The daily union. [volume] (Washington [D.C.]) 1845-1857, 1846-07-08
NEw Yokx, July 5, 1886.
July 8, 1876

New YOnx, July S, 1886.
To the Editor Of The Union:
Knowing the demand on your columns, | will
only submit the annexed interesting commercial
letter from my Liverpool friend and correspondent:
"LIvERrooL, June 10, 1876.
"Your favor of 3lst May has been duly received,
and have to thank you for the interesting political
and commercial advces.
"The decline in the value of American stock in
your market has been much greater than the de-
cline in Mexican stock here and il the war continue
there will be great pressure for money and much
mercantile embarrassment on your side. think
with you that your revenue would be improved by
reduced tariff, and hope there will be sound sense
enough in your legislature to carry the measure.
Money 10 sufficiently plentiful here, and bullion is
rapidly increasing in the bank. The corn bill is on
the eve Of becoming law without any change from
its original construction. Ii is now in committee
in the Lords, and two monopolist amendments
have been respectively defeated by majority of &c.
and the tariff customs bill will no doubt go
through without mutlation. The Irish coercion
bill is progressing slowly in the Commons and
many think ministers will be defeated, which might
lead to resignation and possibly dissolution. The
long delay in passing these measures has much in
terrupted trade; but we look for improvement Oil
all being satisfactorily settled. In Manchester trade
is dull which acts on our cotton market, and pre-
vents that advance in prices which your small crop,
diminished exports to Great Britain, and our re-
duced stock would warrant. Tomorrow, the sales of
the week are made up, which will probably amount
to about 10000 bales, in some instances at rather
easier prices since the arrival of the Britannia show
ing an increase during the two weeks, in the COM
parative receipts; and stock will stand about
TAO, 900 bales, of which 500 600 American against
last year 100000, of which 10000 American,
and we only know of about Sc, 900 bales being on
the way from your ports Surely this with the
unfavorable news of your growing crops, ought to
have some influence market but dlffirult
to move prices without the aid of spectators, and
| they find more temptation in railway shares.
"The corn market has dropped considerably. Until
| within few days have had little reaction in
consequence of the light stock in the hands of deal
| ers and millers who have been holding back wait
ing the result of the corn.bill. American -four in
bond 2ls 23s. Cd. per bbl; foreign wheat 6s IS.
per 70 lbs Indian 32s 3D. 38s. per 4S0 lbs,
duty paid $4,000 bbls of -four have been import.
ed from the 9th to 18th inst There is something
like two millions of quarters Of grain and -four now
in bond in this country; and we have every pros
pect of an abundant harvest. The weather contin-
ues, and has been for some time past, most propI-
tious; exceedingly hot forcing, and rpening wealth
er, the thermometer seldom below 70, and sometimes
| at 80 degrees; much Of the abundant hay-crop is
| already secured; the wheat is in full flower, and
promises to be ripe during the course of next
month
"Provsious hold out no inducement to shippers.
Tobacco markct-Very little doing indeed, with
over large stocks, though we cannot quote any posi-
tive reduction in prices.
n he war has increased the rate of insurance in
American bottoms to GO per cent, and even more
has been paid; but think there is less fear of pri-
vateers since the account per Britannia.
1.-The Oregon question we hear little said about; il
| is supposed that our government have given their
ultimaium in reply to the notice, and Of such ma
ture as will meet with the concurrence Of your
Executive. | shall be truly glad when that matter
is set at rest.
81 remain, dear sir, yours truly.
"l9th June.-We have nothing new to-day.
Business generally dull; weather very hot thermome-
ter so in the shade. The corn-bill we expect will
pass committee this evening"
NEw YoRK, July 6, 1876.
The passage of the tariff revenue bill through the
House, has given unfeigned satisfaction to the lead
ing commercial men of this city. They would have
been better pleased, however, had tea and coffee
been left subject to moderate duty.
1t is all idle to suppose they not fair and as
legitimate subjects of taxation as other articles OF
necessary consumption Salt and iron are, indeed,
more indlspensibly necessary TO the business and
comfort of the great mass Of the people than tea or
coffee. For these latter, substitutes can be found,
while for the former none exist. Why ia a tax on
tea and coffee more unequal than tax upon cotton
goods, woollens, and bankets-artices Of more or
less prime necessity with all casses'
The friends of more liberal and rational COM
mercial policy have cause of mutual congrauation.
II they have not obtained all they wished and had
a right to expect, they have gained something
by the cRange-in principle, as we'll as in amount.
Minimum and specific duties have been swept from
the statute book, as far as the House can go. All
that remains to consummate the work so nobly be-
| gun, is for the Senate to confirm what has been
achieved by the House. Our French friends have
expressed some dissatisfaction at the high duty i'm
posed upon brandy; but the great reductions made