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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

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:


Cotton imported into England fm

U. S. lbs.

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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

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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:

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Sept. 8.


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8. d. 8. d. 52 058 0 57 6-65 0 53 0-55 0 44 0 46 0

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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

Red Wheat. Cwt.

8. d. S. d. 9 011 6 9 3-96 86-100 6076 5976 10 6 11 8 80 9 6 15 6 11 6 14 6 26 0 99 12 6 14 015 0 76 96 8 9 9 9

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,

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:


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20,504,495 121,093,577





21,746,360 128,663,040 21,854,962 117,419,376


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1840 1841 1842

77,940,493 71,955,249 149,895,742
92,056,481 97,293,554 189,980,035
69,250,031 71,789,186 140,989,217
60,860,005 52,857,399 113,717,404 96,033,811
72,040,719 85,569,481 157,689,560 100,951,004
57,186,204 49,945,315 107,141,519 113,895,636
66,019,741 91,926,446 127,946,177 106,382,732
30,627,486) 69,535,601 100,162,087) 92,969,996

Here we have the fact that the total
imports in 1842 were far less than in
any other year of the series, and that
the exports present the same results.
The falling off in free goods for the
year was $36,000,000, and the increase
in dutiable goods but $7,000,000.
There remains a decline of $29,000,-

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:

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Monthly Literary Bulletin.

age of 25 per cent., and the effect has
been in proportion, weighing upon com-
merce, and curtailing the means of the
Treasury. The great want of goods
naturally arising from the long con-
tinued depression of trade, produced,
during the third quarter of the present
year, an increase of business, and prices
This fact induced
generally rose.
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, be-
cause 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 in-
fluence which the tariff has had upon
the commerce of the country has been
felt by the national Treasury in its di-
minished receipts, affording a pretext
for the issue of a new emission of Trea-
sury notes, to supply a deficit of $5,000,-
000 in the government means, in addi-
tion to the $19,000,000 which has been
added to the national debt since the 4th
These notes will
of March, 1841.
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

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 depart-
ment makes the notes payable on de-
mand, in the city of New York, and
bearing an interest of 1 mill per cent.
only. Thus, these notes are, to all in-
tents 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 pro-
vision. 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 in-
creased quantity of these notes shall be
in active circulation, they will of them-
selves 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 repeat-
edly, they must, necessarily, be dis-
honored. 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.




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
We alluded
attractive new books.

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 imme-
diately to follow: The Poetical Writings
of Eliza Cook, comprising a complete
collection of her esteemed lyrics, many
of which have been long such universal


favorites in the musical world.
volume is we understand to be the most
elegant specimen of book-making ever
attempted in the country; its embel-
lishments, twelve in number, are exqui-
sitely beautiful. Altogether, this vol-
ume will form a perfect bijou for the
boudoir, or
table, and can-
not 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,

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

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.

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

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