IMPORT OF GOODS FROM GREAT BRITAIN TO THE UNITED STATES, IN 1845, WITH THE

AD VALOREM RATE OF DUTY PAID, AND THE RATE CHARGEABLE UNDER THE NEW TARIFF.

It does not appear that the reduction is very great on the majority of the articles, if the cost is taxed in good faith. To prevent undervaluations, the law authorizes the collector to appraise the goods imported, and if the appraisement exceeds by 10 per cent the invoice price, the goods may be sold at auction, and the invoice price, with 5 per cent advance, paid over to the importer. It would appear that such regulations would secure effectually the revenue from frauds, by undervaluation, quite as much so as the specific levy. The duty upon cottons is nominally the same under the new, as under the old bill. The operation of the minimum, however, raised the rate actually paid to near 50 per cent, showing that a large amount of low-priced cottons are still imported. There are a great variety of fine cotton goods manufactured abroad, which do not enter into the consumption of the United States, being prohibited under the tariff, and similar descriptions not being manufactured here. Probably the uncertainty in relation to the continuance of the prohibitions, as well as the increasing difficulty of chartering associated capital, may have prevented many from embarking in the enterprise. Many cotton factories have been prevented, by the liability clause enforced upon corporations by the State of New York-from which it would appear that the manufacture of cotton, even with a protection of 100 to 150 per cent on the finer sorts, is considered so hazardous, that capitalists are afraid to be made liable for more than they put into the concern. Under the new tariff, a larger variety of goods may enter into consumption, and with the creation of new wants, a new demand upon American manufacturing skill will be felt. To produce any great increase of trade under the modified tariff, there must be an increased demand for goods; or, in other words, the means of consumers must be enhanced. No matter how low goods may become, either by removal of duties, or foreign competition; if the means of consumers are not enhanced, there can be no increased consumption. There are two ways by which consumers may enhance their purchases. These are, either by credit, or for money. The former was, in past years, effected through the operation of bank credits, by which the store-keepers were enabled to trust planters and farmers ahead; an operation by which heavy drafts were made on the products of future industry. If the results of that industry were unpropitious, it became impossible to discharge the accumulated debts, and bank failures and individual insolvency became inevitable. An increase of bank facilities was then supposed to be necessary, in order to enable dealers, in the words of Biddle, to "wait for another crop." This system of credits cannot be continued for any length of time. It contains within itself the germs of revulsion. The reduction of the tariff may stimulate a large business, in the hope of making sales, and by so doing, produce an unhealthy trade of a temporary character. The present and prospective prices of produce throughout the country, are such as to afford no indication that a large cash business can be done, either in domestic or imported goods.

The excitement which prevailed last fall and winter, in relation to the English demand for produce, enabled the farmers to obtain good prices for the products of their industry, although the speculators and shippers have been subjected to severe losses. The accumulation of stocks, the failure of the foreign demand to the extent anticipated, and the appearance of coming crops, all conspire to promise but low prices to the producer for the coming fall, an event that must affect general business; and a corresponding reduction in the prices of imported and manu

factured goods will not enhance the quantity that may be consumed. The immediate results of the passage of the law taking effect in the first week of December, may be to diminish the import of those articles on which the diminution of the tariff is to be the greatest, and by so doing, defer the fall trade later than usual; an event that may cause money to become exceedingly plenty in the autumn, and exchanges to fall. These are now unusually low for the season of the year, being 61a7 against 94a104, which is usually the rate in midsummer. These low rates may partly be ascribed to the scarcity of money, but chiefly to the small foreign commercial indebtedness. The imports and exports of the port of New York have been, for six months, as follows:

PORT OF NEW YORK-IMPORTS AND EXPORTS.

With this state of the external commerce of New York, the exchanges are now much lower than usual, and with the prospect of a small import and a fair increase of the export value of cotton and other produce, when the measures of the English government shall become so far settled as to allow business to resume its natural progress. Up to this time, the movements of the federal government have not been such as to disturb the money-market. The actual expenditure at the south has been made thus far, without producing any serious pressure upon the government banks at the north. The public deposits have been progressively as follows:

Total,.......

$9,824,965 $8,446,665 $9,750,557 $11,784,393 $14,009,898 $13,470,063 $12,484,888

The amount under transfer greatly increased at the close of June. They had been as follows:-

The expenditure in June exceeded the revenue, and the amount subject to draft declined near $2,000,000. In July, a greater diminution has taken place; but this operation of the treasury has not produced any untoward pressure upon the

market. For the anticipated deficits of the government, it is probable that some $11,000,000 of treasury notes will be put in circulation, bearing a nominal interest. The effect of the notes upon the market must depend upon the rate of interest they bear. If anything like 6 per cent is allowed upon them, they will be taken up, and the investment have the character of a loan. A low rate of interest will allow the notes to circulate in the internal exchanges, and therefore to act as a currency. Notes redeemable at the end of the year, and receivable for all government dues, are the most desirable form in which the federal treasury can contract a loan. All loans of the United States government must be temporary in their nature, and in contracting them, it is desirable that they should derange the market as little as possible; should be promptly available to meet the exigencies of the government, and be easily and promptly withdrawn, when they have served the purpose for which they were issued. Treasury notes combine economically all these properties. They are readily taken by the creditors of the government, in payment of contracts, and are sought after as a means of remittance between the great commercial points. Their availability for exchange purposes, and in payment of public dues, are sufficient to keep them at par in ordinary times; and if occasionally the demand for them for those purposes should not be sufficient to maintain them at par, the endorsement that they are purchasable at the government deposits, at par, for cost, insures their full market-value. Under these circumstances, so long as the government has need of them, they float in the market; and when the revenues again exceed the expenditures, the surplus is composed of the notes returning to the treasury, not again to be issued. The whole debt is thus speedily cancelled, without loss, and without disturbing the markets. The independent treasury plan of the federal government will probably not be acted upon until the close of the session. The apprehensions that were entertained of its disturbing influences were allayed, to a considerable extent, by the announcement of the finance committee of the Senate, some weeks since, that the specie clause would be postponed until the 1st of January, 1847; and efforts are now being made to defeat it altogether, on the ground that its provisions are inconsistent with a state of indebtedness that must compel the government to issue paper, and receive it as a currency. It is not apparent, however, in what way the government is compelled to recognize the precarious issues of unstable private institutions as a currency, because it takes the evidences of its own indebtedness in discharge of debts due to it. The warehousing bill, which is of itself simply a measure of convenience to commerce, seems to have met with the decided opposition of the great party favorable to the protection of manufactures. Any measure that facilitates commerce, seems to be regarded as hostile to the interest of domestic industry. It is to be regretted that so much strife and uncertainty should ever hang over our most important interests; that capital should lose its employ, and industry its reward, merely through the uncertainty of the employers as to the manner in which their rights and interests may be invaded by Congressional action.

COMMERCIAL REGULATIONS.

QUARANTINE REGULATIONS FOR THE PORT OF NEW YORK.

THE following "Act concerning quarantine, and regulations in the nature of quarantine, at the port of New York," was passed by "the people of the State of New York, represented in Senate and Assembly," May 13th, 1846, and signed by the Governor :Sec. 1. The anchorage ground for vessels at quarantine, shall be near the Marine Hospital, on Staten Island, and be designated by buoys to be anchored under the direction of the health officer; and every vessel subject to quarantine, shall, immediately on her arrival, anchor within them, and there remain with all persons arriving in her, subject to the examinations and regulations imposed by law.

Sec. 2. Vessels arriving at the port of New York, shall be subject to quarantine, as follows:

1. All vessels direct from any place where yellow, bilious-malignant, or other pestilential or infectious fever existed at the time of their departure, or which shall have arrived at any place, and proceeded thence to New York, or on board of which, during the voyage, any case of such fever shall have occurred, arriving between the thirty-first day of May and the first day of October, shall remain at quarantine for at least thirty days after their arrival, and at least twenty days after their cargo shall have been discharged, and shall perform such further quarantine as the health officer may prescribe.

2. All vessels embraced in the foregoing subdivision, arriving between the first day of April and the first day of November, exclusive of the time in said subdivision mentioned; all vessels from a foreign port, on board of which during the voyage, or while at the port of departure, any person shall have been sick, or from any place in the ordinary passage from which they pass south of Cape Henlopen, arriving between the thirty-first day of May and the sixteenth day of October; and all vessels from any place (including islands) in Asia, Africa, or the Mediterranean, or from any of the West India, Bahama, Bermu da, or Western Islands, or from any place in America, in the ordinary passage from which they pass south of Georgia, arriving between the first day of April and the first day of November, shall be subject to such quarantine and other regulations, as the health officer shall prescribe.

Sec. 3. It shall be the duty of the health officer to board every vessel subject to quarantine, or visitation by him, immediately on her arrival; to inquire as to the health of all persons on board, and the condition of the vessel and cargo, by inspection of the bill of health, manifest, log-book, or otherwise; to examine on oath as many, and such persons on board of vessels suspected of coming from a sickly port, or having had sickness on board during the voyage, as he may judge expedient, and to report the facts and his conclusions to the mayor and commissioners of health, in writing.

Sec. 4. The health officer shall have power

1. To remove from the quarantine anchorage ground any vessel he may think unsafe, to any place south of the quarantine buoys, and inside of Sandy Hook.

2. To cause any vessel under quarantine, when he shall judge it necessary for the purification of the vessel or her cargo, to discharge her cargo at the quarantine grounds, or some other suitable place out of the city.

3. To cause any such vessel, her cargo, bedding, and the clothing of persons on board, to be ventilated, cleansed and purified, in such manner, and during such time, as he shall direct; and if he shall judge it necessary to prevent infection or contagion, to destroy any portion of such cargo, bedding or clothing, which he may deem incapable of purification. 4. To prohibit and prevent all persons arriving in vessels subject to quarantine, from leaving quarantine, until fifteen days after the sailing of their vessel from the port of her departure, and fifteen days after the last case of pestilential or infectious fever that shall have occurred on board, and ten days after her arrival at quarantine, unless sooner discharged by him.

5. To permit the cargo of any vessel under quarantine, or any portion thereof, whenever he shall judge the same free from infection and contagion, to be conveyed to the city of New York, or such place as may be designated by the mayor and commissioners of health, after having reported in writing to the mayor and commissioners of health of said city the condition of said cargo, and his intention to grant such permission; such permis. sion, however, to be inoperative without the written approval of the mayor and commissioners of health.