The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-08-03

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Worcester X, Kentucky Skies Vi stonington "; Read
Ing y; Morris Canal u; Erie Scrip ~
The past week has been filed with excitement The
doings IN Congress have been Of very important char
acter and the public mind has been worked up fever
heat The passage of the tariff BILL the Independent
treasury Dill and the warehousng BILL since last Mon.
day has been sufficient to operate in that way upon the
minds of all interested in those important measures
What effect their operation will have upon the CONNER.
cia affairs Of the country generally remains to be seen
and experienced They will at least, produce q very
great revolution in things, but is our impression
that together. they will eventually produce an improve
in the financial and commercial policy of the ooun
try. We opposed 10 all changes in laws affecting in
any way trade and commerce. but flour Legislators win
keep tinkering commercial systems is well that
the various adopted should Offset and neutral
ze each other much possible.
The features Of the Independent treasury BILL a. h
passed the Senate yet unknown, the amend
meats made to the bill it from the lower bouss
have not been officially announced, aud have been
concurred in by the lower house. Ii that bill goes into
operation, upon proper basis il will have wonderful
influence upon the workings of the ad vaorem tariff II
will annul the principles of act tend to
mako 1t more protective than its trainers anticipated IL
the independent treasury bill is Of a very restrictive
Character will increase the value Of the currency and
tend check mporstions than the protective ea
lures of the tariff Of sa2 did Whatever checks
the imitation or depreciation of the currency shuts
foreign fabrics from markets more efectuay than
any duty, short Of prohibiting one, .oud; and
manufacturers will be better protected by the ndepend
ent treasury bill than they ever were by high tariff
The manufacturers Of Europe deeply interested In
preserving in this country an inflated currency. We
find their agents here strongly advocating the estab
lshment Of another government bank. lhs old United
States Bank did for the foreign than
it did for any domestic interest and its downfall
unfortunate thing them For the truth of this
have only to refer the immense importacns from 1884
up to 1887 when the currency Of this country com.
posed Of nothing but paper, and when the banks were
running riot in all the speculations of the day We had
protective tariff theu-the average duty the aggre
gate imporations under the compromise act up 1887
ranging above twenty eight per cent Notwithstanding
which the importations were immense, reaching one
year the enormous amount Of hundred and ninety
millions of dollars. Did the high tariff at that time
check importaons in the slightest degree. were our
manufacturers benefited In any way by the protective
features of the compromise act the first few pears OF
its operstion' Not at all The currency had become 90
much deprecated the immense Of the housands
Of banks in every section country-prices every
thing became much inflated that the manufacturers Of
Europe were little affected by the duty upon their
fabrics that they poured their goods markets In
immense quantities forced their sse turned the paper
money received in payment into specie and carried Il
homo If the duties at that time had been double what
they there woul have been very little difference
in the importation. Goods manufactured under specie
currency afford to pay very heavy duty, be ad
med for sale into markets where prices are reguate
by an inflated paper the manufacturers Of
Europe have enjoyed this position long enough; IL is
time should pay attention to the volume and
value of our with preserve the present
prosperity of our domestic interests
Most Of the talk about high low tariff IL sheer
Political demagogues. for the purpose of ma
nuac,unng political capital, continually harping
upon the tariff in favor Of high duties and in
favor oflow duties and the country continually agi.
tated by the two factions, for party and in many in.
stS es for personal aggrandizement The masses are
made to believe that every thing depends upon proper
construction of the tariff and that the price Of their
bread and butter depends entirely upon rate of
duty, when, in fact it has very little do with it.
If the manufacturing interest Of this country would de-
vote its attention the establishment of proper regua
ted currencyif the political influence possessss
exerted to put down every thing tending
volume Of the circulating medium there would be very
little necessity for the slightest discrimination for protso
ton in the lorna ton Of our tar liz laws.
The demand for protection our manufacturer comes
from the whg party is yet and has part Of
their political creed at the time they making
forts to initiate the currency. There is strange ncon
sisency in these movements, which be recon
ced The effect Of the first shut out from our mar.
kes foreign fabrics which would come into composition
with our own while the effect Of the last 10 to open
wider door for their admission than the rst shuts against
Them In this way one Offsets the other and they never
make any progress in the accomplishment of the object
in view On the other hand Gnd the opposite party
equally inconsistent in its political creed According to
the democratic doctrine. low tariff will provide great
er revenue than high one and reduction s therefore
demanded for the purpose of increasing the inpoations
and increasing the revenue from customs at the same
time the party requires currency established upon
pure specie basis Here is inconsistency as eari,r
as that exhibited by the other party, and difficult Of
reconciliation The party advocating low tariff should
advocate an inflated paper currency, il a large 70.
venue the object for the collection of sucsnt
revenue to meet the current expenditures of the
men and the party in favor of protection should in the
first place, being Of the hrst Importance advocate
specie currency and then get tariff high % possbe
the high tariff however, is matter Of secondary con.
alteration specie currency and high tariff would
give a very limited revenue.
fthe manufacturing interests wish to make the usv
tariff as highly protective that OF 1912 all they have
to do is to wind up about Of the banks in the
country and 60 in for the restricted independent
treasury bill they possibly invent, and We will
guaranty them much protection they can
bly, desire. Every reduction in the tariff should be met
by corresponding reduction in the volume Of the curren
cy, and the equilibrium will be permanently preserved
Old stock Exchange.
&: |:;;.s & A'':s Ra 'i Il
-SsS 80 Rssd;as 3D.. sse - 80 90 ~
. :ss Mech saie. Bank x lss 100 DO e ~