Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-04-10

From the Savannah Georgian
The New Tariff.

oeen the reduction OF the IarIH. There could 20
found no bold enough to assert that the nen.
ty tor such a step not imminent Nnmt'
however, appeared as its antagonists, where !, 49,
found to conflict with various interests Tn Tho Mas
England States, where the cotton and wooden ,.a"
factories are principally carried on of course i @
with fierce opposition, although the reduction Of DE-
ties proposed we're trfing, with the additional w.
ducement of dye stufs free with uDimportant dntnl
and raw wool al per cent. The iron int.raS.
Pennsylvania did violent battle, as it slightly ;nf
ged upon the protection granted it. The South ws.
unit upon the measure, any reduction of the 30
is her cardinal doctrine of politics, and can cona
with but one of her interests, to wit that Of sues
which is not even the paramount interest of the ST.,
in which il is raised.
As the bill came from the House of Represen,.,;r..
TO the Senate il could never have passed that hodu
MIR. Hunter of Virginia, however, offered snIuy
tute, which in principle is right and sustained i h
most able speech on the Goth of February ;sSs
clear eucidation of the policy to be pursued for 40
continued reduction of the Tariff e
We are by no means ourselves satisfied with 49,
Bill, for the simple reason that, while the free s
extended to an extraordinary extent, the duties 40
manufactured cotton and wooden goods, iron a. vi ~
which the South is large consumer, are not oU.
down to the revenue standard 1t is, however .tsD
in the right direction, and hail it as the barbnaarr
of future progression in the same direction, and II.
ultimate triumph of free trade. N"N VIC
The only problem connected with tho root,o.:
whether or not it will succeed in reducing tho renn
nue.. Experience has taught US, both in ENGLAND .nd
this country, where the protective system has nro
vailed. that moderate reduction of the Tariff ha.
increased the revenue of the cour,rv. IncrsosaJ
consumption more than supplies the deficit
Mr.. Hunter SO strongly and plainly lays bare tho
reasons for the measures that we must give hem to
our readers. "
They are so obvious that they mus, be remarled
even by the most casual observer. We ALREADY 40
that this OVERLOOKING treasury is afording tempta
lions for the widest and most extravagant schemes
of expenditure, and none so wild but that 1t NAV find
some advocates here and in the other House We
already hear c plans for distributing the surplus re-
venues amongst the States, and for thus changing the
relations OF this government 10 the States so az tn
make it the almoner to collect and distribute reven
ues amongst them ma ority here may choose at
lis own arbitrary pleasure. We see too that this is
tordlng temptation to combinations for the purpose
OF plunder amongst spoiIsmen and placemen who
hang about the treasury, and whose influence must
De OF Inc most corruptlng character. You PERHAPS
SIR Mr. Weller in the chair recolIect, for we came
into the House OF representatives at nearly the same
time, tina: at that day, when member voted for an
appropriations he had to explain himself, and to an
swer Tor it before the people, but now the rule seems
10 oe reversed, and when he votes against an appro
paton he is called to account, and is forced to give
an explanation. Such state of things is startling
ana seems to admonish US, as strongly as anything
can do of the necessity for diminishing the rate Of
extrayagant and surplus revenue. A lust economy
Mr. President is almost the greatest of public viz.
tues; indeed, it may be said to include nearly all
those which look 10 the material prosperity of PEG.
pie alone. Nor can its moral influence be valued too
nghiy; IL causes governments TO leave undone the
things that ought to be DONE and to do those things
That ought not to he DONE But how Gan we hope
ior economy when large surplus revenue affords
SO many temptations to great and an irresponsible
expenditure!
But the financial reasons for resortng to some
sucn measure as this, something which will depete
the treasury and let loose the specie which is hoard
ed up in lis vaults into the general circulation of the
county, are as strong as the political considerations.
Weare admonished by the Secretary of the Treasu-
ry that the surplus ofspece accumulated in the vaults
OF the treasury at the end of this year will be some
1000 900 and learn that the actual balance is
likely to exceed what was estimated.
ny the end of the next fiscal year, and unless we
act inns session we can do nothing which will pre-.
vent that surplus without resort to extravagan ap.
preparations, il is estimated that the balance will be
some forty millions of dollars Indeed, probably will
be larger than that. When come to reflect that the
whole specie currency of the country as estimated
by the Secretary of the Treasury, is only about two
hundred and fifty millions of dollars we can readily
imagine the effect of locking up twenty thirty, or
icrty millions OF thai specie in the vaults of the trea
sary' twenty years ago, before the discovery of
gold IN California and Australia, the present sum of
money boarded in the treasury would have occasion
ed most disastrous revuson and if it has not done
so already, 1t has only been because the constant
production enabled US to supply this deficit it
made by the action OF our revenue system. But, sir,
ns mas oeen done at great expense to the country
We have not only lost the profits on this surplus
capital, which is boarded idly in the vaults of our
treasury, but we have thrown the productive in
terest of the country the expense of buying the spe-
Gle which was necessary to fill up the vacuum thus
occasoned, and to preserve the general level of the
Of thp unfr hat OF ~
OF the world that is to say these interests must be
forced either to do that or else the banks will make
an enort 70 supply the vacuum by paper circulation
and thus expose us to the danger of another paper
revulsion.
Under these circumstances, the business men OF
the country have become alarmed, and have recev-
ed letter after letter. urging me 10 adopt, if could
do so consistently with my principles, almost any
scheme If adjustment which would diminish this sur
Plus. Although it may be possible, will not say
how probable that the constant production of gold
may enable US 10 continue to fill up the vacuum which
is thus withdrawn, there is a chance that we may
not be able to do so without the revulson of which
we have been speaking. Certain it is, that we can
not do it without imposing great burden on the
productive interests of the country that is to say
the expense of buying that much more specie to fill
up the vacuum thus arfcially made to preserve the
specie level. II do not preserve this level it is
manifest that there must be contraction and revul-
sion. Under such circumstances, have felt myself
not only authorized, but required to press this
body the consideration of some whose object
it was 10 diminish this surplus revenue, and turn
loose the specie into the general circulation of the
!, country
81 know that there is another remedy proposed
that of large and extravagant appropriations, that Of
turning the money loose in the shape of appropria'
tons for various objects, for distribution amongst
the various States but surely | need not waists a
moment in weighing the comparative merits of a
plan which reduces taxation, and leaves this money