The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1846-07-08
MONEY MARKET.

MONEY MARKET.
Tuesday, July 10 p. NJ.
There was very little done in the market TO day
"no prices were weak We do not perceive any material
eraton and on the whole considering the season and
."s heat Of the weather, the market looks very
WILL We do not expect a much farther depression of
prices Norwich and Worcester fell of Y: Farmsrs'
Loan, Reading Railroad, u; Ohio IS "; Harlem
Canal advanced k
At the second board prices droop.d a b,,o b,, IN.
sales were very limited Under all the circum,anc..
prices are very we'll sustained soma of the
AMI most extensive operators bearing the mark .. and
every hingis against advance but 1t appear. mpos
sble to get the principal fancies than fraction
below present prices This must be very encouraging
to holders as 1t svsry good evidence that when bu.t
ness commences. an advance must be realized
An extensive private banking house In ButY,lo has
been compelled yield to the pressure of the time. ana
suspend payment II was largely engaged in the or
change business but had no circulation Thu .mh.r.
rassmens experienced by this concern which have been
beyond its ability to bear have been produced in great
by the suspension of nle houses In this
and other cities There reports In circulation Affect
ing the credit of several Of the Buffalo banks but We be.
Ieve that at present they arc without foundation.
New counterfes Of the ten dollar notes Of the sta>s
Bank Of Indiana have just made their appearance They
are dated May 10. ls4o payable at indianapolis. to H.
Bates, or bearer letter A, No a.4ol vignete naked
figure sitting sailor pointing water and ship in the
distance. At the foot of the note indian In canoe
The engraving is and tho genuine notes have NO
such vgnete.
Notices have been made Of intended application to the
next Legislature Of Pennsylvania for two new banks
and for the re-charter efthree old One the ap
plicatons for bank from Danville-capital
$500 600 the other from Reading be called Servings
Bsnk--captal $4,000 The applications for renewals
como from the Merchants and Manufsctursr Bank Of
Psburg capital $500 600 from the Bank Of Commerce.
Philadelphia capital S2f0 000 and from the Southwark
Bank, Philadelphia, capital $3.50 600.
The commercial accounts from Europe are on the
whole of the most favorable character although Of no
very great importance Every evidences of prosperity
In all the elements Of trade exists and there appears to
be healthy state Of things from which expect the
most gratifying results. Money easy the growing
crops throughout Europe were in a very forward and
favorable condition. and bid fair Of being more than an
average; tho nufacturing Districts busy and IN
FACT everything connected with commerce was In q
sound state There were no speculative movements
going on nothing tending to arrangement Of trade
nothing endangerng the existing system of credits or
likely to initiate it, visible, and see nothing to
prevent few years at least of the prosperous
times similar state Of things exists in thu, country,
system in relation to commercial affairs which we
arc now perecting there must he nj in all
things not only in foreign but in domestic trade
II is pretty generally conceded. at the corn laws OF
Great Britain will lie based upon the system proposed by
Sir Robert Peel AMI that the other alterations in the
tarif Of the United Kingdom will be adop'ed. A very
great change will be produced in the egn traie of
England, by the operation Of the commercial sys
tem AMI its influence will extend, and be almost IA
vorably felt by the other important commercial nations
of the world as by that from which the changes ema.
nate The commerce Of the United States must be par
tculay affected by these changes they open for our
products markets extensive and moro permanent
than are yet realized, and shall benefit by the
success Of the free trade party Of Great Britain than any
other nation.
While we stand in this position In relation to the
changes in the commercial system Of England she will
occupy position in relation TO the changes contempla
ted In our commercial system, full prominent The
Improvements aud reductions proposed In the tariff bill
which has recently passed the House of
by such an overwhelming majority are generally
favorable to all the manufacturing interests Of Great
Britain but particna y favorable to the ,nuacurers
OF low priced cotton and Of iron Should this BILL as
assed the lower house. become law, there woui be
without doubt almost immediate improvsme Mt in our
foreign trade; the importation Of many articles nov
completely prohibited, would he increased and il 10 not
impossible hut that the would even Ia the Ar,t
six months Of the enforcement of the ec larger than
'nat under the present bill II 10 extremely difficult to
put an additional duty upon any article imported
matter how general its consumption may be but the
moment the duty is reduced immense importation Of
the article articles relieved from the heavy tax ia cs
place and the foreign manufacturers make gest Efforts
to ge into the markets 6st and in this way they become
gu'tsd It, therefore appears probable us. that the
rQv III unfls
Will be larger the first year than the second
ihis new bill. In its present shape will exert v,r
deri influence upon the profits Of the mauufao-
turers Of low priced cotions la this sountrv In
consequence OF the almost prohibitory duty upon
these articles, enforced by the tariff act Of ls.,
the importation has been extremely limited and tho
domestic manufacturers here had more of a mo.
nopoly under that than any other class This mo.
nopoy will not only no removed but the abuses the
minimum principle has created will be By The new act
completely abolished. The $, stem OF valuing mer.
chanaize particularly cheap plain and printed coons
paying asquare duty. il filed with defects that 10
matter OF much surpri.e that it has boon in force 40
long The revenue from this source which has since
ies2 been very small in fact almost nothing must under
the new OIL become greatly Incl eased, and may become
avery important source Of increase change In the
system oil levying the duty upon this description Of
merchondise without any aer alton in the rates. would
oil itseli pro uce several hundred cent
larger than that received within the past four
The customs department. OF the Government will no
much simplfed py this bill, It will not only aho
sh of the branches in that service devoted the
square yard duty. but will do away with many Of tho
difficulties which have heretofore been experienced In
the entry goods under the provisions of the present
The ad vslorem principle csnnot bat condemn
would have been much better and much safer policy
to have introduced that system gradually, and
have permitted It to become general only by degrees
We are experimenting too much at a time when we
should adop new principles and systems with the
greatest caution The I'D vslocm prime pie will cause
more rapid reduction In the rate Of duty than many
aware of When look at the enormous ad val