The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1848-12-07
CO d d E GIAL APFAIRS.
HONEY MARKET.
Wednesday, Dec. q


Wednesday, Dec. &C II. MI.
It announced at early hour this morning
that the steamship Britannia, from Liverpool with
days. later intelligence from all parts of Europe
telegraphed of Boston harbor and that the news
would be received here sometime In the of the
afternoon. This arrested at once operations Of al
kinds, and the markets were quite inactive In CON
sequence of some difficulties the wires, dis
patches not received until after business hours
and when extra Herald issued it too
late to have any effect upon commercial matters
The news, however, does not amount to much
The political condition of Europe does not improve
but the contrary appears to be getting worse and
every day Cotton little hrmsr at prsviou,
quotations, and a little mere activity was reported
BreadstuGs have declined in prices and the probability
is that there will be no Improvement upon rent
rates this year The supply from the Continent was
very large and the home harvests have turned oui
much better than expected. The money market was
easy consols without any material alteration and the
Fate of interest at the lowest points
The transactions at the first board to-day were limit
ed and prices very unsetted. Long Island fell
of "a per cent Reading Railroad, l; treasury notes
improved d; Farmers' Loan, al and Erie Railroad H.
At the second board, treasury notes went up q per
cent; Canton Co u; Harlem, a; Erie Railroad, new
/; New Haven declined 4.
declared dividend of Eve per cent, payable on de-
mand
The Message of President Polk is on the whole o
rensible document 1t reviews, at length, the opera
ratons Of the government for the past year dwes
upon the political revolutions in Europe and the po
Icy be pursued by the United States in relation to
the new governments which will arise from the ruins
Of the old He rays 1t is policy to recognise in ali
nations the rights which enjoy ourselves-to change
and referm their political institutions, they may
deem best and proper. The results Of the with
Mexico considered, by the President, perfectly
satisfactory not only account Of the opportunity
II has afforded to remove the erroneous views enter
tanned by foreign powers, Of physical strength as
nation, and Of our ability to prosecute waged out
of our own country, but on account of the immense
;pcrease Of territory and the vast addition to our
extent of coast and the augmentation of our resources
q commercial power. The President attaches much
Importance to the discoveries recently made In Cali
fornis The extensive and valuable gold mines Of that
section of the Union will create complete revolution
in financial and commercial affairs nd the President
recommends that such measures be adopted as will Sc
the vast benefits to be derived from such enor
accession to the mineral wealth Of the country
1t appears by the Message that the finances Of the
government in a very satisfactory condition For
the year ending June 3Oth 184s the receipts into the
treasury and the expenditures follows
FINANCES OF THE UNITED STATEs-REvENUE Er-
PESDITUREs.
Amount received from customs .$3l757 O7O 96
Amount received from sales of public
Amount received from miscellaneous
sources. ...... ool Vo' VI
$35,4 Se7 $50 so
xpenditures, exclusive Of payments Of
principal and interest for the public
debt. .......... 4I,olls'V 10
ofo A
The revenue from customs exceeded the estimates
from the treasury department, seven hundred and
ffy-seven thousand seventy dollars and thirty-six
cents The value of imports and exports for the year
ending June so, 1885, was as annexed
COMMENCE OF THE UNITED STArEs-ImroRrs AND
EXPORTS.
Total value of merchandise imported. .$154977 S75
Total value of merchandise exported. 154032lSl
Excess of imports over exports. 49,. s945,745
For the year ending June 30th l847, the imports and
exports were annexed
Value of msrcha ndise imported SOL bS1 62S
Value of merchandise exported. ....... l5iO73ol4
According to this statement the foreign trade of the
country has been by no means satisfactory during
the past year during the year previous The impor
tations for the year ending June 80, 1913, wers
s53 larger than for the year prsvious while the
exports for the past year than for the
year previous This result is not at all favorable but s
Offset to the immense mportations the exports have
been exceedingly large-arger than has been sntci-
paed in consequence Of the great falling of In the
shipments Of bresdstuffs
The President appears to be very we'll satisfied with
the operation Of the tariff act Of 1S46 says that
has met public expectation in every particular, and
has confirmed the opinion heretofore expressed Of the
wisdom exhibited in the change Of the system
ii
raby but that evidence Of its having operated so
ctorily SO far Is concerned It has
aided the government immensely in its financial ops
ratiops and in the opinion of the President that 70
the most important item, to which every other should
be subservient Very little thought Is given to the
ways and means to pay for the immense importations
required to give such large at the low rate o.
interest Revenue Is the hobby, and 1t matters little,
in the mind Of the executive, how much OF pro-
ducts Is r. qured to pay for the immense amount Of
foreign merche ndise imported.
According to the Official returns, from which the
statements Of the President derived the import,
for the year ending June so ss exceeded the exports
nearly one million Of dollars. We do not to at
tribute the large importation entirely TO the facilities
sforde foreign manufacturers to m markets with
their fabrics by the low late Of duty imposed by the
tariff act Of 1885, there variety of causes ex
letting calculated to produce such result but there
IL doubt 1t had great deal to do with It, Those
who have predicted that the Of lS48 would reduce
the we're very little acquainted With the ability
offorcgn manufacturers TO compete with those Of our
own country ofthe placed by foreigners
upon markets for the disposal Of their fabrics The
revrlsions and revolutions which have been ex.
perienced throughout Europe, have, no doubt, had
tendency to swell our importations, while they have
reduced the value Of great exporting staples, and