New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1848-10-05
NEW-YORK TRIBUNE.
Hon. Robt. ,. Walker.

r. lf E4t0r o. ne lrtph"
Absence from the City has prevented am earlier
..,,,s Of recent Correspondence between
...ssr Of our citizens aud the Secretary OF the
Treasury
nat ANY number Of our citizens should deem II
dent 10 tender a dinner b. Mr.. Walker or
=, ,,ber public man IS a matter of their own
ID which the public have no concern; but in
.s,,og their congratulations for the success OF the
,..sre. Of the present Administration 1t s important
al be understood whether they speak for them.
I've. or for the Commercial Interest OF our City II il
). ,ndei 10 BE- representation Of the latter the list
/. esceedingly lame Quite number Of the gentle
,,o are in the immediate pay Of the Government
s,s are interested in contracts for the construction
fsssmers or for Carrying the Mails while there are
,ts smiable gentlemen who, upon more than one oc
,.n have been ready 70 repudiato their own senii-
r,nis for the privilege Of seeing their names in print
have no time now 70 discuss the relative merits Of
M Tariffs Of 1912 and OF l-46. The bestnormed
"a throughout the country believe that the former
NJ although perfect in all its details was the best
Rs,sple measure that has ever been passed by Con.
,,,s Under ts influence every interest Of the
streoyered from state OF great depression to one
Il ne most healtbful prosperity and for the advance
AIDE by the whole country during the four years that
"a. Tsrf Of 1912 was ia existence, the present century
FINISHES no parallel With this Tariff, seven cighths Of
u, Iu,rcaa Merchants Of our City were well satisfied
81 desired no change.
-Four fths of the class at this day lament its
rpssl.
The effect Of the Tariff Of l.4G has been (ss all in
ylgent men foresa) stimulate inporiaiious greatly
,,osd the wants Of the cOunry-tO the depression Of
ar own Manufactures and Labor and constant
i,n Of Specie from our Banks The one proved
,od regulator Of our currency the other has deranged
n During the existence OF the former, money was OBJ
aimed at to per cent. pen During the batter
4 has commanded from II to Is.
In l-i4-5-G exchanges with the South and West
ubged - per ct below what they have done for the
at r. months. IN fine tho reyiyng influence OF the
Ta of a. was felt throughout the length and breadth
Of our land The benefits OF that OF 40 must be main
80. sbtat British Manchester. Birmingham and Leeds
To the secretary Of the Treasury. personally, have
,oobject.on Yet the propricty of calling HIM to the
head Of that Department may well be doubted
That Nj Walker is an industrious and hard working
man no one will deny. That he - sound practical
nan DO one believes who knows him. He ia literally
nan OF words but the ialacy OF his statements and
the Absurdty of his speculiions have been 80 often
exhibited in both Houses OF Congress that his own pc
ltesl friends have ceased to defend him. Perhaps
there il not another instance where the incapaciiy OF
pablo officer has been sriSngly exposed As that OF
M Walker, by the Chairman of the Committee Of
wsJs and Means in the House Of Representatives last
Winter
The man who could claim that the importation Of
twenty four Millions OF specie in 1917 was in any
measure to be ascrbed to the Tariff OF 46 is either
knsve or r fool
The individual who would embody IN an official com
mlneaton to Congress prediction, that under the
Pesent Tariff our importaiions might be pushed to
such extent to produce revenue of Ninety Mil
Ions per snnum ut subject for the unatic asylum
The bungling mot to say fraudulenp manner in which
Mr. Walker conducted the two Government Loans pri-
or 10 the last, deprived hun OF the confidence of mo
Keyed men throughout the country, and rendered 1t
Necessary for Congress TO pass act prescribing in
detail the manner IN which subscriptions should be re
ceved and the stock dstributcd-he hrst occurrence
OF the kind il is believed since the organization OF
Government.
The watchful care of Congress however. has failed
to protect the country against the humbuggery that
the two former loans. No upright and
independent officer would have countenanced sub
senpton Of twelve or fourteen millions from a firm
which no time has possessed half million to invest
In securities OF any description The folly OF this
s now most manifest Notwithstanding the large excess
the amount subscription the late loan of Sixteen
Millions takers for noohrds Of thai loan are yet to be
ond Mr. Walkers agent may succeed IN dsposing
IF portion OF it in Europe II SO 1t will probably be
II a shave The remainder must fall back upon this
market lts effect Is yet to be seen
The daily bulletins prepared in Wallst-thst Mr..
-orcoran only awaits in London the of Sir Thos
ssrin, from the Continent" That Mr. Walker has
10 violate the sub Treasury Law by loan
ne the Government money without suthority-That
ioy Bouck. with prOmptness characteristic OF the
nan, is prepared to disburse the $4,000, upon the
hortes, notice. All these and other subieriuges Of
milar character may serve to keep the stock in the
neshborhood OF par.
II Is possible. however. before ninety days have
passed. the Bfiea" will had that the Fldis' are
mostly confined to Wal.st
In conclusion Mr. Editor allow me to add that thirty
years experience has convinced that all our Com
nercia Revulsons hsye their origin In excessive i'm
portatons from abroad that when these are limited TO
he sctusl wants of the country we sways have sta
bic and prosperous state Of things
The same experience has taught me that .dcrsnge
ment sud depreciation the natural consequences OF
LocoF oco rule Ills the mission ofthe Wings TO bring
back order and prosperity.
| hope 1t will not deyove upon them to expose cor
upton ANEwioRS MERCHANT