The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1845-05-20


the bank at the four periods named above
/ CIRcuLArIoN THE BANK OF ENGLAND
Notes Notes oa A ssSsls ssS s soss
Actual circulation. sls6sssso os9ss l97ao 2l52 IT'S
There has been according to the last returns great
decrease in private deposits which, under ordinary cir
eumstances would indicate extensive demand for
ney. The private deposits influenced SO much
by the movements of railway Spectators that the
ket has little to do with the trade of the country
Sir Robert Peel has introduced bill into Parliament
for regulating the Scotch and Irish currencies 1t did
not to have given satisfaction to the parties int
rested The parts relating to the suppression of small
bills to prevent ther circulation will create real
excitement, and meet with much opposition.
The receipts at this port from customs for the week
ending the 18th instant amounted $245 676 o. making
the receipts from the LIST to the 18th instant $74654
the rate the receipts for the month will
to about 81 OOO In May ls43 receipts amounted
to $943 256, and in May 1874 to 81, s63,s74.
The Governor of Missouri has been unable procure
from the State Bank and Branches the whole of the
authorised to be borrowed Of that institution Ten thou
sand dollars of interest State Bonds fall due in few
days. and there is not money enough to pay it, either
hand, or likely to be received in season.
The Cashier of the Bank of st. Clair of Detroit Michi-
gam Cleveland Ohio, the l4th instant taking
up the Bills of the Bank giving due bills in exchange
be paid in lumber Several thousand dollars had been
redeemed in this way. The Detroit bankers pay
fifty and sixty cents the dollar for these bills
The organ" Of the Government at Washington init
that the Secretary Of the Treasury actively
gagged in collecting from all parts Of the country every
information that may be necessary to enable him lay
before Congress at the next session tariff act,
drcing the duty to revenue standard. 1t ID
generally conceded that the present tariff bill
cannot stand the permanent system of this
country. We advancing rapidly in the manufac-
ture and production of articles, highly protected
that liberal construction Of the tariff can with
safety be adopted In the infancy of manufacturing
establishments, require protection but they pro
grcss, they become strengthened in capital, &c. the
necessity for longer support of not abso-
ute and they stand alone upon their founda.
tions We require in this country tariff system similar
to that which existed under the compromise act steady
decline in the duty until standard is reached.
is impossible TO sustain high tariff many years. The
high tariff of 1928 exploded in 1892 The compromise
act Of 1882 reduced the duties in about four years
point satisfactory to every interest in the country The
high tariff 1912 has been enforced nearly three years.
and the demands from some sections strong and
loud that the Government has been compelled to make
its modification feature in the administration Of its af-
fairs We have doubt but that the scenes will
be experienced that created such excitement upon
the revision Of the tariff in and ~ II true more
liberal feeling exists at this time than characterized
that but the immense influence Of the manufacturing
terests will without doubt, be brought to bear down
any attempt to modify alter in the slightest particular
the present bill In 1926 and NJ the very existence of
tho depended upon the adoption pro-
ective tariff and in 1892 the preservation of the Union
required the repeal Of the tariff of 2s and the adoption
Of compromise gradually reducing the rate of duty
for years AT the time the compromise act Of 1882
under discussion in Congress, was understood by
both parties that the average rate Of duty levied
dutiablc goods enforced at the expiration of that act
July ls ls42should be the permanent standard Upon
these conditions the South unanimously submitted
the gradual reduction in the duties, and the question
satisfactorily settled At the expiration of the
promise act, the advocates Of highly protective tariff
became again clamorous for the adoption Of thcisystem
and made of the distress and financial embarrassment
that existed in the country at that time
arguments in favor Of their demands and the only
NEEDY for the serious evils that spreading and
dcsoation the country. Tho commercial revulson
that had swept through the States like tornado was
ributed to the want of proper tariff system and the
suspension of the banks the bankruptcy of individuals
and Of manufacturing establishments was according
tho statements OF these clamorous protectonis produc
ed by nothing else but the absence Of proper tariff laws
| In fact according to this theory all the political
and commercial evils that visited this coun
try, would have been experienced had
tariff act, founded upon their principles been
steadily enforced. Like all Interested parties they
too far, and 1t must be admitted that the advocates
of revenue tariff at that time, also went too far.
| In the administration Of q government similar to
this where there many interests to satisfy, and
many extremes to equalise conservative policy is
| the only one that can become permanent The most
difficult feature of the government regulate is the re-
| venue or tarif system Both parties are apparently
l .Jo1,
when in fact they differ less than upon any other
agatcd in the political history ofhe country 1t can hard
| y be called now party question: and the remark of
Senator McDufie, Of South Carolina is undoubtedly
true-that there Northern democrats enough. who
will go with the wings to prevent any modification of
the protective features Of the present tariff We do not
for moment entertain the belief that all the protective
features of the present tariff will be repealed and that
revenue standard will be adopted but we do think that
the time has arrived for liberal modifc alton OF
the tariff laws Of this country. Independent of highly
protective clauses in the Of ls42 1t very defective
aud conflicts in many particulars with existing treaties
between this and other naonsin consequence of which
many Of its cxactons null and void. A thorough
revision of the tariff should be the work Of years and
before the question again agitated there should be new
commercial treaties made with the principal commercial
nations Of the world and tariff perfected in accordance
with the concessions made in favor by other govern.
| ments.
Since the tariff Of ls4a has been enforced, We have