Flour, oil, &c., have increased in quantity. Cotton is less than during the previous year, because there has been less speculation, and money has been dearer; the cotton has therefore gone more directly to Liverpool on deposit. The laws of England are more liberal than our own, in relation to commercial affairs. There is no restriction upon the use of capital. It can always be employed at the market-value without other risks than those peculiar to the operations of trade. The result is, that business seeks that point in preference to others, which labor under disadvantages. In New York, cotton may not be held if the rate of money in the ordinary discount market is 7 per cent, because the cotton trade is the most stupendous; and a small fluctuation, from any cause, makes the hazard great--money is therefore worth more for employment in it than in others. The law of New York, however, forfeits capital loaned at a higher rate than 7 per cent. This is an extra hazard for it to encounter, and the cotton therefore goes to Liverpool to find capital, to a greater extent than it otherwise would, That this law is by no means a dead letter, the case we have above cited, in relation to the Dry Dock Bank, is a melancholy instance. A portion of the surplus capital of London came here for employ, and was lost, because the rate of profit proved to be higher than New York laws would permit, although not so high as Louisiana laws allow. In the above table, the export of specie is much less than last year. A large portion of the pressure upon the market, which has been felt during the last three months, may be ascribed to the action of the government banks in New York. These institutions hold some three to four millions of the public money; and, in view of the passage of the independent treasury bill, have felt the necessity of placing themselves in a position to pay up. The movement may be traced in the following compilation from the quarterly returns of the banks of the city : SPECIE AND LOANS OF THE NEW YORK BANKS, DISTINGUISHING THE GOVERNMENT INSTITUTIONS. Mechanics', 324,770 Am. Exchange,... North River,.................... Bank of State,...... Total, 435,903 509,741 660,251 624,337 575,774 187,785 310,974 375,754 347,903 439,484 472,115 117,711 114,136 186,858 155,298 157,514 203,860 731,467 562,714 532,177 664,586 596,273 819,047 4,667,270 3,039,102 4,080,229 4,606,984 4,533,081 4.411,316 Other city banks,.. 3,415,007 2,848,344 3,172,043 3,365,234 3,540,949 3,188,014 Total specie,...... 8,082,277 5,887,446 7,252,272 7,972,218 8,074,030 7,599,330 Gov. deposits,........ 5,372,005 1,700,785 2,343,223 2,716,778 4,173,116 3,360,250 Bank of Commerce 3,629,154 3,243,349 3,347,953 3,168,578 3,488,144 3,777,212 66 America,... 4,236,473 3,022,094 3.218,063 3,634,449 3,442,279 3,593,466 Merchants', 3,179,794 2,736,633 2,906,284 3,414,447 3,179,873 3,720,291 Mechanics', 2,466,368 2,345,112 2,371,310 2,524,199 2,741,775 2,666,633 Am. Exchange,... 2,821,978 1,961,335 2,124,883 2,142,350 2,495,311 2,566,968 North River,........ 1,022,812 944,328 1,061,086 1,117,962 1,221,943 1,068,115 Bank of State,..... 2,990,275 2,847,009 3,186,504 2,213,569 3,228,723 4,124,994 7 banks,. All other do.,.. 20,346,854 17,099,860 18,216,083 18,215,554 19,795,048 21,517,679 21,856,665 21,135,382 21,742,240 23,318,344 24,368,422 21,348,879 Total,......... 42,203,519 38,235,242 39,958,323 41,533,898 44,163,470 42,866,558 It is to be regretted that bank returns are not given at least monthly, as in that case the operations of trade as affected by the bank movement could be accurately traced; as for instance, when the August return was made, the United States Treasurer's statement also appeared, showing that the banks mentioned held but $2,716,778; on the first of September, the same statement showed them to hold $4,750,000. What effect that had upon their movement is concealed through the want of bank returns. Money then began to grow scarce, and we find that in November the seven banks held specie a little in excess of the deposits they owed the United States Treasury, and $1,000,000 more than all the other banks. They then apparently commenced rapidly drawing theft balances in specie, and by February they had increased their proportion of specie to $1,151,000 more than the deposits they held, and to $1,223,302 more than the other banks. If now we observe the effect of this specie drain upon the loans for the same period, we observe that the aggregate loans decreased $1,296,912; that the loans of the deposit banks increased $1,722,631, and all the other banks decreased $3,019,543. The specie drawn from them apparently forced them to curtail the accommodations to their customers, and the loans thus thrown out were seemingly partly taken at higher rates by the government banks that drew the specie. Last year, in the same quarter, viz: from November to February, the same institutions that are now the government banks, reduced their loans largely, while the other banks remained firm. Three of the banks, viz: the North River, the State and the Mechanics', did not become depositors until March, and it may be curious to observe that each of them has gradually and largely increased the specie in its vaults. These figures show that to a very considerable extent, more so than is generally supposed, the government dues are now actually drawn in specie from the paying banks to the depositories. It is by no means to be imputed to the banks as a fault, that the institutions guard so carefully their own interests; on the other hand, it is to the credit of their officers and managers that they so skilfully and vigilantly look after the interests of their stockholders. The whole, however, illustrates the evils which grow out of a want of system in relation to financial and commercial affairs, involving the greatest uncertainty in relation to the actions of Congress; and that in matters that are of vast importance, and affect the welfare of the whole community. Much of this instability of legislation grows out of radical measures, and an absence of that spirit of compromise which is the genius of our institutions, and by which the wants and interests of all parties are, or should be, consulted and respected in every public measure. If this principle were always carried out, and adhered to, the public welfare would be subserved in a much greater degree than it is. The great compromise bill of Mr. Clay was of this nature, and as far as it was concerned, the country reposed ten years. Unfortunately, in 1842, a tariff, radically protective, was adopted, in contravention of the spirit of that compromise, and the lapse of only three years finds us again exposed to the evils of a reaction; and it is to be hoped that in readjusting the tariff of the United States, a general level may be fixed upon which will unite all parties in insisting upon its permanancy, as stability is indeed the great ultimatum. By the arrival of the steamer Cambria, news of the most important character reached this country. It was no less than the declaration on the part of the British minister of his adherence to free trade principles, and his intention to conduct the affairs of that government hereafter on those principles of political economy evolved in the writings of Adam Smith, more than seventy years ago. The basis on which the new revision of the tariff takes place, is First-The abandonment of all duties upon raw materials. Second-The removal of all duties upon articles that enter into the food and clothing of the masses of the people, embracing provisions and breadstuffs. Third-The reduction of all duties upon foreign manufactures, to a maximum duty of ten per cent ad valorem. Fourth-The diminution of the discrimination duty on foreign produce which competes with colonial. This last clause is perhaps a nearer approach to genuine free trade than the others, as thus foreign free labor Muscovado sugar is charged with a differential duty of 9s. 4d., and white clayed 11s. 6d.; from both these it is proposed to deduct 33. 6d., making the new discrimination 53. 10d. in one case, and 8. in the other. In relation to provisions and breadstuffs, the change is important to the United States. In relation to breadstuffs, the new duty amounts in effect to a fixed duty of 4s. per quarter, when the price of wheat is over 5s. 31., and the sliding scale retained for rates less than that until February, 1849, when the corn duties are to cease. Provisions, such as pork, beef, etc., that were prohibited, prior to 1842, are now made free, as is also Indian corn. These are events fraught with the greatest results to our farming interest, and accruing as they do at a moment when the prospect of a great reduction in the duties on the returns of American produce sold abroad is about t› take place, point to a most extensive increase in the trade between the two countries. The state of the farming interest is such as to require a very speedy extension of the market for the sale of produce, which, as a general thing, has never been so low in price as during the last three years. England has now swung open her ponderous and long closed gate to the entry, and 27,000,000 lightly fed people look hitherward for increased supplies. The annual balance due from England to the United States, has been for the last five years nearly an average of $17,000,000, paid in specie and bills. The new movement is calculated greatly to enhance the balance, and it becomes an interesting matter of inquiry in what medium payments are to be received. If the United States sell largely, the proceeds must return in some shape, and there appears to be none more available than that of British products of industry. We annex the rates at which articles of provisions were admitted under the old tariff, and the proposed rates: This is a great change in burdens imposed upon farm produce; and when we reflect that, prior to 1842, the articles here enumerated were prohibited, and that a great business has grown up at the high rates now removed, we gather some idea of the greatness of the future trade. COMMERCIAL STATISTICS. STATISTICS OF THE AMERICAN WHALE FISHERY, IN 1846. SUBJOINED is a table exhibiting the names and tonnage of the vessels which are now employed in the whale fishery, of the several ports of the Union. The magnitude of this interest, and the proportion which it bears to the total commerce of the country, render it of some value to those who are interested in this branch of commercial enterprise, as well as to all who desire to become acquainted with the character of this species of shipping which sails from the harbors of the United States. We are indebted to "The Whalemen's Shipping List, and Merchants' Transcript," published at New Bedford, for this table, which is doubtless accurate. NAMES AND TONNAGE OF VESSELS EMPLOYED IN THE WHALE FISHERY OF THE U. STATES, IN 1846. New Bedford. |