period of only four months, or up to May 1, when our regular facilities were interrupted. The unusual amount of failures in this section during these four months is to be accounted for mainly on the ground that many were intentional, in order to evade obligations due at the North. Subsequent State action, annulling all Northern claims, the entire cessation of trade and the impoverished condition of the South, lead us to regard the entire indebtedness of that section as swallowed up in carrying on the war, involving a general mercantile bankruptcy there. The excess exhibited in the amount of liabilities (resulting from the financial pressure of 1857) of the principal cities of the North, over those of the political crisis of 1861, is accounted for by the fact that the larger private banking, importing and commission houses were the heaviest sufferers-while the increase in the number of failures for 1861, with a diminished indebtedness, is for the reason that the jobbing houses have, in the past year, been the greatest losers. In November, 1860, the fall trade was passed, stocks on hand were light, and the orders for spring goods in abeyance. This, also, accounts for the diminished liability, and importers and commission merchants were, by the force of circumstances, saved from losses that would otherwise have proved more serious. This same circular gives us the following statement of the probable indebtedness of the South to Northern merchants. There is due the four cities of New-York, Boston, Philadelphia and Baltimore, about $211,000,000, divided as follows: ..... New-York,..... $ 159,900,000 | Baltimore,.. $19,000,000 7,600,000 In the dry-goods interest alone in these cities our estimates show that New-York loses $75,000,000; Philadelphia, $14,000,000; Baltimore, $6,500,000, and Boston, $2,000,000, making a total indebtedness to the dry goods trade of $97,500,000. From this and other data, we estimate the total liabilities of the South to the Northern States at near $300,000,000. The sudden reverse our commercial prosperity received, culminating in April last, with the probable continuance of the unhappy outbreak, prompted an economy which was very generally adopted, and has been so rigidly adhered to, that we estimate the actual saving practiced by families, in articles not of absolute necessity, at a figure which very nearly meets the expenses of the war thus far. With a population of 21,000,000, we may safely count 4,000,000 of families; and, estimating the annual economy of each family at $100, which is not large under the circumstances, we have a total saving to the country of $400,000,000. The result, however, that may develop itself by the withdrawal of so large a number of producers, now consumers merely, and resting as an expense on the country, remains to be seen. The North is self-sustaining, and our Western country is now reaching a more sound condition that it has for years enjoyed. The prospects for the Spring trade are good. The great abundance of the products of the soil, particularly at the West, and the immense disbursements made by the government, will put in circulation large amounts of money, and enable the country merchants to buy liberally, and generally on a safe basis. The total failures in the British Provinces, the past year, was 310, with liabilities amounting to $6,471,769. THE BOOK TRADE. John Brent.-By THEODORE WINTHROP, author of "Cecil Dreeme." Boston: TICKNOR & FIELDS. 1862. Among the many recent notices of WINTHROP's books, we are sorry to see several which seem to us unduly severe. The Independent, among others, says that "if WINTHROP had not been shot, neither of his books would have found a market." Not having read "Cecil Dreeme," we are unable to speak of its merits; but we know that “John Brent" is totally undeserving of such criticism. We do not deny that it has its faults, but they are no ignoble ones; they are rather virtues carried to an excess. The desire to be intensely Saxon in manner, sometimes degenerates into affectation; the effort to pack ideas into the least possible space, occasionally gives rise to an unpleasant bluntness; but except these few crudities, which a very little polishing would have entirely remedied, the book is a capital one. Its whole sentiment is elevated; the plot interesting and quite original, and the style extremely terse and full of life. Words of Counsel for the Wise Soldier, and The Christian Banner.-American Tract Society: Boston. JOHN G. BROUGHTON, 13 Bible House, New-York. "Words of Counsel" is an excellent book for soldiers, one of the best that we have seen; it is well and forcibly written, yet with a kindliness of manner that must insure attention. The Christian Banner is a small semi-monthly paper for the soldier and sailor; beautifully printed and full of good reading. The National Anthem on the last page, called the New Crusader's Hymn, is set to a grand old melody of the twelfth century. For Better, For Worse.-A story from "Temple Bar" and "Tales of the Day." Boston: T. O. H. P. BURNHAM, This, as its name rather indicates, is a story of married life; of the uncongeniality of a couple who finally became thoroughly assimilated. The plot cannot fail to interest all married readers at least; the characters are good and the style pleasant. The Merchants and Bankers' Almanac for 1862. We have received a copy of the Almanac for 1862, published at the office of the Bankers' Magazine, No. 63 William-street. It contains a large amount of information, useful to merchants as well as bankers. Bibliographical Account of the Voyages of Columbus.-Under the above title, the Historical Magazine for February contributes a most interesting account of the first editions of the four voyages of the Discoverer of America, taken from a privatelyprinted work, by Mr. JAMES LENOX, on the second voyage, Nicolaus Syllacius de Insulis Nuper Inventis. It contains fac-similes of four wood-cut illustrations in the original edition of the First Voyage. CONTENTS OF No. III., VOL. XLVI. ART. PAGE I. COMMERCIAL PHRENSIES. Fluctuations of Trade and Finance-Passing Fevers -Tulip Mania-Mississippi Scheme-South Sea Bubble-Colonial Currency-Speculations of 1836-Taxation, II. REVIEW OF THE ARTICLE, “WHAT IS MONEY?" in North British Review, November, 1861,...... III. THE WAREHOUSE SYSTEM. First Attempt to Establish the System in England -When first Introduced in this Country-The Acts of 1846-1854-Practically Abolished in 1861-Reasons for its Restoration-Regulations of the Department-Routine of Business at this Port,..... IV. HISTORY OF THE UNITED STATES MINT. Coinage of the United StatesList of Directors of the Mint from its Organization-Annual Report of the Director of the Mint, THE COTTON QUESTION. ........ 1. Supply of Cotton in England. 2. Cotton at Havre. 3. Cotton Supply in the United States. 4. Exports of Domestic Cotton from New-York and Boston. 5. Cotton in Liberia. 6. Cultivation of Cotton in Africa. 7. Cotton-Growing in Turkey. 8. Cotton Culture in India. 9. Cotton-Growing in Hayti. 10. Cotton in Tartary. 11. Cotton from Peru. 12. Cotton in Southern Illinois, STATISTICS OF TRADE AND COMMERCE. 1. Commerce of New-York for 1861, compared with former years. 2. Trade of Boston for 1861, compared with the three previous years. 3. Philadelphia, her Trade and Navigation for 1861. 4. Trade of Baltimore for 1861. 5. Exports from Bombay. 6. Molasses Trade of the United States. 7. Exports of St. Paul, 225 234 239 247 265 278 JOURNAL OF BANKING, CURRENCY AND FINANCE. 1. Bank Officers small Stockholders and large Borrowers. 2. Weekly Bank Returns of the New-York City, Boston and Philadelphia, and Semi-Weekly Returns of the Providence Banks. 3. Semi-Annual Statement of the Western Bank of Missouri and Branches. 4. Annual Report of the Baltimore Banks. 5. The Pawners' Bank of Boston. 6. Statement of the Canada Banks. 7. Illinois Bank Legislation. 8. Treasury Notes by the Cart-Load. 9. New-York Bank Circular to Chicago. 10. Strange Forgery of Bank of England Notes. 1. Checks payable to Bearer-How they can be Altered. 2. No Alteration can be made that is not immaterial, or for which there is no authority given, either expressed or implied. 1. The Atlantic Telegraph. 2. Telegraph Experiment. 8. Pacific Telegraph-Table of Dis- tances. 4. Rail-Roads in Canada. 5. Railways in Chili. 6. Atlantic Telegraph Cable,.. 1. Duty on Tea-Letter from Secretary CHASE. 2. Correspondence between G. W. BENSON and Secretary CHASE. 8. Harbor and Commercial Regulations of Costa Rica. 4. Extract - from the Official Register of the Government of the United States of Colombia, COMMERCIAL CHRONICLE AND REVIEW. State of Affairs-Change by War-Accumulation of Capital-War Loan-Appeal to the People -Secretary's Report-Trent Difficulties- Bank Suspension-Demand Notes-Specie Move- ment-Balance of Trade-Cash Remittances-California Bills-Gold at the Assay Office- Speculation in Exchange Bills-Rates of Bills-Decline in Bank Loans-Rate of Interest -Causes of Distrust-Ways and Means-Government Paper-Legal Tender Bill-Interest MAP SHOWING THE POSITION OF CHICAGO In Connection with the North West & the principal lines of Rail Roads, Canals, Navigable Streams and Lakes, together with the most important Towns, and their distances from Chicago. St Croix Fall S Nebraska City K A South Bendo Atchison O St Joseph Leavenworth City O Decompton 39 37 St Anthony ST PAUL Minneapolis Hudson Prescott Black R. Wisconsin Waupacca WISCON La Crosse O W. R. Winnebago Monroe Berlin MILWAUKEE & MINNESOTA R. Quincy MILWAUKEE CHICAGO & NORTHWESTERN RR REE BAY New London Appleton 66. Bay Menasha Okeranee Oshkosh to LaCrosse Columbus to Prairie du Fulton Rapidsels To Cedar 299 Milton N. CH Winnebago Fond du Lac Horicon Oshkosh 193 M. W. & R.R. MISSISS. RA to Manitowoc Sheboygan MILWAUKEE Plymouth Janesville Elkhorn R. R. Racine to M Kenosha Dunleith Freeport Davenport Rock Island Muscatine to Iowa City Pond C 1886. & Rockford To Freeport videre Bureau to Peoria 160 to Rock Island 182 Tia Saite H R B. June R. R. R. R. au kee89 Junction Joliet G. &.R.7 Illinois & Michigan t.Springfield 184 R. R. Canai t.Cairo 365 LA K E M PeoriaJ Bloomington todefferson C.407 ALTON & Louis282 Sinoy Springfield GREAT WESTERN CHICAGO to Pilot Knob368 Hudson R. R. to St Joseph 474 HANNIBAL & ST JOSEPH Kansas City Syracuse Neosha Missouri R Osage Jefferson City PACIFIC Rolla Springfield Lebanon R ARKANSAS t284 to Albany 818.to New York 962.to Boston 1018.to Portland To Detroit CHICAGO Michiganlity Richton Gilman Tolono to Indiano polis CHICAGO Elkhart To Toledo 243 MICHIGAN MICHIGAN to SOUTH & NORTH. R R Adrian Monroe INDIANA R. R Toledo Dunkirk 498 to Buffalo 538 Cleveland 355 to 1 To Fort Wayne 149.to Crestle Logansport Fort Wayne Erie to bincinnati & CINCINNATI B21 Defiance 280 INDIANA! and reen Castle Lafayette Anderson AIR 211. to Louisville/344. JEFFERSONVILLE to Nashville 529 LOUISVILLE NEW ALBANY & CHICAGO Terre Haute BR Mitchell MISSISSIPPI R. R. Indianopolis Seymour R. Canal to Pittsburg PITTSBURG BELLEFONTAINE Union Canal 46 & Harrisbur FORT WAYNE L Sandusky 714 Baltimo AND Crestline TERRE HAUTE & ST. LOUIS RR LINE Delaware HURON H Columbus R Morrow M & P Washingto R R to Philadelphia Warren 820 ONTARIO BUFFALO N.YORK Dubuque Dinle Galena PENNSYLVANIA Beater PITTSBURG Muscatine 23 JJO DAVIESS STEPH-WINNE ENSON Wide Port CARROLL Savannah Carrell BAGO BOONE Woodstock LAKE Waukegan Rockford BelvidereHENRY Fort Hill Chinstallake Burlington LAKE MICHIG Rveldand Highland Park Elencoe inetta vanston KALB t EE durora: Napervilles DU Janerion Harlem Chicago PAGE Forkville KENDALL Lockport Mereson Mondora Joliet WILLMonee 22 21 20 19 Davenport Rock Island ROCK MERCER 17 15 ND 13 Keithsburg HENDERSON WARREN M Monmouth 12 10 9 8 Oquawka Burlington Keokuk E-ULTON TAZEWELL: aLewiston Hamilton Warsaw HANCOCK 41 Klavana MASON SCHUYLER Rushville 2 19 Clinton SANGAMON Springfield Schuyler Tücksonville ORGAN Chatham ΜΑΦΟΝ Taylorsville PLATT! Auburn CHRISTIAN Girard 11 MAC Cartinville MON 10 Marshall CLARK GREENE Carrotton Hardin Jerseyville JERSEY GALHOUN S: Louis Terre Haute BOND FAYETTE Greenvilles Highland CLINTON XIX VIII VII VIV IV III II I Farina CLAY RICH LAWLouisville Olney MARION Maysval LAND RENCE FRANKLIN WHITE 6 TON Benten 7 Mt Carmel |