The daily union. [volume] (Washington [D.C.]) 1845-1857, 1853-12-22

aton 10 the commercial policy OF the country, AS usus
ted the report Of the Secretary Of the Treasury is among
the amusing features Of daily journalism. That sesut
cent print uniformly up its vague surnises au
tbory superior the official records OF the county
and anaigns the head OF o department for not paying
baeees5 and loose reasoning
tia before him. The Secretary Justly esmu
ted that the exports OF the country had fully sutced pay
for its porsan inference justified by the OF the
changes which are at PT Ia opposition to the elaborate
collection OF details and mature debcraon on the results
they indicate, tho Tribune remarks
THAT the made correct is known,
as we think every man who reads the papers o every
such man knows that our imports have been so Largely IN
Of exports of cotton, -four tobacco, coin. aud
other commodities exported and OF the freight on our yes
sells here much relied that we have found our
selves compelled export also amount Of bonds
to make up the deficiency. Did not the Secretary know
that when individuals, or nations. find themselves COM
PEELED issue certificates oil Indebtedness that fact alone
Is sufficient evidence that they buying more than they
pay for T.
What the Secretary did know appears from his report
was he had paid e2 of debt since March, and
that Of IL abroad; aad that fall many other
bonds have been purchased back by the country for
banking under free laws there have been stocks sold
abroad and the Tibunes estimate Of large indebted
velbage. The wording OF the above extract
is curious Most OF the several States have been paying
OF and diminishing their various debts and the federal
has been anxious pay what owes that
has paid Fl per premium to get back It's bonds;
yet Is stated above have been Compiled 10 export
amont Of bonds make up the deficiency" Again,
| says the Tribune,
The Secretary informs that the stringcncy Of the
ney market may in degree affect importadons !;
sringency' Had he furnished ono, would it not have
been 10 The effect that we had Tor several years been buy
de6t had accumulated
sraAy damaged ered,t. rendering i. difficult
further purchases without promp payment and that
this tended greatly the reduction Of the revenue T.
Who is 2" II the federal government has found it
difficult get It's paper back at II cent premium, II
does look like damaged credit" II $500 0CO OF
~ Tho Tr,p aallp
and the holders get premium for then in New York.
which they do take, the credit OF those bonds
be bad II 1t credit that is bad, then the T
bune asserts
too much and debt for what pay for. The
remedy according the Secretary to abolish the duty
linens and h.s compel oa.r; e import NOR ,a ana ray
the reduction OF the duty The duty on iron Is to be
n~ salts is 10 be reducsd when every one knows that no
ing is fqairsd but steady projections TO enable US tod al
defiance al competition ~ ne Woduet'0" Of Doth those ar
hetrs"
that the /" strngency" OF the market is owing 10 our
damaged credit, which compels the payment OF cash
for goods. 1t then that reducing the duty will
compel larger purchases. Now, il does appear that
if larger purchases made 1t be either for cash
or credit; II The one is too much damaged" TO make
it available, and tho olher becomes scarce remit
will reduction OF duties restore both make larger
purchases possible Such is the trash which that print
offers in defence OF tariff He alleges that nothing is re-
CURED but STEADY protection" enable
own ron and audes TO the reports OF Hamilton models
for modern Secretaries Mr. Hamilton his report on
In l79l by the OF 1883 tbs duty iron
and It's manufacture was II per cent ad paiorsm. Mr..
Hamilton remaks-arcle ''iron.
Iron works have greatly increased in The United States.
and are prosecuted with much more advantage than form
:. question arises how far II might be expedient to
permit the importation OF iron in pigs aud bars duty
IL wonid certainly be favorable 10 OF the
cle."
This was sixty Hour years ago. Iron works were then
prosperous under II per duty. From 1916
pig iron taxed $40 per ton, end the ad raier
since ranged nearly as much while the United States,
with % 900 people, in 1850 produced only double
quantity That Great Britain did in 1870 10 900 900
people. Can anything strikingy illustrate the nju
nature. naiionsl point OF vew OF protective au
es-h is those duties which, by raising cost to the
consumer discourage and conse I'M
dermine the demand which manu- fac must ut
msiely depend
The imporlsgenersly al this decline and such /.
now the case comparatively, while the exports very
large. From September TO The close OF the week the
ports this exclusive specie have been 625
o52 39s against Sl3 $50 42iau OF SI or
80 per cent In OF last year The exports Of specie
have also been considerable and large now as nj
any PERIOD although the rates of bills have fallen under
| the diminished imports aud Of exports Notwlth
standing this fact the banks continue steadily TO expand AT
the they previously contractedtha at the rate
OF $1,000 900 per week. The of bills ENGLAND is
~ 81 for bankers names, and a 81 good CONNER.
cial bills Notwithstanding the export of specie last week
was 232 1852, against 1914 $50 week last year
when the for bankers names l0t. This argues
that the bankers shipping at loss, that here is fall
In The par The fact when a vessel arrives here from
San Francisco with ngots the bills against 1t are generally
here before IT, To the ingots into money reaures
per expense TO Philadelphia and per centtogeher
per cen-and~veage ten days time II hes bar. are
shipped England, and the bills at 90 days against them
sold for cash. tha cent is saved and the money In
in London IS days before the bill due whom mo-
ney is worth there ceat per snnup that Interest is
per These OF The ,lemen OF the shipment
The collections from the country good and the increa
ing discounts Of the banks make money plenty
In the city banks conne their discounts to The
paper OF merchants the magnitude of the discounts ipd
the activity ofbusness and the
tiles When the snes Of goods sfge the 81 m of the
given for them swells in magnitude. If he goods
exchanged Tor the produce OF the interior il through
the medium of dn rs and notes. which cancel each other IN
the banks No matter how great may bc>be snm
OF the bank discounts, II description of pa per equals
the other there is balance be called FOR When the
New York bank discounts note, it does "lend its
notes - IL gives The of the the right to check
upon H. The check paid into another bank in discharge
OF msipred. Al these checks ut the clearing
house and each In week ending October
H. which period OF large payments the these
checks e2I 633 900 daily and in the ending No
vsmbcr g. which OF small Transaction the daily
amount $l6573 600, without the of any money
Whatever This the mode In which bsnk loans and dis
counts settle each other. la the manner through the
agency Of bank discounts the great productions OF the
country pass from producer consumer In Illustration
Cotton year ported from Charleston, South Caro-
ns England The shipper Of the cotton sold the sterling