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IMPORTS AND EXPORTS OF THE UNITED STATES.
Total, 1830 103,533.891 17,494,525 121.028.416 6,401,792 85,690,340 162.092,132 1840 113.895,634 18,190,312 132,685,946 57,196,204 49,945,315 107,141,519 1841 106,322,722 15,469,381 121.851.803 66,019,731 61.926,446 127.946,177 1842 92.969.996 11,721,528 104,691,534 30.627,486 69,354,601 100,162,087 1843 77,793,783 6,552.697 84,346,480 35,574.584 29,179.215 64.743.799 1844 190,183,497 10,944,781 111 128,273 24,766,082 83,688,620 108,434,202
These are official figures. In 1843, In 1844, the value of domestic exports nine months only are included, the fis- increased, in round numbers, $22,000,cal year being then altered to end June 000, nearly the whole of which was a 30, instead of Sept. 30. The result is fictitious value given to cotton here by an aggregate apparent excess of export speculators, and not realized there. of $27,815,704 since 1841. This ex. This speculation was caused, to a cess is, however, apparent only, inas-, very great extent, by the action of the much as that the exports, being given government. The year 1841 was one at the invoice value of the goods here of good business. În that year, howwhen they go out of the country, do not ever, a tariff was enacted, the influence show the actual value realized abroad, of which is very apparent in the diminor at least of that portion shipped on ished trade for the year 1842, as seen in American account, which is the case for the table. In the succeeding year further the most part with cotton, the principal commercial legislation again reduced item of export. Of the domestic ex- trade. The effect of these reductions ports of 1813, cotton amounted to, in was very soon apparent in the accumuround numbers, $50,000,000, or 60 per lating deposits of unemployed capital cent. of the amount ; and although but in the various banks. Those of New nine months are given, yet the cotton York present returns as follows : nearly all went forward in that period.
BANKS OF NEW YORK. Jan. 1842. Jan. 1843. August 1843. Nov. 1843. Feb. 1844. Loans, $56,380,073 52,348,467 58,593,081 61,534,129 65,418,762 Specie, 5,329,857 8,477,076 14,09 1,779 11,502,789 10,086,542 Circulation, 13,949,504 12,031,871 14,520,843 17,213,101 16,335,401 Deposits, 17,063,774 19,100,415 24,679,230 27,387,160 29,026,415
In August, the great accumulation side increased in bulk, until prices were of means in the banks, and the low rate forced up 50 per cent. beyond what the of interest, favored speculation, which cotton realized at its sale. The progress ran into cotton, and raised prices here of events is seen in the following table, extravagantly, while great quantities showing the price of cotton in the New were held. Money having been with- York market, the rate of exchange on drawn from its regular employments, London, and the comparative stock on took this illegitimate direction. The hand in the United States at the close consequence was that the stocks on this of each month :
Stock in the U. Siates-Bales 1843. Fair Uplands. Fair N. Orleans. Sterling Bills.
1843. Sept. 30th, 84 a 81 81 a 9 9a 93 48,914 88,181 October, 81 a 81 90 91 81 a 81 121,316 149,123 November, 91 a 9 9 a 10 8 a 8
221,580 256,632 December, 9 a 91 101 a 101 9 a 91
341,139 427,727 1844.
1844. January, 10. a 101 101 a 11 9 a 97 384,471 521,803 February, 10 a 101 101 a 10 81 a 9 422, 137
81 a 64 81 a 9 8 a 8! 467,285 744,269 April,
8 a 8 8.1 a 81 Saba 9 351,894 603,814 May,
75 a 73 8 a 8 81 a 9 249,097 404,664 June,
71 a 8 81 a 8 9 a 9 140,031 218,469 July,
71 a 8 81 a 81 9 a 9 116,846 150,908 August, 71 a 8 81 a 85 91 a 10
117,453 September 6 a 6 7a 71 9 a 10
88,181 121,834 October, 65 a 7 70 71 9, a 10 121,416 167,771 November, 80 61 74 a 71 9 a 10; 256,632 228,803 December, 5) a 51 6, a 64 91 a 101 307,326 265,669
The excessive rise which took place the prosperity of the country would, from September to March was followed after so long a stagnation, rapidly reby a continuous and ruinous fall, which vive. It was known that the small has not yet been stayed. The cotton trade of 1842-3 had left stocks of goods bought, and the large stocks held here small, and the country stores nearly previous to June, did not realize 50 per exhausted of supplies. In the winter cent. of their valuations. Hence, al- and spring, country dealers freely rethough the exports of domestic produce plenished their stocks, calculating upon are valued in the returns at $100,000,- an improved trade consequent upon the 000, probably the amount actually anticipated “home market,” to be available to be drawn for was not $80,- brought about by legislative enactments. 000,000, making an actual excess of These purchases of the shopkeepers imports of some $22,000,000, instead encouraged the jobbers in larger transof an apparent excess of exports of actions, which influenced additional im$2,700,000. An operation somewhat ports. Towards the close of the year similar took place in relation to imports. the whole movement became checked. It is impossible to estimate with accu- Produce continued very low. The sales racy the proportion of goods which come of the shopkeepers, being by no means into the country to be sold here on so large as they anticipated, they dimiforeign account, and the proceeds to be nished their purchases in the fall, jobremitted according to the net sales, and bers bought less, and to effect sales of that proportion which is ordered on the large imports, a fall in prices was American account, and which is paid necessary, and an increase in credits. for at the invoice price. The whole The losses sustained on the imports amount of dutiable imports was $83,- have been estimated as high as the du688,620, which was the foreign cost. ties, or 35 per cent. Probably 20 per On these imports a serious loss has cent. would more than cover them; as been sustained, from causes similar to for instance, the cost of the goods has those which promoted the speculation been as follows: in cotton. These were, the belief that Dutiable Imports, foreign cost
$83,688,620 Ten per cent. charges..
8,368,862 Gross Duties ..
28,500,000 Total cost of Goods....
$120,557,481 This would amount to $16,737,724, and it not been for the interserence of goif one-half was made on foreign account, vernment, would have proved one of there would be $8,378,862 less to be unusual profit. All the elements exremitted, which would reduce the ba- isted, at home and abroad, of most suclance of imports to $13,621,138. The cessful business, but have all been neustiff rate of exchange, which has kept tralized by injudicious legislation. firmly at or about par since last June, The internal trade of the country although at this season a fall generally may be indicated, by the tolls of the takes place, is an indication that this public works of three States, and the has been nearly the true amount of ad- movement of some of the leading artiverse balance resulting from a most cles of produce at the leading points, disastrous year's business, which, had as follows: Tolls.
1844. Ohio Canals,
516,856 475,572 473,554 544,949 Pennsylvania Canals, 1,079,896 920,499 1,019,401 1,164,325 New York
2,034,882 1,749,197 2,081,590 2,432,389
Canals to the Hudson.
761,055 16,157,653 14,171,081
928,347 19,182,930 19,004,613
827,346 24,215,700 24,336,200
1,131,539 22,202,700 26,598,300
Received at Cleveland,
by Ohio Canals.
per Pennsylvania Canals.
down the river.
25,531 3,166,969 1,125,746 17,303,415 2,666,029 1,645,472
The increase here is marked and tured goods have increased. It is obuniform. The resources of the western servable, that the quantity of merchanStates have poured through the canals dise sent west through the New York and avenues to market, accumulating canals, and the Ohio canal, at Cleveupon the sea-board, and lowering prices, land, is much less this year than last. while the external trade of the country The estimated value of the merchandise has evinced a considerable falling off, imported at Cleveland, was $300 per a fact which has in an eminent degree 1000 lbs., which gives a value for 1843, tended to depress prices of produce, of $3,647,850. while those of imported and manufac- The prices were gradually rising through the year, until they reached a additional indication of the paralyzing level which embraced the tariff duties, nature of government restrictions. or 35 per cent.; this would make the The finances of the United States cost of the imports for 1811, $1,737,306, have considerably improved, according or $1,000,000 more money for a less to the official statements, which are as quantity of goods, thus furnishing an follows:
REVENUE AND EXPENDITURES OF THE UNITED STATES, FOR FIVE PERIODS.
1st quarter, RECEIPTS.
1843. ends June 30. 1815. Castoms, 14,481,997 18,176,720 7,016,843 26,183,570 10,750,000 Lands,
1,470,295 1,375,887 897,818 2,059,939 450,000 Miscellaneous,
120,260 120,663 261,007 25,500 Loans & notes, 14,339,480 14,339,480 14,808,735 12,479,707
30,291,772 34,452,702 20,545,033 30,381,700
The receipts from the customs for the changed, so as by no means to bear out year have been large, under the circum- the estimates of the Secretary for the stances which we have detailed above; next two years, which are $31,000,000 but with the close of the quarter ending per annum. The average rates of duSept. 30, the state of the markets ties have been as follows:
9 months, to June 30, 1843—37.84 per cent. of dutiable imports.
Sept. 30, 1813–35.05
This continually decreasing average $130,000,000 of imports, instead of evinces a disposition to avoid the im- from $84,000,000. The trade of the port of those articles on which the duty country would have been far more acis the highest, and which are most tive, the exports greater, and the 'indieasily smuggled, showing the prohibi- vidual taxes less. tive nature of such duties. There are, The payment of the government debt however, sufficient funds in the Treas- is not the only source of gratification ury to redeem the remainder of the as far as public credits are concerned. debt of $5,600,000, which will mature The State of New York is about payJanuary, 1845, affording a gratifying re- ing off $2,500,000, South Carolina has sult when we consider the difficulties paid $500,000 as the first instalment encountered in the contraction of the on an equal sum, and other payments debt. It evinces to foreign nations the are taking place calculated to reduce fact that however delinquent from un- the amount of outstanding obligations, fortunate circumstances, some of the while the ascendency of the Democratic members of the Union may be, the policy is likely to restrict further issues. great body of the people have both the The revenues of the State of Ohio ability and the will to discharge their have improved in a manner which obligations. It is, however, true that shows that at least within her precincts the same results would have been more there is no indisposition to pay taxes. easily obtained, had the spirit of the The debt of Ohio, January, 1845, is as compromise act been adhered to, and follows: $26,000,000 of revenue raised from
The expenditure for interest has been met as follows :
RECEIPTS OF CANAL FUND. Tolls of public works,
544,949 84 Repairs and expenses,
166,212 53 Sinking sund,
25,000 00 191,212 53
General revenue, lands, &c.
$1,042,141 65 The valuation of taxab property and amount of taxes, in Ohio, has for seven years been as follows:
AMOUNT OF TAXES IN OHIO, WITH CANAL TOLLS, AND AMOUNT OF BANK INTEREST.
1844. State and canal tax, 264,954
948,996 County and school tax, 2-6,121
632 532 Road tax,
168,623 178,559 Township and poor,
161,088 197,004 Corporation building, &c.,
130,493 199,406 Lawyers and physicians, 7,706
$685,909 1,498, 108 1,749,840 3,340,663 Canal tolls,
544,949 Bank interest,
585,114 1,080,000 600,000 180,000 Total taxes,
1,387,853 3,038,086 2,872,283 4,065,612 Value of taxable property,
$72,243,072 106,953,018 112,037,861 136,142,666 This bank interest is calculated at State, notwithstanding which, the valusix per cent. on the outstanding loans of ation has doubled in the last twelve the Ohio banks, of which the number is years. greatly diminished. A large portion of While Ohio has thus been advancing the capitals was owned at the east- under a heavy debt, Indiana has been ward, and the profits, together with 'paying nothing, although equally prothe $1,000,000 drawn annually from gressing in wealth and population. The Ohio to pay State interests, constituted debt of the State is as follows: a great drain upon the resources of the