New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-12-23

increased caution IN trusting US on the part
of those who at first crowded their goods
upon US at any extent of credit; this eau
ses the machinery of Trade to run more
roughly and irregularly, inducing failures;
when o panic is generated, impelling our
foreign creditors to rush peIl-mel for pay
ment, sueing their notes, foreclosing their
mortgages and sending over their Stocks
and Bonds to be sold for whatever they will
fetch. Now our Imports dwindle to half
their recent amount, and the Treasury, so
lately overfowing, is suddenly bankrupt !;
and we are called to contemplate the falling
ruins of our entire Industrial, Commercial
and Financial fabric, and commence a re-
construction. How often shall we run
this wastefuI, desolating round
When the evil day shall come-as come
it surely must, for no succession of lucky
accidents, nor dexterity Of fnanciering,
can enable Nation to run in debt Fifty
Millions a year for ever-let the People
remember that we Wings have faithfully
and perseyeringly sttiven to avert it. Presi-
dent Fillmore, Secretary Corwin, tell the
Country in substance, what ought to be
done, and urge that it be done speedily.
The commercial activity, the fiscal abund-
ance, now vaunted, are delusive and fleet
ing. For ell the goods we import beyond
the value of our Exports we are running
deeper and deeper in debt, and, in spending
the Customs collected from such excess Of
Exports, we are consuming the Revenue
of future years. Whenever we shall be
called upon las we may be at any time) to
pay Fifty Millions of Debt per annum in
stead of mourning Fifty Millions more,
then our Imports must fall to One Hun
bred Millions and our Revenue theretrom
to less than twenty-five Millions per an
mum. Then Congress must be called and
the Treasury must borrow to pay its way
and then it will be compelled to borrow at
q heavy discount, as it did in 1912. For
then, even though an efficient Tariff be at
once imposed, the Country will be too
much exhausted and paralyzed either to
import or manufacture extensively; 1t must
have time to recuperate, to recover from
the prostration; and meantime the Treasury
must subsist on new loans.
Now let the Country observe that the
Wings, had they power, would avoid these
disasters, by prompt and radical change
in the National Policy. They would so
r6adjust the Tariff as to diminish our I'M
ports at least Fifty Millions per annum,
and increase, to at least an equal extent,
the product of own mines, FORCES, furnaces,
factories and workshops. They would re-
duce our Two Hundred and Twenty-Five
Millions worth of Imports to One Hundred
and Fifty Millions, all $50 far as possible)
subject to Specific Duties, SO as to obviate
all temptation to fraudulent valuations.
On these they would levy duties averaging
some thirty-6ve per cent, giving an annual
revenue from Customs of fully Fifty Mil
lions. On this basis we might begin to
pay off our Debt, Commercial and Public,
and rest assured that the Treasury Receipts
would rather increase than diminish as our
Debt should be paid off and our National
Wealth be increased by an active and pros.
porous Industry. With such policy en-
acted and sustained, we might look forward
with confidence to years of internal pros
perity and to the extinguishment of our
Public and our Mercantile and Corporate
Debts.
What we would do if we could the
Country we'll knows; if nothing like it is
done, it shall know why. We say to our
antagonists to whom the People in their
wisdom have confded the power of check
mating and thwarting US" Gentlemen,
here are the perils which approach and
confront u.s. look them steadily in the
face Had we the power, you know how
we would meet and las we confidently be-
Geve) avert them; but you have it, and on
you rests the responsibility Meet it as
becomes Statesmen-we do no not say in
oar way, but in some way. Stop the con-
slant augmentation of our Foreign Debit
avert the peril of Commercial crisis
contrive the ways and means Of paying off
our Public Debt. If you think the Ma
tional Expenditures can be reduced, re-
trench them; you have ample power. If
you consider absolute Free Trade and Di-
rect Taxation the true, heroic remedy from
our National Ills, act up to your convic-
u