The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-31

Total. $lol ie0, ooU
The following national banks have been authorized by
the Secretary Of the Treasury as additional repositories
of the public money:-state, Des Moines, Iowa; Mas
sasolt Fall River, Mass Fulton county, Gloversvihe
N y. Middletown, Mddletown, N. Y; Farmer Ashta
bula, Ohio.
The following communication in relation to Jay Cookies
theory of placing an unconstitutional export duty upon
cotton the purpose OF paying our national debt Is
from possessing practical intelligence on
the laws systems of finance than any Of the great
government brokers Bohemian WRITER'S
On seeing the HERALD, Of July %, under the caption
OF the "Nnsiona Debt the communication OF J. X.
Fisher in which he suggests tax cotton-that he Is
free traderthat cotton Is natural monopoly OF this
country and in the same number OF the HERALD that
of ssvox Popul In which he recommends an "cxport
tax on cotton, Of which profess a monopoly Of pro-
duction, leads me TO few remarks on what seems to
obtain very generally in the community vizIhat the
United States possess monopoly Of cotton production
therefore, let make 1t the packhorse In the matter OF
public debt, and impose export duties.
Jay Cooke in his first pamphlet estimates that an OK
port nty on and two other staples OF the
South of which we have the control OF the markets OF
the world" would give an income Of SEQ ooo, 600 to
ect export duty cotton is more deliberately con-
sdcrcd and urged But as II is against tho constitution
IL Is proposed the constitution amended In that
respect and II not complicated traverse is worked,
beginning by taxing cotton at tho plantation When as
was stated in Parliamentary discussions, drawn from
the returns OF the Board Of Trade that the imports Of
cotton from the United States before the war were
eighty five cent OF the total import We uo POSSESS
the control Of the European market SO did the rebel
Congress early at Montgomery believing they could
command the cotton markets OF the world lay an ex-
port duty cotton But what have four years devel
oped? Queen Victoria in her late speech at the dissolution
OF Parliament tho 9th Of july says she trusts that
the large supply which her Indian domirons will afford
of the raw material OF manufacturing industry together
with tho termination Of tho civil war In the United States
will prevent the recurrence Of the distress which long
prcva among the manufacturing population Of some OF
the northern counties" The commercial bulletins i'd
wise us OF The lad feet with four i've hundred
thousand bales constantly sea, from Indian portsar
rival cargoes succeeded by departures This akin
the feet Of ships, grain and Hour laden, IRON the
United states 10 Great Britain, for two late successive
years where fifty million bushels OF cereal Produce
FOR each Of the years bornc by fleet where
the ship OF five hundred in sight OF the
pr cedng and the next succeeding one, and this
fleet limo SO continued for years, besides large
quantities at the same time exported from the Unit a
| States the North American, West Indian South Amer
| can European African and Australian possessions OF
Great Britain Then, in cotton production, besides the
United States and India to nothing OF other por
Of the world there Is Egypt which for many years
has been the third or fourth nation in the amount OF
English imports of VIII at; in Egypt the cotton bale Il
crowdng the marts by every species OIL convey N
with specie IL the United States alone furnished cotor
Jay Cooke theory would SO long be sound but as ,h'
facts exist the contrary glarng an export duty OF
cotton becomes 1, the same extent against the Unite
States bounty to all cotton growing countries havin
| Europe market. Who does not see THAR fo
might with equal reason II constitutional, impose a.
| export duty grain and Hour Hence Jay Cooke
| financial heresy OF cotton export duties.
| emlOdcS
| and North as well South, to much greater amour
than any other Of exporiable stapesindeed equt
10 all of thcfn and had almost said with that oil IN
product OF mines added. Our cotton heids, rght
| managed are the gold mines OF the country. In In
great crop of 1s56O less than two per cent OF the are
OF tho cotton States in cotton. In two Of nature
grcat gcsraniali and heaiso blended and con
Dned grow of cotton the United states stTpas
any Other sccton OF the globe. The government, by
proper wise and efficient course, could make the cotto
crop subservicnt early resumption OF specie pay
ents without the disastrous cnrtaiment OF paper cul
rem " always attended with revulson Ana yet furthe
by pursuing enlightened policy the government coul
mako the cotton staple which combines MS we have said
largely OF the whole nations labor by more rap
augmentation of national wealth. diminish the burden
the public debt and secure Its early extnguishment
In said England conquered Boraparte by means Of b.
manufactures Others insist that II was cotton But
aver that cotton may conquer and pay our public debt
AIlusion has been made TO Tree trade Inc do. trne
FREQ trade in its practical workings in England, in h
circumstances does we'll for her The Board OF Trat
returns for 1865 show that in food she imported OF
value IN round numbers $500 600 000 and o. raw mat
rails for fabrics clothe the people $500 600 600 NOR
making In food and material with which 10 feeu al
cIothc the population 5000 600 900 year The mpor
OF rawscotton were f57, 100000 Dcducting, accordi
the rule Of computation OF her own WRITER'S the qua
tity Of tho material in the whole amount OF cot
manufactures exported, leaves for home consumpu
f41 600 900 OF the f57 10000 Of import Free ira
for herself or but nominal import duties, she preach
other nations that she can have no RESTRICTIONS
the sale foreign markets OF her manufactures enabi
her by the profit she can make on manufecturcs
ported including those from her own mines, 70 pay
5000 900, 900 year for food and clothing Tor hers
over and above her own homo production. The v,
sum Of 5000 900 0oo year $50 per coPdc) - no u
20 pay 10 other nations for food and clothing I
United States these two items-food and cotton-nn
not only supply for themselves but large surplus
other nations In this respect we stand on high wanna