The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-08-08
COM N ERCIAL.


NKw YoRK, August 6-b, p.
The Buffalo Commercial Adveuser--one OF the dan
gerous because OF the able opponents of indus
rla and al fIeedomon the ul. devoted
siderable the examination of my letter Of the L4h
to the Unioni and while differing, OF course
from the general views therein entertained points
certain sta temenis which, denomnaies blundes seek
ing 10 correct them by counerstaements, The CONNER
eal always supports its views by able arguments so well
susia ned make effective aid the protect
i've theory than those prints such the New York Tribune
which SO outrage common sense TO weaken any pc.
sition they affect occupy great source OF In
gument is, however, inaccuracy in regard facts The
Commercial quotes from my letter aRraphs, and
then
"The impression produced By reading the two extracts
and evidently intended be made by tho writer thar
the imposition Of 20 per cent duty articles before ee
and the ta OF 1892 the agent Europe
from boTo wing the credit of the government"
1t would be unfair draw an inference from
portion OF short paragraph, directly opposed The express
therein contained The phi quoted
tanned the iollowing
s'The COVE. nment although free from debt was pos
venturers who had joined the cider paign
several Of the States
II it is distinctly stated that population and dishonor
Of the debts Of several States ruined" the credit of the
federal government. how can il be Justly inferred from
language that high tariff the sole OF discredit
IL may be inferred that the Commercial did not read the
whole article with its usual pton Nevertheless
the singh tariff of preventing the negotiation
Of the loan and If we pare dates the Commercial vii
admit there Rrea blunders" very 'exiraord
nary mistakes" in the article. That paper goes
"Under the operation of Mr.. Clays compromse.tarlf
law. passed in 1882 there large deficit treasury
Office the Sd OF March, 1871 The extra session was
called mainly to provide Tor that deicit-caused aios,
wholly by the low rate OF duties which prevailed
the act above alluded TO- l. was at the extra session in
cent stock. At that time lower of duties existed
at any preceding period since the organization of the
government. Inc agent went abroad 10 borrow money
during TINS condition OF things and before the tariff law OF
1872 was enacted. The treasury empty, and had
no tariff, except the minimum provided for by the
OF 1882 The consequence was every sagacious po-
tcal economist ioe-aw, that could not money
he creal. OF lne government al any price when the ruling
rate OF interest in the money markets OF Europe less
ave speak with confidence respecting this whole affair
for saw the agent immediately after his return, and
have distinct recollection of his of the He
great experience and ability with and force OF
character rarely surpassed He could money
lists would NOT offer at all. And the reason that the
expenses of the government exceeding the
exgency. present He assured us that he
should have had no difficulty in getting the loan taken
country The loan authorized was ten
millions, and the house Of Hope y Co., Amsterdam
tariff &c the co.. neede He predicted that Congress
wo At its then ext session, pass such an impost law
up ten per above par The verified his pre-
dicon On the passage OF the tariff OF 1872 the loan
MUM in the market in the of a few months This
simple statement OF facts furnishes sufficient correction
OF the errors in the letter.
On the advent Of the whig party power in March,
1884, great oucry raised against the existing debt
by the outgoing adm nsation. The debt of the
federal government, March A. iS4I and the day
1873 reported Willard Fillmore, of the Committee OF
| Ways and Means, follows:
March a. 1871, total debt ss3sl So
'ea', '..'.''..'...' e'''s,zo'
Providing deficits" in Two l9Ola,1Vt
The extra called ostensiby prov de for
alleged defc in revenues No the of the fed
eal COVE years ending June lSil had been
as follows, per re port Of Secretary Spencer