whether any man in Louisiana has more warm friends and supporters, or could carry with equal strength a seat in the gubernatorial chair of the state, which there is little doubt of his occupying for the four years that are to come. *In reply to an accusation in one of the partisan presses, Gen. Walker answered a short time ago, "I never said to any man living I was not a democrat in 1824. I was originally a Crawford man, but when he was dropped, and I was compelled to choose between Mr. Clay and Mr. Adams, I felt rather inclined to support the latter, but I had no opportunity of doing so, as I was not in the Legislature at the time. Why upbraid me with being an Adams man 25 years ago, when even Mr. Jefferson preferred him to every other candidate? Did not Mr. Jefferson first take him into his confidence when he gave in his adhesion to the republican party during his administration? Did not Mr. Madison retain him in his confidence? Did not Mr. Monroe make him Secretary of State? Did not all this afford good reason to believe that Mr. Adams was attached to the republican party?" IT long has been a fashion, when the sun goes down to rest, But now the admiration surpasses that of old, The yellow hue is taken for the gleam of real gold. Where, from the Rocky mountains, bright streams like silver bands Is found that El Dorado, so vainly sought of old; And then the yellow tinting, upon the sunset sky, In the vale of Sacramento soft the robes of verdure lie, Gold! gold! it was the watchword, when the Spaniard first unfurled Seized Montezuma's treasures-pounced on Peruvian gold. 'Twas a golden dream that westward turned many a venturous prow; Thus to California's vallies, gold, with its phantom glare, The soil, the streams and harbors, whose wealth remains untold, Albany, June 1st, 1849. FINANCIAL AND COMMERCIAL REVIEW. IN New-York. money has remained exceedingly plenty during the month, under the influx of mercantile deposits swelling at the banks, through the prompt payments of the country dealers. The passing away of the cholera was marked by the revival of great activity in the fall business. The number of dealers in the city became very large, and their purchases so active as to produce a rise in the prices of the considerable importations which have taken place for the fall trade. The importations of dry goods at the port of NewYork, since July, have been as follows, comparing the aggregate with the corresponding season of last year: IMPORTS OF DRY GOODS, PORT OF NEW-YORK: Aug. 10,. Wool. ....255,423.. 66 17,. . 1,020,645. .311,555....1,087,371 265,764....127,442. 2.822,807 1,755,443 1,267,322 24,.... 765,487 .297,548.... 555.368. 178,565. 61 31,.... 748,803, ---263,229.. 513,756....156,277 73,376. Sept. 7,.... 457,360.. .207,954.... 445,464.... 89,088. 67,446. 14,.... 389,626.. . 137,497.. 259,103. .164,391.... 56,827. . 1,002,444 .3,423,885. .931,994.. .453,944. .... 9.834,399 .6,661,112 There has been an increase in most articles, with the exception of cottons, reaching in the aggregate 33 per cent., and these have found prompt sale at improving prices, under the effective demand from the interior, and cannot now be replaced at the same prices from abroad, by reason of the generally increased consumption which has taken place, as well in India as in Western Europe and England. The subsiding of political disquiet, although at the expense of popular rights, has been attended by that renewed activity of European business, which abundant food and cheap money generally ensures; and while very considerable exportations of farm produce have taken place, cotton has continued to advance in price in the face of a most prolific crop, in regard to quantity. although inferior in many respects in quality. This prosperous condition of the export trade has enabled the importers to pay for their large importations of goods without raising the prices of bills to par; sterling sells 8 a 93 per cent., according to quality. It is most remarkable, that under larger importations than have taken place since 1836, bringing into the custom-house of New-York over $3,600,000 duties for the month of August, that the prices rise, are promptly paid for, and money continues cheaper than usual in the city; being loaned "at call at 3 a 4 per cent. per annum; while so far from exporting specie bills are declining in the face of a cessation of the export of bills. Every department of business is active, and prices advancing, particularly for the raw materials, cotton and wool, under the purchases of inanufacturers. It is very evident that a continued relaxation of commercial restrictions, in western Europe, operating through improved facilities of communication, causes so great an increase in the consumption of raw materials, as in usual years to exceed the supply. The enlarged consumption of food causes many farmers, in countries favorable to its growth, to give less attention to the culture of raw materials, and cotton rapidly supplants flax and even wool. The cotton year having reached a close, it appears the crop results as follows: EXPORTS, UNITED STATES CONSUMPTION, AND STOCKS REMAINING ON HAND. After a crop of 332,000 bales larger than ever before, the stock in all the ports has diminished 17,000 bales. The quantity consumed at the South, taken to mills directly from the plantation, and therefore not included in the receipts, is put down at 110,000 bales against 75,000 last year. That is to say, southern manufactures have taken 35,000 bales more than last year, and northerners 13,000 bales less; making 22,000 bales more consumed in the Union. This western and southern consumption is computed as follows: CONSUMPTION OF COTTON SOUTH AND WEST OF VIRGINIA. Four circumstances have conspired to improve the prices of domestic manufactures-viz: : a rise in the raw material; the long summer drought; the influence of cholera among operatives; and, lastly, an active and healthy demand, based upon the healthy export trade of the Union. That the interests of the vast mass of consumers lies exclusively in the profitable sale of their produce, is well known. When to the large home market an important foreign demand is added, the value of the aggregate sales is enhanced, and the prosperity of the producers becomes manifest in an active demand for wrought fabrics. This affects those few articles which, being better manufactured abroad through natural and artificial advantages, return home as the proceeds of produce sold, as well as the immense body of home-made goods, and both the importing and manufacturing interest are now participating in the prosperity created mainly by the favorable export trade. Many manufacturers are taking advantage of the abundance of money to hold stocks for a rise-an operation which will be ascribed to want of a high tariff when inevitable disaster overtakes such folly, notwithstanding the present disposition of cotton and woollen fabrics to advance. The generally prosperous condition of the foreign markets, resulting from the pacific aspect of affairs politically, abundant harvest, and cheap money, has produced on the continent, as well as in England, a rise of wages as well as raw material, and induced caution among holders of goods here in regard to foreign sales. The prosperity of the great valley of the Mississippi, as manifest in the receipts of produce at New-Orleans, via the western waters, and the exports thence, is in some degree indicated in the following table: RECEIPTS AND VALUE OF CERTAIN ARTICLES OF PRODUCE AT NEW ORLEANS, YEAR ENDING AUGUST 31. Although the receipts of western produce from the Mississippi and its tributaries have been less than in the year 1847, when the famine prices for food in England stimulated the business of the remotest sections, the value of that produce has this year exceeded that of the last by $4,000,000. This sum represents so much additional purchasing power on the part of those who produce for the New-Orleans market. The low estimate of the cotton average this year, arising from the fact that the quality was much below that of last year, gives a lower cash figure; but it is to be considered that the deliveries of cotton at New-Orleans are only 40 per cent. of the crop this year, while last year they were 50 per cent. There has been a less crop of sugar, but tobacco, molasses, and miscellaneous articles exceed, by more than $4,000,000, the value of last year. The aggregate value arrived at New-Orleans is larger than in any previous year, with the exception of the famine year. The aggregate official exports from New-Orleans for the fiscal years, ending June 30, were as follows: This decline in exports in American vessels occurred in the September quarter last year, during the disturbances of Europe. In the June quarter they had increased $2,600,000 over the corresponding quarter last year. Under a restored consumption of cotton in India, Europe, and England, stimulated and promoted by the free-trade policy of England, well-grounded suspicions arise that the production is now far less than the effective demand. In proof of this, a computation of the growth and consumption of United States cottons for the last fifteen years, including the present, results as follows: Fifteen crops United States cotton, 1834 to 1848, bales Excess production. 28,422,000 28,279,000 143,000 The excess for fifteen years is less than three weeks' consumption at the average of 1848! For the last four years in which the Zoll-Verein customs have been modified, the English duties on cotton removed and on food modified, and the reduction on the United States duties, the production of cotton has been 8,929,000 bales, and the consumption 9,680.000. Excess consumption 751,000 bales, or 25 per cent. of the crop of 1848. That the crop of next year will be several hundred thousand bales less than last, under the combined influence of early frosts, summer rains, Red river flood, and ball-worm ravages, is highly probable. But all estimate at this early season is hazardous. If the progress of consumption has been such in a year of political difficulties like the last, that the manufacturers have taken more than the largest crop ever before known, what must be the effect of diminished supply when the elements of that large consumption become more active, in face of political quiet for the coming year? The favorable accounts of the harvests abroad are such as to diminish the prospects of considerable exports; but the trade having been once opened, must continue to increase, and become an important element in farming prosperity. POLITICAL MISCELLANY. SYRACUSE CONVENTION. Ir is well known'that the "crooked and indirect ways" by which Mr. Van Buren arrived at power, failed him in the attempted retention of it, and made his name abhorrent to the mass of the northern democracy which rejected him in 1840. His malice operating through a reckless and unscrupulous son, succeeded in placing in power the present government, which is, seemingly, in alliance with foreign despots against every thing democratic. The democratic officers and policy have been swept from power in city, state, and federal government. From the massacre of 25 citizens in New-York, at the order of a whig mayor, to the political immolation of every democrat in the country, we see the results of Mr. Van Buren's treason. It is worthy of remark, that the pretext for this treason was, the exclusion of slavery from territories by authority of Congress. The Democratic principle is, that Congress has no power in the matter. Mr. Van Buren, who a few years since was the slaveholder's organ, de. serted that interest and defeated the democratic party, in order to establish the whig principle that Congress has power to prevent slavery in the territories, and therefore to establish it there if a slaveholding majority is obtained. If Mr. Van Buren had succeeded in engrafting this princlple upon the democratic party, what would have pre vented him from returning to his first love, and contending that Congress should use it power for the establishment of slavery in the territories, a power now denied to it by the democratic party? |