These large supplies of foreign breadstuffs consumed in Great Britain, in addition to the local crops, kept prices low, and with abundance of money, favored a large demand for manufactured goods. This favorable aspect of the cotton trade, combined with the growing quietude of Europe, the brisk markets of the East, and the abundance of money at home, early stimulated a speculation in cotton. The low price of cotton doubtless induced a large actual consumption, and induced måny spinners to take advantage of the cheapness of money, to lay in stock at those low prices. This naturally had a tendency to advance prices, and the position of affairs favored a simultaneous short crop cry, which has had the effect of sending prices to a point from which there must be a reaction. We find, from the Liverpool brokers' circular, that the deliveries for consumption for three years, ending January 1st, 1849, were 3,864,666 bales, or 24,773 per week; but it should be borne in mind that the year 1847 was one in which short time was extensively in operation, and that year should, consequently, be thrown out of the calculation. In 1846 and 1848, then, the total quantity delivered for consumption was 2,839,478 bags, or 27,302 bags average per week. It appears, also, that the quantity taken by spinners, January 1st to June 22d, 1849, was 31,115 bales per week, and from June 22d to August 17th, 46,616 bales per week. Say January 1st to August 17th, 1,075,045 bales, against 857,970 in the same period of 1848. Now, notwithstanding that the low prices augmented the production of coarse yarns, that the actual improvements in machinery and increase of spindles enhanced the actual consumption, there is but little doubt that the stocks of the spinners were considerably augmented. The fact, however, that a United States delivery of 2,700,000 bales had left a diminished stock of raw material, while the export returns showed a considerable increase in goods sent out of the country, naturally prepared the way for much activity on receipts from the United States, of estimates varying from 2,000,000 to 2,200,000 bales. The excitement which prevailed is manifest in the following figures:

At the close of the last week, accounts reached Liverpool, of enlarged estimates for the crop. Fine weather, it was stated, was remedying the alleged previous damage, and the possibility of a crop as large as the actual growth last year, was hinted at. It was at once evidence that such crop, even with cheap food and abundant money, could not be consumed at the high rates current, being nearly 100 per cent over those of last year. The money market already began to feel the influence of the speculation, and the spinners, by falling back on their reserved stocks, and checking purchases, had it in their power to bring on a disastrous revulsion, and the market began to give way. It is possible that under the general combination of circumstances favorable to a large consumption, a crop of 2,500,000

bales might not seriously have depressed prices, had not the speculation, by raising prices too high, checked the consumption, and thus subjected the market to serious reaction. Many holders will doubtless realize in season, and the fact that receipts at the ports are rapidly increasing, would show a desire, on the part of growers, to realize present rates.

The prospect of an Irish demand for corn is improving, and also that the dependence of England, on foreign supplies, will gradually increase. The land monopoly of England, by adding the item of rent to be paid by the occupier and producer, made requisite a tax on the foreign article, which should protect him against the proprietary producers abroad, who had no rent to pay. The removal of this tax has now thrown directly upon the English farmer the whole burden of his rent, which was before borne by all consumers of bread. This burden will be enhanced, by the abrogation of the navigation laws, which, by diminishing freights, will make the competition between the cheap rentless lands of other countries, and the landlord burdened soil of England, more severe, and, as a consequence, much of the poorer soils will be abandoned, while the expensive system of culture before resorted to, to increase the quantity of protected corn, must be relinquished as unprofitable. A considerable diminution in the product of a good English harvest, as compared with former years, may then freely be looked for. We have given above an official table of the quantity of food taken for consumption in England, for the year ending August, 1849. That was in aid of the harvest of 1848, which was "good," but the accreable product, from causes alluded, could not have been as large as usual. The result of this is, that the small farmers, with small crops at low prices, cannot meet tithes, taxes, poor-rates, and rent, the last the most onerous; and their capital and numbers are annually diminishing, swelling the numbers of bread consumers in other employments. The diminished means of all the farmers prevent them from holding to the usual price in those months which immediately succeed harvest. They are compelled to sell, to raise money, and the lowest range of prices for the year precedes January. These are circumstances likely annually to increase the English demands upon the United States for food, the supply of which will be facilitated by the removal of the restraints of the navigation act. The products of the lake States, as well as those of the soil watered by the tributaries of the Mississippi, will find a market of constantly increasing capacity; and the volume of farm produce which will pour down the Mississippi, may rival the value of cotton and sugar at New Orleans. The movement of the banks at New Orleans have been as follows:

The specie held by the banks at that point has not varied much. The particular circumstances of the Canal Bank caused a decrease in the figures, as shown by that institution, for the month of August. In consequence of the mal-administration of its affairs, a movement has been made, among leading stockholders, to change the direction.

The general aspect is that of great prosperity. The accumulation of capital in the country, continues very rapid, as well from influx from abroad, as from regular earnings. There has now, for many years, not supervened one of those seasons of speculation, the effects of which are rapidly to consume accumulated capital, as was the case some ten years since. There is a spirit of great enterprise abroad, however, which mostly takes the form of building houses and railroads. These, although they promote the transfer of floating to fixed capital, yet they do not curtail the volume of the former to an extent greater than is probably made good by the influx of capital from abroad, as well in the hands of immigrants, as for employment. When we reflect that the arrivals at the port of New York, for the current year 1849, have already reached a number as large as the entire population of the city, according to the census four years ago, say 350,000, we may form some idea of the extraordinary rapidity with which the capital they bring with them suffices to make profitable that invested in means of communication and improved avenues of trade. If these emigrants all go West, their traveling expenses alone will reach $6,000,000, scattered along the routes, and being speedily taken up in the channels of trade. In order to show the progress of this immigration, we have compiled the following statement of arrivals at the port of New York, for each of the last thirty years:

ANNUAL ARRIVALS OF IMMIGRANTS AT THE PORT OF NEW YORK.

The arrivals for 1849 will be over 350,000. The table gives the number at New York only. In the year 1847, the arrivals in the United States were over 250,000, or 90,000 more than at New York. In 1848 they were nearly 300,000, and this year may reach 500,000. A considerable proportion of these are destitute Irish. The British Emigrant Commissioners state that three-fourths of the expense of the migration from Ireland is paid by friends in America, and this circumstance, together with the competition of the packet ships, has brought increasing numbers to the United States. It is to be observed that by far the lar gest number who arrive leave the city, as thus-the arrivals, from 1840 to 1845, were 302,385, and the population of New York and Brooklyn, in that period, increased by 80,000. The greater proportion must, therefore, seek other localities, mostly at the West.

The migration to California, great and ostentatious as it was, by no means equal that which is constantly taking place in New York. This population is enough, if properly placed, to create six new States annually, and in the proportion of food producers to food consumers, in Great Britain, if they become farmers, to 42

VOL. XXI.-NO. VI.

raise enough from the virgin soil of the new States to supply 840,000 persons, or the whole population of the State of Massachusetts. The coming year is not likely to show any diminution in this flood of human beings sweeping through the Atlantic cities, to take possession of the fair and fertile lands of the West, and rapidly as are means of communication and facilities of intercourse being constructed, they will not exceed the wants.

COMMERCIAL REGULATIONS.

OF THE UNITED STATES REVENUE AND COLLECTION LAWS.

CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS. TREASURY DEPARTMENT, October 12th, 1849.

The following instructions and regulations are issued for the government of the officers of the customs, with a view to insure uniformity at the respective ports in the practical execution of certain provisions of the Revenue and Collection laws, deemed essential for the proper security of the revenue.

First. It is represented that importers are in the practice of omitting to produce invoices of merchandise on the alleged ground that none have been received, and asking entry to be allowed on appraisement under the provisions of the 2d section of the supplemental Collection act of 1st March, 1823.

The frequency of these occurrences forbid the idea, that the non-reception of an invoice usually proceeds from mistake or accident, as contemplated by the act, but induces the belief of intention and design, probably with the view of evading the additional duty imposed by the 17th section of the act of 30th August, 1842, and the 8th section of the existing Tariff act of 30th July, 1846. In all cases of this kind, application by the owner or importer must be made in writing, through the collector, to the Department, for permission to enter any such goods on appraisement, said application to be authenticated by the oath or affirmation of the party, setting forth that no invoice of said goods has been received, and the cause, to the best of his knowledge and belief, to be accompanied by a statement of the collector of all the circumstances attending the transaction within the knowledge of said collector.

Where permission to make entry shall be refused by the department, the goods, wares, and merchandise must be deposited in public store, there to remain at the expense and risk of the owner, until such invoice be produced, subject to the provisions of existing laws.

Where entry may be permitted by the Department, bond must first be taken with due security for the production of a proper invoice of the same, within the time prescribed in the 2d section of the act of 1st March, 1823, in a penal sum equal to double the amount of the estimated duties on the entire importation; whereupon entry on appraisement may take place, and on due payment of the duties, permit for delivery of the goods may be granted. Upon production of the invoice, the importer must, in pursuance of his bond aforesaid, pay any amount of duty to which it may appear by such invoice the said goods, wares, and merchandise are subject over and above the amount of duties estimated on said appraisement.

No entry for warehousing can be allowed, where no invoice accompanies the impor

tation.

Second. Additions to entries of purchased goods, under the 8th section of the Tariff act of 30th July, 1846. Where goods have been actually purchased, the law requires the invoice to state the true cost, and not the market value abroad, on which value, with certain added charges, the duties are to be assessed. The privilege, therefore, given in the 8th section of the act referred to, is to enable importers of any goods that have been actually purchased, on making entry of the same, to add to the cost given in the invoice to bring it up to the true market value abroad, and by so doing, exempt the goods from the additional duty imposed by said section. The additions contemplated by the law in such cases must take place at the time of making entry, and cannot be allowed at any subsequent period.

Where imported goods have been obtained by the owner in any other way than by

actual purchase, the law requires the invoice to exhibit the fair market value abroad, consequently the privilege of the 8th section, before referred to, does not inure in such cases, and no addition to the market value declared in the invoice can be allowed at the time of making entry. If the appraised value in these cases shall exceed by ten per centum or more the invoice value, then the additional duty imposed by the 17th section of the Tariff act of 30th August, 1842, must be exacted.

In cases where on proper ascertainment there shall prove to be an excess of quantity of any article or articles over the quantity stated in the invoice, and the United States appraisers shall be of opinion that such excess does not arise from mistake, accident, or other excusable cause, but from fraudulent intent and design on the part of the shipper, and the collector concurring in such opinion, the invoice and importation should be deemed fraudulent, and seizure and proceeding to confiscate the goods should immediately take place. But where no intention of fraud is manifested in the opinion of the appraisers and collector, the proper duty should be exacted on the full quantity ascertained, together with the additional duty where the same may accrue by reason of any excess in quantity over that given in the entry.

Where the value declared in the entry shall, on due appraisement of the goods, be found to be so far below the foreign cost or market value as to raise the presumption of being fraudulently invoiced, seizure and confiscation of the goods should take place under the provisions of the act of 2d March, 1799; and prosecution of the offending party, under the 19th section of the Tariff act of 30th August, 1842, instituted.

Third. Invoices presented on entry of any merchandise must, in pursuance of law, be deposited in the custom-house, and should not be delivered to the importer or his agent for any purpose whatsoever; and no merchandise that may be consigned "to order" can be admitted to entry without an invoice, verified according to law.

Invoices produced on entry, sworn to and duly certified as required by the 23d section of the act of 1st March, 1823, must be immediately sent to the United States appraisers, and be properly registered in their office. The appraisers will then deliver them to such examiner as they may think proper; but in no case should the owner or importer be allowed to indicate or designate the examiner or appraiser of his goods. The course prescribed in the second paragraph of the circular instructions of the 12th June, 1848, in reference to appraisements to ascertain damage, is to be observed in all other cases of appraisement.

Fourth. Bonds required by the provisions of the 10th section of the act of 1st March, 1823, for the production of a duly authenticated invoice, must be exacted in all cases, irrespective of the value of the merchandise embraced in the importation; and on failure to produce the verified invoice within the specified time, payment of the bond must be promptly enforced. The same course must be pursued in respect to bonds taken for the production of consular certificates of the value of depreciated currencies, as well as all bonds taken in cases of transportation or exportation of merchandise under the Warehousing or Drawback acts.

Fifth. Where goods in any package or packages ordered to appraisers' stores may, on appraisement, be advanced in value boyond the value declared in the entry, the entire importation should be appraised, and the duties assessed accordingly, except where the importer may consent that the advanced value on the portion of goods so appraised shall apply to the residue of the same description of goods embraced in the importation, in which case an appraisement of the entire importation need not be

made.

Sixth. In respect to oaths or affirmations required to be taken under any Collection or Revenue law of the United States, it is to be remarked, where any person shall knowingly and willingly swear or affirm falsely, or shall procure any person to swear or affirm falsely, the person so offending should be prosecuted under the provisions of the 13th section of the act entitled "An act more effectually to provide for the punishment of certain crimes against the United States, &c.," approved 3d March, 1825.

Seventh. Wherever a vessel may be used as a warehouse constructively, an officer of the customs must be placed on board such vessel, and remain day and night, at the expense of the party desiring the privilege, during the time the vessel remains in port. In addition to the regulations prescribed in the 16th, 17th, and 18th sections of the Warehousing instructions of the 17th February, 1849, in the case of merchandise withdrawn from public warehouse to be transported, and re-warehoused in another district, the following requirements are to be observed:

1st. Permits issued for withdrawal of any such merchandise from warehouse must be placed in the hands of an inspector of the customs to superintend the lading of the