The daily union., 1854-12-22
THE PHILADELPHIA NORTH AMERICAN AND ITS
VIEWS UPON THE TARIEE.

VIEWS UPON THE TARIFF.
We have designed for days past to refer to
tce which published in the Philadelphia North Amer
lean of the date of December g. We will comment upon
length for the that it contains, within
brief compass of those commercial llacies upon
which the whg party has been accustomed to rely than
any similar article which remember We do not hope
convince contemporary of his errors in political
omy but we may succeed in directing the public mind
sounder conclusions than those arrived by the editor
He saws that the present tariff has resulted in the
stocking of our domestic market that under its nfu-
ence we consume more of foreign produce than pay
for in the fruits of own labor; and that
suffering because the balance of trade is thus against
u.s.
Now would inquire what low tariff has to dSwith
an overstocked market When the tariff of ls46 was
adopted its primary effect might well have been to induce
large Importation because the importers of goods under
that tariff could afford to undersel at profit those who
had imported similar description of goods under the act
of s42 The consequence might have been oyerstock
ing of the market the serious commercial embarass
ment of those holding large amounts of previous importa
tons the necessity of realizing when the goods hand
may have caused loss less serious upon all goods
which in in the market both in the hands Of
those importing under the act Of ls42 under the
of ls46.
But in the years which have passed since the act of
1886 went into operation no such disturbing has
existed. The supply of goods brought to the country
has been in proportion 10 the idea Of the importer
to the demand that would exist for them. 1t is true
that in the present and last year the expectation of
the trade has gone beyond the demand and the result is
that many have experienced serious embarrassments
But say without fear of successful contradiction
that the tariff of ls46 has had to do with the
commercial revulsion following upon this than the
passage of the Kansas Nebraska bill These crises
commerce depend altogether upon mseacuation result
ing from unforeseen changes in the financial and produc
tive condition of the trading and agricultural world with
which ndissouby connected by the bonds of COM
mcrce short crop in country, when the i'm
poratons made upon the basis of average crop
will leave large per centage of importaons always
saabe large crop will be attended with the same
suit if the contingencies of foreign had caused the
funds and trade of those countries with which prnci
their fair annual value and activity because prices will de-
cline with the producer for the lack of sufficient market
and mporations which would be in if the
mercia intercourse of the world healthy and uniner
ruped will remain unsod at fair prices and unconsumed
not the demand which is essential to M but the demand
which is created by trade regular speculative it may
be, in all its component parts No tariff that could have
been framed in ls46 would have prevented of necessity
commercial crisis at this time have rendered II less
likely to
Nor does the editor less in when he supposes
that reduction of the tariff at this time would operate to
the commercial injury OF the country Merchants do not
import while the markets overstocked Prices this
time below the profit mark considerable reduction
in the duty would not lower the market value of most
Bile The actual demand for consumption is limited. Prices
dependent upon this last at present The importer
would have nducement to bring goods to
domestic market at rate of duty per less
than that fixed by law any commodity, than he
has at existing rates and indeed if the interests of the
commercial world are to be consulted, there is
for reducing duty when there is little demand in
the home market than when prices high and when the
demand is active Nor is the principle of this diclt
be understood If the demand is large and prices
hghtha is if the trade is prosperous according the
vague theory of the article upon which
ing-hen the effect of reduced duty is to food the mar
ket and to depress prices by the competition of
sellers but If the market is already depressed point
below the Of the article for SALE there be inn
poration until such time trade shall sufficiently revive
to justify it. Then, although it may occur that reduced
duty will enable importer to compete advaniageously
with old stock, yet if he sells at any profit ruin
sue to the merchant who holds stock imported under
former tariff.