Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1846-09-22
DAILY WING.
The Foreign News.

IN a commercial point Of view. The failure Of the Pota-
60 crop. which constitutes almost the only food Of a very
large proportion Of the people OF Ireland, has caused a con-
siderable demand for American brcsdstuf., and no little
activity in the grain market. The failure OF the crop last
year, II will be remembered, gave asimilar impulse TO wheat
Hour. which continued up to the month Of December.
when il appeared that the demand had been entirely .pecu-
laive, aud that il was notjusii6ed by the actual necessities
Of the people Of Great Britain. A sudden and ruinous re.
action wa. the consequence and many who had held
up for higher prices, or who had made heavy shipments TO
England At the advanced rates, were subjected to severe
Losses by the experiment. We recall this fact 10 the recol-
lection Of the country, IN order 10 caution oil parties against
the indulgence Of oversanguine expectations, and to guard
them particularly sgainst the consequences OF hazardous
speeulaions.
The improvement in the price OF Cotton will probably
be OF . more permanent character. Indeed, If the ac-
counts which daily reach US from the cotton growing re-
gion are not exceedingly exaggerated by the apprehensious
Of the planters, or highly colored by spectators interested
in giving an impetus TO the market, Of the benefits OF
which they may promptly avail themselves, there will in
all probability be a still farther advance in the price Of this
staple, when the news shall reach Europe of the ravnges
Of the worm aud the consequent anticipated deficiency in the
aggregate OF this years crop. Our last accounts from the
Southern States are, il possible, more gloomy than those
previously reeeived-pariculariy from Mississippi, Louis
ana and Alabama. How far they are 10 be depended upon,
however, Others are as capable of forming an opinion as
ourselves.
The present high price of Iron in Great Britain will al
s~oprobably be for some time maintained, by the increasing
demand for that article, for consumption in that kingdom,
consequent upon the numerous aud extensive railway
schemes in progress and in contemplation. The American
iron-masters may congratulate themselves-as we sincere
ly congratulate ihem-thot the force OF the blow aimed at
them by the legislation of Congress will thus be materially
weakened, If not altogether neutrnlized, so long as that
extraordinary demand shall continue. An intelligent gen.
man, engaged IN the Iron business, informs US that English
iron imported into the United States, at the present mar
ket prce in that country, will cost the purchaser here more,
under the 30 per eentsd valorem duty OF the new taufT than
ii did under the higher specific duty OF the tariff OF ls42.
or course, so lOag as this state OF things shall last, the
American market must continue TO be supplied by the
American production. II will only be Shen the demand
for Iron in Great Britain shall socken, and the price fall,
that the injurious effects Of the lower rate Of duty will be
felt in the United States by those engaged in that important
and extensive branch Of business.
We sincerely hope that the present prospect of advanced
prices for some OF our great staples may be more perma-
nent than We have any reason to hope they will. We are
aware that advantage will be taken Of this state Of thing.
as has been done heretofore, to make false impressions
upon the public mind-by efforts to induce the people to
believe, that, because the reduction Of duties and the rise in
prices happen coiemporaneously, the one is the effect Of the
other-while the true cause, which is as obvious as the
fact itself, will be entirely overlooked. Regarding its in
fuence upon the fate of parties, however, as OF infinitely
- consequence Aluu ne prosperity OF the country, we
shall be NOT the less grathed that the farmers and plan.
tiers, as wei. as Other classes, will be remunerated for their
labor, because demagogues may take advantage OF an acct
dental occurrence TO impress erroneous views upon their
minds. We have recently seen that the Washington Union
has not hesiiaied to insult the Understandings Of its read
ers, by claiming for the new tariff the credit Of creating in
Holland quite an extensive demand for Rye, although thai
demand commenced MAE months before the new tariff.
10 which i, is asenbed, became a law :! With how much
more eagerness that paper and its echoes will ascribe the
augmented demand for, and higher prices Of, ~Breadslufs,
Cotton, and Iron, 10 that same miraculous measure, the
good effects Of which thus anticipate the period when it
Is to go into operation, we need not say. But II. as we are
gravely told by the Union, the bare possibility Of a change
in cur tariff, to take effect in December 1916, opened the
ports Of Holland, in November l945. to American Rye,
and If the simple intelligence that the change had been
decreed, to 60 into effect in December next, has given al.
ready such an impetus in the Liverpool market to the
demand for Breadstufis, Cotton and Iron, what may we
not anticipate when the benign effects Of that measure
shall be actually experienced Surely, if the mere annun-
citation that a reduction Of duties is hereafter to be made
Scrks such magical Retrospective miracles, the reduction
itself, when it takes place, must produce the most over.
whelming results! But who does not know, if it shall be
discovered this Fall, as it was last, that the demand for
American breadstufs is entirely speculative, and has been
greatly over estimated, that the price Of gain, 80 sudden
ly inflated, will again, as It did then, rs suddenly col.
lapse, IN despite OF the new tariff WhJ does not
know, II a large number Of the thousand and one Rail
Road schemes N G:eut Britain should be abandoned, tba,
che demand IN that county fer Iron would cease, and
that prices would again decline to a point with winch
u would be hopeless for the American ~Iron-mastsr to
attempt to competed WHO doubts, for q moment. that,
If the accounts which now daily reach Us from the Cot
ton-growing States should mm out 10 be grossly c1aggeu.
red, and that, instead Of there being a greatly diminished
production, there will probably be a redundant Or even
an average crop, that the price would fail a. rapidly e. the
mercury IN a thermometer under the influence Of IN Amos
phoric ehunge' Who, admitting this, can be persuaded 10
lose sight Of these obvious causes for the impetus give7 to
prices IN England, In order to search for hem, where they
are not to be found, in a measure, the effects Of which,
whatever they may be-, arc yet TO be developed Yet ef
forts will be made-and to 4 great extent they will be sue
csssiuI-to persuade the people 10 overlook the fea. causes
Of these auspioious changes, and to ascrbe them 10 the is-
Risston Of the last Congress, which 10 truth has had g.
Inle Influence upon tho market as Bull from tho Roman
Vatican or an Ukase Of the Russian Autocrat.