The Weekly Mississippian from Jackson, Mississippi • Page 2

I i in exchange, and at a better price and that, if ful rate of progress. But that the increase have ensued, but Ihe monev of the government commerce is profitable, we should show a large under ow outies in a series of vea will I is now transferred from New York to Now Or u. balance of trade in our favor, and, usually, larger pid and progressive, is not 850. They are now beiug used to a considerable extent in payments to the government, and may be regarded as at par. The total amount of the lreatiry notes advertised; was eighteen millions of dollars, and the amount of the bids, as exhibit leans, and scarcely affects the business or the mo imports of snecie.

and that the profits of commerce Before the repeal of the British C. ney marKet, because the transact ions of tne gov- in the increased exchange of our own for foreign argument here lor high dui ies, as as ernmentaredisconnected from thoseol the hank a measure products augment, ihe wealth of the nation. I he "I 'uiuiiiiu, mj closing oUr markets ed in table hereto annexed, 57.7-2,9.), When the government formerly received and disbursed only the paper of banks, win-never a fabrics to force her to open her which the sum of was bid for at par toruier protective tariffs were enacted 111 lll, lf I. 136 and 142. The compromise act inter TtS to i ---tuna dim provisions.

VV I. shr ,1 and above par. The notes were as revulsion ami numerous DnnKruptcies occurred her ports freely and invites the exchange illld Vet vent-d, from 133, until after the 30th of August, 1842, and the revenue tariff of went in England, lliev universally reacted upon our ii i sun comemieij mat we ought to into operation Inst year. perilous paper system so as to create a pressure in our monev marKet, a large and sudden con- fabrics bv hif'h and nl" signed lo the highest bidders, at rates varying rom 1-8 of 1 per cent, to -1 per cent, above par, alt the lower bids being of course rejected, and the lable last above mentioned, will exhibit fully and in detail the cuurse pursued on that occa Let us now lixik at the effects of hijli and low her s-. re-establish her Laws.

traction of the paper currency, a calling in of heavy loans by the backs, and as a consequence upon the gain specie during tie periods, This is a new commercial era. and 11V Cffllseu eonihiiiini lit llttu from 121, being the earliest dale to which the re cords of the Treasury go hack 011 this many failures ana must irerment suspensions 01 sion. The law conferred the power, to have changed tr-nle anions lOltiona he ed.o.i. specie payment--. Now, lor the first time in our rroin the iH-guimiig ot is1-'! until the commence ment of (nun tln 'tOth September, 1 S42 att ue notes ror specie, without advem-emcm, with any one at 01 above par, but in hopes ol obtaining a premium lor the loan in whole or in history, although failures in England of the most unprecedented magnitude have occurred, including banks and bankets, yet our banks atd credit are sound and stable, and the business of the 7 oi i ties, the eonstructiu of railroads and eanais i i Ihe products and fabrics of all nations terior upon the sea-board with addition to sailing vessels to faciiuate nud ht the exchange, mid with China, until the 1st July, lJ.i, our excess of the imports timik as may be necessary to give full effect to the IaS(.

and to report to each succeeding session of Congfsssuch regulations. Those heretofore made under the large and continuous discretionary powers granted by this act to the Department, were reported to Congress at the last session. examining the practical working ol the system under these regulations, it seemed lo me susceptible of improvement, and as it was entirely new here, I proceeded to collect information in regard to it in those countries where it had been for so many years in full and successful operaiion. Accordingly, Messrs. C.

C. Walden and D. P. Barhydl, of the New York Custom house, were sent by me 10 Europe last August, under specific and detailed instructions (a copy of which is annexed) to investigate the operation of the system in Great Britain, and elsewhere in Europe, and report lo me the lesults. The warehousing system, as it exists in Great Britain, as also in France and Belgium, was investigated by thnn, the fullest information being kindly atfordrd to them by the gentlemen connected with those establishments abroad, and especially in Great Britain.

All the details were obtained by them, and communicated in an able and voluminous report to tne, with an appendix covering seveial volumes of general as well as specific and detailed information, together wit all the forms for the transaction of business, and the most full and minute information as to the mode of conducting the same. The system was found to be the most perfect in Great Britain, where il had long been in successful operation, and cherished by all parlies, whether for or against protection. It is one of the principal means by which Great Britain has built up her commerce part, bids weie invited foa the au.ount of of specie over the export was being an average amuiril of 73 1 .21 6 in specie, dimm country is still prosperous ami progressive oug Annexed is a copy of the advertisement 01 the loan, marked 5, dated 9th of February, 1 IT, having been issued during the session ot Con- Dirsity of products is. essential to exchanges, andf England and America were united by ab-sohe free trade, the reciprocal exchauges be-twen ihein would soon far exceed the whole fougn commerce of both; and with reciprocal frerade with all nations, our own country, ith its re-eminent advantages, would measure Us annul trade in imports and exports by thousand of millions of dollars In my fast annual report and that which preceded, il was proved that the home market was wh.lly in.eqtiate for our vast agiicultu al pio-due. Wehavc long had fur grain and piovi-sions, the uirli vidc-'i markets of our own people; but these ai" not and in a single year we have, th abundance of food retained a' home, suppled the world with an additional once, duriuithe last year, as shown by lable A of 41.33i.scJ in value, of breads! tiffs and biiiging ihe value expoiuil thai ye.i.r up to dollars.

Our mnniilaeluieis could not consumed this surplus, nor their non-consiimiig machines, which are substituted in theit wurWhops for Ihe labor of m. If the energy of on own people can add 41 lo the export ail supjily of our breadsttifis and provisions in a ingle year, what could they not add lo such ptodeis, it they enjoyed free ol duty the markets olt world? By table BB, hereioloie annexed, il Jipears that the augmentation of our domestic expns, exclusive of specie, last year, ccinpaied wh the preceding, was or upwaids ot 8 per cent, and at the same rte per cent, per anum of augmentation, would amount in Its 19, peable CC, lo or much greater thai the domestic export from state lo slate. The tt'ire per centage of increase may not be so grat, but our capacity lot Mich increased prooctioti proved lo exist, ai.d that we could finish these exports far aUive the domestic demad, il they could be exchanged, tree of duty, in if ports of all nations. these si xteen years of hit'h taritls, hilst the excess Olle.tlorl of .1 i of. of specie during the eleven years of the com pro- Ifjtll iesi niuiui me range oi ntx-ral exehariJe press, and extensively published thr the Union.

Irom the itth of February to the of mis; act of 1833, and low lariffof was 07.fi.30. rind I he average annual fcain of specie ranroatis rtrttitrii T'g Uir No'hing is more i nj uric -us to all clashes, but especially to our manufacturer, than the expansions, contractions and fluctuations of the bank paper system, vibrating with every considerable change of the public moneys held by them as depositories. This perilous and seductive bank paper system opens temporarily and beyond the own products and lahrics trom the lUtel i i iv Hie was 9117. Omitting ihe tariftrtnl and Apiil, IM7. he remainder of loan beyond the amount advertised, was exchanged at par, partly lor money to be deposited without charge Its and comparing the ten of comparatively low duties, from ls33 to with the twelve years under protective tariffs, from 1831 to Coal and iron are in greater demand and bringing better prices than belore the repeal of the tariff of 1842, yet they can derive no portion of their augmented price from that famine abroad, to which is attributed, by some, all our existing prosjjerity, but which famine, in fact, is causing a temjiorary drain of upecie to England, not tn pay balances, but because bills are discredited, which has, for the time, depressed the price of cotton, and which is the only brief check at this period to our advancing prosperity.

If, as is truly the case, our wealth, as connected with the mines, the forest aud our agriculture, commerce, manufactures and navigation are mote prosperous, and above nil, vva. ges are augmented, why should we change the existing system! The predictions of its failure have themselves failed. The new tariff is no longer an experiment; the problem is solved; and experience proves that the new system yields more levenue, enhances wages, and advanci-8 more rapidly the public treasury. In the midst of all this success, why put in jeopardy, by any change, the nation's wellare! When free trude is advancing so rapidly throughout the world, shall we reirogade and invite Great Hritain to Jre-enact her corn laws, nnd drive again from her ports our brcadstufis and provisions? And now, when under our successful example the ports of Europe are most probably about bem more widely opened to all our exports, shall we check the advancing sjiirit of the age, and extinguish the dawning light ol commercial freedom! Everywhere nations are being aroused upon this subject, iheir statesmen are resisting the interested classes, and exposing the injury and injustice of tdiacklea upon trade, and will soon enroll the names of other countries on the great international league uf commercial freedom for the benefit of mankind. It was our own country and her public functionaries, who proclaimed these great truths lielore they had received the ol other nations.

Our great movement was li-lt in liritish councils, was ijuoled as a precedent in the halls of lirit-ish legislation, where American free trade documents were recorded among their archives, and our doctrines approved and example followed, by the repeal uf the British com laws, and the reduction or repeal of other duties upon our expoiis. Indeed, il has been conceded by some of our own most distinguished protectionists, that the promulgation of free trade doctrines in the American official documents of 145, Certainly accelerated, if, indeed, it did not actually insure the repeal of the British corn laws. With such resultsalready from ai jew leans, here the wauts 01 me puvmi-menl wei great, and the rest naid out chiefly 111 "i ur' -om rivets or the points of distribution for domestic well sa fyi- shipment in exchange the other nations, are of great and iticraiii-'j, lance. Without these roads and canals Uie're'st very many points where coal and lnne nti.l II wants of the country, a tnarket here tor foreign imports, not in exchange for exports but for cre treasury notes at par, to the Smithsonian Institu we find under the latter an actual loss ol specie to the country, by the excess of the exports dit, the redemption ol which drains the country ol its specie, contracts the paper currency, forces ol S-cie ovpr the imports, ot .1,851 as tin- re tion; also to other creditors ol me government; the notes at that time being generally at par, and the wants of the governmel I requiring the use at a sacrifice, the sale of domestic lubrics, and sult of protection depresses the industry of the whele country. And ngiiin.

'he s-uereeding years of nj.iieriai.s 1-ouiu inn ne liroicrlj ((j ltil h.r profitable use in the same I here are many farms and mamilactirie wjn products and lahrics eovld never have and the coal and iron of Domestic manufactures require for their per ot the money belote it could be obtained upon the advertisement. On the of October, 1111, as per printed comparatively low duties, of 1 ,090. or at the rate of per annum; and in ihe single manent ami successful operation, the basis ol sjiecie, checking vibrations and inflations of the paper system, confining our imports to the wants year, under the new tariff, a gain of 13 I other I notice hereto annexed, mai ked 4, the department and navigation, extended the naiket tor her la- thus exhibiting a niidorm o.iiti ol specie tn the years advertised tot the exchanje ol JX.W, ot trea- ot the country, and preventing the temporary of low as compared with high duties. 1 he pioter nry notes for specie at pat, lor denosites ot spe purchase of foreign good for credit and not tor ui.ii.ie.i ii treasure. This, in itself, is a grent change ol our domestic industry, and is a lar l.i-tler lection to all the products and fabrics labor that rx inn i winch hncs, and placed under her control, lor so many years, the exchanges ami trade of the world.

She has thus made London the great depot. live theory, founded upon ihis assumed balance ol cie with the Assistant Treasurers, or a con exports, which always re-ults in disturbance of the money market, and an injury to the country. siderable lime but veiv few ot such deposites mav trade ami of specie under hiiih tariffs, is disproved by the results: ami it is shown by the ex- where not only all her own fabrics could le pur were made or treasury notes thus taken, and ItV hurl, l-ir, r. I I tariffs, If our manufacturers desire great advantages and. in truth, i il i chased, but also assorted cargoes ol the products from this long delay and continued reluctance (leneiiee here ol more than a lomth ol a century, from the home market, it must be abundantly and permanently supplied with a large specie ami fabrics of all other nations upon the pan of the community in taking tnese even as to specie, that it accumulates most rapidly According to the repot ol these gentlemen, treasury notes at par, although at any time alter by the gains ot trade, iiiuh a liberal commercial policy.

Let us now sve, under the same cycles ol the value of the goods ol all Ktnits in warehouse the iNlh of January last, they were convertable circulation, which alone can sustain that market for a number of years, and prevent hose calamities which Imiisi follow an inflated paper cur in Great Hritain. is SJM i.V 1 ne ouiiu into the twenty years ix per cent, stock, at par: iee trade and proteelioti, nether it is irue, as 'Ihe ciifgelic American tret-man can aud does jiertoln far ir.ore fl'ective labor in a day, than what is called by the rrsti iclionisl.s, the paupei larr of Europe; and, thcreloie, the em-plover lire can pay more for a day's toil lo our workmen, Measured by the 'lay, lhc wages heie may be higher than in Europe, but int-a-smed bv 4e work done 011 that day, there is but little differncc. And when all our capitalists, (as some ilready have,) shall find it to be their true iiiierM, in addition to the wages paid to the iigs, docks and structures erected, under tree iiKinv of the notes heretofore offered at par, not rency. A home market lor our manufacture contended bv our opponents, that our domestic ex having been taken at the date ol my advertise competition, almost exclusively by private enter ports are not diminished by the restrictive system. uie presext lor any such policy, which, i.

internal communication has brought our ducts or fabrics upon the ther exchange there the production world. The doctrine thnt we cannot cargoes in fair and open competioii, is a- -i" and as injurious to the national character, ri- the fears of some in Wo, our must be retained within our pnr'f under the protection of their foils an. I and dare not venture upon the tn eifiial terms, pun for gun. and man ment of the 9th of February last, serious doubts prise, lor the convenient storage 01 these goons when ba--ed upon specie and low duties', is solid, permanent and augmenting, but when founded upon paper credits-, it is ind ued one year only to ere entertained whether the whole ot the loan in London, is estimated to have cost could be taken at 01 above par. Grea.

as was the importance attached by this De I he records of the I reasury do not go back be youd as regards our domestic exports, exelu Hive of specie. We must, therefore, make tin comparison Irom that date. be depressed the next or souie succeeding year, It had been usual heretofore with my prede thus depriving the manufacturer of env well as- partment to the in'rodiiction here ol the warehousing system, and earnest as was the recommendation for it in mv first annual reort, the siued and permanent domestic market. The cessors, in advertising lor loans, to emit sum to any individual under but with a view From lo I "-32. both inclusive, under high bank deposit year, lS3t, when we were import to insure the largest possible subscription, and at tesultsas: ascertained in England, surpass my highest expectations.

There it is regarded by ing gram, contrasted with 1-H4i, the year ol di-vorse ot the government from banks, exhibits Hie best rates, and lo del use the loan as lar as our eflorts, we huve every motive to persevere, until the tree trade doctrines of Great Britain and dulie. ihe of our exports of domefanc products, exees-ave. of specie, wan ili33, 137.5-7, or at the rale of Sjj5 4 per annum. From 30th If 12, to 3()th of June, oral the rate of 91 ,347,75 per annum. practicable thiotighout all classes of thecomnm their intelligent manufacturers, as among the the delusive intialion of the one with its suc-eed Amet icai workmen, to allow I11111 voluntarily, because itiugmcuis liie of capital, a lair interest ii those profits, and elevatt- him 10 ihe rank of apauner in ihe concern, we may then dely all emipetition.

This is the same principle illustried by uniform experience, proving thai lie wlo rents his farm, builds his house, sails his ship, conducts any other business, upon shares, re lizes the laigest return, and ilia; he who work, by the job, produces more in the nity, bids were authorized to be received by the most important means of bringing customers to ing disasters, and the solid prosperity of the other, At i advertisement as low as the lowest denomination resisting, thus lar, to a great pxtent, the revulsion their own doors, to purchase assorted cargoes, including their own manufactures, it is thus of treasury notes permitted by the law, namely making a total aggregate dtiriu these sixteen years in England, and proving the good effects of the America, the two great nations of kindred blood and language, shall open the ports and disenthral the commerce of ihe world. hat may we not hope from our efforts ith other nations, if they have succeeded to Great Hritain' That country, so long the bulwaik of ijro- navies (he world. If our nn and cannot meet at home an,) ahiuinl, upi.a terms, the products and fabrics of other is time rhnt we should prepnrte to dr may exclude rival fabrics, roi.l -brink the encounter, but we ran ouiv as-miie p. ot an equal by trying our stieng-i, under or low duties. This we have done.

succeej'J and have thereby placed our omi that solid basis which tears Great Britain seeks for the products of all her titty dollars. It was the duty ot the department union of low dunes and the specie-receiving ami of high duties of Sil oral the rate ot 1,109.3 I I per annum. During the compromise industry the markets ol the w.irld, am: this is to accept nothing but specie, being the first loan pecle-clrcnlatlng constitutional 1 reasury. same lime than the laboter whose wages are what we must do, if we would compete with her ever negotiated in specie from the foundation of net, from l-cTi to 30th of ls42, the total I renew my former recommendation lor the establishment of a branch of the mint of the the government down to that date, and the first tectiou, applying it by sliding sca'e upon the masses paid by th' day. Theskil, energy, and industry, the interest successfully for those matkwls fir the product of all our industry, including manufactures.

The loan, except that of last tall, ever thus negotiate United States at the city of New York. Durin ol her peojue down to the utmost point of human and pride 11 success, the vigilance and perse at or above par during a period of war. The the last eleven months, commencing on the 1 4 endurance, has at length overcome the errors of report ot Messrs. Walden and Barhydt has been very recently made to me, and is herewith com these exports was or at the rate of its per annum, and in the year ending 30th of June, si 1 7 t. dollars making in the eleven years of low duties an aggregate of I.10t;,743.13:j, dollars or at the rate of beiitL' an average train under low as compared verance tlai will lie luainle.sted by our intelli magnitude ot the loau, the fluctuations below of Januaiy last, tne amount ol coin actually paid -en tried is Knew not our strength until it had low duties, and proved that sary.

We are not inletior lo otlu-i atliei gent worunen, under such a system, will tar ages. tne of her ow great statesmen, the most able and efficient champion of the protective poli par of the previous stock and notes, the untried, municated to Congress, retaining lor reference in to the Assistant Treasurer at that city, as per more than return! to capital such reasonable par the voluminous appendixes in ihe department. and 10 many, alarming restraining operation of cy, at length lilts his eyes to the light of truth, and tatle tt ii, was 1 1M, nearly all ot which was in foreign coin, a latge portion of ticipation its profits, and enable such Ameri the Constitutional Treasury, the heavy expendi with high duties domestic exports, exclusive ot subject, however, at all times, to the call of Congress. At the earliest practicable period, I will nation 'ace, upon the o.illllelee, tile law l.lllelii iowcf 1. tures ot the war, and the reouiremt-nt ot all the which, as tar as practicable, was transferred and aris or sciences, war or in or the laud, in agriculture, ttires or navigation.

We haw ill greater abundance atid at a make such further regulations aare authorized recoined imo our own coin at the mint at Phila payments from time lo time in specie, were deemed by many as insuperable obstacles to the nego can estahlshmenis to supply all the nations of tlie world. The introduction of this system will be voluntary, because it is most just arid beneficial to all parties. It is the participation of all our peopl; in the government that is one great bv the powets delegated to me, by the5tn section delphia. The whole of that foreign coin, how with that moral funnies and intrepidity which is the highest evidence ol real greatness, abandons the cherished policy ot his lite, only because he found it to be injurious to his country, and unites in the support of commercial freedom, with bis truly illustrious, but untitled countryman, who has earned lor himself the highest of all earthly dis ever, ought to have been at once recoined at the of the Warehousing Act, and will teport the ame to Congress. tiation ot the whole ot the loan at or above par.

But under the salutary provisions of the Consti city here it was received; and in addiion, the large amount of coin and bullion which is con I'he American manufacturer, the fanner and cause ol iur prosperity, and the participation of wir workmen in the profits of our indii-trial es- tutional Treasury, the credit of the government was in truth enhanced by receiving and disburs planter, in enlarged markets at home and abroad, stantly art iving there, and does not find its way tinctions, that ol beueiactur ol his country and of and in the sale of products and fabrics to into the office of the Assistant Treasurer, but as mat. I. in, I ing nothing but coin; thus placing all its transactions upon a basis more sound, and entitled to higher credit, than when it held no specie, had complete assortments, will derive the greatest ad foreign is deposited with the bank and never becomes a circulation to any great extent specie, of per annum, and excluding altogether the last year, a gain of 31.207,514 per annum under low as compared with high duties. Having thus shown, both as to specie and domestic export-, the great in years of low rw compared ii high duties, i us nuw cmipure the low duty and high duty eyeless as to our tonnage, foreign and coastwise. During the eighteen years of low duties from 17ts9 to tonnage increased at the rate of 19,41 per cent.

ier annum, from If 32 to 1842, at the rule of 4.53 per rent, per milium, and from Mji; te S17. 10.M percent, iua single year such has been the uniform high rate of increase of our tonnage during every period of low duties. Now under high tai itw from 1 I tj to I our tonnage increased 3lt bein- less than one- vantage from the system, whilst the merchant France, llussia, Germany, Austria, Italy, Prus no moiiey in its own possession, and nooe even in the banks lo pay its creditors but bank paper. sia, Switzerland, Holland, and Belgium, I'enmaik, and Sweden, and even China, have moved, or are among the community, all which would also be nt once converted into American coin, without loss or delay, if a branch of the mint were loca and those engaged in navigation will find an increased business and augmenting profits; property in our warehousing cities ill l- rendeied 1 nen it was dependent i.pou the credit ol the vibrating or preparing to move, lavor of the ted at the great emporium of the commerce of more valuable, and every branch of industry banks, and was subjected 10 every fluctuation which affected their rredit; now it stands upon the basis of specie, so as lo be above all suspicion BiuiKisieiiae inure mineral wealth, more lauds, yielding trom a better sod and wanner sum more io the acre, and greater variety ol exemption from costly guveiniitent pres-ive interim i taxation at least eMuu: enterprise, industry, energy, perseverance and m-' eiitive genius; our working freemen more wjor-ous and intelligent, and perloriniiig in day effective labor, with better and freer and with public and individual pro-perity, at; I capital augmenting in a greater itil.o. tlcm ai; other nation.

We require no prote. ii. liecau-our industry and pros-jieiiiv repose upon the lln. movable basis of superior advantages, auj a.ivni-'ing, as we are, more rapidly than any other in all the elements oi wealth and power; export, imports, tonnage and specie, a lias already proved, will soon exceed lln.se of atu other country, and the prices lie regulated at tli-credi'or city of Vui hVstrictions up. the commerce ihe L'nion, are especially restrictions upon her commerce, and have impelled lir advance towards her destiny, predicted in mv is-! same great principle; and if our own country and Great Britain adhere to their press-lit enlightened policy, the rest of the world must lose their commerce, or adopt, as they will, our example.

1 stimulated find improved. A commercial nation without warehousing accommodations is like a merchant without a storehouse, and no nation ot discredit, whilst us demand for coin for revenue payments it sustains not only its own credit, can upon ihe field of a fair and open com Pennsylvania, surpassingly rich in coal and iron, but renders more safe the credit and currency petition with other countries without such a tablishmeits would exhibit similar results. Our whale ant other fishei ies present strong evidence of the siicess attending American industry, when our intelligent treemen, Ihe working men of the concern, simulated by a just participation in the profits, hive driven iioin the most distant seas the whalt shis of most other nations, and neai ly monopolized this pursuit. The itvelligent working men of our country are far buter prepared lor the adojiion of lias truly repiblican systrm ihan those of any other nation, aid this elevation of the toiling millions ol America lo a just participation in the profits of thai capital which in fruitful onlv by their industry, il yet enjoy as gtett a iriumph as that tin "elterec Irade and untaxed and unrestricted labor with ivhich it ought to be, certainly yet will be, p-oudly associated. Under this system the laboi ing men, whilst they received the full wages heretofore allowed them, would also participate to a reasonable extent in the profits, as an addition lo their wages and as a most powerful and ceiiain stimulus to render their Lbor more productive, and thus increase lor the bene- and but a year since so unanimous for protection.

and business of the whole Union. third of one per cent, per milium, and from to 181(1, at the rate, of 5. (it percent, per urimitu. If it is said that the 1:11 rense Irom 17s9 to 1807, was occa-ionnd to some extent by the war between By the act of Congress, of 3d March, 133, The new tariff has now been in operation more has tried low dunes. Her coal and iron pour forth tueir treasures increasing abundance; her bread- this department was authoi ized to select apian tor the erection of a ens om houe in the cilv ot stulls and provisions find a better and more ubun- than twelve months, and has greatly augmented the revenue and ptosperity of the country.

The net revenue from duties during the twelve months table winch is taken an New Orteans. Bv the a -t of 3d March, 117, lant market: her agrienhure, commerce, hermau- ranee and i from the orils 1 7-9 to tie- close that war, which iitactures and navigation, her miners, farmers. ending 1st December, l-47. under the new tariff, i the Treasury shows, that from of 1792, immediately preceding as declared early in 17.93, our merchants and seamen, liiauulacrurers and me the sum of was appropriated towards the erection of the custom house on the custom house square, or so much thereof as could be procured by the department. Alter some delay, I was en- is being more than was received during the twelve months preceding, under the lariffof 18IJ.

The net revenue of the report, as the centre and emporium ol the cuin-tueice of the world. For that high chanics, aud above all lier toiling workmen, with enhanced wages, and every pursuit of industry biesscd with increased prosperity, rise up in favor of the new and more liberal commercial policy; and bled to oblarj a cession from the 1st Municipal tonnage increased at the high rate of 00 Hi-100 percent, per milium, whu I-'rauce and England were peace, before toe era of stenni navigation, and In-fore the acquisition of Louisiana and the ad first quarter of the first fiscal year; under the new tariff, was 41, whilst in the same ity of New Orleans, of the whole of this souare: which munificent donation to the government possesses more natural advantages, and gre.it-r elements of agnientitig wealth and business any other city. Let us remove the quarter of the preceding year, under the tariff her people bv a majority unprecedented, largest in tit of all concerned. Hie capitalists and ihe work has been estimated as ot nearly the value ol of IS tie net revenue was onlv 3. dition of the jssi sni; ami of the Mexican Gull to the navigable waters of the Union the counlies where her coal and iron do most (.

Commissioners have been appointrd to and which high tarrifis have erected around lu If the revenue for the three remaining qjariers and when our Hag was unknown on the great abound, reail their lormer verdict in favor of protect ion: and Pennsylvania becomes the very key in carrying the law into effect, and instructions nifieeht harbor, let her have free scope to houul equal in the average the first, then Ihenet Lakes of the Northwest. The great increase is ued to them, a copy ot which is hereto annex her transcendent revenue I10111 duties during the first fiscal year natural advantages, and stone of the arch of commercial freedom which ing men the profits of the establishment. What is called the pauper labor of Europe, is already inletior to our labor, bat wouid be rendered still moie powerless lo compete with us when labor here participated with capital in the profits. When we reflect that the 01 king liee-men of the Union must constitute the great mass ed. Allien time was occupied, anil great aiten uiiiionn at all tunes under low duties and depressed under high duties during the whole period of must span the hemisphere we inhabit, and unite lion bestowed, in examining the various pmns the interests ot mank imi.

Mty yeuis iumi I lo 1--47. and csti stifriiuued. As a ctisfoiil house designed exclusively lor the transaction of biisi cannot grow rich by destroying or re cf the people whose votes will control the Go ness, everything calculated meiely tor ornament vcrnmenl and direct the policy of the nation, the or dispiay was rejected, and mat plan selectej it is urgeii, however, mat although our foreign commerce may have decreased, yet 'he home market has augmented in a ratio more than equivalent to the loss ot our for-lgn trade. If ttiia were so il wouid be exhibited 1.1 ihe augmentation of our which united good taste with the greatest econo superior comloil, education, intelligence and 111 slrictitig their commerce, and il the restriction is good, the prohibition must be better. Commerc isau exchange of products, specie often adjusting, balances, but Constituting so inconsiderable a part of the value of products and property, but a small my, and the largest and best accommodations.

formation necessarily resulting to them from this improvement of our social system, is i.r.por- In a building of such magnitude and impor coastwise trade, embracing our lakes and const tant to the successful progress and perpetuity of lance, it appeared to me necessary belore expen well as rivers; the cn.istwir-e tonnage, ot ci urse. portion ot sales can be for opecie, but must be in exchange for other products. The attempt, then, ding any part of the appropriation, to pio our tree institutions, ami must be grateful to eve the best talents that could tie ob'amed to diient ry republican, patriot, and lover of mankind. by high tanns to make large sales lor any length the construction of the work, and I have, it i-. be the Union.

Under tiie salitary provisions of the constitutional treasury law, the experience of this year has proved a oum not exceeding is all that netd be retained in the treasury as a surplus to meet the wants of the government, or to supply the mint and branch mints an abundant amount for coinage, thus saving in this way the interest ou Sl.OOO.CJO to our country. The Treasurers at the mint in Philadelphia and the branch mint at New Orleans, aie also Assistant Treasurers, to and from whom transfers of specie (nearly all ot which is received in foreign coin) can be made under the provisions of the constitutional treasury. Under the act ol 9th February, 17911, providing for the re-coinage of foreign coin at the mint, instructions were issued by me to carry that act fully into eft" et. Under these order, transfers are made of the foreign coin lo the mint and branch mints for re-coinage, and the amount coined since the l-i Jan-nary last, up to the 1st December, wo.i SJO.TW CM 1-; uf which ihe yum of ss) was co'iied in the month ol November, and if this should he continued for the present month, it would make the coinage of the fust year lor the constitutional treasury, 1 1,001 Table exhibits the yeai Iv coinage from l'Xl to 1st December, amounting ta the whole to 51, shewing that in- amount coined in the fifty-five yar.s, from the first coinage in "'X', to the close of the piesent year. Table gives the coinage each month this year, from the 1st of January to the 'Jthh of November.

AJost of this coinage has been by converting foreign gold coins, which will not circulate among our people, into Ameiican gold coin, is now going into much more general circulation; and during tie en-uing year it is expected ibat the coinage of specie trom the silver that mu-t be bruugh'. in from Mexico in exchange lor our irnpotts there, as also from the new issue of treasury notes now asked for from Congress, as constituting a part of the loan recommended, will, it is believed, greatly augment the coinage of silver during the ensuing year. Under the export d'lty upon specie, now existing in Mexico, it is Delieved that when the new treasury notes now asked for shall be issued, they may be sold to a considerable extent on account of the government for specie, at a piemium, in Mexico; and as the government funds will not be subject to the export duty, the specie may be brought into the country by this department in exchange for these notes, and re-coined at the mint in New Orleans into American coin. It has been seen that the amount of foreign coin or bullion coined this year at one mint, and branch mints, under the new orders tin, department, estimating December tbe same as November, woiiid be rJ, at which rate we wouid soon supply our own people with our own coin, and in time, also, with our augmenting commerce, Americanise, to a great extent, the coin of the world, and thus introduce our simple ot time, lor the specie ol other nations, is unprac Whilst all have derived great benefits rom the new tat iff, it is labor that has realized the largest lieved, succeeded in securing ihe services ot iiiusr become the depot of universal where the international balance sheet u.j adjusted, and assorted products and fabrics ut" nations interchanged, tiie great regulator of pniv-currciit, and the barometer of ihe exchanges oi the world. The time is approaching when a bill upon New York will bring a higher preiniuui than a bill upon any other city and when the tribute of millions of dollars paid by us to other nations upon exchange, shall be paid by them to us.

and flow into one great commercial emporium. Whilst New York must contain a large population, a-well as New Orlans, the principal depot ot th-mighty West, nnd many other cities, they all be small indeed comparred with the masses i the people of the Union, who will go on augmenting in a corresponding ratio, still leaving an immense majority of the nation engaged in agricultural pursuits, and supplying with their products only our own markets, but of other in an ever increasing ratio, by reciprocal ezcluti-ges under free trade and low duties. Although it must gratify all our people that an American cttv should become the centre of aniversal commerce, the advantages will not be limited to that plan-, but all the people, and cities, and states of tiie Union will feel the favorable eflect of this t-i reward. It was contended by the advocate's of gentleman 01 high scientific attainments an. ticable, and must diminish the quantity and price of our exports.

As specie sales for long periods or great extent are impossible, that nation which, gieat practical experience. Upon my aoohca protection, that it enhanced the wages of labor, and that low duties would reduce wages here to tioti lo the War department, Mamr Villiam hum the surplus products ot its own labor, at the best price, purchases at the lowest rate, the largest Turnbull, of the topographical corps will, it the rate allowed for what they call the pauper hoped, be detailed tor this work. Thegrea' que quanly of the products ot the labor ot the world taooroi On the contrary, the opponents of high tarirl duct across the Potomac at Cieureetow icinit progresses in wealth most rapidly. Thus, if one insisted that labor left to seek feelv the markets ted, both in Europe and in this coun'-y. 'o be one of the new tariff would be is tll- If, however, the comparison --niied on all 'he quarterly le urns tor 4 years, (as tar back as given quarleily in thf Treasury records.) and the same proporiion tor the several quarters applied to th first quarter of this year, it wouid make its net revenue, fper table Although the net revenue from duties already received, being 41, during the rive months of this fiscal year, would seem to indicate its probable amount as not less than S3.Y000,f 10, yet it is estimated at 3 1, 1' 30,01 for the fiscal year ending 30th June, IsvH, and for the succeeding year, in the view of the possible effects of ihe levulsjon in Great Britain.

Although our prosperity is ascribed bv some to the IVrnine thete, as though Providence had made the advance of one country to depend upon the calamities of another, vet it is certain that our trade with Great Britain must be greater in a series uf year-, when prosperity would enable her 10 buy more from us, (and especially cotton,) and at better prices, and sell us more in exchange, accompanied by an augmentation of revenue. In mv report of ihe 'JJd July, llti, ii was shown that the annual value ol our products exceeds three thousand millions of dollars. Our population doubles once in every tweniy-lhree years, and our products quadruple in the same period, that lieing the time within which a sum compounding itself quarter-yearly, at six per cent, inieres', will be quadrupled, as is sustained hereby theactual results. Of this three thousand millions of dollars, only was exported abroad, leaving' SJ.tsr-O.OOO.tXN) used at home, of which at least" 3,000 is annually interchanged between the several states of the Union. Undi-r this system, the larger the area and the greater the variety of climate, soil, and products, the more extensive is the commerce which 1.111-t exist between the SiMes1 and the greater Ihe valu- of the Union.

We see rhen nation, by high duties, should liirbid its citizens of the greatest works ol the age, wis onstructed of the world, would find for its products the best purchasing any of the products of other tuitions, under the direction of this gentlatn.01; arid her prices, and as a consequence, the highest reward ne is Known, ine grentest i.v.hdence is re lor ihe labor by which they were produced. except at a greatly advanced price, or should restrict the exchange of the products of its own la posed in his talents and worth, jnd especially in his judicious and economical of the augmenting in the number of vessels with the gootis to be transported between the states. by reii-rem to the same tables it ripicars that our coastwise tonnage increased from 17f9 to the rate ol 22 71-100 per cent per annum; from I 792 at the rate ot "J5 23-100 per cent per annum; Irom l32 to If-PJat the rate of (j 09-10(1 per cent per annum: and in the single year from 1 fi; to 1 t7, 13 15-1(111 percent. was the great ami uniform increase of our coastwise ton-nnge under low duties. Now.

under high duties, tiie increase from 110 to s3vj was at ihe rate of 1 50-luO percent per annum: and from 1842 to lf-Mfi 45-100 per cent per annum. Thus we see an immense increase under low as compared with high duties of the coastwise tonnage, that the paralysis of foreign commerce, resulting from the restrictive system, affects injuriously the home market and the trade between the states; ami furnishing a demonstrative proof that whether we look at home or abroad, we progress more rapidly under a liberal commercial policy. As the foreign tonnage rose under low duties, (as the tables prove) so did the coastwise; and as the loreign tonnage declined, so also did the coastwise; mid as the loreign tonnage declined, so also did the coastwise tonnage; and during the high duties Irom I Hi to whilst the foreign tonnage actually decreased at the rale of Sis 100 bor for the products uf the labor of other nations, such restricting nation would certainly receive less 1 he duties have been reduced, and vet wages have advanced, and are higher now than under any protective tariff. There are many more workmen concerned in other pursuits than in puotic money. ol the comforts or necessaries of lite ill exchange turther estmiales and sp 'cificatioiis will be tor the products ol its own labor; and in this man manufactures, and with much less machinery revolution.

Fvery branch of our industry wiji t- submit'ed to Congress at the earliest practicable eriod. The thanks this department Lave ner (the wages of lalior being connected with the as a substitute for labor, and by depressing agriculture, commerce and navigation, by restricting enlarged and invigorated, and foreign cities having ceased to control our commerce or currency, wii value ot its products) depress wages. Il there been already tendered to the 1st Municipality ot New Orleans, for the munifi donation ot the were three nations, the first raising breadstuffs, the their business and the markets lor their products entire Custom House square, made by them to second sugar, and the third cotton, and the first re the wages of those engaged in such pursuits are reduced, many workmen also lose employment tne government. In oilier cities where custom will no longer sink at their pleasure, and with their revulsions as heretofore, and as thev now ii the prices our products tther Atlantic ctt" niav not be ns great as New York, vet they vt'l stricted the exchanges of its breadstuffs tor the su houses have been erected, s'tms werepaii gar of the second, and for the cotton ol the third, and competing lor work in manufactures, the wages of all are diminished. it would certainly get less sugar and cotton in ex It is not only the reduced duties that have pro change for its breadsttifis, than other nations which lie greater when the emporium of umversal ai-merce shall be here, than they would have with any foreign city occupying that coininan.iiiisi bv the government merely for the ground, but here the best site in New Oi leans, covering an entire square, has bf-en bestowed as a gift, and this fact, together with the great and growing commerce of New Orleans, the increased and duced these happy results, but ihe mode of re encouraged tree exchanges.

Labor, then, untaxed duclion, the substitution of the ad valorem for and unrestricted in all its exchanges and markets unequal and oppressive minimum and specific will certainly receive in exchange a large amount position. I his destiny we can never accompli-h. it commerce is restricted here, and our iiidiciry, instead of seeking with its products and fabrics. mcirasing revenues collected there being the duties. 1 he higher fluty was thus always impo ot the products ol labor; and consequently aecu lit per annum, that ol the coastwise tonnage depot ot the greatest and richest valley of the sed, bv the very nature of the duty, upon the ar- miilate wealth more rapidly, than when labor is re only increased at ihe rate of I 50 100 percent pe annum.

Yet, during that the increase here, under the system tif ree trade among the I ticle of the lowest value consumed by the poor I I stricted in its products to a single market, abandon globe, and destined to surpass in business, wealth and population nearly every other city render it just and proper that a building commensurate states of the Union, an interchange of product and the lower duty assessed upon the article of the markets of more than a thousand millions of people, retires within our home market, contineJ to twenty-one millions of people, nnd surrenders withoiii nil eflbrt, the markets nnd commerce the coastwise trade ought to have been immense ing the profits of the exchanges with other nations It is thus clear thai a tax or restriction on com including as it did the era ol the introduction ol highest value used by the more wealthy, often operating as a duty ot 10, "JO or 30 per cent. the tu'ure growth and progress id New merce, is a restriction or tax upon labor, and fall steam to a vast extent upon the rivers ol the west Orleans should be erected, and I hat it should upon the high-priced goods, and of 100 or 'JOO as also upon the lakes of the northwest, aud the the world. A liberal commercial policy is essential to the fulfillment of this great destiny of New chiefly upon the wages of labor, and it wilt soon become an Fxiomatic truth, that all tariffs are a per cent ad valorem upon articles ot lower price pl upon an equal footing with other cities where Congress have paid both for the rrouud opening ol ihe great canal of Now York. Nearly the entire burden ot the tariff was thus ork, and ol the Union, but above and ail. It is saiil ihe I'liuiiie in Ireland was the sol tax upon iaborand wages.

ne of the in net com andlhe building; and it will be the anxious de the Union itself, the free trade Union, its preparatory and onward progress in area, weal'h and thrown upon labor, by whose wages chiefly the cheaper articles were purchased, whilst capital, cause ol our late large export ol breadstuns an. moti errors is to compare our imports, exclusive of sire of this department, with the sanction of Con provisions. Now, Irom I iJIII, these values are not specie, with our domestic exclusive of gress, to the building a model of useful with whose prod's the more costly goods were bought, was almost exempt from the tax. given so as to be slated in amounts, but the quanti specie; and if there are more such imports than ness and economy. The action of the depart of the annual value of ai least SoOO.ot among on i twenty-one millions of people, whilst our total exchanges, including impotls and exports, with all the woi Id besides, containing a population of a thousand millions, are still about J.

Although, under the new tariff, these exchanges increased nearly the lat year, yet those between our slates, consisting of a population of twenty-one millions, being ol the yearly value of exchanged, makes such exchange in out own country equal lo 81 per individual, annually, of our own pro-dues, and reduces the exchange of our own and foreign products, our imports and exports with all Ihe rest of the world to ihe annual value of thirty cents to each individual That is one population, are necessary to the accomplishment of these grand results. Upon this point, sectional fanatics, tew in number, at home, and despots abroad concurring wiih them, mav hone or menace. ties, and these prove that, even omitting the last exports in any one year, such balance of trade is ment, as 10 tne erection 01 other custom houses It never would have been tolerated lo have imposed a duty of 10, -It, or 30 per cent, by name authorized by Congress, will made the subiect set down as so much lost by foreign commerce lo year altogether, ami comparing the low duty fieri ids from 1 to Irom 1KI3 to lS4g, with the nation. A single fact proves the lallitcv of of a special report at an early peiiod of the ses upon istlv articles, r.nd ot loo or tgoo per cent. but the American Union is a moral and physical a political and commercial necessity, and never this position.

From to the present period the years of protection Irom lf17 to ami upon cheaper labncs, where the ad valorem sion. The Department has preceded, aided bv the our imports, exclusive of specie, have exceeded our from lrt.p-J to ls-li; rhe average rciiort of bo-rul- rales would ha ve exhibited the injustice and ine fifth Auditor ot the Treasury, and the Chief of stiiltsaiiil provisions was much larger in the years quality of the duty; but it was accomplished by domestic exports exclusive of specie, several bun dred millions of dollars; yet, our wealth has in can or will be dissolved. As well might we attempt to decompose the great element nl nature which holds together the planets, suns and systems the Topographical Bureau, to carry into effect of low as compared with high duties, especially minimum and specihc duties, winch assessed a considering the dilierence ol pt pulalioii. higher duty in proportion to value upon the the act ot the March, 11 1, requiring the Se cretary of the Treasury 10 cause ceil iin light- cieased with a rapidity almost unprecedented. The theory, therefore, is dispersed by the facts.

person ot the Union receives and exchanges an cheaper articles, ami the lower duty upon similar Asa still more coiiclnsive prmd that the export of the universe, nsbope to sever the links of mighty lakes and rivers, of ever extending telegraphs, railroads and canals, of fr-e trade, of intercourse, of interest, of love ami affection, of the glories ot and the reasons are obvious, of which the follow ntially of our own products as miih as seventy- of breadsiufis and provisions was much greater iiii- houses, and other public works, 10 be erected, as well as to execute the other duty devolved upon articles more costly in price; inus imposing ine higher duty upon labor and ihe wages of labor, nine persons oi otner countries. Were this ex ing among the most prominent: The products low than high duties, it appears by table I'll, the Department in regard to the light-house es ol our whale fisheries, extracted by our hardy sea hereto annexed, that our total exports of cotton tablishment. It we would extend our foreign change with foreign countries exter.ded to ninety centseach.it would bring our imports and exports tip to per annum and raise onr and Deatttilul decimal currency, gradually, throughout all nations, substituting; it for the complex system of pound-, shillings and pence, or of dtibioons, ducats and rupees, which retard business, and complicate accounts Heretofore the world has supplied us with foreign cin.iiich. will not circulate among our people, because of its extreme complexity, but now our own coin is flowing into toe channels of our own circulation, and must soon begin lo diffuse itself into other nations, for their benefit as well as our own. The three things which most concern the progress of the wealth of the world, are free trade, and uniformity in coinage and in weights and measures.

Coins, as well as weights and measures, lor the benefit of all nations, ought to be uniform throughout the world; and if our decimal system of coinage should be more simple and perfect 'han that of any other liation, it ought to be. and ultimately will be, adopted, and lead to the introduction of the decimal system of weights and measures, as far as practicable, so that ultimately, the coin, and the weights and measures, may be simple and uniform throughout the world. Table shows the imporls and exports of specie for the fiscal years ending 3oth June, Is and 30ih June, 1847, being for 1 111, an import of $3,777,732, and theefpoit leaving the gain of specie that year, and in 147, the 5--'ie imported was J4, 1-21. and the export Sl.845.1 19 lea ving the specie gained in 117, Table 'hows the amount received in Irom all sources, customs, lands, miscellaneous and loans, from 1st January, to 1st December, lrt-17, being 18, and the amount ol disbursements in specie during the same period, 48 31, showing the of re trom 1 iWl to 1 sl( hoih inclusive, was ol the va. men from the ocean, and most clearly one of the great products of American industry, when im and coastwise trade, and make our country the the past, the present ami the future, which mast forever bind together the.

American Union. Indeed, when we look upon the American revolution the framing of our Cousiiiuiinii -the addition of Lou tie of and during the same period onr annual revenue from duties to a sum exceeding 'Oi I lu'-lluui ported here are included in the list of foreign iin depot ot universal commerce, our coast as well as lakes must be well lighted, and the coast stir- exports of domestic produce, exclusive ol cotton oi p. poits, and go to swell several millions of dollars nt the rate, from 1 to 107, of vev must ascertain and eive accurate, 111 1 11 tile An addition of thirty cents each lo the con i ii it will be perceived, at once vastly exceeds even-year ibis alleged unfavorable balance. The earnings ol Ircight on foreign commerce, bv our isiana, Honda, I exas and Oregon our ever-extending area, products and population, our triumph in war and in peace, we must be blind to the cast the average annual exports of domestic produce, sumption ot our products exchanged from state to Mate by our own people, would fnrnish an ami faithful charts of all the points accessible to commerce. In my reports lo Congress of the 5th August, llti, our light-house system was crews and vessels, arc not brought into the account exclusive ol cotton, under years of high duties.

or olten against tis when invested in foreign im increased market of the value only of whereas an increase of thirty cents each bv a Indeed, the tables ot the treasury clearly prove and close our eyes upon the fulfilling realities of the future, if we. cannot perceive and gratefullv acknowledge, that a higher Than nnv ports. lully discussed, a comparison instituted between it aud the European system, and the refracting or lenticular apparatus strongly recommended to system of liberal exchanges with the people of that, whether we look at imports or exports, the revenue, the gain ot specie, the tonnage coastwise The profits of exchanging our imports, or til till guards and directs our destiny, impels us oic nunu, wouiii give us a market lor an addi sales of loreign products, do not appear in the bal- the adoption of Congress. At the same time, onward, and has selected our great and happy ince, or it so, to a very limited extent or often or foreign, the coinage at the mint, or the export of breadstulis and provisions, the balance is largely in favor ol the low duty periods. as etleclually as thougn the tax gatherer Had collected from the working man a third or fourth of his wages every day, whilst capital was comparatively exempt Irom taxation.

(Such is the system winch has been overthrown by Ihe substitution of the reduced ad valorem, operating the reverse of the lormer system, in favor of the poor and ihe wages oflabor, as far as any tariff can so operate, and, as we see, even with lower duties collecting a larger revenue. A tax in proportion to the value of imports or properly must always be more productive than one which is the reverse of that rule, or which disregards it altogether; thus, if we imp.ise a tax of ten dollars each upon all houses, it must produce less revenue than Ihe ad valorem tax in proportion to value, because the former would lall most heavily on the poor, who were ihe least able lo bear it, and more lightly upon the wealthy who had greater means of payment, and thereby revenue would be diminished. Thus, if the tax often dollars were imposed alike on the cabin and the costly dwelling, it wonld bing less revenue than if the same rate ad valorem, liegin-ning with the lowest, at the rate of ten dollars, were assessed in proportion to value upon all tional value ol $. JO-000 per annum of exports. Such an addition cannot occur by refusing, to receive in exchange the products of other na country as a ino 'el and ultimate centre uf attrac against us.

1 litis an American merchant chilis the Uoartment suggested the organization ot a board, attended with no expense, consisting of the fifth Auditor, the Superintendent ol the Coast tion lor all the nations of the world. from Boston a cargo of ice, during the winter, val I he department has thus reviewed the books ol lions, and demanding Ihe J.0CJ per an- ued at that time, as an export, at a very trifling R. J. WALKF.K. Secretary of the Treasury.

two officers of the Navy, an officer of the treasury and presented the results, constituting iiuui in mcn coma never oe supplied. Bui by receiving foreign products at low duties. sum. lie sends it to Calcutta, and sells it as an the record of a nation's history, from the foundation ol the govern inept down to the present period, in hi exchange for our exports, such an augmentation might take place. The onlv obstacles to the Engineer.as alsoof the 1 opographical Corps, who would combine the information possessed by no one individual as regaras our coast and navigation, the location and construction of the houses the proper apparatus to be employed in advance, perhaps, of a thousand per cent.

The proceeds he may invest there in the purchase of goods, which he can bring to Liverpool, and probably sell at a profit of twenty or thirty tier condemnation of the protective policy. These records show, as to imports and exports, revenue, the TIIE Subscriber, at Ami Rank, Hinds County. is agent for the sale of ihe U.a.de thus. such exchanges are Ihe duties and the freights. Hut the fteighl from New Orleans to Boston differs but little from that between T.itrrnrtil made by Bates.

Ilvde X- lvi.l., -mr. ami the aggregate profits realized at Calcutta and gain ot specie, the tonnage loreign and coastwise, the rate of increase in each nnd ail ot these cases is greater under low than high duties. These re- Massachusetts, who are the patentees of the im Liverpool he takes home in specie, or in imports, and Boston, and the freight from iranv points in the interior is greater than Irom Eurtan io the proved brush. Any of those din s'lauds iu be ordsare not arguments merely, but ascertained re or in a lull ol exchange which he protmhly sells sold by me, will be delivered at any steam boat United States. Thus the average i eipht IVmii here at a premium for remittance.

Yet these pro- sults, amounting to mathematical proof that the natioir's advance in wealth is most rapid under low landing above New Orleans, nt four dollars per houses. the Ohio river lo Baltimore is greater than those from the same place to Liverpool vel the annual lighting, as well as to the administrative duties appertaining to the system. As the safety of life, as well as property, is involved in the im-piovement of our light-house system, the organization of this board is respectfully recommended to the consideration of Congress. The survey ol the roast of the United States, tinder Ihe superintendence of Professor A. D.

Bache, has made great and rapid progress, having been carried during the past year into eighteen States on the Atlantic and Gulf of Mexico, Indeed, the tax upon the cabin might be reduced lus may never appear or may even appear as an unfavorable balance under the head of imports. Upon the same fallacious theory, if, instead of pur- saw, arid will be put in motion by a wood who is employed for the purpose, and ample tini' will be given to try them before nnvment is deman exenanges of products between the Ohio and to a dollar, or, say one per cent, and applied ad duties, thus sustaining the views ot fhese'great philosophic writers unconnected ith party, who both in Kuropeand America, have uniformly maintained the same position. basing millions ot foreign lahrics trom the profits valorem to all dwellings, and it would yield larger revenue than the ami ad valorem specific ded. The Subscriber thinks thev are nainmore, exceed by many millions that between Baltimore and Liverpool. The Canadas and adjacent nrovinces nnnn of foreign commerce such vahiale foreign articles were presented gratuitously to the American mer- Comparing the lirst twelve months ending the 1st ot December, lt-47, under the nev tariff, with our borders, with a population less than two mil ceipts an dishurs! iaents in specie during the first eleven months of the new system, l.

Nfcl 49, and pro' ing that the department'has been enabled, durin; the last eleven months, to circulate, by disbursements among the people, the sum of 31, under the aud specie-circulating constitutional lreury. Annexed are tables marked I and il, showin" the market value, as also tho actual sales ol treasury nots and United States stock in the market at New York and New Orleans, from the pricescurrent of those cities, from December 1, 184C, to 1st Dccembsr, ltsl7, as also a table' showing the amount of treasury no'es received each month in payment of public dues rom 1st December, 18-16, to 1st December, 117, from wnich Con gress may judge ot the probable rate at which not her loan can be effected. These tables show bow much these stocks and notes have fluctuated, being at a occasionally below par for a long time at par, subsequently several percent, above par. and again imori the first tax of ten dollars upon all houses, is resjiective of their value, which is no more unjust or unequal than the same minimum or special duties upon hant, and brought by him into the country, they well known in this purt of the country attempting hereby to give a particular of them and deems it sufficient to say to tin's-who have not made themselves acquainted "'d' lions, exchange imports and exports with us, would swell this alleged unfavorable balance of irss in euiiouin man the state nt oi with a population of 3000. show inr thai it them, that as regards workmanship and periiir- including Maine on ihe northeast, and Texas on the southwest.

The publication of the results has also kept pace with the extension of the field work. The plan developed by the superintendent, in successive annual reports, for the execution of this work, and the estimates, have received theap- mance they have never been surpassed, mi" tm seldom equalled. these provinces were united to us by free trade, ourannual exchanges with them would rise to 40,000,1 JO dollars. It is, not the freight thai creates the chief obstacle lo interchanges of products between ourselves and foreign ennnir.es T. L.

SUMRALL. AC TIO 1st January, 1S47. preceding years, we Itiul proots ol increased prosperity. The revenue has largely augmented; so, also, have the imports, exports and tonnage, our ii ports ol specie, our coinage at the mint, our agricultural and mineral products, our commerce and navigation, the business upon our lakes, rivers and coastwise, upon our and canals, whilst, in every direction, manufactories arc Ix-ing established or enlarged, and new manufacturing towns and cities are springing into existence. F.ven the revulsion in Fnghind, which always produces such disasters to all our great interests, including cotton, this year, with the tamirfe combined, effects nothing, thus lar, compared with former years, but the great staple of cotton.

Instead of ruin, we find prosperity, the manufacturers receiving fair profits, A LAKCK PLANTATION IX MAl'l- hats, caps, boots, shoes. Sec, and like articles of import, without regard to their value. The ad valorem duty, incorporates itself inseparably with the exact value, the form which of all others must yield the largest revenue. Perhaps the most perfect model uf an ad valorem taiiti was that of New Mexico, by which a duty of 500 dollars was imposed on each wagon load of goods introduced there, wholly irrespective of their value. The great argument for protection is, that by diminishing imports the balance of trade is turned in our favor, bringing specie into the country.

The anti-protectionists contend that commerce is chiefly but an exchange of imports for exports, and that in diminishing imports we necessarily decrease SON COUNTY, FOR KKNT. trade. To sum up the result as proved by the tables of the treasury, it appears that if the augmentation was in the same ratio as during the last fiscal year, since the repeal of the tariff of domestic exports in 184!) would exceed those of any other nation, and our imports in 1.51, our specie in our tonnage in 1 51, and if our revenue augmented in the same ratio in succeeding years as in the year ending on the 1st of December, 1 847, compared with ihe preceding year, our revenue irom duties in 1854 would exceed that of any other nation from the same source. It is not contended, great as the future augmentation may be, as to imports or exports, tonnage, specie and revenue, that the advance will be so rapid as it was this year, when, with the shackles stricken from commerce, we bounded forward at such a wonder IT is about 12 miles above Canion has hw acres of cleared RICH COTTON LA1, pioval ol this department. The sums asked for are believed lobe the smallest, consistent with due progress of this great work.

The introduction of steam vessels in the hydrography will tend greatly to expedite thai breach ot the'eoasr survey. Annexed is a table marked containing the value and description of foreign goods in warehouse at the close of the last quarter, in Ihe several ports of the Union. By the warehousing act, this Department isre-quired to make Much regulations from lime to but the duties. When we tellect, also, that exchange of products depends chiefly upon diversity, which is greater between our own country and the rest of the world, than between the different states of the Union, under a system of reciprocal free trade with all the world, the augmentation arising from greater diversity of products, would equal the diminution caused by freight. Thus, ihe southern states exchange no cotton with each other, nor the western states flour, nor the manufacturing states like fabrics, and dwelling and tenements ''a" kind Mutable lor such a plantation.

the present month, at par in New York and Hew Orleans. These notes, per table were paid in for public dues from 1st December, 18-lrt, to 1st December, 1847, to the amount of and during April, the month in which the loan for ihe.n was negotiated at a premium, they were paid in for customs alone to the amount of Wfc.SL,liY IJKANli, Uanton; LEVI C. HARRIS, near Jackson, or exports in quantity or price, or both that, if we I and the workmen augmented wages and WILLIAM F. SMITH. 52-tf I 1 purchase more imports we will sell more exports Dec.

a4, 1847..