The daily union. [volume] (Washington [D.C.]) 1845-1857, 1851-07-11
Financial Quackery.

Ohio boast, says the Cincinnati Enquirer, OF hav
ing furnished two OF the greatest financial quacks for the
Treasury Department Of the government Thomas
Ewing Of Lancaster and Thomas Corwin, of Lebanon
the former under General HARRISON and the latter under
Mr. Fillmore. In the fogginess OF figures and the mud
dness OF speculations and arguments MT. Ewing was
only comparative; but in all OF these Mr. CoIwin has
reached the superlave He has certainly When he
The responsible post, some of his best friends
predicted failure for him. and for the very good
that they knew him TO be wholly untitled for the peculiar
duties Of the office The only figure, he had ever at.
often succeeded with them making the boys laugh and
the girls blush, and the crowd hurrah, he took for
granted that he would be as great in the figures OF
finance and the metaphysics OF commercial science
Well he has turned out as some OF his trends feared-a
guaek
most gravey aud wisely informed Congress and the coun
try that the receipts into the treasury would be compar
atvey small for the present year. and that by the first OF
July there would be in the treasury a balance only OF
Sass 1896 90, and that by the last day of July, 1884,
there would be deficiency of $s65 996 10 How exact
He would not have even the round dollar Tor the first
of the coming month, but il must be nne cents
Nor would he have the two round dimes for ner July,
but il must be just nineteen eeas! Marvellous-aduel
There then 10 be precisely but only Si5Ss and SO
cents in the treasury the first of next month. Will
this be so Not exactly unless some live Gaphn should
get his into the chest before that day comes round
The treasury books show very dhersn esulthat the
surplus that day will be millions ttco hundred and
ninety thousand hundred and Mrtyfour dollars
tain with probability OF reaching sepen millions. Mr.
Corwin, therefore, out OF just s32l37. This
y, too, is that instead of there being deficiency Of
Ss65 ,996 the first of July next year, there will be
surplus of thirteen millions
OF these blundes Of Mr.. Corwin the commercial writer
for the New York Herald very properly says that they
exhibit the grosses ignorance the part of the Secre
ary and show that the heads OF the department al Wash
ngon know nothing about the affairs they required
10 administer. The estimates referred 10 made
longer ago than last December, Qs3o) when every mer
chant any way connected with The foreign trade OF the
country fully convinced that the importaons during
the present year would greatly exceed any previous year
in the history OF conederacy,
Whether the presen, Secretary Of the Treasury, like
his immediate predecessor, wished, IN making out his
estimate TO throw all the discred possible upon the tariff
act OF 1916 not. do not know but Mr. CoIwin APP
pears 10 have about much faith in the operation Of
that producing Tor the purposes OF govern.
ment, Mr.. Meredith had during his brief term Of Of
flee. The treasury reports pariake too much OF the com
plexion OF party and most OF the arguments and facts
presented in them are Tor the purpose OF sustaining some
prominent of the party in power to persuade
the public that the system adopted by the previous adj
mins,raon for the regulation OF the finances OF the
and the OF the country is all wrong,
and operates njuriousy upon every important interest.
This, with the entire absence Of all practical knowledge
of the frs, principles of and finances the
OF the ridiculous estimates OF revenue and the alb
sd conclusions arrived at by the different heads OF The
Treasury Department
All the arguments, all the special pleading that be
brought bear against the present tariff act fail in
great point-in showing actual deficiency in the
With lower average rate OF duty gave greater
net income than any tariff before enforced while it
is less Objectionable in any OF its provisions than any
previous act. Within the past FIVE years the revenues
Of the government from customs have been greater than
in any previous corresponding period, and the proba-
biy is that there will be steady increase. The Sec
rotary OF the Treasury may dsio facts he peases
he assert and repeat often as he wishes, that
the tariff OF is detrimental TO the best interests OF
the country; but the result of every years operation
will confound its opponents, and the existing financial
and commercial system of the country stand as evidence
OF the foresight and judgment oil its orgnatos and the
wisdom OF those who adopted it. Within the past
twelve months the has received nearly thirty
FIVE millions of dollars, all OF which has been paid in
specie without deranging in the slightest degree the
movements OF commerce-whont causing the least
strngency in the money market On the contrary, this
extensive and steady demand for specie has been
ally and entirely caused by the prosperity and activity
OF The commercial classes; and whatever restraint the
wants OF ibe merchants for coin to pay into the Gus
tom. house for duties may have had upon tho
men of our banking institutions, they have been of
wholesome, healthy nature, and therefore most desra