Baltimore commercial journal, and Lyford's price-current. [volume] (Baltimore, Md) 1840-1849, 1847-12-11

cial marine will be larger than that of any other
ton in the world
Whilst the interests of agriculture, of commerce,
and Of navigation have been enlarged and invigorat-
ed it is highly gratifying to observe that our manu-
features also in prosperous condition None OF
the ruinous effects upon this interest, which were
apprehendcd by some, as the result OF the operation
of the revenue system established by the act OF 1916,
have been experienced On the contrary, the num-
Der of manufactures and the amount of capital in
vested in them, is steadily and rapidly increasing,
afOrdng gratifying proofs that American enterprise
and skill employed In this branch OF domestic indus
try with no other advantages than those fairly and
incidentally accruing from just system of revenue
duties, are abundantly able 10 meet successfully all
competition from abroad, and still derive lar and re-
muncrating profits.
While capital invested in manufactures is yielding
adequate and fair profits under the new system, the
wages of labor, whether employed in manufactures,
agriculture commerce. or navigation have been aug
mcntcd. The toiling millions, whose daily labor
furnishes the supply of food and rament, aud all the
ncccssares and comforts Of life receiving higher
wages, aud more steady and permanent employment
than in any other country, or at any previous period
of our history.
So successful have been all branches Of our industry
that foreign war, which generally diminishcs the
resources Of nation, has in essential degree
tardcd our onward progress, or checked our general
| prosperity.
with such gratifying evidences of prosperity, and
of the successful operation Of the act Of 1885,
every consideration Of public policy recommends that
] j
TEN of impost duties which it established may be
gardcd as the permanent policy of the country and
that the great interests affected by it may not again
be subject TO be injuriously disturbed, they have
heretofore been, by frequent and sometimes sudden
changes.
! For the purpose of increasing the revenue, and
without changing modifying the rates imposed by
the act Of 1876 the dutiabe articles embraced by
its provisions again recommend TO your favorable
consideration the expediency Of lcvyng revenue
duty on tea and coffee. The policy which exempted
these articles from duty during peace and when the
revenue TO be derived from them was not needed,
ceases exist when the country is engaged in war,
and requires the of all its available resources.
1t is tax which would be generally difused among
the people, that is would be felt oppressively by
none, and b. complained of by IL is believed
that there not, in the list Of imported articles any
which properly the subject of war duties
than tea and coffee.
1t is estimated that three millions of dollars would
be derived annually by moderate duty imposed on
these articles.
! The act of the sixth Of August 1916, ''to establish
a warchousing SYSTEM" has been in operation more
than year, and has proved 10 be important auxi
liary to the tariff act of 1916, in augmcntng the
venue, and extending the commerce of the country.
Whilst il has tended to enlarge commerce. has been
beneficial to manufactures, by diminishing forced
sales auction of foreign goods at low prices TO raise
the duties TO be advanced them, and by checking
fluctuations in the market The system, although
sanctioned by the experience of other countries was
entirely in the United States, and is susceptible
of Improvement in some of its provisions The Sc
crctary of the Treasury, upon whom was devolvcd
large discretionary powers in carrying this
into effect, has collected and is collating, the
practical results Of the system in other countries
where il has long been established and will report
at early period of your session such further rcgu
tions suggested by the investigation may render it
still more effective and beneficial.
The Northwest Passage-This long disputed ques-
ton to settle which no less than six expeditions
have been sent by the British Government, is at
last decided. We learn from the Montreal Herald
that the discoveries of Mrssrs. Rae and Deesc, two
| officers of the Hudson Bay Company, who have been
engaged for the last ten years in exploring these
gons, have settled, beyond much doubt, that their
exists naval passage around the northern part OF this
Continent. This passage is in the direction in which
Capt Parry attempted TO force his way in his last
petition, entering from Lancaster Sound. Although
as now seems certain, this passage does exist, it is
not probable that vessel could sail through, the
way being continually mpcded by ice.
Ne,y Counferfeits-The following list Of new
counterfeits is from ThompSon's Bank Note Report
en-: IS on the Bank of Kentucky; 5s on the Hampder
Bank, Wcstfeld, Massachusetts; los on the Mechan-
les Bank, South Boston; IS on the Warren Bank
Danvers, Mass-this is counterfeit of the old plates
IS on the Chemical Bank, N. Y. Is on the Ballstou
Spa Bank, N. Y; Is on the Sussex Bank Y. j.; 5s
on the Kensington Bank, Philadelphia; los on the
Randolph Bank, Mass; IS on the Middletown Bank,
N. Y; IS on the Chicopee Bank, Mass; Is on the
Farmers and Mechanics Bank. Philadelphia; SIS on
the Farmers and Mechanics Bank, Rochester; Is
on the Smithfeld Exchange Bank.
! Refuse all bills on the New Haven Bank, dated
anterior 10 this date The Bank is about issuing new
bills of all denominations: they ran be distinguished
from the old ones by circular die of ''the Sabbath
in Quinnipiac, 1881