The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1842-09-21

The depression among the importing and shipping in
terests very great Very many foreign houses. Ger
and French part culary, about closing up
their business quietly finding impossible to continue to
do business under the present regulations The peculiar
nature of business hitherto required large imports in the
spring and fall Many large houses would have invoices
amounting occasionally to 100000. coming in very
nearly ahe time. Under the old system these would
be mostly realised before the duties fell DUE Now such an
invoice would requ ire 100000 cash TO be paid onentry
serious obstruction to large operations The manufacturers
in hard money Europe enjoy real credit which enables
them to turn out any quantity of goods that may be want
ed but does not enable them TO send their agent
sgnee commission house 100000 hard dollars to pay
the most exorbitant duties, under the circumstances
imposed upon any people The goods therefore, to
come coming, sent back to other markets New
York has beethe great centre of this business sixty per
cent Of all the imports have this city heretofore
OF Sl27 900 imported in ls4l SIC New
York, mostly through those houses who are proh
bited from doing business by the late tariff The trade Of
New York city in great measure depends upon the i'm
ports. Its export trade is consequence Of the imports
or the 5000 in this city half at least get
their living by riding imported goods All these people
will lose their trade Instead of merchant in Pine street
selling of goods they will either be sold at ALL
through the inability Of the farmer buy will 20
from Lowell over the Western Railroad to Buffalo, and so
West. The trade of New York must sink at least one
half inevitably under the tariff little reflection and
examination OF documents would show this to be the case
and yet there not few who looking for the in.
crease of trade which promised through the tariff
In the English commercial journals appears that the
veto of the late tariff by the President hailed with
much, if not more. satisfaction, than the treaty. II
was considered as leaving low tariff in operation and
therefore as aordng opportunity only for greatly
extending the commercial relations between the two
countries but of thereby leading the way towards the ul
innate settlement of the stock debts existing between the
United States and Great Britain. On this subject we make
the following extract from the London Gazette of Au-
gust slS:-
given by the President of the United States to the Tariff
B we again urge upon the Government Of this country
opportunity thus afforded for extending our commercial
relations with America The value of the of that
ed on terms Of benes Ike DC Of
ports to the United States for years. the number of
ha in @ for
we derived from our connection with transatlantic al
lies, when remained undisturbed by commercial and
The contraction of trade and the amount of une
ployed labor which resulted from the interruption
relations with America, show if possible clearly
the loss which thus sustained aid argue cogenty in
favor of the adoption Of such Of policy by the
Government of Great Britain may bind the two coun-
tries together closely with the ties of mutual
rest may be said that the financial endorsements of
America and the bad faith which of the States have
exhibited in respect to their pecuniary engagements
be bar to any immediate increase Of trade with the
United States and there is small amount of feasibility
in the objection But let examine the great first
Of this position Of their financial affairs and there little
doubt that it will appear that the Distress the want of
circumstances in originating which Great Britain had
small share.
The period has, however, arrived when nte-
peremptorly demand that every exeron should be
will enable that nation pay in the produce which it
well Afford and which we so much require; and
sincerely trust that Sir Robert Peel will devote his
tenon to the formation Of treaty to effect desirable
object convinced feel that Parliament will I'M
angly give its assent to the necessary to
firm such an arrangement.
This the mercantile view take of the natter
and it is matter of regret that such anticpaons the
business should have been chilled and dsappont-
cd by the enactment of arbitrayand prohibory tariff
which builds up wall between the two countries checks
the return Of activity abroad and ruins the market of the
United States farmer for his produce.
The tendency of the prices of all agricultural produce
particularly flour, is downwards Afutile attempt is
making by the western millers in this market to sfen
the prices of -four here by buying themselves hold
and great deal is going into Such ridiculous
proceeding only end in the ruin of all concerned
The banks of the west will surely not be preposerous
as to second such movement. The whole west is filed
to overhowng with the rich crops Of the earth sur
plus exists greatly above the powers Of the people to con-
sume and without foreign market to take of that sur
plus, prices must go to very low money values The late
news from England has been considered good SO is
for England and the English but in point of view is
good for this country. The harvest full and no de-
mand for surplus -four exists is kept out by English
duties from England, and government has pre-
vented English goods from coming here in the purchase
of produce for other quarters The righteousness of mo-
ney England has not improved American credit, and
improves the consumption of cotton sufficiently to take
of the surplus and stay the falling prices in that
article it is all that can be expected.
sales mt the stock Exchange.