El ~? km .52 2" i 5&1. IS BY "rmomm‘ & HEMPIIILLE _x -Tho.f‘.DEMOCRATIC BANNER" w publmhvd 0.0”)" 11152 pay pnnum-wr 6! 50 if pain] In ad. 'Winc’e‘.‘ ‘' ' . ' ’, ' "' ' ‘ “”1““wa (-nnbu‘discnnllnut‘d (uulrn at Iho np~ «on of Um cdimrsxumll‘nl! ,prrcnmgan are paid. ‘ ' WAdvénlsémfpts. &c.. n! ”Iho urnnl‘mtoa. L From Ilia Déllar‘ Nomapa p'or. ABSTRACT OF TH E REPORT OF' .iSccrclm‘yyql 11'“: Treasury.) - The Seventy ‘im gives us a slutginvnvr and estimate (3! the, National finances [or Iha pan. pusent. 61, fullpwing fiscalyezirs. embracing 1: period of lhree years. and terminpting- on the la! 0] July. 1849, or about ,‘lu‘ut months. alter Mr. Poik’s term flpilcl. » 4‘ 4 .. ‘ , The expenditures for these years are firi‘fi‘fllu. ”Ned; the first being actual.expen {=ss on, end the Inn two estimated. each year ‘j‘ggiendiog 30th. ,ul June, viz : . 1 '- xt ' ‘ . 1. 4. Expenditures. 1847. .-. . - 659451.177 .%§§.ls4_e. _ . . - 58.675. 660 «371349.. '. - -' , 55.644.941 “a“ The estimate tor the yt'ttr ending 30th 174;.1une,- 1849, no made, he Inlorms us. on g the presumption that the war may contin '-,‘§ff" ue until-that time. , f i _ It the war is continued untiljthe firstol 15354 July next. and no additional rett‘nue pio guided by Congress, or, receiVetl lrom con -3“ tributions by Mexico, the beeretary says fig there will be a deficit oi tneanujn the-tren _:§ wry 0! $15,729,114 . lie lltlnks. hut-rev. 2?: cr,,thal an additional revenuqnl about 84. r 500,000 from ltto sources. viz: a duty on El?“ 7m and coins, 33.000.000. and'lrvin n g; rctluction.attd graduation in the price ol «:3; public lands. and Imm. the extension ol é we eruption rights to settlers onflthe lands}, .3 31.500.000, - ii“ With regard to the military contribu g2 tionalevied on the people 0! Mexico. the .Secretnry ‘is not prepared to give. a defi- C: nite estimate hi the tunount they mny bet :3. expected to produce. "l‘lte expmt duty! if on tlpecie tron. Mexico, hunever, hethiuksi :5 ought'to yield at least $500,000 per an if hunt. The duties on imports collected by the Mexican Guvwnmeut hate. he up, if? varied from six to twelve millions nl dul -5 ‘lars per annum. and with the roudstin our ponelaionlilhey ought not to be less, but 3 even‘gruter. in the hands of the United! 3 States military nuthorities.‘ ‘ , - :3 In view ofthe uncertainty of the amount , ol these-military contiibutione, and il the 4 proposed meaeu‘rcs (or augmenting the rev . .rnue by duties on ten and coffee, and in creasing the attic: of public lands. are not adopted. theSacretary nuke lor authority to negotiate a loan 01, eighteen and a half I.;millipndrol dollars not] It the war be con ;tinued lor _one yea]; from next 'July,he uh {uran additional loan of twenty and a. half millions. It is not supposed _that more tltan7lhe first loan will be wanted until: the meeting at Congress one year‘ hence. although pnastbly six millions may -be required belure that time. Should this ‘ ’ be thecase. there will be .nmpletime to ~ ,iu'l'othongreu and ,ask lor that amount , ~ nous" LAND wamusrs. 1“" B? the act of February llth. 1847, a 3; bounty in land was designed by Congress I‘33} tor the benefit ol the‘bruve men “ho are E' vindicating abroad the rights andanain taining the honor ol"their country. By the proviso to that act the sale of these claims to 'prohibitetl- until a warrant or certificate hasv itsued,lintlicat_ing'aa it is believed the benevolent intention ol Cun greu to secure homes "to our soldiers and ”volunteers-u It is deeply to be regretted however. thnt-thc' intentions ol Congress in this, respect are lobe delcatetl by sales of these warrantafi‘urxertifirates all: great -,nc_rifice. which will be obviated to a very .gre'nt extent for-the luto‘re. by further roe ntrictinna by Congressmpon these assign-‘ tapestriantlv especially by forbidding the sale until the patentahall have issued. ll I-thip is not done. _but very tew oftheae .hrayemgn. when their toils and‘periln ~nhuli;h¢vc"terminated,'will have retained the right, to the horneaintended [or them by that benevolent ‘vpnliry ol Congress.— flVilh a, tit-nan tar as practicable.‘to in ning; the qnldicis and: volunteers to retain their} ri'ghtsrit .wasvdecided by' this depart-l irnentllltera cnnferenre with the Secretaf ,ry 9“.““ark‘gvholciingiirred in this opinion ,‘thilqt: II the ioldiérflnt‘tdl volunteer, hecamc a Weftgmplof,hémightuse his warrant or ‘Pwlfiwle inpurchhsc. of the land upon, 395 M! ’lO hall lettléd; but that no assigoee ‘iir purchnqer cxiultl..lhu.a not: such warrant ,or eerltficgtg in payment of. any landathat "h,adjr‘tot','be‘nn’ offered _ot puhltc ant. Un‘. .tl¢t€“thi§,dk’ciiiqri;'_',tho' warrnnt or certifi- ' Vcaievis‘y of‘r'nfurjeftralue ’to the soldier and ‘ ‘volhnleerlhangtofithe' purchasers, ‘& there 4 (-ia up additionil motive to retnthha star. . yang oncertificate, ‘ ' ' ‘-.» 3t L.. .. ‘ rge‘ryqzrzy‘pggefr runway. ‘ ‘ - Thefclonéliwjinnval El‘lenour] has been_ {‘7l}ng dunqg. a}; pcgj‘pd; 01 war whén it was; .‘n‘cc‘espary lo nogolingq very large [“on ‘ Immqur»eswndilgtcna-wereihfiinéihotu -; and;'lnsiy‘Wh'enitrémfru’luhpitfctdémed ih ‘jziliiéliqgjgéj-Egeqgirgd'tp ‘di‘hjant’pditillq (oi; ;di§hil“§‘elqut.€ pining mu: _lau 4i minim}, :Erhle’Go'emnénfimmic-9529.6"; transferred; ’fihfl.di,hbur§gdlhnik; sppcie than during 1]“: : Me.asatgamnttiudM3s7 yearnipfrece-i “a in: .‘pjncq- flighguéplmn; .ole W; Com Mu 1 . , 3h ’-1 gym-{53149; ,vghgg, gyglcmg“ SW 5 mom ‘ f 3, firufigfulgivfi 'c‘cummimh- Iu define mare: W," , ‘ .’ _c‘ -. 31:; "Ll 3, '11.: w’: am»: 3 _u i, , . ' . ‘ ”H” V. , H ~,V“ M ‘. I,‘ ‘J, ..: ,v. . V} "A W. "{l3¢}“(FUA’QQ‘Ll‘Eflfij{,2s3l9‘s”n ..:..,.I_V'_.‘,r.‘.ur.a 7.175,)“, ,‘ n ‘V,.‘. V A ' I V ', . . ‘ . ' . “4 A . ' ‘. ' \ ' » _ H .3 ,{‘_.,- . $ ¢ ..‘ ... . . a, ; 1 \ ‘ . . _ . ‘ , 7‘ , .‘. 'I ' ‘ .. r ‘ .' n P ‘ , x H z - ; , I " ; ~ . ,4 .. ,-..,- . .'r,“ v v 5»? . a. . ,:;«:-~:-;'-sz; ;;~.--n‘.; m my 1 . .. . . - .. ‘ ', ,A‘ - ' . ‘ ' ‘ '. ‘ ' ‘ ’ ‘ " . ' 4 o ’4 ‘ flu.“ " 'u' ‘ (,h - w .' 13““ ‘.6' -; h. - _, . p ~ x': :v .' ' .‘ ‘ , . .. 3 ‘ ‘ ‘ ”'O. . H) ,3 .A. t ¢ ,_ ~_ 3.)” A.‘7g ‘ i'-~»(I‘ ‘; H ;.": ‘ é. .., . V :7, ." V, , .. n V.‘ ' . I." , H, , ..‘, fv . 4_ ' ‘ - . , R x- , ‘ ' ‘- L ~= . ‘ ~~ ..- , , " r . a“ . v . .. . w ..‘; , w. . '”A :_ ‘ V r ».',, _ . pg. x , ,1“ ~‘ ,f, w> . ‘ ‘. , ('1 . r 'le r“f’ . r - “ ..i ‘lf’ ‘ ',' ..'“ .. .' I 1 , x ' » . , "., A 7~ . . 1 - o 1 . ,q ; r-JH' *2 ’-~, iv . a.“ ‘,, 7 J ‘.v -. , ' , ~’ 7‘ .'2. .'. v (, t " 1 . 7‘ 4“ , - h.) .' :\ .. "’. 3I A _~ s‘; ', , ‘3 1" a , ’ ‘ “ ~ " L'fikp. ‘4‘ .r W , " " : ' Q. I .‘ ,3 ‘ ‘ '4." '. ‘l' r" ‘ ”H'h‘n“? « '> ‘a. '5 5: " 7" " ”f ’s‘ = ‘ . , ;: ’ ' i " :1' H '-". 'q-W “,1 v 34“ , ‘ 1;. 1 ._ _,, -.. 5: - -. ,4- »:€.'.u;l-'.“-";.. » V . ‘ , ‘- . . ;.‘. - - , 4 - .... . . , 7W ~, =I Wawa , ammill'as mum {P3333 $B3B clearly the powers ofthe Departmentrnnd especially, to render more N’Cute . "the public money in the tmndsfi of disboning agents.” the umendments'sogoeeted in my that annual report. (including the estab iiehment of a Blanch Mint at New York.) and. which received the sanction of the House ot Representatives during the last session. are main recommended to the in t'" . vornble conelderattorrol' Congress. r. . During the flame-titling June 30. 1847‘ our imports ot specie .were $24,121,289. (we Table 'l‘.) mostrnl' which under.lnr-- mer systems must have gone into the: banks, to have been made the basis of is sues (if their paper to the additional ntnoont’ o! filly or sixty millions of dollars. Such inn eannsion, during the inst spring and summer, accompanied by still higher pri ces. and iollowed by a greater tall. and i by bankruptcies in England to .un extent heretotor'e unknown. finding our banksoml credit greatly expanded. and reactingtup on this expansion Would have produced a revulsion here. exceeding any that hits heretolore occurred in the country. A general requisition of the Banks t wrnuld probably have resulted. depressing the “ages of labor and prices oi‘tproperty and products. affecting injuriottsly the op crati‘om and credit even oi the most solv t cot. and producing extensive bankrupt cies. From this revulsion we have saved by the Constitutional Treasury, by which the specie imported, instead ot being 'con verted into Bank issues, has been made to circulate directly to a great extent as n currency among the people. having been recoined here during the but it months by the new orders oi this Department un der the Act 0! 9th of Feb.. 1793. anti the zealous (cu-operation of the able and em cicnt head oi the Mint of Philadelphia, to the unprecedented extenloi $20.758.048,‘- 12. and there'are thousands oi our citi zens now roivent and prosperous, who ‘ have been rated from rain by the uhole- ‘ sortie operations oi the Constitutional trea- l sury. The Banks that so unwiaeiy nppo- ‘ seed the system. have been reamed proba bly from another suspension. their stock holders. depositors and other note holders from sctere losses, and the country and Government icon) the ruinous eflects oi a depreciated paper currency. lithe uni on of the (internment with the Banks had continued. and their suspensions and the depreciationa oi their paper occurred du ring the war requiring large specie dis horsements. which ruspcnded Banks could not turninh, consequences the moat disas trous to the honor and the interests oi the Country must have ensued. 'l‘he Govern ment is now disconnected with Banks.’& yet its stock and notes are at par. ultho’ we'have been constrained to contract hea vy loam, and to keep larger armies in the field thanat'any former period.' 'But do ring the last uar, when the Government was connected with Bani". ,tta _aix per cent. stock and Treasury Notes were de preciated twentyhve per cent., payable in Bani? paper twenty per cent. below par. thus amounting to a loss oi {arty-five cents in ever) dollar upon the operations of the Government, TH E MIST. it has been seen that the amount ol loreign coin or bullion ‘eoinetl this year at our mint and brunch mints. under the new orders of this Department. estima lting December the .snme '39 November, would he 823344.001‘32, u! hirhich tale no would soon supply our own people uith our, own chin, and in timelnlso', with nun augmenting’commerce. Ameticnnize ton great extent _the cluinvol the world. 81 thus introguce our simplelnud beautiful decim'all currency gradually throughout all nations. substituting it .’or thecumplex 'systemuf pounds. shillings and pence,_ or of «ltiublnonq. ducnts and rupees, which retard business nndcnm‘plicnte neeounts- Table 'l' shows thetmports'aud exports of specie for'lhe‘ fischl yeu'r's ending 30th June. 1846.\' and 80th June. 1847; _beingf lor 1846 an import of $3,777,732. mum exn'irtef 839181.417. lee‘ving-the gain ol 'apecie that yeerv'3296,315; and inVlB4zy‘ the s'pecte imported Was $24,121,289. _& the export $1.845J19. leaving the species gained in 1847. $22,176,170; ' f f ‘ Table U‘shoiiripulhenumount received in specie from all ‘ ao‘urcesécu‘stome, lands.- Inil-cellaneous and loans, from In! Jung; item, to m Dec.'lB47. being $48,667.: 886,18.. and tbé‘em‘ount offld‘isburnenpents} in [upecie during the Same period} $48,-' 226,510.31 t'éhotving the aggregate in ‘rer ceipls'und disbursement: in specie during; the‘li'ret eleven months 0! the new sys tern. 39689440249: and protring' that 'the’ ilepujrtnient hasj'hee‘n envabletlgdur‘mz the lest“ eleven"rhonths; to ’ circulate,_ by disbursements urnoog‘th‘e people; the sum “845122551631;‘un‘r1e’r the _sfie'qie'te. ceiying'..;bnd'.éfmci'e c’i‘r'chln‘ting @9933"!!- ,',39!'nlitfr'eqs.urytglft" ‘ " ..u‘" 1 ' . _WTHEf'i'AI'IIVFV‘I'IFV! : y ‘ 'l',» . ..;Thenewtta'rill hasxhpynbeen in open;- .“llfl more. Ihanr .twelyg'momh“ find-ill!“ grrglly augmented:tllgreysnue'aml pros,» 9.95“! “We rcmmlry. ';j'l:bc"3nelt revenue liq") ‘dvltemr-durine thejwelye‘. nionllts} l‘lltllllg 1" Q”,l347.r"llnd,e.t£"léit?" it”: “11219::531050'090‘09" fiEl‘llgflhBB;s2B's96 @954 than gas receiyedrdurinlg. the;'3,§vel't.g‘¢ mnntlul. preqedingflndetfithe ,tprlttol 1849.} The. net: vrexemls- 3°! file ,firfiié homer-ta ! le-firatyfisqul‘yent. under, thumping“, “Ell: $l4 [105397; 411‘ :h'llilsl- :ill, . the gentile .C‘L'ETAZ’R FIE-L D : Mir." J5‘A"N',4:l6 1848-"? quarter "of; the preceding uye‘ar‘under the mullet ‘1842 the men revénuemsnnlv $6.153:89.6;58t "rltflhe retenue for the three remaining'qun‘rterirahould equal in the ‘averng'e"lhe fim. the'nvthe'nett revev nue‘ from duties during ~3h‘c*firnt fiscal yoarint the new tarifl‘wnuld 'be;544.425.» 029.64. . v". however. .the Comparison it founded on 'nll the quarterly returns {or 48 yea"; '(as tnr back‘ail given quarterly in the 'l‘reusurly. records.) nml the some propurtinn lot the several quarters applied to the first quarterltrf this year. it would .make in hell revenue :(per table (3)340;- 388,045. ' Although‘the nettrevenue trnm duties already received. being 15,506,257 drillars 4l.cents. during the fire mnmhs of thii; fiscal year, would seem to Indicatel its probable nniyunt, usvtfotvlebs than 35,- 000,000 dollary, yet it is estimated at 3|.- 000,000 tioilflfsl'lm' the fiscal year ending SOth June. 1848. ‘and 39,000,000 dollars for the succeeding yent, in view ofthe put-siblc'eflectonl the revulsion in Great Britain. Although our prosperity is us cuibed by tmme to the lamine. there, as though Pruvidencchad made the advance of one country to depend upon the calam ities of another. yet it is certain that am trade wtth Great B:ituin must be g't'nter in It series at years,rwhen ‘prouperity unuld enable'her to buy'mute lrom Us, (nml es pecially cottnn.) and at bettcrpriccs. and sell us more in exchange. nccompzmiwl by an augmentation 0| revenue. _ TRADE AND CAPACITY OF THE NATION in my report‘ol the 22d July. 1846. it Was ahown that theannual value ol our products exceeds three thousand million:- ol dollars. Our population doubles once in every 23 years, and our productsquad ruplc tn the name period, thirt' being the lime whicha aum compounding ils'ell quar ter-yearly at six per cent. intereat will be quadrupled, as is sustained here by, the actual results. Ol this three thourand millions ol dollars, only 150.000.000 was exported abroarl,. leaving 2.850.000.000 dotlara used at home. of tvhich at least 500.000.0L0 of dollar. ia annually inter changed betweeh the several states of the Union. Under this system. the larger the area. and the greater the variety olcli mate. null. and products. the more exten iivo ia the commerce which moat exist be tween the States. and the greater the val ‘oe ol the Union. We see lhen here un der the system ol lree trade among the states ol the Union. an interchange ol pro ducts of the animal value olat least 500.- 090.000 dollars. among our 21 tntlliona at people. whilst our total exchanges. inclu ding importa and exports with all the world besides. containing a population ol a thousand millions. iasttllabout $OO,OOO - dollars. Although under the new tariff these exchanges increased nearly 100.000.0001 dollars the last year. yet those between’ our States. consisting of a population ol‘2l millions, being ol the yearly value ol 600.000.000 dollars ex chapged, makes such exchange In our own country equal to 23 dollars 8! cents per individual annually of our own products. and reduces the exchange of our own lul", cign products (our imports and exports.) oilh all the teat ot the world to the annual value of 30 cents to each individual.— 'l‘hat is. one person ol the Union receives and exchanges annually. 0! our own pro ducts. as much as 79 persons at other cuuntrieé. . VWere this exchange with foreign coutt-i ties extended to; 90 cents each. it Would tiring our itnporta and exports up to, 900. - 000,000 dollars. per annum. and raiaeyour annual revenue lrorn duties to a sum ex ceeding 90.000.000 nl dollara.. An addi tion at 80 cents each to the consumption at our products euhanged from State to State by our own penple; Would furnish an _increaoed' market at _ the value only at 6.800.000 dollars, wherear‘an-increaae ol 130 cents each by a systemic! liberal ex lchnnaes with the people’ofall the world. :wnuld‘ give us anmarket forl‘attadditiunal value ol 300.000.,009 utdona'rr'ln‘rrannum at our exports. Such an alddilionpicannot occur by refusing: to receive in exchange .theiproducte of othernations. antl’deiuand ing the 300.000.0000ldollata per annum in ~a'pecie. which could never beaupplied. Barby receiving loreignlpruducta allow dutieainuexchange lor‘, our exports. such an augmentation might take place. ' Low‘ADVALOnm Dunes AND Patent. ‘I 'Whilat‘all have derived great. benefits from the new, tarill,it;ia labor that has re.- 'aliZed'the «organ. rc'ward‘. It _ was con tended hi the tadv'ucalea ‘ot protection. 'that it"ephan‘cédithe; “33"?‘9‘ >luhor.’an‘d ‘lha‘t ‘ lolVfdutiaagwould flieduce‘wages here :to the rateallo'w'ed lor'wh'at they. Call?the pauper lohnr of syrup»; 0n the contra: ry, the opporrentsfhlhigh taril’lav initiated thatzlabiir.‘ lelti‘to seek. truly the marketa; of the Ui‘vorl«l.'vrou|d ‘finil ’lorhit'a . piod‘ucts thethlat prices. anit aaa conaequenc‘eythe hig teat Irew'lnrt‘li'torj'th‘e latter by 'll'lllcl' their ”were {produced} " The 1' dance. have béé'ri frdrdce‘lr and rel Wart have "filtrati 'ée'di' a'nrliare “higher" hotv'than" under any plateciiye tarifllg' Therefore joiahyijnt‘tjre workmen concgrne'u'lq Olllet.'lllttlllils;tha'n‘ i‘p 'totinula'clluies'; and!“ 'rg-lintmagirtgsa' tori-l alrifle‘rx:us‘fel-giub'slilulé‘ levitated, and W 'd'elireaslr'tg :aggidu liar-‘9‘. commerce, &4 we; _.l ‘g'a‘tidhi'i bi! ;. 5 tabulation their; barium, "and! rm; tii'a‘rk‘t'ts' {or their ; roadrunnerwages . ’0" 'tltli'sei’évghgetl'ltl‘éushiltlltlllls“a,re if! ‘duced; mattyiwurkmen :ulso loscgemployy 'fthent, and'competing for. workztnlmunu -3 «lactoriea.,the pagesnot flil,‘BfB‘ diminished. 5 It is not yonlyuthe/reduced‘ duties‘that have produced itheseJthpy results; bill the minds ul reduction. .the‘aubatitution ol the ad-valorem-tur- Unequal, and 'oppres sive minimum and especific dutiesLn- The higher ,tluty 'wati thus i’olwnystimposed by the very'nntute'of the ,duty upon the arti cl‘e of the ~ toWest-votuciconeumedrby the poor, undithe lewcr du‘ty assessed uptin theuarticle of the highest value, used by the morewealthyr olten operating as a du ty of It), 20 or ‘3O per cent. upon the high priced goods. .and of 100 or 200 per cent. ad valorem upnn article: of. lower ptice. Nearlj the entire burden of the'Tarifl‘wns‘ thuunthrown- upon labor, by: whose wages chiefly the cheaper articles were purchas 911‘ whilst capital. with whose profits the more costly goods were bought..« was nt -3 most exempt truth the tax. It never‘would have been tolerated to have imposed adu ty til 10. 20 or 30.9% cent. by name up on‘ co3tl_v articles,‘nttd-ul 100 or 200 per cent. upiin. cheaper fabrics, where the ad ealgtem rates would have exhibited the tttj-tntlce and inequulity ol the duty: but 11. was accnnipltshetlvby minimum and spe cific duties. which assessed a higher duty in proportion to value'upo'n cheaper arti cles. and the lower duty .upnn similar ar. tieles more celtly in price, thus imposing the higher duty upon labor and the wages Ol labor. nsefl'ectually as tho" the tax gath erer had collected lmm' the workingmen a third or fourth of his wages every day, tvltilatmeapitul was comparatively exempt lrum taxatiun FREE TRADE AND fiROTEOTIONn The great argument‘ lor protection is, that by diminishing imports. the balance of trade is turned in our favor. bringing specie Into the country. The anti-protec tionists contend :hat commerce is chiefly but an exchange of imports for exports; and that. in diminishing imports, we will necessarily decrease exports in quantity or price, or both; that if we purchase more imports, we will sell more exports inex change, and at a better price; and that it commerce is profitable. we should have a larger balance of trade in our favor. and morally larger imports ol specie; and that the profits ol commerce, in this increased “change oi our own lor loreigu products. augment the wealth of the nation. The tour protective lands were enacted in ilBl6. 1824.1828, 1842. The compro ‘mise act intervened from March. 1883. until alter the 30th August. 1842; and the a revenue tat-iii of 1846 went into operation last year. Let‘us now-look at the effect ul high and lowtarifi's upon the gain at specie during these periods; from 1821. being the earliest date to which the records ol the Treasury go back on‘this subject. From the beginning ol‘ 182! un til the commencement of 1833, and from 80m Septetnber,'lB42. until Isl Juiy.‘ 1846. our excess ol the imports of specie over the exports was 312.660.8112. being an‘ average annual gain "of $791,216 in specie during these. sixteen years of high tariffs ; whilst the excess of specie during the eleven years at the compromise act ct t 833, and low tarifl' at 1846,‘ was 368, 507.630; and the average annual gain was 36.227.967. Oinitti‘ng the‘tarifls of 1842 and 1846, and comparing the ten years of comparatively low ~duties 'lrom 1833 to 1842 with the twelve years under protective tariffs lromllB2l to 1832.7'we liud und‘c'r the latter an actual loss cl spe cie to the‘country by the excess of the ex ports'ol-specie over the imports, of 33. 851.652; as the resultul protection. and ‘a gain during the succeeding .ten years at comparntlVely low'duties ol 846.294.090, or aLtherate per nunom ol .34.629.409. and in the'aingle year under the new tar iffs gain of 822.213.550; thus exhibiting a uhilmm gain of speci'e'in the years of low. as compared with high duties.’ The Protective theory. fou‘nded'u’pon this assu med b‘alance of trade and gain of specie under high tariffs. is disproved by there sults 3' and it is shown. by’the experience hereol more than a fourth ol a'century,‘ even as to specie. that it accumulates mos ‘ rapidly by the gains of tradc'under a lib 'e’rai commergial policy. ' Lct‘ nsuow sée. under the Same qcles 0!: free trade‘au'd ‘prméctiun, Whether it 'is true. as c'tpntéli ‘ dud. (but. our domestic exhurts‘are no! di 'miniqned by (he resgricuve system. ‘f‘ The recyr‘ds of the treasuryldju ho! go. back b'eyund 1821 as regards'onr domés lic upurls. exclusive'pf specie. We' mu'sl. th’enefore', make the comparison Ham that date.‘_ ' From 182110 1842, both in‘clun‘ive', under high dutieay lh‘e'TnggtegMQoLo!” exports hf dogn‘eslict’p‘roddcts; 'exélusivé‘b‘l‘ apycie. was 3.653.157.5727}. ui‘ht‘ the file j o!‘ $54.4‘29a‘794‘per ahhlfmi fgbm‘SO'll‘i SPD'em'be'f; 21842;"); sans ‘J'uh’e’.’ 1846]. gal-7.891.500; or at we we or 5114:8415,- 875 per ann‘um; ,mau‘in'g' a' thlatu‘ggrc‘néle u'ur'mg‘lhe‘sé idixlema'yé'a'rsj gil'higti ddliéS. 409,31i4pér‘un‘6‘uhil ‘,' Duc‘ing'th¢;¢blfipré~ t'miue'éé'f—Ll'roifi"lBB3_*.'lb" som,-S;eé'ie,mbbjr; £18424nm mm it'f'tméyfé’ "sxbpt!§'. We, ‘ $956;16_8."28‘8,3 afa‘flt'e; my 9' 895.61% e‘2aipe'eiahbiuiirfriind’m"- ‘he, :ye‘u’r, #n’did‘sl 5emanez1847;3150.574,:§445 making. itflhe‘ élbv'cci ' 'jqalrh‘g‘fof ",°\.V..‘§!?fi.!§ig id. '33; ' .=:.z_,aiarur_:slz,loo;74s.3 32.; (gr-it ..{fiéfraté‘ firmoflflflflx being. a? .!Ve"na¢‘,' with; mer'i'ogyg.gas..chmreqAvuh:,|iiglz'(!9siérg 'an.:,sfi#lE§4VQL§s:lNownmmws of‘rlnmestioexportg el'elugtue of spectei ol‘ [sanzoasos . per annum.; and excluding altogether the last. year-. 4 gm. 03,9531“ L 207.514 per-annum. undertow.’ nseom‘pa ‘retl willlhlflh dam!" ‘1 -