The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-12-11
NEW YORK. FRIDAY MORNING, DECEMBER H. 1885,


banks, where IL might be made the basis, as often
heretofore, of bank and paper expansions and
u 50, ruinous revnlsions could not fail to ensue
IL IS important to all the great Interests of the
country, but especially to manufacturers that the
currency should not be redundant or deprecated
and excessive Imports of foreign merchandise
brought as consequences into the country. In
csnnexion with the constitutional treasury. a
branch of the mint at New York would be most
useful in converting the foreign into American
coin, encouraging thereby ITS circulation among
the people, instead OF triple and quad6uple issues
We are beginning to realize the benefits of the
new tarn, many imports having been ware.
housed in anticipation OF the new duties, and
some already paid. BY freer interchange ofcom-
modites, the foreign market is opened to our aer.
cultural products, our tonnage and commerce are
rapidly augmenting, our exports enlarged and the
price enhanced, exchanges are in our favor and
specie IS flowing within our limits. The country
was never more prosperous, and we have never
enjoyed such large and profitable markets for ali
our products. Tuis is the result of an inflated
currency, but ~ an actual increase Of wealth and
business. Whilst agriculture, commerce anc
navigation, released from onerous taxes and re
strictions, are thus improved and invporated
manufactures are not depressed. The large pro
hts OF manu- acturers may be in some cases some
what diminished but that branch of Industry
now reposing more on its own skill and resourcei
Is still prosperous and progressive. New manufas
torres are being erected throughout the country
and still yield greater profit, in most cases. tina,
| capital invested in other pursuits.
commerce between nations is but an exchang,
OF their respective products, specie liQuidatin,
only the occasional fascinating balances, and can
not long be maintained 10 any great extent by
sales for specie only: Thus, il England opens her
| markets TO our products, whilst we exclude bv
high duties most of the fabrics she would sell il,
excnange, her specie would rapidly diminish,
and sucn commerce would langush and de,
cline. She might still, from necessity, purchase
= portion Of our products but a necessity ca ual.
ly stern and irresistible, from exhaused means,
Il xRnvd avxolk <a~
| and price, and thus diminish the balance demand
cd from her in specie. To maintain. then. per-
manenty profitable commerce with England.
the barriers must be broken down ON both sides
| her corn laws repealed, and our duties reduced
SO as TO permit an exchange of her fabrics for our
| products. With high duties on our part we
could realize but little permanent advantage
from the repeal OF her corn laws. Such high d1.
| ties would continue in force, as against our far
mers, the British corn laws, nearly as efFect,allv
as though they had never been repealed. Before
the repeal OF those laws, the advocates of our
protective policy cosceded that, if England
would open her markets for our broadstuffs and
provisions, we should receive her fabrics in ex.
| change Now her markets are thus opened to these
products; and the friends of a protective tariff,
abandoning their former position, would still ar.
rest by high duties the exchange of English fab.
RIGS for our breadstufs and provisions II the re-
duced duties are continued on both sides, 10 as
70 permit . reciprocal interchange of commod.
ties, the foreign market, now opened for our
oreadstuffs and provisions, must be maintained
Our farmers now have, and must retain, orr
home market, with or without the tariff, because
imported here. The lew diverted from fsrininy
70 manufactures, by high tariff, bear no compa.
rieon IN number with the people Of the verdi
whose markets are lost, in whole or in part, BY
high duties, Nor is il chiefly the farmers, but the
merchant, the shipbuildcr, and shipowner the
seaman, and the thousands OF laborersi in the aris
efour foreign commerce that furnish much the lar
ger portion ofthoso who ara driven by hightarif'
infn ,rfa
Stunning, as they all did, our own broadstuffs and
PROVISIONS well before ne after this change of
cureu rurffe s-na additional market is thereby
loss so far as the machinery oil the manufacturer
which consumes breads uffs provision, lis sub.
situated for the manual labor engaged in agricul-
ture, commerce, and navigation. The number OF
manufacturers would not be (f mere as,
a, ally more than tenth by the differ. nee DC
tween the tariff OF 1872 and that of 1876; and Of
that tenth, more than one. halt would not have
changed from agricultural pursuits. In the mean
time, when commerce and navigation flourish I'M
der low du,ies, larger number of consumers of
breadstuhss aad provisions arc diverted TO those
pursui.s from agriculture, than would DC driven
ifom il into manufactures by high dates. No
ming, then, is gained in a home market to the
farmer by high duties, whilst the markets of the
world are lost or diminished. The population OF
me world 10 now one thousand millions, ncreas-
ing At the rate Of not less than tea millions per
annum, with but Little augmentation anywhere of
breadstuffs and provisions, except in our own
country; yet our iarmers are asked 10 abandon
this immense market, in the vain attempt Gre
| ate ad, quate home market, Ivy sacrificing ag-
ncuiture, commerce, and navlga ion, for The ben
| tit oil manufacturers
| Experience is against the protective policy
10 England, after long trial, and ruinous results
tits abandoned; and here, under the tariff OF 1872
the prices of breadstufs and provisions fell, and
nave now risen with the reduction of duties and
| the opening OF foreign market. From long
peace Europe is becoming densely populated,
| that her poorer soil and mere uncertain climate
- ~lsx ~ e.
year for her rapidly increasing population. Under
| a system Of law duties and reciprocal inter-
change of commodities, il will be the interest,
not only of Great Britain, but also Of most of the
| continent OF Europe, to take a large supply Of
\ food from us; but, by arresiiog this exchange of
their fabrics Tor our products, II becomes their in
erest, and in fact necessity, to look Cor and en-
courage markets elsewhere; and also by exrraor-
diRaIy means, and high governmental bounties,
drive capital INTO agriculture there TO supply the
| wants of their people, unable to purchase our pro-
| ducts, for which, by high duties, we demand pay
ment IN specle. II we receive 'hs iaomcs o. Europe
| terest 10 encourage and enlarge that commerce !;
and it must 60 on rapidly augmenting, until our
country becomes the granary for Europe, and our
export there OF food shall even exceed that Of cot
ON, great as that is destined TO be under system
| of low duties. With this enlargement OF our ex.
| ports will come correspondent increase OF oar
imports, and great augmentation Of the revenue
| of the government and or the prosperity Of the
/ people. There will be greater number more
prohtably engaged in agriculture, commerce, and
navigation. the increased number and prospe-
rity of those classes, constituting four fths OF the
whole people, will enable them greatly to extend
their purchases; and the manufacturers, by the
creased ability and means of our own people,
will derive, in a series Of years, n kreafer benc-
tit, than by destroying the ability OF their custom
ers, by excluding their products from the foreign
market, and depriving them TO that ex ent OF the
means 10 purchase ut home or abroad. II the ship
builder constructs, and the navigator freghts more
vessels--if the farmer sells more brcadstuhs aud
provisions, and The planter more cotton, and at
better prccs--if the merchant trsnsacts larger
and more prosperous business--if the seanen
increase in number and receive beteer wages-if
the working classes employed in connection with
trade in our American maru OF foreign com.
merce are increased and rendered more prospc-
rous, they must all be enabled to purchase more
Of our own manufactures, and at better prices