Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1857-10-16

Treasury and the Wilmington Journal dssimilar
Institutions nasmuch the former has large surplus
of cash on hand and the latter hasn't
The Observer thinks we have not needed its caution
not to speak hastily etc. etc. and so forth. Well let
the Observer make the most of hastiness improve
it's advantage to the utmost and what it will come to-
We said that the Democrats never set up the Sub
Treasury as Great Regulator" and we reiterate the
assertion They tired, as the country was tired
of artificial regulators" either of trade currency
The operation of the SubTreasury is perfectly natural
and incidental.
The Observer proceeds to say that did not do this
and we did not do that-we did not look into the mes
sages of Democratic Presidents as to the wonderful
performances of the said SubTreasury. The Observer
seems to have been guilty of still greater piece of
neglect than that with which it charges 1t appears
not even to have read the article in the Journal upon
which it hastily animadverts. In fact the Observer
has been incautiOus.
Had the Observer read our article upon the operations
of the Treasury and the Tariff it would have found
therein the substance of all that quotes from Presidents
Messages and other documents 1t would have saved
the space taken up with these quotations, and avoided
placing itself the position ofmakng groundess charge
But the Observer was " hasy." 1t finds nothing OF
great artificial regulator in all this. That the natural
operation of the Treasury has been conservative,
there can be no doubt-that it has prevented state
of things hardly to be contemplated without dread there
is no doubt but it has done this without deviatng from
its own legitimate course, leaving its own appointed
sphere.
Let us look little farther, and how closely our
woudbe Mentor adheres to the strict facts of the
The Observer says that the Journal assumes "hsy and
inaccurate positions in asserting that the Tariff is not
chargeabe with the existing pressuretha expectations
of gold to foreign countries not and that undue ex
pansions of nominal values have had to do with it
than all the fanced causes assigned by the friends Of
protection and Great [artifcial] Regulators"
We stated that exchange in favour with for
egn countries The Observer knows this this to be the
fact We said that gold must come inthis the O6Ser
ger cannot gainsay, if it does it will find its mistake
within short time when the gold does come. Inc
Observer says that exchange is in our favour because
our merchants don't won't pay their foreign debts
This is all assumption. The aggregate of the failures
so far is put at sixteen million of dollars of which not
1.-THE is due to foreign creditors This could not have
changed the current of exchange Again. in looking at
the official returns of imports and exports as indicating
our position towards foreign countries, the Observer
seems to have forgotten one important item Millions
of goods are entered at customhouses on foreign
account and risk, and in times like these, millions OF
money is lost by the foreign trade, without implying any
reputation the part of the American consumer
These speculative shipments foreign account swell
customhouse returns in far greater ratio than they do
our foreign indebtedness.
We asserted and reassert that the prevailing extrava
gance has shown itself in the expensive classes
ofgoods which are the highly taxedcertany among
the most highly taxed
The Observer says that we bunder again Let US
see In Schedule A. we find Brandies, Cordias etc.,
whether there has been extravaganza in this lei expert
ence show Next nSchedule B, Wines, Cut Glass,
Segas etc. all articles of extravaganza and all indnged
in at fabulous prices. Next III Schedule " we ind
Silks Fine Woollens, Embroideries Laces of Metal,
Iron Fabrics of Iron, Sugar and Moasses, etc. and in
Schedule G, find the main extravaganza. The O6-
serrer says that Silks Laces etc. less heavily taxed
than the leading articles of Iron and Wool and Sugar
Therein the Observer is wrong they are in the same
Schedule and pay "a per cent The Observer also
that they are no higher taxed than manufactures of
Cotton. Wrong again. Manufactures of Cotton pay
| 10 per cent
Giles of luxury The coarser and commoner fabrics are
in lower Schedules. Iron is in the luxurious category
and protected but then what is price or protection
under the credit system. Iron could be bought In
Europe for bonds-ona long credit and bought it would
be- no matter what the Tariff. We find that the value
of Silk Goods imported considerably exceeds that Of
Cotton Goods although the latter paid under the tax Of
1916, and pays under that of 1851 much lower duty
In fact we find that difference in duty exerted
influence at all opposed to extravaganza in dress
speculation in railroads. long an inflated system Of
credit kept up the speculative movement in drec
ton, Or supplied the means for gratifying the love Of
display in the other
Our people have surely suffered enough from extor
Tomato prices for sugar and moasses to make them sick
of all projections calculated to enhance the price Of
living beyond all reasonable bounds.
We may remark that in speaking of duties on differ
ent articles, have referred to the existing Tariff
that which went into operation the lst day of July
1851 That is simply reduction of the Tariff o.
l846-the relative position of the articles referred to is
little, if at all changed.
In conclusion, we would remark that, New York pa
pers to the contrary Notwithstanding there can be nc
parallel introduced between the actual position of the
country in 1897 and 1851 save with the view of show
ing the great difference between the two periods. II
1891 the country actually buying food It's cotton
crop very low-he amount of specie in the country
was not more than onethird of what sexchange
was away against us. States and the General Govern
ment were bankrupt or fast tending that way. Now
we have plenty and to sparecotton is hgh-no State
has ailednatona credit is beyond exchanges
are in our favor, and must be more so. Away then