New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-23

ne bella res potable sor ibe exi'-ns soom,Iy ts.
80 Goyerbnsst enclosed with We sovereign s..E'o1e
"sbt nd have power % preyett cfnsrs Eom d'itos
80" i, coin out The country, and njog up me chsn'
It, Ct circulate with pspsr which d'es not repre-
a." cent god and silver"
Tie Constitution having. in this !espect e. you sup
pcte proysd . total failure, the remedy s, a. Jon
setm TO ihtk 10 b. found 10 increasing The powers OF
the Federal Govern eIt q; the expsnse OF bose Oh Tue
Slater. Admitting the facts to be precisely 81 you s2
,ooItr we mske the change the better viii it BE- rot
OF Nv for curse ves bet the world e. large-so fire.
queI tly turbed by consequent, sii woIh
,.eu upon The existence Of our Federal system. Be-
fefe however, deciding that fsa, does really lie
With the Staies-snd, sti more, before deciding 10
make change in that direction il would ss II seems
10 me- be wen calu ly 70 review tie pest-gving the
facts r tie precise order OF their occurrence and aus
enabling cur feilov.orizeDs TO determine Tor men
selv.s whether the difficulties you have 20 We de.
seribed have had their origin 10 the excees OF central
or Of local action. Such examination might prove
that the csuse Of thoee revulsons lay WIN tue cen
Government; and 50, then any motion ID tue orec-
ton you have ndicsei wsuld but augment rae e'lis
uposr which We safer. Firmly believing that sucn
voulS be lie result am induced 10 address you tnls
l.t,er-doirg 60 in tire full confidence that you would
much rejoice in having iedemcnstated thst the cause
Of error not beirg found in the local seton, we mgot
sa,ey psirnt the Cor sifution TO remain Untouched
the local authorities 10 continue In the exercise
Of ali the powers not expressly parted with when the
sovereign States united il the orn nation OF oar pres.
en- Union. 1t being the tendency OF power 70 seal
from the hsnes of the many to those OF the few no
eity" a. has 30 we'll been sad by one OF your Illus
trous predece ssors "csa be maintained only 81 the
nice Of eternal vigilance; ard IT, by re sson OF fall
ure in s exercise We should, under your gu lance,
make any step In direction sdSefse " nee on, !.
would to you, | am well stured be cause OF great
and permsrent regret Without apology, therefore,
il il that ssk your attention to the following onsi
summary Of our history in the pssl hsf century;
From 1887 TO 1915, We were, IN gfeH degree,
driven fr m the ocean ard forced to look homsSard
Tor our Cob me n.intercsuse laws having lot
lowed cosely on the hee Of an embargo and tnat 10
lite turn, having been succeeded by war WITH En-
glano. Manufactures had Ct coutse gro~n rapiey-
mskir market at hcme for O. the products OF tue
earth ard enabling the consumers and the producers
to take their places by each other side As conse
auerce Of this it wAs that after the cose OF me war;
there e1isted throughout the country degree OF PROS
parity such a. had never before been known. Farmer:
and planters were rich, for the prices they obtained
were great Mechanics prosperous, their services
beirg everywhere in demand. The revenue was
large, for the people could afford to pay 'or tne pro-
ducts Of foreign IAN IT, Toe Government was strong,
for il was rapidly diminishing the public debt:
Lees than two years later, however, the whole was
CT a. ged- the duties on Imports having then been much
reduced, ard I'D vaorem oufiss 10 eohslaerAo.e sA
tent, substituted for toose which had been specific
The conse quencss Of this speedily exhibited tnem-
selves in the extensive closng OF manufacturing es
tablsbment,-in The creation and failure OF numsr
bsnks in the cecr IL pn q oil oil tne proaues u ts
form and the plantation aud the ruin OF farmers and
plsIters-in tie uinshed demand for labor--n the
growth Of psuperismin the export OF specie-and In
a gro yirg public debt. Free Trade had found the
country in 1876 In state Of high prosperity, but 1t
left it almost ruined.
With the year 1924, there came partial change,
followed, in 1898, by more extensive one-the CEN
us government then changing lie policy from free
trade to protective one. Here again the'efects
were speedily seen il the revival OF manufactures in
the oemard for the products OF the earth. In the in
port Of spece, in an increase OF pusio revenue go
great to require the emancipation OF tea, coffee,
ard other cemmoeiiss from all contribution to the
puolc revenue in the final extinction OF the public
deb, in general prosperity, public aid private, and
in feeling throughout the country Of strength and
turn Of peace in 1915. That prosperity, however, was
quiet and Tranquil one, there having been but little
speculation and therefore little tendency toward the
reaton Of unnecessary banks. The few that hsd
betn ieated had found their PLACES in the E&stern
Statee. The total number, 10 1880, was but 81
against 81 that had existed ten years previously and
h. ince in the amount Of capital was but IS 0O0
Goethe $l07 COO COO of 1870 being represented in
1880 by sllO O00OO0.
Again, however in 1884 the system Of the central
government was changed-provision having been
made i'll 1888 for the gradual passage from pr tee
tive TO merely reveI tariff, the sst stage Of which
was 10 be reached In 1872. Numerous banks were
nCw again crested; foreign debts were In
cured and the result seen in the insolvency OF
the bsLksthe ruin Of the merchants-the prostra
OF the farmers ard plap'ers-the drain OF spece-the
repuo is.on Of States-and the bankruptcy OF the
Tr,asup-the Cover ment itself being reduced to the
Use of inconver'ibe paper money IS the only means
by which the machine Of State could be kept in
motion.
OLce sgaip, in 1912, the syetem Of tbs central gov
ERIN Ell. Was cbargsd-a highly protective tariff hsv.
ing been substituted for the revenue one Of lSil-2
Few, if any, banks were now created foreign dsbts
were cow paid off; barks row resumed payment !;
merchants became, once again, prosperous specie
flowed In States bscame again aoie 10 collect their
taxes and thereby redeem themselves from the dis.
grace of reputation aud the increased rap
dly while the peaceful policy Of the country greatly
facilitated reduction in the Gums demanded from the
Treasury. Peaceful and quiet prosperity was tue
characteristic Of this peiiod-there having been no
speculative movement Whatsoever, and therefore no
nduceuent for any extension Of the number of in'ttu
tons employed in money operations AT no pefiod 10
the bntorY of any country h.d there existed 30 hga
dsgree Of confidence in the future IS was found here
exstrg in the gear which preceded the enactment OF
the revenue act of August, 1876.
BY that act the system of the central governm n.
was once more chspged-protection having been
sbsnc oued and the tariff having been adjusted wi'h
reference TO revenue alone 1t has now been IN exist
ence eleven yeaIs-years cbaracterizsd oy az sm9ut
Of instability and uncertainty in all commercial affairs
amoet equal to that which existed In the period which
embraced the embargo and non intercourse acts aud
the war which followed. Banks innuuerable have
been created Prices have rser and fallen repeatedly
tho changes having been great, almost beyond all
previous precedent Flour and cotton have at times.
been lower in price than had ever before been known
while, at others, they have exhibited tendency
toward rsrg TO the point at which they had stood q
the passage Of the free trade act of 1916 The reeult
l. seen in the fact that the manufacturers and the
merchants are ruined-thst the number Of perons un
employed is great, beyond all form.r precsdent-thst
the prices OF oil our staples falling with great
rspidny-thst our ships are unemployed-thst our
bsIks have again been driven to suspenion-thst the
revenue has failedand that notwithstanding the re-
ceipt Of hundreds of millions Of Californian gold the