The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-09-11


From the Annapolis Herald
TIE INDEPENDENT TREAsURY-ITs PROTECTIVE
FEATuREs-woRTHY THE CONSIDERATION OF
ALL OPPONENTS .# ga..
The daily experience Of every right-thinking mind
must inevitably enforce conclusions most favorable
10 the democratic measures Of the last session OF
Congress. And there is no measure, perhaps, more
calculated to subserve the varied interests Of the
American people than the creation Of indepen-
dent treasury. Aside from tho high and important
considerations Of policy, legality, and sefpreserya-
lion, the part Of the government, In providing Tor
the collection, keeping and disbursement OF the
national revenue, our attention has been drawn to
another influence which the operation OF the lnde-
pendent treasury will have upon the trade and
merce of the country, as suggested by the New
York Herald The "money and business articles"
Of the Herald universally accredited, without re-
gard TO party. The suggestions referred to, though
not new to US, we strongly recommend TO the dis
passionate elaboration Of all our wing opponents
who are too fond Of proclaiming against the meas
ures Of the administration, without first duly con-
sdering them. And especially do we recommend to
the "protectioniss" the Heralds ideas of the bear
ing OF the independent treasury, in afording spe-
Gle currency, upon the manufacturing interests of
this country:
'rhe manufacturers Of Europe (says the Herald)
are deeply interested in preserving in this country
an inflated currency. We find their agents here
strongly advocating the re-establshment OF another
government bank. The old United States Bank did
more for the foreign manufacturers than il did
for any domestic interest, and its downfall was
unfortunate thing for them. For the truth Of this
we have only 10 refer to the immense mportations
rom 1884 up 10 1887, when the currency of this
country was composed Of nothing but paper, and
when the banks were running riot in all the specu-
lations Of the day. We had protective tariff THEN
the average duty on the aggregate importatons,
under the compromise act, up TO 1897, ranging
above twenty-eght per cent, notwithstanding
which the importatlons were immense, reach
ing in one year the enormous amount of one
hundred aad ninety millions of dollars. Did the
nigh tariff, at that time, check importutions in the
slightest degree, or were our manufacturers benefit
ed in any way by the protective features Of the
compromise act, in the first few years of its opera
tom Not at all. The currency had become so
much deprecated by the immense issues Of the
thousands OF banks in every section OF the country
prices for everything became 80 much inflated, that
the manufacturers Of Europe were little affected
by the duty upon their fabrics that they poured
their goods into our markets in immense quantities
forced their sale, turned the paper money received
in payment into specie, and carried home. IL the
duties, at that time, had been double what they
were there would have been very little difference in
the importations. Goods manufactured under a
specie currency, can afford to pay very heavy du-
" to be admitted for sale into markets where prices
are regulated by inflated paper currency and the
manufacturers of Europe have enjoyed this position
long enough; It is time we should pay more atten-
ton to the volume and value Of our currency, if
wish to preserve the present prosperity Of our do
nestle interests.
eff the manufacturing interest Of this country
would devote its attention the establishment of
proper regulated eurreney-if the political influence
which 1t (the manufacturing interest possesses
exerted to put down everything tending to increase
unduly the amount of paper q circulating medi-
um-there would be very little necessity for the
slightest discrimination for protection in the forma-
ton of our tariff laws"
ii these views Of the effect of an inflated paper
currency be correct--and we leave that question
with our wing opponents--in what an unmeanng
or rather conflicting position do those who cry out
against the independent treasury, place themselves
IN reference to what they really profess. The whg
party, as such, pretess to be the friends Of "home
manufactures" while, at the same time, they are
the apotosd enemies of a measure (the independent
treasury which one of the best financial writers Of
the day says, sis most emnently calculated favor
the manufacturing interest of this country" by so
regulating the currency-placing it upon proper
specie basis-as TO protect THE MANUFACTURING, piih
ALL OTHER INTERESTS, against the ruinous conse-
quences of an over-issue of bank paper, when I'M
restrained by any counteracting principle, in
years by-gone. In claiming, therefore, the aid Of
The manufacturing interest," in support Of the inde-
pendent treasury affording them "ncidental pro-
tecton," we do nothing more than what the facts
and circumstances seem most conclusvely to JUS
tify.