The daily gazette., 1881-11-17
THURSDAY. NOvEmBER ~, 1851.

ant matters. Among those most
pressed upon its attention is a revision
of the tariff by the manufacturers on
the one side and the western agricul-
turists on the other. Another import
ant question to be discussed will be
the reduction Of the Internal Revenue
and the removal of the heavy tax that
now rests upon the people through
the numerous articles upon which
stamp duties have to be paid. And
another very important matter will be
the refunding of the national debt, in
cluding the three and half per cent.
bonds.
We do not propose to enter upon
a discussion of either of these ques-
tions. They should all be regarded as
OF the NEST important interest to the
people, and that policy which will
produce the best results sought out
and be adopted. 1t is hoped that the
able representatives of the people in
both Houses will, therefore, approach
the questions with a view of eliciting
the real facts and the bearing which
the measures have upon the country
in the present and near future with
out regard to past partisan opinions.
There have been great changes in the
country, and tariff for revenue with
incidental protection Is now desired
in many parts of the South as in
many parts of the East, North and
West. Manufacturing is being done
In every section and is increasing. If
incidental protection will benefit some
people in one section 1T will benefit
some in every section. The points
which is to be ascertained is what arti-
cles need and what articles do not
need protection. The extension of
the free list and the reduction of
duties to increase the sales of our
cereals and farm products abroad
is the real issue of the tariff. But
aside from this there is said to
be a large class of manufactur-
ers who are dissatisfied with the
present arrangement of the tariff,
and among them are the iron ship
builders. This class favor protection,
but the present tariff almost prohibits
many articles that go into the build.
ing of ships and retards this great
and growing industry in which the
people of our city and those living
upon the Delaware River are deeply
interested.
There Is powerful interest aecu-
mulating against the continuance of
the present Internal Revenue laws.
They need to be revised and many
articles should be stricken from the
list that produce very little revenue
beyond the cost of collection. BY this
process the list of office holders nigh,
be greatly reduced, and the people re
leased OF much of the tax they are
now subject to.
The refundiDg Of the national debt
should be continued until all the five
and six per cent. bonds outstand.
ing, if any remain that are due, are
converted into three or three and hall
per cent. bonds. Unless the money
market becomes lower than at present il
is very doubtful whether a three ne,
cent. loan could be effected even by The
Government. 1t will, therefore, readily
be seen that to undertake TO reconyert
the three and half per cents. into three
per cent. bonds will meet with opposi.
ton in Congress unless great change
occurs before spring or the close OF the
session OF Congress. 1t is quite evident
That the banks and capitalists In this
country would not now be willing to
take three per cent. loan. What could
De done with 1t Tor the foreign market
is another question; but at any rate all
The Government five and six per cent
bonds should be converted If possible
before the attempt is made to reeonyer,
the three and a half per cents. into
threes. Ii it is found impossible to con.
vert the fiVes and skies into threes II
will be app aren't that the three and
half per cents. cannot be converted Int
threes.
Capitalists will follow their own in
terests, and no doubt every means will
be taken to tighten the money marker
In order to impress upon Congress the
opinion that change in the Interest
upon the national debt is not possible
and, therefore, the only mode by which
1t can be done will be through the offer
OF some of the agents of syndicate OF
the foreign capitalists 10 take the whole
that is offered.
Such an offer as this may not be i'm
probable in view of the high price the
Government bonds are held at in Eng
land. They are quoted in London as
follows: The U. S. 9g's were held at
1861; the AS at 116s and the as at 100,
The As sell higher because they have
longer to run. But while 81 bond sells
at l0s II is reasonable to be suppesed n