New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1858-12-08


We should Import enormously to make up tor the
temporary paral,.i of thde. So good.natured
Cougre., allOw,d him Ia issue Twenty Millions OF
Treasury Notes, ard item gaze lin liberty to Dor
row Twenty Millions more IN regular "ay-sha
be hos borrowed Thirty % the Forty MIlion' ana
admit. that be ,tnu need the other Ten to carry
him through 10 July next; AID that ne cinuot nader
II. pre.ent R.renu, Tariff pay his current expenses
through the year Of reaction and prosperity that Is
10 follow. by some Eleven Millions. la short, the
Revenue Tariff is failure, and even Dir. Cooo
admit. that il i'll have To be changed, though the
admission is wrenched from him ike an aching
tooth.
In these circumstance, Mr. Buchanan cuts
adrift from the sinking wreck. He takes ground
squarely for higher Duties, and for Specific Dates
OF that He actually seems to raine nber that there
il State named Pennsy l7ania, and that she has
given distinct notice that her patience Is exhausted
Du Mr.. Cobb still holds ont at least nominaily,
and desoes good part Of hi- Report to sn attempt
at rtfutipg the positions of his chiefs Message.
We leave the two to settle their own differences,
merely remarkDg that We think the President
entirely right il the premises and his Secretary as
wrong as wrOhg can be-
Mr.. Cobb mys,ifes his accounts needes,ly-we
think deaf nedl by jumblng receipts from Loans
and Treasury Notes with actual income. Let us
Try To clear them up:
the balance 10 tho Treasury .. ae ginning Of the
lar, h' ii Jr>T lJui, l. 1871 ua- ~
H. has suce run IL debt 3, Treasury i'o'eS'''''. -V
To,a....................... ........... sS77lO,lH
H. n ar ~g y F.tr H. 70 10
SsJ :. / ia c ssa3'S lsoszsH
Running bciiad in year,. ~
And We bceee tho interest sccruiOg Oh the
Public Deb. during the fiscal year is 10 De added
to this formidable aggregate, though Mr.. Cobb
states his accounts so blindly that We cannot be
sure Of this.
During the frat quarter Of the present year, he
ha. borrowed 10000, 0-0, aud paid of little
o7er 81 coo, Coo (hough We believe this is mainly
interest on outstanding debit and has paid out
(apart from all complications of borrowing and
paying off debit over Twenty Millions and Hall,
while BIZ. Receipts have fallen considerably short
Of Fifteen Millions. In other words, he is still
drifting to leewsrd at the rate Of more than Twenty
Millions per apnum. And yet by est mating that
the receipts from Public Lands will for the next
f,cal year be Five Millions which is equal TO the
receipts of the two preceding years, he contrives
to figure out deficit Of only -Four Millions, or,
including that of the Post.Oifice about Eight
Millions, at the close Of the fiscal year 1890,
for which Congress must provide at the present
session. In other words, the most desperate
fbanciering and estimating will not suffice, aud the
Tariff must BE- increased.
Mr.. Cobb, unlike the President proposes to dis
criminate against the American producer Of Metals
Wares and Fabrics-tO levy duties on his raw ma
terals instead Of the competing products OF his
European rivals, arguing that thus only will our
consumers e,cape double and treble taxation If
Ten Millions be raised by duties on Tea aud Coffee
for instance, our consumers pay but the Ten Mil
lions; but if like amount be- raised by duties on
Iron, Woolens, and Hardware, they pay not only
this Ten Millions, but double or treble the amount
TO American producers of articles which rival
tho,e imported. II this doctrine be sound, every
Congress that has touched the Tarif-DemOcratic
as well as Wing, Free Trade as well as Protective
has been conspring to rob our consumers for the
benefit Of our manufacturers, and richly de-
serves Indictment Mr. Cobb. himself who has
voted as Member for the two more recent tariffs
is exposed to self condemnation; and Mr.. Cal
houn's Free Trade propositions in his down'hill OF
life are as culpabe as bis Protective efforts thirty
years earlier.
But the doctrine is false-the theory unsound.
Time and again have We challenged the Free Trad
ers to the ordeal of facts: You say, Sirs that be
cause the duty on Pins, Screws, Hardware, Cotton
and Wooden Fabrics, &C., &C., have been raised
from twenty T. forty per cent, that Of conrse they
now cost our consumers twenty per cent more
than they recently did: we appeal from your as
sumption to the prices current. You assert what
the effect of this enhancement Of duty should be
coIdir to your theory; We point you to what Il IS
in absolute reality. We printed Trade Circulars
sent out from the Hardware exporters Of England
after the passage Of our Protective Tariff of 1912,
reducing their prices TO their customers in this
countr5 10 Offset the increased duty, and reducing
them only on those articles nhiet he daty had ben
essentially ,ncndsd. Time and again have We
published the comparative prices of various articles
while they were almost or quite wholly imported
under Free Trade, cOntrasted with the lower
urices at which ut least coed qusliiies were sold
htIe after their American manufacture had been
established by Protection. We nigh. repeat
sucb statistics BY the hour-b1t TO what
end No nan will fully credi. the
facts who does not comprehend the lac which gov
ems them. That law is as follows: Tire nearr
producer and consumer can be brought to each other
Z D