The daily national Whig. [volume] (Washington, D.C.) 1847-1849, 1847-11-10
FINANCIAL RnvERsns AHEAD.

SuDeci Ia Inc decision OF the wing National Convention
FINANCIAL REvERsEs AHEAD.
Experience teaches--says the wise man.
But we doubt the truth OF the axiom. This
nation has had the most ample and dear
bought experience in financial affairs, and yet
it goes ON as if it had never felt reverse or
realized adversely. The ,oise men in pow
er fixed the tariff law of lS46 upon the coun-
try in opposition to the warnings of the wise
men in the minority, and so far, crcum-
stance unioreseen-the famine in Ireland
has operated to fulfil the predictions of the
authors Of this tariff law. And because it
has realized the prophecies Of its parents and
friends, the latter are transported with Joy,
and see not the danger which awaits their
feet and the feet of their policy. Nor are
they left in ignorance Of the danger ahead,
for the opponents Of their tariff are not back
ward in pointing out when and where and
how this whole taxation scheme will explode.
But admitting that the opposition look upon
the subject with jaundiced eye, and are not
to be trusted as correct prophets, surely the
country is not without examples sufficient
to awaken anxiety, if not alarm, for the
working of the tariff of 1916, under the con-
tinued pressure of foreign war and the loss
Of the markets of famine. Yet in the face
Of these obvious facts, the authors of the ta-
riff Of 1916 are not in the least afraid of con-
sequences arising from any circumstance TO-
reign to its operations, and are absolutely, at
the present time, 6attering themselves that
| it will answer all the demands upon it under
the changed circumstances of the nation and
the markets of the world.
Hence it is, we say, that experience does
not teach. Nothing teaches the self-suff-
cient, whether in nations or individuals, and
our servants in charge Of the Federal Ex-
ecutive are self-suiicient to degree truly
alarming. The Secretary of the Treasury,
the father of the tariff of 1916, wise as he is
in some things, and as far-seeing and far
reaching, will not admit that it was the ia
mine in Ireland which sustained the food-pro-
ducng interests Of this country for the past
twelve months, but he attributes it to his ta-
riff. Nor will he. admit the probability of its
not going on to increase the revenue ad in
fnitum. He now sees the specie going out
of the Union at the rate Of almost million
| q
by the last departmental it does not Gre
ate any alarm. The tariff of 1916 will sup
ply all deficiencies; and as to loans, he APP
pears not to be the least concerned for their
negotiation at even an advance! Such in
difference as to results is not the fruit of le-
| gitimate reasoning, based upon the broad
foundation of cause and effect 1t is the
consequence of ignorance of the operations
of financial laws, combined with large de-
gree of vanity to appear to know more than
other men upon the subject of Government
finances We are prepared, therefore, to
witness financial reverses in this country, such
as it has never before experienced. They
will come-they are coming surely as
the sun goes down to his bed or rises from it.
They will be painful in the extreme, but, ne
vertheless, we must realize troubles from
which there now seems to be no release.
The very tables Of increase Of receipts
from imports, which the official mouth-piece
of the Executive is continually in the habit
of quoting, are the forerunners of disasters in
the money circles all over the country The
goods imported will have to be paid for. How
can this be done' Either by produce or by mo-
ney. Have we either We have produce large
ly, but not money But do those from whom we
have bought so heavily want our produce !
They do not. There is no longer any fam
inc in Europe. Heavy harvests have glad
dened the heart Of man in that quarter Of the
world. But the answer s--there is our cot
ton. Will that staple stand us in hand 7
Surely not, for the American crop this year
is over twenty-five hundred thousand bales,
and there is diminished consumption in
Great Britain, and the rest of Europe, of
cotton manufactures, which threatens, under
recent commercial reverses, to leave half of
our raw material unsold in the marts of the
world. Add to these difficulties the condition
of the trading houses in Great Britain and
on the continent. These agents in the COM
merce Of the earth have nearly all been
swept out of existence, and the active capi-
tai which they welded has almost all gone
with them. Such houses as have survived
the destruction, have given notice that they
will trade no more except upon the cash prin-
ciples, or its equivalent. 1t is easy to see
the effect of such determination upon past
and future transactions.
/ The tariff of 1916 has stimulated importa-
tons of foreign merchandise. So long as
they could be paid for by us, in the great
staples of human food, all was well, and the
revenue necessarily increased But now,
when our staples of food are no longer want
ed, what are we to do to pay up balances ;
| We must send the money The money has
already begun to move for that purpose. 1t
will continue to go, till the demand for it
ceases. Our cotton, owing to continually
diminishing consumption in Europe Of cotton
manufactures, and to the increase in its pro-
duction here at home, is Of no avail to pre-
vent the exit of money to Europe to pay our
debts. 1t is falling in price daily. Before
the picking Of the next crop begins, it will
be down to five cents per pound Nothing
can stop it. We put this prediction on the
record. But there is another element which
we have not brought into the calculation. 1t
is. the war and its expenditure. 1t is the war