New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1853-10-15
uoyv To pFPLETE THE TREAsURY-THE
IRON TRADE

~
Unmarried leaving 100000 for the domestic production
InIs6 the consumption had risen to 5oloVo OF which
on, own furnaces and mills supplied 10000, leaving
the import still at about 10000 tuns and with an oo
;u. tendency 70 decline as the domestic consumption
was gradually reducing prices below the cost oil ipor
aton In tbs state Of things il was that an al ralors"
Of 80 per cent was substituted for SPECIFIC duty
Shortly after prices fell abroad and duties ie with
them and thus did the Government aid In destroying
all who had yentured to invest their means In that
branch of manufactures One by one the furnaces ana
rolling mills passed into the hands Of the Sheriff; and
at length the domestic production which had reached
$4,000 tuns in 1547 fell to 10000 or less in l55l
Then. competition for The supply Of market haring been
dstroed prices went up, and they are now almost as
high as they were in the time of the great railroad
speculation in 1916, although the treasury does not
receive more than half much. The difference goes
into the pocket Of the great iron manufacturer VINO IL
thus enabled to take bonds. and the more bonds he
takes the more iron he sells, the higher interest we
pay and the more rapidly does the treasury surplus
increase In l550-5i, imports of iron amounted to
more than ten millions dollars paying into the treas
ury II ore than three millions In 1S5152 they were
SIO9C9375 In the last fiscal year, the imports into
this City alone have been about eleven millions and
the total import OF the country scarcely have been
less than fifteen millions paying into the Treasury four
and half millions and thus aiding in the augmentation
of the surplus Almost every surplus dollar now in
the treasury is there because of the import of this
single commodity for most Of rie IRE hare yet TO pay
Had it been made at home we should now owe so
much less foreign debt and the gold now in the
treasury would be in the pockets of the people.
Our present consumption OF iron cannot be put down
al more than q million of tuns, and il is exceedingly
doubtful if it is much Six years since it exceeded
nine hundred thousand and almost the whole was sup
plied at home Had the tariff remained unaltered our
domestic supply would now be million and half of
tuns and tie increased competition for the supply OF
the market would have far diminished prices that
railroad companies could now be obtaining for so
better rails than those for which they paying $40
and $50 and the treasury would be receiving nothing
from that source.
To diminish the surplus, all we have to do is to go to
work at making our own iron the materials of which
abound in unlimited quantities throughout the Union
The consumer will then be more cheapy supplied
the necessity for selling bonds will pass away and
the fewer bonds sell the sooner will the treasury
be depleted of the surplus revenue.
The effects that have resulted from reduction of
dull, ara the vi %" ''i 'P~e'''N
duties are follows:
First: Duties fell with the decline of prices sbro,d
and the treasury received little, while the domestic
manufacturer was being ruined
Second Prices rose abroad and the foreign manuiac-
turer took to himself all that the treasury had re-
linquisled
Third: With the rise of price he acquired the power
to sell On credit and the credit he gave the higher
rose his prices the higher the duties, and the
greater was the tendency to the accumulation OF sur
plus in the treasury
Fourth: The domestic manufacturers who were rich
escaped ruin while the poor ones were being sold out
BY the Sheriff. and the now pay large prices
for iron CecGuse tie direct tendency Of The tariff Of !Si6
was destroy cOmpetion for the supply Of the mar't
The existence of the surplus is due to the action OF
the tariff of 1916 and the further move in the
same direction the greater will be the necessity for de-
pending on foreign markets for supples-and the
greater the necessity for making payments into the
treasury, until at length bankruptcy will annhilae the
power to purchase foreign commodities and the ques
ton will again as in lS46 arise, how We supply
the treasury
What has been said of lead and iron is equally true
of cotton and wooden cloths and silks The ad rdOrem
system gave TO manufacturers little protection when
prices abroad were low and manufactures everywhere
declined Diminished competition for the supply ofthe
market threw Us on foreign markets for the purchase
of cur SUI plies, and ioregnmanuacturer were enabled
raise their prices and the higher they rose the more
bonds they could afford take and the greater became
tie amount of imports. In the first nine months o.
this year the of dry goods imported into thi
port was ~ millions being "A millions more than il
ISL and yet great has been the rise OF price that
may be doubted if the quantity of goods has been very
much greater in the than in the other IL /:
quite safe to assert that the increase of price is not
less than l6 millions giving % millions Tor the year
and contributing from Fix to eight millions TO the rev
enue thereby helping produce the surplus of which
, go much complaint is now made.
The great objection the ad rGlorH system is that
il whdraws protection when il is needed and grants il
when il is required Ii augments the differences
resulting from commissions abroad and thus produces
uncertainty and ruin at home. Ii gives too much
nue at one time and too little at another 1t renders
tie whole operations Of the country dependent for
egn banks and kers and unless great caution be now
exercised will result in placing the people and the
treasury in situation similar TO that in which they
found themselves twelve years since and from which
they were extricated by the tariff OF 1872.
, We have too much revenue because We import too
much and have therefore. TO pay too high prices for
what We get We give bonds for the difference; and
every new bond we give sugments the danger Of the
PEOPLE and the government. There is a universal
feeling OF insecurity and while capital is readily had
ION call il is low scarcely be had at all for railway
,