New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-01-30
BANKRUPTCY AND REPUTATION
THE COST OF BRITISH FREE
TRADE,

On the 10Th of January, 1s43, Mr.. Walter
Forward, Secretary Of the Treasury. reported 70
Congress the result of negotiations for loan
Of $780, 900, which negotiations were begun
in April, Is42. Only two bids had been made
for this loan-one of $4,000 and one of $780,
COO, both at 96 per cent. for per cent. ~
years stock. The Secretary, in special report
to Congress, said: 1.-THE repeated failures in
CURED in negotiating at home upon adyanta-
geous or creditable terms, suggested the policy
of sending an agent abroad for the purpose o:
endeayoring to effect favorable negotiation in
England or upon the Continent. Accordingly,
gentleman of the highest consideration tor In
telligence and integrity was selected for the
purpose, and left the United States in July last.
regret to communicate that he has since re-
turned without effecting the object Of his mis-
sion"
The United States of America shining"
through Europe for the patry sum of 80, 500, 600,
and turned away with fiat refusal from the door
of every banking. house at which our poverty
compelled us to stand, hat in band, Inundated
beggars! British Free Trade brought the nation
to that disgrace. The repeal Of the Protective
Tariff of 1928, by successive stages of ruinous
legislation in 1884, 1886, and years following,
toppled the country down from. the hight Of
prosperous industry on which that wise measure
of economy placed it, into stagnation and bank
ruptcy. Mills, furnaces and workshops were
everywhere closed; mechanics were starving,
or wandering as beggars toward the public do
main; poorhouses were filled; money was
scarce and interest devoured; land had fallen
to one half and a third Of its previous value;
lawyers and sheriffs were everywhere busy;
banks were in suspension; States repudated
money enough to pay its legislative and execu.
tive officials their salaries, aud was utterly
without credits the burden of bankruptcy upon
merchants, manufacturers, and men ofevery
business was SO universal and so crushing that
Congress had to free the people throughout the
Union from their Indebtedness to each other By
a general bankrupt law. There never was in the
history of civil affairs more frightful demon
Stration of the falsity of false theory than the
PROSTATE condition Of this country in l542 fur.
nished of the untruthfulness and wickedness of
the policy of British Free Trade.
On the other hand, in July, 1865, the United
States, then borrowing money on short time
from its own citizens, had rendered and paid
over to it iHons day over $50, 100000. Between
the lst Of January in that year and the 9th Of
July the Government borrowed Of the earnings
and savings Of the men and women Of our own
country Ss30. 10000
Whence came this marvellous ability to lend
Whence came this ability to borow' 1t came
from the realized wealth and prOdigious industry
of the country created by the Tariff of 1861 and
it's subsequent amendments, with the aid Of the
accidental tariff Of the high price of gold
needed to pay customs. Adherence to the pol.
lev which established this industry and created
this wealth will make the nation more prosper
Gus in the future than it has ever been in the
past. A new embrace of British Free Trade
will assuredly bring it to poverty, bankruptcy
and the necessity Of Republication.
The Debdts, Jan. IL, says that Marshal
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