The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-08-04

hlS own CHARACTER toT inleulschce anu ulseeTn-
ment
The wings are vastly like the Paris elaqusrs
They are always ready with the weepers, grapes,
tears, imprecauOns, AMI prophecies Of "a panic"
They are always on the qui UiUs to applaud whig
orator, TO sanction wing measures, or to back a
wing candidate. At the various political dramas
for which this country is so famous they mimi
table. They cried copously in 1882, when the Uni
ted States Bank was vetoed they swore roundy in
1881, when the deposites were removed; and moth
ing could exceed their indignation when the sub
treasury became a law. On each Of these occasions
their grief was profound and intense their in
dignalion was terrible.
They are at this present writing Officiating in a
new piece. They are attending upon the perform
ance Of the panic Of 1886. Look over tho wing pa
pers now. Who would doubt the reality Of this
excitement, If all did not kn00 that II the result
Of previous arrangement and rehearsal They have
been preparing for il for months. The appointments
blank verse, actors, and superuumeruries, are but
lAA-sesats Of scheme fore-planned aud long-eon-
sidered. proof fths Is 20 be found in their hOr-
ror and alarm at the idea Of defeating Mr. MeKays
bill IL was equal TO the excitement consequent
upon the withdrawal OF a much-praised and highly
hnished tragedy, on the morning of the day when
all were on tiptOe to enjoy IT, The North Ameri-
can that all its troubes-a its fine phrases, all
lis eloquent defamation, all its stage trick and stage
etfect-had already become pains for nothing! The
dolorous complaints OF the United States Gazette,
the thunder and lightning of the Tribune, the
crowds Of widows and orphans Of the Inquirer,
the discharged workmen Of the National lnIelli-
gencer, all ready to be introduced, on the eve
of being made useless at fell swoop, when, for
tunately for the play, the bill became law Let
on the gas-ring the blll-rase the curtaln-the
performances will go
From the monsy article Of the n. Y. Herald
The passage of the ad valorem tariff DILL has Gre
ated considerable activity al the cuslOm-hOuse and
every one appears 10 be in great hurry to get ther
goods through, and into tho market. The cash en-
tres have been unusually large We have no doubt
but that the month Of August will be very busy
month at the custom-house in the way Of entries for
Importation; and after that the principal business
Will be entries for expectation, az an immense guam
tiny of foreign merchandise will be exported during
the months Of October and November for the benefit
OF drawback and relmPortaton under the reduced
rate Of duty.
The importation OF foreign merchandise after the
let of October until the tariff goes into opera
ton, will be extremely limited, and only to the ex-
tent OF the actual and immediate demand for con-
sumption, and only in instances where there will be,
after the lat Of December, an inc reused duty The
revenue from customs from this 10 the lst Of De-
cember will be very small, while the expenditures
are going on at the rate of several hundred thousand
dollars per day The ten millions surplus, and the
| ten millions treasury notes, will be expended long
before that time. The expenditure of that amount
has already been incurred, but as yet the payments
have not been made; when the drafts come for the
money, the deposltes to the credit If the govern
ment in our banks, will be swept away very rapid
ly We have not, as yet, begun to feel the effect oil
the Mexican war upon the finances Of the govern
ment, or the influence upon the money market OF
the withdrawal Of such large sum from our banks
IL true that the treasury notes will, il they pass
into general circulation, I'll the vacuum to certain
extent, but not otherwise At present, therefore, all
doubt and uncertainty in relation to our financial
policy, so far as the receipts and expenditures oil
the government are concerned
From the Philadelphia Public L.Ass,, InI, al.
THE MONEY MARKET
| Tha excitement among stock operators in refer.
ence to the passage of the new tariff BILL had abated
considerably yesterday from what il was the dav be
fore, and though the price of State ives was lower
than on the previous day, the tone Of the market
was firm at the close, with slight advance in some
few descriptions of stocks. There are vet four
months before the new bill takes effect, and within
that time manufacturers may turn themselves and
adapt their business engagements the new state OF
things. 1t would better have compored with the no
tons OF many friends of tariff had the in
dependent treasury bill, and the proposed system OF
warehUuslng, preceded the tariff. ThewithdrawaI
of the government funds from the custody Of the
banks would would have reduced the amount of cur
renCy and enhanced its value, and thereby have bet
ter enabled the manufacturing interest to compete
housing bill would have greatly paliated the effects
of the independent treasury on the currency in COM
merclal circles. A years purging of the currency
would have enabled manufacturers TO pass from the
high protective duties of lS42 to a revenue ad vao.
rem tariff as easy and unrutied duck gIldes into
the water. Congress has, however, decided diff
ferentlyi the tariff precedes both the other mea-
sures recommended by the Secretary of the Treas
ury, though 1t is probable that both will speedily
follow. What it is believed could have been better
done in year, we shall have now TO endeavor to
reconcile with the many conflicting interests of the
country in four months. The majority in Congress
are OF opinion that greater aggregate injury to
greater number Of persons, and to larger interests
would flow from the continuance of the obnoxious
provisions of the tariff of lS42, than would result
its repeal and substitution in four months of tariff
looking wholly to revenue. The matter ia measu.
raby reduced to question of time, and to cacula.
ton as to the losses and gains of antagonist inter-
ests; and whatever difference of opinions may exist
one thing Is certain, with people willing to work
fourteen hours per day, there can be ruin of the
country. The whole subject has received the mos
thorough scrutiny and examination at the hand OF
the Secretary Of the Treasury, and as no person is
more interested than he is, while he holds his pres
ent position, in providing the treasury with ample
funds, and in seeing all the interests of the country
| prosperous, generous confidence. should be eX
tended to his policy, at least now that it is the law OF
the land, long enough to try 1t fairly its merits.
| From the Albany Atlas.
COARSE WOOL.
| The Journal backed out of its attempted imposture
on the subject of coarse wool, in somewhat of the
cool style in which it entered into it, 1t had assert
ed with bullying epithets that the tariff of 1912 had
levied duty of GO per cent. coarse wool and that
the new tariff had reduced it to 30 per cent. We
quoted the provisions of the late tariff act levying
duty of per cent on coarse woods costing less
than seven cents per pound S. per cent less than
the Journal asserted This wool comes into power
full competition with the cheap article of our home
wool market The Journal, forced to admit this
adds that foreign wool costing from eight to twelve
CENTS is also fruuduenty imported by the manufac-
turers, at false invoice of less than seven cents
and brought into competition with our finer wool
And yet Il was for such tariff that it set up the cry
"all or none," 'the tariff of ls42 free trade raw "
mo compromise and upon this it establishes it's
intended panic.
| From the New York Evening rost
| PANIC ITEMS.
We find the following facts put forth by two wing
papers, effects of the repeal of the law of 1912
They are well got up, considering they the
first that have appeared since the passage Of the