The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-17
EDITORS CORRESPONDENTS
From our regular correspondent
New YosK, April l6, 4

From our regular correspondent
New YOsK, April l6, 1916.
Too ,ossks later ne,os from CaniOn-.irripal Ofls
RainbOse.-Qiek passags.-D:fet ia Canton
pith the Chinsss.-1As tariff too high Disappropsd
BY the merchants as u ean.s from the committee
The righteousness If The grsat tent and shoe getting
up by the pyOiseiionisis 10 operate on the public opin
ION Of COngTss-Psnie in Wall sbtd-yHOnsy 2
per esrl a month good Paper Unjasii fable con.
duct Of the banks, &C., &c.
The splendid ship Rainbow, (Which ought to be
called the Race Horse" of the ocean, Captain
Land, has just arrived from Canton, with Two weeks
later news. She has only been gone abou. six
months, and now returns bringing notice of her
own arrival. She has made the voyage home in the
extraordinary time Of rs days and few hours
She brings a letter bag and dispatches from our
squadron in China also the ratified treaty, and a
number Of passengers.
Her most important news relates TO difficulties
likely TO prevail in Canton from the uncomfortable
prejudices the Chinese bear towards foreigners
which would seem to be incurable The people
have thus far resisted the gates being opened 10 Eu-
gopeans, and if force is attempted TO be used in
throwing them open, another China wsr, on a mod
erate scale, may be anticipated. Why not let the
Celestsls have their own way and opinions, as well
| az for Us TO exercise the same privileges towards
them and others No time to say more at pres
ent.
The schedule supplied the Journal of Commerce
by Its correspondent Of the bill reported by the
Committee Of Ways and Means for the reduction Of
The tariff, does not meet the appreciation Of the lead
ing merchants Of this city. Il would seem that all
heavy articles-of which the freighs Of merchant
ships are usually composed-are taxed too high;
80 per cent. ad valorem duty. For purposes Of
revenue, IS per cent. would be much better as well
as less injurious to commercial interests The man
ner, too, Of parading trfing articles of imports
such as anatto, Armenian bole, dragons blood &c.
of htle consequences in long catalogues under each
schedule, would seem to convey the impression as
though they were thus strung out for effect. More
over, the duty on tea and coffee ought to take effect
at the same time as that Of other articles Inserting
the duties conditionaliy is calculated to have bad
| effect upon trade. Merchants engaged in importing
these articles would be liable to be taken by sur
prise, when the Secretary Of the Treasury should
IND necessary to put the clause in force. il would
enhance the value of the articles hand and thwart
the views Of importers whose orders for fresh car
goes were in the way Of execution. Besides tea is
a fair subject Of taxation. The rich consume higher
priced teas than the poor, and hence would pay
| larger share Of the tax.
IL the bill Is TO pass without amendment as il
came from the hands Of the committee, il would APP
pear to me that the manufacturers had well strike
their great tent in Washington, save their money and
goods with which they expect TO operate on the
public opinion OF Congress, and 60 home. For
them TO ask more than the committee have report
ea "ouiu aount W TIC BrOsScst ueslrt Tor peCunl-
| airy advantages.
Again if they pitch their political tent and fill it
| with goods made and priced for the OCCASION WHY
| not farmers, ship-builders, ship-owners, and i'm
porting merchants do the same thing IL each in
terest was 10 make similar attempt to manufacture
political capital, how silly would the whole affair
become The shipping commercial interest
would have to send samples Of ships around,
with sai-makers, ship-copperers, &c, with
| small army Of poor jack tars, TO show off.
| Importers would have to attend and fill another
tent with imported samples of still cheaper goods
The farmers would have TO attend with their teams,
and show of whole acres Of wheat corn, -four, rye
oats, butter, cheese, tobacco, cotton, and rice, and
convince Congress they could buy cheaper from the
importers tent than from the great show tent of the
protectionist. Such an exhibition would become
ridiculous, and exhibit want Of confidence in our
fused TO answer Mr.. Walkers written interrogato-
| ries. They now proceed to attempt to make an i'm
pression III their way.
Every well informed importer will tell you to get
goods into the country, the charges, freight, in
surance, DC, amounts to Is per cent. on the first
cost This, added to Is per cent. ad valorem, az
fords protection equal to 40 per cent. in favor of
the American manufacturer. If they cannot COM
pete with such an amount Of protection, they had
better find something else to do. There is plenty of
rich land in the West they might easily spare peo-
pie to settle it with advantage to the operative.
NoHcy CONTINUES very ugnt In wall street. lhe
| conduct of the banks seems to Indicate combined
| movement in favor of contraction. measure now
necessary to relieve them from a position or diff
Guilty brought upon themselves by previous and in
judcious expansion. They wanted an excuse for
curtailment The passage of the sub.treasury
through the House has given them such an excuse.
What folly! They cry aloud, and make all their de-
pendents, imPs, tools, and followers cry aloud in
the Streets on change, steamboats, and in railroad
cars In every place, and everywhere, against the
sub-treasury. II man does not want to trust an
other for goods, it is the subtreasury which makes
him refuse. A man wishes to collect from his
neighbour it is the sub-treasury which has brought
the necessity upon him.
The banks have already so far contracted as to
make money per cent. a month In Wall street, on
the best paper the city Affords and cry out that it is
all caused by the snbtreasury. Recolect, too that
all this hue and cry is raised before the bill itself
has passed. And, moreover, that it contains
clause, providing that the public funds held by
the banks are not be Withdrawn to the sub treasury
places of deposite, but that such deposites only
to have different direction for the future. When
consider these circumstances, the conduct of the
banks, who have thus so violently entered the
Of politics, with eectoneering denuncations of the
bill in advance, it cannot be too severely censured
Such exhibitions Of opposition to fair and reasona
BILE legislation the port of banks, prove the dan
gerous tendency Of such institutions, when they
can, by expansion and contraction, so seriously in
erfere with business, excite the fears of the timid
and aid the clamor of federal party to operate,
it possible, upon the measures of the government
ITSELF forbear.
Stocks were again hesvy to-day. Small sales on
cotton
Market firm, and no change in price.
Genesee flour steady at IS 81, at which 500 bar
rels sold.
Corn steady, southern white and yellow at 60,
weight.
Yours, very truly, ~
MORGAN.