Balance on hand Oct, 1, 1837, as above

$62,770,392

600,000

from Oct. 1839, when the most of the banks suspended specie payments, for the second time, until the passage of the Tariff Act in Aug. 1842.

From the moment of the passage of that act, public confidence began to revive as if by magic, and ever since that period, up to the passage of the Tariff of 1846, the energies and industry of the country continued to improve.

What the future has in store for us, time only can determine. The great demand for our bread-stuffs and provisions, has so far saved us from the evil effects of the Tariff of 1846, and the operation of the Sub-Treasury Act; the former being entirely neutralized by the large shipments, and the consequent balance of trade in our favor, which, as before stated, have lowered exchange until a handsome profit can be made by importing specie while the introduction of several millions of specie, and the knowledge that much more is on the way, prevents the severe pressure which would have resulted from the operation of the Sub-Treasury, and the drain from the South for the pur. poses of the war.

We pretend to no spirit of prophecy, but the future, in matters of finance, is always greatly influenced by the past and the present; and we think it requires no more than a common knowledge of cause and effect, to perceive that elements are now combining, which cannot fail to produce the most serious effects upon the condition of the country.

It was estimated before the commencement of the present administration of the general government, that we were indebted in Europe about $150,000,000, in state and private debts. No one believes for a moment, we shall get out of the Mexican war under a debt of $100,000,000; and if Mr. Secretary Walker is correct in his estimates, we shall import some $140,000,000 or $150,000,000 under his Tariff of 1846.

To others, who look only at the surface of things, the recent shipments to Europe which have to some extent warded off the impending evils, may hold out golden

prospects for the future; but to the writer of this article, what is called our present prosperity appears fallacious, because it is founded on great distress to nations with whom we have close commercial connection; and in one particular, there cannot fail to be a reaction upon us.

Europe is the grand market for our staple productions, and is, further, the great financial fountain from whence flows all the streams of credit upon which the commerce of the world is sustained. This credit can only be kept up by the retention of a sufficient amount of the precious metals. Any sudden contraction of them, must produce more or less of a financial crisis in Europe: and it is very much to be feared that we may suffer much more from such a state of the foreign money market, as was much dreaded by last accounts, than we have been or shall be benefited by any accession of the precious metals, which has come over here, to return again, when the course of trade and finance shall oblige us to pay our foreign indebtedness. Pay-day must come some time, and it may come when we are least prepared to meet it.

The advocates of the Sub-Treasury, and therefore the enemies of a sound credit-system, may indulge in what fallacies and follies they please, but they cannot disguise the truth, that the commercial intercourse of the world rests on a great credit-system, in which specie is but one ingredient, and though the most essential one, in many points of view, yet it is by no means the sole basis of credit.

This article bas, however, become sufficiently extended, and we must leave it for some future occasion to show that credit can control even the precious metals; that without credit, there could be no such thing as exchange; and that a perfectly sound system of collection and disbursements of the public money may exist without the use of a dollar of specie, or the intervention of a bank note.

THE advent of April finds us rather in momentary expectation of striking events, than with any such to chronicle. It is now well understood that Major-General Scorr was to make an attack upon Vera Cruz on or about the 15th of March. He would have about 4,500 regulars and 9,000 volunteers, and was well supplied with bombs, heavy guns, &c. It was understood that the entire force would concentrate at Anton Lizardo, which is thirty miles from Vera Cruz, and immediately commence the march for that city. The city will first be taken, and this it is believed, may be accomplished without much difficulty, after which siege will be laid to the castle. It is stated now, contrary to former advices, but apparently upon good authority, that the Mexicans are preparing for a vigorous defence, not only of the castle but of the city also. The enterprise in which Gen. Scott is engaged is, therefore, not certain to be attended with success. Even if he succeeds in capturing the town, the castle is prepared for a protracted resistance. The land attack will be aided by the squadron; and it is hoped that this combined effort may prove successful.

Meantime doubt and apprehension rest upon the position and prospect of the division under Gen. TAYLOR. He had advanced to Saltillo, and had even taken up an advanced position at Agua Nueva, eighteen miles south of that place: and we have rumors that on the 23d of February, after being summoned to surrender, he had been attacked by Santa Ana at the head of some twenty thousand men. This fact seems to be certain; of what transpired subsequently we have no reports, except flying rumors picked up from the Mexicans, but these state that Gen. Taylor fell back to Saltillo, when a sanguinary engagement ensued, which resulted in a heavy loss to each side, and in the retreat of Gen. Taylor to the Rinconada Pass. Great fears are entertained that his entire division has been cut to pieces, and that he has not been able even to fall back successfully upon Monterey. Of all this, however, nothing authentic is yet known. Gen. Taylor had been very greatly weakened and annoyed by the withdrawal from his command of all the regulars upon whom he had mainly depended in any emergency. This was done by Gen. Scott, but with the full knowledge of the Administration, and indeed with its approbation, as the official correspondence clearly shows. Our own belief is that the dangers which menaced Gen. Taylor have been exaggerated, and that he has, if not

held his first position, achieved a successful and safe retreat to Saltillo, and farther if necessary, though his own letters show that he had very great confidence in his ability to fortify that place against any force that could be brought against it. A few days must bring us authentic information, though it will come too late for our present number.

Congress adjourned late in the night of the 3d of March. The bill authorizing the raising and equipment of ten regiments of volunteers became a law, though without the desired provision for appointing a general in chief, to have entire command of the army in the field. The bill placing three millions of dollars at the disposal of the President, to aid negotiations with Mexico for the restoration of peace, was also passed, though the "Wilmot Proviso," as the anti-slavery clause which it contained is familiarly called, was stricken out. Several minor bills were also passed, but nothing was done of any decided importance, though, as usual, a large portion of the actual business of the session was crowded into its last few hours.

Mr. CALHOUN, on his return to South Carolina, was received at Charleston by a large public meeting of the citizens, at which he took occasion to speak at length on the proceedings of Congress and of several of the State Legislatures upon the principles of the Wilmot Proviso, and of slavery generally. He said he thought it perfectly clear that the people of the North, comprising men of all parties, had come to the determination not to permit the extension of slavery to any territory of the United States in which it does not now exist. He thought this fact clear, beyond all chance of doubt: and it rendered absolutely necessary in self-defence, in his judgment, the resolute combination of all the Southern States against this principle. He entered into a very full and elaborate exposition of the relations of the North and South, and set forth what may probably be regarded as a programme of the intended political course of the South. He said very decidedly that in his judgment the Southern Democracy should never again submit to the selection of a Presidential Candidate by a National Convention. The proceedings and declarations of this meeting we regard as highly significant.

The intelligence from Europe by the Hibernia steamer has considerable importance, though of no striking interest. The Famine in Ireland continues to elicit the

sympathies not only of Parliament but of the people of England. The distress continues to be exceedingly severe, though immense and unprecedented exertions have been made for its relief. Lord George Bentick brought forward a proposition to appropriate sixteen millions of pounds for the construction of railways in Ireland. But it was opposed by the ministry and defeated by an overwhelming vote. The ministerial programme is opposed violently, but will undoubtedly be carried

out.

The King of Prussia has at last fulfilled the promise made by his father, Frederick William III. nearly forty years ago, that they should have a constitution. The long period which has elapsed since this pledge was given, and the defeat of all attempts made hitherto to secure its redemption, had almost destroyed all hope that it would ever be fulfilled. But a series of ordinances has at last been issued, of which the full scope cannot be understood without first glancing at the present organization of the kingdom. Prussia is now divided into eight provinces, each of which has its assembly of Provincial States, (Provinzial Stánde) representing the nobility, the towns and the landholders, the government however, at the same time, reserving the power of adopting or not the resolutions of these bodies. According to the terms of the English loan contracted by Prussia after the late European war, the public faith was pledged not to contract a new debt without first consulting the StatesGeneral of the Kingdom.

By the first of the new ordinances just issued by the King, he promises to convoke the States-General, so often as new loans, new taxes, or an increase of the present taxes, may become necessary, in order to obtain their consent to the negotiation of these loans or the establishment of these taxes. He also promises to assemble periodically what is called the perma nent committee of the States-General. The mode of election for this committee will be indicated by a subsequent ordinance. The King also confers upon the States-General, all the consultative powers which are now enjoyed by the Provincial States, relating to changes in the general legislation of the country, with the right of remonstrating or petitioning in the internal affairs, which are not merely of a local nature, as it is understood that the latter affairs will continue to be submitted to the Provincial States.

By the second ordinance it is provided that the eight Provincial States of the monarchy, shall be convened in an assembly of the States General, whenever new loans or new taxes are required, or whenever the government shall deem it necessary for the transaction of the most impor

tant business of the country. The time, places and duration of these assemblies are to be regulated by a special ordinance. The province of the royal house, and the. mediatized princes of the ancient Germanic Empire, are entitled to seats in this body. These princes, and the nobility, are to meet and vote in a separate assembly from the body of the diet, excepting in the case of propositions for loans or new taxes, in which case they meet and vote in common with the other members. In case of war, the king reserves to himself the right of making new loans with the consent of the permanent deputation of the States, to whom is confided the administration of the public debt. He also reserves to himself the right of establishing, in case of war, new taxes without consulting the States, but at the same time promises to submit the subject to them as soon as circumstances will permit of their being assembled.

The third ordinance provides that the committee of the States-General shall be convoked at least every four years. This committee, in regard to all matters of general legislation has the same power as the whole body of the States-General, but not in respect to laws and taxes.

But

These concessions, at first glance, may seem to be of slight importance. taken in connection with the progress which liberal principles have made in Russia during the last quarter of a century, and with the fact that popular accessions once granted can never be recalled, it must be deemed an important step in the national progress of the kingdom. A great deal has hitherto been done in improving the jurisprudence of the monarchy: municipal corporations have been created, conferring the right of suffrage upon citizens of moderate means; and free provision has been made for popular instruction. These are all important points, and the new ordinances of the present King carry the liberal principles thus far established, into still farther and more free effect.

We have received from a correspondent in Paris, from whom we hope to hear occasionally hereafter, the following letter which supersedes the necessity of extending this summary farther:

PARIS, 25th of February, 1847. The fine clear weather during the past eleven days, although turning cold at present, has been very seasonable after the fatigues and exposure of the Carnival. Sunshine, a genial bracing atmosphere, and the early verdure already enlivening the public gardens, are sovereign remedies for inflamed eyes and jaded nerves; and the melancholy harvest which that mad period annually promises to the cemeteries of