New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1856-01-07

and bank notes.
Now if the proposition have placed in Italic,i
sound the Secretary should have urged Conressh
abolish the present duties on Iron and Iron Mana
hc,ures. Woolens and all other Textile Fsbros
and imposed instead high duties on Tea, Coffee
Cocoa, Tropical Fruits Csoutchouc, and other arr.
cles NOT produced or riyaled by our own c'tzeas
Vet be ia very careful 10 do nothing Of the sorts
fact. he knows better. He does not believe u,
doctrine he is impelled by party necessity to pro
mound in the Italics above. He knows that. "a =
shove all the influences he cites, duty imposed ~
imported products reduces the cost to the COO
SINNER rhen il encourages and enabes our o,cH peops
to perscrers in esortsto riro te foreign producer
homemade Fabrics Of smaller cost and besfer qasay
This has been done here in the case OF most Cotos
and the more common WOODEN Fabrics; 80 with
Pins. Wood-Screws and hundreds OF articles BE-
side. There is no instance in which efhc'ent frs
lection has not served 70 cheaper the Wares o.
Fabrics which our people were thus enabled tomaSs
at home instead of buying abroad.
But a Paper Currency the Secretary argues
peutralizes the influence of Protection. The doc
trine is neither new nor true; but let us nave y
fully before us in the Secretary's own terms. he
continues:
eff Congress had the control of the currency Of Tie
United States that is TO say, could prohibit the sub
tuition of bank notes for gold and silver IN payments
debts and commercial Transactions, the imposition
duties by Congress would have the effect TO leave Ia
home market 10 the home article TO the extent
which the tax prohibited the import OF the ioreg,
article or raised it, price.
:" An examination of the several tariffs enacteda
this country in connection with the increase OF banh
II nNk.. otra .tlatth ll.ff,.
evidence that the increased duty has, almost in even
instance TO some extent been c0unteracted withini
short time by the increased circulation OF bank nota
"The United States, with its mixed euneneyol god
silver and bank notes, has been good market for 10
sole Of foreign productions and manufacturers and,
the general bad market for the sale OF our own-th
foreign article taking the gold ana SILVER, the oe'
part of our currency, with the increased price giyene
our bank note circulation and raising our producuS
TO such price ~ not to allow OF their exportatoA
unless in times of great foreign demand "A
Now if the doctrine OF this extract is generale
substantially sound, then the manufacturers ~
countries having expanded Paper Currencles-
Great Britain, for example-must be continually
undersold in all markets open to both by then
rivals in Hard-Money countries like TURKEY, ltal,
and Portugal. The fact, however, ia very d.
ferent from the deductions indicated by this theoT
Great Britain, with Currency mainly OF Paper
exports Fabrics to all quarters OF the globe, al
undersells the fabrics of rd-Money countriesu
their own markets. And though the circulate
OF Bank Notes III this country did undoubtedlys
creose under our last as under former Protects
! Tariffs, yet our Manufacturers steadily and rapid
gained ground under that Tariff, and were d
yancing with rapid strides when it was owe
thrown. SO the facts and the Secretory's ASSUME
/ tons are at irrecOncilabe feud.
"Down with the Banks" is hobby with u
Secretary. Hear him on Bank paper generallyaR
especially on small Notes:
"The notes of banks chartered by the States contnH
to circulate in some sections OF the country to ~
| exclusion of gold and silver, except In Goyernmes
transactions; and more particularly where the banh
circulate notes under the denomination OF five doln
These small notes are mostly circulated by banks
doubtful soveney, at distance rom tue pace
redemption. They constitute deprecated currency
which is willing to hold, and this leads to hast
expenditures in order that the loss may fall on ohen
Certainly this il not in accordance with th
acts. The Banks of New-York and New England
which issue most of the small Notes in general cir
culation, are every whit az sound as those of TIL
States which have forbidden the issue OF sma
Notes, and their notes are in at least good credit
And know no no unwillingness TO "hold" sinai
Notes, except that resulting from very laudabh
disposition to pay debts with them. Probably TIN
| TRIBUNE establishment receives and employs nor
mall Notes each year than almost any other coo
Germ not engaged in brokerage; in fact, its bushes
must be seriously curtailed by the suppression
Small Notes; yet its losses from the failure of Banks
issuing the Small Notes which it receives to th
amount of many thousands each year will M
average one mill on each dollar received in III
stigmatized Currency. That Currency ia gres
help to many branches Of business; let those VIII
dislike such notes refuse them, as the Goyernmca
does all notes; but why should those OF US VIII
urgently need Small Bills be- arbitrarily forbidda
the use of them By Othersl Let Gouge and his ds
ciples refuse Small Bills; but they should not SEED
to deprive us of the facility for collecting and RI
uniting petty sums which Small Bills alone ca
afford
Let me not be understood as opposing the SCI
retary's Tariff recommendations. l believe tk
notifications of the Tariff proposed by Mr.. Gut
rie, regarded as q whole, would decidedly mprou
it, rendering it more truly protective than at pre-
ent, and at the same time fully a, near to Frs
trade as is that Of 46. Of course the Secretsr
so regards it, and is only dealing with bis party
prejudices after the pattern of Matthew's PadS
who was getting his pig 10 Cork BY making him b.
lieye he was wanted to go to Fermoy. Let BIN
drive away. BG.
LAST WORDS ON THE MESSAGE