Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1848-08-12
NATIONAL INTELLIGENCER.
FINANCIAL STATE OF THE COUNTRY,


upon the money market. During this period, con-
slant drain of the precious metals has been going
on, amounting, in the aggregate, TO some fourteen
ar fifteen millions of dollars The consequence has
been constant appreciation of the currency, regu-
lar reduction in the price of merchandise and pro-
duce, embarrassment and stagnation in our trade
and manufactures.
\ The cause Of all this is easily traced; It is as
plain as ABC. Ii is the excessive importation OF
foreign commodities, induced by the change in our
tariff under the act of ls46. The object of that
tariff was to increase our imports OF foreign manu-
features. Mr.. Secretary WALKER has gorifed him.
self and his policy in its great success IN mat par
tcular. But practical men take different view OF
the matter. They know very well that over-lm.
portation has always been the immediate cause OF
those crises in the money market, SO preludiclal
to commerce. so parayzing to industry and all pros
perity, to which this country has heretofore been
neculiarly subject. 1t was this tendency to over
importation which was leading motive to the es-
Establishment Of the protective system; and under
that system this tendency was kept in salutary
check. AS a measure of finance, the reduction OF
duties at the moment of plunging into an expensive
war was superative madness. few statistical
facts derived from the official documents, will place
the whole matter in light too clear Tor cavll or
doubt. AT page 90 Of Mr.. Secretary Walkers re-
port Of December 0, lS47, we have table OF our
specie and merchandise re-exported, and on page
81, the amount of nett revenue accrued in each
year, which present the following results:
Under The Tariff Of 1912.
Year ending June 80. Imports consumed. Nett
1874 500, 800, 54s. \. .S26, 1850
ls45 l05, 500, h4l. 27,526, liz
1916. lI0,04s, $50. 26,ls357O
Average OF three years lO4 $685.. 90, 63l $50, or
25 57-l00 per cent.
~ r JOAp
Is47 .ll6, 25s, 3l0.. !. 3,747,s 1874, or
90 a. 100 per cent
We thus see reduction of upwards Of five
per cent, in the rate of duty on our entire i'm
portaton, and this Notwithstanding this tariff had
{ been in operation but seven out of the twelve
months Of The year. It is true that the full effect
of this tariff of 1916 was postponed for year
by the famine in Europe, which caused us to ex-
port forty to fifty millions extra in breadsus and
other provisions, and brought in twenty-four mil
lions in gold and silver coin notwithstanding the
above large increase in the import of merchandise.
But how stands the matter now We are informed
by the Administration paper, with great EMULATION,
that the revenue from imports for the year ending
Both June last will fully come up to Mr.. Walkers
estimate of thirty-0ne millions of dollars. What,
then, must have been the amount of foreign mer
chandise imported! Why, one hundred and fifty
to one hundred and sixty millions as plainly as
that figures cannot lie. Here lies the solution Of
the whole matter. Under the tariff of lS42 the
name amount of importation would have given us a
revenue of nearly or quite forty millions but more
probably we should have had an importation Of
one hundred and twenty to one hundred and thirty
Millions and of thirty to thirty-three mil
ions. We should thus have saved our gold and
,ur stocks. For in our present distress, we shall
consider il great relief if Europe will take from
Is some millions OF our six per cents. in payment
or the goods which we did not want. This che
will doubtless do. In fact, under present sys-
en-, it is probable our whole war debt will be gradu-
lly transferred to Europe, as was so large a por-
on of that created by the war Of 1912. That debt
paid by the establishment of the protective sys-
I'm. So will this be for long before these stocks
III due, we shall come to our senses. The game
{ folly will be played out. The democracy Of
Dor will resume its rights for it is the labor of
e country which is to suffer. The first blow is
BON capital. but labor cannot long escape. The
onmasters are putting out their fires. The estab-
hments, manufacturing woollens and cottons, on
aking up their accounts, find no return for their
pital. Their next step is reduction of wages.
enucky finds her cotton bagging undersold by the
lst India gunnies. / am told upwards Of twenty
rgoes of guuny in cloth and bags have been i'm
rted within the last year. What says Burns's
ance Of the shipment Of cottons from Great Bri-
a to the United States Forty millions Of
rds of plain cottons in ls47 against nine, twelve,
millions for the three preceding years forty-nine
lions Of printed and dyed cotons in ls47 against
live, thirteen, thirteen and half millions for the
ee preceding years. Doubtless we are acting
st benevolent part towards the labor of Manches-
and Bengal, and the miners Of Wales and Scot
d. To crown our folly, we have the Subtreasury
persng what little specie remains in our cities into
all streams, from which it returns slowly and
h difficulty.
Iftcr all, il is wonderful how the blunders of the
ninisration have been favored by blind fortune.
famine in Europe furnished specie to put the
treasury in motion, without which il had been
,ossible The infamous Mexican war, by its
ttion Of debt, furnishes stock which is aleviat-
the pressure in the money market, which would
rwise have been intolerable But for the Eu-
AN famine, our worst fears of the effect of the
ige of tariff and Of the Subtreasury had been
? than realized. There is nothing cheering in
uture but in change of men and measures,
A LOCKER On.
d. n - a.. - go q