New-York daily tribune., 1857-10-17

a.. Ia had
NJ psiAs nsg W W, nos;tion ard fair elucdaaon
~ A AZ inpOrtact fact in this cOaosc
49,; N ,,;ght be said that II fhis crisis hal bes'
Ssfar,so asother two months, it would NOT has'
s uese,,. ,h;. wear An opportunity TO have trans
.s s .c,ieultursl produce from the valley Of th'
.';O.no which had yielded Dsarly do1hl, IL usus
ILL., ~ The Atlantic coast would have consttdt'C
L ,s,,h a. would hsve enabled our merchants a az
NONE % meet all demands sgsinst them. IL vas
krpfore 10 some sort pauc that had produced toe
dssseaIty Mr.. Banks would not discuss the cause OF
D. ns.c but that which had coLtfib1ted matsnssly
10 brig il about Among other things the facts were
to be recognized that the government Of t9S cohn.y
vss q pOwer that the government hso ootu a ou
open ard q tscit influence 1t hsd da''es ~u'Vs 4,
Il could not avoid, and responsibilities wu.cu ,,a -
bsd to heed. The cemnon opinioe tnss nf
imitation Of the currency was the ssu oe"d;tura
the extsvaeance of the times, boih In eAPeuIs eAP.'I;s
and in trade must be taken with some qu1iIr
cation There were other and deeper csusse W "uon
we might cot only attribute puois ana M ,Ss
gsnceH ,e Ors,Dsy yr,alIens but to which we might
Lo - me- leading blame in the innauon OF the
1900 Paner money must have breathed INTO II
10 heath of life, otherwis 1t coud DOT go sone.
O ~. endow it.elf with hc, put va.nsy mus. os os
q "a 10 il whether il s produced BY the psopis or
hva Government. Measures may bs devised 70
Eve Che currency Of the country greater staoi NY oy
fmiting s issues upon IFS specie oapts lnsre weIe
ffty millions of dollars Of bank notes IN CIRCULATION OF
fAs de,sninatons Of FIVE dollars and undeT aod tue
ttpe yas Lot far distant when there would De coz
,nrasce Ia the adoption OF permanent measures tha'
d tend to the substitution OF gold ana Suvei 'uo
hands Of the people for the small notes tuey no"
bod In compensation for their soo "1u ;rs "Vtu ~.
Ssrd more than any other event 10 gi'o Std
b;litv Of cold character 70 our currency;
There vss a disposition current 10 retain foio ana
silver People parted with every otner pfoo9cs wltu
peasu but .hs VsT for the pay Of labor sa
bsnI note of the higher Denominations for CONNER.
cisl purposes would be everywhere comfortable aud
safe m. dia Of value. In 1853 q new Administration
undertook The cares Of government In tots Union, aud
found us with an expenditure of $54 900 600, and
the LIST Of July OF that year surplus gold aud silver
IN the Treasury of $2l 0OO 900. This state OF bog5
was the inevitable result of our commercial aud nan-
cial system: The expenditure OF the Government
must either have been largely increased or an alarm
Ing, If not fatal, accumulation In the National
Treasury must have been inevitable; and this
accumulation In 1857, after heavy paymsnt OF
National debt, would reach the sum OF $50,OOo OoooO
On the lsr July 1885, the surplus in tue Treasury IS
estimated would reach the amount OF VI, ,0OJ 0OO.
Such &C ndition of the public finances would be as
ktal to the interests Of the country as 1t
would be to the integrity OF the governments
This latter the fret aspect In which The circun-
prt sented itself TO the Administration OF that
Sesr. IL had to choose bet~een an Increase OF ex-
penures or the reduction of the revenue, aHd being
Concurrent with the traditions OF the Democratic
marty the Administration represented as well as with
he nterests Of the country, such reduction was de-
cided on Mt. Guthrie OF Kentucky was then the
Secretary cf the Treasury. and mis- administration OF
the duties had been surpassed ana his interest
In the success of national industry prompted hi to
the thorough consideration Of the plan Of feorganiz-
ing the revenue system His purpose was to secare
economy in the public expenditure and also toe pros
perity Of every branch of American industry. Tnsre
were IN the Tariff Of lS es ht schedules and he pro-
posed 10 reduce them twOthe drst paying duty OF
y per ceLt, end the second embracing articles ad
nitt.d free of DUTY, which were chiefly raw materials
u~d in the manufactures Of this country. The last
TO- .fInrtan aRh had
been levied a outy. of from ten to thirty per
cent ano which duty 70 this extent va.
tax upon our manufacturing industry, with
out any benefit to the people or the Treasury.
The reduction OF the duty fOm 30 to % per cent on
the frat schedule wona have dimiGshed ths revenue
a43 OH OVO YEAR The 2i0 articles in the second or
Tree Ist would have caused q further reduction OF
81 600 O0 leaving but 600 900 in the Treasury ln
1856, when the Tarii was to go INTO operation tue et
feet the country would have been the
of SIS 900 that year. instead of an accumulau)n of
$50 600 600 in the TIeasury In 1857 It @ SouId have
relieved the manufacturing Interest OF eacn
wear snd the people of hurden OF the duties PAID
On their imports OF Taese two itsms OF re-
ducon from the two years preceding 1897 woad navs
shovn difference of $25 900 600 savei TO the people,
instead OF being in the National Treasury Sacn was
the character OF the measure of Mr. Guthris which
vss asssited OF the ground that IL vas departure
tea Ia d. riDcpes Of the act Of 1885, aad protective
Measure. II defended ON the principle that vas
measure for the revenue, win ioeIoenSt
view that it was like every t.rih wnicn
had been established since the beginning OF the
Government and that 1t improved the example set by
the nations of Europe, and was move rosrly ap.
the provisions Of the English aud French tafltfs sao
that ain IL the last pubic DECLARATION made oy the
laie Sir Robert Peel io Psrlament was that 10 ser
vice of forty years he bad never approached the sab
;ect of tbs revenue imports without eOdeavoring T.
ttrepethen the priI ciple that Iax materials should
have been furnished the manufacturers free OF duty
Robert Rantou the most eminent msn oil Dis DAY for
his knosiedge of matters Of trade in his spee1h In
Congress in 1851 advocated the enlargsmsnt OF tue
fee list and the admission OF materials an ele-
nsbt of freedom n trade aud of prosperity Ia Anoft
can industry. But the true character of mr Gdthfes
re easure Wes lot TO be deteI mined by the aspect In
which il was regarded as free trade or protective
measure for ii might DO made either as the 6overG-
nent might choose and 10 whstevsr direction II
moved il would not leave tue iodustry OF the coun.
try to the constant Apprehension OF changes.
With raw materials admitted free of duty, no system
Of adequate to the expenses OF the Govern
ment could be adopted which would not leave the
established manufactures of this country to meet aad
undefse any Otaer people IN the markets oil tue word
The temptation, In period hike Ihis, Mr. B4nke ssid,
strong TO the anci, principles and cOuo-
sells upon the subject OF protection, bat would %
well to Iemt nber that any extreme measure adopted
N criss Ike the present would be overthro"n oy
the return wave which comes back 10 a season Uf
great prosperity What the industry OF the cou0try
most needed was stability, aud this would be most
certainly found In the principle of the admission Of
raw manufacturing material tree Of daty, vita sucn III.
eide nta protection might be superadded 10 the im
port Of manufactured articles would meet tle
pensss Of the Government. Tnst might bs txenty-
i've or thirty per cent more, as the people should
determine. The stability which industry de-
manded could be obtaioed by the suottitnhon
of sneciGc for sd velorem duties. There were
a hundred or two hundred articles where speoiac
duties could be substituted for ad vaorem witnoas des
rpent 10 the interests Of the country and without
fiom the principles Of Incidental PROTECTOR
vhoh had been recognized by every tariff sia 70 tue
Mr. Banks ins tanced the article OF if )n
which had risen from 46 to s72 in tive years, as an ar
tclo on which an al ysiorem duty was essential, and