The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-03-07

~ Vlniauon 4uackeries' III 1 lIl l
From he Tribune.
A correspondent grayelS sends us the follow
ing, which he evidently regards as the qutnteI
sence Of financial aud monetary wisdom;- 4 a
"Ax1oM,-There can be no safe Resumption Of
vent imports ot commodities (other than specie
exceeding our oeSpoits.r without such tariff, any
a I9tSety Concern 1iable to be sSake1 and toppIed
over by the first heavy balance of toreign trade
against us. E. .rar l. i.fa, ..,ra .-.-.. .r,
REMARKS BY 'TuB TRIBUNE. l ri.r 4. .-
We presume nobody will accuse us ofhostlity
to protection by means OF differential duties-in
some cases, high duties. And yet we say the
writer of the above does not tknow what he is
talking. The real fact is, that an imitation of
prices, caused by redundant and debased
paper currency, powerfully counteracts the
influence of protective duties, and floods the
country with imported goods in spite of them
Oi this, our country now affords y striking con-
ffniation tt'-.' 'A hHD .'t"" h..'lA tN
Z For two or three years past, but especially
during the year Just closed, our importers have
been making money rapidly. The abundance of
Shat We call money created market Tor costly
Bilks and satins, laces and sbawls, aad they have
pressed upon us in flood. This year there is
currency contraction, with prospect OF re-
sumption; and the dry goods trade drags; costly,
sumptuoue fabrics sell slowly; and the importers
are curtalling their orders wherever they car,
and many wish they could countermand theirs
altogether. Intelligent merchants Will confirm
our assertion that there Is not likely to be half
so many fabrics imported in the latter hall of
1866 as there were IN the corresponding months
of 1865. And if we should meantime resume
specie payments we bnop there would not be-.
The reason is plain and at hand. While the
currency is contracting and hardening, men
seem to be losing money; many are losing IT. He
who bought and held any staple while our cur
rency was undergoing debasement made money,
Of course; that is il he bought 10000 barrels Of
pork at $25, he sold it three months later, for
$50, paid his loan, it he made one to buy with,
and put $4,000 or 80 TO his credit in bahk. And
then, II his wife wanted q $1,000 shawl and his
daughtess 5000 dresses "au round, y was their
time to ask for tnem. .ssr, ..L.. ..fI...rt
But now, under the influence OF contraction
or approach to resumption, prices are tending
downward. Pork, coal, domestic goods and
almost everything else, are Is to rs per cent
cheaper than they were three or four m Dnths
ago; and, if we shall earnestly try to resume,
must grow cheaper and cheaper And now, the
merchant and speculator who sells almost any
staple sells 1t at a loss and it asE't good time
for wife to mention the shawl or daughters to
insist that they have nothing to wear.n If
they do, they take nothing by their motion.
Nearly all prices are declining: hence, 1t Is
not good time to import As importers well
know. And the faster we gravitate towards
specie payments, the smaller and fewer will be
the orders sent out tor ioreign goods. 3f9J
Turning our correspondents ''axiomp end for
Ell d, therefore, we say:- .iI1.I.I9 ID. Irjf .J
We cannot stand an inflated currency, because
our tariff is too low. II it were high enough,
and smuggling could be suppressed we might
get on with such currency as we now have;
but with tariff in many particulars SO low as
in view of our heavy internal taXes--to invite
excessive importation, we must resume at the
earliest moment, or we shall be swamped by
excessive importations and an enormous foreign
debt .s ..ln.5 .rr ...