New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-03-31
Treasury DEPARTMENT.
OFFICE OF TIE +. 5. REVENUE COMMISSION,



happy experience IN reference to the eject Of over
trading upon onr currency public finances, and our
Industry We should rot fail 10 recall that experience
row hat such oyeItrodng is recurring under circum
stances far more hazardous. If formerly such ooca-
mons caused ruuous Contractors suspensions of specie
pay ueni and spread insolvency through all business
circles and oryears checked the progress OF pToduc
ton there good reason to fear thet evils might
now follow too great an expansion of foreign trade
We must not forget that from year to year become
nore and more exposed to species Of foreign trade
which las beallen 10 other coury 10 the extent
Or foreign. merchants may have al tines ovrrdone
their business bat seldom to tie extent az severely
lamagLg domestic inter sis; our special trouble Is
that foreign commodities are forced into markets,
through the agency " auctions in manner so losiGiOns
that 1he evil is ACCOMPLISHED before abe Cover neD or
those who interested 10 be on their guard, are
aware and before they can adopt measures OF preeau
tion.
According to al the usual indications, overinporis
ton has begun and is proceeding upon scale so
large IS 10 command public attention, and IL quro
effective measures If defense. Tie Custom House IT,
hrs however sbot they are of revealing the fab value
Of the goods eOd.inE IN. sh.w large and sttadY
advance OF imports for the last six months. What
nskes this important is hat tie exports ale failing
o very largely, shcWit tdat tie foreign trace Is nOt
IN ho,ef healthy condition. In tie present position
of our national fHances il has become dangerous 70
overlook any Important Influence bearing upon trade,
industry aud taxation Over-iradng with hreifn ns-
large revenue is now bel received from tbs source
when the reaction certain 70 come sets H. very Och
cient rom tins source Viii occur al tie same me
with hpavt deficiency n tie lnteTnGl revenue Tor
PARALYSIS OF d0mes e Industry conHot fail t. attend tils
GOOD of foreign commodities. Tie IrraSniy should MT
b. posed to risks ike those which Occur IN tie pecu
atons Of jobbeis in stocks should never be forced
into corner There is imminent danger now for the
public Treasury, aud for productive industry, IN over
npO tatiou. 1t Of lie evils that uionsihes tsc
Those engaged in production at home pause when they
auUrp a
sure 0ss perhaps ruin. The foreign manufacturer Is
selling Ouly his SURPLUS taking care not to crush MS
own market; The domestic producer Is affected not
merely ID bis surplus but his whole stock Isi fall IN
Se Soied that lDosufaoiu-vf makes gd6ds yearly
fulce or more the cost u W. esta1shncnb Iali OF
prices of 25 per cent is he loss Of half his investment
Sail Of 50 per cent. which not unirequenty occurs III
such is luin. Of course IL ruca eases domestic
taxes wholly fail from sources affected thus even ~
moderate degree. And IL is not the actual fact OF
heavy importation which operates thus; the mischief Is
often very great even when mere apprehension Is the
esuse. The expenditure for raw materia, wages. and
other iDcidentas great that business stops when
great reduction OF prices is Threatened. III British
Journals announce that very large business VIII be
done with the United States uen pause in preseree OF
tbe danger aud IfiLquiry confirms thelr Tears pfoduc
tsn ills of laborers lose wages and paralvsis follows
But this is far from the worst aspect Our domestic
production OF commodities with which the foreign come
In competition aIproxmates the value Of 50 O 600 CO.,
There scarcely less than Lelf this amount GU
hand IN warehouse. shop store, and IN transit.
fall prices Of this stock Of commodities OF % per
cent is loss 10 the holders Of $500 600 CO., and il the
reduction reaches 50 per cent the loss may be nearer
l,0QOU 600. Inc history Of commerce shows that
the sudden importation of from CSC COO OC0 To 500
oOooo worth Of foreign goods ma. cause snch com
mefcia reyulsoD this. commercial panic, whether
1t relates Immediately 10 apprehended contraction
or threatened OverimpOrtatOn is an event iraugbt
with nnspeaksble evils too dreadful In country like
ours and In circumstances like those Ia which We are
placed, 70 be encountered, human sagaciiy or
precaution can avoid them
There is at this time serious and well founded appre
hensioDs that the present heavy impOrtaoDs Will be
continued, II not enlarged Fear begins to predominant
and spause IL business is beginning to be felt The
evil Of panic is not less than the evil Of overmporta
Zion. and many believe that panic Is impending.
For the benefit Of those who do lot fully realize what
panic H. il may be well to say tina; panic makes
men fear that those no owe them thousands Dp0n
thousands cannot pay; that they ot Themselves
Yifce their properly in falling market In panic
nothing but rum disaster and insolvency and they
do much more TO intensity the alarm and the evil than
To sllav and r,r.ycgts O panic such as happened ~
3s eountry IA III. 1e47 and 1857. would nfictS loss
now In this country far than S5OO0lO' that u.s.
of 50 per cent on tie vaae CT commoss hand, and
the IsboIers Of the country w2pH lose much larger
amount. The danger 10 the Treasury and TO public
credit cannot be estimated bnt Judging by what has
occurred similar occasions. IN former commercial
and industrial convusioDs 1t may be regarded ms GER
tain that the deficiency OF the internal taxes would be
more than half for they are levied Just where the ca
Jamites Of the Ievusion would fall thckest and heavi
est upon the trade ard industry OF the country.
s peril OF overti aiding In foreign commodities Is not
only % weighed ia reference 10 its paralyzing effects
i nSG snaHoes AZ issue: Of our banks We how
running up debt for goods forced upon our markets by
foreign merchants AID manufacturers, large portion
of v hieb will be only demanded when we commence
specie paymentg 1.-The exporters OF goods TO our mar
kets have heretofore given Us specmensoi thor ability
10 extend their credit several years and hnay to exact
payment at the moment when 1t required the greatest
sacrifice 10 make It,
In the resence of these aud many like considerations
tie conopsion is forced upon that special legislation
a peccss 10 save internal trade AID home In
dustry frcA widespread damage, which. when II
.copes r tisg seriously impair our internal Revenue
W6may~sfA My Import all the foreign commodities that
In the exercise Of proper discretion
wuSH &der. They are judges OF what the markets
H hea but cannot safely admit that all foreigners
fD-sierent parts Of the world send TO our ports
Their production oyertTadng and their irregular
commercial movements should not be visited upon our
industrious classes who have at all tmes domestic
credit OF the country now is the regular collection OF
Nations al income that risk should be run. We can
not raise the needin revenue OF one yea from 9regn
commodities, and IL we could, we should wholly fai TO
raise II the following year by any mode OF taxation
There Is great necessity that our Internal Revenue
system should receive without delay most careful re-
yisionhe distribution being changed. and the rates
iessened so as TO relieve industry from some OF its
most crushing burdens. Without such relief there Is
serious danger Of very great hsss , DISTURBANCE Un
precede the revision Of the tariff. In national and
8,ca point OF view even more indispensable. For IN
consdtrable, comparatively, as Ia. and must be the
amount of our consumption Of foreign goods yet their
Importation though under fifteen per cent OF me whole
amount may have such effect upon domestic prices
as 70 inlet loss upon home production great enough
20 absorb the revenue Of several years.
proper revision OF the tariff now Involves not only
an adjustment Of the cost Of production here to the cost
abroad the price Of labor here to the price abroad that
our lone production from which the bulk OF our rev
eDue must be obtained may not be checked nor crushed
hut not less careful adjustment Of the duties OF the
tariff 10 The internal taxation This il by far the most