The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-07-17

appears that the Union Bank of New Orleans and the
Mechanics andTrades Bank have failed under the strong
opposition which they encountered from the broken
Banks The Bank Of Louisiana is the only sound
bank remaining in that city. How she will be able
breast the storm is problem These failures may again
the banks Of Tennessee and Louisiana hesitate
their resumption The probability is that nearly all
the banks at New Orleans will be forced into liquidation
Utter insolvency has apparently overaken them If tho
Union and the Mechans and Traders pursue the right
they may be able themse,c the time
prcscrbcdby law but of the others there hope
the the popular will puts them down the for
all parties
The question Of tariff is debated in Congress with
rious The high tariff appear like Sancho
Panca to have got into labrynth of lies" from which
the cool intelligence of the opposition is making hourly
more difficult for them to escape. II little astonishing
that man like Mr. Appleton, of Boston, who wrto
good deal Of sound sense should in Congress talk in the
style which characterised his speech of July the ia
riff Ills ostensibc object is to protect certain manufac-
turer and he talks as follows
Many of the print works suspended, 'chsthe
importers hare equally found i losing speculation 1t
will readily be perceived that this branch of manufacture
duce the great outlay bringing higher
class of printed goods. At the same time nothing fur
for dessns soa
patterns; the English for only three months
The gentleman from Georgia referred to report of NV
respected colleague Mr Adams to sustain his argument
against the minimum principle This has been properly
and well answered by the gentleman from New Jersey
mir Randolph) He referred to the graduated scale Of
duties on woollcns, improperly called minimums The
fact is the operation OF the cotton minimum was so sue
cessful in extending the manufacture and reducing tie
price that the attempt made to apply the pnci
pie where not applicable as in the graduated scale
on woolens In annels otherwise and the success
was completo"
protective tariff is intended to act stimulus to cx-
labor into full and productive action He states here
that the Importers well the are suf
ferng losses from their business then pretty
evident that the Of the distress is general and does
arise from low tariff He then that prints re-
quire protection that they fit subject revenue and
ultimately that prices will be reduced by the stimulating
action Of protective tariff These assertions appear to us
contradictory in their Protection be derive
from prohibition from increased prcesf from the
be deriv cd from the protected article
II from the latter the necessarily pay to
the manufacturers prices reduced there be
benefit whatever derived to the manufacturer and his
p false, and criminal inasmuch he seeks
by indirecton to deceive the masses Of the people.
The luminous and eloquent speech Of MIR. Pickens of
south Carolina of -, the high tariff policy
breaks with strong hand through the nmsy falacies Of
the advocates Of oppression, and strikes with hand
at the of the existing evils brilliant speech
is wound up with the following just vein =
"Mr. Chairman in pressing any tax upon our importa-
ons In the present state of the commercial world we
must take into consideration the contracted state OF our
currency and circulation and also that the interest on
debt abroad amounting to $4,000 600 annually,
must be paid out of our export and WIZ 1911 IN some
measure ms tav imports Under these circun..
stances our commerce cannot tax Of 90 per cent II
will inevitably be avoided by smuggling, winch Will
he interior yyr, hrcugh the st. Lawrence may be con.
ccrncd) and injury to ours. You VIII DC disappointed
your revenue and those who expect protection will be