Newspaper of The New York Herald, December 12, 1848, Page 1

Newspaper of The New York Herald dated December 12, 1848 Page 1
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/ th: ? ?* Tffn u w? uuuv? THE 'ANNUAL REPORT OF Till SECRETARY OP THE TREASURY, he. Ac. \e. Trkaiuhy Department. Deo. 0, 1848. la obedience to law, the following report is submit* ted:? The receipts and expenditures for the fiscal year CEding June 30, 1848. were ? From easterns $31 767,070 03 From public land*. . .: 3,328,t34 i 60 From miscellaneous sources . .. 851 037 07 From avails of loans and Treasury uoces 2l,2.~>6 TOO 00 Total receipts : .$66,003 450 69 Add bait ce in the Treasury, 1st July, 1847 1,701,351 25 Total means $54,394 701 84 The expenditures during the same fiscal year, were 58,241,107 '-'4 Leaving balance in the Treasury, July 1,1848, of 143,634 00 A* appears in detail by accompanying statement. Tbe estimated receipts and expenditures for tb? fiscal year ending June :>0,1849, are? From customs Ut quarter, by actual returns $8,001,935 07 From customs, 2d, 3d and 4th quartern, as estimated 23 093,064 93 $32.'?00 (KI0 00 From publio lands 3,0C0,u00 00 From miscellaneous sources 1,200,000 00 $36,2.(0,000 00 From leans and Treasury notes, 1st quarter, by aetual returns, per statement $10,127,200 00 From loinn and Treasury cotes 2d. 3d and4th quarters, perstatement 10.668,236 90 80,695,43.-) 30 Total receipts $66,89o,43.~> 30 Add balance in the Treasury lit July, 1848 153 584 60 Total means, as estimated $57,048 909 90 Expenditures, tiz : Tbe actual expenditures , for the 1st quarter, ending September 30, 1843, were $17,886,104 91 As appears in detail, by aceum),an}iDg statement The estimated expenditures during tbe other three quart?rs, from l?t October. 1848, to 30th June, 1849, are? Civil lUt, foreign intercourse, and miscellaneous 12,169,3)4 61 Army proper. &c 10,404,8 >9 bo Fortifications, ordnance, arming militia, Sto.... 1.8-16 6.i7 29 Indiau Uepaitment. . .. 1,5.-9.158 18 Pension* 722 706 12 Naval ettabli>bment. . . e,ub9,0-12 56 Interest on publio d? bt aud Treasury notes. .. 8,285,422 28 Tr?at.ury notes outstanding and payable when presented 161,989 81 64,195,27 5 06 Leaving a balance in the Treasury lit July, 1849 >3,853,691 84 I'M estimated receipts and expenditures for tbe fiscal year commencing l?t July. Ib49, and ending 30th June, 1850, ?KFrom custom* $32,000,000 00 From public laud*. 3,000 ouo 00 Frem miscellaneous sources 400.000 00 Total receipts ?3*>.400nnn no Add balance in the Treeaiury let July, ?;;8(ao4 84 Total means as estimated, , $31253 6lt4 81 Tbe expenditure the aftme perlod -itiy the several departments of state, Treasury, War, Navy, and T*Oetma?ter General, are? Tbe balances of former appropriations, which will be required to be expended in this year $3,781,537 29 Feinanent anu indefinite appropriations 5,297.61*2 5J Specific appropriations asked for this year 24,153 102 91 Tctal $33 213,152 73 This hum is composed of the following particulars:? Civil list, foreign intercourse, and miscellaneous $9 347.790 SI Army proper, fcc 5 902 428 41 Fortifications. ordnance, arming militia, S?e 2 242 559 00 Indian Department 1.101.014 45 Tendon* 1,458.400 00 Natal establishment 9,368807 38 Interest on public debt and Treasury note* 3,799,102 38 $33,218,152 73 Leaving balance is the Treasury, 1st Ju'y, 1850 5.040 543 11 $38 253,694 84 j This statement shows a balance in the Treasury on the 30tt> June 184m, of $2,863 694 81; and a balance in the Treasury on the 30th Juae, 1850 of $6,040,542 11. In the estimated expenditures tor the year ending on tbe 30ih of June, I860, are included balances of appro. ; priattons, amounting to the sum of $3 762(37 29, a considerable portion of which may not be required. Unless new and extraordinary expenditures are autbo> lined by Congress, no further loans will be required, and tbe publio debt may be reduoed. The , whole net revenue from duties, during the entire period of four years and three months of tbe j operations of the tariff of 1842 was $101,654 653 12, j beicg an annual average of $23 895 208 8'1 Tha 1 vet revenue received from the tariff of 1846. daring 1 Its entire operation Irom 1st December, 1846, to i 40 th of September. 1848 (table) was $56 664,663 79, ?r an average of $il0.902 489 28 per annum, being an . average of $7,007,280 96 mo't per annum under tbe 1 tariff of 1846 than was received under the tariff of 1842. Tbe net revenue for the first fiscal year, under 1 the tariff of 1846, (per table) was $31 767.070 96, being $767,070 96 more than the estimate of this deuaitmeut. and thin amount would <rn nn in?. ' mei.ting every year under this act. with a f*vor- | Able state ?( forlgn oommerce ami Industry, at a ratio at lea>t a* great an the increase of our population. As the high duties, under the act of 1842, were 1 Tepidly substituting th'domestic articles and excluding tli?s foreign rival, the revenue inUFt have declined. If. however, Ihe act of 181*2 had yielded the average revenue received during the period of ita actual operation, thin, we have teen, would have been an annual loss rf upwards of seven millions of dollars, an comparid with the revenue of the tariff of 1846. With such a result, Instead of a large surplus on the 30th of June. 1860, there would have been an addition of more than twenty Ave millions of dodars to our national debt, which must have gone on rapidly inocantng. requiring in (line of peace new and large loan* negotlati d If, also. the proceeds of the sale* of the publio lands were taken from the treamry for distribution among the Statue, the augmentation of the debt and accumulating interest would have been still more rapid and alarming From this disastrous condition, \ we I.ave been saved by the ia?iff of 1840. yielding from reduced taxes an avtrage excess, thus far. of more 1 tlan seven millions of dollars ovnr the average receipts from the tarlir of 1M2. Ht4 that act r-mained In foroe ' durirg the wsr, from diminished revenue the loins must have been grratly augiut nted in amount with a mall and d> dining income, and instesd of premiums ' realised large discounts must have been allowed That the revenue would have declined results from the position of the protectionists; that, by continuing the ; system a few years, they would supply the whole nnm < market with the protected domdktlo articles, when the -foreign importation must cease and the revenue also Tbe result, then, of protection must he t h? annihilation of the foreign import trade of the country, so far as tegtrd* pro'ected products With the exclusion or diminution of Imports, the exports must cease orbs reduced, for foreign nations eould not bur then We exported last year (per tabW) fMo ?<>3 Tii'.i in value ot domestic products and fabrics, and exolu.slve | of specie, and under the low diitirs. this must go on -augmenting. But how can loreign countries pay for ! thi se exports, if we will take no imports, or very few, in return? Cl?arly our export rauet in time ce??e. or fall ' to a very small sum; the forvlga markets must be de- i Stroyed, and the price of our staple exports, of oottoa, | 4>f rloe, of tobarao. of breadstuff', and provisions, ! mutt declire, lor ve oannot take the return in peele from abroad wl:hout exhausting thu* mirkets In a sing'e year, not nan we eoniume at home this augmenting surplus. 'I'lie Hritixh empire (per table t7) took I ro ui us (not during the year of famine, as It Is oalUd. el 1847, but in 1.1481 our dnaaestie exports, intludlsg ctton, tobacco, rice, breadstuff*, aud provisions, and fit her domestic artioles. exclusive of specie, to the value of tT8.T41. llA and (treat Britain anil Ire Willi. VI nm VKIUf" ? 1 114 aoo; RUII fctlll IB V??? bfiJV of our beat foreign cuetomer, which pmt?otlonl*U proCf ft to fanriflo* by high or prohibitory dutien If the iff of U4i gi adually deluded, a? It munt, nearly alt Brllitdi fabr.ox, eould they take *7M,74l,41?l In ralue of j our export*, wblUt we would take from th-a aearaely . anything but 'peMe In egiianpe? 8nrh a trade would : haunt (Jreat Britain of h?r cnrpln* >neom in a ('ogla year, and leave her nothing with wkleh to purohaie | our export*; audio on In regard to all otlur cation*, j Thne would go our foreign market*. oommero*. aud re- , venue, and with them our carrying trade, and our | *?Mel? and Meamehlp* wonid remain at the wharre* Without fie'ght | ^^^^^^ ByurtaUo^^fproUcted article* woald rapljy , E NE' MORN decrra?e when the foreign w re high In price, and ape- ! cific dut'es operated as ? protection under the tariff of 184?. from 41 to 243 per cent (per table H compiled from Treasury returns in 1814) what must nn', have been the decline it luportation and revt-n e when the foreign article fell, hp it baa in many ca??s. fifty per cent, bringin^up the soeciflo duty from 41 to 82, and from 243 to 480 per cent? This fart i'lustratas another object on to the specifid duty, namely: that although it profea^a to be stationary, it is, In fast. ooo?tantly augmenting from reduoed prices of foreign artiolea. Experience proves that from improved machinery, new invent!* ns, and reduced co t of production the foreign article* ace constantly diminishing in price; whilst the specific duty temaining unchanged, it is continually increasing in ratio aa an equivalent al valoreoi and the proteatiou^augmenting every yea?. Thus, if the pTice of sugar was alz cents h pound, and the duty three cents, it would be equal to fll'ty per cent ad valorem; but if the price of augar fell to three ceuts, the duty would bare risen to one hundred per oent adval'rem. thua doubling the protection, and continually augmenting, with decreasing, until the duty becomes prohibitory, and the revenue on such artitles d'saopears; whereas the ad valorem b*ars. under all changes of price, the name exact ratio to the oo?t of the foreign fabric, and therefore ia the most just and equal as. also, nreeatarily insuring a larger revenue. Annexed will be found the table marked H. of seventy. four principal protected articles, prepared at tbe Treasury Department in 1E44, from actual returns, and attached, together with others, to the very able report of Mr. MKay ot the Committee of Ways and Means, of Maroh 11. 18*4, embracing oual, iron, glass, salt, sugar, cotton gooda. &o.. &o.. showing the actual specific and minimum duties under the tarilf of 1842, un tho?e articles, and the equivalent advulo' em ranging from 41 to 243 per cent. Now if these foreign artiolea have fallen in price since that date fitty p-r oent, Ihe equivalent atlralnrem would of eourpe now Tange from 82 per oent to 480 per cent, and would go on increasing as the foreign article diininia'ied in price, poon becoming absolutely prohibitory, and de stroyirg all revenue In this a-uect of the case, the orjectioosto the specific duties at a permanent system, ?it ha view to revenue, are insuperable; whilst their unjust operation upon labor, iu imposing so muih higher duties as an equivalent ad valorem on the cheaper than the more oostly qualities of goods, caDDDot be successfully defended. Our manufacturers ao nut desire the restoration of tbe tariff of 1842 Tbey know from its excessive and prohibitory dat es it will noon annihilate imports and revenue, and produoe a reaction fatal toth? protective polioy. They kn iw also that from it* imraenae b .unties, ranging at preaent prices from sixty to three hundred per cent, it will stimulate domestic production in a few years to such an extent as Anally to prove m >?t disastrous to our manufacture. That which oar minufacturers now d?*ire, ia what they regard as moderate duties, made specific ia certain cases Dut 'here apeciti? duties will, aa has been ahnwa, be found constantly augmenting in ratio under t^.e operation of the general principle by which the foreign article is continually tend'ng tn a diminished price; whereas the ad valorem, always bearing the cam* proportion to tbe value of tbe import, ia therefore always the most just and equal, and yieldiog the largest revenue. The augmented revenue under the taritf of 1840, l as proved that ad valorem duties cm be faiily aatesaed and collected. It is ehown, also, by tbe return*, that tbia augmented revenue is derived'from a comparatively small amount of foreign imports consumed in the United States?that amount, aa ahown by tbe tables, before referral to. ?f all those foreign imports thus onsumed in the year etd'nit 30ih June, 1848, exclusive of spe?ie, bsiug but $127 490 012, upon which was r-alized a net revenue of $31 167.070 1)8 It appears, al'o, from the table, that so far lrom thiB tariff having filled the country with foreign goods, bey. n,J its capacity f r consuuiption. tbe demestio expert a last year, exclusive of specie, actually exceeded, by tbe sum (per same table) of $1,713 t>97 ths foreign imports, exclusive of specie. consumed the same year in the United States, Including all artioles but specie both fiee and dutiable ; thus fhoirirg a balance or foreign trade in our ftvor. without takiug into view the immense profit tealized in tbe foreign market on our experts, generally estimated at about tifteon per cent, ir the profits of freight and navigation. Tbia was not a yt-ar of famine abroad, but of abundant crops in Kurope. attended alio with revulsions there, highly unfavorable to our commerce, creating innumerable foreign bankruptcies, by whion vast sums were lost to American creditors, required to be repiao?d by the export of our specie. whioh whm greatly augurctid by the dircredlt in our market, of all bills drown on our foreign shipments. produoinf. by thi< artificial rise of exchange, an unnatural demanl for tr.ania ^ conFrqiitM't exportation But all this specie mu?t soon come back to our OMintr/, &t ept to far a? it is lent by foreign bankruptcy It appears thatforthe year ending June HO, 1818. not of famine. but of abundant crops In Europe, our experts of bread tuffs and provisions, (pT table.) am mnted to the sum of $37,472 751 being Urgely more than double the average annual export during th-< tariff of 1842. The result this yrar demonstrates that, even without a famine, and In ?easor>a of good crop* abroad, and even when their means wore exhausted the preceding year, by an unprecedented lo<^ of specie, producing unparalleled revulsions and bankruptcies. yet with low duties enabling tbeintoex^bange their fabrics for t<ur turplus of agricultural products. they c >uld and did lake a large amount of our breid*t;.ffs and provis ons. to the valu? of $37,472,751. Thus, whilst our farmers found this large foreign market for their Hirplus. which otherwise must have r?mained uo-old here, our navigating interest received a new impuls* ai well as cur commerce, our tonnage hnvinr in creased during the last year, from 2 83SI 0411 to 3.160.502 tons-being more than three tlra?s the increase we ever realized in the same time uudvr any protective tariff and making the whole increased tannage under the tariff of 1840. 588 417 tons. The increase of our commerce during the two years ince the enactment of the tariff of 1844. has been so great ttat our domestic exports, exclusive of soeoie carried abroad exceeded >ty the vast sum ot (80 615 181. the exports of the two years preceding,under the tariff of 1842. Whilst the taiiff of 1846 has thus augmented our commerce, tonnage and revenue, it has se-n the country pass uninjurtd through the urdeal of an expxnsive tort ign war absorbing and withdrawing from industry nearly fifty millions of capital furl<ans. It ha* seen the great revulsion ia K.ngland of 1847. pass over ns almost unharmed, whilst the ueneral overthrow of governments on the Continent of KHrope. with the unparalleled destruction of confidence, credit and industry there, and with millions lo*t to our merchant* by foreign bankruptcies?yet, even through this ordeal, under the benign influence of the tariff of 1810, the country has passed, and is still prosperous and progres rim. ilu iiiidcb 01 manufactures are tar le-i ueprenruu than hu been the cafe in *11 each preceding revulsion*. Upon the re enactment of the tariff of 1813, or any similar restrictive measures, smuggling to a vast extent will become an organised system. lly estimates from the Topographical Bureau and coa*t survey. hereto annexed. It appears that oar direet maritime ocean front. exclusive of bays, inlets, islands, Sio , amounts to 6,120 miles ; our frontier upon Mexico, to 1,4*8; and our frontier upon the British pmsesslons to 3.808 miles-making in all 9.879 miles, which we ha^a to guard against smugglers. But if, in addition to this, ai mutt be done, we taka tha thorn line of the I'nited Stales on the Atlantic, the Paetflo, and the (inlf, inoluding tha bays, sounds, and other irregu. latities of the sea shore, and of tea islands, and of the rivers to head of tide, it makes a di?tanoe of 33 003 miles, as estimated by the coast surrey, which, added to 4.7(9 miles of frontier upon the Briiifh and Mexican possessions. constitute an ent're line oj.en to smugglers of 87 822 miles; to protect which against elicit importation, underth* temptations j of such a tariff aa that < f 1842. would be impossible. la this manner smuggling, so debasing and demoralising. ! so destructive or revenue, so injurious to the hoaest 1 trader, and to the whele country, creating a contempt for the laws and the authority of the Union, would become the "safety valve" of the protective pollay, by the operation of eanses beyond all governmental eon- , rol. Since my last re part, the continent of F.urope has been convulred by revolutions and olvil commotions, paralysing their commerce, credit and Indimtry. and | dlminii-bli g our trade with ihem. compared wltb what It would have bem If there events had not occurred, j iNt-venneir**. men nave ii'-en tn?> advantage* of our more unrmtricUd commerce with *11 the world that the i"tin.?!i5 of revvaue tor thi? ti*c*l year. pre*unt>-d in id j laet rrporl. may yet be realised, the |uart-r ending on the 80th of September la?t. h"it>g the tir*t quar- | ter of the preaent fiaeal year having yielded $S 901 935. 07. Tb? adoption by each nation of hi^n tariff*. Ik a war upon the labor of the world. Ac labor Ik morn prodortlT*. capital I* mora rapidly inrrevwd. ?nd wag-?? augmented; yet th? tariff, by cornpe ling each nation to employ a y ortien of It* Induotry In article* which j ran be produced mora cheaply abroad, and refo*ing the exchange. foroe* labor t hroughout tbn world tn'.o le?* piofltable puraolt*. and. a* a conaeijuenca dimlnt*he* the product)" of labor an well a? It* rhm. if *llk* ran b>* manufactured at a lea* cost In Kurope. bi?ad-tu(T* more chenply In thi* country, and by high tar tin w? prevent thf Import of *ilk* here, wbllnt by atmllar tariff* abroad or their Inability to purotaae from u? because we will not tafce their fabric* In exclimge. our breadatufl* are rxnluded ti a jr<?wr or le?r extent from their market*, acd their *ilk* from our own, labor ia forced in both cotiutrla* Into leM productive pursuit*, and both partie* hare *u<taln?d a lone International tariff* diminish the mrnr?*ate value of the profit* of labor to the extent of hundred* of million* of dollar* every year, and reduce correspondingly the wage* of labor It would be mo?t useful to rxamioe the tariff* of all nation*, and aacertain how much labor In each I* thereby diverted into le** productive pnrcnlt*. Thexe table* have never J?t b?en collected; but If, of the thousand million people of the earth the labor of two hundred million* i* this* rendered le*? profitable to the extent of one cent a day for tach, the annual loi* would be alx htmdrel mlM?n* of dollar*. Man was ?nmmande<i to labor, but be ?a? permitted by hi* Maker to rn nlov hi* Induatrv In each coiintr* In thr..u ni>. < !? for which it ?a* h?-1 nultt i. and whore hi* labnr w?n?ld be l#?? and bwttar rmririlnl. Rut th? Imrn of mutt, by high Jump* diminish tbx product* of hin In diutry, thu* augment hi* hour* of toil, *nl deprive him rf tha time drained by hi* Creator f>r th* acquisition ol knowledge Tftew law*, also whiiat diminishing the wanlth o 1 r utton*. produce diccord ht-tween them; each by l>>*k Ur.II. pronlalminit varuoonth? in-in??rv of all oln?r*. I'pnerfrea trad*, aaeli nation will profit by the labor of every othejr; each will employ It* Industry in lhn*? pursuit* for which it i* bant adapted and th. lurpiu* ot each b? thu* exehrtnged with the other by a reoiprocai (I'mmirci. beneficial to all partlr* The true luduhtriti ini?r?atv o: titlu ut ?r? i ientlcA.. and, ff YO ING EDITION?TUES: in exchanging with each e'her the produeU moot cheaply produced by each, labor everywhere l?eneftta labor. man bis brother did, and nation* each otht-r; and their only antagonism la introduced by huinaa legislation The doctrine of free trade ia the peti'ion ot labor to employ itaelf everywhe e in those pvriuit* best adapted by nature to every country, and yUldia* therefor in mob the largest produoU and bigb>tt wa|ies It lofka up< n our race everywhere as friends. a, brethren, ur- equal in right*, and united in interest and destiny. Rightly unutr?tood, there is perfect uaitj of ibterebt between man ami manand nation and nation, and between capital and labor. We ree tbe ben* At* of reclprooal free trade amon< ail tbe Statea of this Union, although their w :<es, producta and abrica are as various a* those or separate nation*; jet all the Statta And it to be their true interest to admit freely the products of each The ben?Ata of tbis unrestricted reciprocal commerce constitute the great bond of interest, constantly augaentlng. which keeps together the various parts, but If tbe prjtective doctrine be true, it would l>* the real Interest of each and of all of these States, to impose uuties upon similar produots in other*, for the protection of the peoplec' each State. Yet clear as ia this proof of the benefit* o reciprocal free trade between the States of this Union, the principle as a (juration of political economy, ia the same extended to tiher Ntatea, not united with us under the saite goveri ment. '1 hs difference in their political institutions cannot alTeot the great, principles of commeice. The local laws of Ohio and LovULni of Mirsisrippi and Massachusetts, are more variant, In ?nme respects, than those of many other States beyond iuc iiiuhp i>i iuc ^uivu, now, wiuini, we a':Knitirie the benefits of reciprocal f: *? trade between then? four States, thun dfTrrlug in their local institution)*. wag?n, and ptoduvtH, tile protectionist* deny that it would be beneficial toectablieh reciprocal unrestrloted cuma-rue with other States beyond our limit'. Vet variant forms of government can rnako no difference as to the rtciprocal benefits of coniatriiH If free trade be beneficial among republican States, it might at lekst be extended to them, although monarchies wtre excluded ; but none will maintain tbat iutlons should restrict their oorameree with eash other b*cau-etliey diller in their fnim of government. Although governments may differ. we are one raoe throughout the globe ; the tolling millions who inliubit it have ene interest, and as a question of political economy, the benefits of free trade must be the same, whether extended to States within or beyond the limits of the same government, and each State though separated hen after by some catastrophe from every other Sta'e. would be alike still benefitted by reciprocal free trade among the whole; for their oommercial inteiests would not change with the reparation fr nil the confederacy. A Congress representing the several States of this Union, perceive how injurious would be the effect of a tariff by any one, upon its own interest, and that of all the States Now trade Is not gecgraphloil or political. and If a Congress of delegates from all nation* were assembled, they would soon perceive that commerce was a unit ; tbat it was not looal. but international and that tariffs by one or more nations on the pioducts of others, were jurt a* injurious to each ani j io an nation*, a* wonia Of a farm in one Statu uptio tbe produots of All the other.State* of the Union. If, then. In such a Congress of all nations. re ns'Hrobling from time 1o time, tbeir several tariffs were discusted. and their irjuriou* i CTect* up' n caoh and every other nation deinonetrated the whole protective system throughout the world would fall before the lUhtof ucli an investigation. Whenever the lawa of nature are beyond the reach of man, there is perfect ordsr undtrthe direction of Almighty power; but whenever i n au can di.turb there lawa, d'scord add injury are I sure to entue The earth, tbe aua, and counties* l systems wbt eling through urivernil space move onw ard In perfect order and beauty ; but even the haruu ny of the sphere* would be disturbed. if the legislation cl man could interfere and arreat the lawa of nature. The natural lawa which onntrol trade between cations, and regulate the relation between capital and profit * on the one hand, and wage* and labor on tbe other. are perfect and harmonious; and the laws of nan which would effect a change, are alwavs injurious The laws cf political economy are flxei | and certain. Let them alone in all that ia required of i man ; let all International exchanges of products I move as freely in their <>rbits, as the heavenly bodies in their epberes, and tbeir order and harmony will be as perfect, and their results as buneflcia', as is every movement, under the laws of nature, when undisturbed fc> the error* and interference of man. If labor I* dear here and low abroad^ ia the exchange of product* we get more of I heirs for a (mailer > of our*, aiid gain by the exchange. The cheapness of foreign labor ^ #|l ^ument in furor of exchange with vm. Thus. If We concede a'to linens, that Kur>pe, from cheap labor, eouid afford totell two jarls for wh|?t one would orft here, it would be our interest to pur- I chase from them at the reduced price. Dut acordi?ig to the protective tb? ory. the cheaper the toreigu iabor and tbe lower tbe ptlce of it* products, tbe mam should we exclude them by higher rate* of duty. In the absence of duties, we will exchange our surplus products for their cheaper fabrics, and our l^oor being applied to tbe production of article* thug exchanged abroad, wave* vtill be enchanoed here by obtaining mure ex teudt d markets for our product*, and getting lor th-m a greater quantity of us-ful article* at lower piloe* In the absence of tariffs, the division of labor WOQld be j according to the law* of nature in eaoh nation, and the emplus of each would be thus exchanged among the whole, each en ploying its labor only in the moit pro- . ductire pursuits, and therefore the aggregate profits would be largest. If labor were so low in any foreign country mai iney coma liirnirD us gooUrf ac idtnost , nominal prices. an \ these cheap article* were such as . we warned here, it would b? our lntere?t to purolm?a | thi m in exchungefor our product J, and the clieap<-r ; the foreign articled, the greater would bw our gain >? the exrbange It If a Grange objection to tu? purchase 01 fi ifign article* that the price is too low The argument that we mut-t encourage our infmt nanufacturea wi< always fallacious, for they would encourage themselves as toon as the country wa? adapted to ibem. Cut are they now infant manufacture* ? '.Ve have called them so for sixty years; and will they n?r cease to be infant manufacture* until weaue 1 from legislative j rotec.tion ? On the first of February next, the niaikets of Great Britain will be open to our br -ai- | stuffs, at nominal duties. Shall wa enlarge the mark' t? for our products, by selling them to Great Britain la the only wsy in which she can purohaae them for a series if years, by taking in exchange suoh ol her j fsbiics as she can sell to usat cheaper rates than we can make them ? I n the farmer or planter, this iajuat a question whether be ibaH have two markets tar one. o* . whether he shall sell more at a higher pri##>M les? ana' at a 1c wtr pi Ire If It be our Interest to ihevnt BritMU fabrics, it would be theirs to renew their corn laws, and [ exclude cur breadstvff* from their markets. ^ It is raid that other nations will not take "ur ) ducts in exchange for their fabrics; but. with rea^^H cal free trade, they must take them by the unn|^|H rule that the purchaser will buy the cheapest artlHH without inquiring whether tbejr were made at home or abroad. To force our industry by protective duties Into less productive pursuits, by forbidding these exchanges, is to increaie the amount of labnr and diminish its products, or in other worda, to force our w< rkmen to labor moce and receive lew. The people of the Union, as consumers, pursuing their true interest, if left to their own ehoioe, unfettered b) legislation, will purchase the beet and cheap- L est articles; but thta is restrained by law. and the aft- I turners compelled, by high dutlea, to purchase onljn^Ha chiefly, domestic articles, because this, it is said,^^H encourage heme industry. But the forelvn imnortlHI been purchaeed by some domestlo export. The birte^T may not have been direct; various factors may hive Intervened; bill* of exchange may htiK bxrn used. or eoln may have adjusted occasional balance* but in a series of year*. In the aggregate, International trale la but an exchange of products Thus, the fori Ign im port being exrbanged for same American export, our own bone Industry, which produced that export, his been better encouraged than if forced by law into some other pursuit, rend*red profitable only by hljh duties. The temporary high price of labor in a particular employment I* often imputed to the tariff, but if it be conceded that the protected article* are thus enhanced this additional price paid hy the consumers ?o much capital taken from thrm by the tariff to the full extent of the Increased price, which atbsr?l?e would have constituted a tunil for the employment of labor and the payment ol wagrs. If. then. ao>thing is pained in the enhanced price, by a particular brancn of industry. It is at the expense of all others aod uiu?t rtrult in a diminution of wnres, defending. as they do. on the aggregate profit of ail the capital and labor ; of the country, and not upon that employed In anv particular branch of Industry. Thus, while waijrs may be temporarily augmented in <ome pursuit* favor ed by law. they are diminished in all other*, aud ihe wages of a great majority of laborer* would be reduced. and Anally,ol all. From the diminished aggregate capital tbere follow* a diminution in the aggngato wag>* paid in a nation A vast majority of the labor ot this country is employed In agriculture. commerce, navigation. and the no n-protected pursuits; and if the.*e are depressed, their profit* are reduced ?the wages of those einpt?fed In such pnmilts fall-many are thrown out of enip'oymint-an J thus a general fall of waje? enpui.s an I the protected mannfactnrtr eventually obtains labor at a ti ry rertuod rate. The effect of a protective tariff In | truib. Is not to enhance wages, but to dspress them, j atd to render capital investtd In manufactures more profitable by enhanced prices of the protected fabrics Wages throughout the whole country become lower than they were before, because the aggregate profits 1 of the capital of the nation engaged in all It' In dustry 4s almirlrfhed Wages In one branch of industry cannot I'e high when they are low in all others, for wage*, like all other commodities, unfortunately will s<on find the same level. T?i* agitroRate profits of ail the labor of the country, and not of any particular branch of industry, constitute the fund out of which wages ate paid; and If that general fund Is reduce.I b/ d.n'lni-heo prcflta, wage* throng-out the wh ile o?un- 1 tit muft eventually ft.I Ir, then. the great inaM of 1ab< r in thl< ootintiy, and of e?|>ftat.l< In rooted In HifTtculture, commerce. navigation, and *uoh branchet of | ImluMry n? rnjuire no protection, and tbene purnnlta i re Irijutrd by a protective tariff, either by (Ilm'.n'uhin* , the market for the (urplna raited by thoae thus employed, reducing the prlne of what they ?ell, or compelling them to pay more for what they buy, there rnuat be, In time, a gi'Oeial fall of wage* throughout thn eountiy. even although a particular brinch of Indus- | try nay have baen rendered more profitable by a pro- ; t. i-ilve tariff Thla duty, than, instead of protec'lon j la a tax tipon the whole industry of tha country Inrait- | ?d In pnrfultd requiring no tariff. Nor la It any iniHgattnn, but an afgravatloo of tha e? 1, looia othai naticue lot} > ? bl(UUuiieacn , RK E DAY, DECEMBER 12, tbeir own ooaifiHEPm of foreign product*. Thrt fnrHl/n duty may < r may Dot prove ii jnrious to our industry. If ti American article Ik ttill, In ?on? oaten, m>I?1 abr< ad to ibwtrconiiunitirK. at a price nLhanced by their

duty, the injury may have Wen to th*t exten' to them (nly, and not to us; but when, by way of relieving us fnm this Injury, whetber ri al or lunigirmry. we irnpoie atsxupcnour own people, as coneurneru by compelling ttu ui to pay high price-i tor foroign product*, by hgh d uties, we ODly augment the evil, Reciprocal t.eetiade ih bert for all. and reciprocal h'?h duties, worst. Wheu it iii raid, if nation* tax our p'ocute by bigh duties. ?n inu-t (ax theirs in the fame n atiDer, we forget that their duty on foreign imp iris tailH mainly o j their own people, who purchase such imports, and no, like wife, our tax on foreign mporti falls chietly on our own people who pumbase tbem us buy nuoh imports ait we desire. at low price*, and the U llerence ot price that in thus saved to our people is Be much gained an an additional capital, to encourage cur own industry, to iuurcase employment and tile wages 0] Inbor. But if the system of re<-.lproo?l taxation In wrong, what argument oan be oil. re 1 lu favor of bijh du'.les upen tatricsof foreign nations, when they receive oor exports at a nominal duty in exchange.' Formerly our protectionists admits d that if (.rent Urilniu would freely rtceive our breadhtulls, we should take their fabrics at low duties, or tree of duty, in exchange. 'Ihm the criu laws were in full f.irce in Great Britain, and it was supposed would so forever remain. But the (.jsteni was repealed, aud our ohief agricultural products are cow invited free ot duty, or at a 'lominal duty on the 1st ot Krbrua y next, into all their ports. Our pit tec ionist* now abandon their former position anu maintain that it injures our farmers to puichas* Biitirii (Union at low prioes. even though Kugland will lake our breadstuff* at a nominal duty in ex< hau*e Wage* can only be incjeased in any uitlon. in the aygrigafe, by augmenting capital, the fund out of which wages arc paid,and thu capital gained by saving in the diniinitbeu cost of pioducticn and prices to the onntumtis. will invent iti-elf in new pursuits. neoessaI'ilj augmenting the demand for labor, and, as a oonstijuence, its ug,;rega?e products, profit.* and wages. On the other hand, the deduction or diminution of Ofcjpital. by destroying or reducing the fund from which labor li- paid, must reduce wages It Is not, however, l<y the transfer of the Fame amount of oapltil by law from oei pursuit to auotber. that the aqi;regat? capital acd profits (f ua'ional industry can be Increased, but by the augmentation of capital, whethvr by (aviug or otberwli e, and the radical d-feet of the ras'riutive sysl em is, that the tariff never augments capital, but simply changes the nuriuits in which It is invested. and". therifore, ran never augment wages. On the contrary, it mutt in the aggregate depress wacm, by prtvtnlitig a raving of c*pitul for the employment of labor uua the increase of its wage* Our aigumenti fur low duties, a^ hos lieretore been conceded by our most distinguished protectionists, ib(.ur?*d the rept al ot the Britishcorn lacs. Arguments hue in favor ot protection, piesent to all nationt) the euppoted henetils of lortriclion, and would therefore per?>uade them ?I1 to enact high tariff*. Our argument In favor of free trude appeals to all nations to redine their duties on our product*; whereas our argument* tor protection, are HUM offered to all nations to raice the duties on our experts Our arguments would persuade them all of the mutual lwnefitn of reciprocal lite trade, and teach the doctrmc of international unity of iri erests; wl ereas the other attempts to Srove, hat their interest* are anfagontstlcal. and will e best con ulted by each indicting the greatest injury upon the other by high tariffs. The one would be read abroad in the r legislative and executive coureilo in f ivor of a reduction of duties on our products ; the oiher would be quoted in favor of increasing such duties. High tariffs should be most useful wh(re they nrn the BOSt ellective Let us take the interior",' New YoiU, i?n<ote not only trom the ocean. bu' f i lro?d.>nnd canals. Now. it the duty were cent on the import rrriving at the city of N. or its vicinage, thut city, a ud its neighb'Thoo he piotcotive theory, should he more tujured by imputation than the inteiicr of ihe S ;ate, the fr> to which. on many tiieign articles, might nd lty per cent to the cost, making the whole enha nt of piise forty per c-ut and thus operating ai> i tile prouciun iu tl.e Interior, compared with i ceabcatd. Now, if tb>< lestiictlv* theory be true, thi retldeufc of the leterlor, being better protected, the ta riffaU rrngr.t on-.n-T"re.aZ ur,lcle ?P * "??? ,a double duty. ?hould be more prfu-o *ou# ib?n th- re?t- I d? nt of the sea boaid itm the farmer's proauew are c gntH upon the fr-* tttard, acd lower at ersry point as we retire from ft; lower at Albany and Buffalo; Mill lower at, trlu, Cleveland. Detroit Chicago, Lasalln, while t 'I e prioa ? fall the firmer buys is proportiooably f uh.anced, and iu thii u but the fuel that his lands are cheaper In proportion u? tbey ur? remote from the foreign n.Biket. erables him to sustain the competition. The piot.ctive syi-teru in ngrxrian. and a war upon property It attempts to organize labor anil capital by law. ai dirg '<> 'he profit* of odd pursnit. b.v reducing thai ot auotbi r. It Is Incompatible with the security tf capital ?r labor, tor capital Is but the aocumulxtion ot the garni- cf labor ; aud, therefore, whatever dettroys the security or profits of eipita1, te ults lu an tq-al i j'try to labor, lies des its lijurlius elficts U(On Industry, it It) an arbitrary and d?sp: tic power ; and if tha people should become a?cu^'oned t> its ?x?roire, looking fir legislative support tsd protection, It would tnrminati in a struggle or the n and dstribntlon, by Congress, etiry year, ot prop?rty. profi s. and capital among the favcred claeres. No legislation of man , an obangs the law of capital snd wayer?namely, that as capital HUKtnert". beirg the rouice from whinh w?g?H are paid, I there will be au increased demand f?r labor, and a conM que tit addition to its reward. Capital and wag** are the weights in the opposite sides of tiie scales, vibrating UDUtr unchanging laws? wape* as"eodmg as capital is augmented, end descending a) capital is reduoed. If'the*. we would augment wages, as every lover el Diiitkicd must de?lre. we must Inoraaaa _oapltal, >.!? fc i o tin 'II or oiiranization of labor taatfett, although it rra\ tr?n tVr capital from on* JM^^klo always diminishing he apgreffCtfl| Hfc Wfc' re the tran ter is orced by law. The belief is erroceous that, as manufaotaq^^|y create in number. ?kill, capital ard products. they^^H p rfttsate high tariffs. U'hen tbey attain this coflH| tioB, srd their fabrii s exceed the b<>nie demnnd. tfiajpf w 11 d?nre frietiade to open to them the foreign mark ts. In England this is now the care, and their nMM niifaciurt rs are the great advocates of free trade, a? j o*r manufacturers, in tine, will be. and ultimately! u1.11e wiib a 1 o'lier olaMM in desiring the abandon- 4 U't nt d the repeal) v: ii r dp er Mr Grenada, that fceign koca* may war* bouses and land< d In our potfliMvfl^^^^^^Hj^H the Oulf in the raire mann?-r that ?d in any } ort may be taken IntoaaM^^^^^^^^EI another. To jievent frauds upoa be necet unto provide for tha aMoiatSl^^^^^KJ 4MMUUU W?MMt?at Ckacxa a?4 Pani^^^^^Kj |^^HtoMWpMpM^ttfcoriredby Bfl w\ of the \ by tha River. be as to t-Uch rHBPn nity be m tl i i?('t:cahlr!T^^^^r7n?ry ebould be eatablished at the tn> nth of the Rio Grande, as well an at (inch otheipoint* on that rivers mav be necessary to guard ourie vem.e land from invasion on that frontier and to secure tbe interior trade with Mexico by th<M? routes The diauknckrfdutyahouldslsnbeallowi don Rrodsexport?d toMonterey and Snltillo and perhaps other important intriior towns in Mexico,on the name conditions as are now applicable to Chibimliua. In recommending the emulations before referrrt d to for the transit of goods ?crcs? the Ihtl mus of Pan: o<.*, I wou'd respectfully ruppett the extension Of the same privileges to the routes if the Mexirsn Ifthmus ot Tehuan'epeo by I ake .Nicaragua, by.tbe Hio Atr. to and San Juan, to go into effect whenever the fame rinhtof transit can be nbliln..iir>inn?un k!. ... .11 n? ih.c. rente* may be travered by railroad*, ar I iray become impcifanta*wrlla*thatb) < haercr hk<I Panama fir our fute'gn ai.d oo**twi?e coirtmrce between the two grxat o< i an*,** wel' af for the interior trade with Mexico, New ( riDida, and Central America. and the transit by the V.exlran luthmus would be highly advantageou* to tha ^ht.e cor.ntry, but rrpeciall} t? the valley of the Mi*. iir*l| pi. end ite itimt depot. the city of .New Orlean*. to near the 1'nclflc. by thnt new acd Important route In connexion, alto, with our supply of the preoiou* metal* ficm the interior of thore oountrie*. a* w?ll a* frrm Peru and < bill, and the transportation of our own gold *n<l other Bimetals California, the*e route* may all becomo useful. Hie ccllector of San Diego should le authorised to appt.iiit a deputy, at icme point in our territory a* r.tnr h? rat J be to tbejuntlonof the river* (ilia and l Colorado, fctthf head of the Gulf of California, with a lit* to ar tulnre trade on that fiult'. as authorised by the leoent tnaty with Mexico, in connexion with It wer < alifornia. and the adjoining Mexioan S!at?* of Sonota and Sinatra. no rich In the precious metal*, and containing the important port* of Uuayama* and Maratlan I rtnew the rtflftmmecdatlon heretofore mad* by me. for reciprocal free trade between the Canada* and th>' Ullltl State*, in all article* of the growth, marufactnre. or production r.f either country. I tici mmend alto the parage of a law tendering a similar reairn city to Mexioo. It 1* Known that the Canndu, with the curie tit of Ureal Britain, (and it i* tellived New Hmn*wlck. al*o adjoining New Kng>and) would cheerfully accept iht* reciprocity. The advantage to the Caradai- would be great, a- well a* to onr pert* on the lake*, the St I.awrcnee and the Atlantis, eecrmpanted by increased toll* and butiner* on our Intermediate railroad* atd canal*. mill. .? if?i ? ? m UOW mvlrlng bar tariff, 10 rich In pracioua mataW and dyaMu>r? andotfcer raw irnteiial of manufacture*. with whr>m It In cur true Interest to rnoouragit the mm*. frl? Billy relation* and reciprocal and unreatrlctad commerce, although *he IB ay not at onea enact a re elprocal utatnte, yet It U clearly har interact to do ao ; and with ?uch an afTcr (tandlng upon our (tatute would reoeWe the attention of that republlo, and In tlira ha adopted ; and meanwhile, it would preMBt tc M? ulco ibe beat trident* vt our M'lvW dr?tra . . . - . _ _ ? - - ?- ^ [ERA 1Q>(Q lU'xw* to maintiin with her the mint friendly relation, to- I gather with ir?? and reciprocal comiuerc* and Intercourse. The Mexican tarill, prepared bv this department and enforced by the President of the United States, with a view to military contributions in Mexico, added ! several inilllona of dollars to our means during the reI cut contest as well as aided the credit and loans of the government It was a new but most salutary ex! niui>le set to belligerents In all future wars, not to destroy their own commerce, and that of neutral and \ I fiiendly powers, by embargoes and blockades of the | poits of the enemy, but to diminish the evils and ) losses of wart by tnccursging our owu coinm?roe and tbat of all the rest of the world, with the | enemy'n ports, at more moderate duties, and %t the Fame time devolving upon our enemy Instead of ! our own people, as large a portion as practicable of the burthens and expensed of the contest, so as to j bxing It to a sptedy and honftruble conclusion. This example, so fav< rable to neutral nations, mitigating so n'uch the losses of wars, substituting commerce in tend ot' embargoes and blockades, was viewed with h!gh satisfaction by all the pow<>rs with whom we were at peace and Is b iieved at the same time to have had ro inconsiderable influence in accelerating the peane with Mexico, 'ibis metis1 re wa' a ?t?p lu advance in the progress of commi-rce and civilization It was ait exmiplo worthy to be set to all nations by th* Lnited States and whs so warmly approved by all countries, tbat if. unfortunately for mankind. w?r? should hereafter occur, and eupecially u general F.uropean, the danger of which many apprehend to be Imminent, this American precedent would probuhly be adopted by other powers, leaving all ports of the mtmy opened to neutral c^nimeroe, and the oonsequint (jam to our country incalculable We ithould ! not only have gained the great principle for which wo have so long contended, tbat free ships make free j goods in trading with the ports of a neutral when in fcer own possession, but we should also terminate the ?j?tnn ot actual uh well an paper blockade", anil lf?ve our I'omDeice uninterrupted in the porta rf all the belligerents. This con*idera'ion is rendered morn a.i u cntous hy the fact that otir future position, it is | h<i| ert in ill time to come, will b? tliat of a neutral, and that an the result in }>art, of our wonderful miliary power, displayed in our recent glorious achievements and unparalleled victories, as well an from the I di relopeir.ent of our exiraordinary moneyed re.murces, | mote than cue hundred millions of dollar" having been r.tiered by our own capitalists at a premium, for a government six per cent stock, up< n a iVHrtisenients, for less than one half that sum. we shall b<* permitted to or joy hereafter, the blessings of uninteriupted peaoa with all the world. Among the Important result* of that reduced Mexican tar tf. as prepared by this department, is the light tbr- wn by its operations upon the commerce and reVenue of Mexico, and the demonstration thut both would be augmented by Its provisions So strong has been the t fleet produced, that a proposition to remove the prohibition on nearly all our export* to Mexico ex- ! istng undirthe o!d sjttem, was carried in one House, a', the re< ent session of the Mexican Congress. leaving, | it l? hf ped. only the details to be perfected at some fetor* Mlaton- a mtMUl that|would open new marki ts to our products and fabrics, prove highly beneflciul to Mexico, and unite the mighboring republics > in the more intimate and friendly relations of an ever icon aMng reciprocal commerce and Intercourse. I lenm the n commendations c ntained in all my annual repcirts. for the establishment of a branch Mint of the United Stat?s at tho city of New Vork. , Th?.t city, cur great commercial metropolis, Is I ii.g to its ultimate position (so Important to the wi ole country.) a? the pmporiuu of universal commerce, the centre of international exchanges, and the ftorrhoui* Of the products of the world. To attain 1h re itt. we must, secure for our great emporium (in | 1 I petition with foreign oities ) thu command of her pro] i i in and bullion Now,it is clear Mi.not be coined and no re-ooin- ; in-' taKe piece th cannot he accomplished. America j is the great o.i ntinent of the precious metals. They j are low found in extraordinary <nia.ntiti?-o in our own I n ( H and to a vast extent ia countries adjacent; , jet nesrly all this ct in and bullion In diverted to other : countries and especially to Great Britain. b?lng one (f the chief instruments in aiding that country la ii airtnltiii g h?r commandof the buslnesa ol'the world. | By steanfTip* and by exports of her own products . sud fabr'cs. she accumulates ooln and bullioa in Lon- ! don, acd provides tor their coinage and re-coinage In i the least time and without expenr** ; and yet, In our rrrT"*"11*1 "*r,n'"''"ru. w? have no Mint (reveo a I brunch Mint, fori the impoiUBt process of coinage I aid re-coinage. fr we would cnmmitnd the oomm^rpn | of all natl< ne, It must be through som# one AincriaAn 1 cemmeroial emporium. the great centre of our own trade and business The history of trade demonstrates that m ir.e such gveef^ joint in indispensable to enable liny nation to crir,n:nnd universal commerce, and that luch concentration, at some one city, Instead of injurirg other cities, or parts of the same country, ia of lirmeuse bn-etit to all. There cannot be two or more Unavcial centres of the fore'gn commemo of any nation, any more than there can he two or more centres of a circle. The seme principle of the centre of tf>e tiad? of a nstion applies to the trade of the world. There can h? but one such centre for the world, and but one for < ach nation, which, in this oountry. from natural causes, must be New York, where the competit on must soon commence with foreign cities for the i c? ntri 1 of International commerce Now, as the com- | mand of tVe ipecie of the world is r.f immense benefit : to our whole country, and can only be secured l?y making 01 e of cur own cities the centre of universal con,mi rce. it is Indispensable to succes* iu this great i American enterprise t ht specie and bullion should be lnvit?d Irom ail the world to New York, not l?y any urjuit advantages, but by giving to It ei{U?l facilities with our other cities for coinage and re-coinago. It is not for New York merely, or for ita commerce, ' that this mint is desired, but for the beneOt of the whole I nion. The storehouse of the goods and the ?" ^ L'WUUIUO HI" PVUirilllUBO U1 Its specie. Where the commerce and goods are, there the repre?entativfs of their velue must b? also, and there. also. should lie every facility whioh a mint It increasing theft* circulating valurn, and hem Into immediate and active u?e, In oh might he desired It in in vain to say * or bullion brought by our commerce c can bn rent to a distant point, where lint, with hut little delay, risk, or I* clear there muft be noma risk pence, operating as a tax on the bur commercial emporium, and to that ing unequal her oontestwlth Kuropean rtrea 1 commerce. Coinage and re coinage mediate, without any risk, expense or deIght be said, as regards merchandize, with me truth as is urged in relation to specie, d be no Injury to the commerce of the it and cortly article* coHld he rent at but ife, risk, or delay, from New York to some there to be stamped, marked or labelled, to New Vork for sale and distribution in markets or our own country or of the me to be forgotten by thoje who present iits. that in a great commercial capital, ss to the amount of millions of dollars is om ten to three o'clock, how important the delay of a day, nay. often of an hour, > disastrous, and change the balance of Merchants and men r.f business should to exchange their bullion or foreign coin in a few hours or moments, as could be ui'ut* ni * jmrtt. or receive at our mint certificates of deposit, which rften might he to them of the greatest importance. ll>e trnde in bullion and itself or.e pr?at branch of commerce, indispensable ! the transaction of business, and especially of loternatlonsl xchange. alrrhdy ?xists toagreat extent in New York; but is limited in diffusing its benefits to American comn erce and exchanges, by the want of a mint. Now it is subject to expense, risk and delay, to put it nit' a foim fur circulating values, that delay being ita?j' a great less cf capital, whilst the tcreign coin, cod stiiig of denominations unknown to the great lc<*. of our people, la almost ut-ele** ftr the purpose of get.. ,al circulation. It is the rapidity of the circulation of coin that givea it its chief value. and accumulates capital, by the i pei fly lea lira t ion of profile ; and the American eagle <<r half tag!*, and our other decimal coinage, might, In a few months, perform more of the functions of n>nni y ucd | km n ore rapidly through a greater variety of hauds. than if it were In some foreign and unknown coin, which wi utd nrt circulate among our people. Hence it id that a mint at New York, to give activity to n.r specie circulating capital, by converting it at into American coin, would be of vast Importance to tl e whole I nion Credit. when based on real capital, is highly benefleinl to the commerce of the country. And specie is one ot the main pillars upon which credit can repoee with atMimrd confidence; and we must have that sn? cie hb the beM* of mirh ii credit, at our eommrrcial i u ] rriiun. if *< Indeed deOre to make it the rmtw of international exchange*. With a view to augment ti e circulation of our own coin, in our own country, thi* l>?p*r'ment ha* arretted. ft" fir a* practicable, tb? payment ot t<iei(, n rain out of the Treasury. requiring It to be reclined into American coin by which tneann ittfs been enahltd. between the lot of Mtirch, 1H45, *r.<l the :?)ih <,t October. 1R4H. to coin at our mint* (per table) the turn of f3b.717 7<>0 fi, which, from tl l?t of March, 1H5 to the lat of March. l?+!>, niu*t f xceed ><0 0CO COO, being a larger *ntu than wa* coined In thirty eight ytrtH preceding, from 1703 to 1830, in clntWe But whii't i.hi' Department will hue coined, , fiom let March, 184ft, to lut March. 184W more than #4(i 000.100, the amount would have been angaiented to the extent of federal million* of dollar* e?ery year. If there bad been a branch of the mint at tbe city of New Vork Thi* la proved by the fact that mo*t of the foreign erin *ent from New Vork and oilier peint* to Philadelphia, for recolaage hm been tbat portion which wan receWed f<T government due*, and tranrterred mainly. t??t by lb? people cr merchaneta, but by the order of thi* Department. frrni the nereral depositaries; and but llttln e'ln ecmparatirely ha* g?ne tmui Naw \ ork. trainmitted voluntarily by lndi?lduals for re-coinagn to Philadelphia Individual* will not to any great extant. futject tliem>el?e* to the rl*k, expen?e and delay of thi* proee**: wherea* the whole of the coin and bullion amounting to many million* or dol.ara, that cornea to New Vork by the operation* of commerce. or by emigration, now a very Urge ran, wrn'il all be >hanaed Into .American coin if fbarn mist at lhot city. Having no braush at tho ?r*at 1 ot litre cf Am?rlran rotnmvrco. our mint, notwHh 1 utindtrg tho groat ability and fidelity with which llii bunine** In oonduatod at Philadelphia, la not to tho oxtont it fhonld ko, the mint of tho pooplo. and oonvonirr.t for tho e?in>go of thotr bullion a'id for. I?n ?..Mi tu ti ptritlly t he luge ami out tr< u?hi Ij tu.graut* LD. two rvntc * ?? V/ x U* into the Union, estimated at|tft,000.000 per annum; bat In uied chiefly? ?o far as regard* other cities for that rf tbe govert.iEent; wbereee it ought to be the mint of the goverrment and people, and for the beoeQ'. of both, and can only fully bee< mr no by the location of ? branch as recommended The amount of foreign coin recoiced at i'bilidelphla. frrm tba 1st March. 1815, to SOth November. 1848 on transfers ordered, or depoaite by < fllrers of tbit* gavrrnmr nt there directed by me, as per table hereto annexed was )11 4'i'l, 1H1 being nearly equal to the whole remaining coinage there during the nine period, including plate and bullion. The branch mint would be most important a< auxiliary to the operation* of the Constitutional Treasury, for the present Assistant Treasurer at New Y>wte, would then become the treasurer of the branoh mint, and perf< rm both fuuetion* precisely as It Q'Wdont ut I hiladtlph'a and Ni w Orleans paving thu expense i of sn incriu'o of i fHcers preventing d mb!e entries atmI payments, and simplifying the rperations ?f the I gmeimient; aiidtnlhn government and m*rihant, the risk and cost of the double custody, and trausfer . i frc in the collector to the Assistant Treasurer, w"u!il be e ntirrij saved Kroia the Ut of January. 1817, to i'C/th November, IMS, the merchants of N'ew Vork piid to the collector, (per table) fur duties, the HUin Of >06,.' CO tt"8 yti in specie, being two-thirds o the ag<r?gete payments In specie f ir duties, in the II oion. Vet, whilrt the government exaoted from these merchants this Immense sum In specie for dutieo it fifuJes them even a branch of tba mint, where bullion ran l>e coined sod foreign coin re-coined. the mere establishment of which would attract there so much specie. and render the payment of I bin large amount so muoh mora nsy. '1 he amount of specie received by tba Assistant Tieiifiiter at New Vork.fiem the Ut of January, 1847, ?o 3( th Nt v 1848, was $,fi7.'<28 ;ifl!>, and tbe ooia <!! huried hy h!m there during the same period was $50.4I'd 2l!) n ailing an aggregate of f 112 824 038 (p^r table) With a branch mint nt New Vork. the the traa. iMt tirn cf business would be undisturbed by tha opera lir ns of the Constitutional Treasury It is (rue. that even with such a branch there, the collf ction of duties in sp"nie would operate as a check, Ml i pen the isi ues. but upon the over ia^ues. of their bsnl'c ; n gentle and most useful check, restraining t> eir own it sues, and mitigating, if not preventing.those rev visions which are sure to en-ue when the business of ti e I silks and. aH a conn nuenre that n!"t h?enimkrw 1? u uduly f xtendt d Credl; in useful, and mrwt a'tuui hiiI only when It in baaed upon capital anl spesie. ar.d a legitimate bu*iDta-< arid commerce. Hut whec it is Hretcbed bryond tburnt limit*, it necessarily produces revulsions. aUastrcua not only to the parties involved, but to the ooDiiiirrcH and business ol' the whole t?tuntry. It in thin fatal tendency to over issues, and tin- too great and dangerous extension of their bualni rnwhich constitute the greatest obj-totlnns to our banking syeti m. and tbo.-e bank* which are based on m som.d capital, and desire to conduct tbolr biislnes# advantageously to thiin.'slves and to the country, oi'ght to tejoice that t-ucb others a* would transoend title limitn are cl eckt d and restrained by the demand frr coin, rrtat'd by the speoie receiving and apeoiw circulating Constitutional Treasury. During the year lM7.?heu inore than twenty four millions of apecie werebrougbt into the country, and. to a great extent, paid in for dutie* and loans to the government, had this c< In gone into the bank*, as under the old State back depot-it s>stem. to a great extent, it have bten ni*de the bat-is of un luflated currency, far exc eding < f 1 b!U? and wruld have been folio wed. upon tl e t-uddt n fall ot the price of our bread'tufTt and staples, and Ihe turn of exchange, and llow of specie out of the country, by a revuUion me di?aitrous than that cf 18."7?the fall wmi'd have been a great 'r inflation to a lower depression. the intensity of tbe dianstei being augmented by loat* and expenses of a foreign war. by tbe drain of eptci* to sustain immense aiinie.-. in foreign countries, by depreciation of governn ent leans, anu tbe fall of the government credit. The public credit under that sjsttm being inseparably c< i lit i ted with that of the banks as it? dtpotltoriea, the government hating no specie and depending upon tl eir paper, its credit must have fallen with that of M'e bimAs as happened in 1S.17. and during th > war of 161'2. niiil loans tor i-pecie (whioh were indispensable,) m.rild c> have been obtained a* It km during that runiuus CiKcunta. amounting to millions of d" I nr? pi r aiinum iLKteadof these sacrifice*. th? ptiblls credit wae malntaii ed throughout the war. and it* ktocKt tc'd for hifeh premium", instead of ruinous difCfunt*. A whirh hus operated so benlflcially. both In ??r m d in pi nee. miift in the main be wiae and *?lu'iry ; but it would be ?tiil morn so it (he aaj-n Jm?nt?, fctrelofire recommended by this department, w?ta> m't f f> 0. ft peef? llv bp r en?ids tho cecurifios for dmTitiff?-rr flits, (wiinont which tbe system Is nit safe > iirul the establishment of a brunch mint at New V-r ? , ft' h most Important Auxiliary. With these amendnit nts. e fleet i rig ni ne ot the piinclples of the bill and i ffecisily its specie receiving and specie circ ilating clhU/es, it would so cointneDd itseif to the whole ontia try, ?cd prove so benefit*! to ittf indui>;ry. oomm-roa, iid business, as to become our settled policy, undisi urbed by complaint or opposition from any quarter. Annexid will be found tables. communicating. ii compliance with the tw? uty-second section of th? act of the 28th of January. 1847, the infirtnttlnn notified by that act as r? gutd* tho issue, redemption, I urchape and re-issue if Treasury note". Oae statement i-hows the payirents into ih'i Trea?ury on aocount 11 the loan of 18-1H Another chows the an >un\ ct ijirie pull info the Treasury from all sourosn fro Oh lft of January. 1FM7. tot he 31 it of October. 1848, rn.o n'ltp to 1!'l 41-4 tvj.". 56 and the disbursements in tyi r e dunrg the same period, amount'ng to $92 142.612 ">0, making an Aggregate during that period, of roce'pth and disburremmts in specie, of $183,027 -'134 84 I iiti? r the act of the 31st of March last authorising a Ii sn frr a rum not exceeding sixteen millions of dotlure the depmtment on the 17th April last an>l for 00 days thereafter, advertised the proposals. This advertii i Hiriit win published for 60 days, not only in th? nvnil newspapers In this city, but also in ttie paper* j ublishing the laws as authorised in each of the State*. tid with a view to more extensive circulatien, in each (1 the daily pspers in the principal cities of the Union. i rr propoFHin <rr!? nipn iniidH known to our ministers and consul* in tho principal! cities of (Jreat Britain nd the Continent. wherever it win bailered the pro Dilum mipht be ?nbanced and bid* extended by their < floits. 1 he notice was not inserted in the n own papers until the 17th April, became by the ad seotion of the waa declared that the advertisement should bt> publltbed ''not mure than lixty days, or ie** than twenty days, from the time of the fir?t insertion of the raid advertisement, In one or more new 'paper* in the city ot Washington " if then, upon the day that, the law ] Hi-ted cr the day succeeding, the loan had been Hdvtrtired. the time for rpenlug the proposals must t Kve terminated by the la*t of May or 1st of June. 1 be department, however, upon the information hefore it. felt persuaded that the treaty of neaoe which had been approved by the Senate, would be ratified by Mexico; but that, in all probability, the intelligence cf that ratification could not reaob hue by the last of May, or the first of June; but that It would le received before the middle of June, and aonteqnently. that It the advertisement* were Immediately m?erted,aud the proposal* opened by thela*t of May or tbe first of June, the government, in the absence of the news of the ratification of the treaty by Mexico, would necessarily sell the loan upon mncb 1-ss advaottzeonn term*, atd at a probable sacrifice of several hundred thousand dollars of premium* to tbe government. Under tLexf circumstance*, the department a?utn?d the responsibility of delaying the advertisement until th? 17th of April, allowing the longest period from that date, authrrited by law for opening the proposal*, namely, the 17th of June; *ome day* before whlcn period, I was confident tbat official intelligence of the ratification, by Mexieo. of the treaty would be received here Th? result justified these anticipation*. The lntelIig-?now of the ratification of tbe treaty wa* not received herw by tbe last of May or first of'June, nor. in foot, until % ft w day* before the 17th of June, when it was Iramediat<)y made known officially, by telegraph and otherwise, asil the government received tbe full benefit, in ni gotiating the loan, of the universal knowledge of the final rntificMtlrin of ih? nf n?ro ?iiK I pen (be 17th of June, at the appointed hoar, th* real* were broken and the bids opene-d, by the chief f!fik (I thi* department In my preeeni e. and that of tbe bidder* and tbe public; th? bid* recorded and th? !can awarded of course to the highett bidden. TLe total amount bid. together with tha uom o f he auccer eful and un*uoce**ful bidden, will be found in the it a iix'Ct? hereto annexed The whole premium obtained, it will b? perceived, ??h Hs" It" *-0 , which wa* the more extraordinary, it a* much a*, on refer* nee to the price* current, it will If li u cd tbat tbe entire sale of the sixteen million* of i li ck in a aiDgle day. exceeded the rate at wbloh tha I (Aeriin ent fix percent twenty year*' *tock, exclu>i?e ft interect and brokerage, wa* then acUing in tbe marke-t. It being made by law tha duty it thi? department to devote it* attention to 'tha ?ujpert of public credit." a* well a* to ' the improve* atd n ana^etrent of th" revenue," it il proper to re n at k, that tM* gf.reiniient ha* paid punctually, at 11 'In;. *. the public debt at it* ma'urity, as wall a* the arrrnirg Inte tee', n?-rer eu*pending. fora moment of time, tbe dircfcatge of either when due. Such h?? ieenthe a'taehnent of the Ametican people to tbia the gcTe rr.n.eiit of their choice, such their re-gard for In nor and (red <ai!h,tbat however severe the trial or , ?crlf re they have liquidated, a* tbey fell due. ali the tie bl* of the I'tioB A table, ccrtlicel by the Register of the Treasury, ii l annexed, *bowing our population from lTtO to tbe prMent periol, every year, our debt, debt, cur iireipta frtm loan* and treasury note*, and rfTrnur nco j?ar fxritilr# rf oan? m4 tntiutj noto, a* well a? ftc m tbef? lean* and cote*. and tha principal and interest of debt paid each year, ?? well n* the total amount. It l?*an official r?e:>fJ, wtaicb. puij American may r> ail W'lh pride an! ?atl?f?otlo%, It that wbereT'I It *u UMiUr id piy the JtMn ard nuttaln the b'>n<<r of ibe country. (n? people cbietfnlly Mitmlttrd not merely to dutlei on imlicrti, but to dirtet t?xe*and excise* to ths amount i' n>any million* of ddlari. ??Mt year; and that ?t?d ? ??*n population *?' *p?r?e|ar.d oor ra >n?yed reducer extremely limited, the debt* of the country acre *lw?y* punctua ly dlrcburged after the adctptlou if the ccnulitutlrn loth principal and Interest, at ;beir maturity In 17(0 we a aumrd tbe debt of tb? 'ctolullOB, dotrrmint-d that tha hon rof tk? nation h'uld b? pr???ttad tain'.oin anil nnaulllfd. That ;?bt, then a??iim?d. ??< "&.4<V3,470 ft4. b*ln( *<43*1 to icbt at tblft dat? of morM than $9*7,000.000. accnr.l t k to population, and nearly sis tlm** grratar acaordr.? to prpu!fttlon than car prevent <l*bt At that the ctuntry. tihaurtrd by a mtpq years' war, ,nd weak*m*d t.y tha internal difficulties nro?m< out .f th? f?-? hie character < f the eld confederation. h*4 areely enirntenrefi her otiwerd career to ifee*' nnn, uaJTV aLd pu<?r, j?. '.bn debt wax rti'iitu'J; m>

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