causes. Within
few days past. they had RENTED duties 10 the ex
tent OF two millions and hall, and ne perceived
tnat there were very considerable s'ocnS VI
mand-they saw distress very wildly paint
ed in the manufacturing districts, and. Though
this country was becoming more manufacturing
than she had been, there would be an importation
and an accumulation on hand Of foreign manufac-
ture. before the cash duties take place, and this
would have double effect. In the first place 1t
would enable them to obtain credit and at the same
tune 1t would so far deprecate prices in our mar
ket that when the same valuation takes effect II
Will furnish large supply at diminished prices.
thus tend greatly to the injury of the country
With these views they had no right to expect, and
thought they ought not to desire 1t greater
amount this year for consumption at home than
Sll6,OOO0O0. But suppose that TO be the amount,
the avenue would be about $40 100000. bespoke
OF this IL give Illustration fortifc alton, if he
might use Such term, OF the Secretarys Ieports.-
Take il then at 10 300 0O0-say ,OOO, by "a
ding sSO0,OoO for contingencies, from all the ord;
nary resources now open to the government; and
what had they to do with It? They had TO redeem
N,0OOOOO of Treasury Notes, leaving for the ope,,
ratioRs of the year but $l3, 900, 900. They could
not be re-issued, for the law expired in very few
days Seven millions then would come in, and
would leave, supposing they had $4,000, 900, but
8l3,OO0,o 600 for the operations of the year. No one
expected to place the amount lower than $l9 0OO,-
000 or $40 0O00 900, but if it could be brought dows
to $40 900 600, they would then want $6,OOO,OO
more to be supplied, which was a million mIre
than the Treasury Notes now proposed to bs IS
rsoA. hats IL ~Ls-. ali
the loan if negotiable But there were many
who agreed that there ought to be fund
aef $4,000, 600 on hand to meet emergencies tor all
the means OF the treasury were not ct all imes
available, being scattered over large territories ne
believed it might generally be computed that there
was one or two millions OF dollars in the hands OF
receivers and collectors which could not be available
at a moment, and therefore two millions ought 10 Do
kept on hand to meet contingencies SuPposlng,
then, the expenditure to be limited to $l9,OOOOOO
they would want Sc, 100000, and B2,OOO,OOO, max
ing $780, 600. There were, TO be sure, some dini-
luton going on there would be less required tor
public buildings in various places-there would be
ess required for pensioners, and there would be
some other dmnu,ion, but there were new causes OF
expenditure accumulatlng. There was one to be paid
this year, charge on the teasury which had been put
there much against his wsh-the per cent fund OF
Mississippi and Alabama, being new charge ont the
Treasury, to be met, to the amount OF $500, OOO-
There were also the claims Of States tor advances
Alabama, Georgia and Louislanamand he knew
NO; what else, to the amount OF million Of dollars,
every cent of which he believed was due to the
States. Here, then, was a sum Of ST. 100000. But
they had an increased expenditure since last year.
mere was the Home Squadron.-nobody complain
ed Of that. There were also other things to which
he could go, yethe had to the conclusion that
though the Secretary had estimated the amount at
twenty-five millions and halt, he thought it might
be brought down to twenty-three o. twenty-four
millions. He did not think ii would be less than
twenty three millions, A Senator from Alabama
(Mr King) in liberal and patriotic spirit which he
sMr. Evans) commended, had said they ought not 10
hold any one right at the forsearance Of foreign
nation; and another Senator had spoken of the dis
graceful condition Of the country, and It's want OF
defenees, Well, if those gentlemen held those
opinions, one of two things must be done-they
must either consent to remain in this condition, or
they must raise the money to reiieve themselves,
and thus create additional Expenditures; they could
not protect and defend the country against violation
without the expenditure of money. Did they sap
pose that all those great objects were TO be accom-
Pushed! Then they must furnish the means.
Making. then liberal Deduction from the Secreta.