

NATIONAL INTELLIGENCER.

PRESIDENTS MESS4GE.-No. H.
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The PRESIDENT congratulates himself on the
working of the New Tariff. Some analysis Of its
action in comparison with that of 1912 will show
with what reason he rejoices in it.


The President gives us the amount of imports for
the last fiscal year, ending June 30, lsf7, which
was exclusive of spece) 1922, ,424 ,349, on which
the duties amounted 10 S23,747 1854. The imports
of merchandise Excluding specie) for the year end
ing June 80, 1916, amounted to Sll7 ,472 ,00O the
duties s26,7l2,667. The imports for the year
ending June 80, ls45, with like exclusion, were
Sll3,29l 900; the duties $27,52s,000


Now, very simple application Of the Rule Of
Three will show that, under the tariff of 1912, the
importation of the last year would, according to It's
result for the year ending June 80, 1915, have given
revenue Of S29 100000; or, according to lis re-
suit for the year ending 30th June, 1916, reve-
nue. of S27 100000. This discrepancy is owing
10 the slight annual huctuaon in the proportion Of
free goods and of those paying different rates OF
duty. But, taking the average, 1t is sel-eyldent
that the loss of revenue on the last years mpora-
tion BY the substitution of the tariff OF 1916 for that
OF 1872 IS at least fre millions Of dollars and
this Notwithstanding it had been in operation but
seven months Of the year. This circumstance,





of goods on which the duty was reduced were kept
back or sent to custom-house stores for future entry
during the last months of the tariff of 1912. The
President and his Financial Minister, attempt as
they may 10 give different aspect to the matter,
will fail of their object. There is escape from
the fact that in point of revenue alone, the tariff
of 1916 was q suicidal sacrifice of five millions of
dollars. on average Of our annual imports, and
this after the commencement of most expensive
war.


What more undignihed, falacious, and unfair
than go from the regular fiscal year, ending 30th
June, Ito which the accounts made up,) to COM
pare the astronomical years lS46 and lS47, for the
purpose Of drawing conclusions favorable to the
tariff OF 1916, when, truly presented, they lead to
conclusions directly opposite


In the first place, the importaions of the last
months of 1916, up to December, were kept back,
already stated, to wait the operation of the
tariff and of course the imports Of the first months
of 1917 proportonally increased, fully ap-
pears by the actual imports of the fiscal year end
ing 3Oth June. In the second place, the famine in
Europe and the specie sent to this country 10 pur-
chase food produced state of wholly unusual pros
periy, and consequently caused greatly increased
importation of merchandise, especially during the
latter part OF the present year.


Under the additional stimulus of Mr.. WALKERS
Tariff this import has been decidedly too great for
our comfort, as we find in the turn of the ex-
changes, whereby we are losing our specie, by
every packet and steamer that sails for Europe,
nearly or quite as fast as it came IN year ago.


The consequence is a violent contraction on the
.,r,l, 4 ,~l.r,
in all the commercial cities, which will soon extend
10 the interior unless checked by the cessation of
these undue and excessive imports. The Presi-
dent estimates the duties accruing from December,
1916, TO December, ls47, at thirty-one and half
millions of dollars. He does give us the amount
of imports which have produced this amount OF re-
venue: but it can hardly fall short of one hundred
and sixty millions of dollars, exclusive of specie
Now, one OF two things is unquestionably true :
Under the tariff Of 1912 we should have had the
same amount of Importation, or we should not
On the first supposition, we should derive reve-
nue. from it Of about forty millions of dollars in
stead Of thirty-one and half millions. On the last
and most probable supposition of diminished i'm
portation, should be in state of comparative
ease: our cities would not be writhing under a
Alohey pressure oil one or one and hall per cent
month, watching with intense interest the clear
ance OF every steamer and packet to see how much
gold and silver, the life blood Of our circulation, is
being drawn from us. The import Of specie al
ways produces prosperous state of trade and in
dustry. Us export, on the contrary, is always
viewed with alarm, and, when carried beyond GER
tain point, is certain TO paralyze all commercial
operations. The only cause Of an undue export OF
specie is an excess Of imports. TO this branch of
overtrade this country has always been peculiarly
subject. leading motive to the establishing of the
protective system was TO check this excess of inn
port and give more steadiness TO our currency.
The policy Of this Administration, on the contrary
Is TO stimulate importations to the utmost.


The School Of Political Economy which it fol-
lows deny that any injury results to a nation from
the export of its coin Their language is, " We
cannot part with our specie except in exchange for
something more valaable-for something which we
prefer. Every practical merchant however, has
different view Of the matter and, if we are moi
misinformed, the Free-trade Philosophers OF Lon.
don, whom our present Financiers delight TO follow