The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-02

ordeal The reduction of duties under the
promise act was gradual under this it is sudden and he
not willing TO subject them to greater cslamities
At the time the act Of 1912 was passed. peculiar cond
ton Of things existed The public credit was Prostrsted
at home and abroad made at the bnking
houses Of Europe borrow money but without success
capitalists could not loan money. He was
then the of going to Europe and the President
had asked him give all the aid he could to that object
agent sent there he visited the capitalists and
came back without a single dollar. Inc sma. Eu.o-
public Of the United States could not borrow dollar at
home or abroad. The wing Congress was then in
session. and after eecual effort tariff bill at
last barely passed in the Senate by single vote He had
indicated the law as patriotic act he beloved it re-
Elected credit all who their votes for its passage,
in consequences of the condition of the country and the
difficulty otDorrowing money The effect OF the pas
sage OF the law was that credit instantly,
oar credit was restored at nome and abroad. a tide
Of prosperity came in, and the public debt was paid
off by the administration when the wing party was in
power But while he had defended the Of 1912 for
the stated, he regarded as temporary mea
and fair subject for revison and he told the peo
Pile that if he should be elected to Congress he would
give his Tor its modification Mr. derrick proposed
to limit The operation OF that law to two years. and
Messrs Critienden Preston Berrien and Rves opposed
the amendment submitted He felt that he was CON-
mtted by his public speeches. either to violate all the
o. ms pas. @ OF sep s ave IRON ms
and his conscience approved the course which he had Ia
ken We must have PEI manent system. L should DC
tical question The people had been ground between
the upper and neither mill stone by making il political
question. II should be settled on permanent foundation
which will stand He did not believe that the grant
ing Of protection to any particular interest was in
cordance with the constitution He for a tariff the
object of which revenue but all duties should be
levied SO as to grant incidental protection He was
against extremes and in favor of what might be termed
ajuste miiieu-a middle ground. Though he might 60
down in the great struggle OF parties he believed that
this principle will ultimately be established In concu
sion he spoke OF his devotion to the wing party. lie
stood by in the darkest hour He had deserted
it and, although he differed from his political friends
given for the tariff bill
message received stating that the President had
signed the tariff bill
CONDENSATION OF THE TARIFF BILL.
Mr.. SMITH, OF Connecticut, replied to Mr. Hilard His
friend from Alabama had come into the hall complete
y maDacled by his constituents that he ready to go
for any bill which the most ultra free trade could
bring in. The gentleman voted for the bill notwithstand
ing the effect would have all the great interests Of
the country.
Mr. Hni,Asp-what course could pursue
Mr. SMrTH-You could have voted for neither one nor
the other The gentleman the law ofSl2 is wrong
and the OF ls46 wrong in substance The act just
passed. will prove the highest degree ruinous will
through the middle and northern States The gentle
mans apology is he was manacled do not call him to
account before tho House. The gentleman is upright
and intelligent but when he here to make at
tack on the tariff act of l542, Il was member Of the
Congress that passed it, AMI call it unsound tempo
rary passed hastily and the heel of the
sion, must be permitted to repel the assertion The
bill was matured-Congress was engaged nine months
on it.
Mr.. HLLrARD-I would respectfully inquire of the
gentleman, was it intended as permanent measure?
MIR. Hn.LIARD-why, then, did distinguished Senators
endeavor to limit its existence to two years ??
Mr.. Smith Il will answer that presently The bill of
1912 matured with the utmost care II the old
BILL in every particular with the exception of the land
clause and the duty OF twenty per cent on tea and cof
The CHArRMAr here found necessary to call gentle
men order and them to take their seats and
to beat on his table with the hammer.
MIR. SMITH resumed his remarks, and gave for
his objection to the warehouse bill took up he said,
~, 1toftA
ton Of foreign manufactures to the deriment Of
own and he concurred in the views Of Mr. billiard on
this branch of the subject.
Half dozen gentlemen arose, and addressed the
chair
The CHAIRMAs.-The gentleman from Virginia
MIR. BAyLY was about to proceed.
Mr.. PAYNE.-The chair must have mistaken my voice.
Voices: Payne. dsnt insist"D must say the chair
mistook the voice Of the gentleman from Virginia for
mine.
Mr.. BAvLr.-They are surely very unlike.
Mr.. LEEK-Mr. Chairman, think have the floor.
The CHAIRMAN.-The gentleman from Virginia has
the floor.
WARNING VOICE.
Mr.. BATLY gave history of the circums stances under
which the act Of 1912 passed He addressed word
to the manufacturers and advised them take them.
them that the protective system had day They
had no reason to expect change of policy. Who
was to lake the back track If they should get repeal
here they will get none in the Senate. duty
OF thirty per cent was protective to the amount Of fifty
per cent He free to admit that the panic raised
might deraDge business, but it would produce
effect than dad the panic of 1884 the hank question
But he would tell them that they would get repeal
during this Congress, during the next Congress
The majority in the Senate will be vastly increased and
his opinion was that the majority the House will be
increased He would to lactuIes, you had
better adjust your business to what may be cons
dered the settled policy of the country
MERITED EuLoGIuM.
Mr. PAYNE congratulated the country that the tariff
bill had become a law But why did gentlemen attack
and enable its friends whether will realize the
results anticpa ed by its friends It fair
os'Is i into he had heard
those with whom that gentleman had acted for his
vote on the tariff bi He spoke Of his colleague
not eulogize. MIR. HiIIiard a man Of tue right
sort Of stamp.there was the right sort Of heart in
him, he looked less 10 the genteman's reasons
than the motives OF his action Whatever MIR. Hiliard
states he believes he is incapable OF concealing mo-
tive which piomps his ion. tie would here, that
there was not purer flame OF patriotism than that which
burns in the bosom OF Henry w. H'lliad II certain
wing gel tiemen expected T. injure Mr. billiard home
they would not succeed his constituents would treat all
such efforts with the contempt which they deserve If
wing party it would be roolei of all its ornaments
Mr. Payne then spoke OF the tariff bill and the blessings
peal. Gentlemen hight well attempt the Mis-
sssinpi from its couse ami make flow backwards The
day OF protection had gone TO return Free trade
was on its march towards universal system.
lMr. PAyNE has very emphatic manner of speaking
Occasionally he brings his fist down, though he would
spl ner the mahogany. While he speaking gentle
man called out to him, please not to break the desk
DEFENCE OF THE PROTECTION POLICY.
Mr.. STEWART, Of Pennsy lvania. said that gentlemen
might strike down nanuiactures but like great giant it
wouii rise and its rights Gentlemen have said
that protection has had its day. No sir it's day is
coming The system of policy adopted will give the
country its dose Give it strong possible and
will work out cure Texas has been annexed and not
only war produced in consequence but the tariff bill
passed Take away the Senators from Texas and the
bill would h"ve been saved lie rdiuled the idea that
England would take large amount of b eadstufs Why
miserable Hayt-a nation of biacks-took nearly twice
as much -four from us as Great Britain ireland and Scot
IT, 90 600 barrels Great Britain, Ireland and Scotland
5000 and Brazil 1000 barrels He would say to his
fiends abstain from foreign goods Coffee comes in
free but Brazil and Hayt from which comes take from
us more -four than Great Britain MIR. Walker SAYS that
the bill will bring in 100000 worth of ready made cloth
ing this will encourage the British ailors $45 600
worth Of shoes than doubling the importation and