The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-07-30
Gold and a anufActures,
10 THE EDITOR OF THE HERALD

Neither individuals communities arc proof
against calamities. Both should be proof against
the phantases which vague conception Of abb
stract principles bas raised in the minds of the
impotent the visionary, or .be superficial Scarcely
bugbear, from Me Matbusian terror of the multi
pication of the species, TO the return of Haley's
comet that has not sorely vexed the simd poll tcian
or the hypped philosopher and though it is true
that both the tone Of political science and Of philo
sophy are sufficiently healthy TO repei the teachings
Of blind guides and false prophets, evils may arise
In the PRONUNCIATION of error, rather from the 81
ence Of truth than the strength Of her opponents.
The lugub ious pen Of one Of your contemporaries
lin his Saturdays issue,) has drawn painful pic
ture Of the pressure of the times" and has only
relieved the nation from utter despair, in the con-
temptation Of many horrors dimly Swallowed FORTH
by suggesting q remesy. The writer Is seriously
apprehensive that We shall run short Of gold 70
pay our balance to Europe and says =
60 long we import more than 70 xport the coun-
try win be drained q Id to pay the balanoe-money
viii b. searss-ths rases Of interest vii ee high-and
pest elements, the very primer Of the catechsm Of
economical scisnse.
What mares nest has he discovered! The putrId
carcass Of defunct systemtthe mercantile theory Is
here exhumed, a. the catechism Of eoono-
m,cal science.n suspect the wrong primer"
has been put into his hands. The name Of
the author, the publisher, and the date
Of the edition ought to have been given. had
supposed that every writer on the subject had long
since repudiated the doctrine Of necessity Of any
direct measures either for the Importation of gold
for retaining 1t when 1t once found its way into
he country. The application Of details ought not
to be requisite to satisfy any thinking mind on the
subject, and presume Jour space would not permit
thtm here. Let me, however, refer TO an authority
against the editors primer" DR.. Adam Smith re
marks that 1.-THE freedom Of trade without any asten.
tion Of government, VIII always supply US with all
the gold and silver which we can afford to purchase
or to employ, either 10 circulating our comm ,dtes
or in other uses" Great value in small bulk rem.
ders q Compliance with the laws OF supply and de-
mand, In relation " gid, matter Of easy accom-
pli.hment In mternsti nal trade AMI the sanc
author above referred to remarks that IF there
we've in England an effe,tual demand for an adj
tional quantity Of ID, packet boat would briag
from Lisbon or from wherever else it to be had
fifty tons Of gold which could be coined into moe
than i've thousu d guineas.' great deal might
be adder, though perhaps unnecessarily, in enocc.
ing these principles, and ovat throwing the narrow
lul< OF boarding.
Upon the question Of an untayorable balance
against the United States, as per custom house re-
turI .. the limited aspe in which the whole sub
jeci has been survey ed In the article is still more
apparent. We are told that lit Ia good thing for
nation to have the balance on the credi, size Of
the account OF it's fore Ign trade; bat IL Ia better to
have no eign tragc than to have the bs,an con-
stabtly against u.s." II ~ Is any reoommenda ion of
this doctrine that IL Is one Of very ancient date,
that it suggested the establishment Of the CONT
mental System In Euro Q, and TO the greatest cap
tain Of the age, the Idea Of making beet root
sugar, to the Brit sh the restriction Baltic timber
ard the prohibition Of refined sugar from her colo
MES, the expounders can have the benefit Of the
aomissions. Bus a. TO unfsvorable balance,
again pIeferring 10 cite accredited authorities to
spmDipg ont No argument that would perhaps re-
ce;ve but little attention, allow me 20 refer to Mr..
Pitkin in his Commerce OF the United states: 1T
In nevertheless true," says This writer, THAT the
real gain of the U tied States has been nearly ia
proper ton as their imports have exceesei their
potts." The excess Of the former In fact IS the re-
suit in great Measure, Of our receiving In the To-
reign market not only the value Of our exports, but
also the cost Of their conveyance In American ships,
which We again invest in the purchase OF f,reign
gos ds-the value Of which, at the custom house
here ia not estimated at the ost TO merch ants,
but ut the value Of the goods when imported. ]
have an instance at hand but refrain from intrud-
ing on your space by now referring TO IL. IL Illus
nates the position have taken, however, very
clearly, ana shows that however numerous the traas
actions Of this character the apparent loss is, in
truth, decided gain TO our merchants.
The admonitioD - our railroad companies 70 dis
Genuine the importation Of their iron from Englant
upon the trfiDg sacrifice u $40 ton is very COOL
Perhaps tie voluntary sacrifice was not anticipated
but that our government would ,nterpose proht
b,tiop. Then we must have the old hue and cry of
- class legislation " raised by the less favored
branches 0t our manufactures; aud, as we may sup
pose, there 10 but little unemployed capital Ia the
county 1t is plain there must be depression felt
somewhere when the stimulus is applied 20 the
quarter suggested. ] think tie rule voalh involve
the infection Of . species Of iron despotism which
he railroad companies and other consumers would
be lotbe 10 endure. and that class would in the
end he substantially benefited. PROGRESS
MONDAY, July %, 1854.