The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-10-25

TuE TARIFF, THE SUB TREASURY, AND FREE
Meredith is said to be lndustri-
ousy engaged IN the composition OF voumlnous
report, to be presented to Congress at the opening
OF the coming session. The leading object OF this
report will be to make out a case IN reply to the
revenue system of Robert j. Walker, and all his
able arguments in support of the bill OF '46. To
give all possible strength to his appeal in favor OF
the act of AZ, or such scheme, with Its spec-
fcs, minimums, and home valuations, Mr. Mere
dth is collecting from his collectors and revenue
officers, from all parts of the Union, the necessary
estimates and tables of the results of the bill OF 10
1t will be easy to show that tariff OF seventy
seven per cent upon iron gives more protection 10
the Pennsylv ania manufacturer than the duty OIL
thirty per cent; but the main point OF cheapenins
the article to the consumer will be more diihcuit
TO establish 1t is probable that the President, IN
his message, will recommend the attention OF Con-
gress to the report of his Secretary, and he may
advise some notifications in favor OF home pro-
lection; but from the confused composition OF the
House, and the decided democratic complexion oil
the Senate, there is very little prospect that any
material changes of the act of 46 will be made the
ensuing session.
The Sub Treasury, machine too cumbrous,
and too little mixed up with banks loans, ana ad-
vances of bank paper, cotton speculations TO be
satisfactory to our fnanciers OF wall street,
(always including the model editor OF the Courier,
il will still be more difficult to disturb Mr. Mere
dlth, it is expected, will not suggest any revolu-
tonary amendments, unless the wlre-workers OF
Mr.. CGngman's scheme of free banking, should
consent to inveIgle him into their plans. We sus-
pect therefore, that the Secretary OF the Treasury
will abstain from urging any material modhca-
tons of the present financial system as inexpedient
at this tlme especially when the paramount ques-
ton to him, of increased protection to iron and
coal, is Of itself so exceedingly doubtful in Con-
gress.
The prime mover. of the scheme of free bank
ing are shrewd men. They will hardly trust the
Measure directly to the fortunes of the present ca
binet. They will first wait to learn what is the
PRESIDENTS home policy, as yet to be developed in
his messages they will first pause to see what is to
be done with this cabinet ITSELF which drags like
dead weight upon the administration and the
party. The old fnanciers of the United States
Bank have learned something from experience.
They are distrustu of the weakness of the present
cabinet, and some of the keenest of them think it
cannot possibly hold together till new years day
1t is even suspected that the 'Webster letters" in
the Courier are In connection with design upon
the State Department. We shall see.
Meantime, the composition of the coming Con-
gress is decidedly unfavorabe to the policy of the
cabinet, at home and abroad 1t has acquired the
bad odor of weak, very weak and lmbeclle ca
binet, and change or break down is just as
evident as the necessity of reform. But bad as is
the aspect Of things to the administration, General
Tay lor may yet redeem it, and make it popular and
brilliant, by dismissng the huckstering party
hacks that surround hun, and calling to his as
.stsnce men Of energy, tact, and progress.
Forward is the word. To 60 backward to the good
old times of John Adams, is to break down.