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of that altered and more liberal policy; has allowed himself to be elected Preand that instrument has continued the sident of the New York Historical Somodel of the subsequent conventions of ciety, and he holds the same relation a similar character with other coun to the Ethnological Society, which has tries. We trust that no serious danger been recently organized under his ausis portended to the stability of this poli- pices. cy, by the recent demonstrations we We are conscious of the meagreness have seen, of a desire to cloak the ob- and imperfection of this sketch of the noxious principle of tariff protection life of one of the most able, useful and under the disguise of retaliatory dis- eminent of the great stalesmen whose criminations, withdrawn from the ac names adorn the annals of our country. tion of the more popular branch of our We have left unnoticed many things government by being put in the form which would have sufficed to make the of treaty stipulations.

honorable fame of many other men. Nor has the retirement of Mr. Galla- Mr. Gallatin still continues the charm tin been devoted exclusively to sub- and the light of every circle in the jects connected with his public remi- midst of which his presence shinesniscences. With a memory tenacious not more venerable for those

grey

hairs in the extreme, and to which all his- which constitute the crown of glory tortcal knowledge seems to be tribula- and of beauty to the head of age-outry, and with most accurate scientific numbered as they are by the public attainments, no one can be admitted to honors and services crowded inio the his intercourse, without being convinc- years by which they have thus been ed that his learning is deep and vari- whitened-than delightful in the richous. In 1836, Mr. Gallatin published, ness, instructiveness and elegance of in the Transactions of the American his conversation. The faculties of his Antiquarian Society, a “Synopsis of mind appear not less vigorous and vithe Indian Tribes in the United States vacious ihan they could have been in east of the Rocky Mountains, in the the prime of youth. We have only to British and Russian possessions," the fear that that indulgent kindness which materials of which he had been for is rarely if ever appealed to in vain by many years collecting—a work of vast the young, inay be somewhat too selabor, which will long remain as a verely taxed by the liberties of praise valuable contribution io the literature which we have ventured to take with of the country to whose political affairs his name; and which all but its subject its author's life had been devoted, as will recognize as only an inadequate well as a very remarkable monument and unworthy expression of the veneof the zeal and industry in scientific ration which he cannot but inspire, to research, which no weight of years all who, after reading his history in the seems able to weaken. He is now history of the country, can enjoy the understood to be engaged in a similar privilege of access to ihe socieiy of só work with respect to those of Mexico. noble a relic and memorial of its better In the course of the present year, he' days.

MONTHLY FINANCIAL AND COMMERCIAL ARTICLE.

NEARLY three-fourths of a year have had been the struggles of the advoelapsed since we intimated that the cates of the paper system to restore first movement bad commenced 10. business on the basis of blind confidence ward a reconstruction of the commer- in corporate promises. Scheme after cial prosperity of the United States. At scheme to retrieve affairs had failed althat time the strength of the storm most as soon as projected, and the pubwhich had overtaken the banking sys- lic mind had at last returned and settem of the United States had nearly tled down to the abiding principles of spent itself, and most of the doubtful republican industry and frugality. The banks had stopped or were in the way new crops of cotton, tobacco and rice, of liquidation. Long and desperate were coming into market on a cash

system of business. The exchanges at natural tendency of the plenteousnes all points showed a settlement of com- of money to stimulate irade was i mercial balances, and an influx of specie, some degree checked. So great a s. the proceeds of the crops, was looked perabundance of money could do forward to. The crops came forward, however, long remain idle with and the current of specie lowed steadily promoiing speculation in some bras. into the sea-ports until the following es of business. Speculation unituri results have been produced :

is engendered when money sudden, becomes plentiful, because capitalists

. Specie in New York Banks,

more especially banks, are anxium July, 1812,

$5,405,862 to improve their funds, and the grow Specie in New York Banks,

of enterprise among regular business May, 1843,

13,500,000 men is much too slow to absorb abe

idle capital. In our April Number, we Increase,

$8,094,138 remarked that the results of the late Specie arrived at New Or

session of Congress, defeating all tbe leans from August, 1812,

“relief” measures of the dominan: to May, 18-13,

$9,000,000

party

in the national government, bai

cleared the way for more extensive The value of money has gradually transactions in stocks. 'The rapid fallen from 6 per cent. to 4 per cent. on growth of stock speculations, under good paper in New York during this the siate of affairs then described, is accumulation of specie, which has seen in the following table of prices been in the winter months, when the which we have brought up to the prechannels of interoal trade are for the sent time: most part closed, and of course the

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Rate. Redeemable. August 30. February 15. Dec. 15. March 15. Mar 15. United States, 59 1844

100
a 1004 96 a 97 97

a

99 101 a 1011 100 6

97 99 99

101

@ 1011 101
6 1862

100
a 101
106

112 New York,

s12 1848-49

1031 a 104 | 1054 a 1051 116 6 1850-34-60 100 a 1004 79 a 80 907 a 99 103

@ 104

105 6 1861-62-67

96% a 98 1 103 @ 103 107
52 1804-61-65

92
a 73

90

97 101 & 10:1 1845

93 95 80 87 92 a 937 96 97
5 1846-7-8-9 93

Q 95
80 a
86 90

96
5 1 1854-1-7 93
a 92

86 92

a 93 95
5 18.35-58 86

68 @
86 91 a

95
5 1859-60-61 83 82

85 86 90 4 1819-58 75 a 77

a

79 82 85 90 28 Ohio,

! 18.30

94
@ 95 68 @ 70

75 70 71
6 ! 1834-10

94 95 67 08 72 791 70 704
5 1850-56 84
a 85
60 65

65 SO Kentucky, 6

84
67 68 78

85
Illinois,
6 1870
55 a 551 18 a

19 18 @ 185 20 21 31 31 Indiana, 5 55 57 19 a 21

a 211
21

30 Arkansas,

€ 311 6 59 60 35 45

28 30 35 Alabama, 6

50 55

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60 65
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Pennsylvania, 5

79 80 32 a 33 @ 393 394 10 New York City, 7 ! 1857

1064 a 108 107

111 7 1 1852

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This presents a general advance in New York has made this spring, to the value of stocks almost unprece- pay arrearages to contractors, two dented. The buoyancy and animation loans, which have been taken as folof the market still continues, and in all lows. In order to show the rates by probability will so continue, until the comparison, we will prefix the terms money now seeking investment shall of contracts for all the New York ca. become absorbed by the slow progress nal loans, as follows: of reviving commerce. The State of

TERMS ON WHICH THE NEW YORK CANAL DEBT WAS CONTRACTED.

On Account of

Inte'st.
pr. ct.

Terms.

Redeemable.

Amount.

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Crooked Lake, Chemung Canal, Crooked Lake, Chenango Canal,

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3 3.25 1.55 0.75

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prem. 6.82 0.70 7.91 7 5

par par

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Black River 6

1850

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$ 227,000

150,000 100,000 110,000

87,000 130,000

20,000 140,263 100,000 25,737 20,000 100,000 900,000 150,000 100,000 200,000 100,000 25,000 50,000 19,030 525,969 169,091

10,064 137,090 252,000 1,978,526

11,764

7,806 500,000 500,000 72,536

23,200 3,000,000 208,553

25,000 20,000 500,000 1,000,000 1,000,000

20,000 250,000 250,000 250,000

25,000 367,951 300,600 43,682 50,000 54,945

8,500 10,000

11.18 prem.

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1855

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Oro Oro. O O O O OO ON O O O O O O O O O Or er or or on or or OT OTO O O O O O O O O OT

Chenango Canal,
Black River,
Erie Enlargement,
Black River,
Oneida
Chenango Canal,
Erie Enlargement,

8.15 0.26 0.75

par 3 prem.

par
par
par

1839

0.04 prem.

1845 1850 1855 1850 1860 1850 1854 1858 1858 1853 1858

1840

6

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Chenango Canal,
Black River,
Genesee Valley
Oneida River,
Erie Enlargem't,&c.

1841

Chemung, &c.
Oneida Lake,
Chemung,
Erie Enlargement,
Genesee Valley

10 9 9 15.75 «

par par

par
9 discount

par
par

1860
1858
1860
1860
1851
1860
1860

1842

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In 1826, a 5 per cent. stock, 20 ing the Banks. of the remainder, years to run, was sold at nearly as $5,000,000 composes the internal imhigh a premium as the 6 per cent. now, provement debt, and was issued for being a difference of near 20 per cent. the construction of rail-roads, &c. For in favor of the then rates. Since that this debt there was no other security period, however, the stock capital in than that afforded by the faith of the ihe country has increased upwards of State. There remains $4,300,000 of $250,000,000. In 1833, 34, when the canal bonds, which are secured upon paper inflation was gathering force, the the capal and the lands connected with 5 per cent. stock sold, it seems, at over and belonging to it. This canal is one 15 per cent. premium, but steadily fell of the most important works of the to par under the increasing difficulties country. It is 100 miles long, and that ended in the explosion of 1836, 37. navigable for boats of 100 to 150 tons. The large and constantly increasing It cuts the strip of land which separates issues which commenced in 1838, ac- the navigation of the great chain of companied by inevitable consequences, lakes from the Illinois and Mississippi sank the 6 per cents. to 80 in 1842. rivers, thereby completing a water Under the plenteousness of money and communication between Buffalo and increasing wealth of the country, a New Orleans. This important work, level of prices may be maintained for on which so much money was expendthe present amount of stocks in exist, ed, was lying idle and becoming rapidly ence, very nearly as high as those of dilapidated for want of funds to com1830-31, more especially as the great plete it. The pressure of the times reduction of banking capital has re: disabled the State from obtaining the moved one of the principal drains upon money—the Banks failed—trade bethe accumulations of industry. came stagnant, and prices fell very low.

These rates speak highly for the At such a moment it became necessary credit of the State of New York, more to lay a grievous and entirely uper. particularly when we contrast the rate pected tax upon the people to sustain now given, 106.52 for a 6 per cent. The credit of the State. The borrowed stock with that as seen in the above money was apparently lost, and much table, for the same description of stock mismanagement had prevailed in obin February, 1842, when the party in taining it. It was not therefore to be power at Albany promptly imposed the wondered at if the people resisted taxmill tax and stopped further loans of ation, more especially as they were state credit. The difference is 28 per assailed with unmeasured abuse for cent, in favor of the stock now, Ohio becoming the victims of a vicious paper pursued a contrary course, and it was system. The first burst of the difficul. with the utmost difficulty she could ty being over, the new legislature, at maintain the rates of last year down its last session, began to gather up the to the middle of April. The officers remnants and devise some means of of that State have issued proposals for settling in an equitable manner. Tas$1,500,000 7 per cent. stock men- ation, in the extremity to which the tioned in our last as authorized at the people were reduced, was out of the late session. The time expired on the question. The property of the State 13th, with only partial success. was the only resource. That was un

The State of Illinois has taken a stand available and rapidly becoming valuein regard to its debts which is likely to less for the want of $1,600,000 10 comlead to the best results. The move- plete the canal. A compromise then ment is an important one, because Illi was absolutely necessary for the internois was one of the first states to hold est of the creditors as well as that of out the iniquitous doctrine of repudia- the State. The lands belonging to the tion. Under her present government, canal, at a very low estimate, are valued however, she has solemnly acknow. at $4,000,000, and would immensely

, ledged her outstanding obligations, increase in value on the completion of and taken efficient steps to settle them. the canal which runs through thein. The debt of the State of Illinois was Taking advantage of this circumstance, about $12,500,000, whereof $2,500,000 the State has passed a law to borrow was issued to the banks of the State, $1,600,000 to finish the work, giving and has been withdrawn and cancelled the holders of the canal bonds the first by the law of the late session liquidat- privilege of subscribing. The subscrib

ers to the loan are to appoint two trus- tion in both the United States and the tees, and the Governor of the State one. government of Great Britain, to arrange The canal with its lands is to be made by mutual concessious a greatly extendover to these three :rustees, who, upon ed intercourse between the two counthe completion of the canal, are to sell tries is likely to result in the greatest the lands and repay the new loan, prin- advantages io the masses of the people cipal and interest, with the proceeds. in both countries. The cheap bread The first receipts of the canal will then of the United States, by reducing the be applied to the interest on the canal monarchical absurdity of protective tabonds, then to that on the internal im- riffs, may be placed within the reach provement bonds, after which to the of the artisans of England. The principal of the canal bonds, when that great element of the home trade in of the internal improvement bonds will Great Britain is the low prices of probe discharged. The moral influence visions. The apparent anomaly invaof constructing the great canal as at riably presents iiself, that when profirst intended, without taxing the people, visions are high trade is dull, and will be productive of immense results. therefore employment for the operatives It will encourage the people to exertion, difficult to be procured. On the other at the same moment that it will give hand, when the necessaries of life are them a market for produce, and raise cheap, trade improves and labor beits prices, develope their resources, comes in demand. The effect of the enhance the value of their lands, and in- reduced tariff of last year has been to crease their numbers, by encouraging lower the prices of all provisions about immigration. Under ihese circum. 20 per cent., a fact which is proved in stances, with an improved currency, a all ihe large governinent and company renovated trade, and debt diminished contracts lately made as compared with two-thirds, both the will and the ability those of last year. This reduction of to pay taxes for a discharge of the bal- prices of food 20 per cent. in England ance, will be exerted. Illinois will is equivalent in its effects on trade to a ihen be cleared of the foul blot of repu- rise of prices to as great an extent in diation and the burden of a debt. The this country, and under a system of same general operations are likely to ex. free trade between the two countries, tinguish eventually all the debts that both results are brought about at the are now due by the American people. same time, because the margin of

The latest advices from abroad give prices is so great that the withdrawal a much better aspect to the commer- of the surplus here and the ibrowing it cial affairs of England than they have upon the market there, equalize the presented for many years. The great prices and animate trade in both counand long continued abundance of money iries. Hence the more provisions that had at last begun to exerı its legitimate are sold by the western farmers to effects in promoting an increase of England, the greater will be the conbusiness. The consumption of cotton sumption of cotton goods there, and by from January 10 May 1st, averaged an a necessary consequence the higher increase of 4,500 bales per week over will be the prices of that cotton netted the same period of last year, and in all to the southern planter, while at the the manufacturing districts there was same time the increased sales of the a greatly improved business from the farmers at the west will enable them demands of the home trade. The to enhance their purchases from the crops of England promise thus far to domestic manufacturers. be a full average, and therefore to as cess is now going on. The reduced sist the recovery in commercial affairs tariff of England has produced the dewhich the abundance of money is slow- sired result, and trade is reviving to an ly stiinulating. The effect of the new extent which promises to sustain the tariff of England has been thus far not rates of the very large crop of cotton so much to promote imports of agricul- gone and going forward, while other tural products as to reduce prices to a descriptions of produce are rapidly point probably about 20 per cent. be- gaining favor. A rise in the prices of low that under the old law, beyond these articles produces an immense which prices cannot reach, because in- effect upon the exchanges by increascreased imports will then check the ing the balance due this country. The tendency to rise. The present disposi- rates of bills have been as follows: VOL. XII.--NO. LX.

83

This pro

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