Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1847-12-29

home market, it must be abundanllv ane
permanently supplied with large specie
tcirculation, which alone can sustain thai
4 market for number Of years, and prevent
1those calamities which must follow an ii.
Hated paper currency. A Lone marke
tior our manufactures, when based upon spe.
fcIe and low duties, is solid, permanent, and
.faugmenting; but whethlonnded upon paper
lefedts, i, sin dated, one yeatir, only 10 be
fsepresetis the next Us sod
thus depriving the manufacturers ad5rz any
well assured and permanent domestc mar
ket. The bank deposit year, (1S36,) when
we were importing grain, contrasteu with
ie37-the year OF divorce of the goyean,
ment from banks-exhibiting the delusive
initiation Of the one with its succeeding dis
asters, and the solid propensity Of the 9TH
er; resisting thus far, to a great extent, the
revulslon in England, and proving the good
effects Of the union Of low duties, and the
specie-receiving and specie circulating con-
stitutional treasury."
The recommendation for the establish.
ment Of branch mint at the city Of New
York is renewed, and cogent reasons ad-
vanced therefor. Foreign coin going into
the banks would, if received at the great
emporium of the commerce OF the Union,
pass into general circulation The amount
coined at the mint and branch mints, from
the lst January TO the lst December, lS47,
was $40, 758, ,O4sl2, the first eleven months
of the constitutional treasury.
By an exhibition of the imports and OK
ports oispecie, it appears, that for the fiscal
year, ending the 3oth June, 1916, there
was an import Of s3,777, 1872: and an ex-
por! Of So, ,48l, All, leavinga a gain of $780,
| [3l5; and in l847. the specie imported was
s24, l2I .289, and the export ST. ,845, il9,
leaving the specie gained in 1847, $22, ,276:-
ITO.
An exhibition Of the amount Of receipts
from customs lands, sc , and Of the dis
bursements Of specie is made, showing for
the first year Of the new system, that the
department has been enabled to circulate
among the people tho sum Of sS45 ,226, 5 6
in specie.
Tables are presented exhibiting the mar
ket value Of treasury notes and United
States stock for the year, in New York
and New Orleans. A statement Of facts
is presented in relation 10 the negotiations
ofthe late loan ofSl9, 600, 900, with which,
however, the public has already been made
acquainted through the press.
Information is furnished relative to the
selection ola site for, and the erection Of
the new custom house at New Orleans.
The operation Of the Typographical Bu-
reau, and the labors Of Professor A. D.
Boche, in the survey of the coast, with a
view to the erection Of light houses and
other public works, are approved, and ap-
preparations asked for the completion Of the
same.
To the pursuance Of improvements in the
warehouseing system, commission con-
sislng Of Messrs. G. G.. Walden and D.
P. Barhgdt was appointed to visit Europe,
and collect all the Information possible on
the subject; the result Of whicn has been,
voluminous report, atiording details which
exhibit with peculiar force one Of the prn-
cipal means by which Great Britain has
built up her commerce and navigation, and
extended the market for her fabrics through
out the world; and for successful competi-
ton with her. the report maintains the nec-
essity of sedulously employing and perfec-
ting the same system in the United States.
The remainder of the report relates to
the new tariff and lis operations, with w.
riety Of illustrations from the past history
Of the nation, and number OF collateral
and incidental facts demonstrative of the
superiority Of the system.
From it we gather, amongst many 9TH
ers, the following items Of fact:
The nett revenue under the new tariff,
for the year ending the 1st Of December,
1847, is s3l, 100000, being se,528.59e.
more than under the old tariff in the prece-
ding twelve months Our products are a.
bout So, 900, 100000, of which only about
$3.50. 900 is exported; leaving 50 $780,
100000 to be used at home, Of which
$500, 100000, is annually interchanged
between the States, or about $23, 81 per in-
dividuaI; while our interchange with for
eign nations is only at the rate Of 80 cents
per individual. This amount, it is thought, |
might be augmented by low duties to 80
cents per individual, or $e00, 100000 in
the aggregate, which would yield q revenue
of $9O,0OO,O0O. 1t is conjectured that if
our exchanges with those colonies alone
WOulQ ADVANCE 10 E4U,UUO,UOU. IL is con-
tended that it is not the freight, but duties
that are the obstacles to commerce.
The Secretary then proceeds to COM
ment upon tho statistical facts connected
with the immensely increased expectation Of
breadstuffs Of last year, and observes that
our capacity for increased production, Is
sufficient to augment our exports of grain,
&C., in lS49 10 upwards Of $500, 100000,
or over six times the exports Of the presen,
year.
The report then entcrs upon an elabo-
rate argument upon the free trade system,
and proceeds to comparative review Of our
history under the effect Of the
protective tariffs of 1916, 1924. 1928, and
1912, and the low tariffs or rather the COM
promise act and the low tariff of 1916, to
show that gain Of specie and an increase
Of exports, is found in favor Of the latter.
The report, from this point, advances to
u further and closer argument upon the lib
eral policy which is advocated with ex-
ceeding vigor and convincing effort, and so
concludes.