The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-08-24

which be made available the crop
its specie value which is however, constantly growing
worse. The old manner Of purchasing by bill credits
cannot be kept up. and w be absolutely indispensa5
cotton, well as tor all agricultural produce; IN
that currency returns north for the payment Of goods n
present stocks here tvH become reducsd In the m &c
time, no good from abroad srcept those act %
pad lor out 81 proceeds Of our exports after det
y of goods imported place similar urh
oliowedt he high tariff of 1928; the otbe Maud ron
msree pH beParaysed and the government se ,ef ,hout
~ ~
This which we wrote and publish ed twelve months
mas now become history IN al its particulars, six
OF the New Orleans banks cd snortlv after and
specie currency generally enforced sp.cis has ar
rived New Orleans for the purchase of cot,on since
mat date to the extent OF 81 erge portion
hspread into the ntero Large have been dissent
mated from other pons And presence of south
south western trad here with cash in hand attest
that currency has returned north TO- the purchase OF
goods" causing the stocks here to be reduced and
prcssto RISE No increase in the imports of goodsn has
taken places the other hand have not been
since the and that the 81 ,yernmen has been left
Without revenue apparer from its debt which has
Increased Sl6Ooo'ooO thin the year. And it has even
now in contemplation 20 iss paper money
redesmabe IN New York, with view to extend its
means THESE ever IS the plain and natural results
oil the business " le country based upou great popular
INDUSTRY ana terprise, endeavorng to struggle into
prosperity ugh the mehes oshe lawyers and seecu-
iorS ne o' nd folly Of the manufacturers and The meri
'r'cnou' W. Lality of their unprncpled organs
o. who contend for a protective tariff and Nation
IA D' contend for two antagonist principles far
P" lection to hsme industry" concerned. 1t is in
" Adsd by high tariff to exclude from markets TO
negn goods in order that home manufactures may enjoy
chem without competition This is done by imposing up
on the importer of foreign goods tax called duty Now
no goods ofany description from country to
another but through the movement of individual
chants who import and export all articles solely with
view TO their individual profit. Last year woolen
goods Of certain description worth So 90 per yard
inEngland and worth here So 90 the duty 90
per cent or 40 cents yard tax charges 10 per cent
or 20 cents per yard. Consequently they could be i'm
ported and sold at the price here to the farmers $500
per yard and leave the merchant profit of 40 cts On
the first OF September the duty raised to per
or 80 cents per yard This absorbed the whole profit
and no more was imported The customary foreign sup
ply thus being forced out of the Market the manufac
turers here obtain better prices This the opera
ton OF protection All the talk about home competition
reducing prices is too mpudent humbug be replied
TO- The Peopleof the United States too much given
to reasoning for themselves be made to believe that
home competition is less hurul to individual manufac
turers than foreign and therefore that not their object
to excite the former, they falsely aege by high
r The to Keep the market themselves
YET whe hs is their object they themselves help to de-
featH by advocating National Bank. The money prices
goods consist IN te relative supply Of EACH 1.-THE sup
pryor money! increased, the quantity of it which may
De OBTAINED o an article increased in the proper
loh' I'D grew fast and abundanty wheat, it
"ou'd .elatively be worth more, if it
sun ed fast but it connot he increased faster than
nature has ordered The Banks, however by issu.
ing paper money, payable demand, increase the
quantity of money pleasure and prices rise they bid
They increased the quantity of money from 500 600
1888, $3.50 100000 in 1887 The consequence was that
all prices rose 100 per cent As long this large quan
tty money convertible into SPECIE it was good
and importers sent any quantity goods here without
the smallest regard to the tar-sold them at the high
prices-turned the proceeds into gold, and carried it
home The paper of to them, and they could
not buy produce to carry back prices here
SO much higher than there that they would lose by the
operation. Under the swelling prices the imports
from S7o00oOOo in 1880 to $ls900o,00e in 36. 1.-THE
tariff had been raised to 80 per cent in 1885, the imports
would still have continued because the abundance of
currency had raised prices 100 per cent leaving still
margin of 20 per cent to foreign shippers At the
time the rise OF material and labor here destroyed
the ability of the manufacturers 10 compete at all with
Foreigners Hence it is that in ls42 under low tariff
low prices and specie currency they their
ability to export manufactures.
1t is a singular anomaly that those people contend
for such contradictory and suicidal But
arises from the fact that they the dupes ofpolcans
Since the formation OF this government, the country has
been divided into two parties. The leaning towards
magnificent central government the splendor Of which
should in degree ape the glare Of European
This policy involves national debt revenues,
high taxes and corresponding extravsg The other
party chung to republican simplicity freedom from debit
and unrestricted trade and taxes low the rigid
economy in the expenditures of government would per.
nit Now for the government of the United States in
time of peace, hore but two of the
public lands and the customs Direct taxation in time OF
peace out of the question no would have the hsr.
dihood to propose it, Now with a sound and steady
rsncy the amount to be extracted from the
governed by the laws of trade entirely Duties ond
certain point cannot be imposed without stopping the
import and destroying the With auctuatng
currency the rate of duty Of equence because
prices will rise in proportion The only effect is put
large into the treasury In the year ls42 with
tariff Of average OF 20per cent the whole imports
they reached short OF 500 0OO and the customs
nue. was $4,000 ooo-the currency being very spe
Gle basis In 1885, with tariff averaging Is per cent on
the whole imports the customs S24 000he Pc
per currency being very full Now if the present tariff
which averaged the imports of the 4h quarter Of ls42
"a per cent OF the whole imports had been operation in
connection with the National Bank scheme which was
defeated the extra session, the imports would have
been large the year 1899, say 600
per cent of that would have given OF ssh 600
and party power would have been well suppedwih
mears This explains the secret Of the amsgamaon of
the antagonist principles of Protection" and a National
Bank" combination of the two extracts from the PEG.
pie an enormous amount of money, while it floods the
country with goods. A National Bank is opposed by
others because is essentially foreign agent" 1t is
the by which home industry destroyed and the
mems of the people extracted for the benefit Of foreign
manufacturers steady specie currency, the other
hand with tariff adjusted yield the highest reve
would permit imports to the extent of the sales or
American produce and MORE aud will yield revenue
of about 0o0 which is about sufficient the sup
port of government and must be procrred from that