The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-02-03


From the extraordinary proceedings which we
have published of the democratic caucus Of the
House of Representatives at Washington, on
Tuesday evening last il is evident that the affair
was conducted by and intended for the exclu-
sive benefit of the same set of Southern party
managers that controlled the anti-tariff. anti-ad-
ministration Senatorial caucus of last week.
At this House caucus less than onehalf the
democratic members of the BODY were present,
including two from New York, two from Min
nesota, one from Ohio, and five from Illinois,"
all the rest-about forty in number-being from
lie Sou bern States The presence of the entire
party delegation douglas men) from Illinois,
would thus be somewhat remarkable, bat for the
fact that the controlling sentiment of the meeting
was in opposition to the Presidents recommen-
dations In fact, the advocates of incidental
protection and specific duties had no business in
the caucus. as the call for it was limited to
those members who are opposed to specific duties
and protection 1t is not surprising, therefore,
that the resolutions of Mr.. Crawford, of Georgia,
declaring it iuexpedent to disturb the tariff Of
1867" and ordering committee to resort to the
next caucus some comprehensive plan of re-
trenchment, were almost unanimously adopted
The next caucus is to be held on the coming
Saturday evening, and it is understood that ii
will be open to all the democratic members Of
the House. We may anticipate, therefore, very
lively time in that caucus, aud such proceedings
as will probably determine whether the Pennsyl-
vania democracy are henceiorth to be considered
inside or outside the democratic camp.
In the meantime, we perceive that the advo-
Gates of the do pothing policy upon the tariff
question are disposed to make tue most of the
increasing importations into this port, which for
the present week will yield million of money
TO the Treasury, and the next week, as it is esti-
mated, al least million and half This III
crease in regard to the treasury is certainly very
fattering, SIS compared with the receipts of the
last fiscal year. Take, for instance, the follow
ing
COMPARATIVE STATEMENT THE IMPORTS or FOREIGN GOODS
YORK, THE MONTH OF
JANUARY, 1851 1858 AND 1862
Goods sSr sn,s ws 1871 aS1s a as5e "a.
Thrown on market. S,oo2,l7a $50 3,2si,o69
Since Jan 1........ J0,336,476 2ss6,l4 1o,578so7
Thrown market. 10,655,9S3 3709 6S2 1886 ,445
The effect of the revulsion of 1857 will here
be seen in the vastly diminished importations of
1858, cutting down, as they did, the total Gus
tom House Treasury receipts for the fiscal
year full twenty-five millions, as compared wi
the receipts of the preceding year. This def
cheney to July, 1858, and the continued delicien-
cies of the customs until within the last month,
on the one hand, and the heavily increased ex-
penditures of the government on the other, have
operated to increase the public debt in the shape
of loans and treasury notes, from twenty-five
millions to sixty-fve millions of dollars A re-
issue of twenty millions of treasury notes. or
another loan of the same sum, will raise the pub
lie debt to eighty five millions.
Here we might stand for the present, if there
we're any fair prospect of an excess OF treasury
lures for the ensuing fiscal year. But while
these regular liabilities, which have been Off
cially estimated by the executive departments
with view to retrenchment, are put down at
s73,000,O00, we cannot comprehend how, under
the present low tariff, at the highest calculation
of imports, larger revenue from the customs
can be anticipated than 100000 The las
fiscal year preceding the general revulson o.
1857 was year of liberal importations and the
total treasury receipts thereof were S63 S75 ,9O5,
which the receipts from lands and other sources
increased to $GS,631513.
But these liberal Custom House receipts were
drawn from the comparatively high tariff of
1876. Now, in 1859, with our pre-existing sur
plus Of foreign goods exhausted and under
vigorous reaction from the late revulsion, the
importations Of January present the same gross
amount of goods as the corresponding month in
the flush times of the early part of 1851; but
there is now in operation the drawback of the
low "frce WOOL tariff Of that year. Thus, while
our importatiOns promise to equal, in the gross
amount, those of the fiscal year ending June 80,
1851, the treasury receipts from them will be
considerably diminished.
We must conclude, therefore, that under
the present tariff, upon the highest estimates
Of imports and the lowest practicable
pruning down Of the government expenses,
there viii be treasury deficiency at the end
Of the ensuing fiscal year of at least ten or
fifteen millions, to say nothing Of the usual de-
ficiency bills of eight or ten millions which come
in at the end of the year. 1t is, therefore, not
only expedient, but it ia the paramount duty of
Congress, to provide for these deficiencies
through modification Of the tariff The present
time is eminently favorable for this proceeding
The country is comparatively bare of foreign
goods; importations will be large for year or
two and, while seasonabe and judicious reve-
nue. tariff will thus operate to replenisb the
treasury, it will at the same time operate as
Wholesome check upon excessive importatons
and upon those extravagances and debts and
false credit speculations which otherwise may
pave the way to another general paper and credit
imitation, and another general collapse.
The late House caucus shows as we ;nternret