documents accompanying tbe Eeport of the


Secretarp of tbe Creasurp

Effects of che New Tariff on the Revenue


and the Prices Of Foreign Goods.
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and the Prices Of Foreign Goods.


COLLECTIONS OFFICE, Ntw-YoRX,


November 2s 1872
SIR: In answer to your letter Of the 23d inst,
1 have the honor to state my opinion, that for
some time preceding the passage Of the New Ia
ria, there a redundant supply of merchandise
in the United States, and that this overstock still
continues; and further to state my full concur
renee in the belief which you express, that prices
are not determined by rates of duty imposed upon
merchandise: but by the proportion which the sup
ply bears to the demand.


The actual quantity of any description Of mer-
chandise which may be in the market, is ques-
tion Of difficult solution; because the holders are
unwilling that the dealers should know the extent
Of their respective stocks; but the inquiry whether
the stock on hand exceeds the demand, may be
answered by comparison between tho cost of ar
tices and the prices at which they sod or
between the prices obtained at different periods.
The first test is not Of easy application, because it
involves the necessity of resorting to the importer
for information as to the cost, which information
it is his interest," in great majority of cases,
to withhold. 1t is true, that if specimen of the
article sold is brought to nae, with memorandum
of the names of the importers, and of the ship in
which it was imported, could ascertain the cost,
provided all the articles of the same name in that
particular invoice, were of uniform quality; but
such an investigation if made to any extent would
be exceedingly embarrassing and very laborious.
In search, then, of facts to prove by the declining
prices Of merchandise that there is surplus stock
of merchandise beyond the wants or abilities of
the consumers, must refer to the quotations of
the prices.current, or to actual sales, as commu-
nicated to me by individuals upon whose testimony
/ can rely. On former occasion l expressed my
doubts whether much reliance could be placed
upon printed reports Of tho state of the market
if there were other objections, this alone would
suffice, that their quotations take SO wide rasge
to express precise information; for instance,
one now before me quotes Madeira wine at as
to 81 so per gallon; but find some facts recorded
in recent publications which will throw light upon
these inquiries:


Clean Rus Hemp quoted July g. 1912, at 1920 per ton


Nov. 2S, lilo to S22 so
Bar Iron, Russia, p 8. L.. July 6. 1ol so los


Nov. 49, 81 SO to 100 co
Refined salpetre....... July 6, 4


Brown Russian Sheetipgs.. July y6 8 Soto 10


Nov. % 7c0to $50
In al these cases the duties were considerably
higher in November than in July. There are in
prices-current few articles, the prices Of which
in November were higher than in July or in Au-
gust; but am confident that thorough exam-
nation into the state of the market would sustain
my opinion, that there is bat article which has
risen in price to extent equal the increase of
duty the exception is the highest grades Of BRAN
dy--the stock Of which does not exceed six months
supply, even under the diminished demand result.
ing from the progress of the Temperance cause.


[ have procured some specimens of Dry Goods,
TO the relative prices Of which, at different periods
beg leave to refer: