The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-01-08
MONEY MARKET.
Thursday, january 7-6 r

The stock market opened hi avy this morning, 80 fl
prices concerned, but there was considerable a
tivity in the way of sales Erie Railroad old stock e
of ~ per cent; Erie Railroad, new, u; Harlem y
Norwich and Worcester, u Ohio Loan and Trust,
Morris Canal, advanced Long Island, Canton, Rea
ing Bonds and Ohio Skies closed at yesterdays price
At the second board, Erie fell OF n per cent. Lon
Island, u; Harlem, l..
The Merchants Exchange Bank has declared div
dend of four per for the last six months payab
demand.
The Connecticut River Banking Company at Hartfor
Connecticut, have declared a semi.annual dividend
three per cent, payable on demand.
The Exchange Bank, Hartford, semi annual divide1
of three -and-ahalf per cent, payable on demand
The refusal of Congress to levy duty upon tea al
coffee has defeated all the calculations of the secreat
of the Treasury, and compelled him TO look about
other ways and means to raise the revenue and to
crease the credit of the II appears that
Wake assured those who took the last loan that do
twenty five per cent should be placed upon tea q
coffee, and il upon that assurance the favorable
were made. We have doubt but that the depreciat
in the market prices Of the new United States SIS
been in measure produced by the vote in the House
upon the resolution to tax lea aud cot
II would be exceedingly satisfactory to all class
particularly those engaged in commercial pursuits
Congress would determine upon the way In which !
treasury to be supplied with funds to meet the ordin
and extraordinary expenditures Of the government
is proposed to raise the duty throughout the enro
and to levy upon all free articles duty of five pei
1t by no means certain that this would prosu
revenue large enough as very large portion of oHr
portations would be more or less affected by sn}
tional duty; and reduction in the aggregate imSd
tions sufficient to effect the revenue anticipated FROM
nd Int maj ha no of incl n m
0By levying duty upon those articles which. e
into general consumption, and which are not Of ko1
tic growth manufacture, the revenue is increased
extent corresponding with the rate Of duty levied
the consumption il not materially affected, the A
tation visibly reduced. Tea and coffee particd9l
under this head, and, in preferences to all oet
proper articles from which revenue should pc
rived at least during the existence Of the war. N
the principle Of reciprocity in trade alone, we SIN
place duty upon these two articles. Our products
manufactures not admitted into the ports Of Bra
China except under the most severe restrictions, "
we have for years admitted their principal products
ports upon the most liberal terms-tea and coGs
ling been free for many years. While We have Top
ports to the principal products of these two cou
England has imposed heavy duty upon them, not
standing which the products and manufactures of
Britain are admitted into the ports Of Brazil and
upon terms equally as favorable a. ours
The only way to produce a reciprocity in trade
nAict retalstory duties in return for any restric
which may be placed upon products We no.
cupy position, as nation, in tho commercial VI
second to none other, and it 10 about time we ass
our rights and maintained them. Great Britain
about the restrictions Of our tariff, while duty
and two thousand per cent is imposed upon the 81
most important article Of export from the United
admitted into her ports. So long as that enormo'
and unreasonable restriction is in existence that &c
ment will get very little credit on this side of the
| for it's free trade principles Our tariff is much
liberal than that of Great Britain, Notwithstanding
many reductions recently made in that of the
Kingdom.
There are, therefore, two very important reason
such alterations should be made In the present tar
as will be sure to increase the revenue from Gu
without against it /; for even the argument II
price of these articles on which the duty is increa
added will be enhanced, cannot be sustained. 4
nexod statement exhibits the quantity Of coffee i'm
into and exported from, the United States In each
and the quantity Of consumption We have arri
the quantity consumed by dsducting the expo
from the i'm portation, prosuming the balance to
consumption.