The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-09-30

BY the enemies OF the guarantees, or whether the
commenced shall be eit to the party tnat Is respon
sible for the amendments themselves
TnE DEn n.cau,, AND IT. THE BANKMo sYs!En
ventiOn declares that the banking system OF the
Synntry Is 'unconstltutional, oppressive and extor
ysl,di,x Of tu.se charges although have no idea
tsat tie consttuti62s Of the system win ever be
seriously debaie sltaeI before the people or In any
court and the asS so ths psr ahs
national banks were OF great service 70 the
ana since the return OF peace they have been Of
a SesS Is g
realixlng large dividends upon the capital employed
And a. - also true that the power OF Congress may
such pros with Advantage ssO 70 Inc u treasury
and :, to the people Of the Country; but
the subject can ne easily understood ana readily
ina1s..11. ~ UoDgress II ought to be said. how
ever, That the banks Of the country, witnou4 COM
nave aK S sSoSs aS
an equal amount Of bonds bearing interest ct the
rate Of SIX per cent It ought else tS be said that
better paper currency than the country ever before
possessed with the exception Of the Cnited states
notes, and as good believe, as is found in any
In mind that the banks are machines which aid the
people OF the localities where they are eslaplshedt to
the substitution Of greenbacks for national bank
currency would deprive large sections OF the coun.
try Of facilities for doing business winch enjoyed
by them az the present tlme and which may be con-
tnued without serious expense to the public.
The policy OF the republican party, then with
reference to the national banks is unquestionaby
thistle regulate and control them by legislation,
SO that their profits shall correspond subs antiay
to the ordinary profits OF business dependent upon
the investment or use OF capital Next, that the
system shall be extended only SO far as may be es-
sential to the business interests Of the country.
IN Se ss Of sss Se as
against national bank notes; but believe thor.
ougl examination Of the Whole subject leads to the
conclusion that the banking system should be ex.
tended only as It's extension may be demanded BY
the growth Of business In the country and that the
~ possible, due reference being had 10 the inter-
ests OF business In the extension vi the banking
system.
The ninth resolution Of the Democratic Conven-
tion Of this State is in these w0rds:-
s s svS S
and wise tai laws and opposed protective theory 20
90 not purpose TO enter into an elaborate dis
cusslon Of the tarin system.
business ana lts finances, that the discussion OF
the questions OF free trade and protection must be
and supreme over all doctrines OF political economy
10 the great fact that vast mechanical and manufac
turing interests have been built up in this country
~ psoe wns'n or
not In the sense in which the word Is used by
Country have contriouted through its legislation on
the subject, 70 tine establishment ana growth OF
these Industries. We cannot at once change the
legislation OF the country and reverse It's policy
without evil results TO business and TO the finances
OF the government OF the most serious char.
and what / trust viii be done, 10 70 readjust the
tariff system looking to moderate reduction Of the
revenues, and the removal OF such features az ap.
The Treasury Department are now engaged IN
careful examination Of the tariff laws and are pre-
and manufactures, or which are articles Of necessity
or comfort, and that DO not enter into competition
with articles ma, Manufactured sa o. produced IN this
dcrlvedis inconsderable. They are also preparing
another list OF articles, similar In character ana
enter into competition win articles Manufactured
or produced in tine United States. Accompanying
p TO &c % % So
zoe . TtS ns%sa 70 list enter into c0Ds
NotwiTnsandinS tho reduction Of the debt and of
the annual expenses o. the government, large sums
OF money must he raised BY duties on imports. In
s e
not produced in this country, but when enter into
and anect the cost OF domestic manufacturer. and.
possible from duties on luxuries:
The line which marks the di1erence between the
sse p Clear eedn9 the resSuo
adopted by the DEMOCRATIC Convention: whicn have
already read the only result aimed At Is The coec.
sSess which Sis may Ss produced upon me
a5s' aDD, sas Rs9'lis s' PIG s'anss
land, with reasonable profit to the manufacturer
ana the cost OF transportation paid at $40 per tom
ron IN this country s and Severng az
would be $25 per ton. In order that the largest
amount Of revenue should be derived nom duties
on pig iron 1t would he essential to place the duty just
at InSt point which would prevent the manufacture
and sale Of domestic iron for every ton OF domestic
cumsances diminish the revenue Just to the extent
iecied upon it II 1t had been imported from another
psss INC 1 duty as p sSu os
enough 70 prevent the manufacture in tue United
SSe UPON che arcie The duty Being thus
fixed the manufacture Of domestic iron must cease,
or the cost Of producing It must be diminished.
foreign manufacturer. whatever else may happen,
capitSi His only recourse is 70 reduce the wages Of
the laborer. The erect therefore, OF this policy IL
to bring the pressure OF the competition between the
iaborers engaged in the manufacture Of domestic
such an extent that he can compete with the I'M
porter, the policy marked out by the democratic
party would fead to further reduction OF duly. be-
cause every ton manufactured In the UMted States
dminshes the revenue Just to the extent OF the duty
which might nave been collected upon the imported
6EvlCes reSulJ VI pOuCy ~ Iudt
the manufacture Of iron would nnd their wages cur
tailed, and they would finally be obliged to seek
employment elsewhere.
Upon the same state of facts as to the cost of I'M
ported ana domestic iron, the policy OF the repub-
iican party would be to Tx the duty at such rate
something Of course greater than the difference be-
tween the cost OF the foreign and domestic article
o. would enable the domestic manufacturer to pay
fair wages to the laborers and obtain fair remu.
neration for the capital invested; and when, by
domestic competition, or BY improvements In ma
chinery or the diminished cost OK the raw material,
the difference between the actual cost or the foreign
article and Of the domestic article should be re-
duced the duty on the foreign article would De pro-
p0rti0hayely reduced also. In nne 1t may be said
that without committing ourselves upon the abstract
questions OF protection and free trade We are dis
posed to deal with the existing interests OF the
country In such manner as not to peril our manu-
features and mechanic arts; nor on the other hand,
by excessive duties. to give them advantages over
other forms OF industry.
Reform BY TUE REPUBLICAN PARTY.
There lie reasonable interest In the civil service,
and while the republican party Is not pledged to
particular line Of policy, yet the action OF Con.
gress the course OF the President and the voice OF
the press clearly show that whatever ID practicable
In the way p{ IelQrW Will be accomplished BY the
party now Id power.
II Is not for me to say what win be done. Ny own
views as to what ought to be done clear. Within
rS~ aflo nAt