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first day of January, in the year 1847, and there the Custom-House, there counted out ands after, all duties, taxes, sales of public lands, debts. Jand sums of money accruing or becoming due to accepted; thence conveyed to the Assistant Sthe United States, and also all sums due for post- Treasurer, who counts and accepts it; when Sages, or otherwise, to the General Post Office De-li. Spartment, shall be paid in gold and silver coin it is put away in vaults, ready to be counted) Sonly.

Jout to the next man who presents a Treasury} s § 20. And be it farther enacted, That on the first an Sday of April, 1847, and thereafter, every officer or\"

draft for payment. Allow one man to count Sagent engaged in making disbursements on ac- sixty dollars a minute, with but another to Scount of the United States, or of the General Post observe that he counts right, and suppose Office, shall make all payments in gold and silver Scoin only; and any receiving or disbursing officer the Specie is counted out four times in taking for agent who shall neglect, evade, or violate the it from the Bank to the Custom-House. Sprovisions of this and the last preceding section, (of this act, shall, by the Secretary of the Treasu- thence to the Sub-Treasury, thence out to (ry, be immediately reported to the President of the the drawer, and back to the Bank, and the (United States, with the facts of such neglect, eva{sion, or violation ; and also to Congress if in ses-mere counting of Thirty Millions per annum

sion: and if not in session, at the commencement will engross 6,666 days' work of 10 hours? (of its session next after the violation takes place. each. And for what?

This is the pith, the essence of the Sub-l The exaction of specie at all Post Offices) STreasury. Hitherto Collectors, Receivers will be a more general annoyance. A man

and Postmasters were authorized to accept hears that a letter has arrived for him at hiss Sin payments to the Government the notes of Post Office, some miles distant, and he sets

such Specie-paying Banks as they chose to out to obtain it. He arrives at the Post Offices (receive on their own responsibility, being re. late at night, and, handing out the only kind? Iquired to pay over at all times in Specie or of money he has, says, 'I want my letter.'-5 (its full equivalent. Or, practically, the Col- "I can't give it,” replies the law-abiding Post-> Slector took such Bank notes, and such only, master; "to take a bank note for postages as the Bank in which he was directed to de- would subject me to the loss of my place, if) Sposit his receipts would accept and credit nothing worse.”—But, Mr. Postmaster, isn't? as the equivalent of coin.

the Bank just over the way? has n't it paids | Probably of the Thirty Millions collected its notes promptly these many years ? Are? Sin a year by the Government, not One Mil- you not perfectly certain you could get spes (lion is ever received in coin. Hereafter no- cie for it at 10 to-morrow morning ?'—"Yes? Sthing but coin is to be received. The Post- sir; but it is my sworn duty to obey the laws, master who takes a good bill in payment for and I must do it!" So the man must trudge) Scarrying a letter will be guilty of a violation home with his bill instead of his letter, unless Yof law, from and after the 1st of January, he can find some friend to change the former) (1847, and subject to removal if not to more for him. Is this worthy of the Nineteenth positive punishment. The money of the Century ? Government is thus to be exclusively Specie) We believe the effect of a rigid enforce-> Sits own Shinplasters excepted ;) nothing ment of this law would be to wind up or

else received after January; nothing paid break down every Bank of issue in the coun-> Sout after April, 1847. The merchant who try, as its originators intended. The moment has $100,000 to pay at the Custom-House the Sub-Treasury is fairly in operation, Bank) {now sends a check on the Bank where his Notes will lose the character of currency money is deposited, certified to be 'good' by That is not practically money which one man the Cashier or Teller; the Deposit Bank will accept as such, the next one reject, and Scredits the amount to the Government and so on. A Bank Note is truly currency so) charges it to the Bank on which it is drawn, long as every one, understanding its character, and the whole business is dispatched in a readily accepts it as the equivalent of the twinkling. After January he must draw the dollars it calls for. Let one man in ten reject? Specie from his Bank, have it conveyed to lit, and, though its intrinsic value is unchang-> ed, its use as currency is impaired if notjemplified in 1840–41 in the case of Jesse Sdestroyed. And when our omnipresent and Hoyt, Collector at the Port of New-York powerful Federal Government shall have in- who managed to abstract, through a period scribed "No Bank Notes received here !" of several months, over $220,000 of the Pubs Sover the doors of its Twenty Thousand Cus- lic money collected by him, utterly ande? {tom-Houses, Land Offices, Post Offices, &c. tected by the Receiver General. Had Mr. Sit must be that a great contraction of our cir- Van Buren been reëlected, Hoyt might, for

culating medium will follow. The man who aught that appears, have gone on abstract Khas twice or thrice been repeiled from the ing until his defalcation rivaled Swartwout's. Post Office because he had no specie, will The latter could never have plandered so say, 'I will have nothing else another time;' much but for the impunity afforded him by Sthe emigrant going West will say, 'Give me the suspension of Specie Payment by the money that will pay for Public Lands !' and Banks, and the consequent cessation of de so on. Ultimately, if the law is rigidly en- positing therein. He was now enabled to forced, it must compel a conformity of the run up his defalcation, previously moderate, {People's currency to that of the Government, to the enormous aggregate of a Million and a Sdriving the Banks into liquidation or suspen- Quarter of Dollars. sion.

This whole Sub-Treasury business seems) > Quite likely, however, the act never will to be an utter defiance of common sense. (be carried fully into effect, but merely held There is not a sane man in America, who if he) Sin terrorem over the Banks to force those in- had income accruing in all the Cities and {terested in them into a servile adhesion to chief towns of the Union, would think of re) Sthe ruling powers. · Thus in 1840-41, after fusing to receive in payment the notes of the

the Sub-Treasury had been so pompously specie-paying Banks of those cities and Sproclaimed as a “divorce of Bank and State,' towns, or who would refuse to deposit ac{the practical operation was this : The law cruing balances in some of them, and trans?

said one-fourth of every payment to the Gov- mit them through the facilities of exchange Sernment must be made in specie, and this thus afforded. There is not a Loco-Foco who?

was the way it was exacted: A merchant can read who would personally act the Shad $5,000 to pay at the Custom-House for churlish part in which his party ties forced

duties : so he gave two checks on the Bank him to involve the Government. The mer{for the amount, one worded as usual for $3,750 chant who should advertise that he would in Sand the other for $1,250, payable in specie.' no case receive in payment for his goods

Of course, the other was just as much paya- the notes of the Bank steadily paying Sble in specie as this; either could be but Specie next door to him and known to neither was demanded in that form ; but the be solvent, would be shunned and hooted intent of the law was held to be satisfied !- as a malignant and narrow-gouled being SAnd it was for this that several ‘Receivers Yet the Government proposes to do this General' were paid Two to Four Thousand in every city and village in the land, treat) Doliars each per year-for this costly vaults ing the best and the worst Banks prewere constructed and useless clerks hired; cisely alike, including even those from which {for this cannon were fired, bonfires lighted it has exacted for itself special and abundant Sand innumerable toddies imbibed, the patri- security, and Party compels men to say it iss Jotic swallowers disregarding the damage to all right! Nay: the Government receives Stheir own constitutions in their joy at the much Revenue in the West which it wishes salvation of their country's. “Hurrah for to disburse in the South or on the seaboard. the divorce of Bank and State !'

and in such cases good Notes of New-York/ The inutility of the Sub-Treasury as a safe- or New Orleans Banks are clearly worths Iguard against peculation was strikingly ex- more to it than Specie, which it can only

Stransfer at a hundred times the expense of it, must violate his oath and forfeit his office.

transmitting the bills. Yet even in this case Was there ever before such legislation as (the Receiver who takes a Bank Note, him- this ? self running whatever risk may pertain to


3 Not prompted by any necessity of the mend the Speeches of Messrs. Webster, { Government, for the Revenue was confess- Evans, R. Johnson, Simmons, Davis, Came} edly ample and our small National Debt ra-ron, Niles, Toombs, Rockwell, Severance, Spidly diminishing when Messrs. Polk and A. Stewart, Winthrop, Seaman, T. Smith, Walker urged and Congress commenced the Dixon, &c. &c. at the late Session of Cons Joverthrow of the Tariff of 1842—not driven gress, with the more elaborate works famil->

by any popular impulse, for we did not hear iar to Political Economists. We have room Sof one single petition to Congress for a re- here but to speak briefly, practically, of the >duction of the Tariff—not moved by any pub- Tariff of 1846.

lic embarrassment or distress, for the Coun- This act was confessedly based on a por Stry has rarely been more prosperous, busy tion of the President's Message of Decem->

and contented than it was when Messrs. Polk ber last and the Annual Report of his Sec Yand Walker set this ball in motion-the Con-retary, Walker, which deserved the comgress of 1846, under the lash and spur of pliment it received by being printed for Party discipline, has overthrown the Tariff the British House of Lords, by the novelty Sof 1842, and substituted for it one of very of its doctrines if not otherwise. The man

different character. It has done this in defi- who could assert in a grave public documents Sance of the spirit of Mr. Polk's letter to Kane that a duty on an article imported raises by of Pennsylvania and the unqualified pledges so much the price of that article and also of of his electioneering champions in that State the domestic rival built up by the Protection during the canvass of 1844; in defiance of the thus afforded, must have been made for the pledge of Mr. Dallas sustained by all his author of just such a Tariff as has thereby past career; in defiance of the reason of been fastened upon us. Every observing Congress, for the Senators who voted for the man who buys five dollars' worth of dry goods Sbill could not be taunted into justifying it, per annum is able to refute this theory from and virtually admitted that its provisions his own experience. There are not less Swere indefensible. It was carried by the than One Hundred important articles on

resignation of Senator Haywood, who, though which a high Protective duty was imposed {a Southern Loco-Foco, execrated the bill and by the Tariff of 1842, in place of a low Rev-} would have killed it if he could; by the enue duty before, which are nevertheless vote of Mr. Jarnagin, who utterly condemned cheaper since than they previously were. Sthe measure but voted in obedience to the Of there are Cotton-Bagging, Woolen fab

explicit instructions of his Legislature; and rics generally, Pins, Wood-Screws, Mousse-> Sby the vote of Mr. Dallas, whose vote out- lin de Laines, Printed Cottons, Floor-Cloths,

raged every thing but his ambition. Thus &c. &c. On some of these, as on other artiJis the Tariff of 1846 fastened upon the Coun-cles, there was a temporary advance after try.

the Foreign importation had been checked We have in previous issues of the Whig and before the Home supply had adjusted Almanac pretty thoroughly discussed the itself to the demand, but a few months usu-} principles and traced the history of our Ta-ally sufficed to correct this, reducing the Sriff legislation. We shall not here go over price of each article to the cost of its producthat ground. To those who would, we com- tion, adding the average rate of profit to

Scapital. Thus Wool roge in price consider-going on in June, 1848. Now if our Woolens

ably soon after the Tariff of 1842 had taken are profitably exported to Canada and sold (fall effect, but declined again as soon as the there, after paying 15 per cent. duty, in com production had had time to adjust itself to petition with the rival fabrics of Great Bri

the demand. Iron would seem to be an ex- tain, is it possible that we are paying 40 per Sception to the rule; but the simple truth is cent. more for them than Great Britain would

that the immense extension of Railroads and supply us for in the absence of a Tariff ?-, Sother uses of Iron since 1842 has carried up Surely, this question oannot be hard to an

the price all over the world, and not more in swer, nor can it be answered two ways. {this Country than in England or elsewhere. But won't 30 per cent. sufficiently pro

Time has not yet been afforded for the protect our Manufacturers, then?' is the fair reduction to overtake the still increasing de- tort of a Free Trader. We readily answer, Smand ; and Iron would have been higher in yes; 30 per cent. would be Protection 3:46 than in '42 if no new duty had been im- enough for most descriptions of American posed on it. Had we not protected it by the manufactures (not as they once were but as Tariff of '42, the British price would have they now are, if they really had so much, ruled still higher than it has done, as we but they have not. Except Liquors, Wines, Shave recently seen a considerable advance Cigars, Cut Glass, and a few manufactures} Sthroughout Great Britain upon the tidings of costly foreign Woods, there is nothing (of the passage of our new Tariff. Whether which has really thirty per cent. Protection Sthis shall go farther or not will depend di- under this Tariff. Take Woolen Goods for) {rectly on the ability of our Iron-makers to example : the duty on the most of these is! Scontinue their operations under the new act. thirty per cent. but on several important des

If they or a large portion of them are forced scriptions is lower. But the duty on all de-/ Sto give up, leaving the Foreign producers scriptions of Wool is thirty per cent., while Jundisputed masters of the field, we shall see the British manufacturer obtains his Wool) (a still farther advance in the Iron of Great wherever he can and pays no duty. Nearly SBritain.

all descriptions of Drugs and Dyes (hitherto 3 Every man who raises Potatoes knows free) are taxed by this Tariff, while the Sthat their price is not enhanced ten cents per British manufacturer gets these also free of {bushel by the duty of that amount affixed by duty. To say that, under these circumstances, the Tariff of 1842, although some Potatoes the American manufacturer has thirty per have every year been imported from Ireland cent. Protection is to state what is grossly) Sor Nova Scotia paying that duty. So with untrue. other articles. Indeed, Mr. Walker's own But there are important branches of onr Report, while it maintains that we pay 40 National Industry to which there is not even Sper cent. more for our home-made Woolens la pretence of affording thirty per cent. Pro

by reason of the 40 per cent. duty in the tection, including Cotton fabrics of all kinds STariff of '42, at the same time embodies (colored or printed alike with plain), Silks,

evidence that these same goods were flowing Linens, Books, manufactures of Hemp, Nee Zinto Canada, paying 15 per cent. duty there, dles, Blankets, Flannels, &c. &c., charged Sand competing still with the Woolens of Great with duties ranging from 10 to 25 per cent.

Britain, which are admitted at a nominal Yet let any one object to the sweeping gduty if any. And Mr. Hale of the Journal of and baleful changes made by this act, and

Commerce testifies from personal observation he will be met with the insolent interrogato Sthat this exportation of American Woolen ries, · What are the manufacturers grum

fabrics, generally of the cheaper but sub-bling about? Isn't thirty per cent. Pro {stantial kinds, (“such as poor men wear,') tection enough? If they don't stop their from our Lake ports to Canada, was actively mutterings, we will abolish all duties what-> Sever.' Well, sirs ! try that if you like! No-jone ever before deliberately imposed such body fears your threats or supplicates your duties as to discourage and depress the in-> mercy. Do as you see fit, so far as you have dustry of his own country by discriminating3 power!

in favor of the rival branches of other na-> Although there was a great parade of tions. That distinction was left for a Loco? hasing their new Tariff on sound principles in Foco Congress in the middle of the NineSthe Message of Mr. Polk and the Report of teenth Century. Shis Secretary, with much profound disquisi- We would gladly speak of the uniform Ads {tion on the nature and extent of the Revenue Valorems and other details of this Tariff, but? principle, the act itself evinces an utter dis- our space will not permit. That the princi-3 regard of all principle whatsoever. The ple of levying duties on the foreign value of Sjumbling in one bill of such duties as 20 per the goods is a bad one, calculated to tempt} cent. on Salt and 30 on Sugar, 20 on Flax and and facilitate frauds, who that has examined (30 on Hemp, 30 on Iron and 20 on Steel, 30 can doubt? True, all our Tariffs have had Jon Wool and Woolens and 10 to 25 on Silks, Ad Valorem duties, but only because the ar-S is justifiable on no principle whatever, least |

Toe sticles so charged were deemed incapables

of specific assessment. The Ad Valorem Sof all on the Revenue principle. This would mode was submitted to as a necessity, never) dictate, if any difference, a higher duty on adopted as a choice. The New Tarifl Linen and Silks than on Iron and Woolens, SW

sweeps away all others.

'But that misguided act is the law of the) since the former are more generally im- land, and as such to be obeyed until it can be) {ported than the latter, and required more modified or abolished. It is calculated to Sexclusively by the wealthy, so that their im- arrest or greatly retard the rapid strides our portation is less likely to be diminished by a all the Useful Arts and the utmost attainables

Country was making toward perfection in Shigh duty. But in truth this duty was made cheapness in production. But it cannot, we Shigher and that one lower, this raised, that re-think, do all the evil that has been anticipat-S duced, just as it was thought necessary to gain

tocoined; it can hardly throw the Country back

a where the Tariff of '42 found it. Many Svotes for the bill or save States to the dominant branches of Industry, then feeble, have since) party. It is notorious that the Loco-foco Mem- attained a strength and maturity which ena(bers from Pennsylvania were offered 10 per ble them to defy fair competition, even on cent. more upon Iron and Coal-40 per cent. equal grounds; it will take discriminations

in favor of the foreigner to overthrow them (instead of 30—if they would vote for the bill. now. Many articles are made here as cheap

As there may be those who will doubt as any where else in the world; some even ?that an American Congress can have so ad- cheaper than elsewhere. These will live;S Gjusted a Tariff as actually to discriminate advantage of a twenty-five or thirty per cent.S

so will most of those which have really the against the labor of their own country and in duty. If the New Tariff gave duties on (favor of that of rival nations, we give a table Printed Cottons, for instance, equivalent to? Sof some of the articles on which this is donelon

the twenty-five per cent. on plain Cottons,

le and on Iron Manufactures, Rods, Wire, &c.? by the Tariff of 1846. (See the provisions on equal to thirty per cent. on Pig and Bar Iron, Spages 44–50.)

its evil effects would be much diminished. ) Materials. Duty. Manuf'd Articles. Duty. It is a wretchedly devised measure, ands Paper, per ct........30 Books, gen'r'ly, pr ct. 10/will have to be amended,

will have to be amended, whether ProtecHemp..............30 Cables, Cordage, &c. 25 tion or Free Trade shall prevail. Let thes

(Woolen Blankets,..20 friends of Home Industry, then, resolve to Wool, all kinds......303 Do. Flannels...25 do their whole duty in enlightening the Peo->

(Bock’gs, Baizes, &c. 25 ple, in disseminating facts and arguments, Copper, Pig or Old... 5 Cables Sheathing, freeland in taking care that men of the right) pulphur,............15 Sulphuric Acid,.-...10 stamp are sent to our next Congress, and/ &c. &c. &c.

.. the dark cloud now hanging over us shall The annals of human legislation, from the quickly pass away. Action! action! is earliest record to this day, may be safely the

elry the duty of all true friends of American challenged for a parallel to this. Fools and it until Triumph shall again gild our banners,

X|Labor-let none grudge nor come short of Smadmen have often misruled nations, but nolOnward!

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