New-York tribune., 1872-10-12

OF country and he viii and that American tunnage
as the taras sS,sr snw.rd the revenue
standard and dimnished as these duties "sbe ,he
low tariff Of 1851 nearly iHt II per cent Of the
tunnage employed IN foreign commerce American,
nnase less than % per esS MP avs himself that
"without efficient action on the part OF Gov
the Of our q s the On
he considers 70 be system OF bounties or in other
such theory deserve comme1ti soWp sps We 20 know rom
experience that under low tariffs OF the un-
engaged In foreign commerce steadily increased,
and that under this monstrous system 10
constantly dscreasnS s TO what conclusion then can
will destroy entirely our participation in the profits OF
se 20 long as this enormous protection system sits
| burden upon our foreign tunnage, like the old
sailor, chance for running ships in part
joyment Of foreign trade Ia absolutely nothing
| A COMPARISON OF TARIFFS. ..
70 keep this Radical party in power then 10 sacrifice
entirely our unnaGe engaged in the foreign trade and
much indeed of this trade itself Are propa red TO
pay such price for further continuance OF their rule
Nor s this the only evil experienced by the country
from the present Ladvsed financial system. Mr. Wells.
the report already quoted says that the export Of
domestic manufactured cotOns under this tariff COM
partt with that OF 1850 under the tariff OF 1851 had
fallen 70 quarter that Of woolens had fallen 60 per
cent that Of boots and shoes. IN COMPARISON between
The history Of the effect OF an increase OF
duties on wool and wOoens by the Radical
Rt1i IN the duty upon wool and wooens dimnlshcs
the number Of sheep almost as much as II the rOt nad
10 what they supposed TO be protection. The wOoen
manufacture has been in state Of hopeless decline
ever since A cOmparisOn between the effects or the
low tariff Of 1857 the present, will go far TO show
that revenue tarf, which lets IN dyessas ana ana raw raw
mhteatb mat z bSts "a heaYFFg YoF Ss themselves
@are Rnawnsy because Saa much to do with the re-
auctions which it made upon tne Tariff OF 1916 These
mainly the Senate and MANAGED
in conference. OF which the Senate Committee was com
posed Of Mr. Douglas M - shS on ibe nnepes h
have mentioned That this ID the true mode 70 heip
manufactures t seems TO me there can De no doubt
You thus cheaper the OF production and Denent
consumer well producer, and by reducing 70
you give the home manufacturer chance TO enter INTO
competition for the markets of the world. because you
The story of the other mode OF Protection wmch forces
the domestic consumer to give him higher pree tnSh
requires this assistance TO enable him TO manufacture AZ
all it because the natural proht OF ms occnPaSh 10
this country is lower than that OF others in which the
people usually engage. II the law attempts 70 make st
higher persons who have already invested VIII elther
obtain a higher profit than they otherwise would
have done for awhile, by continuing 10 manufacture az
higher because an ARTIFICIAL profit or else he viii sell out
for lOre than he could have gotten but Tor the Jaw
CAUSES OF BOARDING SPECIE
Afw Will thus be benefited through the law, but this
profit be sweed above the general level by the law,
others will fock the occupation, until the profit OF
this also is reduced to the general relative level But
this level must lower than m before the law be-
cause by portion people have been freed from
an employment naturally more profitable to one nat
uraiy less The general rate OF profit Is thus dlmn-
sned aud the country injured This u not theory only,
for il is justified think by experience not only III Great
Britain. but in thls country also Is TINS the policy
support the people But it may be said
a at I ~ H1 h IN sor of proectye trfr Know but
whether OF one 50 monstrous sS TINS l am not IN
D1aaSed TO ieiYe the question to the peo-
| PIE, and to be guided by them HIS friends
have very different opinions on tins subject from the
believe truth 70 De Win US, why
should feT their deesOnf But tins question has an
Intimate connection with that OF the currency which IL
always a subject OF interest IN this country THIS trin
boards large Quantities OF specie IN the vaults OF the
Government and subtract 10 from the active uses OF the
people The average amount thus boarded Is suDtrae-
ton from the specie circulation OF the country, ana
system OF currency has always been deemed objection
ahle in proportion as this amount large IL not only
Objectionable this aeeount, but 1t affords constant
cause Of apprehension 10 the country Inis sum De
large and the hands OF either an unsAin or
Secretary OF he Treasury n, pnT in the hands OF
areeKles unsklful Secretary stl be estimated
Black Friday memorable in the annals OF this Alt
mnisraon. reduction Of this Tariff by safe degrees
| 10 tue revenue standard would diminish tins amount
I..ehier ~ a very c-eat exreut know this has been
rcerrCd to of return 20 specie payments Dy
being used buy the legal tender currency or the
country which should regard as dangerous in
tie extreme II II led would 10, TO sudden con
traction of the currency II this be the use 70 wnch
this hoard specie 10 be devoted 10 can only be re-
garJed "a an additional for obieeuug 10 the ac-
cumuIation. that 10 ~ desirable 20 raise this
paper currency with specie as soon ar t can DE
done easily aud without violence 10 any great interest
OF the country Bur full and sudden resumption, II
! seems TO me, would be dangerous N the extreme
IyCREAsE IN BUSINESS WILL BRING SPECIE PAYMENTS.
The Secretary the Treasury has well said that there
are two modes OF "reeP (meaning return TO specie
pavens one Is 10 reduce the volume Of currency, as
was recommended bJ me in my annual report submitted
70 Congress IN December. 1869; the other mode Is 70
await the growth OF the country and the increasing de-
uards %, business which in time viii produce the de-
result" OF the the last seems tO e 70 De de-
dedy TIE best ana me saiss Nor sacea "a nrn nayo
gold IN ls65 1914 per cent; IN 1903 $50 per cent
FOR year 1910 It IA 50 per cent and Tor the nst
months OF year 1871 12l per cent He properly
attributes tIs decline "A the premium On god 10 tue III
creased demand tor paper In the Increased business or
the country This increase OF business IN this country 10
rapid That the day cannot DC distant WAen e demand
for plper Will raise u ~ par with specie lie quantity
Of paper is zed, but the demand for it is variable
and constantly increasing; suppose TINS were neipeo;
oppression under which it Is suherng aud by permit
tg It "a develop through the agency Of It's
blst and most efficient material. suppose IN other
words ~ annual xport OF cotton should be- raised, as
nighr iiv De done from little than S2CoOOO 200
shond be modified 10 et up other great producing
int, rests the country, how long would l5 be before
specie ments wound De resumed ny tue O
trade itsf This the way 70 restore specie pay
the benefit OF ali and without injury 10 any.
hen who have contracted on lhe Dasis VI cis ~ pape
would forced 10 pay an unexpected value through
| a sudden change Nor should We incur the danger OF
diminishing the amount when - necessary 10 move sns
crops the West and south before the system or eA-
changes Is completely restored We should thus accom-
ISL desires without any shoeK 70 the sysucn oI
| credit OF currency Al exceedingly desirable result
| WE WANT A SELF REGULATING CURRENCY.
hone therefore, tnat Congress will not Indulge the
Secretary in his desire to resume specie payments oy
contracting currency II he desires TO increase the
demand these notes let him obtain an alteration OF
the law 40 as half she customs in egatender
notes. II there be any moneyed men who support the
urpseut OF kiuc finance UNDER me ldea that II
Will give stability 10 currency ana creut thSy arc ueel
y mistaken. The merchant ana sailors VIII NOT ucn
longer stand system wLIcH taxes yOur Iofelgn colh
merce frOIn the 1ace or the ocean Inc aeLicutuIss
bs fnnIe and almost all the articles VI his daily
use severely. The mannI1cturer hltnseA wiz not