The daily union. [volume] (Washington [D.C.]) 1845-1857, 1845-10-30
THE DAILY UNION.

Ne
measure, ifnot To censure the United States for pr
suing course we feel and know to be just and right
! | will proceed 10 give the following from his nv
teresiing letter, for which feel much obliged &c
! him
"LrERPooI, Oct. 10, l645.
"DeAR SIN: Your remarks respecting crops Of ag
ricutural produce are interesting. A fall average
crop Of cotton 10 10 he desired, for the interest Of
this country, as well as yours; and if the wise pol
| icy Of governments, in removing the import duty
from this article, were extended to provisions and
all sorts Of bread-stus, they would, indeed benefit
the whole, and set an example which other nations
would not be slow TO foow--when free trade would
become universal, and protection, the idol Of gno-
rant governments would be considered the greatest
enemy to peace and civilization.
| "Thanks to the exertions of the anti-corn-law
league, and the discerning portion Of the public,
these obnoxious laws, forbdding the full supply OF
the necessares Of life, doomed to destruction,
and that long; indeed, the next session Of Par
lament may work great changes
"The duty on Indian corn is amost certain to be
removed, notice Of motion to that effect has al
ready been given by a protec,ionst. This may be
done as sop to the league; but in vain. Nothing
| but total repeal will safety them.
ave have not had favorable harvest There
was abundance on the ground but the prevalence OF
wet and cold weather has prevented the grain from
being fully fed, and the yield will be deficient. This
applies more particularly TO wheat. Oats and bar
ley promise better. The potato crop has partially
failed. In some districts the roots were attacked
by the rot--a disease not unusual in wet seasons.
In the dry sandy ands we hear of little complaint.
That prices Of grain will be, and continue, dearer
than last year, have little doubt; but do not
think that foreign imports will be required to an ex-
tent likely to influence prejudcially our money
market, which still continues easy.
oJJnitad States Aour IL nnvu worth 05s In
sterng) per barrel in bond the present duty being
los. l0d. per barrel or 16s. per quarter on wheat
70 bushels make aquarter.) Old English wheat has
been sold at los. per bushel Best new at 81. Sd.
to So. per bushel. The duty on Canadian -four is 10
4d per barre and the free price 32s. 3D. to 34s per
| barrel. af
"For American provisions there is steady de-
mand. ySs
"Tobacco is in fair request; more particularly for
strips, with some little advance during the month.
sour cotton market, as you will perceive from the
enclosed circular, is extremely dull; and sales have
in some instances been made at Id. decline during
the last fortnight. This absence of demand does
not arise from state of trade in the manufac-
turing districts. Indeed, there the wonted activity
prevails particularly in yarns, which cannot be spun
fast enough for the demand. and prices keep gradu-
ally advancing. The spinners are amassing large
fortunes; but the manufacturers wcavers profits
are, comparatively speaking, but moderate. New
spinning factories are, from time TO time, coming
into operation, and the consumption of cotton is on
the increase, and promises to be larger this year
than ever; so that, unless you give us a larger
crop than the last, we must have higher prices.
From the advices, however, which we have received
up to the 18th ut from your port, we are led to anti
cipate no increase in the production, but rather the
contrary; and an unfavorabe picking season, or ear
ly frost, might reduce the supply considerably be-
| low that of last season.
| "One reason for the dull state of our market may
be found in the large stocks which the spnners now
hold and they knowing that the supplies of the
over, and stock on the decrease, consid-
er il good policy to check, much as they can, any
tendency to advance, which cessation of supplies
might produce. Besides, they are now sending out
their orders for purchases of the new crop, and are
aware that, il the same be accompanied with advces
Of dull and declining market here, they will be the
better able to get them executed at their own limits,
which are somewhat below our present quotations;
and those spinners who have hopes of their orders
being executed, will naturally abstain from purcha-
sing here as much as possible. Spectators in cot
ton are timd race, and seldom operate when prices
have downward tcndency and, without their aid
we can rarely accomplish an advance in prices.
"Railways now absorb their attention Railway
speculation, we perceive, is beginning 10 manifest
itself in the United States; but, we doubt il it will
60 to the extent it has already done here, where
new schemes are daily brought forward, and find
| eager contributors though many of them will per-
haps be brought before Parliament, and others
| will no doubt be thrown out. Many are Of the
opinion that this mania will result in most ruinous
| consequences There will, no doubt, be individual
suffering but do not look for any serious panic,
| or national calamity; on the contrary we consider
/ the Investment in legitimate undertakings as the
| most beneficial mode of employing the surplus cap
| tal which is yearly accommodating in the country.
i and must give employment to vast number of la
| borers who might otherwise have become chargea-
BILE to the parish. Indeed the people generally were
never more fully employed than ut the present mo-
| ment; and though food may be dearer than last
year, we do not think this will materially curtail
consumption of manufactured articles for clothing.
Notwithstanding the large sums of money almost
daily required for depostes, and calls on railway
shares, the funds have tendency to advance, and
the interest on money is moderate.
".Mtrico.-lt is truly melancholy to see such a
fine country continually distracted by internal feuds
| and bad government. There is no doubt but she
| the United States; though we cannot but think her
cause is just one, and that the predominant spirit
in the United States to acquire territory, at the
expense of Justice, will eventually recoi on them
selves; and we do most sincerely hope that this
| spirit may not eventually lead to any serious mis-
j understanding with Great Britain. A war between
two such countries would be universal calamity,
retardng the progress Of freedom and civilization.
| War is the greatest curse that can DO visited on
mankind-worse than the plague, and generally
originates in dishonesty or want Of principle on one
j side or the other.
"We remain, dear, sir,
"Yous, very truly,
| OF H,
.sof the house Of -, & Co.
| aPer stean,-shp Great Western"