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PANSIGOOS, #I4t4IIAN, & TOMIIIEND.
4 1441 Alle•Sfe / ( l i/ 6
LAST ARRIVALS.
- MORRIS.
ImPowniziabl
„,
• vitilliklurliTft,l4l. ==
" etweezda Atheile'retuss
ii‘va"lvdtbf
isWit
soul El4lllB
odaßlUtfin ea.x.o7 worm , DO
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4; i4ATEEN tit
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oriagainfiL,Lin st , o 6 o Good.
4 . 44' •L isl ii( "k o l l i io4ticliitrrterrat ET .
'itipichlaiebt owohotostiterllTAP, 0 0' Tablo
4 r , "" rim iiAlllTlSld W.-PEPPER:,
.sang4gbiAlla ansedntendens.
- ;-•-4 0 §APA ,_OO9PER, 'wATow,
M 11491.,
.Vit. ife. ( l6l iIIPRUOB
' 4.4 • Vil= . L i ven to Itivainag Watahat
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:',-PRILISELPELL=I-:
1 ..f • 1 nTelintitionett.,: -,, - , t.li
''` 1 '' • P trtitunP game' ipr , WWeneittaLt;. ',' , , - .. q
ffljTAllMei,in. alkini .Reontalitne Fr4terilefit,-Wlftt
' nwitet rti WAY , win - On Witenswal log Atiw . ugg i
'''''cia'wrialir' Orw'' iminte At
rie , 'lliiilC , MOTO' tor" "OW
1 ,, einotavllene OIK.TItUrt.. ~, : -:,&,•,, •1. . ~ ,',-, ,*-;":
1 ....3 i i'lliadisid West implant tiniva that if aCleithlthy
tif rMettectlttiadeith a for the goirposis of purchasing'
mo hiniti Iti wall it or b einterent togiStrWee' ,
~' ~ " ••• • ' " " ' "-:
I and thtettot we teil - eats hi ht refeAtieß °there to ,
L atmeentatte it:: .-.-- , ' l. -- - - , .-.- , .- ,
ti al tar tond i neted fo_ytrupty , -rnmetreammoth eit- --
f
vbe llettl:k h tßlVl:ttcAttAliki)SPlotiat"iiiirr.,,,,
air 1:
an OK • tO alert AlrOif?‘""n)14"1;
a ° e riOorlisrat i ta Year . tar br
' . I, ssidiswarb!..-" ' ' ,' ' '"' '' ' ' •'.
.ZV, thiztriTy;er tioja tt mul a teziratt
ib ,o Arg , l it . tt e Vabtabir grt r iblo lidieiVnely minted out
t?" 11 3 24111 • 11 3 ,"4 11 in thri t trlnrit s di e gf tag" !
: le l -Alm ty.. Indrgate-nri arc ttie "hmn
r neelliti.7 Ca,re, , day , after ury meanitinit set
i 411 4 " 11111reifeh b" " liglevt. reiXritt i th i e .
- 1 7 4 rtZtr bythe P a t tg " lotfornlett 'to their
r. 1 % , 74, ploods,o aesertmeot soorehtsidinailmeaa
''' . tett . ter ete' i lrugeWle, in, the routine , and
tgiciro , eh % 0 14 merit. ';tote is list', ill
"lellreelr kit o p that ' eorM , deade r . iteolittes , to • them
thatontor q s iongest sidOwleterds re parehone . at
'1 combr
...' wall t e mot -tbgt.thewrilothing is always
sm tent, end no inn is leftover 'on acitionnt or being
faah t tnet MO' pattern* whiciV, NOW- no Similitude in
'the Prom ,of,snr ot hie °moonier'. qbar hats also
wlnb er distinotdepaiint. for the plarpoee, of mann
4setatiny , ...
. - GARIIRNTR o y ORDER :' --. , • ,
in whlokthey oolleot In Wie woof a yeaftheneands
or aritmameasuremente;•all 0 .east iinnortancre in get
glng.ni agues pr , the wbohoieliq,tratie i 'and; condo*.
log Mein ,iialiome l'a'mina fie,they As°, sili their
-hap me ionligroti .an d allay ! nave—whist
, dee ,_ Work Wionnando—the . 'edam' not obliged,
libel bee vibe, employ Middy :todleallyi to take 'woo
, ever meg Offer. or,w o wjthont. • 1 bee tor " 64 " an
.11•11Unialit by some of Moir ri in arra Obi"' 'bow ,
, geits,thilt. bemuse they Kaye a large- tietaolisnmentr to
imi ii ,o r g,. th e y, must , ..° ° .00.0ooenee. /AMMO -large
. prelim 'upon their' clothing. - Te embodied Idea !nag
B • l 've ii* Wien for ciationents la th 'clothing business to •
onset'. from, but converts to 11161 r 'entatattt will be
Orreoired in their conversion, •It :egret knows that all
diet ti baroness here mar* Or two engem, in conduct
ing it, end thatexoewrg. lop! Oreilt WO be; must he
Mgt with the r grotto.' il. 1 Wilme r a man's extreme.
ark kW dollars per daviligi tie hriabat twocustoreerii.
SIP must mato ere dolitirl i egott of them: In Illtdpi . to
'ollie hiingtOrighnlilt bn ,i , env rhhor's envenom STIP
one handfed give perils : Wirt he, has one thontunt
i he inem ei m pe er nie e: then'ten , ntsmahe tat saes atm. will met:
.;. 1 . LARUE' ItAtiza 'Atli) ISKiaiGIROPITEVE , ' •
' au ?Nu' bent the ;Indies nuispowith Bennett IR re:,
'Rims ottoman whr stutrniineanded liatlonsg• ' hag
44 0 . Irio4PPGA Ta Wa la / a la i P 7 ,4 diae F nala •
- et, eiresi iiiiritif limit higlititliiiknii entail Mellti
if hi are not,well pa i l end judicnovely
itSetured;,then,WO *ad Will vg. audit pro4t,
tier /Wall, Meg iltdortteW it, iir I nisk• the *Jolting ,
Vice unreawiroblic litl4pWitt Belin o P , lC ° L - 4, -,
..• Theg btly•On el DOW , rwirkotl . from ret a ,
elia-rier tio,tripie nor doe . ls.oroatt , whilkthe.ttimot ,
eggerienim eriablne them to tept , dor g ir th irnot
ri * Vtli t ir e e y legs otl e c irgrettrr to °Win e s tritt
.well- mad. olottourvise, I's" presenting b - silent. Din
iiiiiii*PßVl • aratiment,'" • olftheyrtee and grade= Gen
rasisb
iis becalm dnumeire, but- leamf i need printer's ink
4 4 dissent wriPielionle tretheiattna may ' be rested by
any clothing odsaieriwho' wiltete t i own Ralf. .'fray'
invite him there .' They silk hint "Oo th e'sad - examine
the .lurnmaii, moot; iomi weli 114 'WI I . lbrinp, mark the
c7las. WWI the finish: And thottoonsider theories,. •
I' theta prosJtastisfstdo bpi' toirehase a .. bill
toode,' and, „. tu - diiiposing of them, the t rot will' be
dwannetyated golly. , that whit We, hive Odd In Mil to
the lit of; Moil Omni:C*l2d the satislistion they g re
td wastonniii. is tine' beyond'eumate. Re will reause
the truth ot theold adue.thet_ ,
"-A MING , WALL 'BiltleRVIS RAW 801.1)," ---
aid ;we Inlet he wall thez%nt u t r ieterreints' that, in
?ref t r ,. his spode well ' Mi.'', :wilt enrol him =
if i b the mnititedei %helm these interests are
' '' . l•o R LIALb
• • -' ',- - eCtRwINGIIIAtAi R T . „, '
, .mrrwr, 'coonßntbrene.
CAItriETN:ANP s ', O /L',e/ 4021 / 8 *
14)1) SEIN.F.TN
Pultin OIL; CLOT 1141; at noir rand Oholoo 147140 *OW
rro. 960 1341.25T8UT
1., ec
.• • '
•INtiltSIN dAItI"HTS
' iliartttera
eo ; amis.:its •;sad
said patterns. No, pi) CHESTNUT Stritet.
8A1LY;,430
5,0Q0. YARDS _
bUrgitilitisilLvJG;-11 ":''
rlop. vrilrr‘l°,
13.114,1r_ty CIPPOTNUT Strait,
lOrtoTTlF,it.
10,000 -,y4R.P`.
woutig. TAPEITAY CANTETIS. int raolvild, tp
poiold at ONE . DOLI4R, kyAR
Pl 9 fpo LEBTNUT &rest.
BROTHER. ,
•
IsT usnroicE
irrize stiopm'Biti*EL . g.
Jan
J lootivid by Stumm. ' -
I ':-BAILAY- & BROTHER. ,
No. NO CRENITNIrr , peek.
OARPyra. plates tut 12 41 , NOM:
to t iniskied.h • -
,DAILY &
• • NQ. m ONIIISTNIIT threat._
DOCIO . •
'van falai la frqm'Aattion. at - -
:•= 311o:*VriiertillT,041fItt
- DAILY :& t ,
slae , atuitthaat , "
1860. mAlmiP 4lo, 1860
PA4WgiT!*„ - *A:4PHOVIsP•
Ike 611 ind
Ei4 l *! : #o ,.l i- i t *
, , • -
• ' CARPETINGS,
RTIQB~ ; 011. A OtOTHS,-- kATTIMOS,
ENCiiii3ll SEW SOME, so.,
Jestrratived by.. • -
JO A N - Ltmorr. •
,
• • • (Boooomottomobwa M. Banta
No. 47
840141'01JATH STRiXT;
4ROII-STREST ' •
•n• CURT= WASSUnilifiG
i
i.IOOKNER.'
ARCM' f EMT,
-Two V . cipp BP.L . IW NINTH; (Bontbaidei) •
ifl74o3l4Arlitt ANI) 1M
; litralfittitaeel e NtrirVeigal eaal4 .:H
6,0ET8. OlLuLtirrlia.
C4ArP giF11":
'AI;ELIOT k 434;4444 aand H North' FRONT
Streit', fiilo kb' , NOM ApPIITO to PhtlidelDhu for the
ROXIgniI(O4IIYET COMPANY;and tiave °opium:di
fo,r, "go aiioortmei; of V 1411187,40 TAPE TAY
CARPETS; of shows vattents. , : • •
Alanaijarge,savp4v,_44-the, various kinds, of CAR
isuiifiolartml In Fidkidsithis city end oosaif,
diattr, the .bed puiliallusterns.
Mitt it; to 411 . 40: , iabiriet - to' clif!and
ustalute Woe goods, Thigh an offered for age on the
ignoit &iambi* terms. -
A. ELIOT 1 00. being the Sole Agents
in Philadelefija for the suitor the Wonted and Oerpet
Yarns span by the flaganspi *ins (formerly the New
England Worsted Company,) and being Ili* for
the Bahl**. Wilton, and Abbott Companies, hese
asenliarjhrillities for, keeling "constantly for wile the
mlis io kinds Of Otatteajgwanitaiiiiired in Philadelphia,
on the moat rimy/010 term., tail-Sro
511410L1811 OARPETINGS. '
a-urtipestrr; Inerein, nod Vinitise car
peting. . • .
Also. Apenoen Careering' ,and Ckpths, in great
vanev. no male, sethe lowest - odnericee. DY
KENVE L: KA iGHT.
_,_bneondt and Dealer,
' booth AECOND Istreet,
mb2l-Im ' Above Spruce, weat side.
.BICALLUM 6o 00..
OLTLEST MANDPMAITR#3B;
Igag *ono Bums, ;Ramezfrown,
Also, biavorters and Dwilars to
.CiAI i tPETWOS.
•OIL ' CLOTHS.
" MATTING. Rupp. &CJ.
iro*ov,itiolmarrrwr Err..
tftio/0/1 rim/ Troliss.) -
ik ://airra 'aibdrirlifrn in;, , ergi
r are lIISPIItirYAWit•dI
'GR,OCEnfES.
S. REED iSs 00..
WHOLESALE GROCERS,
NO. 116 ABBE STREET, BELOW SECOND,
Krems hand, at all time', whit!, they are ready toast!
to grontatirtyttig time retrOhatters, and for sub, at the
lowest market rate., a very general assortment of '
GROCERIES. VIZ:
opyrKEß- 7 Bioeof °Wile* and mednim quality. Java;
Metiosilm. -Moo ha, Lagoon's, and ;Bt.
'Domingo.
-BIJOARB-Ornshed , Pulverised * coarse and fine, Cu-
' Moat Out, eon, White> . A, B, .O, to bbis,
• , , Porto• Rum, New Bacons, and, calm, id
Raids and btils. - •
fiTRuPs-I,oviring , B Standard, New York, Baltimore
and Phlladelehiamanufaetured, of eholoe
arid Maiditiin sualytend
TEMS-Yount Imperial, Oolong, and Chu'',
. • ' lea; of ohofier4Ogig ; 1 1400 medium and
' Mir grades:
BPICEB-iltre, Whole sad Otound,
ST ARVliVrtiosv, Oils, tine ;Wising, sad Brandies, &e.i
- !It'Oft k,ge , 1%14 "." 444 A
• ;
- • _
A T traDAY, 74'1860.
*Wein of the Tariff—the Bill ißefore
, 'Coagreos; ,
!itiallir or AMR TARLIT LitgialsiTlONTlll l ,
/ 1 / 31 4(fr•NOr ` : 1191
BX. Trap, V.A.TH OF Fill lithiONAki
ZI
4AEgEA AIID mas BURVIEBB COMIITIA OW TIM
lauxTuir.
The bill reported to the,Monse. by the Com.
mittee' of Wipe and Means, besides providing
fOtithe redeniptiori of the outstanding treasury
nofes,[propOses a: thorough revision of the ,
subsisting syetena of impOrt duties. It' pro
poies a change in the,rates to be levied upon
eintne it - adds to the , freai.list Others.
heretofore-subject to duties ; and it further
proposes a change from the ad vaiorem to. the'
specific method of assessing the duties recom,
t fats`rided'iipo - n Such articles of foreign Qom.'
=free as Cer(beeorii!ezilently , put under the
'rut°. The general alms of the bill are—first, to
make ample, steady, and healthy : provision ter
the necessities' of the Goveimment ;*:
seaond, by the exemptions from duty recolli7
mended, and. by the rates of duty, and the
method of their assessment, to afford fair awl
adequate protection to the productive Indust
try of the
,conntry.,
't,is et '
the,general objects and festnrel'of
this tariff bill that* noiipropose to speak, -
,
le
a t
ving4he4fartihniars deserving attentien, to_
r , into the eatuninetion - lettheir - special iin
iOrtance mid theiriiettinenee to the argument
itai t require.
.'
~ , .
'tear—.otlCtiriit nr customs as s Systein Of
mOionsi revenue: ., . ~
Sines; the foundation of the Government the
lands have not yielded, in the suffrage,
mere than two, and a half millions of dollits,
rir annum. Since the year 1880 they hail:
not gone above four millions more than eight
times, and in hiore.than twenty of those thirty'
years they have been considerably beloyr that
semi: Zhe miscellaneous receipts seldom reach
a Million per annum. Above alx-sevenths of
the revenue of the Government his heretofore:
been derived from customs. They are so . fai
the main resource of, the treasurythat no other
.need be Considered. The adaptation of our:sith,
tem of imposts to the requirements of the nus:.
tiofial treasury is, therefore, a matter of prittre
importance ; and it may be laktdown as ikript.
tied PrinUiple: that, as a measure' of national
ffnance, our tariff of enstema moat belevied up
othe neeeSsitfea, and at the same time,;
kept. stekuilvithip.the limits of the rieOer 7 ,
,84y Government expenses. Trr , other ,iropts„ .
the poliny of (4ongress is settled; both by pritki,
eiple -and 'Precedent, to look to the Outtotni
for our resources; and to determine their
ainOmiti by the requireinents ofthe
03' W4A
national treasury.
• In the past Seventy years we haye bid six 6
teen
, general - tariffs„ Mid one' of thegintili .
domproinise4ctoflBBB—dlgide4 in 04046
six dillbrent.tiriff; !awe, by its awn ,
carries up.the.raurthsiof,the,Oerecie ,
of which we bare hal. elFperiewoe prelelye
- ThOr history is necessarily: fall OfasiSll
strootion for us; an 4 we proper a 141er.ra.
view of tbe prieelpal of thelif for the , 414
which they, miy afford us urn thhi point
Under consideration--rye mean *IOOE7
usupon the fiscal principles of imposts JitrideA .
4 pon foreign imports. . •
1 The differences of policy, of prhigiipin,,ndi
of details-700 whole possible vaglifY-031,0,'
lifelong, and of their effects upon the
of the country-.-are presented to.usiliki*
several acts that have heel in oPeratiplkstihir,
the "Ist July, 1824. ' in - the
, yet
014:0*m sea *6 have (We-04
tariff' isitir; with ,numerous twO4ht-each.
,
The tariff of 1824, that of 1828, that of
1882,.as Il operated until the first reduction of
its rate!, was Rate on the 81st Pe,e,tooTo,
1888, and the tatiff of 1842,, covering„ to,
iether, , thirteen an 4 tbree.:qui4ter 'SIM 6f *4
nterval, are all well distinguished' by their
Strong protective and specific duty foams.
The last five modifications of the Ooreprosiise
'Act, though th4SY 'retained the 'form of the
hisicific duty provisions of the act of 1882 k fell
bele* the rates that proteotionyequired.t The
act of 1846 rePuchateff anti'Whiks
range of rates discriniliated largely, it scarcely
;aimed at protection, though in'iotrie inetaitdes
it incidentally' atlbrded it ; tind the tariff of
18157, reducing the schedules of its Pp . :deo:Sant
,about twentY•live per cen't., u'ot,'ohly Ign'efed
the protective features of tile tariff seta of the
!first.mentioned class, but went below the rates
;which could be regarded as fairly intending
;even accidental defence of our Industry against
the competing commodities of foreign produc
tion. These ad valorem revenue tariffs cover
,the remaining twenty years of the term whole
ihistOry we are examining.
The treasury reports from the year 1824 to
!1850, inclusive, exhibiting-the annual receipts
cuotimb Ttotp the , Plel .of tPe VIR9
lands, the expenditurea Of the .%eVerlielatity
the loans and treasury notes issued, and the
consumption of foreign imports p.,' capita
by the whole population of the Union, show
the financial effects of these•several systems,
and enable us to understand them.
The facts presented in these tables yield us
results Which we will first state, and then ap
ply to the objects of thi3 inquiry with which
we aro now concerned.
Under the tariff of 1824'the income from
customs averaged nineteen mallow . ; 9f Aollar4
per annum, the highest of the , years
,gi;iing
twenty-three and a third millions; the , lowest
nineteen and three- quarter millions. Under
the act of 1828, and the first year' of the act of
1882, the Income went steadily up from twenty
two and a half millions, in 1829, to twenty
nine millions in 1883 ; , the "average for the
nine years of these tariffs being twenty-three
and a half millions pot annum, beginning with
twenty, and closing with tsventy-nine
The qrales of the puhlic lands during this
term ranged between one million end a quarter
in 1825, and less than four millione in 1833. t
The consumption of foreign imports, pert
capita, of the whole population, d'veraged $5.85;
per annum; never going below $4.89, norf
rising above $6.25 in any year of the term.
In the first year of this term, 1825, the Ruoff
and treasury notes of the treasury, automated,
to five million ; in the last eight years no
loans or treasury notes. The public debt Wasi
reduced regularly but rapidly, and at the close
of the period the debt of the Revolution and
of the war of 1812 were nearly extinguished.
From this period we pass now to that of the'
diieration . of, the tariff of 1842. The' tirst,
nine months of its, results are so mingled in!
the rinancial reports, with those of the papal
year preCeding and following, that they are
not easily, separated; nor are they Justly In-:
titled to, any influence, for or against the work.
ing of that tariff._ "kt came- into operation in
the midst of an unparalleled monetary and buil=
ness distress over the "country; and en.
countered a bankrupt treasury at its, outset;
for the relief of which, twelve and a half mil
lions were borrowed, which was the only loan
contracted during the time of its operation,
except something less than two millions early
in its first full fiscal year. The receipts from
customs under it in the three years 18484 to
1845-6 were respectively 26t, 27.!, and 261
millions, averaging 261 millions per annum.
The public lands during these years averaged
two and three-tenth millions per annum, and
the consumption of foreign imports per capita
stood at $5.03, $5.15, and $5.42, tespectivelyi
From the wholo aeries of our depidedly pro-,
tectlvo and sPeoffio-duty tariffs, we have
these rewrite The average income from eus'i
torts for the whole period of twelve years wee
twenty -tour and a half , millions, no year
rising above twenty-nine, and some falling be
lew twenty—rising with wonderful' atisadinesa
from the beginning of the term, and averaging
a'per capite'cortsuinption of imports of $5:83
per annum, the n lowest year„being 14.80, and
-the highest $6.26. Moreover, the ,, only Joann
*4O th — terfi' .i.ti14,1 , 4: bit
1 0041, ..40.6)4:40ikm,
lotto peat sqbaraw9optieccerring•uutt.of
r3t#owhioh, lips'TOlfteell.c.Tbfq re °Pr,
ad, t l X 4 lXPlnhArPszi*e 7 4sd f a n ' t r fi ka i n Y l T,l
PeOPIO, end ,they left heti). tha t 94vernmeet
the PeePle relieved, t k ei rl' l o 43 , / i le 7 / 0 ,
t.r• expired. •Pt e , 31%0. 9‘, ; gr w24AO
dr ~O ,Peratißnio rPg9° l l ' at'Pct 1 c 4.4 7,
10—almost , ,quttrtel of a , century ,
our
lent history- 7 4nd they, were tested Ay the‘
ASOO , IIIOO , Alke cogiPPITOY. itude, r .w° 4 o ° .
4ttaidymeried and, extended, tifue4 . , of; :trial,
4ag their rale, we had
,no undue ,expausiou
ii opr, bank circulation, no monetary , crisis,
nci business /avulsions, no deficit, and no sur-
Otis .in :the national. troasnryf They wore
charged with exOrbitancy, of fates, and with
„ req int r ul l. e, d . i bt s i e t rlin nev in er af w ior t4 i an n y: th ac e tttk ir
a ,
i pr v o ap te c r, h ti i v e e f ,
toithe fituiticiacotthe nation or fo the general
prPsperity ot.tho• people.
' et tut now loots at the histozy of those other
invest system!! Whiey have, bpqn described as
. tafitik.for revenue with incidental , protection,
t iro tar revenue only, and progressive free:
ed‘giri with the Oo!nproinise Act of IpBB,
tufbrliddeh the first ;reduction of One-teizith,
bf thoiaelenes, et, all duties over twenty, per,
edieiorem, took on the first J4nif7
4,183424
. 1 1 . 411
i
so ch t l nug t.
of 0-
la
I p ,
71 . 48 average custans of itS•nine years' opora
' Wars iseve*etutenktbree-PtArtcd, 41911 8 j,
dg :'six and a. quarter -millions• belOw 'the
inge.of theitine preceding Ycavh , with the
' ia variation,_ running fronbo/even and
-tenths to.twentyttbree and four-tenths.
he:total: expenditure, of, the Gev,ernment
during , this tom averaged „thirty-one millions,
1 r annum. ll:Ceram() balathit terrible deficit in
lteelpts from .the • etuitoms and a , finetne
l:ti n i of. ,imentnt, in, immediaMiy successive
7 si•whictrhaffied• all oalenfation geld • dim,"
. wed ad reliance.. At On:eh:BS Of the year
..1 :Atone was tv surplus , in , the tr ow* of
r
. yliftt • roillio;us,•,-yet,betweer4 -the , years
1 7,:end 1842 the , treasury WAS oompolied to
b trots ••more than: fiftpthree millions to meet:,
U enteent empewlitare., , , , .; 1 .
' 1 But. , - tlie ' anegt.l remarkable , feature, of, this
period was in ther sales of tthe PubliPIAP ( . l3 .
The receipts from:this sourceomdec f our ro l l
notive tariffs Of 1823, , 1832, , andll34A.7,veried
e more than from two to four millionsrineoy,
yen ';but; under the,OompromiseAct i theysan
i l . toll:int:teen and•three quartoronilyentt,ln
it :MI; and. , to : tiventy-fivelinillions, ,neAkiY; Yi
l:3+; producing the sprphei ,revenue illiikek
sangrias :resolved .to deposit, with , ttteA44l4
:f r the relief of ao. , overburdened 1 troottury„
,•-• . d:: en , et4usteci money market. :.Virt,thio. A'
f , ion, ot rasty millions of. this, surphtestawa ,
om the' public lan& MAT° years, anclfillkilig
3 . else succeeding tyeatt the .treasurys was in
:t , e rniiritet as 0 borrower:. . . , , : ...I :,- , • '
4 1%4 Imports per: :capita -,,yrent as, biet as,
0:0 in 1836, though they yielded:but twentpf
• and a hilf millions ofduties. I This tariff
• '
asTessed *he* the Goyemment wan 'Out :of
ht;':theltreaStaifievettly suppile4 and; Um
; :stitittbeenuntsy steady, mosperoae, and.
ilopefat.' Ita cattiest 'efeets•Were ; a. general
_Ld'inhinaldiaturbanceln :the:ice:mos of tho ,
`rational finances; andfint the business, enter, _
prise', the nurrinicy,'.'atni' the or i edil ;iind satl
reedy of tlie'ropl o .- - . •
. I The bank airciilatlonenaunied between the
xeits '188 . 4 and 1887 from ninety-four to one
thnitired and foiv.nirie iriillionsi , a general
`batik fitispetision began in limy, 18.37, , and
-laited; hi offect,ll/1 the •Spriog of latg,, or
during the whole remainder of the timo of the
~pompromise Act of 1883: ' - '-
, '' , iVe speak here of the Mischief inflicted upon
the eciontry, l l4 well ad upon `the revenue; wider
; *fei'.tiirlif,`liejsusi) they ire inseparable, add
ir. tioOle eieh. Ottinr 'a.l 'dans° and effect. For
11,nojtrie,thit:.eitnii.ti' high
„Or,' loWratea of
, , ty, at,t#dniiiiis s es; rule' s, the t anintint ofroyeA
iilleiire4l iiiiin them : too low ; the treistiry
feceipts,iraistfall below the requirement; What
liver figure' the, imports may reach; 'Mad too
iii. Igh,' they O - ocaslonn like'defitieney of receipts
into the treaitarir,,q' their prehibltory 'opera
itio,as: The, TOOTS 'being chiefly derived from
the, crui*s; - its intount deOnda upon the
ability Of'the 'piiople to 'parehese and•parfor
irolgnimPorts, and no posedble'eheapening'of
thins by ridueticM, rirdidies . can enable an innl
'herrassed"o . liatiltinit'Countitudey te support
ithe Inetnigtter'hi'eenitthilug , them . The cola•
ienMptipiii per ecipifa; - of 'these` intiortif In 184,0
lwent„helow the "average 'under the tarfif' Of
11824,tlinegh "If had been rridie' double that
lanlearit in pp ; • " • 1 , .q ~
1 Vil in°Kino l l4 9ic.etPtii ' 1 ;c 0 . 4 ! 0. 0 1 ) 1 11 ?lic
lands in 15E4 . 41 igi l ottced iota alto, bicause
4heyindiMited , the , pressure upon' the labor
:and capital 'of the Atlantic States, and Pre-'
;phosied the revultieii which was Soon 't6 kl:-
ilow and long to li ngerin the business affairs
... t.
of, the nation. . .
This compromise s tariff may be held to be
the worst of its eltuts; . flidess , that of 1857 he
its,parallel„fOr which judgment there is this
ground,at,lenst, that the. average of it's rates
is very nearly; if not' Trite, as the'
level 20 •per 'eent, bask and Jesting-point of
the one we, hays, just been examining.
I.et us look now at the act of 1846, which,
lasting something longer, because very inucli
more irotectfte,"went uut of operation just in
time to escape - the catastrophe which it had
prepared for us. Its receipts from customs
ran up in ten years from a little less than
twentY-foni,
,to full Sixty-four millions; the
imports - per 'capita from $6.00 to $11.82.
Some of its rates of duty, perhaps some of its
schedules, were sufficiently protective if fairly
levied; Wits vices are seen in the facts that
it encouraged an importation for consumption,
exclusive of specie, rising in a single year
(1855) flity. sit millions above the year imme
diately preceding; in the next year increasing
them sixty,forir milliOne more, and; bilis last
year, adding
,enothefincrease s of thirty-three
millions. In the last four years of its opera ;
tion it - had swollen our imports for consump 7
tions, from two hundred and fifty-one to three
hundred and thirty-three millions in the year,
ap Increape of eighty-two millions of manual
imports,•displaclng to a proportionate extent
our home industry, which, as nsual, - was evi
denced by receipts, daring these four years,
of thirty-two and a half millions from the pub
lic lands, which, added to the enormouagrants
of the national domain madeu by Congress,
- whose 'price did not tome into the national
treasury, spfficlently indicates the, pressure
upon the Infsiness enterprise, andlabor of the
Atlantic StateS" and Is new, eXplained by 'the
fultilment of its Prophecy,'in the yeti!. 1857,
of a reduction upon imports, amounting to
ninety millions of dollars, - and a correspond
ing reduction in the customs of twenty-two
millions; bringing about the necessity of ex
pending a balance of above seventeen millions
in the treasury, and' borrowing over twenty.:
three, millions more, before the orobarrass.
merits of the first .year of revnision could lie,
Met. , The bankruptcy of the treasury and the
country in 1857 is fairly due to the operation
of the tariff of .1846, which brought its results'
to 'their climax just as s it went out of exist
enco.
The bank circulation, which in 1846 was one
hundred and five and a half millions, expanded
in 1854 to two hundied and four and a half
millions; in 1856 it was at one hundred and'
ninety-five and three-quarter millions, and in
1857 two hundred and fourteen and one-quar
ter millions-=-holding its usual ratio to the im.
ports consumed.. 'These had nearly: trebled
in ten years, and the bank expansion more
than doubld, notwithstanding the gold of
California retained in tho country, to servo
for circulation, and to the extent of its supply,
renderitng bank :Tansy linitecosAarb aid 4 1 0-
e t puraging ita issue.
The increase of bank circulation, hero trea
ted as invariably connected with, and depend
ent upon, increased importations, is strikingly
exhibited throigh' all tho stages of our busi
ness history; and a similar and equal depend-,
once of the land sales as certainly accompa
nies the changes in them. So that it may he
laid down as a law, that' whenever the tree.
sury is surcharged with receipts frontimport
duties and land sales, , ther country is at' the
• ~ ~ ,
,-.. 0 i t101040,(4134. -1"44 1,00), ,paper, AO
~ , Or . 9 1 71 m. Ot : 4' !" /- T i1 .A.14 - s t'9 :.oo ll , ‘, i ,•; 'ar .-a ~°l i ,til ,O',
5 , Pl'...of.,; lo PPPnal 6 P . Litnd i iils4 3 l l ofii, 41 °r=. 18
thi :cennectien hrofmn hy,thetiopplyOf gold
fro ,; our mines, for rho cause of ii.tithiiiither
. , ,
. ,
roe ' 4 „411poses• r of this seunder,, medium, of
ic.?"PMeta )i.7.-C.°l'4lol).i?'o'..i/teN#:#o_,_#__t:3,%.l.l
.extlent,;,which, almost naltAties .„ its,. operatipi, -
..4i ) 1 ?t 46 F .1 ,1F0 r ie9... - 4 tin?, 1n ' fi,0*, 4 1494,4.
a arkiippened , tor ;our, prti4lucts by fereign
w, iii, hate., the,.poWer, to
,pestpone for,i‘very
,ffri f l pe`ried„"tlip collapse of 'at; ill-hal'anc4d
i c
sy nr, lint nothing pi*blif in.lerelo:iiffaiii,,,
. or ii the. diasov,e4, of the precious
,metal at i
hoilie, Can, long :peitylite, MirekletraPrevent;l
a commercial, iminstrfal, inictreienne cat4tio r I
the. If WeillgsiXty or a hundred ' millions of, l
,geld f rom, mu ; t rainea r and extiiitlnMe.-tentira:
of it. 77 ifyirot:imatoratily,gain aii : lnereasedMarr
heti for ; enr ,agricidttga}yredueta and,a some- 1
what extendqd one for,eor pranufacturesyikiht 'i
a OrlMfinn: or. an; Italia War. ,lasts, 'ir ,gain a
bri fretrieve,,h,u(rict rerarasietter the pritalf
we must : pay fq , permitting the resources. of '
1
th . nation to , be exhanited, its i ltilllstty., to he
paralyzed '
_aad Yii. , P,i' 4 ielmiii all/.. 1 4.5, 9'ol°l'
a)viy Rndertllleopstructed and ill-sfirninisteses
4antrqt ' • . ' ., ,; -i,- , :-
, fg . aibat'e not the Wio6l4PMiff!TO:fiTi.;
errrit or fact Or, of infloniee c affectincour 94. ,
clulaiT'9 l l eV I b 944e'C'tA,a, i . 14 ( St,a,ali, 1 9,0 P
of the contrast sw,nieli we Lav e pxpofied in the,
w4king 011ie restiOte Syirterna of finance
1 v O l Pki - CVOOO* - iti.fjeace, 4.Pic a 30 46
1 / affliilis.a. ' ',. ' ' - -- ' '
4t , s unnecessary to occupy., any Jam! . w,itb,
iid, pre s Fil it t,,,t s 9l*. , /i,lif 0 k#lP ll k° 4 4 - Fl 7.
detessor,,dm - Ving,,onlybylts yes !ppiffoctive,
.4 0 ,844 by s i zi.PuO.t4P:laNi Wfib
of excess
Alf
411 t*-
.41%.!4PlfM'insi .the Viftgaltii4°,o of
Alf 4ftoit IP <4 4 .31,0 1 ,4 0 , , t4e jr.lrePilf, ~ 3)A3'% #9
' m ch,p/i4 loe#s,l4y9ctilie,# Is destined to . a,
,shin er
der Iffe tbanAiat of 1846.,,,,The ; Secretary
of ha,Treasury, exp . e„cti 4,4'1 yield,Xorthe cri t r 7 ., ,
,rdit Tfari4o.9l4 m 1140414 and; for AX I 9,4YaIK
ending ;Ist d uly, 4'861, sixty millions.' This
means, by t he ratio of customs toiniportii for
consuulption during the last year, the Import of
three IMiti,:e l . .4 1 5 1, !i44 nl llll Pnit of .dellar
worth of .foreign , goods„during the current,
year, and three hundred and fl
,eighly-yie mil-, liens worth for the year ending 8 0 1114 lane, 04;1
thr : laths!. pin exceeding by e forty-nine iilifferra
thP,Y9Vl4 35. ii viiich s Vaa, Prt .h tigrPsirt, ~. 9ai
bikery, and eXce 4,y difor ahl4.l'4l`lo,,,Tatii€Ta
9 ,l l49Aallitlle average of ill i atta roF Yaaii, of:
q uessive„ tinpurtation, under_the ,litte„ tariff,.
.1040 1, t1r8P gctri44 0 4 ,1 : , 4 1 14 1 ,W l' l 4 a, =RA%
at' on,e 'pine of nineteen
,millions, ,and , then,
wished their work by landing treasury ! , 4 a,
country,, 9a , tile,x ool 4o4•SellftemPer, 1 8 6 7- , ;
it. l )Ct :lll%Tliel',',lreae:lFtt tariff Pliall:;r94ri -
tri o ,revonuee of the matron, and sopplyttsOur,.. !
rent expenses, the stonier the crash Will come;
ler, ,to
,priswer.W3.oxpeetation, it unlit ;very.
:9 1 1 41aj' -.P0# 1 14 ~t4° )ewer., °f.,., P c.,Re. 0 0 0 „!, 0
.plixcli.asc!.;l4 MeAangflnf,PrOducts,_theit,ron t
put„aii i their,,gold, and 040 Oe.pk till * QM!,
,StagsOria l ,lcreP in.. 4.i° fd..1141P markets,
the toxiir,o;f:lPlP_ prod!icPA.44 , : o Nir:
nommi 91' .rifyinnip,.. the ,treniiiiry ; was, within,
fifteen, months „cff- ,b,eginning , to . ren ,otat, o l4,
04Veffteen:Initilena 04 1 4T*, , a44:0 - ., 1 9rTaYi r
fitly-two miffforsi more to. holster,upits ruined
fcirtunen, Sp; the ime,stien of the rarfifor 1857
ntnnels, just thus: ,If a, Wit/ 25 per. cent. higher
reru; s te , ,ruin nu*sixty-four million is coins in
liheen montliskhow long willthralowet One he
An, renchinign 444 faiittro oxen importation
:which qlrait l ykflit ,iix,ty tadiltons7 If ,hy, any,
chance the 'Secretary's ,4,lalQUiatioll. Shall- be.
verified, the. year ,following. !ie. : climax ei 14 .
Attcovis At fartheo, wall shoW ati*PakaOanlFT.,
capita down again to something less than.half
the amount atrpresent; from - y/111ff* inability ; 9f
the people to purchase rind'ln t ,
It is duficuAtie.Vell irfitellablo, now; to, PrPT .
ant i tbe':icoutrasts , of the two .systrauut.-or
revenue. from. customs,' Wt/14. WO ; us
_cook,
lidering. In all , the. iitiirtli Om! c4ilkensg .47
' tention, ,, but something farther, it{; their: dif
ference ,of operation uppA . the_ national
finances must
.b,e,; briefly attempted. . The
tariff's:whirl' were.iti operation trona ,the year
'lBlB till the redriglionlirulder the. Oompromiee
began to ,operate, provided for the. ordinary
expensed of the • Government, for_ ouch extra-'
ordinary, demands as arose, and ,paid , off the
debt of the two wars ,with Great: Britain,
aruduating, in 1818, to one,hundred and twen
ty-Seven raillimui., Since , the .yeat ,1588. •ike
haire had;,with. WA interval et ttnlytbrir,y,ears„
4tr o m 184 t0.1§48,) -ateerles ;of, tariffs, ..last
ing. together twenty-till years, during which
Period :the. national expenditure: ripen ears,
acquisitions, of territory, and or,c,?.sional ,ex,
trabreffnary disbuntementri; have . not together
exceeded those of the 'former period,
and these unproteative tariffs have left
us a '.public debt which the Secretary
of the Treasury states at filty-eiglit and three
quarter millions en the let of July,, 1859.
This is the fair, book-keeper statement of the
nation's account with these two kinds of fiscal
systems. But they are oven more forcibly
contrasted hi' other respects, of.still greater
moment, in 'rornairig,a jug estimate of them.
Under 'ourprotective tafifra the sfeadinos of
the reverina , yielded from all resources, and,
its happy adjustment to the public expendi
taros, is most remarkable. . Under: the tariff
'of 1824,, .the total• receipts . from , . landa , and
'customs varied no more than from twenty-one
to twenty-five, millions a year, and under that
of 1828 'and .1832, from twenty-four to thirty
four millions—rising steadily and evenly with
the increase of population' and general...pro-,
'sperity, -at Abe rate of.two 'l - ;illioris .a,Tear ;
under that of 18.42 thif coati:.omm Itom their
extreme depression at eighteen millions the,
first year, ,to twenty-six and three-quarter
millions In the-last; but varying. Jess . than
two Millions per annum during its actual ope
ration;
and the public-land sales raised only
from one and a third to two millions. .
•e . •
The national expenditure during. the three
periods of these protective tariffs was regu
larly covered by the national income from
ordinary' sources; and they.left no more than
a fair working balance in the treasury. Con
trasted With these in the matter of steadiness
and adjustment to the public' neiessitiea, the
compromise tariff, the tariffs of 1848'and '1857,
are strikingly 'exposed, Under the Compro
mise we had first an enormous surplus, fol
lowed instantly *a:large deficiency and debt ,
'from its inadequacy: • In like' manner the
tariff of 18413 first gorged the 'treasury to: an;
alarming 'repletion, to be followed, of neceisi- ;
•ty; bid . corresponding bankruptcy
. in' 1857,,
which Wdeld, hate occurred jrist"as Certainly:
In the secon d year,'•and tribally in the 'same!
month, if the lower rates ' had not-been intro
duced by the act of 1857, on the first of July.!
That the tariff of 1857 had .no effect, by its;
own proper force, in bringing uponms these-
vulsion of. that year, has been repeatedly ; l
affirmed by , the authorities which approVe it.
In this opinion we concur with them entirely.
The reVennes of the Treceding year were not
diminished; out customs, up to the date of
the crisis,'exeeeded, by a million and a half,
the receipts for the corresponding quarter of
- /855, and fell short of the highest figure ever
• reaohed in our financial history, which" was, i]
the first quarter of -1858, only two millions.:
.Yet, it was under this continued and unabated
influx .of revenue' that first' the banks SUB
punded•with universal distress among the pen
-pie, . and in three months. afterwards a call
was compelled for twenty-three millions of
treasury notes, to relieve the deficit.of th 6
treasury. '
Such are tho vicissitudes of excess and defi
ciency which mark the history of our new
revenue taritTh, considered only 'as fiscal rtiett 7
sures, ie all our past experience, and such the
contrast which they present to the steady,
uniform, and adequate adjustment of our pro
teotivo tariffs to the wants of the Govern.
meet. .„ ,
Ilia A appears clearly dettionstrated,bi a
full review of our ftnancial experience, that
there is an Vain - late Connection between the
condition of the national finances and the
buehloss prosperity of the cohntry, for there
has been no initance among all the fluctuations
knotry In , UM affairs, , of the ono which haft
not had:their exact correspondence in the
ether. '
A ititre(4eiiiiiiteit hi ' reCelliiiibui.42
cede of-revenue Ycli+Te.Tl
rate or: (hatiefl; 4hd‘l . Mt the ` f l oe 44 4 4,
which, is accii,hstitCll49l,ipaniiient,, i the:l4lo4
phi are "liiiiiiit *WO is ;#4,b4rri 'are'
{
ov visaaing; 00 . 4011414,1;11„ 4#4, 1 V
th people are e . 4tiritht;o#.2ll, tiPT4 '9 B. e‘f - ,.
let oea, aid' beth*tieirio'iiiticia:! - ',, itket) pe .
xeienne is steady iia:Wilk iiO4di,,thff 6o #74
itlfis. FOucliii.l4l6llo4o4sl4l.llYeittge.
,11.
j u liti!.(jutl#2 th .ciirreo3'l 6 0 1 0; D 4 4iii #
th FeciOith inetilifilie. DOVtolitt #04 04 :4; :.
tegt, 4PY4.iitt,' id f meei" iiiittCliiii ',et:N*4in '
tr4 l4 ; 'T 3 'fie, iit ' it4e:f: a eigi'tfia 4 . erifaAik
'and thkrl i iiiion Is, htp,#; a#4 licaltity Wall iti
mcrven.j.it44,B and
visem*B. A 4 . :4. 111 1
r . ' ITTT"'" 7 ; - • - • ;
It is usualwithqi.?,oy.9Pite., df 444 . P 4+36 1,
ari ) ougea :tik Plenien, ttidir 44 01 revenue*
6i)pqse'cl to iideefet ri , v; to attribute our frequent
sieni :liiia,faii:nrei' of ',nalon/LI
roientie te:a ii'll , f,.4piile'e'r siieduretlon among''
'the people , an linaii - .iiid iiiiseiniit'eiperi: '
eici,n, of ceinnierchil' cr e dits, 'lndii . 4 by, or
In4uping, , an ; e'iceiel4=e`rifegir'ot innik;eiedi te;
aii!tbeir'ciisei. 'Welled iniethiii ind=eonetant '
eadoeikite of thiee alleged eitttie4 'whitCh le the'
ezbeialtri import' el foilign comineillile
'eiheia thet liniblietetik extenitcin* We -. '
'44tilkiieic'ef *at link in 'die: oteliii :iiid ' ,
pitreoy ails: le ilti'ic`4ol;c4a.ra lie , bievow
eate4 . oo4e;iiiit Wiiefeeeseive oiieittepega
foll ( 4 1 * - and:dokidt4up4ii , *eptleiiteie
diitie!t;:so - low, isTto 'lnvite mph - ixeeselie
fo r eign, Oureleiee,4 . , ,b,kl:e,:thox= :et the `mime
't
*o 66 itii-Vt4 ( t,.. rit e lk:
home 'viiteli
,i.roul
a ii dta ildr". v i i ii i i p iliTtJ 'i.,: 41-:-•;r, 46,7, ,f.:1.• , : • 2 „, t
. jWiftiiiV fikVtAOiii ir'..ai''iii t
' • - ,•t', •0,..,x4 to cit•L7 ty .o t .: 1 5t,,,,,, ~,
calettlttion, et tne_eineynt, i o en! lerelp. -_,
. in nehiAehl l if 40 'te iitiiiii3lie:,i4iim.
:;'e ';'C'e.4fArAe',l`e4krai4: s i iiii'einee.lisi'ilee'd
o, :t geeeia:l',linietiii, oJiiki;afli'dii o ia!'
tr,
I .len73', )OY, flie:#46i`,4Sf: the:Treioifeii :
re r une
4 142P";:ir4it#K 4 11 !0 : *414 :iind
t:iienti 7 t*e;ara,a Atiell i '*lllglA;:,p.kriii
Y.4ar: the ' tdia9 : 4" .T i
id ra@t t l iii t i . l * Yi . : l 7‘l , i,'
Lai :Europe at - iii 4 :44ed inplioini," kid
iflwe' take the' reicieri`"er eur'-tpt!ireiiorfe.
,ey,ereta total imßort i s, fpr ci tbe t ,Ort.l,7eer ,
4145i.it . ii,:ibtriniji4elt, oar credit atirea4 wee :
I:olisitendoti; Oil. iy,i',tiokico' ll tsei, iUtiPiiiit:Pl' lit 7 '
ieket;:iine4ll4, ,. 'yekt4 . ipurpui: iiiiiigiiper.::
mOim,kfft , f344,44t,[iOi"`tWel;v'ii3lo.4i
for 14014 ' : 'ice, , Ives 6 .4 the Uninsisein :,
it t
it;dlOife(t.,
,7 :rillita), ilebteet all ititiiii*iiide; -
1 h
h il§ 6 , 4 l7i 3 iTiF4 l ,TgilteAii7.4§ 6 6i ( 44i ( 4: o'6;
Treasury at one Iniadissl aid iieVelifyanillietio l ,
end 00.041 !evict deist 'of itlr.Anierleatilini.',
- ptrier,f OM hnnardd oel 466i : 414;6:aid i i l ,
quitter initlinia '‘e 40peii. : In S . eiiieniber,'
1857,11:ie;ir4eil, Secretary ; of the Veliiiiiiii`
sdalea. the total a the 4Ohti of oi.diir'_ritiireiihi''
si inir Ifindreii#i sni.Sit,e4and'a file tail
ii. SS: The ratio 'ef'tiiiii 634irpimp 3 10044`=ail' , ,,
i ail debto r yßuldnarry uliiir,foieign,dalit,iiiii in,
I
11, 011444 awl raity: r ionr,milliti,nt-a 1614:
`l 4ooAin,4olg. atiffie/*li. pear A 4 Alié 1166
'4 ltti A tO ; B4o Y , . , f or : al 4 ; Vi 4 / a lirj4;rNliCeik,
might silent. t h e .eatinntte. ~ On st irieli:nt
Shia debt as hits been npi*tn,4 by , our r ; iiii,4,
rbada time - ititirest'ailraggcat least ttei'enipei7
gent. Teke the "Wl'. leht:O t ;t3' l P;Fet? ° t . - IP' ,
tirPfttt,P l 4 tfilrtYrfitvt 10 1 49P°1a Y"r_ ,
,I, } a le ;
!Iva! the, 14 4 1 /9-d S cP4 I 7IMIR ruiilLM'FSfl !'orl
which nothing is retrimad, to is., , This. ..Ins :
stmtSP,lcka7,f. allrAAVAlll'ho4P.,' `9,194F 4 71,
eXceVe of tett , APßO* o4 .vir INP O T,t4 aT6PF4i6g
.to *o34y-eight inillione, In AiTla,44 five y i tiFe.
Ili the 00 , Preoeding. Ye4 B ,, l!kii 1 10? 1 4 (1 k.-..,..6 1 .
our debt
,urns being prented, the esansa of, katitt r ,
imports amounted., tc! ..44 10 t): 404 1 k;:. ',T*"
king , th 9. yaluee .of, our. A miktl44,p,,,ififfelll„-
Itr ten Pluftl,44 • tiAnNisii f th ek ..; 7 9,,P(P ; ,
'manse *RA citlktA 1 4 .thki,PPPDAto,iiqui p ;lll l 7 '
tilso4 potTecAtvo, Mil Pi. :00 -
,bureau
!¢r .the #V 4 ;I perk*, yte Uri , a -1 9, 1 Pi )4 47 133 6:9v.i7,
dettee.ofe. bslapee, et debt, *0 tp tbeAtttep„ot
Hors imaged, ,wbleti,,wek
,pte4A' yddl g oAtte,
tiebttiee of txtt4e xakeipivst, vs avd sm isug h
Atl;Vißt IVA tox: 1.*:.0004.ter49 1 9as ...71t.,
turning the apparent ,balaica its. nanch in,eur
f avia . 4 , o4 , wt 4 4% been pyllig,titahttereSt
On the aggregate amount:, -,
Tbede ,loans and .inyestments of „foreign
capital, this debtdo effect, which letlent drain
ing us of thirty-flve million! &year, came to us
in thee hape of rgerchandise,the picxhitatofrtval
labor and capital, end not , IA °rummy which
Would have been. to Woalth-AtiatAng
agency, fog dttOng-thetetten NEM!>Y4 ftnortc
Id three hundred ,and, aixtyribur
specie . mom Alm .WO imported. • _
4 balance, fltvor,. as it is
tolled,' when by the books of Abe tramway we
are .exporting more than we are.tMPortleg,
would- be-.proof of prosperity if-it ,resulted.
from an excess of value of; our industrial pro
ducts, properly 'so called, over the,commodi-,
ties of trade, imported,with,the balance peye
ble to us in money ; but in the lastfive years
we have imported of the ,producta of Anduatry
for consumption, exclusive of specie prie ~teand
red and fifty-four millions more than we ei
ported, and wo have la the game, time ex
ported two hundred sad lorty-two millions more
specie than we imported. Bore nearly twenty
millions a year are going out more.than is
'coming in; -What will the ..balance-of-trade
theorists; who hold that balances against ns on
i the books are so much in, our, favor,. and ex
hibit the ;amount of -our, ;set profits, say Jo
this reversed, aspect, of our, account , current
'with foreign nations? Our egplanation je, that
,while we were irapotingume thaw we,export
• ed, we were innzdng in ;debt ; and bow that we
are exporting more, ;than,
.we. import, we are
paying ;the intermit of that debt, But we .are
paying more than twenty millions sof.interest,
for we have been extending our:debt et the
same time, and merchandise has been coming
in constantly, reducing the apparent difference
of the account current, and an, not in contra
diction to our. calculation of, the amount of
interest payable, which wean if not quite,
double this twenty millions of. excess of total
exports per annum. , • ,
But we must peas front the first branch of
the sill:doer , before rtsthe relative. value •of
our Several kinds of.tariffs as .fiseal agencies,
to the second grand aspect of the. bill under ,
discussion—the protective features of its pro
visions, or that intended operation of.its rates
and modes of, assessment which looks to the
encouragement and defence of onr home in
•dustry against foreign competition. '
If the 'arguments already advanced 'are'
sound they might be regarded as conclusive
of the whole controversy between the protec-,
tionist and free-trade parties ; but, as the dis-°
cuarion taire4tivider range; we must follow it ;i
and wo shall do so, More to' strengthen the:,
doctrine or the Grovernmental . policy=—thefis-:
Cal aocessity of protection—than to ask, argue,
or invoke from -Congress any action exclu
sively based upon the demands of the national
industry upon its care.. 'We need not ask the
intervention of a tariff law in behalf of the
industry 'of the country, if we have show
that a ptotectise 'system is the only polioy i
which is adapted to the requirements of the
national exchequer. Assuining, ter far as we
may docorouily dare to assume; that we have
established the position taken, vit turn now to,
those considerations which, while they have
primarily' in view tke well-being of the people ,
of this country,. tie every whit aenearly con;
fleeted with the receipts expenditures of
the nation; and as essential to the health of thd
treasury as to that bf the people .who muaE
supply its resources. , • .•
At the outset wo bog, leave to say thati
while we would not decline the discussion of
the abstract principles of •free-trade and .pro;
tection, as they are •held and supporteCh
their respective advocates, we avoid or po
pone that discussion to a more fitting:ince
Edon, that we may examine the Lineations in ;
volved in their common sense, •littictieal- sat
pects and bearings. , We, however; make our;
selves responsible for none -of, the peeped;
tions on which our,ovoa 5* of th e quei gi m i
has been based ..by enybedy, either, statesman
or politician, because we are not eeniineed that
the debate bas ever done justice to the sub;
ject, as a , tipeonlative question. In the array
of charges, against the non-protective tariffs
which have been in • operation since, the year
'BBB,: while • endeavoring, to confine our re
marks to their unfitness for the - service of the
government, as measures Of revenue, iv 4
il l p
i , - Vale* ;POW - -'
IldrillOM ireiNitMlifirti — ,
ri OwlitiA , A• 1 -' ft:- , _„" : : ,- .;;.4,.... - 1 - 1.,11;.w LIMP . ,:
Oat'S. , % tit ,' rn.44,4+-44..t0k) 1 141.
"i n ag*M' -, “ • - -(Ic 81040111#,NRAIVO,,r3:,
"- , , O ld f i r i c- - • -
intisiatriiiii it 'oicii,Wiiiiiiiik'a :f:- , 5 .,
airlift! istrar-imi eta* Glisi 1 - 4 tl . ,r - ' , .''''' ::;- i
',ci , *4•414144,01 • I RM t r-4aline for
1 4 0 Plum?
, '' ' ''cAir/Olilltik:Piliiii. ''•'' • ' ' '
' **a posit-moniiii Jia" 'tiiii . ifirtiii thaeraids ' --'
~....--•-:: i',1_,, , A.1 , .Ir,, ~, kIJ f !--; twill y itit,-;
~,,
~ •~i~:.^.^._
at,• 3
'ENIN
. _
et earsvoidablrontbesowiwoine: of thognis.:. i
olLeftrwhictulheyol eve hdtiftteid' *NI 14/...' •'
buSintes welfare. ot Abe , : countiy% l'lmilledY
theientischlefs may be rivets:las anditimitly, I ,i
l ek
)wort goileralln aggregated:. fn Alio:ulh 9 - `
war diet rr these tariffs have whys*" dines= 1- •
la our insPertationtrof lovai'gn - goods; :ge... . • ~..
, ce Ivo exports of our spode, exessalj g p h rizegT ~,
et, paper expanded' rgteadssee , beyend , • - 7
th linids of !safety, , compelled.ati - injurione: :";
1
c.iani
di ion ier , total t abandonment at Itioa6.. .--;
b 'nem occupations ommiticb: ono indeetrial :: .
in peintestes.andltkolirospedtrof daber.and- !
ea Ital invested in diversified production de- ',-- r. , i ,
pe d, ihrtriisg thewionefand labor: emplayed,'
in cal pursuits. intcr-Western spriest.-,t 7/
In ,to eompete.with the mudding funds* ii-, • ..,
te is, there ,.. and . • after thtm dkinidgeg.thd IA
e ereadoiemirity,of, thd businese,of-the nu= .4
ti s elOilltineritabljliva. Speedy and gene, -: •
ralievulaion,,,in - which i nadonal diniinerii
vats wealth, thm common currency of :the na.-- - I
1110,11 d and, the 'general welfareorent drown to.
gesher in . ruin,- requiring, as. often fat their. .: :
ellkets.werofullyzealized, dm substitidiewsof
‘
th ' protective 'policr-for disp!rehteritioiret::
kcal mad:private. affainiter acetsehtiesr sad , ..:;
. ~•r, ~.. .% -.- ,L .r 7 , - ..' i.; ..1., r , i , N:-.
:,. , tukutirrs axperitmee tose.hns .alladi t. ---
Oaths revulsion, °filmiest fmity. .7
' - ' 4h:tithe wisdom tweedier" tistc-•!_ . -
rieleegr ' it remains fore' to itpply the like ,
remedy:W:o4llos* Mauler ei , ils, springing from: .. -
ot#llig4glingek„;whicsh' are praft,./iposi. me ..
. -
, scerildiatee,the extentylimadtbp,iiilefilof ,7
. :evils; are mach its , these
nur t
r liitiftbil costitiowitther-
ro the; States LTllFeet :iliCKOeftrelii i'' r '''‘?
6 4. stvirreinibbitabieAboteettear himethloi-ea
-lied depend , ibr lobasaktit tbriheirliii,m. E.
r pl produitirupos the limiters litateeliadtir- •-...-?
re teoustriesi - ‘"!..l' ?-.: c., :. , , . ~ ."..;z-L.t•x4 1.,. i. :-.• I
tetale- exports of- bremistiffs esitmeo :44- 1 .
Isi nit is' ASS& - were ImeierclUty-one liii.?/11Stt
,o dollersteorth--lowelehytwenty4itsuintefti'
either of th e two.pirediegi masa Piait—,
in. the last.year; :those :ems:bits - AU teAbirli-I . ' r
ei
i t
ht minters!, or- jest onelalf the # avenge , . ,1
a aunt Of 18564uid 185Tv 1 The gemeratieatii
ori of these States is this briellystil'Aismi4...
rakely givealbrEest4,lfeiaelteet's:Nagetriel.isif
04 November Ult.:. 4 E The l'exliot4Car--=l
- thetseason;" 'ssystite editwritAilhlitsit 4
41 en fair, ineludiniviottott, whiehOsith'spik t .1
w taimithe•chtenstsple 'extort; tints iread-Z _-:
Si haat ceased to figure is the aceaant , to airy
i t at. , , The drain 4 - gold has been limy, vsore. , , - ,r
s' erable-Inimsblew Totics l WhicittiPrhlt , dm*
a o •beeia - the'focatisk.willet /specie ;crone.' alien
tions , of-tile. interior but ttowed) , ,inyne• .'s
c urse of tbesettlenients which-are stilrgobsig , 1 ,
0 ; and this carrentleNew Yorkhas , sultred• !
a arly , • to *Met! the Aoreign , drsin.• ' ;•• - 1 ' ~ '.
forturadely, , lsin , yearithe mops were short - , ...
eh hindered payMentis linkthisylar,:!with •.;
go omits, 4here- is.no export demand to -give -•
ne to them, and tw , faresaccimuts 'ire col:: .:
1 tediit Lein gold. :--; . 1 .-: , 0!..i. •,.. •f• • ~., _
ith • the drain of specie ) * change has taken
rin the position of Western currency—A.. - .5.
ith the Clerical of -exchange , agiunst, +.l
1 at section carrying. off Ole !gold) tine ' balk --,
per. increases.. .• ' - !' 7 •- t 1, - , The new Crops *rs
ere depended %mite redress the crehmiges; -..1
It those crepe, 'although • much larger- Shen: -i
I year- I n quatitityl'are lees in value; and fail 1, ,
effect. • Thketfort seivithdraw capital froth, - 4
region{ *IA continues; tind• the ittate of st.. is I
isles prevented , SS this Serase4the Inscial,':
mend for capital for the Western cr0pt., 4 '.' , . , .
&flit*, noticed here that thecae rev
nsuiirption offorelgu goods lif theleir-1&58o , s
hied 'Seventy-five , millionte4bovet these eft ,
e'year•lBsB,. Midi exceeded lee. 'Menge- of':
e fouiryeirs, fr om -1853 'to 1 1867 . ) , Itseluding.
oyttir'of the Crimean war , * ocidrtY.sin mil- ..i
oniwyst - the. expert of brciialstan acid provi- , •
'mu; fell to thirty.eightmilliems,lar elittlemeire -.
anMY- the average Of those Yessa- 4 -showllig
+lairly, In concurrence withwllonsexperienue.,:s
:rtr it•IS not a kW. of exchange of _commodi
'es' which InduCes • a foreign. market 'foe our
irra produce In proportion to. cur purchases •
}broad. In 1856, 'when our imports for _con_
suraption were at the lowest' figure which-they
touched in the last-four-years, the year 1858..
excepted, our exports of.breadstuffs and pro-, ~.
visions were - greatly.higher thaw in any.' year ,
id' She bet ten ; and in 1858, When our imports ;
. .
• ere seventy-five rainless lowsr• fluor in 1869;
• ur expiate of food wet* full` twelve' 'millions =
eater: ' •
tfiere is hot 'a fignrci in the itatiaties efrohr
oreign blade which showildie'slightest into- •
-st that Sur farmetvccais hive in` it, but, 'i?ry
theccintrary„ these figures shOW that the vette,
pQf his commodities Sold in the foieign market''
amount ieVerse,'PipPottlon to
Increase of imports. •Ws refer . for' the'
facts to thel s ,burean• tages;': - The'reaseisi
them are iheasi 'Europe never yeti'
ordlriary state of its affairs = that ifq ‘ in theab-::
lettiae of famines' and' - wars;and - Tery seldeft
ren: they existed—took much more thaive
oiler's- worth of our food per head of ours
p-po elation. ' Occasionally the amount has'
raised to two dollars a head of our population,'
and about that much less is consumed at
;home; when an inundation of fOreigti goods'
.drives our•Uitiaans out of the emplbyments'
'which" Make them consumers of provisions,-
.arid converts them Into rivil'piCidtMeri of
food, and, in' addition to"thia, alwayi arrests'
that tids'•of immigration- troth 'abroad which,
of itself, salts floW, affords a market for
at least one-third of the anionnt of food which
we ordinarily export. Four hundred thou
sand immigrants per 'annuta will'AO this at
$3O a head, and the .emigrating laberars
and capitalists. of the; Atlantic States, with'
their families, would exhaust the • balance, it'
kept at stork where they are, and able to con
sume with American freedom and' liberality_
But this whole affair'of the Ametican filtmer's'
.
interest in a fiee-tride Ertem tbieigri coin=
make is a poor delusion. ° - '
In the last ten years tee hate exported; of
breadstutlis and provisions, four !indeed and
sixty-two millions worth to all the world; in
cluding the tropical countries,'and the other
regions of, the earth, from which, two .recelie
no,manufactured commodities;' and we have,
imported for, cousomption,in _ the same film's,
two thousand five hundred and'eight millithis
worth of, all sorts of commodities. Novi, it
bat one-fifth ofthe value of these imports is
in the food consumed, in this production we
import more food in the shape of goods than
we export in Its raw form. But in the last
year, of $33,318,000 worth of food exported,
all the manufacturing countries of, Burope
took only $7,281,000 worth; or about 22 Per
cent. of Me whole. In ten years, under the
tariff of 1840, , we Imported of iron in 'all
its forms, and steel, and manufactures of
steel, four millions of tops. The laborers
employed, in
,the manufacture of this iron s
steel, and cutlery consumed, while so em
ployed, in food the equivalent of one hundred
and sixty-five million busheli of Wheat; pt
$l.OO per bushel; and if the - fourth of
our, exports of provisions during that period,
west to the . manufactuting Countries, they
took in exchange but one hundred and thir
teen millions of dollars worth of our food,
and sent us:back in iron and steel, and menu
fitettireS 9f them, onii . lifindred and sixty-fivo
w
millions of dollars worth.' if food-=fifty per
cent. more food imported in this case than ex-
Ported
_ •
Carry the like calculation through the whOle
range of those imports which we might pro
,duce by Our own unemployed induitry, and it
Imeames clear that our farmers lose by our
policy a market at least three-fold - greater than
that which they now have or can have. This
is the true statement of our food market; and
the other ,agricultural products which - go
abroad are so trivial in amount that . they
scarcely pay for the toys and playing cards
which we annually import-
Of the total of our agricultural exports to
we from theth, the
form
n reat Britain,
of
d its manufsctuiei alone, 75, per
cent. Of its r oollens 0.0 oottp ; ns, hoW much
more than the balance /
Nir,hen rightly understood, we are the largest
Jmporters of food in the world in proportion (o
the amount of our foreign exCitanges,. Vat*
MEM
-
e2xed