New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-01-22
TARIFFS, CURRENCY AND RUIN.

| nat curious ana tIlCky why's sAs
pensioned intellect can adopt in order K
strike one interest while pretending *
assail another, is artistically manifested
in the correspondence Of the Times, dated
at Washington. Evidently engaged in
| the interests Of the national banks and OF
| protection. but writing against his con.
science, the correspondent links currency
! and the tariff question as inseparable,
and declares that one can not bo touched
without affecting the other. While con-
demning the present tariff as bane to
he country, and .the excessive issue OF
currency rs another, he solemnly assures
us that we may not reduce the tariff with
ont diminishing the issue of paper, and
we may not diminish the volume OF paper
without running the country. That Is,
he asserts that the United States is now
ground between two evils that are de-
pressing her prosperity, WHICH SHE can not
suppress without running herself. 1t is
therefore ruin that seems to be inevitable.
The excess Of currency prevents resnmp-
ton of specie payments; the tariff is de-
stroyins the vital interests of the country
and yet SO intimately intertwisted are
these two destructive agencies that We
can not reduce the tariff without reducing
The volume OF currency, and we can no:
diminish the currency without producing
r.in. For. says he inferentially. the tariff
supports the currency by securing the
payment Of the interest Of the bonds upon
which j: is based. and therefore Il We re-
duce the receipts Of the customhorse one
half we must necessarily reduce the Issue
Of paper money which it supports. And
yet the tariff and the currency, as they
ere at present arranged. are the bane of
the government. The impossibility OF re-
duoinS the issue Of currency prevents q
return to specie payments. and this him
d-anee is the greatest evil under which the
country now laboS.
The writer Of the correspondence is
evidently q resumptionist. but his in
structions require him to support the
present national banking system. He is
a revenue tariff advocate. but his employ
ment is 70 uphold protection. His con-
victions and his engagements collide. and
the result is that be writes GIL argument
that fails to sustain his propositions. for
since the currency Of the government has
nothing to do with the paper OF the
national banks. nor with that o: the in
terest fund, it has no relation whatever
to the tariff. and can only be benefited
by being redeemed il specie. The design
Of the argument is to confns. national
bank paper with treasury notes. and to
attach to The former the support which
belongs to the bonds on which they ere
predicateG.
The entire letter, however. is n,s.ie sat
isfactory BY a wicked thrust at Mr.. Bout
WEI. who IS actually engaged i'll disprov-
ing all of It's propositions. Heis sustain
ing at the same time reduction on tariff.
and an imitation Of the currency: and he
only retards the resumption Of specie pay
ment because of the disarrangerlent il
would create in the established values
New banks are being created, especially
in the South. which increases our capital.
and the downward tendency of gold is ar
rested because the cotton and sugar crop
IS Hlready rr!inously affected by the ap-
probation OF the currency. Ifgold We're
selling a: one hundred and fifty. cotton
would be selling for three cents more.
Il gold were Oh pa. with currency cot
ton would he selling for one cen: less.
Nr. Boutwell, can force the resumption o.:
specie payment, at any time. and the
only as, ignabie reason Why he does lot
do it is that the government prefers t.
diy.ie The loss with the people. ltseems.
therefore. that We have bu: little 70 COM
plain Of in this respect.
4 may. therefore. be dismissed Is en-
idle tale tina. the Cnited States is n the
power OF benk men or the manufacturers,
and there ere 40 parties that know this
better than the correspondent and tie
baGks and manufacturers themselves.