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
'-,Ԥff" 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 - <T‘:'t.';.g:' e-zrj
, Having. thus ShDan-bolh 83:10 ’lpecie
and domestic exp‘t‘irte. thetgreattgliprin
years ol low as compared withhigh duties.
let us now compare thelow dtflyendhigh
duty cycles as to our tonnagerlorelgniond'
coastwise. u .:-.'.:r- 1., ,5: ,
‘ During the eighteen years ‘ollo'w deities,
tromt 1789 to 1807'. 'ouretonnage'inc‘reesed
at the rate.ol'29.‘4l 'p’er cent.-"pet"lt'ttnb'tii;
frbrnlB32 101842, at the l’a'lé‘qf-‘dfia'
per cent, Aper unnum ;‘ Ind lrotit 71846310
1847. 10.8! per cent.-in osingle'y'eie.'-
‘Such has been ‘the'unilo'rm‘ ltigh'iatelof
increase 'of our tonnage 'dh‘ring‘every pe
riod.ol‘low duties. Nosed un'der'h‘r‘gh tar
iflu, Irom 1816 to ‘lB32p'nn‘r lbnnage in
creased 0.30. per cettt—L‘being less 'tha'n’
oneethird ol one per cent." net’snn‘nrii;
and from 1849. t0‘1846, ot‘the'i‘t’tte'ol 5.61
per cent.‘per annuim If it be said that
the increase from 1789 to 1807 mm occa
sioned, to'somB extent. by the warhe
-tween Franceand England; this table,
which is taken from' the records of the
Treaeury. shows that «(win “1789 to the
close of 1792, immedintely‘preeeding'thitt
war, which was declared early' in 1793,
our tonage increased at the high rule ‘of
160.16 per cent per ennvum.‘ when'Frs’nee
“and "England were at peace. before the 'e'l'a
tot steam navigation. and before'the‘eeqdi
srtion ot‘ Louisiane. and the'addition'ot‘the
great Mississippi and ol the Mexicahfg’ull
to the navigable waters of the Unirin,‘ and
ehen our flag was unknown on the‘greet
lakes of the northwest. The greetin
crease is uniform at all times hnde'r‘l‘ow
duties. and depressed under high duties.
during the whole period at 58 years, from
1709 td'lB47. ‘ ' ' "‘ ' ' ‘
’lt is urged. however, that although our
loreign' commerce may have decreased.
yet the home inorlret has" augmented the
ratio more than e' uiv‘alent tothe'lpinbt
our foreign trade. (it thtt were so,‘it whuld
be exhibited in the augmentation or our
coastwise trade, embracing our l'slteojnd
Coast's. as well as rive‘rstth’e‘cozistvrise
tonnage of course augmenting in the byte
ber of vessels with the goods it'o‘be lfnng
ported between the Ststee. ,‘ By,.vbl,e'r,¢9s°
to the samevtsbles. it‘appeare thetgo‘oe
coastwise tonnage‘increaaed,‘from)??? to
1807. at the rate of 22.7t' per Kiwi-,9?"
annum. from 1789 to 1792 at'th‘e rate. ;of
25.23‘ per cent' per annum.}‘lrom‘t‘BßZJ to
.1842 at‘the rate 0t_6.09 per. 'c'enttpe’rjlr
num. shit _ln the single 'yetu‘ ,lr‘om“ 18316,.“
1847. 13.45 per rent.’ .Sd'ch'w'n's lhegreat“
and uniform increase ol ooreoasttyise‘ton
nsge under lowduties. .No'W. tihd‘e'rht'gh
duties, the increase Irom: 13161518,?
was at‘the‘l rate at" 1.50 per cent, neg-f? gs,-
hunt. and trom(lB_42 to lawféfifiéfii
cent. per annum. Thug we see “1:39P
meme increase, under low its compared‘to
high duties. ol the coastwise tonnage; pr'o-
Iving‘ that the pa‘raly‘sis- of foreign com- _
merce. resulting from the restrictive 3!."
.tem. aflects injuriously the home tourltet
ondlthe trade between the States; andl’ur—
lnishing a demon’stretive proof that. wheth
er We look at home or abroad, we progress
morerapidly under, a liberal Commercial
pollcy.‘ As the foreign tonnage rose thy
derjlo'w duties. ‘(as the table pro‘ves‘Jeo
did the coaltwise ; and as the foreign to”-
nage declined. so did the coastivise‘wton
huge; and during' the high doti_eg;“leitit :
1816 to 1832, whilst the lureignytonnnge
netbally decreased tot theirate ol' 10,887"p‘e'r
cent. per annum. (that of the ,cpastwise
tonna‘ge‘ only increased nt'thefhté'ol’lfit).
per cent. per annum.’ Yet. during that
period; the increase of the eonstwise trade
ought-to ,haee been immense; . including.
as it did.'the era of the introdo'ctiup oi"
steam navigation to a vast extentxupon the
triv‘ers til the nest, 'a‘n'olso upon; the lakes
of the northwes’. and the opening'ol the
great'cansl at New York. ‘ - ~ 4
his said that the famine in [relaan on
the s‘ole‘vcau‘se qt our late la'rge export of
breadstufi's and provisions.”'NtiW','from ,
1790 tlle'valites nre not 'gti'en lo‘nitobe“
stated in amounts. but the quantities are;
and these prdve that. even omitting‘th‘e _
last year altogether-{end ‘oomparing tho '
low duty periods (ammo loe‘l6o7.‘su_d .
lrorn‘, 1852 to 1842.‘with the yearfie'ol‘prn
te'ctton erm 1817 to 1882, and liom‘wle‘tg:
to 1846; the,'atiersge exhort‘ol'bfladglttfi's
and provisions" was much larger in [the
ye‘aré ol lo’w‘ss compared.Wilh high‘dotiee.
especially ' considering the ‘ ’ tllllerencefiof '
population. ' , _ . .. 3.1.," ...;
.. As'dstill innre coticlustye pronith’at‘flthp ~
e'x’port of‘breudslufl'a and prdeisiiméhlvhp
oruch'greeter‘ tinder l‘owthsn‘ihigli duties,
[ it 'eppeors, bill‘bl‘l .0 D'. , thatjo'oi- tidal/‘1";-
‘r‘t'ét-L‘vijpnun not". 179°10‘189Y. twill: in.-
ctat‘he; negotiate ’v'att'tc or 3'51;074,'3f43,
andtittiieeifiieiyg‘ai-v‘é whining idiom
aoh‘églidifwu“7F?§’§*,Cilljii'l’ié,ttl: Ctittnnmi'ug - '
ss3U§dfll #3313 melt in}; '69 r. ignite": p‘hlldin "
theistic:'prhdiice,"e’x:cluiiite 1.; when”; .
"‘9 rel.“.tr°!e;t;7.9o‘~soilBo7.;‘fo'r‘iee9zol67u ‘ ‘
7.3.35 3:: 'i‘fh'tlh. Wei." heper'cleiiéd- item. .
the"? .‘és'ceedb' the: “emanating! kittens
9', “Wit”? fbr'p'duce’..fxc.tiéi§vé.ivl‘ tattoo ‘
unde’rf'yé‘s‘rs’ of higli'dotier'. “i 1: W. 1.3,
.tndeesl.lheubtes .st;bé:lfl;ettsirx.citear;-
"t.:timte':ittt‘et?l?wltetbsfi.i‘tez "heighten I
W“o"'¢*P§"rftsz;tht‘r.fetB‘l"?thrgélhs‘rxttnéal
epecles"“'thst“tritium“theatre-edistortion:
ti"? i‘divvtt‘ Wilts: FEW-h Wfi the saver! at;
2
C
ifiE
HMYUWJ‘éz‘}
'r-,"«"D§ -‘
, .
El
=
. _ , ,\
~_ 391 m: :5":
hfilEM