The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-12-29

a tasfh upoA our import trade. From 1888 70 l8ls,
under low tariR, ihs imports fell nom one hundred
and thirteen million TO sixty four nillon; whils,
from lsl2 to ls47, under high protective tariff,
the imports increased from sixty-four million to
one hundred and forty-six million Nov, az these
taifEs worked Just rho reverse Of that claimed
by protectionists, Il IL necessary for US TO show
what was the real cause Of these fluctuations or
variations in our foreign import trade. From 1888
to Is43 the banking movement Of the country fell
of from four hundred and eighty five millions TO
two hundred and dirty four millions Of do,lars hence
the decrease in impoFtations From l842 to ls47
the banking movement increased from two hundred
and ff'yfour millions TO three hundred aud forty.
four mlllioas hence the increase Ia imp cations
The real AID only cause is found In the variations
Of banking credits. From 1916 out, the present
tariff has been In operation and as 1t was graduated
previous to its adoption, to revenue standard, "
has been psyti ,ulsly obe tionable to the proteo-
tionsts, and has been source OF Considerable po-
ticsl capital TO the party press. In lS47, the rst
year Of the operation OF the present tariff, the i'm
p0rtations amounted to one hundred and forty six
millions of dollars. In 1854, the eighth year Of its
operation, the importations were valued at three
hundre and four million s OF dollars increase in
the annual Importation in that short time of QUE hun.
bred and iftyeight millions. This attributed by
the protectonsts entirely the Low rates Of duty
kvitd upon foreign manufactures; bat Il Can be
easily shown that the banks have been ths cause Of
this enormous expansion in cur foreign trade Tn
bank discounts In lS47 amounted 10 $40 2s2, 9i5,
and in 1854 to 1907 2s7, 42S sho wog 10
1854 over ls47 Of 1927 OO4 4s3 being equal to
ly one hundred per cent. 1t is certainly very ex
traordinary what uniformity exists bet seen these
two departments Of fnancs and com nsr 70. The
move together, up or down. An expansion Of bank
credit Is to produce increase in
and contraction in Credits contra I'll IN in our
foreign trade. The increase In bsuk loans sine
l847, IL the sole cause Of the increase in ion
ports. It would have been precisely the same
had the average rate of duties upon foreign
manufactures and merchandise been double
what 1t has been in the same period. The above
table will be valuable guide to Legislators, aud we
can conceive of nothing more conclusive in It's ar
guments and results. II we wish to contract our
importations we must contract our bank l,aus IN
til something is d,ae to regulate the banking insti
tutions of the country We shall be subject 70 these
violent and excessive fluctuations. At one time We
sre in the midst 0: an enormous speculation, and Ut
another time involved in Eevalsion that prostra.es
every interest and threatens 70 ruin all. We pass
from one extreme to the other with the creates.
facility-up to-day and down tomorroy, as tho
managers Of our banks may dictate, or cream
stances compel them to act.
The Troy Whig says
In the case Of the Troy and Rutland Railroad Company
VS.. Thomas II. ClnHeld Judge Parmelee, before whom
the argument continued at the Court House several
days. has delivered opinion in favor Of the defendant
and dismissed the proceedings The proceedings were
instituted under the landlord and tenant act to
possession of the Troy and Rutland Railroad,
ing Eagle Bridge and ending at Salem, Washington
county, for Of rent 1t appears that the
Troy acd Rutland Railroad Company in 1882 leased the
road to the Rutland and Washington Railroad company
for fortyseven yearshe entire residue Of the term for
which it incorporated-at the annual rent OF Fix
teen thousand dollars; that the latter company suble
TO the defendant Garfield, in June for five years; that
Garfield after released his term to his lessons, but
continued operate the road under them and that be
fore any rent became due the lease to the Rutland
and Washington Railroad company the latter was tru
teed In the state Of Vermont under whose laws it holds
its charter FOR debts Of the Troy and Rutland company
IN n lar M Mt