The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1843-08-26

Total liabilities 1881 1861 95,o7O
Now there is bank whatever at the place where
these purport be located The owners and
the bills in this city, and then charge per
cent TO take them back. This fact being known to the
Comptroller he has refused to grant them any more bills
and they will gradually be closed up Some of the bro
have adopted the plan of sending the bills 10 the
place where they purport to be- and then protest them
and send them the Comptroller who redeems them,
but gives bills. The public thus gradually
relieved of the imposition. eapprehend that aoduc
ing proof that the banking issuing carried at the
place where discount charged for the redemption the
Comptroller is bound to close them up is
singular thing that the State legislature should undertake
10 permit any set of to issue bills to circulate
money when the States constitutionay prohibited
from doing it Themselves.
We have received the following in relation to
marks of yesterday
New YoRK, Aug. oath, ls4s.
In reading your money article this morning. do
following clause which, is supported by any
gumeb shall take the liberty question its truth,
nection in which it is there found The passage is
folows:" Direct taxation i'll time OF peace is out OF the
it," To my mind he same arguments that will support
the reduction OF tariff to incidental protection or 10 the
smallest revenue necessary to support the government
hold equally good for the abolishing OF duties entirely
and that it only necessary iegitimatey
to carry your reasoning to bring the admission
ed in justice and reason No one would recommend the
immediate adoption of such policy; but that the time
will soon be when, through enlightenment ton this
SUBJECT among the people, this same free trade
system will meet the entire favor OF all classes cannot
question
As said before, your reasoning on commercial and
money matters always commends itself to mind by its
clearness and perspicuty. should like to in your
columns little expansion on the paragraph that above
quoted. Respectfully yours, SC.
AHG.
Our remark intended not in relation to the expe
diency of substituting direct taxation for import duties
altogether but the mpossbiity ousng the customs only
protect portion Of the community by the oppres'
of the masses and then imposing taxes to make good
the deficiency in the national treasury. II is probably
true the best interest of the whole country would be
served by abolshng all import duties except mere
impos" sucientto discharge the expense of keep
ing Of all imports and EXPORTS and then
deriving the support of government from direct tax.
Legislatures have in all ages and in all times leaned
rather upon imports than 10 any other mode Of
raising revenue, because Of the facility and economy
with which the money raised and its popularity the
people pay IL without feeling knowing it; it comes
upon them only part OF the price of what they buy,
and it cannot be distinguished. Very large sums
raised In this way without murmur while very small
direct will a revolution. This is in the
Of Great Britain The people Of that country with
exemplary patience have paid since 1885, 1854 000
the incredible Of coo 900 fer customs duties,
ajax upon imported consumsbe articles. These taxes
were pushed their limit and the people gra
dually approached universal pauperism without com
plaats As their poverty increased the tax began to
diminish its yield the government treasury, and Sir
Robert Peel imposed to make good the deficit direct
income tax which yielded last year s,al7 ss7 The
suit u.s. that England is in ferment the subject and
from a very large majority the ministry already otter to
its fall People who paid annually ESQ 900 600 in
indirect taxes revolt against direct tax of fsoo0ooo
We are aware that this instance Of the operation of
taxation country where the people are one party and
the is another and antagonist party, and
therefore apply clearly to this
the people arc the government.
In the early formation of this government, total free
trade strongly agtated by the democratic party and
when Mr. Jefferson into power, it was very gene
rally supposed Duties would be abolished and direct
taxes substituted Alumnous report the comparative
expense the modes Of taxation end the great ma
chnery necessary for internal taxation, throwing great
accession of patronage into the federal government,
prevailed in favor Of import duties. These un-
doubtedly important considerations, but with
the progress Of intelligence, and a clear under
standing the part Of the people, OF the true ope
ration of customs duties in restricting trade, and pre-
venting that freedom of action which not only the in.
right Of every czsn but necessary to the pros
perty oil the country that they will ultimately decide in
favor Of direct taxes in place OF customs. The latter is
indeed the least expensive and vexatsus its collection
but by far the most psrnlcous in its utma effects
According the census, the value Of manufactures in
the United States, in $780, sses,ss2 SO, and the
imports of the articles s5i .l457Il. Now
duty of only 90 per the imports, gives
the government Of $40 900, and raises the
value of all the goods domestic and foreign, to the
extent to the consumers, which will make $50 900 900
maid by the people in order that the government may OBJ
tain $40 100000 IL il Ia allowed that duty raises the
price OF goods only to the extent of half the duty then
the people will pay saoooOo 900, where the government
gets but $00oOOOO The remainder goes into the pock
Of the manufacturers and is rapidly producing the
same of things here exists in England, viz to i'm
poverh the whole country in order to build up an ars
t,cracy of manufacturers.
Sales ut the stock Exchange.
1000 State 6 1852 ios g Ohio Life and Trust S2}a