The New York herald., 1844-09-05

sssert that the surplus revenue now accumuIasing will
spread bankruptcy and desolation through the country
What was It that produced all the evils that surrounded
me commercial classes from 1882 TO 1887 and that finally
made twothrdso the country bankrupt but the surplus
revenue produced by the high tariff Of 1928 II was
surplus revenue and large amount Of Government de-
sstes that created the rivalry between the State banks
and the United Bank that finally resulted in tn.
removal Of the deposits the State institutions and the
destruction of the United States Bank II the immense
speculs,ions entered into by the State banks the
engh Of these deposis in government lands by the
Western banks. and m stocks by the Atlantic banks that
created the jealousy between the banks Of the East and
West that resulted in the adoption Of the specie circular
and still further, it was the constsnt accumulation Of a
surplus that brought about the distribution between the
States and the bankruptcy of the General Government
From surplus Of huy millions ofdollars in isas the
government has been in yesrs involved in an indebt
edness Of twenty 1--WE millions of dollars During the
financial movements alluded to above the most enormous
speculations were carried From unlimited re-
sources, the whole mercantile community the States
and the General Government, have been reduced to
bankruptcy The revusion tina, overlook all glasses in
the midst Of their most extended operations destroyed
every interest and for tin ruined nearly every one en-
gagged in any business Fortunately the banking ysem
fell with all The rest and to the extinction large num-
recently taken place in commercial affairs Our currency
for year or two continued very much restricted the
returning prosperity very gradual it being based on
sound principles and governed by legitimate laws Of
trade Commerce. manufactures agriculture, all branches
Of business steadily improving under the last part
the Compromise Act and he limited bank movement.
In September, ls42, tho present tariff went into
operation and tie imitation Of the currency and the move
ments Of commerce have since been very rapid The ex
pansons in the currency have been the first ohe
large importaons and the high tariff has yielded an i'm
mense The tariff act has had very little to do
towards creating the immense mportations of the year
past It is Of the most absurd ideas imaginable
tribute to that act the greatest portion Of the prosperity
apparent The party ella ming the parenage Of that
act supposed would restrict imporations II look
ed Tor moderate from moderate imports the
protective features ofhc tarwerc looked upon aher
prohibtory The whgs of course advocate its beauties
and the principal and organs of the party parade long
list prices and endeavor to show the effect the price
OF sheetngs and sugar. pins and putty brass kettles and
chain cables The orators Of both parties at logger
heads to the price WOOL and work hard show that
the very existence Of the twenty millions of sheep the
country depends entirely the present tariff The
laughabe and nonsenscal arguments taught earessy
by both parties for and against this act not which
has the slightest bearing the subject and which must
in many instances be intended entirely for political cspi
tai We cannot think that Daniel Webster or Slas
Wright believe an iota Of the statements made by them
selves this subject party adhere the
truth this question without detracting much from
influence of It in the approaching campaign
1t is possible that after the approaching contest de-
cded, both parties may agree modification Of the pre-
sent tariff II requires pruning, and many articles
qure reduction Of duty The debt of the government
demands the accumulation Of large revenue; but there
is necessity for the surplus to remain in the hands OF
few bank directors who will assuredly every dollar
TO promote speculation and overtrading The mercan
tile classes are not safe so long such immense
amount is used to initiate the markets. and increase trade
beyond proper limits. The eleven millions Of dollars
in the hands of the pet banks has been drawn from
the channels of trade and approp lated to the imitation Of
few stock bubbles The capital Of the legitimate
chant has been reduced to that the
As fast the deposits increase speculaons increase
the Of trade become inflated, until the same
evils brought into existence that created the revusion
Of 1887. The imitation now going must receive
check hen the first pay yment the public debt becomes
due but that only be temporary The Secretary Of
the Treasury has given notice that he ready redeem
all outstanding Treasury notes. This will take about
millions of dollars and reduce the surplus very slightly
the receipts continue very heavy At present every
thing appears in very prosperous state but year
will suffice to change the whole complexion Of CONNER
cal affairs and bring about another revulson similar in
many particulars to that Of 1887 The elements are
at work that produced the former revolution and the
cause will again produce the effect The first
step to he taken towards preventing such deplorabe
result is the reduction OF the tariff the application OF
restrictions to the banking institutions OF the country,
that will reduce prices and shut out imperatiops A
modification of both the teif and the banking institutions
isrequired and the expeditions the movement the
better for the prosperity Of the coun.ry at large