The Middlebury galaxy. [volume] (Middlebury, Vt.) 1848-1850, 1848-01-11
Fran the National hseuiga'csr.
THE TARIFF.

The official organ made a large parade OF fig
mrs. day or two ago, affecting TO prove thIt the
Protective system has had no tendency 10 pre-
vent those rcvulsions in trade arising .from the
exnort of specie made necessary by an excess oil
;mnorts in answer to our remarks on the fiscal
norton of the Presidents Message.
trhe article referred TO is an entire failure, beng
founded on false premises il assumes the years
1916 to 1882 as those in which the protective sys-
TEN was in operation and from 1892 10 1871 as
those in which the system was in allegiance and
had ceased to operate. 1t Ii true the system ma!
be considered as having been Established IN loi"
bv the influence of South Care Ira III FAVOR VI
the cotton minimum but the effect Of tiie chalec
could scarcely be felt for many wears IL wis no.
until the wears ls2S $50 that the iiti ciIeV ="
4 great amount of capital invested IN manIiactnr-
ing establishments was fully rcanZeu' anu "'e
wears 1882 to 1870 were precisely those IN which
the full effects of the system were felt in all their
force. The tariff of 1882 flor which MIR. FOLK
yotedl was more highly protective than that oil
Is42. The reductions under tho compromise act
werc uniuportant for the first seven wears OF H.
oncration. Ii was not felt until il came 10 the
iump: ne reductions of lS40 and lSi2. The I'M
ports of 1871 and 1912 consequent thereon, caused
n drain of specie and tremendous revulSlon IN
business The tariff of 1912 brought us in tho
great import of specie OF lS43, which at once re-
stored the country TO 4 degree of prosperity nev-
or before experienced. We are aow beginning 10
feel the effect of change Of system under the tar
ii' of RAG.
This change ofsystcm, combined with the Mex
lean war is threatening lis with monetary crisis
of no ordinary character. The rumhlins of the
distant thunder is already heard in our CONNER
cia cities. Pruden men arc preparing for storm;
and sure these two measures continue, II
wear will not have gone around before the vaults
g, l., n.I tf tlpIr
eagle The substitute will by ragS-ragS-iaSs ;
in other words. Treasury notes.
Since putting the above into the hands OF the
compositur we have seen a Letter fom Pllialci-
phia to distinguished gentleman now in this city.
from which We have been allowed 20 make the
following extracts:
PHILADELPHIA. Dee. p. 1871
'1he mis-cy produced by the three vie acts o.
tie Observation-Disclosures War, Suhtrsasrry.
aud. above all the British TlriiI-cNsre,ls ~ err
d,nrc. In tlli, CITY Boston and New York, the
p,lmv DAYS Of the rood tariff of 1872 have been
followed ly pressure without parallel The
best pay,er = sod NJ ! IL per ccIt. per month.
Nor is this all in the face Of Mr.. Walker :
boosted prosperity and manufacturing profits. the
consumption of cotton in this city and lis vicinity
has actually fallen off i'll two years nearly tR
thousand Lui,S This, too. when he sayS every in
terest Is houri>hing. Indeed. il We had notbcen
very sound here, the fearful sacrifices Of the la>
few weeks of pressure and panic would have pros
tratcd handred of firms.
AS for Mr. Walker manufacturing prospect
~, take an example or two The stock of the
Hamilton Company, which has hitherto stood
high. has sold in Boston at 81 per cent discount
though before this 10 per cent. dividend compa-
ny. One company in our own vicinity, held
eighteen months since If II per cent premium.
has been offered to me at p per cent discount on
six mostlrs credit
The Administration is asking for more money.
They propose loans, duties Oh tea and coffee, di-
rect tax, &c. But will not Congress cntite them
sef,es TO the confidence of suffering people, IL
they now rccnact that wise bill the tariff of 1912
with perhaps few notifications =