The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1853-10-17

Inc Prlncipsi ieems Of import during tie weak are ~
follows-Cgars $685. ITO; madden as 6s4 iron, xS3 o7e
railroad iron, SCOT 273 cutlery S363l6; tin So 276
sugar, s7s22s; tea, Sill 900; Watches s7e 14e For
some weeks past We have noticed steady decline in the
value Of imports and the weekly aggregate now Is but
little than the value of exports We have been pro-
pared for this by the daily reports Of receipts the ONCE
of the Assistant Treasurer of the port and have expected
1t from the advanced state Of the The stringent
money market has doubt been partial cause Of the
contraction in importaons; and the tightness Ia
likely to continue the from customs is in fair
way Of being rapidly and largely reduced This i'm
portant question just at this monochrome which
pies the minds Of Hnancers and legislators, and
which win attract much attention upon the meeting of
gess 1t is impression that by the time Congress
gets fairly into working order-whch will be time
in the month of March, 1854-the will be
duced below twenty million OF dollars That would
not be too large working capital for country doing
such extensive business in annexation extradition,
naturalization, and all the progressive principles Of the
day. this We do not wish to be understood by this to
say that the tariff should not be modified for It be
much improved without interfering with the to
any important extent.
The tariff act Of 1S48 is exceedingly defective in its most
essential particulars At the time it adopted II
considered superior to any that had preceded it, but
experience and years fair trial have satisfied every
for improvement. The ad-valorem system cannot
be made to operate smoothly justly, without those
annoyances and difficulties that make business At the
Custom House = curse upon the community. The ad-
vaorem system is the of hard swearing
false swearing than occurred in court of justice and
long the principle Of levying duties provided the
tariff Of 1916 is enforced long shall be subject al
existing evils, all the cheating, all the favorsm all the
false valuations which carried extensively
~ A.
stituted for the advaorem system. This ia more i'm
porant every vital interest Of the country than any
particular alteration in the rate Of duty levied In
by the adoption Of the change certain notifications
would follow Q matter Of course. We shall be
likely to get such changes in the rate Of duty certain
articles in this way than by direct movement to the
point There many interests in this country to sub
many conflicting demands to reconcile, many
difficulties Of all sorts to that it will be almost
impossible to make any modification by direct application
to Congress- The principal arguments used in favor Of
touching the tariff at al the excessive revenue derived
from duties and the accumulation of large surplus
These are good enough now far they but perhaps
before the proper time arrives for action they will BE- with
out foundation. The accumulation of surplus revenue
in gold and silver the hands of the government where
it is in way connected with the financial and com
mercial operations of the day, has hold had re.
stranng influence upon the credit system of country
at large and served materially to prevent rapid
expansion than that realized But for the withdrawal Of
such vast amount from the banks those institutions
would have been expanded, and contraction of
course, disastrous. The thirty million In the 60
vernment treasury have been gradually collected The
drain Of gold has been steady and the public have had
daily notices Of the receipts The effect therefore, has
been favorable The banks have carefully watched the
accumulation in the ubTreasury and have governed
Go far tho inf, has
most salutary, and by to be condemned. This
thirty million in the vaults of the banks would have
formed the basis Of more than hundred and fifty mil
lions Of credits which, added to the present
am cunt, would have been overwhelming.
appears from the last annual report of the Directors
Of the Great Western Railroad which will connect with
the Michigan Central Railroad at Windsor opposite De-
tro that the actual expense which has been incurred
rendered necessary to obtain act of the Provincial
Legssture amending Of the provisions of the orig
nal charter and comforting upon the Company power to
its capital stock from 600 to IS 600
The already expended is folows-the account
being made up to June last -
Total cos. Of construction ............s2 926 1873
Right oil 3s1 80
Rolling ssoei and incidental expenses 7olsoi
.a,2sl,el2
To meet the future expenditure there was balance on
hand that time Of ST. $40 The assets of the Com
pany being:
Amount paid shares S337l 500
Bonds convertible into shares before 1856
Bonds not conve rtible ACKNOWLEDGEMENTS. $50, 900
Loan from Provincial Government .......... v71,77S
Premium on sale Of Provincial Bonds. ..... 10 .22
Total. eo,oos
Notwithstanding the expectations which from time to
time have been created with reference the opening Of
this road is not probable that with the exception of