Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1845-07-12
NATIONAL INTELLIGENCER.
THE TARIFF--No. vi.

be essentially reduced, another commercial re-
yusion as disastrous as that Of 1897, will follow
within three years, causing every bank from New
York TO New Orleans 10 suspend specie payments.
In No. ii. II was demonstrated that the reduction
of duties under the Compromise Act stimulated inn
ports TO such an extent that exports in the years
1884, 1885, and 1885 did not keep pace with them
by one hundred and twelve millions of dollars, and
in consequence there was considerable drain of
the precious metals, which compelled the most of
the banks of the country to stop paying specie.
Now, if the opponents of the existing tariff desire
TO witness similar state of things, they should 90
10 work with all their might and prevail upon Con-
gress to reduce the average duties on imports to
twenty per cent, which il seems some of my bro
ther Southerners have in contemplation. Some OF
them, | happen to know, think this can be done !;
others, that it is predetermined: but | think it al
most impossible. Well, suppose that the next Con-
gress should in moment of infatuation, reduce the
duties to an average of twenty per cent. every
practical man must foretell the result. The old
game would be played over again imports would
be vastly increased beyond our wants, and in three
years get so far ahead of exports that foreign ex-
change would advance above par value, and then
another drain of coin must follow with unerring
certainty. 1t is true that, in consequence of the
genial influence of the present tariff the country is
much richer in coin land indeed every thing than
ii was before 1912, and probably in a condition TO
protect herself against excessive imports little
longer than before but, under so materially reduced
duties, another commercial and financial revulsion
must come sooner or later 1t should be the first
duty of the Government to have tariff that will at
least work in such manner as to prevent imports
from exceeding exports of both goods and CON-
The present tariff is barely sufficient for this pur-
pose. For illustration, viii suppose that Congress
direct the Secretary of the Treasury to monopolize
the importing and exporting business, and give him
capital of one hundred millions of coin to carry
on the business, which is last say for ten years
and suppose he were to import each year one hun
dred millions and export ninety millions. II he
were TO do this, how would his capital stand at the
expiration of the ten years? Why, his once strong
box would not have single dollar IN II. But sup
pose he were to be cautious, business-ike, and re-
verse the order of trade that is to say, he imports
annually ninety millions and exports one hundred
millions, how would his capital stand in this case,
at the expiration of ten years? Why, to be sure,
he would have in it two hundred millions; that is
TO say, instead of getting broke under the un-
wise system of importing more than he exported,
(by which the entire capital is lost,) he would, in
the time specified, double his capital.
IL the people of this country desire to grow rich
as well as Individually the laws in re-
gard to revenue from imports should be shaped so
as to make our exports exceed our imports But
it is useless to dwell upon question SO plain and
demonsrable: it is papable that if duties on i'm
ports be materially reduced, the whole business OF
the country, now under good regulation and in a
prosperous condition, will in three or four years
thereafter be thrown into confusion worse con-
founded at great national and individual loss and
last, though not least all the banks from New York
to New Orleans will suspend specie payments as
they did in 1887. Under similar circumstances, [
what occurred in 1887, wiz terrible commercial
and financial revulsion,) must inevitably occur again.
Having, by facts, figures, and illustrations, estab-
lished all the propositions set out with, WILL af-
ter making some general but brief commsQts, take
leave Of the subject for | say for Ever, be-
cause for the last FIVE years have voluntarily de-
voted part of my leisure hours to writing articles
lover other signaures on the tariff question, until
the subject and its concomtants have wearied my
mind, and probably, after all, no good has been
done.
Recently have inspected an authentic statement,
which shows that the total amount of duties upon
our exports of $40 to Great Britain and her West
India possessions, France and her West India pos
sessions, Spain, Porto Rico and Cuba, Russia,
Prussia, and Austria, about thirty-sx millions
Of dollars of this Great Britain fobbed, with
her accustomed GOODNESS. twenty-nine millions OF
dollars. From the best estimate ! can make, the
annual duties collected on our total exports amount
IA at least fifty millions of dollars, or an average oil
ATTY per cent. on their value.
Now i'm the face Of all these facts, and the perfect
certainty that free trade is utterly out of the ques
ZION, is it not remarkable that there should be one
single free-trader in the United States And is i'll
moi astounding that such enlightened men ION other
subjects as Mr.. CALHOUN and Mr.. McDuFFIE should
be advocating such doctrines and actually writing let
ters on the subject to some little league in England
Do not Mr.. CALHOUN and Mr.. McDuFFIE know
that there has always existed an unnluental and
very dminutive free party in England, which Mould
be put doun at once bit for the hope that its works
mil hare influence OUT OF GREAT BRITAIN? MOL
matter who talks of free trade in Great Britain, Great
Britain will always repudiate it.
Under all the circumstances, all the fixed" facts,
&c. it appears to me idle nay, absurd for any one
to pirate about free trade. But predict the time is
not far distant when it will cease to be repeat
ed. In few years new cotton factories of the
South will be turning out their fabrics, assisting the
home demand for cotton, making good dividends,
because the material being at their doors they
should do better than the Northerners,) and giving
impulse and animation to all the great interests OF
the South Then, and not till then, will the war
upon the tariff be senced for ever. The vista pass
ed we shall hear more abuse OF the great states
man Of the West who, at an early period of his
useful and brilliant career, had the forecast 20 ORR
ginate and the rare abilities to defend for thirty
years policy which, when The party passions and
prejudices Of the times shall have faded away, will
render country inyincble in war; in peace pros
porous MADISON.