Zed, its use as currency is impaired if not emplified in 1840-41 in the case of Jesse destroyed. 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 Pub Sover the doors of its Twenty Thousand Cus-lic money collected by him, utterly undetom-Houses, Land Offices, Post Offices, &c. tected by the Receiver General. Had Mr.S it 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 Shas 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 plundered 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 in 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-S 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 transsaid one-fourth of every payment to the Gov-mit them through the facilities of exchanges 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 force 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 and 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-souled being. And 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 Dollars 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 is otic 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, Sthe 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 worth guard 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 THE TARIFF OF 1846. Not prompted by any necessity of the mend the Speeches of Messrs. Webster, Government, for the Revenue was confess Evans, R. Johnson, Simmons, Davis, Cameedly 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 ConJoverthrow of the Tariff of 1842-not driven gress, with the more elaborate works familby any popular impulse, for we did not hear iar to Political Economists. We have room (of 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 porStry has rarely been more prosperous, busy tion of the President's Message of Decemand contented than it was when Messrs. Polk ber last and the Annual Report of his Sec(and 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 document Jance 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 bill 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 were 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 Revwould 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. the measure but voted in obedience to the Of there are Cotton-Bagging, Woolen fabexplicit instructions of his Legislature; and rics generally, Pins, Wood-Screws, MousseSby 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 arti (is 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 SAlmanac pretty thoroughly discussed the itself to the demand, but a few months usuprinciples 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-ltion, adding the average rate of profit to Scapital. Thus Wool rose in price consider going on in June, 1846. Now if our Woolens ably soon after the Tariff of 1842 had taken are profitably exported to Canada and sold Sfall 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 Brithe 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 cannot be hard to anthe 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 proTime has not yet been afforded for the pro-tect 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 '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 throughout 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 this 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 deIf they or a large portion of them are forced scriptions is lower. But the duty on all de(to give up, leaving the Foreign producers scriptions of Wool is thirty per cent., while undisputed 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 Britain. all descriptions of Drugs and Dyes (hitherto) Every man who raises Potatoes knows free) are taxed by this Tariff, while the that 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 or Nova Scotia paying that duty. So with untrue. other articles. Indeed, Mr. Walker's own But there are important branches of our) (Report, while it maintains that we pay 40 National Industry to which there is not even Spercent. more for our home-made Woolens a pretence of affording thirty per cent. Proby reason of the 40 per cent. duty in the tection, including Cotton fabrics of all kinds Tariff 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, Neeinto Canada, paying 15 per cent. duty there, dles, Blankets, Flannels, &c. &c., charged) and 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 duty 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 that this exportation of American Woolen ries, What are the manufacturers grumfabrics, 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 ever. 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 inmercy. Do as you see fit, so far as you have dustry of his own country by discriminating (power! in favor of the rival branches of other naAlthough there was a great parade of tions. That distinction was left for a Loco(basing 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. his Secretary, with much profound disquisi- We would gladly speak of the uniform Ad 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-S 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 Son Wool and Woolens and 10 to 25 on Silks, Ad Valorem duties, but only because the aris justifiable on no principle whatever, least ticles so charged were deemed incapable 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 Tariff (Linen and Silks than on Iron and Woolens, sweeps away all others. since the former are more generally im-land, and as such to be obeyed until it can be But that misguided act is the law of the 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 attainable Country was making toward perfection in (high duty. But in truth this duty was made cheapness in production. But it cannot, we higher and that one lower, this raised, that re-think, do all the evil that has been anticipatduced, just as it was thought necessary to gain where the Tariff of '42 found it. Many ed; it can hardly throw the Country back votes 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. in favor of the foreigner to overthrow them equal grounds; it will take discriminations (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; justed a Tariff as actually to discriminate advantage of a twenty-five or thirty per cent. 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 of some of the articles on which this is done and on Iron Manufactures, Rods, Wire, &c. the twenty-five per cent. on plain Cottons, by the Tariff of 1846. (See the provisions on equal to thirty per cent. on Pig and Bar Iron, pages 44-50.) its evil effects would be much diminished. Materials. Manuf'd Articles. Duty. It is a wretchedly devised measure, and Books, gen'r'ly, pr ct. 10 will have to be amended, whether Protec-S Cables, Cordage, &c. 25 tion or Free Trade shall prevail. Let thes Woolen Blankets,..20 friends of Home Industry, then, resolve to Do. Flannels...25 do their whole duty in enlightening the PeoBock'gs, Baizes, &c. 25 ple, in disseminating facts and arguments, Copper, Pig or Old... 5 Cables Sheathing, free and in taking care that men of the right Sulphur,... ..15 Sulphuric Acid,.....10 &c. &c. &c. stamp are sent to our next Congress, and the dark cloud now hanging over us shall The annals of human legislation, from the quickly pass away. Action! action! is Searliest record to this day, may be safely Labor let none grudge nor come short of the duty of all true friends of American challenged for a parallel to this. Fools and it until Triumph shall again gild our banners, (madmen have often misruled nations, but no Onward! Duty. Paper, per ct...... 30 Hemp... .....30 Wool, all kinds... ...30 THE OREGON TREATY. PROTOCOL. lel of North latitude shall be found to intersect the A Conference was held at the Department of great Northern branch of the Columbia river, the State on the 6th of June, 1846, between Honorable navigation of the said branch shall be free and open James Buchanan, Secretary of State, the American to the Hudson's Bay Company, and to all British Plenipotentiary, and Right Hon. Richard Paken-subjects trading with the same, to the point where Sham, the British Plenipotentiary, when the negotia-the said branch meets the main stream of the Columbia, and thence down the said main stream to) tion respecting the Oregon Territory was resumed. the ocean, with free access into and through the The British Plenipotentiary made a verbal explana- said river or rivers, it being understood that all the tion of the motives which had induced her Majes-usual portages along the line thus described, shall ty's Government to instruct him to make another proposition to the Government of the United States in like manner be free and open. In navigating the said river or rivers, British subjects, with their) for the solution of these long-existing difficulties. The Secretary of State expressed his satisfaction goods and produce, shall be treated on the same) with the friendly motives which had animated the footing as citizens of the United States; it being, however, always understood that nothing in this British Government in this endeavor. article shall be construed as preventing, or intended Whereupon, the British Plenipotentiary submit to prevent, the Government of the United States ted to the Secretary of State the draught of a Con- from making any regulations respecting the navivention, (marked A) setting forth the terms which he had been instructed to propose to the Govern-gation of the said river or rivers, not inconsistent ment of the United States for the settlement of the with the present treaty. Oregon question. JAMES BUCHANAN, THE TREATY. ART. 3. In the future appropriations of the territory south of the 49th parallel of North latitude, as) provided in the first Article of this Treaty, the possessory rights of the Hudson's Bay Company, and of all British subjects who may be already in the occupation of land or other property lawfully acquired within the said Territory shall be respected. ART. 4.-The farms, lands, and other property of every description, belonging to the Puget's Sound Agricultural Company, on the north side of the Columbia river, shall be confirmed to the said Company. In case, however, the situation of those The United States of America and her Majesty farms and lands should be considered by the United the Queen of the United Kingdom of Great Britain States to be of public and political importance, and and Ireland, deeming it to be desirable, for the fu- the United States Government should signify a de-) Sture welfare of both countries, that the state of doubt sire to obtain possession of the whole or of any part) and uncertainty which has hitherto prevailed re- thereof, the property so required shall be transferspecting the sovereignty and government of the red to the said Government at a proper valuation to Sterritory on the North-west coast of America, lying be agreed upon between the parties. (Westward of the Rocky or Stony Mountains, should ART. 5.-The present Treaty shall be ratified by be finally terminated by an amicable compromise the President of the United States by and with the of the rights mutually asserted by the two parties advice and consent of the Senate thereof, and by over said territory, have respectively named Pleni- her Britannic Majesty; and the ratifications shall) potentiaries to treat and agree concerning the be exchanged at London at the expiration of six) Sterms of such settlement; that is to say, the Presi- months from the date hereof, or sooner if possible. dent of the United States of America has on his part In witness thereof, the respective Plenipotentia-) furnished with full powers James Buchanan, Sec-ries have signed the same, and have affixed thereto (retary of State of the United States, and her Majes ty, the Queen of the United Kingdom of Great Bri- the seals of their arms. Done at Washington, the fifteenth day of June, Stain and Ireland, has on her part appointed Right in the year of our Lord one thousand eight hunHonorable Richard Pakenham, a member of lier dred and forty-six. Majesty's Most Honorable Privy Council, and her Majesty's Envoy Extraordinary and Minister Plenipotentiary to the United States, who, after having communicated to each other their respective full powers, framed in good and due form, have agreed upon and concluded the following articles: ART. 1.-From the point on the 49th parallel of North latitude, where the boundary laid down in JAMES BUCHANAN, IN SENATE.-[CONFIDENTIAL.] YEAS.-Messrs. Archer, Ashley, Bagby, Barrow, existing treaties and conventions between Great Benton, Berrien, Calhoun, Chalmers, Thomas ClayBritain and the United States terminates, the line ton, John M. Clayton, Colquitt, Corwin, CrittenSof boundary between the territories of her Britan-den, Davis, Dayton, Dix, Evans, Greene, Haywood, Snic Majesty and those of the United States shall be Houston, Huntington, Johnson of Maryland, Johncontinued Westward along the 49th parallel of son of Louisiana, Lewis, McDuffie, Mangum, MilNorth latitude to the middle of the channel which ler, Morehead, Niles, Pearce, Pennybacker, Phelps.) separates the Continent from Vancouver's Island, Rusk, Sevier, Simmons, Speight, Turney, Upham, and thence Southerly through the middle of the Webster, Woodbridge and Yulee-41. said channel, and of Fuca Straits, to the Pacific NAYS.-Messrs. Allen, Atchison, Atherton, Breese, Ocean; provided, however, that the navigation of Bright, Cameron, Cass, Dickinson, Fairfield, Hanthe said channel and straits, south of the 49th par-negan, Jenness, Semple, Sturgeon, and Westcott allel of North latitude, remain free and open to both parties. -14. ART. 2.-From the point at which the 49th paral-laccount of Instructions. The Senate was full.] |