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The prospect was never more fa cy of England has been to contract, and vorable than now for a large profit prices consequently to fall under the upon the labors of the farmers. The
vigorous measures of the Bank of currency of large districts of the inte England to recover its bullion. In all rior has been reduced to a low specie that period, the movement over the level by the liquidation of the banks, whole commercial world has been to causing an absolute want of currency curtail engagements, to diminish conbefore the vacant channels of circula- sumption and to economise expendition could be supplied with specie. tures. The movement of the Bank of Prices of labor and of all the elements England has been once more successwhich enter into the cost of production ful. By crushing myriads of private have thus been exceedingly low. On fortunes in all parts of the world, the almost all the public works the tolls tide of coin was once more turned into have been greatly reduced and the her vaults, where it has accumulated to means of transportation facilitated. an unprecedented extent, and money Hence the crops can be placed in the since the opening of the present year Atlantic markets at remunerating rates has been exceedingly abundant. These far below the cost of production in elements assisted by a full crop of corn former years. This influence has been have reduced prices of food to exceedexerted upon the products of the whole ingly low rates. Hence low prices and country.
While the combined opera abundance of money have brought tion of a dear currency and increased about an extent of consumption of the industry has immensely improved the raw material of manufactures never besources of supplies, the field of Euro- fore equalled. The article of cotton is pean consumption of those raw pro- an instance of this, and that which ducts has been immensely extended most nearly affects American interests. by the operation of nearly similar The progress of this trade is evinced
From 1838 down to the pre- in the following table : sent year, the tendency of the currenCROP OF COTTON IN THE UNITED STATES. NUMBER OF BALES CONSUMED.
POUNDS OF AMERICAN COTTON IMPORTED INTO ENGLAND. YARDS OF COTTON CLOTH EXPORTED FROM ENGLAND TO THE UNITED STATES. TOTAL YARDS EXPORTED FROM GREAT BRITAIN. PRICES OF UPLAND COTTON AND OF COTTON TWIST ON THE 1st JULY OF EACH YEAR.
1830-1 1,038,848 182,142 219,334,628 421,385,303 68,577,893
1842—3 2,378.875 325, 12916 mos. 305, 105,736 (398,613,000 5,516,1741 34 6110 94 The consumption of the raw mate- United States from Great Britain has rial in the United States in 1831 to fallen from 68,000,000 yards to 10,000,1833, was about 20 per cent. of the 000. In the same time the quantity whole crop. During the past year it exported from Great Britain has douhas been 14 per cent. only ; showing bled to all parts of the world. The that the production of the raw material figures show that nearly all the cotton is rapidly outrunning the American cloth consumed in the United States is powers of consumption, notwithstanding manufactured here. The quantity imthat the import of cotton cloth into the ported from Great Britain has fallen
from 75,000,000 yards in 1835, to 12,- of the manufactured cloths have been 120,000 yards in 1841, during which the basis of the immense export, which years the compromise act was operat- has been larger in the first six months ing on its descending scale. In the of 1843, than ever before. At this same period the consumption of cot- juncture a good harvest has been got ton in the United States increased 5 in, insuring a continuance of low prices per cent., while the currency of the for food, which must greatly enhance United States and England has been the British consumption of goods, renimmensely contracted. This contrac- dered more active by the abundance of tion of the currency operating with money stimulating the manufactures. the immense increase in the sup- These features in the cotton trade are ply of the raw material which depends very marked, but they apply in a greatentirely upon the immense population, er or less degree to tobacco, rice, and capital and colonial markets of Great those provisions, such as beef, pork, Britain for its consumption, produced lard, butter, cheese, &c., on which the that extensive and gradual decline in duty last year was greatly reduced. the prices of upland cottons and mule The following table will show the twists indicated in the table. The re- comparative prices of grain and provisult is that the prices were lower July sions in Liverpool on the 8th of Sep1st, 1843, in Liverpool, both of the tember of each of the last thirteen raw material and twists, than ever be
years : fore. The corresponding low prices Sept. 1 Butter.
Dried Hams. Mess Pork, Red Wheat. Cwt.
Nearly every article on this list it will and free trade, a great and mutually be observed is now lower than it has beneficial business will exist without been since 1837, during which period a detriment to either nation. Both will rigid contraction of the British curren- be gainers. Because the natural adcy has been going on. That operation vantages of one will enable it to prohas ceased, and with a modified duty duce a particular article in abundance, the expansive process has again com- which abundance will cause it to sink menced there, without being answered below the relative values of all its by any corresponding inflation here. other productions. That article is then The banking system here is by far too cheap, and it will be exported to the much crippled to allow of any ficti- other country where it is not produced tious rise in prices. Hence our abun- in exchange for a production of that dant crops, governed by specie prices country similarly situated, and the relaat home, will have the whole benefit of tive values of each article in each the anticipated rise in England, and a country will be restored, by getting rid large market be thrown open. A steady of the surplus of the one article and respecie currency is for the United States ceiving the redundance of the other; an the great and real protection to all equilibrium is thus arrived at without classes. When prices are low here either party suffering loss. On the and high in Europe, our produce goes contrary, each has gained by the operafreely forth, and the returns are only tion. of those articles, which being scarce This natural operation it is the busiand wanted here command relatively ness of protection to prevent. It is high prices, and therefore will bear to its theory that if we are in want of an be imported. Between two countries article we must go without it rather than both of which have specie currencies purchase it from abroad, until some
portion of our own citizens shall be levying a duty of 20 per cent. upon
VALUE OF EXPORTS.
Domestic Foreign mer
Total. Sept. 30.
Produce. chandise. 1834 $68,393,180 58,120,152 126,521,332 81,024,162 23,311,811 104,386,978 1835 77,940,493 71,955,249 149,895,742 101,189,082 20,504,495 121,093,577 1836 92,056,481 97,293,554 189,980,035 106,916,680 21,746,360 128,663,040 1837 69,250,031 71,789,186 140,989,217 95,864,414 21,854,962 117,419,376 1838 60,860,005 52,857,399 113,717,404 96,033,811 12,452,704 108,486,616 1839 72,040,719 85,569,481 157,689,560 100,951,004 17,408,000 118,350,004 1840 57,186,204 49,945,315 107,141,519 113,895,636 18,190,312 132,080,948 1841 66,019,741 91,926,446 127,946,177 106,382,732 15,469,081 121,851,803
1842 30,627,486) 69,535,6011 100,162,087) 92,969,996 11,721,538) 104,691,534 Here we have the fact that the total 000 in imports, the effect of a low reimports in 1842 were far less than in venue tariff of 20 per cent. any other year of the series, and that now take a table of the articles which the exports present the same results. were charged with duty in 1842, namThe falling off in free goods for the ing the quantities and values imported year was $36,000,000, and the increase in three years, in two of which they in dutiable goods but $7,000,000. were free, as follows:
There remains a decline of $29,000,
VALUE OF IMPORTS.
Value. Quan. Value. Free.
Duty, 20 per cent. Almonds,
Ibe. 2,930,089 199,863 815,195 58,573 1,772,620] 122,874 Currants,
589,765 56,651 1,135,756 103,441 1,020,030 47,844 Prunes,
1,652,819 74,593 681,016 43, 107 547,426 42,134 Figs,
2,023,073 102,333 1,989,585 85,944 1,714,563 58,892 Raisins,
13,620,963 787,228 9,967,141 615,414 20,639,927 797,961 Other Fruits,
4,923,084 184,221 4,696,959 168,960 Mace,
9,575 7,576 22,639 13,777 4,551 2,307 Nutmegs,
142,890 122,603 207,543 132,961 114,016 66,715 Cinnamon,
22,167 15,314 2,753
493 14,976 7,105 Cloves,
268,951 47,568 108,226
17,867 278,057 46,145 Silks, veils, &c.
19,936 Other silks,
8,060,409 Silk and Worsted,
2,122 Worsted Stuffs,
2,366,122 Linens, bleached,
187,006 Sheeting, brown and white
110,782 Bolting Cloth,
9,045 1918,855,159 $28,385,432 $16,903, 177 This was the effect of a 20 per cent. the Treasury $3,440,000 only. The revenue tariff, which, without yielding duties upon all these articles were the estimated $5,000,000, brought into raised by the tariff of 1842, to an aver
age of 25 per cent., and the effect has up, viz., government paper-money. been in proportion, weighing upon com- The law of Congress authorizing the merce, and curtailing the means of the issues, provides for their emission in Treasury. The great want of goods sums not less than $50 each, bearing naturally arising from the long con- an interest, not exceeding 6 per cent., tinued depression of trade, produced, on this authority, and availing itself of during the third quarter of the present the situation of the market, the departyear, an increase of business, and prices ment makes the notes payable on degenerally rose. This fact induced mand, in the city of New York, and comparatively large orders for imported bearing an interest of 1 mill per cent. goods, under the impression that the only. Thus, these notes are, to all inimprovement would be progressive, and tents and purposes, paper-money, and that prices would rise above the grade of the most dangerous description. of the Tariff, as in former years. This The present law of Congress, indeed, has not, however, been the case. limits the issue to $5,000,000, but next Prices, after going up for a short time, year the 55 a 6 per cent., amounting to became stationary, and then fell, be- $5,668,000, loans become due, the cause the wants of the interior were regular revenue of the government will governed by their cash means to make again be deficient, and Congress will purchases, and were not fed, as in be called upon to make some new proformer years, by bank facilities, to buy vision. If the paper-money is found on credit. Under the high prices caused to answer its purpose, that of providing by the tariff, the farmers get less goods temporary means, there is great danger for their money; hence, the moment that that renewed and extended issues will the effective demand ceases, the tariff be made, and national bankruptcy be the becomes a bar to commerce. The in- inevitable result. As soon as an influence which the tariff has had upon creased quantity of these notes shall be the commerce of the country has been in active circulation, they will of themfelt by the national Treasury in its di- selves create an advance in exchanges. minished receipts, affording a pretext They will then, from all sections of the for the issue of a new emission of Trea- Union, seek their point of redemption, sury notes, to supply a deficit of $5,000,- New York, where, under a large foreign 000 in the government means, in addi- demand for coin, such as that which tion to the $19,000,000 which has been broke the late National Bank repeatadded to the national debt since the 4th edly, they must, necessarily, be disof March, 1841. These notes will honored. This is a danger of the first make $24,000,000 borrowed in three magnitude, incurred only through party years to eke out the means of the madness, in destroying trade, depriving Federal Treasury. The new notes the government of its customs, and are to be issued in a form to which our forcing it upon paper-money expedients, country has been a stranger since the as in time of war, merely to afford a accounts of the revolution were settled 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,
octavo, an illustrated edition of the Professor Liebig's new work, « Fapopular works of Mrs. Ellis : embel miliar Letters on Chemistry, and its lished with a series of highly-finished relation to Commerce, Physiology, and line engravings, which are also exceed Agriculture.” “ Portrait of an English ingly well done, and will impart quite a Churchman," by Rev. W. Gresley; new and attractive interest to the ad also by the same, “A Treatise on mirable writings of this favorite au Preaching." “ The Unity of the thoress : we could scarcely imagine a Church,” by the Rev. H. E. Manning. more acceptable family present-book “Lyra Apostolici," a collection of for the approaching holidays. The Church poetry-all the foregoing in new forthcoming production by Mrs. the 12mo. form. The same firm have Ellis, completing her series, entitled also now issued “The Rose, or Affec“ The Mothers of England," may be tion's Gift for 1844,” illustrated by ten expected in the course of the month, fine little engravings-A new volume printed by the Langleys uniformly of their juvenile series, called “The with their fine edition of the author's Farmer's Daughter," by Mrs. Cameother works. Also another by the same ron-and Mr. Parnell's new work, pen, “ Pictures of Private Life.” We “ Applied Chemistry in Manufactures, are gratified to learn that at length a Arts, and Domestic Economy." collected volume of the poetical works Wiley & Putnam will publish, in a few of the late Mackworth Praed-whose days, new editions of Dana's Mineralexquisite lyrics and other fugitive pieces ogy, Downing's “ Landscape Gardenhave so lung remained unedited—is ing,” Mahan's Civil Engineering, and about to appear under the auspices of Downing's Horticulture, &c. Rufus W. Griswold, who has long de- Redfield has completed his Pictorial Bible, voted himself to the agreeable task of with over 1000 engravings, in various collecting these admirable effusions of styles of binding. We suppose few a true poet. The Messrs. Langleys are will neglect such a book-one so cheap to be the publishers. They also an and beautiful. Mr. R. has just pub
for immediate publication, lished a most attractive and unique “ The Result of the Court of Enquiry little series of Ladies'-hand Books of on the Mackenzie Case," from offi Needlework, consisting of six varieties cial documents at Washington, to -quite loveable books, and which, no which will be appended a review of doubt, will find many fáir admirers. the whole by James Fennimore Cooper. The re-publication of the English Re6 Guy's Forensic Medicine" is the title views has recently passed into new and
new excellent medical compend, highly efficient (because practical) which is to appear in parts, edited by hands, which gives promise of imporDr. C. A. Lee. Part I. will be ready tant improvements in the publication of during the month-as also a new, re these sterling works. Leonard Scott & vised and extended edition of Dr. Jas. Co. is the style of the new firm under Stewart's work on the “ Diseases of whose auspices these works will here Children," and an improved edition of after be issued. that unrivalled juvenile, “ Robin Lea & Blanchard will publish this season, Hood.” Loder's " New York Glee “ On the Nature and Treatment of Book," containing 100 glees, quartetts, Stomach and Urinary Diseases,” being trios, and songs, in parts, and price only an inquiry into the connexion of diaone dollar, is now ready. Mr. Watson's betes, calculus, &c., with numerous "Annals and Occurrences of New York coloured plates, from the fourth London City and State in the Olden Time," &c. edition, by William Prout, M. D. &C., is to form a large octavo, and will in 1 vol. 8vo. “ Outlines of Pathology speedily appear. We hear high ex and Practice of Medicine,” by William pectations entertained for this work, the P. Allison, in 1 vol. 8vo. « A Practical result of many years' laborious research. Treatise on the Diseases of Children," It is to be accompanied with illustra by D. Francis Condel, in 1 vol. 8vo. tions. Such a work, presenting a re “The Dissector, or Practical Anatoflex of the past, with the manners, do my," with numerous illustrations, by ings, and portraits of our ancestors, Erasmus Wilson, author of « Human cannot fail to interest everybody. Mr. Anatomy," with modifications and adColman's “ European, Agricultural and ditions by Paul Beck Goddard, M. D., Horticultural Tour and Survey,” is to &c. &c., in 1 vol. large 12mo. “ Aberbe commenced on the first of the ensu crombie on the Brain," a new edition, ing January, and continued in parts at in 1 vol. 8vo. intervals of two months.
We are constrained for once, although a The Appletons are just about to issue little clashing with our own interest, to