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THE CONSTITL t TIOxNALIST7| JAMES GAKUNER, Jk. TSRESS. uiir. per annum,. ».**«..58 00 Tri-Weekly, per annum. #....G 00 If paid in advance 3 00 Weekly, per annum 3 00 if paid in advance....... 2 30 T« Clubs, remitting 510 in advance, FIVE CO TIES are sent. This will put our Weekly pa- . per in the reach of new subscribers at TWO DOLLARS A YEAR. sTJ*Subscribers who will pay up arrearages, and , send four new subscribers, with the money, can get the paper at $2 00. 517*Ail new subscriptions must be paid in ad vance. SO 3 Postage must he paid on all communications ; and latter* of business. [* romjhe Washington Union. ] Annua! Treasury Report- Treasury Department, Doc. 8, 1817. In nhe lienee to law the following report is respectful ly submitted : The receipts and expenditures for the fiscal year ending June 30, 1847, were : From customs $23,747,864 66 From public lands 2,198,355 2o From miscellaneous sources 100,575) 51 From avails of treasury notes and loans.. 25,679,199 45 Total receipts 52,025,989 82 Add balance in the treasury July 1, 1846,, 9,126,439 03 Total means 61,152,428 90 The expenditures during the same fiscal year were 59,4.51,177 65 J _ | Leaving a balance in the treasury July 1, 1817,0 f. $1,701,251 25 1 As appears in detail by accompanying statement A. The estimated receipts and expenditures for the fiscal ■ year ending June 30, 1848, are ; From customs, first quarter, by actual re turns $11,100,257 41 ; From customs,for second,third, and fourth quarters, as estimated.. 19,893,742 59 1 31,000,090 00 j From sales of public lands 3,500,000 00 1 Prom miscellaneous sourcce 400,000 00 | Total receipts 34,909,000 00 From avails us treasury notes and leans.. 6,235,294 55 .. ! 4J, 185,294 5:5 i Add balance in the treasury, July 1,1817. 1,701,251 25 Total means, as estimated 42,886.515 80 Expenditures, viz: The actual expenditures fir the first quarter, ending September 30, 1847, were $16,469,194 69, us appears m Jciad by ac companying statement B. The estimated expenditures for the pub lic service during the other three quarter-, from Ist October, 1847, to 30th June, io4B, are: Civil list, foreign intercourse, and nrisrel laneous -.55,486,180 42 Army proper, including volunteers...... 19,080,8 .5 58 Fortifications, ordnance, arming militia, &.C 2,036,446 5 ) Indian department 1,720,660 26 Pensions 1,063,523 66 Naval establishment 10,241,072 47 Interest on public debt and treasury notes ...- 2,250.577 lo Treasury notes outstand ing and payable when presented 967,139 31 * . Excess of expenditures over means 1.-t July, 1818 $15,729,114 27 ' Tlie estimated receipts, means, and expenditures fc*r the fiscal year commencing 1.4 July, 1318, and eliding 3nib June, 1849, are ; From customs .-.532, 090,000 00 . From sales of public lands 3,009,000 00 , From miscellaneous sources ,v. 100,OuO 00 Total revenue ...,..$35,100,000 00 Deduct deficit Ist July, JB4S 15,729,114 27 | s*9-370,885 73 Expenditures. The expenditures during the same period, as estini ited by the several Departments of Btalc, Treasury, War, Navy, and Postmaster General, are : The balances of former appropriations, which w ill be r< - ! quiredto be expended 111 this year $1,475,210 77 Permanent and indefinite appropriations.. 4,587,577 89 , {Specific appropriations asked fur this 49,582,153 13 $.*5,644,941 - 2 > This sum is composed of the following particulars : Civil list, foreign intercourse, and miscel laneous $5,613,061 52 Army proper, volunteers, and military academy 32,007,028 42 Fortifications, ordnance, arming militia, &.c 2,045,169 90 Pensions,.., 1, 94,318 84 Indian department 926,401 81 Naval establishment. 10,905,568 55 ; Interest on public debt and ituasuty notes 2,453,402 (8 $5.5,641,911 72 Deduct means remaining aj>plicable to eer vice of fiscal year ending 30iu. Jun*-, J 84- 19,379,885 73 j Excess of expenditures over means Ist July, 1849 $36,274,055 09 ******* The new tariff has now been in operation more than twelve months, and has greatly augmented the revenue and prosperity of the country. The nett revenue from duties (sea table N X) during the I*2 mouths ending Ist Dec. 1847, under the new tariff, is $31,500,000; being $3,528,596 more than was received dur ing the 12 twelve preceding, under the tariff of 1842. 'The nett revenue of the first quarter of the first fiscal year under the new tariff was $11,106,257 41, whilst n the same quarter of the preceding year, under the tariff of 1812, the nett revenue was only $6,153,826 58. If . the revenue for the three remaining quarters should equal in the average the first, then the nett revenue from duties during the first fiscal year of the new tariff would be $44,425,029 64. If, however, she comparison is founded on all the quarterly returns for 48 years, (us far back as given quarterly in the Treasury records,) and the same proportion for the sev eral! quarters applied to the first quarter of this year, it would make its nett revenue S4O,- | 388,015 (per table C.) Although the nett revenue from duties already received, being $15,506,257 41 during the five months of this fiscal year, would seem to indicate its probable amount as not less than $35,01)0,000 ; yet it is estimated at $31,000,000 for the fiscal year ending 30th June, 1848, and $32,000-;000 for the succeeding year, in view of the possible effects of the revulsion in Great Britain. Al though our prosperity is ascribed by some to the famine there, as though Providence had made thei-advance of one country depend uj on the calamities of another, vet it is certain that our trade with Great Britain must be greater in a series of years, when prosperity would enable her to buy more from us, (and cspeci- j ally cotton, ) and at better prices, and sell us more in exchange, accompanied by an aug mentation of revenue. In my report of 22d July, 1816, it was shown that the annual value of our products exceeds three thousand millions of dollars.— Our'population doubles oucoin every 23 years, and our products quadruple in the same pe riod —that being the time within winch a sum compounding itself quarter-yearly at six per cent, interest will bo quadrupled—as is sus tained here by the actual results. Os this three thousand millions of dollars, only about $150,000,000 was exported abroad, leaving $2,850,000,000 used at home, of which at least $500,000,000 is annually interchanged between the several States ot the Union. Under this system, the larger the area, and the greater the variety of climate, soil, and products, the more extensive is the commerce which must exist between the States, and the greater the value of the Union. 5\ e see then here, under the system of free tiade among the States of the Union, an interchange of products of the annual value oi at least $500,- 000,000 among our 21 millions of people; whilst our total exchanges, including imports •od exports, with all the wo: - ! I besides, con taining a population of a thousand millions, was last year $305,19 4,260, being an increase since the new tariff over the preceding year of $70,014,647. Yet the exchanges between our States, consisting of a population of 21 mil- j lions, being the yearly value of $500,000,000 exchanged, make such exchange in our own country equal to $23.81 per individual annu- \ ally of our own products, and reduces the ex change of our own and foreign products, (our imports and exports,) considered as $300,000, 000 with all the rest of the world, to the an nual value of thirty cents to each individual. That is, one person of the Union receives and exchange annually of our own products as | much as 79 persons of other countries. Were j this exchanges with foreign countries extended to ninety cents each, it would bring our imports j and exports up to $900,000,000 per annum, i and raise our annual revenue from duties to a j sum exceeding $90,000,000. An addition of 30 cents each to the consumption of our pro- j ducts exchanged from Mate to State, by our j own people, would furnish an increased mar- j ket of the value only of $6,300,000, whereas an I increase of thirty cents each, by a system of j liberal exchanges with the people of all the j world, would give us a market for an addition al value of $300,000,000 per annum of otir exports. Such an addition cannot occur by refusing to receive in exchange the products of other nations, and demanding the $300,- 000,000 per annum in specie, which could never be supplied. But, by receiving foreign products at low duties in exchange for our ex ports, such an augmentation might take place. Yhe onlv obstacles to such exchanges are the duties and the freights. But the freight from New Orleans to Boston differs but little from that between Liverpool and Boston ; and the freight from many points in the interior is greater than from England to the U. States, Thus the average freight from the Ohio river to Baltimore is greater than from the same j place to Liverpool ; yet the annual exchanges j of products between the Ohio and Baltimore exceed hv many millions that between Balti- | more and Liverpool. Ihe Canadas and adja cent provinces upon our borders, with a pop- i illation less than two millions, exchange im- j ports and exports with ns less in amount than the State of Connecticut, with a population of ; 800,000; showing that if these provinces were j united with us by free trade, our annual ex- j changes with them would rise to It is not the freight, then, that creates the | chief obstacle to interchanges of products be tween ourselves and foreign countries, but the duties. When we reflect, also, that exchange of products* depends chiefly upon diversity— which is greater between our country and the rest of the world than between the different States of the Union* —under u system of re ciprocal free trade with all »he world, the aug mentation arising from greater diversity of | products would equal the diminution caused l by freight. Thus the Southern States ex- j change no cotton with each other, nor the Western States flour, nor the Manufacturing States*like fabrics.* Diversity of products is essential to exchanges; and if England and j America were united by absolute tree trade, the reciprocal exchanges between them would ' soon far exceed the whole foreign commerce of i both ; and with reciprocal free trade with all nations, our own country, with its pre-emi nent advantages, would measure its annual trade in imports and exports by thousands of millions of dollars. In my fast anmial report, and that which preceded, it was proved that the home market was wholly inadequate for our vast agricultural products. We have long had for grain and provisions the undivided market of our own people. But these are not sufficient; and in a single year, w - e have, with abundance of food retained at home, supplied tlie -world with an addition at once during the la>t year, as shown by table A A, of $4-1,332,282 in value of bread stuffs and provisions bringing the value ex ported that year up to $65,-996,2X3- Our manufacturers could not have consumed this | surplus, or their Hon-consuuuMg machines, which arc substituted in their workshops for j the labor of man. If thc cnhrgy of our own ! people can add $41,332,28-2 to the export and ' supply es our breadstuff’s aiAl provisions in a . single year, what could they not add to such 1 products if they enjoyed free of duty the mar kets of the world r By ttvble 88, it appears that the augmentatioivof our domestic exports, exclusive of specie, last year, compared with the preceding year, was $48,856,802 or up wards of 48 per cent.; ami at the same rate percent, per annum of augmentation- would amount in 1849, portable C C, to $829,959,- 993, or much greater than the domestic ex port from State to State. (See tables from 7 to 12, inclusive.) The future per ccutage of increase may not be so great; but our capacity fur such increased production is proved to ex ist, and that we could furnish these exports far above the domestic demand, if they could be exchanged free of duty in the ports of all nations. The energetic American frccmail'cari and docs perform far more effective labor in a day, than what is called by the restrictionists the pauper labor of Europe ; and theretofore, the employ er here can pay more for a day’s toil to our j workingmen. Measured by the day, the wa -1 ges here may he higher than in Europe; but measured by the work done on that day there is but little difference. all our capitalists (as some already have) shall find it ta be their true interest, in addition to the wa ges paid to the American workman, to allow him voluntarily, because it augments the pro fits of capita!, a fair interest in those profits, and elevate him to the rank of partner in the concern, we may thou defy all compretitiou.— This is the same principle illustrated by uni form experience, proving that he who rents his farm, builds his house, sails his ships, or conducts any other business upon shares, re alizes the largest return; and that he who works by the job produces more in the same time than the laborer whose wages are paid by the day. The skill, energy and industry, the interest and pride in success, the vigilance and perseverance that will be manifested by our intelligent workingmen under such a sys tem, will far more than refund to capital such resaonable participation in its profits, and ena | ble such American establishments to sup ply all the nations of the world. The intro duction of this system will be voluntary, be cause it is most just and beneficial to all par ties. It is the participation of all our people in the government, that is one gve it cause of our prosperity; and the participation of our j workingmen iu the profits of our industrial es tablishments would exhibit simular results.— Our w hale and other fisheries present strong evidence of the success attending American in dustry, when our intelligent freemen—the working men of the concern —stimulated by a just participation in the profit, have driven from the most distant seas the whale ships of most other nations, and nearly monopolized this pursuit. The intelligent workingmen of our country are far better prepared for the adoption of this truly republican system than those of any other nation; and this elevation of the toiling millions of America to a just participation iu the profits of that capital which is made fruitful only by their industry, will yet enjoy as great a triumph as that unfettered trade and untaxed and un restricted labor with which it ought to be, and certainly yet will be, proudly associated. Under this system, the laboring men, w hilst they receive the full wages heretofore allow ed them, would also participate to a reasonable extent in the profits, as an addition to their wages, and a most powerful and certain stimu lus to render their labor more productive, and thus increase, for the benefit of all concerned, the capitalists and workingmen, the profits ot the establishment. What is called the pau l*r labor of Europe is already inferior to our labor, but would be rendered still more pow erless to compete with us when labor here participated with the capital in the profits.- When we reflect that the working freemen of the Union must constitute the great mass of the people, whose votes will control the goi - eminent and direct the policv of the nation, the superior comfort, education intelligence, and information necessarily resulting to them from this improvement ot our social system, is important to the successful progress and per petuity of our free institutions, and must be j | grateful to every republican patriot and lover j of mankind. \\ hilst all bavc defiicd gicat benefits from the new tariff, it is labor that has realized the largest reward. It was con tended by the advocates of protection, that it enhance I the wages of labor, and that low du ties would reduce wages here to the rate al lowed for what they call the pauper labor of j of Europe. On the contrary, the opponents of high tariffs insisted that labor, left to seek freely the markets of the world, would find for , its products the best prices, and as a conse quence the highest reward for the labor by which they were produced. The duties have been reduced ; and yet wages have advanced, j and are higher now than under any protective tariff. There are many more working men concerned in other pursuits than in manufac tures, and with much less of machinery as a substitute for labor ; and by depressing agri culture, commerce, and navigation—by res tricting their business and the markets for their products —the wages of those engaged in such pursuits are reduced ; many workmen also lose employment; and competing for w ork in manufactures, the wages of all are di minished. It is not only the reduced duties that have ; produced these happy results, but the mode j of reduction—the substitution of the ad va i lorem for unequal and oppressive minimum and specific duties. The higher duty was thus j always imposed, by the very nature of the j duty, upon the article of the lowest value, consumed by the poor; and the lower duty I assessed upon the article of the higher value, j used by the more wealthy, often operating as j a dutt r of 10, 20 or 30 per cent, noon the high I priced goods, and of 100 or 200 per cent, ad valorem upon articles of lower price. Nearly ■ the entire burden of the tariff was thus thrown upon labor, by who*e wages chiefly the cheap er articles were purchased; whilst capital with whose profits the more costly goods were bought, was almost exempt from the tax. It never would have been tolerated to have im posed a duty of 10, 20 or 30 per cent by name 1 upon costly articles, and of 100 or 200 per ; cent, upon cheaper fabrics, where the ad va- i i lorem-rates would have exhibited the injus tice and inequality of the duty; but it was accomplished by minimum and specific du -1 ties, which assessed a higher duty in propor tion to value Upon the cheaper articles, and , : the lower duty upon similar articles more costly in price; thus imposing the higher duty upon the labor and the wages of labor, as | effectually as though the tax-gatherer had collected from the workingman a third or fourth of Ins wages every day/ whilst capital was comparatively exempt from taxation.— Such is the system which has been overthrown by the substitution of the reduced ad valorem, operating the reverse of the former system, in favor of the poor and the wages of labor, a# far as any tariff can so operate, ami air wc see, even, with? lower duties collecting a larger rev- I I euuo. A tax in proportion to the value of j imports or property, must always be more pro- | ductive than one which is the reverse of that rule, or which disregardant altogether Time.- j if wo impose a tax of ten dollars each upon 1 a 1 houses, it must produce less revenue than the ad valorem tax in proportion to value; be cause the former tax would fall most heavily | upon the poor, who were the least able* to bo u it, and more lightly upon the wealthy, , who had greater means of payment; and i thereby revenue would be diminished. Thus*, , it the tax of ten dollars were imposed alike oiV j the cabin and the costly dwelling, it would bring less revenue than if the same rate ad va lorem, beginning with the lowest at the rate j of tea dollars, were assessed in proportion to value upon all houses. Indeed the tax upon i I the cabin might be reduced to a dollar, or say OiU/pef cent and applied ad valorem to all dwellings, and it would yield a larger revenue i than the anti-advulorein specific tax of ten dollars upon all houses, irrespective of their \ value, which is no more unjust ot unequal than the same minimum or specific duties up on hats, caps, boots, shoes, &c., and like arti cles of import, without regard to their value. The ad valorem duty incorporates itself inse parably with the exact value of the article, and collects the tax in exact proportion to the value; the form of which, of all others; i must yield the largest revenue. Perhaps t?h4 | most perfect model of au-anti-advo-loreliv tar iff was that that of New Mexico, by which a duty of SSOO waft 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 im ports for and that, inHliminlshing iml - we will necessarily decrease exports in quantity or price, or both; that if we purchase ; more imports, we will sell more exports in ex | change, and at a better price; and that if com | merceis profitable; we should-have a larger ba -1 lance of trade in our favor, and usually larger imports of specie; and that the profits of eom ! merce.in the increased exchange of our own for i foreign products, augment the wealth of the nation. The four protective tariffs were j enacted in 1816, 1824, 1828, and 1812. The compromise act intervened from March, 1833, I until after the 30th of August, 1842; and the revenue tariff of 1840 went into operation last j year. Let us now look at the effect of high I and low tariffs upon the gain of specie during these periods, from 1821, being the earliest ; date to which- the records of the Treasury go back on this subject. From the beginning of 1821 until the commencement of 1833, ami 1 from 30th September, 1842, until Ist July, I 1846, our excess of the imports of specie over the export was $12,600,312, being an average annual gain of $791,210 in specie during these sixteen years of high tariffs; whilst the excess of specie during the eleven years of the com promise act of 1833, and low' tariff of 1846, was $08,507,630; and the average annual gain of specie was $6,227,967, Omitting the tariffs of 1842 and 1846, and comparing the ten years of comparatively low' duties from 1833 to 1842, with the twelve years under protective tariffs from 1821 to 1832, we find under the latter an actual loss of specie to the country by the ex -1 cess of the exports of specie over the imports, of $3,851,652, as the result of protection, and a gain, during the succeeding ten years of comparatively low duties of $46,294,090, or at the rate per annum of $4,629,409, and in the single year under the new tariff a gain of $22, 213,550; thus exhibiting a uniform gain of specie in the years of low', as compared with high duties. The protective theory, founded upon this assumed balance of trade and gain of specie under high tariffs, is disproved by the results; and it is shown, by the experience here of more tlian a fourth of a century, even as to specie, that it accumulates most rapidly by the gains of trade under a liberal commer cial policy. Let us now see, under the same cycles of free trade and protection, whether it is true, as contended, that our domestic ex ports are not diminished by the restrictive system. . , , The records of the treasury do not go back beyond 1821 as regards our domestic exports, exclusive of specie* AVe must, therefore? make the comparison from that date. From 1821 to 1832, botli inclusive, under high duties, the aggregate of our exports ot domestic products, exclusive ot specie, was $653 ; 157,52 1 , or at the rate of $54,429,791 per annum; from 30 h September, 1842, to 30th June, 1840, $377, 391.500, or at the rate of $94,347,875 per an- I mini; making a total aggregate during these j sixteen years of high duties, of $1,030,549, j 027, or at the rate of $64,409,314 per annum. During the compromise act—from 1833 to 30th September, 1842 —the total of these exports was $950,168,288, or at the rate of $95,616,828 per annum; and in the year end ing 30th June, 1817, $150,574,844; making, I in the eleven years of low duties, an aggregate of $1,106,743,132, or at the rate of $100,613, | 012, being an average gain under low, as com pared witn high duties, of domestic exports, exclusive of specie, of $30,203,098 per annum, ; excluding altogether the last year, a gain of $31,207,514 per annum under low, as compar ed with high duties. Having thus shown, both as to specie and domestic exports, the great gain in years of low as compared w' ta high duties, let us now compare the low duty and high duty cycles us to our tonnage, foreign and coastwise. During the eigthtecn years of low duties from 1789 to 1807, (see table MM,) out ton- j | nage increased at the rate of 29,41 per cent, per annum; from 1832 to 1812, at the rate of j 4,53 percent, per annum; and from 1846 to i 1847, 10,81 per cent, in a single year. Such has been the uniform high rate of increase of our tonnage during every period of low duties. Now, under high tariffs, from 1816 to 1832, our tonnage increased 0,30 per cent, —being less than one-third of one per cent, per annum; and from 1842 to x 846, at the rate of 5,61 per cent, per annum. If it is said that the increase from 1789 to 1807 was occasioned, to some ex tent, by the war between France and England, this table, which is taken from the records of the Taeasury, shows that from 1789 to the close of 1792, immediately preceding that war, which was declared early in 1793, our tonnage ! increased at the high rate of 60,13 per cent, per annum, when France and England were at peace, before the era of steam navigation, ' and before the acquisition of Louisana, and ; the addition of the great Mississippi and of the Mexican Gulf to the navigable waters of the . Union, and when our flag was unknown on the great Lakes of the Northwest* The great increase is un form at all times under low i duties, and depressed under high duties, during the whole period of 53 years, from | 1789 to 1847. It is urged, howevea, that although out for- | eign commerce may have decreased, yet the home market has augmented in a ratio more ( than equivalent to the loss of our foreign trade. If this were so, it would be exhibited in 1 the augmentation of our coastwise trade, embracing our lakes and coasts, as well as ri vers, the coastwise tonnage of course augment ing in the number of vessels with the goods to be transported between the States. Byrcior ence to the same tables, it appears that our j coastwise tonnage increased, from 1789 to 1807 | at the fate of 22,71 per cent, per annum, from 1789 to 1792 at the rate of 25,23 per cent, per : annum, from 1832 to 1842 at the rate of 6,09 per cent, per annum, and in the single year from 1-846 to 1847, 13; 15* per cent. Suoh was fixe'great and uniform- increase of our coast wise tonnage under low duties.- Now, under [ high duties, the increase* from 1810 to 1832 was at the rate* of 1,50 per cent per annum, and from 1842 toISJ-fi, a.-WPer cent, per an ti. num.- Thus we sec an immense increase/under low as Compared with high dirties; of the coast * wise tonhage; ; proving that the paralysis ot for eign-commerce, resulting from the restrictive ! system,-affects injuriously the home* market and flic trade between the State*?, and furnish ing a demonstrative proof that! whether U'e 1 j look y*f home or abroad, we’ progress nfore ! irpir) y UL.rlci* a liber.il commercial policy.- A-s i the’foteigiv tonfrage rose under low duties, (as the table proves,) so did the coastwise, and-a* the foreign tonnage declined, so also did the coastwise tonnage; and during the high duties ; from 1313 to 1332, whilst the foreign tonnage actually dccr. p.sed at the rate of 0,83 percent, i per annum, that of the coastwise tonnage only in •: e iscd at the rate of 1,50 per cent, per annum, j Y t,during that perio I, the increase of the coast ! wise trade ought to have been immense, includ ing as it didy the era of the introduction of steam navigation l to a - vast extent upon the rivers of the west, as also upon? the lakes of the i northwest, and the opening of the great canal of New York. It is said that the famine in Ireland- was the sole cause of our late large export of bread stuffs and* provisions.' Now, from 1700 the values ate not so as to be stated in amounts, but the quantities arc; and these prove that, even omitting the last year altogether, and | comparing the low duty periods from 1790- to 1807, and from 1833 to 1842, with the ycars-of protection from 1817 to 1832, and from 4842 to 1346, the average export of breadstuff's and provisions was much larger in* the" years of low as compared with 1 high duties, especially considering the difference of population. As still more conclusive proof that the ex ! port of breadstuffs and provisions was much | greater under low than high ditties, it appears by table D D, that our total export of cotton j from 1790 to 1807, both inclusive, was of the ; value of $81,074,843 ; and during the same | period our export of domestic produce, ex | elusive of cotton, was our exports of domestic produce, exclusive of I cotton, at the rate, from 1790 to 1807, of $29,- i 467,285 ; which it will he perceived at once, j vastly exceeds the average annual exports of ' domestic produce exclusive -of cotton under years of high duties. Indeed, the tables of the Treasury clearly prove that —whether we look at imports or exports, the revenue, the gain of specie, the • tonnage coastwise or foreign, the coinage at the mint, or the export of breadstuff’s and pro | visions—the balance is largely in favor of the low duty periods. The department has thus reviewed the books of the Treasury, and presented the results, constituting the record of a nation’s history from the foundation of the government down to the present period, in condemnation of the protective policy. These records show as to imports and exports, revenue, the gain of specie, the tonnage foreign and coastwise, the rate of increase in each and all of these cases is greater under low than high duties. These records are not arguments merely, but ascer ; tained results, amounting to mathematical proof that the nation’s advance in wealth is ) most rapid under low duties ; thus sustaining ing the view's of those great philosophic wri i ters, unconnected with party, w r ho, both in Eu rope and America, have uniformly maintained ; the same position. ( To be Concluded in our next.) The Stephen AYhitxey.—The cargo of this vessel, the wreck of which we noticed, yes terday, consisted of 700 bales of cotton ; 17,000 bushels Indian corn; 500 bbls. rosin; 2,200 boxes cheese; 220 bbls. apples; 100 kegs of butter, flour, besswax and merchandise. The insurance, as fax- as ascertained, which is be lieved to be correct, is as follows: On the ship, $60,000; on the cargo, $50,000; freight, SIO,OOO. The folio wing statement is published on au thority of the owners of the Stephen Whitney : The Stephen Whitney was on her 47th voyage across the Atlantic when she struck.— She w'as owned by Messrs. Robert Kermit, Joseph Sands, Isaac Harris, William Aymar ! and Capt. Popham, and was insured in Wall street. Capt. Charles W. Popman, the mas ter, who peri-hed with his ship, was an active, persevering, cracful seaman, and about 40 years of age.—iY* V. Jour. Com., lUh last. off.— Polly and Betsy s3^, the former t wife of Michael lit*, are advertised in a west | ertt paper, ax having eloped* Michael will re- | ; cover Polly, we hope, for though it it not said i whether she is she is represented as : being SPy. Probably if Airs. £JP* could tell her own story, she would say that she left Mr. S'iP for being too frequently Ui^*cuffed. ! At any rate, as her situation is described, she ought to be roughly tilled. August a, (Georgia. YHUISDAY MORNING, DEC. 16. tYU We received last evening no mail from offices north of Charleston. The steamship i Northerner, arrived at that port, brought New York paper of the 11th inst. Treasury Report- AA e give in this day’s paper a portion of the able report of Secretary Walker, and will give * the remainder in our next. We are necessarily j compelled to omit a large portion of it on ac count of its great length. The portion we I publish relates to the operations of the new ] tariff, and should be attentively read by all. The Shields Dinner- AYc were disappointed in procuring the toasts drank at the above dinner on Tuesday last. Some few were handed in, and we pub lish them as a specimen of the whole. By AY. T. Gould, Esq. — The Laurel and the Shamrock —Fit wreath for the brow of him, who wears the one by birch, and bought the other with blood. By John J. Flournoy, Esq.— The American Banner —Luckless be the stars, and many the stripes, of him who Jiajs beneath its glorious folds. By J. S. Pulsifer. — I Yoman —One of the shields which M ill carry a man through the battle of 1 fe voluntarily. After Gen. Shields had concluded his reply to the handsome address of our worthy Mayor, the following toast was given : By Dr. J. F. Griffin, of Hamburg* — lreland — j Long famed as- the land of song, may we not 1 equally asaeigu to her a birthright for heroes I and orators- r Snow! Snow! AYithin the last twenty-four hours we havt i had quite a change in the weather. From sultry sfrm-mer, we yesterday felt cold, pierc pig winter, an I about one o’clock it com menced snowing., an I for an hour or two con tinued, just covering the ground in spots so that it could be discerned* In- the afternoon j [t ole ired off, and the moon shown in all her ! brightness. The following gentlemen were elected : Directors of the Augusta Insurance and Bank i ° # ing Company, on Monday last, viz : A\ M. M. D’Axtigxac, Hates Bowdue, L. HoFkixs, Lewis Chess, and James Hope ; and at a meet ing of the Board, Mr. AYm. AI. D’Axtigxac was I unanimously re-elected President. C. F. M. Gakxett, for several years past, Chief Engineer on the Western and Atlantic Rail Hoad in this State, has been elected by the Board of Directors, Chief Engineer of the ! Columbia and Charlotte Rail Road, in South . CavdK-na. AYm.- L Mitchell, Esq./ of Athens, hnft been-appointed by Gov. Towns, Chief Engi neer of- the State Rood/ iff place of Air, Gar nett.* The’Bank of Hamburg, S. C., has declared a divided of* $2-* pc? share ; being at the rate of 4 per ct. fur thb Ihs-tf six months, payable oh or after the first* of Jahhihry, 1848/ The following is aiv cXtratt ofa Tetter from a most respectable source/frmtished-to the New York Journal of Commerce: London, Not. 18, 1847.—1 t is not easy to say what can be done by Parliament for rail ways. One remedy may be to give - them seven or eight years to finish what tffrey nTC'now re quired to do in two or three. Reckoning from the commencement,the engagements of capital in this country for railways, at home and abroad, amount to three hundred- million pounds ,half of which is already p;tid.- The future payments Will be diminished by the abandonment of many undertakings. Alabama The Legislature of Alabama? on Saturday, went into an election fora United States Sen ator for the vacancy occasioned by the expira tion of Air. Lewis’ term. The Journal gives the following result of the first three ballots : Ist 2d 3d Hopkins, (AYhig,) 48 do 49 Lewis, (Deni.) 50 do 50 King, (Dcm.) 34 do 33 The Press and the Message- The N. Y. Sun says—From every quarter our exchanges are pouring in laden with approba tion of the Alcssage. The democratic and in dependent press, without exception, and a large number of whig journals pronounce it able, explicit and patriotic. Its bold American views of the war, territorial acquisition and the future policy of the United States as regards the attempt of any European power to estab lish a monarchy in Alexico K will strike a sym pathetic cord from the heart to the extremities of the nation. By those who think profound j ly, without being partizan, it is considered a masterly effort, aiming at no display but clear ness and truth. Eminent as were the respon sibilities depending upon every word uttered by the President in relation to the war, he has not shrunk from assuming the consequences of an explicit committal, but like a true hero in the hour of peril marked out the way and called upon the nation to follow. And follow it will! Henceforth we look upon Alexico, or at least as much of Alexico as is claimed by the Message as, ah integral part of this Union. It is American Territory bej'ond a question, and prospectively, the rioht of way from the Gulf to the Pacific is a certainly ours as is the navi gation of the Hudson. Happy will it be for j Alexico if she avoids dismemberment by com ing soul and body into the. Union. Astonishing* Speed The Express with the Presidents Alcssage was forwarded from Philadelphia to New | York by the 'Camden and Amboy ahdf New Jersey Rail Road Companies, in the surprising | ly short time of 2 hours and 50 minutes— the quickest trip ever made.. It left the rail road i wharf, at the foot of Walnut street, at 6h. 48m.’ on Tuesday, and reached New York at 9h. and 35. Allowing about 17 minutes loss for the - passage of rivers, the rate of speed was nearly 38 miles per hour. y Factories i Fayetteville is becoming a manufacturing town. A new Cotton Mill has just been put in to operation Under the sUperintcndance of Mr. | Baldwin, which has cost $30,000; and another is to be erected in the course of the frying, and also an iron foundry. This will make ten manufacturing establishments, (says the North Ca o l inian) on alarge scale, in and near tho town. GEOR3IALE CrISL ATCJHE IN MOUSE of representatives. Monday, Dec. 13, Mr. Pinckard introduced a bill to, alter and | amend the 11th section of the 10th Division | es the Penal Code. Mr. GaUlding laid upon the table a resolrt-*- tion which was read, and agreed to directing the convening of the House of Representatives at 9 A. M., 3 P. M., and G£ P, M, Mr. Phillips introduced a bill to amend art act organizing the Lunatic Asylum. Mr. Mclntosh to provide payment for teaclw ers of poor children in the county of Elbert for 1839 and 1810. Mr. Rattle introduced a bill to incorporator Hiram Chapter No. 5, and Motifro’c Lodger No. 18, Os Monroe county. Mr. Cameron introduced a bill amendatory of an act incorporating the town of La Grango in the county of Trofi’p.- Mr. Shojkley introduced a bill to repeal tho charter of the Central Rank of Georgia, and for Other purposes.- Mr. Jackson, of Walton', from the Special Committee, to whom was referred several bills having for their object the charigc - of the Con stitution, reported tlvem back to the House i with amendments;- and which were made tho I special order for Friday next. Also, Mr. Jackson, of Walters, itffreduced a bill to explain an act declaring and making certain the : kiW deftrsing the liabilities of en dorsers and securities to promisory notes, and i other instruments, whert the holder thereof shall fail to proceed to' collect Che' same after j notice, approved Dec. 26th, 1831. Also, a bill to explain the sth section of an act approved March 26th, 1767, entitled “an 1 act for the limitations of actions,-and for avoid ing- stilts- in- tew. Also, a bill to alter and' amend the Road Laws of this State, so far as relates to the | county of Union. The Committee appointed to notify tho Hon. Mr. Whitesides, a member of the Ten nessee legislature, delegated to present cer tain resolutions of that State to the considera tion of Georgia, appeared at the Bar thereof with the gentleman, and through their Chair man. Mr. Bartow, introduced him to the House; He" answered the body, and was in vited by the Speaker to a seat. The special order of the day, on the bill to remove the scat of Government, was taken up, and the House adjourned without taking » vote. ,i % Special Notices. (IT We are authorized to auliimtire E. C. Ti.vslkt as a candidate for tlie office of Tax ! Collector, at the election to be field 'lit January next. He will be supported by Dec. 16 * MANY VOTERS. [U We are authorized tb ; atinoimre* I Alexanhek Philip, as a candidate for tbe office of Receiver of Tax Returns for Richmond county, at the election in January next. Dec 15 (FT We are authorized to announce MIDDLETON SEAGO, as as candidate for the* office of Tax Collector of Richmond county. Dec. U VOTERS. OCT We are authorized to announce- GIDEON G. BUNCH, as a candidate for Tax He i ceiver of Wilkes county, at the ensuing election ia January. c Dec. 12 [FT We tvre* atothorized to announce James McLa W?> Esq. as a candidate for rc-elee j iron totbe other of Clerk of the Superior and Infe rior Courts of Richmond County, at the ensuing election in January next. Nor. 24 O* We are authorized to announce Leon P. Dugas as a candidate for Clerk of the Superior and Inferior Court? of Richmond county, at the ensuing election in January next. Nor. 21 ( O* We are authorized to announce F. W. DARRICOTT, as a candidate for Sheriff cf Wilkes county, at the election in January next. | Dec. 12 c TAX COLLECTOR, fpT* We are authorized to announce' Robert A. Watkins as a candidate for re-elee tion as Tax Collector for Richmond county, at the election to be held in January next. Dec. 2 MEDICAL CARD. (FT* Dr. MEALS tenders his professional servi ces in the various bran ches of Medicine, to the cit izens of Augusta and vicinity. He may be found either at the office, formerly occupied by Thos. &. J. J. R. Flournoy, Lsqrs., on Mclntosh-street, or at the residence of Mrs. Wa terman, on Broad.street. Dec. 1 6nvT BLACK & LAWSON, attorneys at law. Will practice in all the Counties of the Middle Circuit. Any business entrusted to them will meet I with prompt attention. Address Edward J. Black, Jackscnboro, Ga. John F. Lawson, Augusta, Ga. ly Nor. 1 JOHNSON’S DAGUERREOTX pB rooms. MR. C. E. JOHNSON has the honor to w-. : form his old patrons of last yeax, and the I'“^ lie generally, that he is again AT . i STAND* over Messrs. Clark, Racket * Store, where he i,s prepared to execute M * i TURES.in a style superior to a,ny thing be > done heretofore. 0 j I Mr. J. thankful for the very liberal patronage s ast season, asks a continuance of the same. - Oct. 24