The Lancaster gazette. (Lancaster, Ohio) 1846-1852, 1848-01-07
poltiGal.
From The National h.tslhgsAeer. Dee. II.
Presidents Message.--NO 2.

from the mOnotony Of the Mexican War
that topic which has necessarily occu-
pied so large a space in our columns
we vary the subject for the present, con-
Hning ourselves for to-day To some brief
remarks upon what is said b. the Presi-
dent in the Message in commendation Of
his
Free Trade Doctrines and Measures
The President congratulates himself
on the working Of the New Tariff. Some
analysis Of its action in comparison with
that Of l642 will show with what reason
he rejoices in it.
The President gives US the amount of
imports for the last fiscal year, ending
June 80, 1s47. which was (exclusive Of
specie) Sl22, ,424 ,349. on which the du-
ties amounted to S23.747,SG4. The i'm
ports of merchandise (excluding specie)
for the year ending June 80, 1916. amoun-
ted TO S1i7,472, 900; the duties SIG. .7l2,-
667. The imports for the year ending
June 80. 1645, with like exclusion, were
Sl13,29l 900; the duties S29, $500
Now. a very simple application of the
Rule of Three will show that, under the
Tariff Of 1912. the imports of the last
year would. according TO its result for the
year ending June 80, lS45, have given
revenue Of S29, 700 900; or according to
its result for the year ending June 80,
1916, a revenue of S27,600,000. This
discrepancy is owing 10 slight annual
fluctuations in the proportion offree goods
and of those paying different rates of du,
ty. But, taking the average, it is self.ev-
dent that the loss Of revenue on the last
years imporatons, by the substitution
of the tariff of 1916 for that OF 1912, as at
least fOe millions Of dollars, and this not
withstandiDg it bad been in operation but
seven mouths Of the year. This circum-
stance, however, is not of much impor-
tauce, as shipments of goods on which
the duty was reduced were kept back or
sent to custom house stores for future en-
try during the last month of the tariff of
1912. The President and his Financial
Minister, attempt as they may to give
different aspect to the matter, will fail
of their object. There is no escape from
the fact that, in point of revenue alone,
the tariff oe 1916 was suicidal sacrifice
of FIVE millions of dollars, on an average
of our annual imports, and this after the
commencement of most expensive war
What more undignifed, fallacious and
unfair than to go from the fiscal year. en-
ding 30th June, Ito which the accounts
are made up,) to compare the astrono'
mical years 1916 and 1S47 for the pur.
pose of drawing conclusions favorable to
the tariff of 1876, when, truly presen-
ted, they lead to conclusions directly op.
positel
In the first place. the lmportations OF
the last month of 1916, up to December
were kept back, as already stated, to
wait the operation of the new tariff; and
of course the imports of the first months
of 1S47 we're pruportionally increase. a
fully appears by the actual imports of thu
, fiscal year ending 3Oth June. In the Sc
cond place the famine in Europe and tn,
specie sent TO this country to purchase
food produced state of wholly unusua
prosperity, and consequently caused
greatly increased importation of merchan
disc, especially during the latter par
of the present year.
Under the additional stimulus of MI
Walkers Tariff, this has been decidedl
too great for our comfort, as we find il
the turn of the exchanges. whereby w
, are losing our specie, by every packet AM
steamer that sails for Europe. nearly O
quite as fast as it came in year ago.
The consequence is a violent cOntraC
: ton on the part of the Banks, pressur
or the money market in all the CONNER
I cial cities, which will soon extend to tn,
interior unless checked by the cessation
of these undue and excessive imports
The President estimates the duties az
cruing from December 1916, to Decen
Der lS47.. at thirty-one aud half million
; of dollars. He does not give tn amour
of imports which produced this amour
of revenue: but it can hardly fall short c
one hundred and sixty millions Of dollar
= exclusive of specie. Now, one or tw
y things is unquestionably true: Undt
- the tariff of 1912 we should have had tn
. same amount of importation, or we Shoul
). not. Gu the first supposition, we shoul
derive a revenue from it of about fort
millions of dollars instead of thirty-on
Il and a halfmillions. On the last and mo-
5. probable supposition of a diminished in
IL portation, we should be in state of con
5 parative ease; our cities would not /
e writhing under money pressure of on
1t or one and a half per cent month, watcI
!, ing with intense interest the clearance
!. every steamer and packet to see no
/. much gold and silver, the life blood
e our circulation, is being drawn from u
/ The import of specie always produces
d prosperous state Of trade aud industry
e lis export, on the contrary. is alwa.
T. viewed with alarm, and when carried b'
s. yond certain point, is certain to para
ze all commercial operations. lhe oil
ly cause of an undue export of specie
o an excess of imports. To this branch
T. overtrade this country has always bee
yys peculiarly subject A leading motive
H. the establishment of the protective sy
g tenn was to check this excess OF imPo
~ and give more steadiness to our currenc
. 20 The policy of this Administration, on II
4; contrary, is to stimulate imPortations
: the utmost.
T. ,.-,T 4.