New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-10-25
,,tov-l OK DAILY TRIBUNE TUESDAY, OCTOBER %. 1855

.I rrsfs 4 q position Of t.e Comfy rst BE- re lr =
o. very pTesa-so-s- .. -
,o3 ;fpeee.sry. sdiuce thousand facts Everything
tends TO prove tia; cotton mast be 10" this season and
,.,-t.tiv lower than we then stated az likely 70
te tie esse. such being the case, we said: " We
tnov too that cotton IS steadily declining tsi tie
,o-g n, ere es,rusrs gisfsi ',iG cotton gooI-,i1,
..o.etsrrs ore s-orkizg siorf time. or dosing f.eir
f,e,or,,,-srd that there exists good reason for be-
evrr tla, the price Of this win BE- Al least
e;gbt and psrhaps ten dollar per bale1ass than las.
car ard st even eight dolars, the difference on the
crop would be tweny-s;x millions OF dollars"
Affecting % answer this. TIE JgEraal assures its
readers that at 10 time has the demand for goods been
GREATER and gives tie state Of market in regard to
brown goods and white goods osuaburgs denims, luck
and other articles after which it holds up its hands in
horror at Journal which like Tie Tribune can resort
TO such glazing Misrepresentation merely to sustain
afvorite opinion Ignorance Of he truth, it continues
ia not sufficient excuse in case Ike this where the
G. scts are 90 plain to the cOmm0nest observation"
This ia precisely worthy of The Journal Of Comne5t,
II knows A. well "a We do that the facts in regard to
tie world at large are exactly We stated them to
be and it knows too that the movements of the smaller
markets are always determined by those Of the one
which il desires should govern the wOrdand yet When
we refer to the great market it seeks by flying to the
smaller ones TO prove 10 its readers that We have been
guilty Of misrepresentation.
It'll course that is es we have said worthy OF III,
journal Of Commerce paper whose every effort is
devoted 10 misleading its readers into belief that all
is safe when It knows tina. such is not the fact. For
evidence of this take its number OF Thursday last,
in which we find an article which. though written
by a correspondent is given as being "pearly
in accordance" with the views of the edirOr, AMI
II certainly is in perfect accordance with the hun
dreds Of false statements that in tie last few
years have emanated from the editor himself
The object Of that article is to lead ae readers Of
TIE Journal into beliefthat our exports have nearly
balanced or imports and that the whole debt that
have accrued against US in six years, is II Millions
very small sum, it says. when compared with the
G5 millions that appeared against Us in the treasury
returns in the six years ending in and that there
fore there can be no TO apprehend danger SINH
lar to that which existed in the days when last At
tempted the establishment Of British free-trade. The
mode BY which all this is proved is follows
!. The Journal suppresses all reference to tho fact
that in the years anterior to 1897 most Of the duties
were specific aud that there then existed for
attempting to deceive tic Custom House By false in
voices whereas, now all duties are ai 5glOrsa, and
much Of the business Of importation is done b. Euro
pean agents whose first duty to themselves consists in
swearing to the truth Of invoices which they knew to
be false 1t is fair to estimate that this is equal to ten
per cent. upon the nominal amount of impor
tatons, and this would give one hundred mil
lions against The Journals table now to b. added to
III D
The next operation consists in most ingenlousy-
how honestly we will not say-tsking the years
1876 1871 in which the protective tariff of 1872 en-
abled US TO show excess Of exports amounting to
twelve Millions and making that excess aseto against
the excess imports under tie tariff Of ,5 Correct
ing this olse statement we obtain twagemons to be
added to the ono hundred and tecn already obtained
and total excess Of one hundred AM thirty millions.
3 Next The Journal most inrenously suppresses all
reference 10 the fact that under the free trade system
ofAlr Van Buren, We contracted large debt that we
have doubled under that of 8r. Walker and that the
payment Of interest on that debt has required in the
last SIX years at least ninety millions Of dollars OF our
exports. Adding this to the hundred and thirty
millions already obtained We have two hundred aud
twenty millions being about the amount of the debt we
have incurred since MI Walker assured that unler
free trade our exports would be so immense that they
would enable US to import gold from Europe.
Tie Journal knows as well as do its readers that the
balance Of trade las been steadily against and that
it has been to make up the deficiency in the amount Of
our exports tLat have been driven to the necessity
Of selling bonds II knows as well as we do, that large
as is the quantity Of bonds that has been sok there is
large amount Of debt that has yet been lquidaed
and that is now payable demand-anl yet it publish
os and endorses, article from the closing paragraph
Of which We take the following extract
There is but a trihng If any balance against IL, and
commerce Is in condition Of general soundness and
prosperity. The imports Of the last quarter may have
TUNED the balance Temporarily against u as It IS tae
heayios quarter OF the whole year; while IA Our exports
is the ghcsi being the period between tie old aud new
cotton crops But the progress Of the fan and winter Is
directly reverse Imports decline they are nor d2Hg
at rapid rate, aud exports increase aud the equilibrium
restored 50 il viii be this year and ii Il not Ike
sending cotton the South Goals 10 Newcastle VIC
should import specie from Europe in payment for bread
stuis, Os We did in lsi7.'
1t is true that this is preceded by supPostOn that
the treasury tables may be relied upon as they
could be prior 1887 but the editor is quite careful TO
keep out of view the facts well known 70 himself
But they not to be relied upon Honesty would
have required that he should state his readers that
under the Gd raOrem system fraud general that
treasury tables have ceased to be Of any value ana
that any deduction from them must lead to error.
But that would rot have suited the purpose OF
his British iree-trade friends As regards the
decline Of imports, now going on, as be fays, "a,
rapid rate does he not know that the rery facts he
Gdduced against on Wednesday last taken in connec
ton with the gut of the markets Of the Eastern world