The Belmont chronicle, and farmers, mechanics and manufacturers advocate. [volume] (St. Clairsville, Ohio) 1848-1855, 1854-12-15
s75.96e7lo S9G.4g3 5g6

the current year at t~ity-one millions.
The leading facts presented in the report
nrc thus condensed by the n. Y. Courier:
The large surplus in the Treasury during
the pust year, has been largely applied 10
the reduction Of the public debt. 1t seems
tha, S2O,09S, 422 was redeemed Gu:ing the
fiscal year ending 30th June last. THIS re-
tuctiOu is still going on.
"Tite Secretary states the imports TO be
in excess of tue exports sac ,32l,3l7 for the
year. We are surprised to find him express
,iGg nn opinion, that the profits of our cX-
ports and the ircights earned by our ships in
the foreign trade 80, ght TO more than cover
this excess" No cVmmercial man with any
experience would assume this. IL is nDtvrl.
Gus that the foreign importatioas are gener-
ally underyalued, and that the dd rd!Orum
principle encourages such undervaluntiou.' -
1--WE will undertake to assert tina; the up.
parent excess Of S2G, 80 l,3l7 Is less than the
actual amount. And that whatever such pro.
fits on our exports may be and profits on
lreights, they will not compensate for the
profits made here on the foreign importaiions
for foreign account, aud the underyaluations
in invoices.
"The actual export Of 80, 100000 in gold
during the year is indisputable proof that this
amount al least, was required to discharge the
balances OF fore On indebtedness. To this
SUM should be added he amount of American
loans negotiated in Europe during the same
time, which, have temporarily oniy, tukrn the
place Of SO much gold which would other
wise have been further shipped hence.
lu'b,o itnoa Of .,l,,,;,,. a., ,.,. ...
MUGS to the actual wants Of the TIcasary, by
means Of d reduced tariff, is uuso md. We
sI know il to be a ficlicn. Great Britain
has been reducing her tariff for twcrty years,
and her revenue from customs is now as large
as ever and lurgcr in fact. The reduction ia
duties on the contr wy stimulates Imports AID
would bring us further ia debt it we would
readily discharge that Indebtedness But
there is aprinciple IN trade more fixed ind
more invariablc thnu any free trade notions
Of these times, Viz: No commercial aeopLc DiH,
for a series Of years, import more largely than
theycaR conveniently pay for.
THE Treasury Report states that the
large sum of Sl6,lJ2, l7O in silver has been
coined by the MINIS at Philadelphia and
New Orleans. This new coinage has been
a vast benefit TO the pcOI le, and has served
TO expel the old aud deluccd coins Of Spain,
&c. that were current here Tor many years.
The Secretary evidently feels that there
are difficulties 10 be overcome resulting rom
our present financial policy, and his suggcs.
tons for Ii modification Of the present tariff
would undo ubtedly be an improvement, but
would fail OF meeting tie case in all its re-
quirements. We hear much OF free trade
from the political friends of the Secretary,
and We arc constantly referred to the exam
pie Of Great Britain who has removed the
duties entirely from a long list Of articles
TINT were formerly subjected to burdens
Our reply has constantly, been that, cOnsid-
ering the relative condition OF the CONNER
clal world, aud the ability OF rival nations 10
antcr into competition IN manufacturing, the
British nation never had more cncctiy,
tnrih ior PRoTGc1IoS Than the present one, as,
in oil cascs, the articles made free do not
come in competition with British LABOR, or
are taken ~ raw material to be worked up and
increased in value by h0m1 industry and cap
itsi combined. The reverse is the operation
Of ouI tariff, and therein lies the difficulty,
under which our manufacturers labor. The
49, 49, '''' "'i'Nh'1l bhA !
his proposed modification meet it! Iie says:
"Under the English tariff, The raw mutcrf,
al used in the arts aud manufactures have
been made free OF duty, whilst our tariff OF
1876 imposed on these articles heavy duties;
and thus, TO tao extent Of the duty on the
raw material, the English manufacturer has
e decided advantage over manufacturers of the
United States ia the markets Of other nations,
whilst the effects q! The tariff OF 1916 is re-
duced in our own markets.
"In the revision OF the tariff, for the pur-
pose OF reducing tho revenue. it was deemed
eXpedicnt and proper to lake away the I'D.
van;ages %accruing TO the manufacturers oil
other countries, under their free lists, by
making The same articles free under our laws,
except as 10 the article Of wool, aud 40 t
that article. en- the coarser woods. Under
the reciprocity treaty, wool from the British
provinces viii be admitted Tree OF duty.
"In 1853, the impUrtations OF wool and
wooden goods amounted to over $40, 900, 900,
e. the wool and the value Of Il . wool in the
Manufactured article, amounted TO at least
$4,000, 900. This was over and abovo the
amount produced in The country, and ufIords
satisfactory evidence that sufficient wool is
not produced In the country for its consump-
.ien. The consumpli-n of wool in the
United States for the year 1853, is estimated
al 800 ,oOO, 900 pounds, of which 60, OOO, 900
is the production OF the country, and 81 900.
600 imported as wool, and the balance Of
100000 imported in the manufactures OF
WOOL"
The Seeretsry's remedy for excessive i'm
Poristions, and his plan for reducing the
receipts to The revenue standa I'd, is to change
the tariff go as to have but four schedules,
namely, free, 20 per cent, 40 per cent, aud
100 per cent, the 40 per cent. schedule to
include wines not mad, free, silks, laccs.
millinery. and oil other snnplunry articles.
This would be an Improvement on the pan
Introduced at the last session, but would il
afford any substantial relief to the producing
interests OF The country. We think not 20
long as the sdyaiorem system is retained
il does not touch tho real d licully, and we