The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-09-05
nTHE TREASURY CIRCULAR AGAIN.

aTHE TREASURY CihCULhh h1AiN."
The National Integencer has signslly failed
.,.in in misrepresentng the course Of the Secretary
fine Treasury. II is not true, that he has confined
~. circulars to political partisans. II is not true
that he has assumed any authority in issuing them
d., Il is true, that Mr. Walker has only done what
\. has right to do. 1t is true, that he has only
.o,oht the same kind Of information which was OBJ
aimed by former distinguished Secretary for the
nuroos, of preparing proper tariff system. And
!, !. ,rue. tha, he has sought il, by distributing his
.;,cnl,rs throughout the country, without regard to
,bs politics of the persons to whom they have been
addressed
The fact is that the present tariff law (of l642)
,,.s framed under circumstances which did not adj
nit of its perpetuation The treasury was nearly ex-
,.,,s,sd IL was obvious that the duties must be
r,ised beyond the point to which they would have
h.sn reduced by the compromise act Of 80. But
how far were they to be raised' The friends OF
,he public credit contended for such tempo.
rorv increase as might be sufficient to meet the
necessary expenses Of the government The
,,.nufacturers and the friends Of the protective
system seized upon the public necessities to adj
v.ncs their private interests. They would be
couten, with nothing less than rate OF duties which
w,s highly protective to the manufacturers, and the
Jaw who thrive upon the rest OF the community,
Thew appeared determined to starve the treasury,
and sacrifice the public credit, rather than abandon
heir own demands. The session of Congress was
nearly wasted away in the struggle, until towards
III. close of it-when there was no time to ad-
inst the provisions of the tariff upon the proper
principles even if there had been sufficient votes
10 carry 1.-THE present "bill of denominations y
WINS passed Mr., w. C. Rives declared, in his
,neech to the Senate of the United States, that it
worse than the act of 1928. Some Of the repub-
licans who voted for it, (Messrs. Buchanan and
Wright, for exampe,) declared that they were COM
peed to take this bill, to maintain the public engage
ents but that they stood prepared at another time
and under more favorable auspices, to reduce the
,vstem to more equal and proper dimensions. Such
w,s the history of this famous ami (let say
odous measure.
What is the effect of IL 1t has pampered the in
eress of the observation-disclosures their profits
sweled their dividends to 20 or 80 per cent; whilst
agriculture sea- cely divides more than 3 or Per
cent But we apprehend the mischief will not stop
here. The profits which the manufacturers are ma.
king, are inviting more capital into the business
Factories are rising in various directions. The
protection is not needed in many Of the manu-
features, because they can be made cheaper ir
the United States than imported from England
and these manufactures, rising like mushroom,
over the land, will pour so many manufactures
of particular descriptions into the market, a.
not only to defy competition from abroad, but bring
on competition among our own fabrics. This, al
least, is the danger with which many factories are
now beginning to be threatened. Such is always
the effect Of high protection in all countries i
is particularly the case in our own, where the enter
prise of our countrymen is SO apt to run into ex.
cess. We not only overtrade, but we overdo al.
most everything in which we are encouraged to en-
bark our labor and our capital Ii is, indeed, the
last country on the globe where particular species
ofindus,ry require encouragement; because no peo,
pie are SO enterprisiDg as our own, and none are
more inventive in the fabrication Of laborsaving
machines. Is there no danger, then, that, smua-
ted as our people are by fictitious encouragement
their heads turned by immense pro6ts-not be-
ing able to calculate, in this artificial state OF
things, what their true interests whilst almost
every man, if left to himself is better judge Of
his own interests than any member of Congress,
or the whole body together-more manufacto-
res will be stimulated into existence than are re-
ally necessary, and that we shall see considerable
reaction take place. Such is the general effect of the
hot-bed system; and then the suffering manufacturers
will cry out for more encouragement, greater pro-
tection and higher tariff. Leave Nature more to
herself Let individuals, with all the keenness Of
sagacty about their own interests take of them
selves Such is the dictate Of prudence-such i,
the first principle Of political economy.
The tariff 1882 isnow in the first stage Of the ex
element 1t sproductive ofgreat profits, and of vas
dividends Factories are multiplying too frequently
upon borrowed capitals. But again we ask, may
not the day OF reaction conner Is not some sign o.
it manifest in the heavy failure of the iron business
(of the Bayards,) the other day, in Pennsylvania
Indeed, almost everything assures US that the pres
cnt tariff, framed under such circumstances, and
loaded with minimums and specific duties, and high
rates of duty, cannot and ought not to continue; bu
that, in the language of Mr.. Walker, il should "be
reduced to the revenue standard" This is one Of
the serious objections this artificial, hot-bed sys
TEN Of protection. We cannot calculate with con,
hdence upon anything permanent If it produces
immense profits, is unjust to the other portions Of
the community. If these again stimulate competi
ton, there is chance of its bringing on partial re.
action and loss in some parts of the system. Either
way, 1t Is improper-oppressive to the consumer in
the first stage of the fever, but injurious to the man.
u'acturer IN the other. The best and safest course
seems to be, to leave things more to themselves, and
70 reduce the tariff to the true standard Feeling the
value OF these truths, and knowing that the present
administration has come into power with the pledge
Nor' even throwing all pledges aside, upon the prn
ople) OF reduction, what is demanded Of the Sec
re'ary Of the Treasury II becomes his province
70 report at the next session. upon the finances o.
'ne United Sates-to collect facts, and report hi,
information, in order to frame revenue bill
ana how is he to obtain the necessary infoma.
hi. I,,,.~. L..