The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-17

alarming, n not falaI, accumulation In I've asnonai
Treasury must have been inevitable ana thaa tss sssa
.ssld rssah the. sum Of ssooiOeOo. oa tas ID Jdyi
1855 The surplus In the casury, = est mated, would
public finances would be fatal The isteress OF the
couuIy ~ would be 10 the integrity of the goverBmes
ns latter vas the nrs aspsc In which shs circumstances
presented itself 70 the AdmbisTason Of trs II he'd
70 choose ~ecn IN ncssase Of expenditures ths
ducion OF The revenue and being emit With the
resented, well with the interes or the c,up,ry
such reduction vas decided NJ 9atnris, OF Ksa'
nnirAuon OF the duties had never bees sud
bis interest In the OF national Industry pro pted
him the thorough consderaon or ths plan of org.
nzDg hs syste y. His parpose WIS TO secure
economy In the public sx penditure end sso the properly
Of every branch OF Amsrican industry. rhsrc wee 10
the tariff Of 1886 eight schedules aud he proposed
10 wothe first paying duty Of rs per and
the &c ,opd embracing admitted free OF duy which
Sis oounsI, me lat schedule oostssned 20 hundred
and egot specifications wAioh had been levied duty
tf from Ten 70 thirty per cent, and which duty 70
this extent was . tax upon manafa surng Industry
without any benefit 10 tho people or the treasury
The Reduction the duty from 80 TO ~ per cent shs
$4,000 600 year The 2Io articles In tue second Or tree
st would have caused further reduction Of s. o0o
leaving bat 10 tho treasury la 1885 shea Toe
tariff 90 Into ope aion, the effect ins country
would have been the disbursement $b, 600 900 that
year, instead Of humiliation of Soo0oooo Ia the
urDs n,eres. or 900 each year. and no PEG L, OF
the burthen Of the duties paid their Imports Of siboo
o0o These t. items Of reduction rom the two yors
preceding 1857 would have shown difference q
900 saved to the people, inse OF bsnS 10 tae
national Reasury. Such was the character OF the mea
has was depafure rom the prno pl-s Of toe sOs Ct
1916 and protective Il de- 'nded on tue
pi0p SS measure for s0s
and In that view. that II was nike evory tavf
which bad been established since the beginning OF the
government and that improved the example SOL BY the
nations Of Europe and nearly approaching to
free trade Mr. INKS, after siung the pro Of
the Gpgsh French tariff said that almost the last pub
no declaration by lAts Robert Peel In PArs
ment was that In service Of forty years he d never
the subject Ct the re venue IMPORTS on
deavorng 70 strengthen the principle that mstersh
should have been furnished manufacturers free OF
duty. Robert Rauoul the most eminent Of his day
Congress- In 1851 advocated the enlargement OF the free
list, and the admissi OF materials element OF
But the character Of Mr. Guthrie measure
70 be determined by the Aspect In which regarded
Na free trade or protective measore--for Il might be
made either the government chose-ani In whAte
direction red would not the industry Of tbs
country 70 the Constant appreciation OF change
With raw materials mtsd free OF duly systcm
venue adequate 70 the expenses Of tue could
be adopted which would not kavs the established mana
Q, ni, COUNTY, 70 mes. s1o unaerss any oner
period ike this M Banks said strong 20 {,
The ancit Mt principles and counss the suojecs OF
prote ION, but would DC well 10 remember thAs
reme measures adopted In crisis like the present ~o1d
be overtbrosn By the return wave which comes back Ia
country needed stability and tails would DO most
certainly found the ole OF the sson OF
manufacturing mateal free Of duty with ,cu incidental
protection might be supeadded 10 the import OF
featured articles would meet tte expenses OF the 20
vernmert That might be twenty-five thirty per cent
or more. ~ the people deierm TIE stability which
Industry dem nded could be obtained by the subSnsioa
of specific for ad palorem duties There
hundred two hundred ucles where specidc oupss
could be substo ted for I'd oaore without dsuraent 10
the Interests OF the country and without departure from
the principles OF Incidental profession which had been
pad hx TAFT aho Raun NJ Ranw
los anced the article OF iron, which had risen from forty
SIX doDars TO seventy two dollars In I've years.
ce on which m ad palor duty essenua and ,hefe
were msny others, ne sal IN tbe same category Mr.
continued 10 demonstrate oat The inercfts
leo they connred tho hea OF the peo
pie but in 1857 they involved int est Of fifteen hon
dred millions OF col A THIS prin ap'e had been recog
nised by the arin bill or Mr.. Guthrie II had tue sanction
of General Perce IN oine, received approval of
the New EoslADd manufacturers aad NJ
PennsyvaDa. There not dem Graf IN tue Northern
who would gladly yielded his consent 20
~ passage. would have teved 70 toe anuf OF
this country sixteen millions OF dosrs without derimen
70 The counry, ard relieved the ~aaury or il
iAted specie Mr.. Guthrie's bill had the ap royal
OF The President And hos did |. fsi: rns sJui,ern
parturc from the principle CT the act or ,s4s
The government faiered In s sapeort and public AND
Congress had The keorska b instead Of the tariff fasen
ed the political conie OF the corntry that day
until this Tho In which PRESIDENT Pierce retired
nom the support n he tariff bill the steps taken
by him With 'bat oojoc, described by Mr. Bar Ks
strictly historical shape aud with the most tenn
precision relative The ELECT Of hi, policy ,ounuy
was stated that the Unised STA ns1 not than
ythe Of The South nercan trade, which principally
In raw na,erials but Ter. 70 mono ,oy by England and
other nations. The root proosi pooy adopted ostweca
this oounuy and sssada reviewed In specific detail
70 exnibis ts advantages tbt more policy
which affected us our relations win our south Ameroar
peshbors 7he policy Of Mr. Guhris would have g,vor
all we required 10 the later instance. A Qaesuoa
on the policy OF giving land xrAots 10 railroads aud the
sectional manner 10 which The grants conferred,
crpied the speaker for nearly half "a hour. rnc
result Of this policy had boon TO withdraw capital
from Q mre legitimate Investment, AMI .
quent ipaAsion OF ihe currency, which led 70
IL sudden obstruction, a. toe immediate OF
and the disturbed condition o, The couslry on unt Ok
the slavery question, neat alluded TO- lie said that
the people and the government bind deaf and dad
10 every hing involving their and uld
20 ust long frcedsm very the ssue The
Uv Corporation and persons. exrsvsganocs Alec al
luded 70, and the ladies very calamity dsfendea again
imputson that they pre- eminsny OF nc caassa
~ The present depression. He up ths OF IN
,ssisc, ey ins that on III. ,vernm' selIEsh,ca
the customs Of com vanity and ,ulos Tho habits Of
pcope-hc major blame rcstsd rhs fulty or ths labor
tim discussed with much 70 YER but In vcry tempo.
rate language; and Mr. Ranks closed by quoting Currans
very eloquent spostrophs tho dsvniug OF freedom.
RUN ON THE NEW ORLEANS BANKS.
NEW onLsAss, ocs 1b-P. n.
TIE continues AL The banks exoeps the Southern
and all demands promptly me, except by tho cz rs'
which pays specie us motor bu, refases FOR dcpos
The ether banks expected follow the sme oo1ys
The great excitement In the middle Of tho day has now
subsided but the viii probably ooolinue 70
No failures reported today. None OF Tho suspeadsd
banks have resumed bal their bills taken n par
Iuade.
THE NEW LONDON BANKS
NEW Lospos, ool Is, 1851
The New London hanks have ye, Suspended specie
payments. Thore IL no excissmen, bore.
THE BRIDGEPORT BANKS.
BsnoTOnr, Conn ooL is, 1857
The Connecticut, Bridgeport, TGmers aud peauoanoos
banks OF this city have suspended specie paynens.