The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-11-28
Commercial Correspondence.
Nrw YonK Thursday, Nov. %, ls46, Az. n

present IL is, however, usually the case that cap
alists become cautious, and holders of securities
DISPOSED to part with them on the eve Of a session
Of Congress The violent details and reckless dis
regard for commercial interests usually evnced by
the protection partsans, make those who have large
risks at stake nervous, and many sell out in order
TO buy cheaper during some crises of the session.
Nothing is more ruinous 10 commercial operations,
and adverse to the free flow Of capital than the con-
slant uncertainty which hangs over the commercial
policy of the country. Daniel Webster, at Balu-
more, some years since, in his famous reciprocity
speech, most truly stated that uncertainty was the
great bane of commerce, and consequently of agricul
ture and manufactures. Yet scarcely had the people
adopted low duties as the permanent policy of the
national government, and commerce began to
adapt itself to that policy, than the multi
farious results of wsyward local elections are
seized upon to renew the uncertainty in the minds
of those who have too little faith in the aithfuness
of the people to principle. During the last session,
when Daniel Webster gravely announced from
his place 10 the Senate that the expenditures
Of government were half million per dien,
some alarm was manifest in commercial cir
cles. The explanation of his assertion removed
those fears; and his recent announcement at Boston,
that the expenses were s6O,OOO,O0O per annum, is
understood as subject to an explanation" The
quarterly reports Of the department show that the
expenditures for the nine months ending September
80, 1876, were about s27 900 900, including four
months war, in the progress Of which three empires
have been added to the Union. Official reports also
show that the expenses Of the nine months ending
September 80, lS4l, when the Hon. Daniel Webster
was Secretary of State s24 900 000i and, con-
sequenty, the expense Of the period Of
| 1876, including the war; exceeded that of ls4l but
So 100000, The financial operations Of that period
may, as compared with the late transactions of the
treasury, show what confidence capitalists have now
in the resources Of the government, as compared
with the view they took Of the policy of the gov
| eminent then.
In July, l54l, Congress authorized loan of sl2,
900 900 in a six per cent stock redeemabe years
from January 1912 and appropriated $4,000 to
pay agent to negotiate il. The Secretary offered
It in the market at 5ths per cent interest," and got
$4,000 He then offered it at 81 per cent, and got
| about g. 500 900 He then raised the rate to per
cent, and got s2OOOOOO. In his annual report he
extend the loan to 90 years In April 1912 the per
cent loan issued in September, lS4l was selling at
95 cts. on the dollar Congress then extended the time
Of the unnegotated balance to 20 years. and author
ized it to be aod at any price specially pledging the
customs for its redemption. Still the Secretary could
not get dollar. In August the acting President
sent an agent all Europe to sell the stock, and
he did not obtain dollar. Congress then repealed
the authority to sell it under par. Before January
the department got few millions more on il; but
it not until January, 1913, one year and half
from the first attempt that the balance Of the loan
was taken. That was in a time Of profound peace,
and under administration elected for the purpose
Of restoring the credit Of the government! Let us
now see what was the case this year. In July,
Congress authorized sl0,0O0,O0O six per cent.
loan, redeemsble in 90 years. treasury notes, at
the option of the Secretary. He used treasury
notes until Oct 30, when he issued proposals for
the stock and in twelve days double the amount
asked for was subscribed, partially at premium;
+ and that stock cannot now be bought at 1t pre-
MUM. This in the midst Of war said to be I'M
popular because the democratic vote at State cleo
tons is diminished by the numbers spending their
face of the great uncertainty of the extent Of the
government wants, and at the moment in which Mr..
Webster was endeavoring to discredt it in Boston.
1t is curious to reflect on the cause of this change.
Was it not that the anti commercial policy of the
government of lS4l created distrust in time OF
peace; while the liberal policy, to carry out which
the present government elected, creates conf
E dence that even the existence of war cannot de-
stroy'
The United States at this moment are suffering
the effects of long perseverance in their anti-com-
mercal policy, and its influence will be felt by every
' farmer in the country The demands Of Great
: Britain for farm produce immense, and will
continue to be so. The seaports of the United
States, on the other hand, are filling with -four and
grain going into store at falling prices. Why
Because the tonnage engaged in the foreign trade is
altogether inadequate to its transportation. In the
comparative free trade enjoyed by the u States before
the war, the foreign commerce rose to great mag
nitude The foreign tonnage was over 900 900 tons.
The exports of -four and wheat were nearly $780,
600 bbls per annum and the average price of -four,
per annum, was frequently $40, and never under
&c. The population Of the Union was then $780,
UUU ana there was no cotoh 10 export. AL the eX-
port farm produce at high prices and the vast
fortunes acquired the banks of the Connecticut
and Hudson, in farming and milling, were the re-
suits Of that extended commerce. With the close
of the war came the spectre of "proecton" to blight
commerce and agriculture with it's maIign influence
Let us now see what the foreign tonnage is:
1910 1920 1870 lsd5.
Foreign tonnage 9s4,269 650l42 s5la51 1917 s5
Coasting, ii0,5lh 6O,855 l,307,045 l6l9Ol1
Total, li2i75d lt26o7H 1883 602 2,4Ho02
There are now Sc 374 less engaged in the for.
eign trade than in 1910 There are now 2,000,00O
bales of cotton to be carried abroad more than then
and there are the wants Of 100000 more people
to be supplied, At this juncture Europe comes to
US for as much -four and wheat as we supplied her
with then We cannot now supply it. Why Be-