New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1857-12-09

tcle he nay rho advantage scd relief OF the macu-
oasy opi,cspt BY corresponding ,olury 20 tns con
fAciaref 80 .rount Of ben f, conferred aud ~ ly
sD.s,ioeS By tie proposed ienst sn5
SUE ~, the relst We NUMBER OF manuiac uieis gu y
feto s,s az the articles upon WHOA the Increased
eo.. xeie lsd aud Is the punoer oil c9o'ums.s w
IL tbs number of msButsctureTs 60 WOuio me TO
CT. snsisioed exceed the bett at cOGterec. PopVZ
psrtisl eo5 ADJUST IN its operations cannot
81 re spprev. q the oounry ill.,. % raturn
Recafot TIVE suggestion as a propo'ilon 80 ~ Oh
10 the protective system, II IL obnoxious 70 ~ and
iettOne which have bsen heretofore 30 iV''
succsmluly aged egeini' ~ ..-, r., inors.sire
,sst,,ot,cs. upon commerce and 1t IS IVPet 'a;
the sane remark viii soon 90 s'e eo icoL - thu
other oour tiiet We are accustomed ~ IeG1 " &C
smoutt az Ger e1roIts aud imports as .eVloehoes VI
our growing wealth. To encouiage, Io I 49, -
ierss lie OIL sratioDs and eIttd ils nu,s naFo 80.
rsg.rdtS H. All portions OF cur people as OBJECTS
49, ,beir united Efforts One branch OF
so,,m.s,ca o.prot lcBS exist without the crop
e,eton Of Tue other. We canuo, expeet 10 lu,Heh
The world iih our cotton, oread''unS, tDoscco, 49,
and other productions unless we are willag 20 receive
!, te,urc d cir produc ons. There mast be muIusy
hstye. gauons az between indivdu ss. Ii g pocy
= e. +. .Iopted byswhioh the productions OF other
coup.rc are 10 be excluded frOn ours Tor tue oesnt
- fbs domestIo producer Of sucb'srcles, justice to
9TH, irtsrests demands that there should De 6ooP'ea
apo y which the producers OF our Preseol ek-
para i'd slso be furnished with msrket LOT tne
auits OF tseif industry. To 90 this Is acHSaooi
net 10 90 4 would be upi ust. ,e,
Hsv strengely inconsistent is tne dOcuhe Oh tue
tsoteosOpists with the practice OF the Goverom snt'
s:s annually expend large sums Z; 10
Ltso our Commerce in ell parts of the world. Appro
prisaiops e asked and freely gwen u sehu our nag
In searrl = new avenues for our incIe 4sing trade
M A. s,esn officer who returns TO his cOuntfy to
The successful teTmn alton OF his mi-i0n, 10
ksy;ro made now and favorable commercial treaties
Va hsjlsd IS public DenefacOr, and all classes unite
- so;rg hin honor. 10 ths sc demonstrations no
cordially nan the prOtectiOniste. If
fIpor the announcement OF the discovery OF me-
county Which promised large and lucrative com
nercisl otsrcourse with our own 1t should bs sim1l-
tsnsOasiy propoeed 20 Impose upon that commerce
resfot:ons that would close ports to the entry o;
s productions under the false theory OF protecting
hon Industry, what would be the judgment OF an en-
who fret sxpetded their treasure 10 discovering new
mats OF trade and Immediately denied themselves all
the promised benefits to be derived tfon 1t! In the
care supposed, the proposition would be more start
lirg but not more unreasonable than when applied to
our intercourse with those countries between wnom
and ourselves q commerce has grown up from small
beginnings t. ts present large dimensions. This has
been accomplished through polly inaugurated oy
our own Government and watch has com handed the
approval of enlightened minds throughout the world
Other countries have, in their legislation OF late year
manifested byIeduciDg their duties upon imports de-
sire TO cooperate in the work of throwing oil those
sbaCkles upon the freedom Of commerce which false
theories have placed upon 1t. IL would present
strange spectacle if the United States should be tne
pfst 10 commence q retrOgfdde mOFeWeht
The sentiment among our people IN favor OF free
Commercial, IS manifested in their domestic
well ss foreign policy. Tbs strong feeling IN tue
public niuc for the extension Of our territorial hms
il generally attributed to the desire for more land.
That it operates extent is freely admitted bat
such cause fails iu its application to those Asses
where the acquisition of new territory briggs with 1t
no pfoprie tary title to the lshd Aud yet the pdbic
sentiment for acquiring Territory, every foot Of
II is held BY private titles decided as In any other
sase 1t L accounted for satisfactorily only upon the
theory bat as our territorial limits extended We
enlarge tbs area of free trade, openiog new markets
for the productions of our iDdustry, untfammeed WITH
those restraints which restrictive International polcy
has imposed.
It's an error to suppose that the occasional revu-
siors which have so seriously affected our nanp,a; s
turing rte est are attributable TO the want OF higo
protective eystem. In the policy which the Govern
nept has adopted of allowing manf OF the raw mate
ss used By :hem TO come TO- eltner ree OIL ou pa, a
Low dpties Ia the incidental protection which tam
laid for the purpose of revenue gives taem la Tue n
creasfng consumption OF tper prooqcuOns, oIoueot
about by the general prosperity OIL the couuuy tusy
will fpu the most ample Encourage ilspt Inot ooul4
ressobaby be exoeciel or desired Ike al other ln-
teress in the COZ Fry they euler from the too frequent
changes OF the tariff ard from those huctua"ons IN
buspees which h,w ffom causes wholly olsinc' ana
Unarate from the tariff gu stOp. Whist they need 10
steady prices sound currency, AMI protection asanS'
the I1iIOus effects of expatsOn ia the creoi system
Erom a fee and unrestricted commerce WHO Vs
world 10 interest in our country wouid derive "Ofe
certain and permanent benefit thsn the manufacturers
Rejecting the proposition to raise the tarih as
maA,urs of relief and king to the prOD1 Dis rec7s
ana expenditures fer the present and ne4t no
change rec ,mmended in the act of March g. 1891 a
tbis time The present tariff is not regatd7d as per
feet faI from it. 1t has however, been IN operation
less thar ak months-a length Of time 700 snoit ~
iudpe of ts workings under the most iaVofaoie
circgmstances This fact in connection with the re-
yulsion In busifess makes it wholly mpraeucaoe 70
form a correct judgment upon us merits iueIo aio
char gee which should be made az soon rs eau o9
A afurn n QlCnal
in the rates Of oues more sccur4 ate casslnoaton OF
various srticss and other amendments wou'a greatly
improve tho la1, even n 1t should De iouno ny OK
pefienco unnecessary TO make any radical chaoge In
h gene al provisions. The prOpnetg OF po!tp9hhs
any act, upon the subject until an opportunity ms
been offered Of testing it, general merits seems 70 au
init of nc serious doubt
Returning 10 the ques ion OF relief which, 10 expecte1
from the Government it becomes necessary 10 inquire
into the esuee Of the present revusion, as
10 the confederation ot proper remedy tor ";
opf ion generally hslds the ba1ks resp0nsloe ior AZ
our embas rAssmens. Tbs true cause Is to Do iouno
in the upoue expansion of the credit system The
bar ks constituie an import snt part OF tnst syste
but there other elements entering INTO IL, WHICH
equally win the question OF the Danhs uehsuu p"oho
consideration.
Credit ooLfned to its legitimate furctons, is the
representative OF capital, end when used within thai
limit may extend and inysorate trade and BUSINESS
when ceases TO be such representative 1t stimulates
UyeltraC Jog, tXcites speculation, ana lnuodaces "a
unsound sste Of things il the business OF tue oouoy
1t this undue expansion OF credit which na brought
The couptry 10 its present eMbsuassmonts. Tae eX-
tension Of bank credits aud the over issue OF bank
notes i. part, and very Important part OF TINS
undue expansion. A spirit of speculation beng
created a demand made upon tue banks foT tue use
of their credit ard yielding 10 the pressure taey re-
spond by the increased OF their notes ana by en-
laigisg their discounts. Tue extent to winch the
banks have enlarged their credit beyond its proper
limits is not to be mea Ied aone oy tue saioa1; "
their circulation At the time the N.w-fOrk CITY
banks suspe pded specie paymsnts in OctObst they