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Be, Dorothea, the tie! We firm will bold to each other;
Firm and Jong; nor quit our hold of the good that is giv'n us.
For the man who in wavering times has a wavering mind too,
He adds weight to the ill and spreads it wider and wider;
But who firmly stands, he moulds the world to his posture,
Not the German's work should it be, the violent movement
Onward to urge, or to reel in his courses this way and that way.
• Here we take our stand!' Such be our word and our action.
For men honour still those People, firm and resolved,
Who for their God and their laws, their homes, their wives and their children,
Fought and repell’d the foe, or banded fell and unvanquisht.
Thou art mine ; and Mine now is mine more truly than ever ;
Not in fear to be held, in stealth to be poorly enjoyed,
But with courage and heart. And if the foemen assail us
Now or in future days, I don my harness and go forth.
Whilst thou guardest my house and tendest the days of my parents,
Fearless and tranquil I can turn my breast to the foeman.
Yea, and were all like-minded with me, Force quickly would come forth
Menacing Force to repel, and Peace would return with her blessings."


It is now rather more than a year since the effects of the British commercial revulsions, which commenced with a fall in the prices of corn, towards the close of the mouth of August, 1847, were felt in this market. The decline in prices which followed the enormous corn speculation of that year, although not the cause of the insolvency of a large proportion of the merchants of England, was the immediate agent in developing its existence. The effect of that description of credits was severe in London. Money became exceedingly scarce, and those whose outstanding obligations were large competed with each other for the means of discharging them, and all rivalled the rail-road companies, the calls of which were large, to an extent which carried the rate of interest to an extraordinary high figure. Since that time there has been a great and rapid depreciation of property and securities of all descriptions, a curtailment of enterprise, and a consequent diminishing demand for capital, nntil money is now again in the London market 11 a 25 per cent., and the bank minimum rate 3 per cent. Political causes have mostly produced these disastrous effects, and are to be enhanced, in all probability, by a short harvest and dear food. The rail-way operations in Great Britain have been for several years of an immense magnitude, and the sums they have absorbed almost incredible. Up to December, 1847, the amount of capital actually paid in, was £121,641,584, and the debts of the several companies amounted to £39,541,895, making an aggregate of £161,156,479, or at an exchange of $4 80 per pound, $657,518,435. The aggregate amount authorised is £334,287,395, and the amount of stock created £196,243,541. These vast payments have absorbed the surplus means of almost all classes of dealers, capitalists, merchants and manufacturers, who held railway stocks as deposits to be made use of as urgent wants reqnired. When political events checked the operation of their regular business, they found that stocks of this de

scription could not be turned into money, except at an immense loss, and it became matter of calculation to some, whether it would be more advisable to dispose of their goods or shares at a sacrifice. The sales of stock made, involved a loss of 10 shillings upon every 20 shillings of paid-up capital. This does not include the loss accruing to those who bought this description of stock at a premium. Such a state of things could not fail to exercise a most prejudicial effect on trade, and particularly on the home market. More especially, that unusual quantities of goods have been sent from the countries of Europe to England to realize money, and the exports of British goods having declined to a very considerable extent, as indicated in the following official figures, for the first eigbt month of the year, for several years :


1844, 1845.


1848. Cotton manufactures, £12,792,034.. £12,920,189..£11,789,662.. £12,338,200.. £10,797,721 Cotton yarn,

4,733,761.. 4,542,190.. 5,092,309.. 3,896,687.. 3,109,739 Hardware and cutlery, . 1,433,248.. 1,455,881.. 1,501,491.. 1,544.499.. 1,238.163 Linen manufactures, 2,111,821.. 2,030,373... 1,851,062.. 2,028,535.. 1.817,601 Linen yarn,

661,730.. 708,500.. 518.121.. 426,026.. 301.955 Machinery,

541,220.. 746,993.. 606.921.. 563,775 Iron and steel,

2,326,829.. 2,493,063.. 2,933,815.. 3,542,074.. 3,525.232 Silk manufactures,

517.161.. 557,075... 614,720.. 723.4.58.. 373.890 Woollen manufactures,.. 6,152.800.. 5,567,349.. 4,601,699.. 5,122,907.. 3,769,161 Woollen yarn,

612,393.. 682,208.. 558,808.. 643,344.. 410 816 £31,379,832 £31,548,051 £30,241,680 £31,077,350 £26,257,758

The month of October last year was one of very disastrous business, and this year there is a small increase upon the business of that month. The approach of the cholera also tended to depress commercial enterprise, and to promote a hoarding of the precious metals, and a diminished demand for the products of industry. In France, also, a kind of panic exists from the strife of parties in relation to the presidency, and holders of produce are desirous of selling it for money to hoard. The export of bread stuffs from the northern departments to England, is therefore considerable; and while it depresses the prices in those parts, aids to promote a continued current of the precious metals to France, Throughout Europe, to a greater or less extent, the desire is to turn whatever is possessed into specie, and hold on to it. It is true, that in the hands of immigrants, conside able portions of this arrives here, and passes into circulation ; but there is a export demand at a price not warranted in the present state of commercial exchanges. The lessened demand for goods causes a decline in the great staple, cotton, that is severely felt at the south, but with that exception, the surplus of the United States consists in articles, which, whether war or pestilence, or both, devastate the old world, must be had, and the export of them is such as to afford a supply of bills beyond the wants of trade, and the rates have been steadily falling.

The following is a table, from official sources, showing the imports and exports of specie at the port of New-York, the monthly duties collected, the amount of specie in the assistant treasury at the close of each month, and the price of United States 6 per ceat. stock at the same time :


Monthly Balance in U.S.

Import. Export.



lise $100,973.... $674,548....$1,232,404.... $1,893,808....102. 58,915 ....1,455,946. 1,02 1,766

104 39,712. .1,788,867 856,576.... 734,060.... 983...JI

1847. October November. Deceinber.

1848. January February



1,738,554.... 2,305,017 40,502.... 433,226.... 2,416,497....

96) 186,411....1034

November 27

Port of New-York-( Table continued.)

Monthly Balance in U.S. Ster-
Import. Export.



ling. 22,781.... 452,507.. 1,553.003.... 536.754....1023.... 83 165,919....1.180,42% 1,686,506.. 372,246....104... 103 133,922....2,.249.253. 1,312,036. 105,569....104 11 69,532....1,871,972... 1,148,497. 159,036....1041.. 93 64.631.... 744,983... 1,794,236. 199,957. . 1034. 9 133,855... 331,031.... 2,533.343.... 563 3:22 1031. 9 197,098 561,455. 2,119,571. 1,433,387

8$ 127,998. 882,423. 1,328,833. 855,380....104.1. 81 24,530. 274,142. 853,655.... 1,101,000....1083. 83


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These figures, for the specie, show only the quantities entered at the New-York custom-house. Very considerable quantities—probably $5,000,000—went from here to Boston, to go by steamers, and do not appear in these returns. Now, it will be observed that the sudden export last year of $3,000,000 produced this stringency of the market indicated in our number for January, 1848, page 83, when money was quoted at 2 per cent. per month; yet, under the continued operativn of those elements, the market is recovered, and very much easier now than it was in November last; that is to say, it is easily had “at call” at 6 per cent.; and good autioneers' paper is done at 9 per cent., and the general run of paper 10 percent. United States stocks, which fell in December to 981, have risen 9 per cent., or 6 per cent. clear of dividend, and exchanges rule much lower. The prosperous state of the federal treasury has enabled the Secretary to notify that he will not want any further instalments on the loan of July last until January. This, in addition to the large sales of stocks abroad, and the payment of the four instalments, amounting to over $1,000,000, to the claimants under the Mexican treaty, have much relieved the stock market, and aided in the above rise. It will be observed, that although the treasury notes are by law convertible, at the option of the holder, into a 20 years stock, there is a difference of 3 per cent. in the price. This arises from the fact that the stock is sold wilh the interesl, while the treasury notes interest in addition. The stock has now near five months interest accumulated. The issues of stock at Washington to go abroad, have, in the last five or six weeks, been as follows: Week ending October 14,.. 82,100 Week ending November 4.. ....99.600 ....130,050

11 1,073.700 28,.....556,300

18 .526,300

24. ..496,700 These, together, make $3,368,050, of which but a small portion was on account of the $3,000,000 sold in London, by Messrs. Corcoran and Riggs. Other parties have taken the lots for almost all countries of the continent. Mr. Pakenham, the British Minister, took $40,550, and Madame Weiss, for the dancing troupe of Viennoise children, took $47,000. This is the nature of the issues, viz.: to bona fide holders, and not to stock-jobbers. The bills drawn against these sums have been in the market, and mat:rially influe.ced the rate of exchange. The market has remained thus steady, and recovered to a considerable extent, while our foreign connexions have been disturbed by two such power!ul causes as the English revulsion, and almost general mercantile bankruptcy, and the European revolutions, involving similar commercial results in that quarter. In the same time, in addition to the above $21,796,285 iaken from this market in specie for duties, the government has taken in specie for loans, $18,828,770, making $40,625,055 of specie taken by the gov ernment, in addition to $18,000,000 exported; say, together, $52,000,000 ; and the money market is easier, interest and exchange lower, and stocks higher. Can any circumstance more strongly indicate the sounduess of our general business, and the conservative influence of the independent treasury? The receipts and disbursements of the federal treasury, inspecie, from the operation of the law to the 1st of July, have been as follows:





January, 1847, December to

Month Total, Jan. 1847 to Dec. 1847. June, 1848.

June. to July, 1848. Received ..........

48,667,886. 19,133,890.... .3,243,064. 71,044,840 Paid..

. 48,226,516.. 20,833,058. - 4,630,309. .73,689,883 The Treasury statements for the quarter ending with September, has appeared, and the general result is a revenue of $9,581,000 for the quarter, from ordinary sources, and an expenditure of $14,577,542 exclusive of debt, leaving a balance of $5,500,000, which was more than defrayed by the instalments called in from the $16,000,000 loan. The revenue and expenditure for the year, have been as follows, quarterly :


Customs. Lands. Mines. Loans. Total. December 31. ...5,337,874....903,965.... 48,500....2,012.450.... 8,307,790 March 31....

9,383,000....700,000....176,200....5,387,820....15,647,020 June 30..

5,888,568....781,796.... 35,375.... 4,643,300....11,349,039 September 30.... .9,010.000....470,000....101,000....7,67 4,650....17,255,650 Total, 1848 --$29,619,442 2,860,761 361,075 19,718,220 $52,559,499 1845 27,528,113 2,077,022 163,998

29,769,133 The revenue of the country derived from ordinary sonrces has been, it appears, $32,841,279, exceeding by $7,000,000, the average annual expenditure in time of peace. The expenditures for the past year have been as follows:


Civil List War Navy Debt, Ending. State Dep't. Dep't. Depot. Navy Dep't. Interest. Total. December 31. 1,641,053 3,308,323 2,649,749 919,334 787,439 9,305,918 March....

1,389,582 7,241,659 1,964,772 6,229,818 228,541 17,054,372 June 30.

.1,446,978 6,698,470 2,395,066 1,564,000 1,021,527 13,126,041 September 30...... .3,371,928 3,564,852 2,979,022 806,300 161,750 15,383,342

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Total, 1848. - $7,849,531 25,313,304 9,988,5099,519,452 2,199,277 54,870,173

1945.. 5,619,207 9,533,203 6,223,639 7,548,127 1,040,032 29,968,206 Included in this is the sum of $3,000,000, paid in specie at the city of Mexico, being the first instalment under the treaty of peace. The $800,000 of debt paid during the last quarter is the amount of Treasury notes taken in New-York from Mr. Morgan, in exchange for specie. The whole expense of the Government in 1845, the last year of peace, was, exclusive of debt, $22,500,000; for the next four years, during which the Mexican instalments are payable, this amount must be increased by $3,000,000 for instalments, and $1,000,000 interest, making, say, $27,000,000, and other extraordinary expenses will raise the expenses of 1850 to $33,213,152. As it appears, however, that the ordinary revenue for the present year, is $32,341,279, there will be a surplus of $6,000,000 per aunum. for a sinking fund to extinguish the war debt which would be effected in seven years. The probability is, however, that with the increase of the export trade of the country, to supply Europe with produce, the returus of dutiable goods into the country will be such as to enhance the custom revenues, and swell the amount. Notwithstanding that, the soldiers' land warrants will, to some extent, diminish the proceeds of the public lands.

The returns of the banks of the State of New-York for the quarter ending September 30, 1848, as compared with previous returns, show leading features as follows: BANKS OF THE STATE OF NEW-YORK.

Balance Loans. Specie. Circulation. Deposites. due banks August, 1847 80,740.677. 11,983,124.... 25,091,683....36,781,080....10,830,465 Nov. 11, 1847 ..80,558,529.. 9,107,920....26.237,156. .35,096,818. 6,308,777 13, 1847 ..82,561,614.. 7,418,928. 25,870,131....

.35,669,795. 6,116,878 March 4, 1848...73,921,811.... 6.722,326. 23,047,826. .29,741,507. 4,444,039 June 24, 1848....72,318,986.... 6,751,338....20,718,825. 27.650,590.. 5,663,958 Sept. 30, 1840...73,503,787.... 5,721,134....22,601,051....28,835,024.... 4,165, 416

This indicates an immense cartailment of credits, the banks owing the aggregate of circulation deposites and banks $55,601,471 against $72,703,228 in August, 1847. While this curtailment in the borrowing of the banks has taken place, they have loaned $7,200,000 less to the community. That which operates upon the abundance of money in the market, is the state of exchanges between the conutry and city; and the balauce of payments due to or from the country is indicated in the balances between the country and city banks. The following figures show the state of affairs at different periods :

Sept. Nov. 1846. Nov. 1847.

30, 1848. Due to country banks. ...

1,504,886. 2,948,500.

635,837 Banks in other States..


3.360.253. 3,701,247

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“ from city banks.....

3,649,829... .6,308,751........4,337,134 The amount due on the 1st of November last year to the country was considerably larger than usual, and the drafts of the interior institutions upon the city from November to January, simultaneous with the demand for specie on foreign account, induced by the state of affairs in Englaud, caused that scarcity of money then so severely felt in the city. It will be observed in the above table, that the aggregate balance due banks in other States, by those in New-York, diminished from uear $11,000,000 in August, 1847, to less than $4,500,000 in March. In that period the banks in New York paid bank balances $6,500,000, deposites $7,000,000, and circulation $2,000,000, making $15,500,000 to do which they parted with $5,200,000 of specie and called in $6,800,000 of loans.

In addition to the demand last year for specie to ship to England and Europe, a very considerable portion of United States capital became paralyzed, through the fact that the exports to the north of Europe and England could not be sold ; hence the shippers were exceedingly cramped, at the same time the desire to realize goods abroad, induceu the sending of them here to sell to a greater extent than otherwise would have been the case. From these three causes chiefly, the foreign trade operated to lessen the availability of capital invested in produce, and to produce a demand for investiments in goods to the extent of at least $50,000,000, purely through political causes. While the interesis concerned in the foreign trade have been thus atfected, the internal demayd for money has been very great. At the eastward the demand for capital centered in Boston, has been in two years near $60,000,000 for railroads and public works. The following is a table of the Railroads of Massachusetts:



Capital, Increase in Paid in Capital

Divid'd 1846. 1847. 1847. paid in. Debt pr. ct. Income. Expense. Berkshire Railroad..., 500,000 100,000 100,000 600 000 2,199 7 42,000 Boston and Lowell....1,800,000

1,800,000 100,790 8 446,556 253,408 Boston and Maine..... 2,300,654, 593,800 300,737 2,601,391 338,589 9

511,504 220,260 Boston and Providence, 2,160,000 360,000 360,000 2,520,000 117,000 7 363,3-8 175,345 Boston and Worcester..3,500,000

3,500,000 747,357 10 722,170 381,985 Cape Cod brauch. 500,000

234 953 257,433 Cheshire Railroad.. . .1,700,000 500,000 428,652 949,212 452,932 Connecticut... .1,500,000 500.000 162,990 800,900 368,979 7

123,951 68,900 Dorchester and Milion,

64,885 74,263

ler. Eastern..


450,000 2,250,000 1,022,220 S 424,800 160,083 Essex..... 500,000 50,000 129,580 129,580 82,681

3,594 let. Fall River.. ....1,050,000

451,450 1,050,000 20,853 11,354 77,986 *Fitchburg..

.2,116,100 533,900 384,325 2.235,900 175.173 390,736 209,130 Fitchburg & Worcester,

Grand Junction........1,200,000 1,000,000 411,175 411,175 42,805
Hartford and N. Haven,
Lexington, &C..... 200,000

11,630 117,009 99,019

8,334 Lowell and Andover... 200,000

106,064 106,164 Nashua and Lowell..... 500,000


10 157,335 96,937 N. Bedford & Taunton, 400,000


8 138.881 94,761 Norfolk County.. 400,000

32,345 32,345 Norwich & Worcester, 2,200,000

1,653,500 883,347 234,895 196,858 VOL. XXIV.-NO, CXXVI.


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