The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-12-07

our us publir and private enterprises arrested,
and Of aborere were deprived " employment
and reduced 70 want Universal distress prevailed among
the commercial manufacturing and mechanical classes
Tnis Teyuson felt the more severely IN the United
states because similar causes had produced the like de-
porable effects throughout the commercial nations Of
Europe All experiencing sad al the
moment our manufacturers everywhere suffered
" because Of the recent reduction in the tariff Of
duties imports, but because there demand AT
any price for their productions. The people obliged
prime necessity In the general prostraon Of business the
iron manufacturers IN different States probably suffered
more than any other class and much restitution was the
inevitable consequence among the great number OF work
men who had been employed in this useful branch OF
our industry There could be supply where there was
dc mand. To present an example, there could be no
demand for railroad after magnificent system OF
railroads, extending its benefits 70 every portion OF the
Union, had been brought TO dead pause Tue same con
sequences have from similar causes 10 many other
branches OF useful manufactures II Is selfevident that
where there ability 10 purchase manufactured arti
ces these cannot be sod ana consequently must cease 70
No government, and especially government Of such
limited powers that OF Tho United States could have
prevented the late revuisn. Tue whole commercial
world seemed for years have been rushing to this
tas:rophe The same runous conseqnences would have
followed in the United states whether the duties upon
foreign imports had remained as they were under the
tsr 1896 had been raised to much higher stand
ard The tarif Of 1857 bad no agency IN the result
Tie general existing throughout the world could
not have been controlled by the legislation OF any partcu
tar country.
The peri deal reyusons which have existed in our
past history continue return At intervals so long
a present unbounded system Of bank credits shall
prevail They WILL however probably be the less
future; because is not to be expected, at least for
many years come that the commercial nations Of Eu
rope with whose interests our own materially in
VOWED, will expose themselves 10 similar caamtes But
this subject treated much at large in my last
uual message that shall not now pursue it further. Still
respectfully renew the recommendation in favor OF the
passage OF uniform bankrupt law applicable TO bank
ing Institutions This Is ali the direct power the
subject which, l believe, the federal government pos
sesses. Such law would mitigate, though il might not
prevent the evil The instinct Of self preservation might
produce wholesome restraint upon their banking busi
ness, II they knew IN advance that suspension OF specie
payments would inevitably produce their civil death.
But the effects OF the revulson slowly but
passing away The energy and enterprise Of our Cit
Tcas, with unbounGcd resources, will within the
period q another year. restore state OF wholesome indus
try aud trade Capital has again accumulated in our large
cpes The rate OF interest y there very low Confidence
gradually reyying and soon rs II IS discovered that
this capitai be probably employed IN commercial
and manufacturing enterprises and IN the construction Of
railroads and other works Of public and private improve
mept prosperity will again smile throughout the land IL
is vain however gui-o the fact from ourselves thar
speculative imitation in our currency. without CORES
,ondinc uiaton in other countries whose manufactures
come INTO comnetiton with our own must ever produce
disastrous results 10 domestic manufactures. No Ia
r short OF absolute prohohoa can prevent these evil
consequences.
couaexiion with this subject, IL proper refer
oar financial condition The causes which have
produced pccunry distress throughout the country have
50 reduced the amount OF imports from oresn countries,
that the revenue has proved inadequate Ia meet the
sry expenses Of tie government To supply the dedceB
~ Congress 10y the act Of the I'D Of December, 1857
authorized the issue OF $40 000O 600 of treasury notes
and this proving Inadequate they authorized by the
Of June Ia 1855 loan of $50 900 600 10 be applie
60 the payment Of appropriations made by law"
rus TKtg FINANCIAL POLICY ot 1HE oorNrsYHow RIVE
RAI-Fp.
10 Statesman would advise that should go on IN
creasg the national debt so meet the ordinary expenses
II the government This would be a ruinous policy
In Of war credit must be chief resource "a
east io' the first year and this would be greatly impaired
10y hav ng contracted large debt in time peace II
our true policy to increase our revenue 50 as 20 equal
our expenditures. II would be ruinous continue to
borrow. Besides II may De proper observe that ia,
incidental protection thus afforded by revenue tarin
would, at the present moment, extent increase
the confidence of the manufacturing interests and give
tresh impulse 70 our reviying business. To this surely.
person Will object
Ia regard the mode OF assessing and collecting du
ties under strictly tariff have long enter.
tanned and often expressed the opinion that sound policy
requires this should be done BY specific duties
which these be properly applied. They are well
ADAPTED to commodities which Usually sold by weight
OF MEASURE and which. so their nature OF equal
or Of nearly equai value. Such for example, the
nci- Of on OF different classes, raw sugar and foreign
wines and spirits.
10 my deliberate Judgment SPECIFIC duties the best,
I not the only means OF securing the revenue against
false and fraudulent invoices. and such has been tho
practice adopted for this purpose by other commercial M
tons. Besides SPECIFIC duties would afford Amer.
manufacturer the incidental which
fairly entitled under revenue tarin The present sys.
TEN Is n siding scale 10 his disadvantage. Under IT, when
prices are high and business prosperous the duties IN
amour, when he least requires their aid on the con
rary when prices fall and he struggling against advcr
SHY, the duties are diminished In the proportion
greatly TO his INJURY.
Neither would there be danger that higher rate Of
duty than that Intended by Congress could be levied IN
che form Of specific duties II would BE- easy
Of years and instead subJccting 10 an al yao
rem duty at certain rate ccntnm 10 substitute in is
place an equivalent specific duty.
BY such al arrangement the consumer would not be IN
.ured. II rs true, he might have to pay little more
duty on given article year. but II he would
ray little icss IN another and ia = series 81 years hese
nd In no
same thing, 81 far ~ his interest "a This
convenience would be tnng, when contrasied with the
additional security thus aorned against frauds upon the
revenue, "a which every consumer IL directly Interested
have thrown out these sugg,stons the fruit my
own observation, 10 which Congress, Their better
Judgment, will give such weight they may Justly de
serve.
RscrI1s AND RtrsSs~ on ras ooy x.SsxSr
The report " the Secretary ~ the Treasury viii explain
n desi the operations 9! that department, 81 the govern
cn' The receipts into thu Treasury from all
during the fiscal year end ng Goth June 1885, including
che treasury notes authorized by the cf December -
1867, were seventy million tao hundred and seventy
three Thousand eight hundred aud sixty collars aud
afy nine cents Iy7o 273 $50 se) which amount, witt
che baaDce of seventeen million hundred aud
thousand one hundred and fourteen dollars and twcnty
seseu cents fsi7.1i0iis 2T) remaining the treasury
At The 81 the year. made aggregate Cor
The service q the year o. eighty milton hnn
dred aud eighty three thousand nne haHdred aud eighty
thrse eoilts ard eighty sx cents tts1 $50 .s3 So
The public expenditure during tho fiscal year ending
lubc -, 1855 amounted &c eighty ouc million hge hun
arcd and eighty i've thousand TX hundred and sixty
seven dollars and seventy cents 81 $50 CO.. 16) ~
which nine million sN hundred ami eghy.f0nr thou
sand I've hundred and thirty seven dollars aud ninety
atne ccGs ets4 55s l applied b. the payrn.n III
II the public Debt and tho redemption treasury notes
sl The interest thereon having % the treasury % duly
\, 1853 beng the COMMENCEMENT IT the pro.cni nsca
wear million three hundred aud ninety eight thou.
and three hundred and sixteen dollars and tcu cents
80 80 .3Io TO-
The feceilss into the treasury. during the quarter
u the preseu, sCa year commencing the IL Jay lass,
including bali 81 the oaH of twenty millions ~ dol
srs VIII the premium upon a. authorized by the act o
l4ih June, 1855, twenty-five million two hundred
and thirty thousand eight hnnirci and seventy dol
srs and forty six ccDts, (s2S 230sTg a. and the cat
mated receipts or The remaining tArce quarters 80 the
WI June, 1862, from ordinary thrt eight
million I've hundred thousand dollars tfJs Sob,ro0)
making, VITA the balance heoro stated an aggregate "
seventy million ouc hundred and twenty q thousand
one HUNDRED aud ninety ave dollars asd cay * ceDis
Cf1O12g.lp5 56)
The expenditures, during the first quarter a the pre
sat fiscal year we're twenty million seven hundred
and eight Thousand QUO hundred and ninety rh dollars
and hity one cents, (f2 ,1OsJes 5), Of wheh ono mil
Ion ard ten Thousand hndrsd and forls two dollars
and thirty cents (slUl0142 35) we're appId w