The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-08-07
NEW YoRK STATE BANKs.

The returns for June &C. compared with those for
March a. 1852 show increase in the line Of loans and
discounts Of seS13,o3s; in stocks, S4491 specie
S2573722; capital, s67Se43; circulation S62S $685. de-
posts Since December 90 1851 period Of six
months the discounts Of the banks Of this State in
creased ST., 346 This gives pretty good idea Of
the expansion going in the banking movement of the
country at large This is at the rate Of thirty mil
lions Of dollars per An increase at this rate
for any length Of time would SOW the seeds of revu
sion widely than before known in this coun
try. 1t is desirable that something should trnpire in
the financial world to check this expansion while 1t Is
time to prevent more disastrous results If suffered to
progress with the rapdty realized within the past twelve
months, it will not be difficult 50 anticipate the conse.
quences.
We see in the above comparative statement-in the
expansion going In private creditsthe real Of
the immense importatons into the country the
tenfye markets existing within limits for all kinds Of
foreign manufactures Prices under paper currency
such as have, must rule high enough TO admit
foreign fabrics to make the shipment Of them TO
this country profitable. higher rate Of duty would
keep them out In the face Of nson the parto
the banks such as exists Mt this The effect Of
the currency on our foreign trade for moment
considered by the organs They shut their
eyes and to the real facts and will Acknowledge
stricting importaons All the old stale false theories
advanced to show that the country actually upon
the verge Of ruin In consequence Of the operation Of
low tariff All this is so absurd and ridiculous that
has effect Even the manufacturers themselves know
very well that the tariff Is but Of many things thai
regulate the supply of foreign fabrics in our markets. and
1t is only the great big boated corporations
that continually grewlng and grumblng about pro-
tccion Individual manufacturers those who not only
thoroughly understand their business but personally
superinend IT, are not continually complaining Of hard
times, and sending petitions to Congress for an In
crease Of duties on foreign goods They all prac.
ticol men, and embody within themselves the
president, cashier agents oyerscer directors, &C.,
&c, Of the overgrown corporations, which spend
mony enough in extravagant and useless salaries to pay
moderate dividend on their capitals. In 1912 when the
high tariff succeeded the Compromise act tue value Of
foreign imports consumed In the United States $751;
44o49 In lS46 the last year o that tariff the consump-
tion OF ofegn imports was Sll03i5114 In -four years
the increase under the tariff was S21 004625 We
might 60 further back and find stronger illustration OF
the absurdy Of attributing the increase In imports since
1876 to the reduction made ia the tariff at that time In
1896 the tariff was high much higher than in 1892 a tao
descending scale commenced IN 1882 and ended la 1872
notwithstanding which tho consamp oel1rag ports
fell from Sos 235 075 in 1890 70 $50 ll6tU "a ls4sn
reduction q S7aTe3l2c - siS years mae steady IN.
nual TrdnShop r. tie rate q du'y 10 1slg ~ tariF