The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-02-21

ne rina,., SaA Condition Of tfre Country--
The Treasury.
About r'ue working days are al that is left
Of the PRESENT sion Of Congress, and no word
cO?cs frem Wa ipeton to say that the new
tsrif Will become law. On one side the oppo
n,nts q interference with Me wool duty, on
arc cher the Louisiana protest against the repea!
of fhe sugar tax seem TO have paralyzed the eff
tors OF the friends OF the administration and Of
free trade, and thus, according to present ap-
'peayalces, the present tariff will have another
year of life. 1t is prospect well. calculated to
I'LL the commercial mind with weighty thoughts
When, ten days ago, We pointed to the inevi-
table consequences of such importatiens as the
Custom House records indicated-six and Z
us6ter millions at this single port in week
we might we'll have reasoned as though the
climax of expansion and overtrading had been
reached. But last weeks retsavns throw oil
former ones into the Shade. SIX and a quarter
millions Of Imports in a week were uneXampled ::
what, then shall We say Of nearly eight millions
the actual amount of the goods entered last week
at This port? But one thing can be said, and
hat is that we are at last entering upon the
period which our bank and railroad expansion
has Gong rendered inevitable, and the result or
eulnsination of which any person Of experience
can fOresee.
Since the last commercial disaster in this
country, full fifteen hundred Millions have
been added to the fictitious wealth of the COM
muDity, in the shape Of bonds, stocks, and ether
paper securities. No doubt, in the long run, the
unbOunded productiveness of the land and the
industry of the people are able to carry this huge
load. Bot in the meanwhile the expansion,
Stimulating real prosperity, produces the same
effect as the genuine, and stimulates expenditure
of all kinda enterprise on the one hand, extrava:
gance on the other. Hence the immense, and,
we may add, reckless railway enterprises, which
are entered into year after year, and which, it is
demonstrable must necessarily not only be ruin
Gus to established concerns but also to them
| selves. AID hence The enormous over importa-
| lions of which the last few weeks furnish exam
pes. Our people would never think OF buying
all these expensive dry goods, silks, objects of
luEuIy, wines, &c, from Europe, were it not for
the general expansion which produces the ap-
pearance Of genera, wealth, and for a time,
| answers the same purpose.
When we couple these two phenomena together,
the prospect Of immensely increased importa-
tons, and the failure Of an attempt to deplete
The treasury by means ola new tariff the cautious
mind viii perceive ample material for reflection.
IL is assured by those who know best that, with
the present tariff, the Sub Treasury would, in
year. at the present tate of importation, contain
sixty instead OF its usual twenty-five millions In
specic. According 10 the bank returns, this
would deprive these institutions of the specie
basis required by them to carry on their business,
aid would oblige them either to take such mea-
sures as would very rapidly put an end to such
importatiops we are witnessing, or to protect
themselves by an early suspension Of specie pay
ments. Nor does it appear that the measures Of
relief which are proposed by parties interested
are well calculated to avert the danger. The
Wall street stock spectators desire that the
plus should be given TO the street by purchases
of United States securities at any and every
price. portion Of the mercantile community
suggest that the surplus should be divided among
the States Other parties suggest liberal ex-
pepditure for naval purposes. But, practically,
none of these remedies would affect the disease,
because they would come too late.
Beyond all question, the prospect al present Is
one Of great immediate prosperity Without
following the example of the foolish or igno
rant persons who believe that we declared
our independence Of the world in a CON-
mercial point of view last year, we may
cay without fear Of contradiction that we
shall reap more acres sail more ships manufac-
ture more goods, and employ more mems labor
this year than during any former one of our
history; and therefore without our own folly, we
might confidently assume that at the end Of the
year we would be richer than at the beginning,
But the over-importations and that specie.trap
the Sub-TreasuIy, oYerset all calculations Still,
notwithstanding their effects, if the summer can
be safely weaibucd, there appears to be no rea-
son Why the parties who have brought about the
piesent expansion sboud not carry il on, making
more monty, and appearing 10 grow richer every
year for two CT three years TO come Such, in
deco Is their calculation; they hope TO last until
tic political convulsionu which promise to cloud
the close of the Buchanan CINE precipitate
N alogous con neIcial disorder, and bring about
he Tremendous crash which events under our
eyes are silently preparing.
CSCoNsuTr TioNA1lTY or THE PRoFosED
CHANCES IL IRE CHAETER.-The Attorney
General Of tie State has been asked his opinion
If the eoust,utionaliiy Of the changes which the
Tbuflow Weed party at Albany propose 10 bring