cing the duties on imports," has
been in force since the 1st of December last, and I am gratified to
state that all the beneficial effects which were anticipated from its
operation have been fully realized. The public revenue derived from
customs during the year ending on the 1st of December, 1847, exceeds by
more than $8,000,000 the amount received in the preceding year under the
operation of the act of 1842, which was superseded and repealed by it.
Its effects are visible in the great and almost unexampled prosperity
which prevails in every branch of business.

While the repeal of the prohibitory and restrictive duties of the act of
1842 and the substitution in their place of reasonable revenue rates
levied on articles imported according to their actual value has
increased the revenue and augmented our foreign trade, all the great
interests of the country have been advanced and promoted.

The great and important interests of agriculture, which had been not
only too much neglected, but actually taxed under the protective policy
for the benefit of other interests, have been relieved of the burdens
which that policy imposed on them; and our farmers and planters, under a
more just and liberal commercial policy, are finding new and profitable
markets abroad for their augmented products. Our commerce is rapidly
increasing, and is extending more widely the circle of international
exchanges. Great as has been the increase of our imports during the past
year, our exports of domestic products sold in foreign markets have been
still greater.

Our navigating interest is eminently prosperous. The number of vessels
built in the United States has been greater than during any preceding
period of equal length. Large profits have been derived by those who
have constructed as well as by those who have navigated them. Should the
ratio of increase in the number of our merchant vessels be progressive,
and be as great for the future as during the past year, the time is not
distant when our tonnage and commercial marine will be larger than that
of any other nation in the world.

Whilst the interests of agriculture, of commerce, and of navigation have
been enlarged and invigorated, it is highly gratifying to observe that
our manufactures are also in a prosperous condition. None of the ruinous
effects upon this interest which were apprehended by some as the result
of the operation of the revenue system established by the act of 1846
have b