The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-07
The Independent Treasury and the Manu-
featuring Interests.

The Independent Treasury and the Manu-
featuring Interests.
There ia very little doubt but that the Senate
will pass the subreasury bill as it came from the
Lower House, by at least party vote; and we.may
therefore expect to it law of the land before
many weeks elapse. The adoption OF this finan-
cal measure, makes reduction Of the tariff imper.
alive. 1t compels the government to change its re
venue laws, TO agree with the changes in the cur
rency Under the operation of the specie clause in
the sub-reasury act the present tariff becomes highly
prohibt0ry, and the revenue would rapidly fall off,
The average rate Of duty the importation OF 1885,
under the tariff OF 1872 according to the latest Off
cia returns, fraction short of 80 per cent, and
the Importation so far this year, shows average
little less than . per cent. There is no doubt but
that under the present currency, the average rate
of duty on imports would gradually but steadily de-
crease, but the changes in the volume and value OF
the currency, which must in short time be produc-
ed by the subtreasury, will not only arrest this
reduction in the average duty, but tend to increase
il, from time to time, as the currency approaches
strict specie standard. To obviate this evil, re-
ducton Of the tariff by Congress is called for, and
the policy OF doing this thing at once must appear
plain
the protection moderate duty would give, under
the subtreasury, to all manufacturing interests,
would be as great the most protective tariff we
ever had Importations would be checked more by
the increased value Of our currency, than by high
rate OF duty. We should labor under none OF those
disadvantages that we now experience in our trade
with foreign countries, resulting from the great diff
ference in the value Of the currency, which is at
present in favor OF every nation have any extern
sive commercial intercourse with We have, hereto
fore, paid for our foreign importations at paper
prices and have received pay for exports at specie
prices and have consequently had difficulties to con-
tend with on both sides. The abundance of paper
money has so deprecated the currency, that the
cost Of producing, both manufactured and agrl-
cultural products has been regulated upon the paper
standard, and we have had to contend in our own
markets with similar articles produced in foreign
countries under specie currency, at cost regua-
ted upon the specie standard. The difference in
the expense Of producing the same article-whether
ofthe soil or of the loom-under the two cunencies,
has been greater in many instances. than the diff
ference between what may be considered revenue
duty and protective duty.
duty Of forty-four per cent upon the woollen
manufactures Of Europe, imported into the United
States, under deprecated paper currency, would
not protect our home manufactures of the same
articles, so much as twenty-five per cent under a
specie currency. The manufacturers OF Europe
can compete more successfully with those of this
country, under high tariff and an expanded paper
circulation, than under low tariff and a specie
currency. As confirmation Of this statement, it is
only necessary to allude to the fact, that the
facturers of Great Britain have at all times used all
their influence to sustain in this country the most
extensive banking systems, and have through their
agents, been powerful advocates of national bank
They are well aware that an expanded paper cir
cuation is more for their interest than anything
else
The re-establishment of the sub-treasury law
strikes at the root Of the evils we have 30 long
experienced in our foreign trade. 1t will do away
with all those abstract principles in relation to pro-
lection, and the operation Of a high tariff, which
have been such prominent elements in our political
campaigns. The sub-treasury and revenue tariff
must be connected-the adoption of one without
the other, will only create confusion in our COM
mercial system. A twenty per cent tariff, with
specie currency, will give more protection to every
species Of manufacturing, than they ever yet en-
loved; the only fears we have are that further
reduction in the tariff will be required-a reduction
10 an average less than twenty per centto give the
government revenue large enough to meet ordl-
nary current expenditures. A specie currency will
restrict importatons much more than many have
the sllehtest idea Of.
The CAPITAL OF rHR STATR.-The subject of
the removal OF the capital, which has been
discussed for a long time in all the papers Of
Western New York, was some time since refer
red bv the eUslaure IN a aelect cov,,vr;,t.. e.,