Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-01-01
NATIONAL INTELLIGENCER.

The official organ made large parade of figures
day or.two ago, affecting to prove that the Pro-
tective System has had no tendency prevent those
revusions in trade arising from the export of specie
made necessary by an excess of imports, in answer
to our remarks on the fiscal portion Of the Presi-
dents Message.
The article referred to is an entire failure, being
founded on false premises. 1t assumes the years
l8l6'tGl 1892 as those in which the protective sys-
tenn was in operation, and from 1882 to lS4l as
those in which that system was in allegiance and
from the fact II is true the system may be con-
sidered as having been established in 1916 by the
influence Of South Carolina in favor of the cotton
minimum, but the effect of the change could scarce
ly be felt for many years. 1t not until the
years 1928 or 1890 that the full effect Of great
amount of capital invested in manufacturing estab-
lishments was fully realized and the years 1882 to
1910 were precisely those in which the full effects
of the system were felt in all their force. The
tariff of 1882 (for which Mr.. Polk voed) was more
highly protective than that of 1912. The reduc-
tons, under the compromise act, were unimportant
for the first seven years of its operation. II was
not felt until it came to the jumping reductions OF
1910 and 1912. The imports Of ls4l and 1912,
consequent thereon, caused drain of specie and
a tremendous reyulson in business. The tariff of
1912 brought us in the great import Of specie Of
1s43, which at once restored the country to de-
gree of prosperity never before experienced. We
now beginning to feel the effect of change of
system under the tariff of 1916.
This change of system, combined with the Mexi-
can war, is threatening us with monetary crisis
of no ordinary character. The rumbling Of the
distant thunder is already heard in our commercial
cities. Prudent men are preparing for storm !;
and SO sure al these two measures continue, year
will not have gone round before the vaults of the
Subtreasury will be drained of their last eagle.
The substitute will be rags-rags-rags in other
words, Treasury notes.
Since putting The above into the hands Of the COM
positor we have seen Letter from Philadelphia
to distinguished gentleman now in this city, from
which we have been allowed to make the following
extracts
"PHLApELpHIA, DECEMBER %, ls47.
The misery produced by the three vile acts Of this Ad
Observation-Disclosures War; Subheaury, and ALL the
and New York the palmy days of the good tariff of 1912
have been followed by pressure without parallel The
bes. paper is sold at J to per cent per month
'Nor is this all in the face OF Mr.. Walkers boased
prosperity and manufacturing profits, the consumption of
cotton in this city and its vicinity has actually fallen off in
years nearly ten thousand bales This, too, when he
says every interest is fourshng Indeed if we had not been
very sound here the fearful sacrifices Of the hast few weeks
opessure andpanc would have Frustrated hundreds Of firms
Gas for Mr. Walkers manufacturing prosperity, take
example The stock the Hamilton Company, which
has hitherto stood high, has sold in Boston 81 per
discount, though before this 10 per cent dividend compa
ny. One company in vicinity, held eighteen months
since at IL per premium, has been offered %
per cent. discount on six months credit
ssThe Administration is asking for more money They
propose loans, duties and Coffee direct tax &C. But
will not Congress ene themselves the confidence Of suf
ferng people, if they enact that wise bill the tariff Of
1912, with perhaps a few notifications ,"