The New York herald., 1845-12-03

4 O.le
Tierts Of protection" which only be afforded b,
creasins burdens ON tho domestic industry" of tn,
hers
If these yievs he correct it remains TO inquire how
far the isrif act of ls;. is consistent t them Tha
many Of the provisions of that in violation OF t
cardinal principles here laid down, all must concede
Tho rates OF duty imposed hy 1t articles are
prohihitory and on others high greatly TO diminish
importaons. and 10 produce less amount revenue
than would be derived from lower They operate
as protection merely" TO one branch Of domestic IN
dnstry." by taxing other branches.
By the Introduction of minmums, or assumed and iaise
values, and by the imposition Of specific duies me m
justice and inequality Of the act Of ls42 in It's pscuea
ops aons different class and pursuits are seen ara
ei Many OF the oppressive duties imposed by II under
the operation OF these principles range from one ler
hibory on some articles and partially others, and
bear heavily articles of common necessity and
much the greatest burden which imposes Is thrown
on labor and the poorer classes who are least
ahe bear it, while il protects capital and ex.
empis rich from paying their just proportion OF
taxation required for the support OF government
and increases his profits does not benefit the ope-
ratres laborers in his employ ment whose wages
nave not been increased by 1t Articles OF prime neees-
silly or q coarse qusy and low price, used ny the
or the people in many instances subjected
~ 70 heavy taxes while articles of finer quality and
higher pice, or Of luxury hich can be used only by
the olucn,. lightly taxed 1t imposes heavy and
unjust burdens the farmer, the planter the CONNER
cia man. aud those Of all pursuits except the
capitalist who has made his Investments in manuiac.
h the great interests OF the couutry are not as
nearly as may be practicable equally protec ed by it,
The government in theory knows no distinction OF
peTsons or classes aud should rot bestow upon some
iaogs aud rivileges which all others may not enjoy
j he purpose OF its ilustrous founders 10 base Tie
institutions which they reared upon the great and un
ch1nsng principles of Justice and equity, conscious
that administered in the spirit in which they were con-
ceved they would be felt only by the benefits winch
tAey olhused, and would secure for themselves de-
fence il the hearts OF the people, more powerful than
standing armies and eli the and appliance inven
ted sustaia governments founded in injustice and op
preston
passed BY majority OF one vote In the Senate, and two
N lie House u Representatives and that some Of those
who slt themselves constrained under the peculiar cir
ounsisnces existing al the time to vote in lis favor pro-
claimed IS eecs and expressed their determination to
ad ~ rs modihcaon on the hrst opportunity snords
strong and conclusive evidence that not intended
10 he permanent and Of the eSpedency AID necessity Of
ia tarough revision.
u recommending to Congress o reduction OF the pre-
aeht oi duty ard revision and modca ion OF the
sci 1T ain far from entertaining opinions unfriendly
fo The manufactures On contrary desire them
prosperous a. far as they be without imposing
unvqnal burdens oa other interests The advantage
under any system Of Indirect taxation. within the
revenue standard mast he IN favor of the manu- featuring
interests and u this no other nte ct will complain
recommend 70 Congress the abolition of the minimum
principle assumed arbitrary. snd false values and OF
spec dc dates and the substitution in their place of nd
raiorer duties as the airest and most equitable indirect
taS which can he imposed BY the ad principle
I'll articles are taxed according their cost value
und those which OF inferior quality of small cost
bear ~ the just proportion oi the tax with those which
are 81 superior qisity or greater cost The articles
consumed by all are taxed at the same rate system
Of al raorea revenue duties, with proper dscrmlna
tons and proper gnards against frauds in collecting
them, y is not doubted will afford ample incidental ad
Vannees !" ne manufacturers and enable them to de-
rive great profits be derived any other
regular business. Il is believed that such system
srct within the revenue standard. will place the
utacuing interests on stable footing, and nure TO
their paimansn nj advantage; while it will nearly
may be practicable extend all great interests c
tie country the incidental protection which be az
30 dsh hy our revenue laws. Such system, when
1tny est1bished would be permanent ana not be sub
ec 10 tie constant complaints agia IONS and changes
which must ever occur when duties not laid Tor
ie'enue, but for the protection merely" of favored
u deliberations Of Congress on this subject iii
loped thot spirit Of mutual Concession and compromise
letW cen eoAhcing interests prevail and that the
fssuls q their abofs may be crowned with the happest
Consequences
Dy constitution Of the United States il is provided
that 10 money shall be drawn from the treasury but
y consequence Of appropriations made by law" A pub
lie treasury undoubtedly contemplate ed and intend
ga p ~ created IN which the public money should be
lepl from the period OF collection until needed pub
ic uses In the coliect and disbursement Of the pub
lc o! no agencies have ever been EN- loye by law,
esce such as were appointed By the goyeiDmo direct,
y responsible 70 it, and under its control The safe
ieel u the pubic money should he con6ded to pub
lc ueesuy created by Law and under like responsible
y and control i is not be magned that the frame,s
81 The constitution conid have intended that treasury
hoId be created place OF deposiie and saekeeping
~ he public money which was irresponsible to the 60
ve!umeBL Tee first Congress under constitution by
the act 81 the second September 1889, establish the
Treasury Department" provided for the appointment OF
atrsasufer snd made il his duty ito receive and keep
the MONEYS oi lie United States. and "a; all times 70
submit 70 the Secretary OF the Treasury and the Comp
uaer Or cther oi them, The inspection OF the moneys
in ms hands,
1hs, banks national state could not have been in.
tended q be ed substitute for the treasury spoken
Q! - the constitution as keepers Ct the public money, is
manie from the iact, that that time ma
ucnal bank and but three four State banks OF Limited
csphal eXsted IN the country. Their employment as
deposores at first resored to. to limited extent
but with 10 avowed intention of continuing perma
nently, IN place OF the treasury of the constitution
When they aterw ards feo time 10 time employ ed,
u was from motives OF supposed convenience.
Our experience has show n that when banking corpora.
Tons nave beel the Keepers OF the public money and
been Thereby made in effect the treasury, the govern.
ncnt can have guaranty that it command ihe
tee Uuited States proved to be aithess The Stale
banks which afterwards employed fsithless
But few years ago, with millions Of public money in
n ir keeping the government brought almost to
nankrupcy and the public credit seriously impaired be-
mand 10 the public creditors in only currency
cogHsed By constitution Their failare occurred in
period peace great inconvenience and loss were
suGe ell by the public from il. Had the country oeen
involved IN foreign war that inconvenience and loss
would have been much greater and might have resulted
nol Le mgied with the private funds OF banks dvi
dua's Or be used for private purposes When it is pa
ced ~ iks ior sale Keeping is in effect loaned to
them without interest and Is loaned by upon ine
rest q the borrowers fo them. The public money is
for the private profit OF bank stock hoders and when
called Tor, Gas was the in 1870 may be in the
pockets OF the borrowers from the banks cad of
ing 10 ,he pubic treasury contemplated By the constitu
ton The amsrs Of the constitution could have
ineneed that the money paid into the treasury should
be thus converted 10 private and placed ond tie
control OF the government
Banks which hold the public money are tempted
oy desire OF gain to extend their loans increase their
cfcu ation and thus stimulate ii produce spirit Of
speculation and extravaganza which sooner or later
must result IN ruin 10 thousands II the public money be
not permitted TO be thus used but be kept in the
aud pad out TO he public creditors Id silver
the temptations afrdei by its dsposite backs an
ndue expansion OF their business would be checked
Nhie Tue amount Of the constu onsi csrrency left in
circulation would be enlarged by its employment in the
tnOic collec ions and disbursements and the anks
bne nselYes ~ouj in consequence, be found safer
oni sOuni con iition.
~ prtseat state banks employed lie pos tories
~ thoi adequate regulation OF law, whereby the
puoc aosy can be secuted against the casualties and
Ieyulsions suspensions and defalcations TO
"HCh, rom overssues overtradng. an inordinate de-
e lgt gam or other causes they constantly expos
cd. ihe Secretary OF the Treasury has in all cases
wneh " was Prscucable taken coate al security for tee
gnount whch they hold ny pledge Of stocks OF the
Quilted states, or such of the as were IN goo cre
d some the depssite banks given this descrp
lion OF security, and Others have declined 10 do 80
Entertaining the opinion that "the separation Of the
AnaAA 90 ILL Ilan n..raIi ir,.a L..