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The protectionists who seek to free trade can both unite in this The same principle ought also to
duty on wools ought to be at once removed. aid the manufacturer, and the advocates of measure, and it ought to be carried at once. be extended to raw silk, and to all articles of dye-stuffs and chemicals used in manufacturing.
There is still another difficulty in the way of manufacturers; the outside machinery is too cumbersome. It is notorious that while stockholders in large manufacturing establishments have found the business a poor investment, nearly all others connected with the production have grown rich, or at least gained a competence. The unnecessary expenses attending the getting up, and carrying on of a large establishment, are often quite sufficient to swallow up the profits.
During the month past a considerable amount of federal stocks have been returned here, from abroad, for sale. At first this excited some attention, as many supposed that fear of the future foreign policy of our government led European bondholders to distrust our national securities. It has since been ascertained that these returned bonds are but proofs of greater confidence in the permanence of our prosperity. The high price of United States Stocks as compared with equally safe city and railroad bonds, has induced many foreigners to sell out the former to invest in the latter. Not a few of our government bonds were taken below the present quotations, and the tempting prices now obtained, in connection with the favorable opportunities offered for investments believed to be fully as secure, are having their influence upon bondholders. We annex a comparison of the price of United States 6's of 1867 at the corresponding period of the last four years:
The banks throughout the country are in a very healthy condition, and it is believed will be able to sustain themselves without any farther contraction of their loans and discounts. The institutions established for the sake of mere circulation have been more closely watched, and their business has been less profitable.
We annex our usual monthly statement of the deposits and coinage at the Philadelphia and New Orleans mints for the month of January:
The receipts of California gold since the opening of the year have disappointed the expectations of the public, the whole amount up to this present writing (about the close of February) not having reached $7,000,000. Correspondents in San Francisco, however, seem not to have lost their courage, and are still quite sanguine of sending forward large amounts during the spring months. The year has opened with a decline in the value of our foreign imports, which will be very acceptable to those who judge by this comparison of the prosperity of the country. At New York the falling off as compared with the previous year, for the month of January, was about $3,500,000, or more than one quarter of the entire receipts, as will be seen by the following comparison:
IMPORTS FROM FOREIGN PORTS AT NEW YORK FOR JANUARY.
Notwithstanding the lateness of the trade, more goods have been withdrawn from warehouse during the month than have been entered, showing that the stock in bond has actually decreased; this is a state of things which has not happened before during the month of January, since the present bonded system was adopted :
The decline in the imports from the corresponding month of last year, of threeand-a-half millions, as shown above, is only about half of it in dry goods-this will be fully seen in the following comparative statement:—
IMPORTS OF DRY GOODS ENTERED FOR CONSUMPTION, AT THE PORT OF NEW YORK, DURING
WITHDRAWN FROM WAREHOUSE DURING THE SAME PERIOD.
Manufactures of wool...
Manufactures of cotton.
Manufactures of silk....
Manufactures of flax
Miscellaneous dry goods..
Add entered for consumption..
Total thrown upon the market
$7,249,197 $9,338,189 $7,537,355
The falling off has been pretty uniform in woolens, cottons, silks, and linens, as far as it relates to the goods entered directly for consumption, which comprises the bulk of the importation. There have been more dry goods entered for warehousing than usual, particularly of silks--the trade in staple silk fabrics not having opened until the 1st of February :
ENTERED FOR WAREHOUSING DURING THE MONTH OF JANUARY.
The exports from New York for January, also show a considerable decline from the corresponding period of 1851, in the articles of domestic produce other than specie, although the aggregate total is greater :—
EXPORTS FROM NEW YORK, TO FOREIGN PORTS, FOR JANUARY.
The following comparison will show the relative shipments of the different articles of produce comprised in the above statement for the first two periods named, and will be found very interesting in this connection. We have compiled it from official entries expressly for the readers of the Magazine :
EXPORTS OF CERTAIN ARTICLES OF DOMESTIC PRODUCE FROM NEW YORK, TO FOREIGN PORTS, FROM JANUARY 1, TO FEBRUARY 22.
It will be seen from the above that the decline since January 1st, in the exports of flour from New York, has been fully made up by the increase in wheat. In corn there has also been an increase, and most other articles of domestic produce exhibit a favorable comparison. In our last we gave a similar statement for the year 1851, and we propose to continue it throughout the current year as a matter of growing interest to our readers. Our predictions of a decline in the imports, in the face of the estimates of the Secretary of the Treasury, anticipating a continuance of the large amounts received last year, have been fully verified. The imports at New York for January as given above, show a falling off of about $3,500,000, and the decline in February will swell this difference to nearly, or quite $6,000,000. This decline at the port where two-thirds of all the imports of the country are received, is a fair index of the business of the whole, and shows that our foreign commerce will regulate itself without those restraints, which those who think their will stronger than the laws of demand and supply, would impose. Supposing the same comparative difference to have extended to other parts, and the decline throughout the United States in two months would equal $8,000,000, or at the rate of about $50,000,000 for the year. This is a reduction of nearly 25 per cent on our entire imports; but this ratio of decrease is not likely to continue throughout the year.
The news brought by the Cambria of a decline of 1d. per ounce in the price paid by the Bank of England for American gold coin, has had a tendency to check the shipments of specie, and to increase the relative value of exchange. The reason given for the decline is the increased quantity of alloy said to be detected by assay, but the truth of this theory is very doubtful.
The price now paid is £3 16s. 14d. which will make a difference of nearly in the net return of shipments as compared with bills of exchange.
JOURNAL OF BANKING, CURRENCY, AND FINANCE.
RESOURCES, TAXATION, ETC., OF PENNSYLVANIA.
STATEMENT SHOWING THE VALUATION OF REAL AND PERSONAL ESTATE IN THE SEVERAL COUNTIES OF THE COMMONWEALTH, TAXABLE FOR STATE PURPOSES, AND THE ASSESSMENT OF TAX THEREON FOR THE YEAR 1851, AS FIXED BY THE REVENUE COMMISSIONERS AT THEIR LAST TRIENNIAL MEETING-ALSO, THE POPULATION OF EACH COUNTY, ACCORDING TO THE CENSUS OF 1850, AND THE TAXABLE INHABITANTS THEREIN, FOR THE SAME YEAR.