New-York tribune., 1842-03-22


Excess Of Free Goods imported IN the las,
1--WE yearS. ss'15 oo5, lSS
Here is exhibited an actual gain, in five years.
in the imports OF this class Of articles, Of three
hundred and three mtiions Of dollars.
When it was announced to the world that the
United States had made their ports free ana open
to certain productions. there was rush for our
markets from every nation OF Europe producing
similar articles, and floods of goods soon cnme
pouring in SO great was the rush, that the duty
free articles imported into this country the next
five years after the Compromise Act passed, did
not fall short OF our whole imporlations OF the
FIVE years preceding, including those that paid
duty as well as those that did not only $3.50
2O3. The ports of the United States were the
only free ports earth which afforded tempt
ing vent, and all the vast accommodations and refuse
merchandise of Europe wen. shipped for America.
The effect of aboshing duties may be iiiusun-
ted, perhaps more satisfactorily by u single arti-
cla, as, for instance, silk, and comparing the I'M
ports before and after the duties were taken OIL
Our average consumption of imported SILK tor the
twelve wears preceding the passage OF the Coni-
promise Act did not cqual six millions OF dollars
In single year since IT'S passage, the consunlP-
ton of foreign silks has exceeded three times SiT
millions so that reduced duties not Only increase
importations To- almost Incredible extent but
consumption is also increased aoAS with II.
More than three years ordinary supply oi con-
sumption has been forced upon in single year
The conclusion of yoar committee Is, thcreit'.e,
that the effect OF diminishing or annuing duties
oninports, in the present condition OF Europe
will be to increase importations to most extra
VACANT degree, the official figures they have eN-
hibied above most demorstrably show.
The next thing required by the resolution. is TO
ascet tain Ike influence OF imporotlons IN iMcreos-
sss or diminishing orr circulating mcaiNm 81
money. The circulating medium OF our country
Is composed principally of the notes OF banks
These notes, which the measure OF the value
OF every description OF property, have been M
crcnsing, gradually Gill our late e,nbarnsS rlentS
began. for fifty years, as property and nego,ia-
tons have increased. They havcall been PAYABLE
in metallic money; and as bank notes are more
convenient than metal for the transaction OF our
business in this couaty. and among ourselves the
metal is rarely required. In consequence Of this
the banks which supply these bill. have issued
several times the amount OF speci. IN their pos
session.
While these notes have circulated from citizen
to citizen, accomplishing negotiations, all has
been we'll; but after the du,y-tree articles We're
increased, much larger amounts of goods were
imported into our country than before. as we have
shown BY the official reports. The prohibitions OF
foreign countries prevented US treln exporting an
equal amount Of our productions er, il exported,
the proceeds we're taken from by cNtortins
most cNt-avasunt duties. The balance, for time,
settled by loans or State bonds, stocks, &c,
till foreigners became possessed of from slro hGn-
dreG TO two hna3red and .ftty miilions Of dollars
of these loans and securities and their credit be-
gan to be questioned. Their crxiit once shaken,
the balances for goods coming in could no longer