New Orleans daily crescent. [volume] ([New Orleans, La.]) 1851-1866, 1861-04-02
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I,
vent into operatiou--the measure which has aeT
quired such wide notoriety as the Morrill, Tariff
Compared witt The tariff now in operation in the
ieonfederate states the average rate of duties ap
pears very high. But when We compare it with
the new Southern Tariff proposed at Montgomery,
and v hich will be adopted as soon as the Congress
reassembles there in May, the difference becomes
sui more marked and conspicuous. 1t is estima
ted by the New FORK Herald that the scale of
duties averages about double the Southern scale
| In other words, q cargo Of foreign goods that
| would have TO pay one hundred thousand dollars
| duties in New York can be landed at New Orleans
| BY paying only half the money.
| 1t is easy to see what win be the result. Not
only will most of the importations of the country
be brought TO Southern ports, but the Confederate
States will collect the revenues arising therefrom,
and thus have plenty of money, while the North
will be without means to carry on its Government,
and its vast army of importers and factors, who
have grown rich in the business, will be brokenup
and dispersed. Already they are becoming
alarmed, and calling upon Old Abe to convene an
extra session Of Congress to repeal the objection
able measure but Old Abe is too busy i>areelling
out the crumbs and dry bones, which grave the
Executive table, to the beggars standing at his
gate, TO give heed to any of the grave duties and
Responsibilities of the Presidential office. Besides,
several of the States have not elected members to
the next Congress, and some of them do not elect
until November. And thus, at best, only about
half q Congress could be collected, and it would
consist mainly of those who voted for the Morrill,
1 Tariff, and would feel ashamed to undo the work
| which they had deliberately done few months
before. 1t curious illustration of the lack of
all practical craftsmanship in the Black Republic
can party that they cannot frame an impor bill
having reference to the revenues OF the country
| without doing it so aWRBardly aud clumsily that
/ they have to pull il to pieces and reconstruct it
almost before it goes into practical operation
| Even if they repeal the Morrill, Tariff, and
come down to the rates Of the Southern Confed-
eraey, the South Wsuld still have the advantage.
No matter how low the Northern Union might put
its rate Of duties, the Southern Confsderacy can
put theirs down still lower, and keep the advan-
tage. ii they should continue to underbid each
other until both arrive at absolute free trade, so
much the better will it be, comparatively speak
ing for the South, and so much the worse for the
North Atlast, we havetne bulge z on the North,
and it onr interest well as our duty to keep it,
n 1t Ii 4 noteworthy fact that on the same day
the new Morrill, Tariff of the Mortgages into opera
ton, their Secretary of the Treasury, Mr.. Chase,
adyertises for fresh loan of eight millions. Its
only about six weeks since the last eight million
loan was effected, and now here comes another
one for the same amount. Although, few years |
ago, United States securities were up as high as
one hundred and sixteen, or sixteen per cent.
above par the eight million dollars worth of bonds
in February were sold at very little over ninety
IA depreciation Of twenty-five per cent. What the
new eight million will be taken at, or whether it
will be taken at all, remains to be seen. Capital
lists, when lending money, have an ugly habit Of
looking at security and calculating the chances
OF repayment. The prospect, in the present case,
does not appear particularly brilliant and if it is
further understood thatihe money to be raised is
to be employed in making war upon the South, the
difficulties in getting the loan taken will only be
50 much the greater.
/ A few years age, when Pierce was President, /
there was such superfuity of cash id the Federal
Treasury, that Mr. Guthrie, the Secretary, was
bothered to know what to do with it. He at last
lit upon the expedent of buying up the Govern
nent bonds before they were due--paying a pre-
mum for the privilege. Governments, unlike indi-
iduals are not in the habit Of laying up anything
or rainy day, or else Old Abe would not be il !
he Strengthened circumstances in which he at .
present finds himself, with pecuniary oil where
with to grease the wheels and eogs of the Federal
machine. AS it is, his Government is nearly one
hundred millions Of dollars in debt, and yet has TO
keep on borrowing, with no prospect of payment
ahead, and with q credit almost ruined-all Of
which has happened in consequence Of Inaugural
ting the irrepressibe conaict,'' whereby the
South was to be put down and her institution of
slavery destroyed. We do not wish the Northern
people any harm, but trust their present diff
eulties will at least have the effect of teaching
Them some common sense and some regard for the
claims of justice and right. g