The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-04-18
EDITORS CoRREsPoNDENCE
From our regular correspondent
New YoAK, April II, Ii


From regular csrrssPondentl
New YoRK, April II, 1876.
The nsto revenue BILL further objseiiOns-Ths short
ness Ia the cotton crop estimated al 400 900 bales
Consequences thersot-Rssuli Of speculation IN bread
siuts-COndtOn Of the banks, aia state Of the money
markst-ErpOris Of brsadStu6s e0Hp1sd-St Nieo-
las Society celebration, &c.
The leading merchants of this city, since the pub
LEGATION of the new revenue bill in the "Union," find
many Objectionable features in il, besides those al
luded to yesterday. The preliminary sections,
which extend the time from GO days 10 $50 days,
for articles west of the Cape Of Good Hope and $50
days east Of to remain in store before sale for du.
ties, would seem To look to the exclusion Of all
idea Of warehousing system. IL rs said II requires
two years for the sale OF a cargo OF pepper other
esrgoes of valuable articles require nearly as long
time. Hence, the English warehousing system,
which has worked so benefeialy for commerce,
permits goods 10 remain IN bond from two TO three
years, without other charges to the merchants than
the fees of storage, &c. The new bill only allows
about six months on all goods and, what s inf
nely worse, proposes to levy interest Of six per
cent the amount Of assessed duties from and af-
the period Of landing TO the end of the six months
Such provision Ia unwise, harsh, and would, If
executed, prove oppressive to the commercial inter
est Of the country.
The custody of the goods by the government al
ford sufficient guarantee for the payment Of dutes
Too many oaths and formalities accompany custom
house regulations. They greatly need simpfca-
ton, which would insure greater efficiency.
My space will not allow me to dwell at present
on the defects Of the bill. IL is sufficient to say
that as far commercial men and interest are con-
cerned it is hoped the bill will undergo important
alterations and amendments before it is passed. Let
tea and coffee be taxed at once. Let the features
Of the ware houselng system Peryade the preamble
sections Of the BILL and let the highest rate of duty
be only 25 per cent, equal to 40 per cent. of pro-
turers Do this and it will insure the largest amount
Of revenue, with the least inconvenience to agrcul-
ture, trade, &c.
Further intelligence, made up from the southern
cotton ports to last dates, shows deficiency in the
receipts equal to about 100000 bales. Intelligent
cotton brokers Of this city now estimate the deficiency
in the cotton crop of the country at least equal
400 900 bales which, at $50 per bale, will be equal in
value to sl2 00O,OO Let US suppose part Of the
deficiency equal four FIVE Millions is equalized
by advance in price, still there will be left def
cheney of receipts to the country on the exploration
of this article alone of from 200 900 to 600 900
Some supposed the augmented value and export
of breadstuffs would go far to liquidae the remain
ing deficiency; but slight examination Of the sub
ject will prove the falacy of such conjecture. So
far from equalizing the deficit in cotton receipts
from peculiar train Of circumstances with the specu-
aton in breadstufs has produced unusual tightness
in the money market in the United States, which,
combined with tightness of the money In Eng
land, induces a tendency to prevent an advance in
cotton that would otherwise have ensued under the
certain prospect of a short crop. The shortest,
probably, which has resulted for many years.
The cry of famine which raised by the anti
corn-no league and spectators in corn has operated
favorably upon the political measures Of Sir Robert
Peel. 1t has forced the ministry into reetrade legs-
laton. Grain has been induced to flow more largely
into the ports Of the country, which enabled the
people to obtain supplies at cheaper rates. While
the starvation panic" has largely benefited the poo
pie of England it has inflicted severe blow on
the interests of this country. Not only have the
people Of Great Britain been enabled to procure
cheaper food and to secure the partial if not COM
pete, abolition of the cern-aws sustained hitherto
by the preudces of ages, but the manufacturers are
enabled to purchase cotton at less rates than
they would otherwise have done in the face of such
proved blessing to England and curse to us
Flour last November advanced on the strength Of
the "panic" to 80 per barrel in New Orleans where
it now commands only about 81 SO a "a Is. In
this city it reached, as before remarked, 81 IS. 1t
now sells at IS 37s. The canal was opened to the
lakes yesterday; hence further decline may posi-
bly, ensue. When -four in November reached its
highest pitch, it then that the banks commenced
their fatal course of increased expansion. Specula.
ton became extensive and active A belief pre-
vailed that specie would reach us from England for
the purchase of breadstuffs. Our importing mer-
chants, infected with The same extravagant notions
and supposing so far from deficiency in exports of
any kind happening, that the crops would fully
equal if they did not surpass those Of former years,
which, with increased value in breadstuffs would
give the country large margin of increased profits.
How signalIy have such calculations been defeat
ed2 Instead of receiving specie, we have to part
with it. Instead of the margin of surplus of profits
on exports we find that the deficiency in cotton ex-
ports alone amounts to Sl2 000 000 which specula-
ton in breadstuffs, favored by bank expansions,
having failed with heavy losses chiefly to small
holders and factors this side of the Atlantic
bined with corresponding tghtness Of the money
market the other side, not only disqualifes the
export in breadstuf from lquidatng the deficiency,
but far influences or keeps down the value of cot
ton to prevent its deficiency being materially les
sened by enhancement Of prices. -
beg leave to submit the following interesting
compilation made by highly respectable and intelli-
gent commercial friend, which exhibits the amount
and value Of breadstufs exported from the United
States all parts of the world, since the first day of
September last. From which time, it will be per-
ceved that -four has been valued at average
Of SC per Darrell this price, 1t is believed, is over the
mark as well the prices affixed to some other
cles; but to give those who believe in the exports
of breadstus equalizing to any considerable extent
the deficiency produced by the falling off in cotton,
it is thought best to retain the highest export rates
"From the exports compiled by the prices current
of Boston, New York, Philadelphia, Baltimore, and
New Orleans, these have exported from the United
States, since the first Of September last,
100000 bushels wheat, at 81 Is is $345,O00
$4,000 rye, IS 56,25O
100000 /" corn, 60 360,000
10000 " barley, 60 42,u00
$4,000 barrels -four, 6 90 3,690,000
10000 bbls. corn meal, 3 SO $4,000
5000 rye -four, 3 so 81 500