ended to diminish the public receipts could not
fail to have a corresponding effect upon the revenue which has accrued
upon imposts and tonnage during the three first quarters of the present
year. It is, however, ascertained that the duties which have been secured
during that period exceed $18,000,000, and those of the whole year will
probably amount to $23,000,000.

For the probable receipts of the next year I refer you to the statements
which will be transmitted from the Treasury, which will enable you to
judge whether further provision be necessary.

The great reduction in the price of the principal articles of domestic
growth which has occurred during the present year, and the consequent
fall in the price of labor, apparently so favorable to the success of
domestic manufactures, have not shielded them against other causes
adverse to their prosperity. The pecuniary embarrassments which have so
deeply affected the commercial interests of the nation have been no less
adverse to our manufacturing establishments in several sections of the
Union.

The great reduction of the currency which the banks have been
constrained to make in order to continue specie payments, and the
vitiated character of it where such reductions have not been attempted,
instead of placing within the reach of these establishments the
pecuniary aid necessary to avail themselves of the advantages resulting
from the reduction in the prices of the raw materials and of labor, have
compelled the banks to withdraw from them a portion of the capital
heretofore advanced to them. That aid which has been refused by the
banks has not been obtained from other sources, owing to the loss of
individual confidence from the frequent failures which have recently
occurred in some of our principal commercial cities.

An additional cause for the depression of these establishments may
probably be found in the pecuniary embarrassments which have recently
affected those countries with which our commerce has been principally
prosecuted. Their manufactures, for the want of a ready or profitable
market at home, have been shipped by the manufacturers to the United
States, and in many instances sold at a price below their current value
at the place of manufacture. Although this practice may from its nature
be considered temporary or contingent, it is not on that account less
injurious in its effects. Uniformity in the demand and price of an
article is highly desirable to the