The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-04-17


The stock market continues heavy. Prices fell OF
again to day. Long Island declined per cent; Reading
Railroad II; Morris Canal and Canton went up /; Nor
wich Worcester Ii Psnnsy wanna S. closed ysstsr
days prices.
1.-THE second board further decline was experienced
The war news from Mckee, arrived too late to have IN
enscs upon the market today but We look for greater
panic tomorrow than have had yet. The bali has
opened, and no can tell what may be the result
Further accounts from the RIO Grands will BE- snxiously
looked for. We have doubt collsion between the
forces has, ere this, taken place.
The Bank Of New York has declared dividend Of
four per cent for the last six months payable on the LIST
of May.
Inc new tariff bill II now fairly before the House.
The Commute Of Ways and Means have reported bill
Similar In every respect, to that rscommsn by the
Secretary Of the Treasury. II has been read second
tms and referred to the Committee Of the whols on
the State Of the Union II anticipated that there
would be higher duty placed upon iron by the com
m'ttes than that suggested by Mr. walker; but upon
comparing the two bills we find that iron in blooms.
ooits bars hoops pigs rods, slabs, other form not
ohsrwss provided for castings Of iron scrap iron and
vessels OF cast iron are put down each bill at thirty
per cent ad valoren. Manufactures of cotton, wool
worsed, SILK hemp and ax also placed at the same
duty in each bill.
very important section has been attache to the bill
by the Committee Of Ways and Means which. by all
means, should be adopted We alude to that providing
for deficiency Of revenue under the new act which
says I'm any In which there shall be deficiency Of
revenue duty Of ten @ per cent id valorsm shall be
placed on tea and coffee, to take effect after the Art
quarter of the ensuing year." duty Of ten per cent on
these two items, would yield revenue amounting to
between one and hall to two millions Of dollars annu.
n.y. The value Of tea imported into the United States
10 ls45 was Ss7ao54 and Of coffee $6 AL 27l making
an aggregate of I'll PSI 1856 duty Of per cent ad
valorem, on this amount, would have produced gross
revenue of $llo5,l7s. Should there be At any time
deficiency in the revenue. this viii be found very val.
liable and important resource. will be much better 10
keep this a. dsrnisr resort than to adopt it per-
manent resource.
tits proposed that the now tariff shall 70 into opera
ton the LIST day Of December 1885, and that all goods
In the public stores the I'd day Of December shall b
subject to NO other duty upon the entry thereof than
imported after that day. The I'D vslorsm principle
strictly adhered TO in the bill from the Committee If
Ways and Means. The wareheusing eystem, to very
limited extent, i connected with this bill So far a il
goes 1t will be found very serviceabe. Goods import
cd from this side of the Cape Of Good Hope or Cape
Horn may By this BILL remain in store for hundred
and fifty days, and imported from beyond those Capes
one hundred and eighty days. Whether this il with or
without the Of cash duties il stated but we
presume without, otherwise it would be Of material
benefit From this provision being attached tariff
BILL should judge that warehousing, to any greater
extent, was not contempt
There is very little doubt but that this BILL without
any material alteration will pass the House Of Repre-
sentatives by fair majority at once We do not anti.
cpate very lengthy debate the subject been 80
long before the country that 1t has nearly been
haustsd
We learn from Warrington that the independent
4wa~ A. 49,
with certain notifications, regards the period for
enforcing it, specie provisions, but nothing This
viii give the banis little longer time to prepare them
selves for the changes this treasury bill Of the 60
vernmsnt wall produce in the currency, and they will
want every moment they obtain to reduce tn cir
operations to the proper point to enable them to stand
unmovsd the shock they viii receive. steady con-
traction in loans Of all kinds will be necessary but par
tculary those mado to peculator either in merchan-
disc or stocks The class Of business that will feel
the operation Of the Independent treasury bill the most
that depending almost entirely upon bank favors
Ing no capital Of their own and doing business entirely
upon credit II will purge the community Of such ops
rstors thereby bsnstiDg those combining themselves to
legitimate business, conducted upon legitimate prn-
ciplss Those doing business upon their own capI.
tai, and doing NO more than they can safely upon
that capital, viii in fact BE- benefited by the
Independent treasury bill, a. they will have the
field to themselves. Those who trade on borrowed
capital ought to break" said President Jackson and
that maxim just a. true now II was at the time II
was made. For several years previous to 1887 nearly
every one traded ON borrowed capital and in that year
almost every one did break We have mot yet approach
cd any where the point then reached in sxpan.on
Of credits, but the banks have been fast drawing III
commercial glasses into the system Of credits that
produced much diculty and embarrassment in form
years. and II not for the probability that soms
would be adopted to check tho expansion
ofhess institutions would not have been many years
before We should have been in the midst Of another com
mercial rsvulsion.
Under the cipeumstances the banks have adopted the
wisest course. in submitting to . rapid contraction
They justified in reducing their discounts not only
TO spectators but to their regular customer whatever
those opposed 10 the independent treasury mag say TO
the contrary, Notwithstanding.
We statement exhibiting the condition Of ave
Georgia banks, in April, is4s, compared with October
1874 will be observed that tnsrs has been considera
BILE variation in the movement Of these institutions in
the meantime.
BArxs o. 0voRsM
October, 1884. April, 1916.
meehsnics Bank ts6.e13 T.M $4,000 si6ss
ia nsns q AArg u.t: ss1I! 1878 sn.s insN