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The prospect was never more favorable than now for a large profit upon the labors of the farmers. The currency of large districts of the interior has been reduced to a low specie level by the liquidation of the banks, causing an absolute want of currency before the vacant channels of circulation could be supplied with specie. Prices of labor and of all the elements which enter into the cost of production have thus been exceedingly low. On almost all the public works the tolls have been greatly reduced and the means of transportation facilitated. Hence the crops can be placed in the Atlantic markets at remunerating rates far below the cost of production in former years. This influence has been exerted upon the products of the whole country. While the combined operation of a dear currency and increased industry has immensely improved the sources of supplies, the field of European consumption of those raw products has been immensely extended by the operation of nearly similar causes. From 1838 down to the present year, the tendency of the curren
CROP OF COTTON IN THE UNITED STATES. NUMBER OF POUNDS OF AMERICAN COTTON IMPORTED INTO ENGLAND. CLOTH EXPORTED FROM ENGLAND TO THE UNITED STATES. PORTED FROM GREAT BRITAIN. PRICES OF UPLAND TWIST ON THE 1ST JULY OF EACH
cy of England has been to contract, and prices consequently to fall under the vigorous measures of the Bank of England to recover its bullion. In all that period, the movement over the whole commercial world has been to curtail engagements, to diminish consumption and to economise expenditures. The movement of the Bank of England has been once more successful. By crushing myriads of private fortunes in all parts of the world, the tide of coin was once more turned into her vaults, where it has accumulated to an unprecedented extent, and money since the opening of the present year has been exceedingly abundant. These elements assisted by a full crop of corn have reduced prices of food to exceedingly low rates. Hence low prices and abundance of money have brought about an extent of consumption of the raw material of manufactures never before equalled. The article of cotton is an instance of this, and that which most nearly affects American interests. The progress of this trade is evinced in the following table :
1830-11,038,848 182,142 1831-2 987,477 173,800 1832-3 1,070,438 194.412 1833-41,205,394 196,414| 1834-51,254,328 216,888 1835-6 1,360,725 236,733| 1836-71,422,930 222,540 1837-81,801,497 246,069 1838-9 1,360,532 276,016) 1839-40 2,177,836 295,193| 1840-1 1,634,945 297,288 1841-21,683,574 267,810 1842-3 2,378,875 325,129/6 mos. 305,105,736
The consumption of the raw material in the United States in 1831 to 1833, was about 20 per cent. of the whole crop. During the past year it has been 14 per cent. only; showing that the production of the raw material is rapidly outrunning the American powers of consumption, notwithstanding that the import of cotton cloth into the
YARDS OF COTTON TOTAL YARDS EXCOTTON AND OF COTTON
219,334,628 421,385,303 68,577,893 219,756,753 461,045,203 31,508,744 237,506,758 496,352,096 35,141,989| 269,203,075 555,705,809 45,630,862 d. 284,455,812 557,515,701 74,962.925 10 289,615,692 637,667,627 62,042,139 81 320,651,716 531,373,663 17,481,855 43 431,437,888 690,077,622 38,493,113 5 311,597,798 731,450,120 37,236,052 7 487,856,501 790,631,997 32,073,004 43 358,240,964 751,125,624 12,120,320 5 587,340,000 557,980,000 31,342,301 33 398,613,000 5,516,174 34
United States from Great Britain has fallen from 68,000,000 yards to 10,000,000. In the same time the quantity exported from Great Britain has doubled to all parts of the world. The figures show that nearly all the cotton cloth consumed in the United States is manufactured here. The quantity imported from Great Britain has fallen
from 75,000,000 yards in 1835, to 12,120,000 yards in 1841, during which years the compromise act was operating on its descending scale. In the same period the consumption of cotton in the United States increased 5 per cent., while the currency of the United States and England has been immensely contracted. This contraction of the currency operating with the immense increase in the supply of the raw material which depends entirely upon the immense population, capital and colonial markets of Great Britain for its consumption, produced that extensive and gradual decline in the prices of upland cottons and mule twists indicated in the table. The result is that the prices were lower July 1st, 1843, in Liverpool, both of the raw material and twists, than ever before. The corresponding low prices.
of the manufactured cloths have been the basis of the immense export, which has been larger in the first six months of 1843, than ever before. At this juncture a good harvest has been got in, insuring a continuance of low prices for food, which must greatly enhance the British consumption of goods, rendered more active by the abundance of money stimulating the manufactures. These features in the cotton trade are very marked, but they apply in a greater or less degree to tobacco, rice, and those provisions, such as beef, pork, lard, butter, cheese, &c., on which the duty last year was greatly reduced.
The following table will show the comparative prices of grain and provisions in Liverpool on the 8th of September of each of the last thirteen years:
Nearly every article on this list it will be observed is now lower than it has been since 1837, during which period a rigid contraction of the British currency has been going on. That operation has ceased, and with a modified duty the expansive process has again commenced there, without being answered by any corresponding inflation here. The banking system here is by far too much crippled to allow of any fictitious rise in prices. Hence our abundant crops, governed by specie prices at home, will have the whole benefit of the anticipated rise in England, and a large market be thrown open. A steady specie currency is for the United States the great and real protection to all classes. When prices are low here and high in Europe, our produce goes freely forth, and the returns are only of those articles, which being scarce and wanted here command relatively high prices, and therefore will bear to be imported. Between two countries both of which have specie currencies
d. 8. d. 056 0 0-62 6 054 0 046 0
064 0 65 0 65 0 064 0 0-64 0 060 0 060 0
and free trade, a great and mutually beneficial business will exist without detriment to either nation. Both will be gainers. Because the natural advantages of one will enable it to produce a particular article in abundance, which abundance will cause it to sink below the relative values of all its other productions. That article is then cheap, and it will be exported to the other country where it is not produced in exchange for a production of that country similarly situated, and the relative values of each article in each country will be restored, by getting rid of the surplus of the one article and receiving the redundance of the other; an equilibrium is thus arrived at without either party suffering loss. On the contrary, each has gained by the operation.
This natural operation it is the business of protection to prevent. It is its theory that if we are in want of an article we must go without it rather than purchase it from abroad, until some
portion of our own citizens shall be able to furnish it. Thus the surplus products of another class, which would have been applied to the purchase, are rendered valueless. Hence it is that at the moment a combination of circumstances has opened to the United States a great foreign trade, that trade is strangled by the operation of a tariff which forbids suitable returns being received for exports. This effect of a tariff is illustrated in the operation of the United States commerce for 1842. The returns of the department in relation to it are now first published. At the extra session of Congress, 1841, a tariff was passed for revenue purposes,
MPORTS AND EXPORTS OF THE UNITED STATES FOR A SERIES OF YEARS, DISTINGUISHING THE DUTIES.
levying a duty of 20 per cent. upon most articles before free, and raising the duty to 20 per cent. on articles that before paid less than that rate. This was called for, from the fact that the government revenue was deficient, and it being supposed that by bringing up the duties to the level of the compromise rate, an additional $5,000,000 of revenue would be obtained, a duty was accordingly laid upon the leading free articles with the exception of tea, coffee, wool under 8 cents and raw hides. The general results of the imports and exports under this tariff are as follows, as compared with former years:
VALUE OF EXPORTS.
Domestic Foreign mer-
This was the effect of a 20 per cent. revenue tariff, which, without yielding the estimated $5,000,000, brought into
000 in imports, the effect of a low revenue tariff of 20 per cent. We may now take a table of the articles which were charged with duty in 1842, naming the quantities and values imported in three years, in two of which they were free, as follows:
23,311,811 104,386,978 20,504,495 121,093,577 21,746,360 128,663,040 21,854,962 117,419,376 12,452,704 108,486,616 17,408,000 118,350,004 18,190,312 132,080,948 15,469,081 121,851,803 11,721,538 104,691,534
2,122 2,366,122 2,953,618 187,006
110,782 9,045 $16,203,177
the Treasury $3,440,000 only. The duties upon all these articles were raised by the tariff of 1842, to an aver
age of 25 per cent., and the effect has been in proportion, weighing upon commerce, and curtailing the means of the Treasury. The great want of goods naturally arising from the long continued depression of trade, produced, during the third quarter of the present year, an increase of business, and prices generally rose. This fact induced comparatively large orders for imported goods, under the impression that the improvement would be progressive, and that prices would rise above the grade of the Tariff, as in former years. This has not, however, been the case. Prices, after going up for a short time, became stationary, and then fell, because the wants of the interior were governed by their cash means to make purchases, and were not fed, as in former years, by bank facilities, to buy on credit. Under the high prices caused by the tariff, the farmers get less goods for their money; hence, the moment that the effective demand ceases, the tariff becomes a bar to commerce. The influence which the tariff has had upon the commerce of the country has been felt by the national Treasury in its diminished receipts, affording a pretext for the issue of a new emission of Treasury notes, to supply a deficit of $5,000,000 in the government means, in addition to the $19,000,000 which has been added to the national debt since the 4th of March, 1841. These notes will make $24,000,000 borrowed in three years to eke out the means of the Federal Treasury. The new notes are to be issued in a form to which our country has been a stranger since the accounts of the revolution were settled
OUR publishers seem to be preparing for a great demonstration in the way of literary novelties,-some indeed have already commenced the issue of a few attractive new books. We alluded in our last to the first-fruits of the new Annuals and present-books for the New Year; others have since appeared, and the following, we hear, are immediately to follow: The Poetical Writings of Eliza Cook, comprising a complete collection of her esteemed lyrics, many of which have been long such universal
up, viz., government paper-money. The law of Congress authorizing the issues, provides for their emission in sums not less than $50 each, bearing an interest, not exceeding 6 per cent., on this authority, and availing itself of the situation of the market, the department makes the notes payable on demand, in the city of New York, and bearing an interest of 1 mill per cent. only. Thus, these notes are, to all intents and purposes, paper-money, and of the most dangerous description. The present law of Congress, indeed, limits the issue to $5,000,000, but next year the 5 a 6 per cent., amounting to $5,668,000, loans become due, the regular revenue of the government will again be deficient, and Congress will be called upon to make some new provision. If the paper-money is found to answer its purpose, that of providing temporary means, there is great danger that renewed and extended issues will be made, and national bankruptcy be the inevitable result. As soon as an increased quantity of these notes shall be in active circulation, they will of themselves create an advance in exchanges. They will then, from all sections of the Union, seek their point of redemption, New York, where, under a large foreign demand for coin, such as that which broke the late National Bank repeatedly, they must, necessarily, be dishonored. This is a danger of the first magnitude, incurred only through party madness, in destroying trade, depriving the government of its customs, and forcing it upon paper-money expedients, as in time of war, merely to afford a fancied protection to manufactures.
favorites in the musical world. This volume is we understand to be the most elegant specimen of book-making ever attempted in the country; its embellishments, twelve in number, are exquisitely beautiful. Altogether, this volume will form a perfect bijou for the boudoir, or centre table, and cannot fail of attracting the notice of all lovers of beautiful books. It is to be published by the Langleys about the 25th of the present month. The same establishment will also issue about the same time, in one handsome volume,
Professor Liebig's new work, «Familiar Letters on Chemistry, and its relation to Commerce, Physiology, and Agriculture." "Portrait of an English Churchman," by Rev. W. Gresley; also by the same, "A Treatise on Preaching." "The Unity of the Church," by the Rev. H. E. Manning. "Lyra Apostolici," a collection of Church poetry-all the foregoing in the 12mo. form. The same firm have also now issued "The Rose, or Affection's Gift for 1844," illustrated by ten fine little engravings-A new volume of their juvenile series, called "The Farmer's Daughter," by Mrs. Cameron-and Mr. Parnell's new work, "Applied Chemistry in Manufactures, Arts, and Domestic Economy." Wiley & Putnam will publish, in a few days, new editions of Dana's Mineralogy, Downing's "Landscape Gardening," Mahan's Civil Engineering, and Downing's Horticulture, &c. Redfield has completed his Pictorial Bible, with over 1000 engravings, in various styles of binding. We suppose few will neglect such a book-one so cheap and beautiful. Mr. R. has just published a most attractive and unique little series of Ladies'-hand Books of Needlework, consisting of six varieties -quite loveable books, and which, no doubt, will find many fair admirers. The re-publication of the English Reviews has recently passed into new and highly efficient (because practical) hands, which gives promise of important improvements in the publication of these sterling works. Leonard Scott & Co. is the style of the new firm under whose auspices these works will hereafter be issued.
octavo, an illustrated edition of the popular works of Mrs. Ellis: embellished with a series of highly-finished line engravings, which are also exceedingly well done, and will impart quite a new and attractive interest to the admirable writings of this favorite authoress: we could scarcely imagine a more acceptable family present-book for the approaching holidays. The new forthcoming production by Mrs. Ellis, completing her series, entitled "The Mothers of England," may be expected in the course of the month, printed by the Langleys uniformly with their fine edition of the author's other works. Also another by the same pen, "Pictures of Private Life." We are gratified to learn that at length a collected volume of the poetical works of the late Mackworth Praed-whose exquisite lyrics and other fugitive pieces have so long remained unedited-is about to appear under the auspices of Rufus W. Griswold, who has long devoted himself to the agreeable task of collecting these admirable effusions of a true poet. The Messrs. Langleys are to be the publishers. They also announce for immediate publication, "The Result of the Court of Enquiry on the Mackenzie Case," from official documents at Washington, to which will be appended a review of the whole by James Fennimore Cooper. "Guy's Forensic Medicine" is the title of a new excellent medical compend, which is to appear in parts, edited by Dr. C. A. Lee. Part I. will be ready during the month-as also a new, revised and extended edition of Dr. Jas. Stewart's work on the "Diseases of Children," and an improved edition of that unrivalled juvenile, "Robin Hood." Loder's "New York Glee Book," containing 100 glees, quartetts, trios, and songs, in parts, and price only one dollar, is now ready. Mr. Watson's "Annals and Occurrences of New York City and State in the Olden Time," &c. is to form a large octavo, and will speedily appear. We hear high expectations entertained for this work, the result of many years' laborious research. It is to be accompanied with illustrations. Such a work, presenting a reflex of the past, with the manners, doings, and portraits of our ancestors, cannot fail to interest every body. Mr. Colman's "European, Agricultural and Horticultural Tour and Survey," is to be commenced on the first of the ensuing January, and continued in parts at intervals of two months. The Appletons are just about to issue
Lea & Blanchard will publish this season, "On the Nature and Treatment of Stomach and Urinary Diseases," being an inquiry into the connexion of diabetes, calculus, &c., with numerous coloured plates, from the fourth London edition, by William Prout, M. D. &c., in 1 vol. 8vo. "Outlines of Pathology and Practice of Medicine," by William P. Allison, in 1 vol. 8vo. "A Practical Treatise on the Diseases of Children," by D. Francis Condel, in 1 vol. 8vo. "The Dissector, or Practical Anatomy," with numerous illustrations, by Erasmus Wilson, author of "Human Anatomy," with modifications and additions by Paul Beck Goddard, M. D., &c. &c., in 1 vol. large 12mo. "Abercrombie on the Brain," a new edition, in 1 vol. 8vo.
We are constrained for once, although a little clashing with our own interest, to