The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-10
EDITORS CoRREspoNDENCE.
[from eur regular correspondent ]

NEw YoRK, April s, l646
The probable an.ounl Of exports from the United States
in palas, bslov that Of le45, probably $4,000 600,
bsiO,o thai Of l644.-Baiaaes Of trade against The
expansion, and the extension Of hs credit system,
From the annual return of the inspectors, just
made al Albany, We learn that the quantities Of
6readstuhs inspected in this State, including this
city, Albany and Buffalo "for the year lS45,
amounted to 1855, 1856 barrels valued at sll $685.
O37. Ia 1874, the amount was 2l44669, valued
rels, valued at $4,000, 642 81"
This statement is taken from the Journal Of Com
merce, the second part Of which would seem To inn
ply some error. IL puts down the increase at l2l,-
ll6 barrels for l545, upon which is apparently
predcated AN increased value of s2,040,642 81
What kind Of value must the inspectors have placed
upon the increased l2l ,ll6 barrels TO have made it
yield an increased value TO the amount stated Ii
they estimated IL at six dollars per barrel, (ar too
high as ayerage) 1t would only give an increase
Of value equal TO s727, 696-showing difference Of
81 ,3l3 926. IL is evident therefore, that either the
inspectors or Journal OF Commerce have committed,
a blunder. Taking all things into consideration, It
probably will be fair estimate 10 say the increase of
expectation Of breadstuffs, including Indian corn,
may amount To about ~, 900 900; which, with pro-
Visions, may swell our exports TO foreign countries,
(tho produce Of lS45, over that Of le44,) TO say,
not exceeding q, 500 ,000-the amount cannot Dc
easily ascerained I'LL the close Of the commercial
year. This estimate, however, may be half mil
hon over the mark; but for argument let us assume
Il TO be two millions and half Yet, owing TO the
deficiency OF the cotton crop, before noticed without
any material increase in rice and tobacco il may be
considered that our aggregate produce and exports
for the commercial year OF lS45 and 1916, will fall
below those Of the previous year by $4,000 900 to
y, 500 900 IN value. This being the case the bal
ance Of trade in the face of tariff almost prohib
h. Al and. -. n
IN specie. Importers, when making their purchas-
es in Europe last autumn and the past winter for the
present spring trade calculated probably that our
crops, and particularly that Of cotton was to be as
large, and export as great as they the pre-
ceding year; hence they imported freely to meet
what they supposed would be an uninterrupted de-
mand, equivalent 10 the usual amount Of means
aceruing to the agricultural population Of the coun-
try the fruits Of their labour. The bank returns
about the first Of November, ls45, exhibited their
condition in a favorable light. They moved for
ward, also, under the belief that as crops would
equal the previous years yield, and that the exsg-
yersted accounts OF starvation in Europe would SO
Tar enhance the value Of the exports Of breadstufs
NC, as to Seatly augment the means OF our peo-
pie, they expanded their loans within few months
To an enormous amount, under the prospect Of
making better dividends. Thus aided by the banks
regular city merchants last fall as well as pre-
yiously, extended their business with their country
customers. Expansion grew up in every business,
while spectators early DIN the excitement entered
the -four market, and carried up prices suddenly to
81 IS per barrel, which, in the face Of diminished
demand for shipment, has gradually declined ill it
now Sells within a week Of the opening OF the
canal at IS 37i being equal 10 fall Of 81 67I per
barrel! The decline on wheat has been nearly ia
| corresponding ratio. The consequences are that
the receipts Of the country arc very little better than
if no extraordinary scarcity had prevailed in EGG
land, &c, while taking the aggregate receipts for all
kinds Of crops, the produce Of l545, and the coun-
try, as have before remarked, will fall behindhand
some 50, 500 ,00O which must be, to a great extent,
quidated in specie This turn in affairs
anticipated neither by the merchants the banks.
In the present expanded condition Of the lstsr,
they have become greatly alarmed at the prospect
Of losing specie. IL they attempt to collect from
the merchants, the latter collect from the peo-
pie This course will alarm the people who never
fail, under such circumstances, falling back upon
greater economy-uying to consume less, and TO
rely upon the within their farms for
clothing as well a. for food, &c. Such a result is
as disastrous the expanded business fthe MENU
facturers as to that of importers and the paper
currency Of the country whenever the finale IS
realized, (as have before remarked,) the whole
affair will be taken up by the wings, and laid at the
door Of democratic measures. II will be owing 10
the sub-treasury, and to freetrade doctrines; when
It will be alone chargeable to what has ceased
to be objects Of whg soicitude, viz: the expansion
Of the credit system, excited and upheld by the ex-
pansion of banks in their increased loans and issues
Of paper money: to correct and prevent which, TO
large extent, the subtreasury il absolutely
ry in connection with the United States branch
minis, places for the safe-keeping and deposit Of
the public money. Had this measure received the
sanction Of Congress, modified as suggested two
years ago, the very evils now likely to disturb the
business Of the country would not have ensued to
the extent.
The settlement Of the tariff on a sound revenue
basis, ought to have been adopted at the time
both measures combined would have counteracted
the present and approaching crisis, by keeping ia
check the undue expansion of paper money and the
credit system.
Passengers who have arrived in this city from
Hartford, Conn.,, via New Haven, report that the
complete returns give the State to the democratic
party. fso, it will prove quite an unexpected vic
tory.
My space will not allow me to give some views,
supported by certain data that designed to submit
to-day, on the future growth and consumption Of
cotton throughout the world. Though intended to
be brief, must postpone them, knowing how over
whelmed the columns of the Union at this time,
with the debates of Congress- 1t is 10 be hoped they
will receive some respite when the Oregon question
is disposed of.
Nero York market, this day, Al p. m.-The stock
market again fell off to-day. Railroad bonds de-
clined on an average about 2 per cent; Pennsy-
vania SIS closed at 6S.c seller 80 days; sales United
States per cent. coupons were made yesterday at
1909.
100, or 200, or 300 bales of cotton sold without
change in price-market still firm. Quotations
stand about as follows, with amount of sales this
week:
Upland 4 Flor. MobS E.o
200 bales 800 bales.
S s;issss to to s ssss MD nd TsH' SsH