The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-12
INTELLIGENCE By THE MAILS.



wAsHissror, Dec. o, lsao
The Report of the Secretary Of the Treasury.
The report Of the Secretary of the Treasury, which
~e forvars you to dAy-and which will be presented
10 Congress Mondays, as anticipated 1t would
he n sipgularly powerful document. Coming at tbs
pr.ce time il at the close of admit tration
ard the eve Of smother, which, 1t is supposed will
ADOPT a different line of commercial policy to that
which st present exists IL is invested with unusual
degree OF importance. Mr.. Walker, during the four
wears in which he has guided the financial affairs OF
This country has fpursued course widely different
ffom that Of his predece.rors He stepped boldly for
ward, and declared that the true interest of the
American people was to cut down commercial taxa
ton in it's plausible form of protection aud ex-
tend to all the world invitation to buy and sell
our markets, unrestricted by those drugs With which
1t had heretofore been deemed sound policy to
cumber commerce. In adopting saea policy, 1t was
at lending 10 the subject practical BEARING IL
failure MIR. Walker is about to retire from his posi-
ton, ard his report must faithfully show whether
failure fuccess has attended him You may by
dint of fophistry so turn position that the worst
may seem the better part but where figures the
test there is such loop hole What then has been
the suit of Mr. Walkers policy as demo by
this tribunal? Why he proves trump hantly,
hey ond ell cay that the enlarged policy OF the tariff OF
1886 has been pre- successful He shows that
far from loan being required, there will be
plus at the close of the present fiscal Had the
tariff OF 1S42 remained in operation, instead OF there
being increase OF revenue fuliy equal TO the
ratio Of population, would sustain annual loss of
seven millions Of dollars, and in June, $780, there
would have been addition 10 our national debt OF
five millions Of dollars These are facts there
il a tangihilty about them that cannot be explained
away The United States at the clo.e of protracted
and expensive war, present gratifying spectacle.
Whilst The nations of the old rid have bee shaken
TO their very foun iatious whilst their governme uts
have been upset their credit destroyed-we have
remained prosperous and happy, our credit increased
onr multiplied. That this is the result of
mere accident will pretend 10 assert. To what
t thsn be attributed unless the soundness of the
policy pursued
unusual degree Of Importance and the reason is, that
upon will be ouSht the great battle of protective
tariff a free trade This is the great issue of the
vhig party Swallowed forth in the National lated
Hs,ncer In the Of the docunie MT before
ever we carnot imagine how such an issue can De
brought before the country. Wherein insists the
necessity Of change in our commercial relations p
what excute is there for protection were ever
pros porous ?d did our credit ever stand high?
There is no part of the report which will be more
Objectionable to the opponents OF MIR Walkers com.
msrcial policy than the in defence of free
trade. There is science which of late years has
received coneid ration than that OF political
nomy The most enlil h,ened men of the age have
turned their attention TO 1.-THE greatest intesc Is
have been enlisted either for or against the principle
Ensand has heretofore been the great battle nd
upon which the relative merits of protection aud free
trade have beeE discussed In this country the great
struggle has yet to come. redu ced at 20
operation in 46. The opponents OF that were
confident CT its failure. years have elapsed-the
great champion OF the measure is about to retire per-
haps for from public life but he s enabled proud
ly triumpbanty to point to the helmng
which has attended the carry ing out his views. His
has certainly been emphaticaly one Of the greatest
moral triumphs of any age. We have read many able
arguments Upon political economy and whilst we
ne.n not to deny that the subject has perhaps been
phiosophicaly argued, its advan ages logically
deduced must say in all candsr without the
est prejudice in me matter that We have never
read any argument which could compare to it q
plain, practical and clear exposition Of this great
science which affects greater or less de
gree every citizen of this Republic almost every in
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