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alarming, If not fatal, accumulation in the national Treasury have been inevitable; and that this accu mulation in 1857, after a heavy payment of national debi, would reach the sum of $30,000,000. On the 1st July, the 1858, would $ the in surplus estimated, Treasury, reach the amount of $44 000,000 Such condition of the public finances would be as fatal to the interests of the country as is would be to the integrity of the government This latter : the first which in the diroumstance aspect presented Itself to the administration of that year. It the choose ween an increase expenditures or the re duction of the revenue; and being como concerrent with the traditions of the democratic party she administration rep resented, as well as with the interes of the country, such reduction was decided on Mr Guthrie, of Kentucky, was then the Secretary of the Treasury and his ad. ministration of the duties had never been surpassed, and interest in the success of national industry prompted him to the thorough consideration of the plan of re re-orge nizing the revenue system. His purpose was to secure economy in the public fx penditure, and also the procerty every branch of Ame rican American industry There we the tariff of 1846 eight schedules, and he proposed to re duoe them to two-the first paying duty of 25 per cent and the second embracing articles admitted free of duty, which were obiefly raw materials used in the manuf clares this country The last schedule contained we hundred and eight specifications, on W bioh had been levied duty from ten to thirty per cent, and which duty to this extent was tax upon our manufa manufacturing industry or the to the people benefit treasury without any The reduction of the duty from 26 per cent, first sched schedule, would have diminished the revenue $43,000 000 year. The 210 articles the second, or free would have caused a further reduction of $8 $8,000,000, leaving but $5,000,000 in the treasury In 1855, when the tariff was to go into ope operation, the effect oa the country that disbursement $15,000,000 would been the have year, instead of on ac immulation of $80,000,000 in the reasury In 1857 11 woul h have relieved the manufac uring interest of $8,000,000 each year, and he peo the burthen of the dnties paid on their imports, of $1 500, 000. These two items of reduction from the two years preceding 1857 would have shown a difference of $28,000,000 saved to the people, instead of baing to the national treasury Such was the character of the mea sure of Mr Gathrie which was assetied on the ground that 18 was a departure from the principles of the act 1846. and protective measure It was del inded on the principle that it was measure for the revenue, with incidental protection to American Industry and in that view. that It was like every tariff which bad been established since beginning of the government, and that it improved the example 80: by the to nations move was a and Europe, nearly approaching free trade. Mr B nks, after explaining the provisions of the English and French tariff, said that almost the last pub declaration made by the late Str Robert Peel, in Parlia. ment, was, that in a service of forty years he d had never approached the subject of the renue imports out onS that the materials raw strengthen deavoring principle should have been furnished the manufacturers free of duty Robert Rantoul, the most eminent unab of his day bis knowledge of matters of trade, in his speech in Congress, in 1851, advocated the enlargement of the free and the admission of raw materials as an element of freedom in trade, and of prosperity in American industry But the true character of Mr. Gathrie's measure was not to determined by the a pect in which was regarded as free trade or protective measure-for it might be made either, as the government chose-ani in whate FOR direction It mored it would not les the industry of the country to the constant apprehension change With raw materials mitted free of duty no system venue ade to the xpeases of the government could would leave which the established not adopted manu factures of this country meet and undersell any other the in the world of Tae in markets people templation period like this, Mr. Banks said, was strong to recur to the ancie at principles and counsels upon the subject of prote ion, but would be well remember that any ex. treme measures adopted in a crisis like the present would be overtbrown by the return wave which comes back to season of great prosperity. What the industry of the country needed most was stability and tale would ould be most certainly found in the prine ple of the adm scion of raw manufacturing material free of duty. with such incidental protection as might be superadded to the import of mane factured articles as would meet the expenses of the go vernment That might be wenty five or thirty per cent more. as the people determ ne The stability which Industry deminded could be obtained by the substitution specific for ad valorem duties There were a bundred or two hundred a unles where specific duties could be substituted for ad valorem without detriment to the sterests of the country, and without departure from the principles of incidental protection which had been re cognized by every tariff since the Revolution Mr Blues article which of the tanced had from risen iron, forty to six dollars dollars two five : in ar seventy : years, ticle on which an ad valorem duty was essenval: and there were in be in many same others, the Mr. category continued to demonstrate that the interests the country had a right to includental pro ection In 1790 they were confined the hea th siones of the ple, but in 1857 they involved an inte interest est fifteen hen of millions dred dol This dollars had been principle Booos nised by the tariff bill of Mr. Guthrie It had the sanction General Pierce's Da spinet, and received the approval of the New Eegland manufacturers and the iron masters Pennsylvania. There was not a dem crat in the Northern States who would not have giadly yielded his consent to passage. It would have saved to the manuf of this country sixteen millions of dollars, without detriment the country, and relieved the treasury its accumu lated specie Mr. Guthrie's bill had the ap roval of the President And how did 1: fail? The Southern men assailed it as measure of protection- de parture from the principle of the act of 1848 government faltered in its support and the public and Congress had the Nebrasks bill instead of the tariff fasten ed on the political conte to of the country from that day until this. The manner in which President Pierce retired from the support of he tariff bill and the steps taken him with that object were described by Mr. Backs strictly historical shape, and with the most tem porate pression relative to the ffect of this policy on the country : United stated had that : the Sta not then more tythe of the South American trade, which was principally TAW left = but to materials, England monopoly by poly other nations. The rectprocal policy adopted between this country and Lasada was reviewed specific detail, exhibit its advaniages over the more narrow policy which affected us inour relations with our South American neighbors. The policy of Mr Guthrie would have given us all required in the latter instance. A question on the policy of giving land grants to railroads and on the sectional manner in which the grants were conferred, 08 Tae cupied the speaker nearly half an hour result of this policy had been to withdraw capital from a more legittimate investment, and . consequent inflation the currency, which led so sudden contraction, . the immediate CAUSE of our present diffit juities The expenses of the government, and the disturbed condition of the coustry on the slavery question, were next alluded He said that the people and the government were blind, deaf and dead every hing involving their character, and would remain 80 ust so long es freedem nod were the issue. The City Corporation and personal sgances were also Inded to, and the ladies very gallantly defended again the imputation that they were eminently 000 of the causes the present depression. He summed up this part of the subject by ing saying that on the overnment fuself-which the source of power, seen and unreen, and which forms the customs of a com munity and m yulds the habits of people-the major blame rested. The futl of the labor proving that slavery was recognized by the or natitu tion was discussed with much power, but in very tempo. rate language; and Mr. Banks closed by quoting Curran's very eloquent apostrophe to the dawning of freedom. RUN ON THE NEW ORLEANS BANKS. New ORLBANS, Ocs. 16-P. M. The run continues on all the banks except the Southern and all demands are promptly met except by the Citiz us', which pays specie for its notes but refuses is for deposite The other banks are expected to follow the same course. The great excitement in the middle of the day has now subsided, but the run will probably continue to morrow. No failures are reported to-day. None of the suspended banks have resumed, but their bills are taken as par in Strade. THE NEW LONDON BANKS. New LONDON, Oct. 16, 1837. The New London banks have not yet suspended specie payments. There is no excitement here. THE BRIDGEPORT BANKS. BRIDGEPORT, Conn Oct. 16, 1857 The Connecticut, Bridgeport, Farmer's, and Pequonmock banks of this city have suspended specie payments.
