The New York herald., 1850-01-28


tempt be made. In such an issue, Mr.: Meade |
g trusted in God that his eyes had already rested
on the last Speaker. The South" said he, .'woud
resist all aggresslons, and the snews ct every
mans arm IN that section would be Steel.
We. are no alarnsts IN this conjuncture. The
American Union will stand great deal of rough
wear and tear. Its predicted disruption by class
of discontinued politicians, forcbly reminds us of
the frequency with which, in this country, we have
been summoned by tory faction to behold the
"setting sun" OF England and the British constitl-
tion. But though we see no reason for apprehend-
inc. the immnency Of crisis in the fortunes Of the
Union, II cannot be denied that this slavery ques-
tion has involved the confederation in very grave
and complicated difficulties This unfortunate re-
suit is directly uaceable TO that almost judicial
blindness which made American statesmen
different TO the relations OF the white and coored
races. That slavery could be a permanent form
of society In the heart of a Christian civilization,
was never, OF course, imagined by any man whose
judgment was entitled to the slightest respect.
And yet the chiefs OF party and leaders of public
opinion In America, were content TO shirk the
question, and TO regulate their policy in the matter
by the thoughtless and indolent maxim of the
laisses-tate political hack" II will last my time"
The consequence Is, that. in place Of seasonable
arrangements beng made, in harmony with the
tendencies of the age, for the gradual emancipa-
ton OF the slave, an accursed Institution has been
permitted silently to develope itself, until the
of events and the current of public opinion threaten
10 precpltate the settlement OF a question which,
above all Others should be deliberately encounter
ed with calm wisdom, not committed to the
storms Of passion and prejudice. II Mr.. Clay
would but amend his plan OF manumission, by
rendering its action more immediate, it seems
highly probable that the compromise might con-
ciliate and unite all partlesl .a.4ass ..Iazx
The Financial and Com mer rciaI Condition
or the United states-Tne View In Eng
lana.
From the London Times, Jan. Ill
The report OF the Secretary of the Treasury to
the Congress OF the United States will be found to
be document of even higher Importance than
Gen. Taylor's messags, tor we are more deeply
interested In the course to be gwen to the fnan-
cal and commercial policy Of the Union than in
the recital of Its military achievements its dpo-
matte relations; and while these subjects have
been discussed with studlous reserve, the inten-
tons OF the present administration upon the ques-
mons of finance aud protection, are stated and de-
Tended with the utmost mlnuteness. We regret
that on neither OF these topics can we record that
assent 10 the principles OF the American govern
ment which we have unfelgnedly expressed with
reference 10 the political message of the President
The financial condition and prospects of the
Union may be stated in few figures The cost of
the Mexican war, as exhibited by the excess of
military and nava. expenditure the three years
from the lst Of April 1916, to the lst of April lsi9
over the three preceding years, may be roundly
stated at slxtythree millions OF dollars of winch
forty-nne millions have been paid by loans and
notes already issued, and .the remainder has been
betrayed out Of the current revenue But IN ad-
ditlon to this permanent and precise charge, there
the current year, which will amount to 1875, ,2l4
dollars by the lst of July, 1851 To provide against
this liability, the President requires authority to
raise another loan not exceeding sixteen millions
and half Of dollars.
To a certain extent these financial exigencies
would undoubtedly justify the augmentations OF
the import duties which are recommended by the
Secretary OF the Treasury, because the American
government has In reality no other financial re-
source for increasing the revenue, and experience
has shown that some augmentation of these duties
may be productive 10 the State. But Mr.. Mere
dith does not take this groand he developes, on
the contrary, complete system OF protection, and
If the extracts from his report, which We publish
In another place, read with surprise and dissent
by large proportion OF the British public, the
philosophers OF No. IL Old Bond street may hail
IN the person of the American Minister an un-
expected ally. The Secretary OF the Treasury has
certainly not hesitated 10 expound the doctrines Of
protection in their most antiquated form, and 10
rest his official defence OF the policy recommended
by the cabinet oa the most exploded fallacles and
clumsy delusions.
His first proposition seems to be, that as "no
country can attain due strength or prosperity that
does not by Its own labor carry its own produc-
tons as nearly as possible to the points necessary
TO ft them for ultimate consumption" so the vast
export of cotton and other raw material from the
United States is "to pretermit the means which
nature has provided for their advancement" For
II, says he, we exported cotton last year 10 the
amount of 66 millions Of dollars, what would have
been the effect II we had exported that amount of
cotton IN manufactured state of fourfold value
To this we reply, that such export could in that
case have taken place at ALL Nature has given
the United States very extensive means of pro-
duciDg raw cotton, but, comparatively speaking,
very limited means OF producing manufactured
goods. Her raw produce Is cheap and abundant,
her manufactures limited IN amount and expensive
in fabrication hence, If the interests of her farm
ere are made TO depend on the interests OF her ma
nuiacturers, the former, who have now the world
for their market, would be reduced to the narrow
demands Of the manufacturing states
But Mr.. Meredith confutes his own arguments
IN the most striking manner by the subsequent re-
marks he makes upon foreign trade. II, indeed,
he held that foreign trade is not one of the most
esss nal elements OF national greatness or thought
with the Chinese statesmen that is only by grace
and favor that outer barbarIans are TO be allowed
10 frequent American ports, there would be some
sppearance Of consistency In his system But
while he absolutely derrecates the Importation
both OF raw produce and Of manufactures, he pro-
iesses 10 open views tor the unlimited extension Of
foreign trade; The annual products Of the United
States have been estimated at about three thou
sand million dollars; the annual creation of wealth
In Great Britain 1--WE know not en- what authority,
an ano We question the accuracy OF this comparison)
dollars; but the outward and inward trade of the
Union is 2l9 millions; that of Great Britain SO
millions. Hence Mr.. Meredith inters that il or
foreign trade were brought down 10 the American
scale, il would be reduced to about lss millions;
and II theirs were raised TO our scale, il would
reach about GA millions.
but In Discussing this subject, and framing these
calculations, Mr.. Meredith seems TO have lost
sight altogether OF the elementary truth, that COM
merce 10 only another word for exchange; and
whilst he projects a sfupendous increase Of COM
merc'al intercourse with one hand, he shuts the
door against the mode in which that intercourse is
to be earned on with the ether. For example, Ne
wishes TO export the cotton of Amencs not in its
raw state, with value OF sixty-sx millions but in
the manufactured state value four tunes that sum.
But the people OF Manchester and Mulhouse who
REQUIRE the Ta article and de- ms nd the nrod,ce Of
the American farmer. would be totally without the
means OF exchange, il the same article was to come
to the at four times Its present price, through the
hands ct the American manufacturer. la other
words, to reject the manufactures Of Europe is to
REJECT what we have TO offer in exchange for the
produce OF America, and, consequently. to inflict
the greatest possible injury the grower and the
trader--not to mention the injury to the consumer,
both OF raw produce and Of the manufscturcd arti-
Gle, in the old world and in the new. Whilst the
United States are enriched by their command Of the
markets OF the world, in certain important ARTICLES
ofraw produce, such a. cotton, tobacco, and some
ia trsv IL.