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nothing could redound more to the disinterestedness of Mr. Vaux, than the fact, that he cousented to hold this troublesome, and in many respects, exceptionable office for a term of nearly six years without any compensation whatever, as its former emoluments had been abolished. Such very unequivocal devotion to the public good is somewhat rare in these days of office seeking cupidity. Mr. Vaux gave up his Recordership in the month of May last, and has returned to the sedulous practice of his profession. We should mention that he took a very active share in the last Presidential canvass, and at the invitation of numerous political bodies, visited various parts of the state, where his addresses were received with great enthusiasm, and not a litile contributed to the final success of the democratic candidate. We think we may assert without hesitation, that any mark of the good will of the administration towards Mr. Vaux would have been received throughout his native state with lively satisfaction. But in the spirit of an old and sincere friendship we may be allowed the hope, that Mr. Vaux will no more be persuaded into the abandonment of the tranquil pursuits of an honorable profession for the turbulent and unsatisfactory returns of political life ; at least not until the moment when, with increased reputation and talents matured, his services may be imperiously called for by a confident people, and when his presence in the councils of the nation at home, or in diplomatic position abroad, may become necessary to the good of his country.

In either sphere, and on every occasion that could arise where the advantage of his party, or the interests of his country might be in question, few would be found more able, and none more zealous than Richard Vaux. We are not inclined to trust our pen with any enumeration of the many captivating traits of his private character, lest a natural partiality might betray us into exaggeration ; but of the superior qualities exhibited in his public conduct every one must judge as favorably as ourselves. Well educated, strikingly intelligent, active, energetic and industrious, it will be strange, indeed, if Mr. Vaux does not ere many years take high rank in his profession, his party, and his state. *

* We have omitted to mention that Mr. Vanx has been twice run for the mayoralty of the city of Philadelphia, and though on his behalt a degree of unanimity and zeal was shown never before surpassed, still the stronghold of wbiggery stood out impregnable. As Secretary to the Board of Inspectors of the State Penitentiary he has written many interesting and valuable reports op prison education and discipline.

FINANCIAL AND COMMERCIAL REVIEW.

This is the season of the year usually the most dull, when crops for the most part have gone forward, when bills run low, and the dealers who seek the Atlantic cities to replenish their stocks, preparatory to the fall trade, have not yet made their appearance, and when the harvest is beginning to absorb the attention of farmers and planters. The commercial prosperity of the country depends as well on adequate markets as on the quantity of produce which the earth yields to agricultural industry. When crops in ali sections of the country were large, as in the years 1844-45, and in excess of the wants of the country, they were available only to those producers who, being located near cities and large markets, were not subjected to great costs for transportation, and even then they realised but little money from sales by reason of the low prices that resulted from an inadequate ontlet to the supplies. Under these circumstances trade could not but languish. The division of labor in the country was unequal. There were more agriculturalists than manufacturers: consequently, farm produce could not be exchanged to a sufficient extent for articles needed by its producers. Manufacturers could furnish any amount of goods, but being well supplied with produce, they demanded money from farmers. Now, to procure money, the latter must find a cash customer, which for several years was a matter difficult to accomplish. While, therefore, the country was filled with produce, imports fell off and trade diminished. If we suppose the whole community to be agriculturalists, every man's barn filled with grain, who is to buy? In such a state of things, there could clearly be no trade. If a portion of the community had goods to sell, trade would be promoted until they were supplied with farm produco, of which their wants are necessarily limited, and a stagnation would again take place. If, however, a customer should spring up for all the surplus stock, every man's barn would speedily be emptied ; the avenues of transportation be crowded with produce on its way to market, and the returns would flow back in another shape, giving activity to the whole mass of population; and trade, which consists of the interchange of their commodities, would be exceedingly active. Such a case as we have supposed actually existed, as we are informed by Mr. Prescott in his admirable History of Peru under the Incas. All the land in that region was held by the crown, and was annually subject to division among all the people. Every man, according to the number of his family, was apportioned a piece of land sufficient to raise food for the year. The remainder of the land was cultivated for the "sun," to support the religion, and for the Inca. Thus every man was an agriculturalist, and the surplus crops were stored in the public magazines. There was no trade, and inoney was unknown. The whole was a kind of Fourier establishment. When the Spaniards invaded, they every where found granaries full of food and golden vessels. If we suppose that, instead of plundering the Peruvians, the Spaniards had brought large quantities of goods and exchanged them for the food, what an active trade must have been carried on! A strong analogy may be found in this respect between the position of the United States, in the early part of 1846, and Peru, at the time of the conquest. The whole country was füli of grain. The quantities in the interior were far beyond the most sanguine estiinates; and yet the quantities seeking market were very small, by reason of the very low prices on the seaboard not paying for transportation. Foreign goods were almost prohibited, and home manufacturers had been fully supplied with produce. The granaries of the interior were full, but commercial and manufacturing interest being supplied, there was no demand. Suddenly England invaded us, not with the sword, but with commodities to exchange for food. Throughout the country granaries and barns have been emptied on to the streams in all localities, and every water-course has poured upon the main outlets volumes of produce to seek the foreign markets. The following is the quantity of flour and wheat expressed in bushels of wheat, which reached tide water on the Hudson, from opening of navigation to July 1, and from July 1 to the close of navigation in each of several years : VOL. XXI. -NO, CX

6

174

Financial and Commercial Reviero.

[August,

1843.
1844.
1845.

1846.
From opening 10 July 1, 2,294,325.. .3,663,251... ,3,606.266. .5,049.415.
From July 1 to close... 8,901,561......8,710,018. 10,600.039.....13,874,539.
Total..... ..11,195,886. 12,373,269. .14,206,283. 19,423,914..

Estimate.

1847. ...8,321,381 *20,000,000

.28,321,381

The quantities delivered at New Orleans from the Mississippi were as follows -year ending June 12 :

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The quantities of flour and wheat, expressed in bushels of wheat, and of Indian corn, delivered at tide-water on the fludson and at New-Orleans, for the year ending July 1st, in three years, is as follows:

Wheat.
N. Orl.

N. York. 1845....2.860,837......12,316,262.. 1846....4,951,201... . 15,649,454.. 1847....9,496,247.... 22,695,880.

-Corn.
Total.

N. Orl. N. York. Total.
.15,177,099......1,172,892. 20,000......1,192,892
20,600,655......3,464 614...... .504,203. .3,968,817
..32,192,127......6,819,256. ..3,425,455. 10,244,711

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The quantity of wheat delivered at these two points in 1847, is one-fourth of the entire crop, as estimated by the commissioners of the land office. In the year 1840, the wheat crop of the United States was reported by the census, 84,823,272 bushels, and in that year 10,862,348 bushels reached the Hudson and New-Orleans. These receipts have increased to 32,192,127 bushels this year. This large quantity of wheat made its appearance on a milder derrand, after years of low prices--that is to say in June, 1846. When the crops were all nearly ripe, and the quantity could not be affected by the prospects of sale, flour was less than $4 in New-York, and after July it began to rise, and the advance drew out supplies of wheat, more than double those of 1845, and of corn ten times the quantity. For this corn farmers have got $6,000,000 more than in 1845, and for the wheat, near $25,000,000. Probably for all articles of agriculture, they have realised $100,000,000 more money than usual from the portion exported, as well as that sold to consumers. This returns to them in goods, sooner or later, and by so much the trade of the country is enhanced. The improvement in trade, consequent upon these large sales of produce, is looked for with the autumn. Already a good business has manifested itself, and imports will doubtless increase. The prosperity of the farming interests during the past year, has doubtless stimulated an enormous production, and even should the foreign demand be equal to that of last year, prices must be considerably influenced, more particularly that the means of transportation have increased from similar causes. The quantity of public lands entered by settlers from 1843 to 1845, and including the third quarter of 1846, is as follows:

ACRES UNITED STATES LAND SOLD.

Ohio. Indiana, Illinois. Missouri. 1843....13,338......50,545......409,767.. 436.241. 1844....33,054.....107,278.. ....489,410.

...149,531.. 1845....11,252. 78,562. 486,576. 247,572.. 1846* ....64,775......96,542.. .336,694..... 141,646.

* 3 quarters.

Michigan. Wisconsin. Iowa.

12,594......167,746......143,375 22,328...... 260,440......110,990 25,016. 434,653. 309,636 .24,553.. ..534,353......233,126

The settlements in all these states were large in 1846. Wisconsin in particular seems to be attractive to settlers, probably from the nature of the soil and climate, as well as the absence from those large private holdings. growing out of old speculations, that compete to some extent with the sales of the government. In Illinois there will come into market, on behalf of the state, a large quantity of choice lands on the completion of the canal, probably this fall or next spring, and this fact may have checked government sales in that state. The sales in the seven states, for the three quarters of 1846, were nearly as large as for the years 1845; and this

year a considerable portion of these sales will swell the products of 1847, in addition to the more extensive culture of old lands. To maintain the prices that have ruled during the past year, the demand would require to be increased in proportion to the increase of production, and that is not likely to be the case. It is, however, highly probable, that large exports will continue to be made at such prices. This depends, however, upon the state of the harvests, more particularly the potatoe crop of Ireland ; and in relation to this, the accounts are very conflicting. Down to May 18, a panic prevailed in the English markets relative to the supply of food. Subsequently, the fine weather, by improving the prospects, allayed this inquietude to some extent. Prices fell largely to June 4, and the United States markets vacillated under the conflicting news. As prices fell in New-York, however, exports increased in quantity :

RECEIPTS DOWN THE HUDSON FROM OPENING OF NAVIGATION-EXPORTS-PRICE

AT CLOSE OF EACH WEEK-RATE OF FREIGHT TO LIVERPOOL, AND RATE OF STERLING BILLS.

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46

Receipts. Exports.

Price. Freight. Rate of Bills. To May 18. ..226,116 bbls.....32,160 bbls. $8 25 a 8 50.... 2s. 60. a 3s.....63 a 7 per ct. 25......142,212

.42,
8 12 a 8 25....3 0 a....

..64 a 7] To June 1......138,061 ....68,076

9 25 a 9 50....2 6 a 3 ....6% a 71
8......159,566
....79,283

8 62 a 8 75....3 0 a 4
15.. .109,937 ..95,097

7 75 a 8 00....3 6 a 4 ..5. a 64 22...... 30,180

....79,424

....7 12 a 7 39....3 6 a 4 -6.5) a 64
29...
.112,715
. 45,880

7 12 a 7 25....3 0 a 3 60..51 a 6 To July 7......177,780

....38,764

612 a 6 50....3 0 a 3 6...51 a 64 14...... 92,308 ...114,585

500 a 5 50....3 9 a 4 0...54 a 61

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June 1st was the date at which the English advices to May 18th raised prices the highest. The following is a table of the exports of flour, wheat and corn, from the port of New-York, for the first seven months of five years. The figures for July, 1847, are to the 20th only:

EXPORT OF WHEAT FLOUR.

1843.
1844.
1845.

1846.
January......bbls. 14,196.....bbls. 34,945.....bbls. 13,316.....bbls. 69,613..
February
8,471.. ..18,342.

6,138.

41,153..
March.
.12,986..

23,030.
.14,656.

.37,152. April.

.15,288.....
..13,183.

.17,122.co.

..64,197.
May
.23,334.

24,743.
.24,781.

70,633. June..

21,240.

48,380.

..27,351. ..131,027. July

.19,270..........44,102..........21,495. ..102,550.

1847. ..bbls. 129,825

.,136,213

77,819 .100,061 ..117,700 .342,080 241,609

EXPORT OF WHEAT.

January...
February.
March
April...
May.
June.
July

bush 1,540..... bush 11,165..

..... bush 46,591...
...1,554..
7,501.

9,276..
2.000.

25,813.
5,481.. .bush. 1,600.

64,339.
..2,057..
4,300.

.51,053.
240..

125,816. ...6,884.......... 5,686..... 3,902.........

..100,780.

bush 160,436

149,217 82,789 57,759

66,282 ....397,437

.441,779

EXPORT OF CORN.

Janoary. February March.. April. May. June.. July..

... bush 3,718. .....bush 3,029.
2,620.

2,428
. 4,449.

6,237. .3,755.

..35,977. .6,011. ..39 288. .7,948.

..15,521. .2,724..........

..59,683....

bush 13,370.... bush 112,607..... bush 411,440 7,247

201 220. ......814,922 18,703.

10,581. ..1,188,240 ..20,084.

17,444.........1,052.042 6,672..

92,756, ....471,947 7,190.

95,089.. ...736,883 4,702......... 26,259. ..518,913

The returns of these large extra exports of produce have, to a very considerable extent, been made in specie. Probably $25,000,000 of specie has been brought into the country, and has well supplied the demand for currency ; yet the bias of exchanges continues to be in favor of this country. Should the imports, in return

for the large exports, be no greater next year than this, the probability is that the amount will come in goods instead of specie ; because the supply of the latter is as great as is wanted. The course of trade at the port of New-York, for the first seven months of the operation of the present tariff, has been as follows, as compared with the same period of 1846:

IMPORTS INTO THE PORT OF NEW-YORK.

-Dutiable.

-Free.

Specie.
1846-7.
1845-6.
1846.7.
1845-6.
1846-7.

1845-6.
December. $4,279,813......3,499,991. 537,496.. 528,185.. ..61,346. 78,396
January.. 3,499,682.. 4,842,884. 478,443. ..376,905.. .90,874. 21,726
February. 5,889,387. .4,177,952. 285,128. ..474,360......1,235,122. 96,779
March. 6,060,746...... .8,657.793.

.....786.937.

1,092,476. 1,329,458. 62,225 April ..... 8,339,429. 4,105,393. ..1,987,033.. 2,228,878. 3,397,064. . 106,544 May...

..... 5,868,261......4,160,300...... 738,753.. ..1,300,751. ..1,326,697 27,206 June..... 5,689, 109......4,605,527. 401,358.. ..1,239,006. ...547,813.. .29,122

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The duties received in this seven months were, it appears, in 1847, $10,760,625 against $10,542,300 last year-being an increase of $218,325; but it appears, of the imports, $2,898,829 were warehoused, and on them the duties payable were $948,923. Of these goods $1,730,865 were subsequently withdrawn, and $540,018 duties paid-leaving in bond at the close of June, $1.167,964, on which $460,018 duties were due. This will make a surplus of $678,343 of duties collected at this port over last year, notwithstanding that $7,978,374 of specie was imported. If that excess of specie had been goods, at average rates, the excess of duties would have been $3,000,000 over last year.

The whole revenues of the government, quarterly, for several years, has been as follows :

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QUARTERLY REVENUES OF THE UNITED STATIS.

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Qr. ending Customs.
Lande. Miscellan. Loans.

Total.
September 30, 1843.. $6,132,272..... .388,870...... ..26,871...... 66,000........6,614,013
December 31, ....3,904.933.. 737,227. 1:29,233. 857,350. .5,712,793
March 31, 1844....7,675,366.. 449,333. .105, 254. 929,831

.9,159,735 June

30,

...8,471,000. ..500,500. ..50,000. . 25,000......p:9,046,500 September 30, ...10,750,000. -450,000. .25,500.

11,225,500 December 31, .4,100,360. .600,000.. 45,000.

.4,745,360 March 31, 1815....6,375,575.. 485,532.

20,000.

..6,881,108 June 30, ....6,201,390... .517,391, 43,933.

.6,762,182 September 30, ....8.861,932. 484,269.

17.717

.9,363,918 December 31, ....4,137,200. .830,000

.31,500

4,998,700 March 31, 1846....7,360,000. 437,225. .11,645.

7,808.870 June 30, ....6,300,000..... 720,000.

..13.830......

....7,033,850 September 30, “ ....6,125,000. .610,000. ..17,000......1,953,953. 8,735,950 December 31, ....3,645,965. ....399,545. ...16,000... ..7,359,750.. ..11,421,260 March 31, 1847....6,300,000. .240,000 ..17,000. ..7,510,950.......14,067,950

The customs revenues for the year ending June 30, will probably reach $24,000,000, and in the same time some $25,000,000 of specie will have been imported in addition to the quantity of free goods. Had that amount of specie paid duties, the customs revenue would have been $30,000,000, exceeding by $2,000,000 the estimates of the secretary, whose estimate was therefore accurate. Inasmuch as that specie which is untaxed proved to be a better remittance to the United States than dutiable goods, the revenues were diminished by that operation, notwithstanding that the aggregate imports were as large as expected. It appears to have been the case, that currency was deficient in the Union to some extent, by reason of the number of banks that of late years have gone into liquidation, and the pernicious paper withdrawn from circulation, required by the operation of commerce to replace it with specie. The natural effect of returning confidence and a supply of specie after some years of abeyance, is an extension of credits, until prices rise so as to make goods more profitable to import than specie. This

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