Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1851-07-18
Financial Quackery.

the Sultan is ever seem
Financial QuacLery.
Ohio can boast, says the Cincinnati Enquirer, of
having furnished two the greatest financial quacks
tor 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 muddiness of specuatons and ar
guments, MIR. Ewing was only comparative but in
all OF these MIR. Corwn has reached the superlative
He has certainly! When he went into the respon-
sble post, of his best friends predicted fail
for him. and for the very good reason that they
knew him to be wholly untitled for the peculiar
duties of the Office. The only figures he had ever
attempted were figures Of speech )" and because
he had so often succeeded with them in making the
boys laugh, and the girls blush and the crowd hur-
rah he took 1t for granted that he would be great
in the figures of finance and the metaphysics of COM
mercial science. WE'LL he has turned out as some
of his friends feared-=a quack! =
| In his annual report of December last Mr.. Cor
win most gravey and wisely informed Congress and
the country that the receipts into the treasury would
be comparatively small for the present year. and that
by the first of July there would be in the treasury
balance only of $458,9 80, and that by the last
day of July, 1852, there would be y deficiency of
| 1866, 996 49, How exact! He would not have it
even the round dollar for the first of the coming
month, but it must be ninety nine cents! Nor would
he have the two round dimes for neat July, but it
must be just nineteen cents! Marvellous -astute =
There was then to be precisely but only $458,996
and 80 cents in the treasury the first next month
Will this be SO Not exactly, unless live Gal
phin should get his into the chest before that
day comes around. The treasury books show very
different result-that the surplus on that day will
be sir millions tuco hundred and ninety thousand
hundred and hrtyfour dollars certain, with prob
ability of reaching millions, Mr.. Corwin,
therefore out of it just S5,832137. This is not
problematical but true beyond cavil. The proba-
bilty too is that instead of there being deficiency
of $3.50 996 the first of July next year, there will
be surplus Of thirteen millions.
/ Of these blunders of Mr. Corwin the commercial
writer for the New York Herald very properly says
that they exhibit the grossest ignorance the part
of the Secretary and show that the heads of the de-
partment at Washington know nothing about the
affairs they required to administer. The estima-
ties referred to made no longer ago than last
December, (lS5O) when every merchant in any
way connected with the foreign trade Of the country
was fully convinced that the importations during
the present year would greatly exceed any previous
year in the history of that confederacy.
4 Whether the present Secretary of the Treasury
like his immediate predecessor, wished in making
out his estimate, to throw all the discredt possible
upon the tariff act of 1916 not, we do not know
but Mr.. Corwn appears to have about much fatl
in the operation of that act, in producing revenue
for the purpose of government, Mr. Meredith haC
during his brief term of office. The treasury reports
partake too much of the complexion of party ant
most Of the arguments and facts presented in then
measure of the party in power, or to persuade the
public that the system adopted by the previous ad
ministration for the regulation of the finances of the
government and the commerce of the country is al
wrong, and operates inj uriousy upon every impor
tant interest. This, with the entire absence of al
practical knowledge of the first principles of com
merce and finances is the of the ridiculous es
Inmates of revenue and the absurd conclusions arr
we'd at by the different heads of the Treasury De
partment
D All thn oil thn Spon;a1 rlooiinm tho
can be brought to bear against the present tariff
= fail in great pOint-in showing actual def
cheney in the revenue With lower average rat
of duty. it gave greater net income than any tar
if before enforced while is less obiectionabl
in any gifts provisions than any previous act. With
in the past five years the revenues of the govern
e ment from customs have been greater than in an
b previous corresponding PERIOD and the probabit
is that there will be steady increase. The Secre
tary of the Treasury may dstort facts as he please
he may assert and repeat often he wishes, tina
S the tariff of 1910 is detrimental to the best in
terests of the country but the result of every year
y operation will confound its opponents and the exis
ting financial and commercial system of the countr
stand evidence of the foresight and Judgment
its orgnators and the wisdom of those who adopte
n it, Within the past twelve months the governmer
e has received nearly thrty-fye millions of dollars
all of which has been paid in specie, without derar
ging in the slightest degree the of
e merce-without causing the least strngency in tn
n mony market. On the contrary, this extensive an
Re steady demand for specie has been actual
/ and entirely caused by the prosperity and az
Is tvity of the commercial classes and whatever n
straint the wants Of the merchants for coin TO pa
into the custom house for duties may have had upo
the movement of our banking institutions, they hay
re been Of wholesome healthy nature, and therefor
r most desirable.
~ THE BEST RAILROAD IN AMERICA.-Withint the la
month we have travelled the whole line of Raj
&c road from Maine to South Carolina and we glory
e being able to say that not of them can compal
= with the North Carolina Railroad from Weldon
n Wilmington. 1t is, beyond doubt, the finest road
America for easy and speedy travelling, and thin
% that the newspaper press of North Carolina shou
,e circulate the fact. Let not put light undo
=, 20 a bushel. Upon most of the other Roads that
70 were on, there was constant rocking and joting
q. on the Wilmington Road you glide along as easil
= as river steamer.-North Carolinion, 18th ms
IN There is that IN the ensuing efusion which came