New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1851-08-08
The Panic.
To TIE EDITOR or The TRIBUNE
The pressure in oar Money market now

To TIE EDITOR or THE TRIBUNE
The pressure in oar Money market now
raging Is Just what every man. sound IN his views
of political economy, predicted when the tariff
law OF 1916 was enacted
But for tho famine IN Europe IN 1916, lst7 and
part of 1913. this pressure would have reached
u long before now.
1t la, come now. because we buy more than
we sell because we bring here an enormous
amount OF foreign goods which we ought to man
uiacture ourselves and which must he paid for
in stocks or CON.
our Stocks are all sent to Europe or held by
foreign capitalists. Our Canals and Railroads
earn money which Is sent of. IN The shape of
dividends, to pay interest ON our debts. The
amount of Dry Goods and Silks imported INTO tins
country last year. as shown by the Treasury re-
ports, exceeded >GiOOOOO0 besides Railroad
Iron, Bar Iron, Croclery Ware. Iron Ware Bran
dies and Sugars. amounting to more than s6.Ooo.-
600. in addition to the dry-good>.
By reference 10 the returns OF Specie contained IN
the Banks Of New-York, London and Paris in 1913,
We find that Ncw-York possessed IN round numbers,
$, 100000 London. s73,li3OOO Paris si6,5s9OOO
don, $Cs 10000 Paris. Sill ,O3j,O0O.
We here see that The Specie has increased only
s29IOCOO in Newly ork. while IN ParIs II has
creased near S65. 900 coo n two years.
The plain truth Is, all our gold which we have got
from California has gone to Europe to pay for goods
imported which we ought 10 have made IN orr own
country.
We spent $lj0,O00,0O0 Gr,t and last in the Mex
can War. TO acquire New-Mcxico andi California.
We have carried INTO the harbor of San Francisco
$500 900 600 OF property We have sacrificed $1,000
lives in California. We have lost the work and la
Dor OF 100000 for three years IN California and
our only recOmpense for all this we nave received
about 81 20 90 millions of gold from the Pacific
coast And this has mostly gone 20 France under
our blessed system of al valorem duties, made upon
foreign valuation. \ man IN Paris makes Brandy
10 sell. He can make 1t for ~ cent gal.on-he
will swear that this Is the market price The briii-
DIV paysa duty OF 100 per cent. nd valorem hence
HI, brandy can be sold in New-Yora at one dollar
per gallon freight added
This manufacturer now open, store or countlog-
room IN Nev-York, and sells his Brandy, and re-
ce!yeS orders for II al 81 per gallon.
The American importer sends to Paris for ms
Brandy he IS now charged On cents gallon for the
same article which the French manufacturer inv oces
At 50 cents per gallon. Duties are now paid by the
American Importer, 90 cents gallon, or 100 per cent
In other words, by tho Tariff Law OF 1870 the Amer
lean importer finds that his Brandy has cost hun, laid
down IN New-York. 81 20 per gallon besides freight
ard comInis,io ns, while the 'renchman sells ms
Brandy by the same Tariff Law OF 1916. a ) per
gallon
Who does business under such Law ~ tins Inc
Fronchman or American
Ir.e. Inf, trr
importing business is thrown INTO the hands OF the
foreigner all our money slides of to France, and IN
the mean lime money Is ROW demanding twenty to
thirty per cent usury for the best commercial paper
IN Wall-stroet Free Trade SAYS, buy All our neces-
saries abroad let the foreign merchant do all our
import trade
Let the Ma,te~an Company assign 10 pay Us Ia
borers ie, our cotton factories break let our IRON
mines stop let the furnaces go out let our WOODEN
mills cease to DO business let stocks fall of let
rs run IN debt let us appoint Committees by tens
and by hfes and By hundreds, TO preserve the Union
lest some Wild Yankee should break It let rs quale
before the powers that repealed our Tariff Law OF
1872 le, Us shout God save the Union according to
the Castle Garden system let Us read homihes from
tn, Journal Of Commerce on Free Trade, on the
Blessings of slavery, as d feature Of Repubhcanlsm
!
A. Der barrel whether We buy twice much as We
sell whether our stocks are owned IN America or
IN Europe whether Bankruptcy Is universal IN our
country or not,
A man of common sense Viii tell U.s. that the re-
nedy for the difficulties which now beset US Is 10 re-
store our TaTif 70 a home valuation 10 give us Spe-
cIfc duties on our imports 70 SCI our artisans ana
mechanics and manufacturers IN operation 10 sell
our manufactured goods abroad, and 70 supply our
own market Vlth the products OF our own labor 10
carry away our cotton, leather, IRON, and wooden
sooas to foreign countries, after they are made up
INTO fabrics BY our people instead OF exporting
the raw material Let u no longer carry on rulnous
trade with France. Al the tune OF t22Ow,Oo 10
40 900 90 wear for imports, While We sell that ma
,,on no more than from 5000 600 u sl3,000,t0
year exports.
Letus stop buying sugar from Brazil and Cuba
while we have hundreds OF millions OF acres Of land
N FLORIDA Alabama Mississippi and Texas, waiting
for cultivation with sugar.
Letus eat our own wbea, and -four IN the IRON
mines. copper mines and coal mines OF the United
states instead OF sending them to sweden, Russia.
Siberia and Staorishre 10 feed foreign aborers and
vorkmen.
Let Georgia. Tennessee, OHIO and New England.
r.lse and manufacture oar silk goods, instead OF
france, Spain and Italy.
Let Us hear no more about the humbug OF pSeserv-
ing the Union. which preservation means Free Trade
which prrserv ailon means buy everything and sell
nothing FhANAl'N'
" Another article upon the ease OF
Clemens. will BE- found on the Eighth Page