Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-07-05
THE TARIFF--No. v.

Our next purpose is TO show g that the Tariff Of
1912 revived the dropping business of the country,
terminated the broken energies OF the people, and
proved itself good regulator of the CURRENCY
After making laborious investigation, and establish
ing in my two last numbers that the tariff upon the
whole, does not raise the prices of goods foreign or
domestic, it is quite relief indeed It is refreshing to
arrive at the beneficial effect of the existing rate OF
duties all the great interests of the country espe-
cially love to contemplate it, to say nothing OF
the easy way in which il may be made palpable.
In previous numbers was somewhat surfeited with
figures, because, in order to stand recfus In curia.
was compelled to read and examine the luminous
report of Mr.. WEBSTER, while Secretary of State.
on foreign well own duties, the reports Of
some dozen Secretaries of the Treasury and indeed
all kinds Of documents, foreign and domestic, nclud
ing paper over the sgnmanual of the celebrated Sir
ROBERT PEEL, in which he tells Parliament, among
other things, that in l84l John Bull coolly pockeed
about four millions sterling duty on Brother iona
thans tobacco. Sir Robert must be an honest Pre-
mier or ne would not have avowed this; like Sir
Robert for telling the whole truth, especially as he
correctly set down. in his report to Parliament that
the duty on tobacco was three shiings sterling per
pound, which is, upon an average, about one thou
sand per cent.
But wander; / will return to the tariff of 1912.
For some time before it passed, every man Of bust
ness must remember the universal want Of conf
dence and almost CONSERVATION in every direction
Nationally as well as individually, we had lost credit
at home and abroad. Every description Of bust
ness was depressed, and it. appeared to the writer
that were on the verge of another terrible crisis.
But tariff bill was finally reported and passed
Congress. What was the consequence |! 1t is
known to every man of business Though some Of
the Southern politicians do not appear to know it
to this day. that its effect to restore credit con-
fdence, and to revive all branches of business
throughout the land. After that benefcent bill be-
came the law, there no occasion to send agents
to Europe land these Indignantly refused to borrow
money to carry on the Government IN times of
peace but the restoration of confidence among our
selves induced capitalists to lend the Government
all they wanted, and the Government, having lately
more money than it could use, regret, dare say,
that the bonds held by Americans do not fall due
faster. Foreigners distrusted us, and would not
lend dollar but after the passage of the tariff of
1912, Americans in New York, Boston, and other
places amply supplied the Government with funds
at moderate interest and saved the nation from dis
honor. If the tariff bill had been defeated-and it
was close vote-the Federal Government would
have been protested and dishonored at home and
abroad. A State or two may repudiate their debts,
and others (honest but unable) may for year or
two longer beg indulgence to their interest," which
the General Government cannot prevent, but, in
Gods name, and for the sake of JUSTICE let us shape
national measures to prevent national disgrace.
En- pdssa,af, when shall we have such Secretaries
of the Treasury as HAMILTON, CRAwFoRD, and
GALLATN! The former, being in early life mer-
chant comprehended the subject in all its bearings.
+" When he touched the c0rpse of public credit, it
sprang up and walked; when he smote the rock Of
his country's resources, streams of revenue gushed
FORTH" In the South we have men of great talents,
but do they understand commerce, finance, &c. suf-
fcienty to make good Secretaries of the Treasury
On these subjects are they comparable to such men
as EVANS, LAWRENCE, SIMMONS, and HUNTINGTON
think not
The restoration of confidence consequent upon
the passage of the tariff bill of 1912 brought out
capital that had lain dormant; it was diffused into
all branches of trade, manufacturing, &C.. its stimu
ating effect was felt in every directions but above
all, it had the tendency to bring into the country
large amount of foreign COIN" consummation de-
voutly to be wished" The Secretary of the Trea-
sury reported on the 2sth April 1914, that for nine
months ending both June, l843, the import Of coin
was $22, 800, 1895
Export in the same time l27,429
$22,l92, 9O6
Showing gain to this country, in the short period
of nine months, of upwards Of twenty millions Of
dollars. AT first its genial effect was to repenish
the vaults of the banks the seaboard but ulti-
mately the coin reached all parts of the country.
know that large amounts came in British vessels
direct TO New Orleans, and in that great place of
business proved most salutary. The "yeow
boys" did not actually swim up the Mississippi
but large amounts, in liquidation for Western pro-
duce did find their way to that teeming valley, and
there assisted to strengthen the banks and the peo-
pie, and to regulate inland exchanges. have thus
demonstrated that the tariff of 1912 did actually
prove good regulator of the currency. These
are all recorded facts. Let the opponents Of the
tariff make the most of them. They may argue
" to the last syllable of recorded tme," but cannot
demolish figures and well-known facts
MADISON.