Litchfield enquirer., 1846-02-19
THE TAR1FF-LETTER FROM ABB
BOTT LAWRENCE. =. ~.

THE TARIFF-LETTER FROM ABB
BOTT LAWRENCE. ", .r
The Hon. Abbott Lawrence has recently
wri ten two powerful and convincing letters
on the Tariff, to the Hon. w. C. Rives.
They are worthy Of being read by every vo-
ter in the Union, and we regret tina, their
great length prevents us from giving them
entire. We must be content with furnish
ing our readers with a view of the facts and
arguments contained in his second letter, as
condensed by another hand. ......
The scheme of reducing the Tariff is con-
sidered asa currency question, ,nd one that,
if carried out, will reach the business Of ev-
cry man. Thirty millions of dollars will be
required annually for the Government for the
next five years, without including large sums
wanted for the settlement of our affairs with
Mexico, Texas, &c. Goods, subject to duty
last year, amounted to ninety mill
ions of dollars, and produced duty OF
81 per cent. re venue, say oftwenIy-two
millions the amount imported to pro-
duce the same sum at 20 per cent. ad vGl-
,orem,, mus. be lao millions !; and, together
with free goods. will make on importation
OF 165 millions of dollars. Our exports
for the present cannot exceed 100 millions.
leaving deficit of46 millions TO be pro.
vided for. ..t 4.
Coin must be exported to meet this
deficiency; while, If importa,ioHs fall
short of lao millions, the treasury will be
empty if they reach this, the country
must be drained to supply it to the trea-
sury. s........ a..a,. 49,. 49,. ~ .4.
Our exporis will NOT innran.e ...:-'.
imports Cotton 10 the only article which
Great Britain admits duty free; upon 9TH
er productions the duties are enormous.
ly high; and the cost of transportation
will prevent our successfully exporting
wheat and other food. ....... ,-'.. 1872.
In twenty days after the Tariff is redu-
ced, the news will have reached every
country in Europe with which we trade,
and they will Immediately commence
supplying the American marke! the re-
venue will be defrauded by double in.
voices, and thus the homes, foreign i'm.
porter, together with the American mer.
chant, will be driven from the business,
In less than twelve months, the coun.
try will be surfeited with foreign goods,
or else the revenue will fall short of the
wants OF government, while foreign
debt will thus be created which must be
paid in coin. .....,.t.. .... .....s,..,..
"The exchanges, 1--WE quote from the
letter,) go up to point that makes it pro.
fitab!e to ship specie; money becomes
scarce In the Atlantic cities yet bills on
England and France do not fall; the
loans made to tho South and West are
called in; demnnds tor debts due from
those sections Of country. are made OK.
change cannot be obiained produce is
purchased and shipped; aud when j. ar.
sives at the North, 1t will command the
cost in the West; q paralysis will have
struck the business of the country pro-
duce will no longer answer to pay debts
due at the North, and the next resort il
to coin, which is to b.: collected and sent
down the Mississippi, or over the noun.
iaIns to Baltimore, Philadelphia, New
York, and Boston. Western and South
ern credits are cut of, as the people OF
those sections can no longer meet their
engagements. The new States and III,
outer circle Of the Republic are the weak
points; and the first giving way of the
banks is heard from those points, where
there is the least amount Of capital. We
see the storm approaching like thunder |
shower IN summers day we witch iis
progress but cannot escape lie fall. II |
al Inst reaches the great mart Of trade |
aud the exchanges, having swept every |
thing IN its course and tho banks Of the !
Atlantic cities, after violent effort to |
rnnirtain their credit and honor, are for. |
ced to Weld to this Utopian experiment,
on the currency" VI chm
Allthis. Mr.. Lawrence thinks will take.
place within eighteen months from the
time this experimental bill goes into ope.
ration. and not specie paying Bank
doing business, Will be found in the Uni.
ted States. " .s] s+' "+
Capitalists will now speculate upon
the fall Of property wages Of labor will
be reduced. and the Southern and West.
ern States will be unable to negotiate
loans for carrying on their contemplated
internal improvements. ....
II New York and Pennsylvania ap
prCva Of this hazardous measure, II will
be adopted; but IL they consult aheir in. |
yesss 4 viii 30 deNpteG a