New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-12-22
do,bI. what they had been before the period of

double what they had been before the period Of
embargo and non-in.ercourse that had preceded
the occurrence OF war itself The consequence
Of this was seen in the fact that money came IN,
credit was restored, banks were everywhere en-
sb,ed to resume, AID tue quantity Of specie in cir
cula'ion and in the banks, es,imared by M-s.rs.
Crawford ard Gallstin in l-l6sst twenty tSo snl
a half % twenty-.ix millions. Was, three years
later, estmsted by Mr. Crawford at DO less ,han
thirty seven millions.
With l-l9, however, these favorable circum-
stsnces terminated Free trade became the or
der, or nearly the ORDER, Of the dag, and Europe
became snabe to supply itsef with food, con-
sequence Of which was deplorablefall of prices;
the consequences Of which were seen in the de-
cline Of our domestic export, to 30, 81, 43, 49, aud
AZ millions in TIE years from 1919 TO lS23. The
receipts into the treasury gradually decn ID from
l6, Until, in 1898 they stood AZ less than 10 nil
lions; and the payments 90 account OF toe pa)fc
debt which had been q, fell 70 :, :, and faay
70 j uilliOps Wheat thea sold IN Ohio az %
cents per bu.bel, aud -four 10 Pittsburgh at II %
yer baIr,I, and 70 purchase tun Of iron required
some 20 or 20 barrels. What in this time Vas
the courte of things with spece' Precisely
what might have been expected. 10 the five
years CONNIE cipg September, 1921, and termi-
Eating September. le25-tbe adverse balance Of
trade, resulting from low price, for wheat sni
high prices for iron, required the export of more
than twelve millions Of dollars, with 4 daily ten
dency 10 decline in the value of property and pro-
duce. The year 1924 brought with it, however,
ssve have already said, the semprotective tariff
of1s24, which changed the balance Of trade from
an unfavorable to favorable one, and thi, was
followed by the protective tariff OF lo2s; under
both of them there was rapid revival of trade,
and a large import of specie, notwithstanding the
payment of foreign debt to a very large amount.
We have tere two sets Of phenone totally
different from each other. ard requiring to be
separately treated; but TO do tbs would not s1it
the Secretsy's manufacturer OF tsoles, because
th, would tend 10 show that under protection
money flows io, credit grows and trade il active;
whereas under British hee-trade, money al
ways flows OUT, credit declines, and trade per
isbes-aDd therefore ne Jumps the whole period:
From ls2l TO 1881 inclusive period in which
pal 6r-UODey baking hhd the unn.vNed support Oh
The Federal and State Governments the imp1r1s Of
gold ard silver though they amounted TO more than
sever six nile.s exceeded by the ports IN
the sum OF abopt three and half millions" Mr. Gouge
also assure that there was there is reason to BE-
"leve lees gold and silver In the United States at the
"cose of this period than there at the beginning,
in tie interim, the population had greatly In
" ere ased."
We beg our readers now to join with US in ad-
miriDg the honesty Of this mode of stating facts.
The excess erpor under British free-trade, when
we could do little more than pay the interest on
the debt, was more than twelve millions, aud the
excess import under protection, when the foreign
debt wss being rapidly discharged, was about
eight milliODs but it suite the purpose of British
free trade-frst to lump the whole together,
and thus shut out of vie " the fact that but for
protection the deficiency would have been inf
nitely greater-secondly TO shut out of view alto
eether the fact that the balance of trade under
protection had enabled us to discharge large
amount of foreign debt-and, thirdly, to close this
period at 1881, when the foreign debt had been
nearly all discharged, and when protection was
beginning to tell in the import of specie. How
it did tell will be shown by the following view of
the pay ments on account of the debt, and of the
import snd export of gold and silver.