The act of the 6th of August, 1846, "to establish a warehousing system,"
has been in operation more than a year, and has proved to be an
important auxiliary to the tariff act of 1846 in augmenting the revenue
and extending the commerce of the country. Whilst it has tended to
enlarge commerce, it has been beneficial to our manufactures by
diminishing forced sales at auction of foreign goods at low prices to
raise the duties to be advanced on them, and by checking fluctuations in
the market. The system, although sanctioned by the experience of other
countries, was entirely new in the United States, and is susceptible of
improvement in some of its provisions. The Secretary of the Treasury,
upon whom was devolved large discretionary powers in carrying this
measure into effect, has collected and is now collating the practical
results of the system in other countries where it has long been
established, and will report at an early period of your session such
further regulations suggested by the investigation as may render it
still more effective and beneficial.
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