The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-01-16


she government hsa Strength enough if il only applies u
properly to toxic Ia the sails u imitation gradually,
that come squa storm the ship u STATE may toat
sea Of prosperity
Tie extreme gold quotations during tho week have
been as foows:-
Highest Lorccst
Monday ..................... ~ 22o59
TUESDAY ACKNOWLEDGEMENTS. 25aa go
Nedne lay ACKNOWLEDGEMENTS. "a .l9ts
THURSDAY Observation-Disclosures. 12Us3 81
Flicay... OBSERVATION-DISCLOSURES. ~ Zlos
SATURDAY ......-........-....... l2ol1 -li@i
THE closing quotation at the Evening Exchange
22l9z.
Government securities have been quiet owing to tho
large speculative lots hanging the market. which
being gradually worked or the necessities OF
holders require. The expectation Of somewhat close
money market has also operated to deter buyers from
coming I'M but owing to tho facilities afforded BY The
government the national banks the pressure has been
relieved The demand for money during the carly part
Of tn week active, bat it moderated towards the
cicsc.
The vote Of the Senate, by thirty against eight, in
favor OF tho abTogaton of the Reciprocity treaty with
Canada indicated the general feeling the subject o.
relations with Great Britain and her possessions,
moro Than sound pOl.ticc economic view Of the qucs-
fion The arguments both for AID in opposition 70
repeal Of tho reay inadequate and without breadth
OF grasp and very few OF those who cast their votes
one side TIE other showed that thoy had taken any
pains Inform themselves OF the facts relating the
treaty and Their bearings SO as TO be enabled 70
draw fair conclusions, while tiosc WHO appeared
have failed by their observations view them
in comprehensive light, pro and con, although III.
Hale, OF New Hampshire, discussed the subject with
toorable importantly lie argued that the exports to
Canada from United States had Increased in value
from 81 600 600 1857 SIS 900 600 in 1867 and the
imports from $4,000 so 600 600 that therefore the
treaty had beon beneficial in developing our trade with
the noghboring provinces.
Ar Sumner on tho other hand took the opposite side,
and argued like pToecuonst OF the last century lie
divided the treaty under four different hcacs, viz:
the fisheries the navigation OF tho ST. Lawrence, the
commerce. between the United States and tie British
provinces and the OF the Urited States With
regard the lshees, the trcy bad put end to tie
mutual irrations before occurring; but this about
the only credit he gave IT, The navigation OF the St.
Lawrence a plausible concession which had proved
little more than name for during the first six years OF
ale treaty only forty American vessels had passed
ward through the ST. Lawrence, aud only nineteen re-
turned by the open highway. The commerce Of
the country had increased immensely; but it dill
cult TO see how much Of THE crease was owing the
treaty. The increase or o. 80 and the railroad sys
TENS or the two countries had greater reciprocity
treaty than any written pa7ch
In tho throo years next pr cedng the treaty the Total
exports to Canada aad other British provinces
Sts 2iC5is ard the total imports s22 5SS 5T7beng 4
exports TO imports IN the proportion OF lc j. TO- In tho
ten years OF the treaty tic total cxpor .nada and the
Birth provinces s@5s $50, 93l, IL the total in
ports 500 $780, 7S6-,hc exports being he proportion
of 100 H. Tho total exports Canada FOR tho three
yeas preceding the treaty s3i sos s65 and the i'm
ports s65 6t-being in tho proportion or 100 TO ST.
while the whole exports TO Canada slorc during the
year, Of the treaty s176 pli ana the imports
Si6l i74 3t7-or in the proportion OF 100 . "a
The very understandable deductions Of Mr Sumner
from these figures arc that il treaty had existed and
the trade had increased In tho ratio before the
frea'y, Canada would have paid 70 the United States
during the ten years Of the treaty at least SIG 3T3 800
which shc has boon in this why relieved Of Tiis sum-"
Gays Nr Sumner, has actually been lost TO toe United
satcs;n and this remark alone shows him TO be but
CORY political economist In the drst place. he
almost an npossby when no supposos that tho trade
between the two countries would have increased
in tho same ratio If the treaty had not been
in operation. II the treaty that mainly
caused tho increase In tho next instance Mr. Sumner
makes grave mistake when he says the United States
slos." the amount stated He ovcrlooks tho import
ant fact that all taxes upon commodities fall ultimately
upon the consumers and that by importing goods during
tho last ten years from Canada under the treaty were
saving their reduced what would otherwise have
aeea expended in duties Mr.. Sumner, on the same
principlo would consider the customs duties a gain 70
che United States whereas those duties are paid by tho
people Of this country 10 the government and the i'm
port tax reaches every citizen who imported
goods as directly as any other tax does.
During tho ton years referred TO- continues Mr. sum
er tho United States have actually paid to Canada for
siutcs SIC 500 a62 while in the Same period Canada
as paid duties to the United States the very moderate
sum Of $3.50 4i7 "Hcro again. IL vast disproportlon
tho dcirncnl OF the United States Such reasoning
reminds US Of the debates on trade and finance which
rook place In the British House Of Commons before
Adam Smith and his followers cleared away the mlsts
pnd cobwcbs CT ancient prejudice and began in
She science OF political economy These ideas however
ave long since been exploded by enlightened satcsmon
sound thinkers and the teachings Of experience.
n Mr. Sumner instead Of bringing false reasoning 20
bear upon false premises and thereby exposing his own
ignorance Of what he discussing had said 81 am
strongly opposed 70 this treaty. and have made up my
mind 70 advocate Ia repeal because think Canada IS
making more out OF than are and considering her
sympathy with the rebels during this war aud the fact
khat she Ia British dependency we are justified in
punlshing her by withdrawing tie privileges OF the
hreaty," his course would have been less open 20
criticism for he would have expressed senmon. which
would have met with popular favor But 10 disguise tho
ontiment IL such the sentiment entertained under
such cloak Of argument he adopted and ascrbo faso
reasons for tho repeal puslanimous while IL az yye
re 70 suppose he believed wa, he ssd he showed him
e sadly behind The age in bis knowledge Of tho aws OF
Grade
Tho sbrogaton Of the treaty il a n.attor Of little conse