New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1847-01-15
~. xv.,l,ns. Of the New Tariff and sub
Treasury.

The Worktngs oil the w" A"f" m" '"'
Treasury.
IT,. ,x,> have the wrong side oi question
-.r.lv feel a, ease with regard to 1t, and cannot
a,rd 20 let it alone. Unless they support 1t by in
eesssnt pe.tifozgng and brow beating and exciting
popular passion they have en- insiinetive feeling
that the ground is constantly sliding from under
.hsir feet Quiet is their bane and they take care
70 allow as little Of it as possible
So long as the SubTreasury and Polk Tariff were
open questions we fought them with whatever
ability we possessed and with unhinching industry
and zeal We did what we could 10 prevent the
election Of Polk bat, that carried. we considered
the SubTreasury carried with 1t and ceased ali at
.empts T. prevent it's enactment law. The Tari
Question did not stand IN the same category. Mr.
Poik's equvocstion in the Kane letter and the
downright fslseboods Of his Pennsylvania support
ers defrsuded Of G fair issue that subject. But
after his election, Mr.. Polk spoke out clearly his
Secretary Of the Treasury more clearly yet and
their Congressional aority ratified their doctrines
A Tariff Substantially framed by Secretary Walker
though greatly improved in its passage through
congess) was passed as well sub-Treasury
act The two are nov laws the land, and as such
entitled 10 the respect and obedience Of every good
citizen Let them have a fair tnaL Let the pub
.ic mind be left uninHsmed unprejudiced, to watch
their workings and deliberately Judge whether they
are beyond improvement and. if not, what changes
.hey require If they are not fairly judged, We
mean that the fault shall not be ours
The Tariff Of 1912 is now matter Of History
That il found the National Industry languishing and
the Government in Debt the Revenue utterly in
adequate and the Deficit rapidly accommodating. our
Commerce embarrassed By heavy balance Of in
dsbtedness to Europe aud our Treasury without
credit these sil rner know They know too how
!. Infected ard renovated Industry, Revenue, Credit
bow il turned the balance Of trade in our favor
and left las is shown By the rates OF Exchanged
Europe practically our debtor. These are matters
Of wide no,oriety and hardly to be disputed Now
we have the New Tariff Of 1916 law Of the land
no: 10 be changed for OF least two years unless by
iss friends Let Us take note where it finds the
Country let us watch whittier it carries it, and
profit BIZ the teachings Of Experience. If the
Country thrive under it ss pal pably and steadily
as it did under its predecessor We shall gladly
concede-not that Protection is never wise and
sautary, for that would by no means follow-but
thu, man. branches Of our Industry have outgrown
the necessity Of Protection (which is VIGOROUSLY
the fac, with regard TO some, and that for others
the present Tariff suficeS. as We know it does for
certain interests Tor instance the manufacture
ii Tobacco IS protected by 40 per cent duty,
.rbich we believe quite as high ever before
Suppose the Tobacco manufacture flourish under
this duty, as it doubtless will what does that
prove7 How many such facts would demonstrate
the inutility Of Protection
The Polk Tariff has been IN operation six weeks
the Sub.Treasury, in its essential feature, two
weeks They have had time as yet to effect very
little good or harm though we think they have
lone harm especially the latter. But that the
Banks are to be seriously embarrassed by the
Treasury exaction Of Specie so long as there is
practically no such exacton for considerable sums,
few eau have anticipated The Government IS
now q desperate borrower, and so far from absorb
ing spoeie into it's Sub-Tressunes has great diff
Guilty in keeping itself ahoat by the issue and re
issue Of its own notes. 1t has become a great SHIN
plaster mill. grinding out reams OF irredeemable
PAPER and discrcditipg toe notes Of the Banks IN
order to give currencyto ITS own raceless bsnt
lines At present, the Sub Treasury is only a
costly, clumsy vexatous absurdity, as the Journal
Of Commerce prouounces It But let us only see
the end Of the Treasury Notes, with balance OF
Five 10 Ten Millions in the Treasury and then we
shall have the Sub Treasury fairly IN operation
ni.is then no more mischievous absuriity than
now. we shall be areeably disappointed
When the Tariff Of ls42 was under discussion.
the Evening Post and its compstriots denounced it
es utterly ruinous to cur Shipping and Commerce
This cry was to certain extent credited and the
I'll A tl.
perencc showed the folly of these apprehensions
and there have rarely been four years Of more sub
s,an,ial prosperity 10 our Commerce snd Nayisa
ton than those since ls&e The recent extrsordin-
ary demand Tor shipping and exorbitsnt profits
thereon though commencing under the Tanfi OF a.
aud continuing under that Of &C, were in truth
caused by neither the nor the other but by the
coincidence Of general scarcity IN Europe with an
ample harvest in this Country, causing an immense
shipment Of Provisions from America TO Europe
This has inevitably created great demand for ships
and proportionate increase Of bodybuilding lfsny
body can be made to believe that the Tariff Of lsae
is the cause of this they must afford striking in
stances Of the power ofparty fanaticism
What the Tariff Of 1916 will do for the Country
remains to be seen. 1t has scarcely yet been felt
BY the great INDUSTRIAL interests most exposed 10
Be affected And yet we have witnessed attempts
20 produce the impression only that the activity
in Ship-buildiug is owing TO the New Tariff but
actually that the upOulding of new factories in va
rious parts OF the Country has been if not stllDuls
cd certainly not checked, by its passage The
facts are exactly the other way. TWAS not be
hevsd BY those engaged in Manufactures, until lr'e
in the last season that the Tariff Of ~ would De
subverted Meantime extensive purchases had
been made contracts tor building entered into and
heavy expenditures incurred. In the belief that
there would be no change These expectations
were disappointed the Wing Tarf was subvert.
ed What was now to be done Even II the
capitalists had wished ever so ardently to desis,,
the contractors with them for building machinery
&c would not agree to il Those who We're able
were constrained to 50 on. Such. as we under
stand is the fact with regard to most OF these
asrsakirgs which have been prosecuted in spite OF
the change Of the Tsrd. And yet the tact that
they are prosecuseds grsvey cited as evidence OF