Imagens da página


BARON DE Boigne.-- This distinguished gentleman is already known in this country by his high literary reputation, and by his marriage with an American lady of family and fortune. His arrival in Boston, by the “ Britannia," a few weeks since, therefore, attracted attention, and but for a distressing domestic affliction which befel him the very hour of his landing, (the death of his mother-in-law,) he would have been the object of many marked attentions on the part of our hospitable citizens. It appears that he has come invested with diplomatic powers from the French government to this country, the precise nature of which has not transpired. He has been received with great civility at Washington by Mr. Polk and his cabinet. The Baron will return almost immediately to France, having thus briefly fulfilled the purpose of his visit.

We understand, that short as has been his sojourn amongst us, he has employed his quick powers of observation and ready literary skill in sketching, with inimitable point and effect, the rapid impressions he has received, and which will likely appear in a Parisian journal of great distinction and influence. We have been promised the publication of these lively ebullitions, thrown off in the hurry and confusion of travel; and we are sure the readers of the “ Democratic Review” will appreciate their merit, as well as make every allowance for such errors as an entire stranger to our country, who has had no time for deliberate examination, is not unlikely to fall into. Whatever their occasional inaccuracies, it will be found that the sentiments which pervade them are those which animate the breast of every Frenchman towards this country-good will and profound sympathy. Should Baron de Boigne leave our shores in August next, as contemplated, we trust the minister, from whom he has received his functions, will see the fitness of renewing his mission to the United States, where he is sure to aid, by his conciliating demeanor and brilliant talents, in diminishing that estrangement which, of late, has manifestly existed on our part towards the present French government.

MR. WHEATON.—A complimentary dinner was given to this distinguished gentleman, on the 17th of June, at the New-York Hotel, by a body of his fellow-citizens, comprising all that was most respected amongst us for learning, position, and fortune. Hon. Albert Gallatin presided, assisted by J. W. Francis and D. Field, Esqs., &c. It was a mark of esteem that any man might feel proud of, and the more so that its object must have been conscious that it was suggested by no hollow motives of party, but sprung from a general and deep conviction of his worth. Mr. Wheaton has acquired great distinction for himself by his admirable writings on International Law, and in an equal degree conferred honor on his country. The subject is one so lofty and abstruse, as to demand great learning, and powers of the highest order ; and the universal applause bestowed on his work, attests most clearly that he brought both to his task. It is, besides, particularly striking, that the last great commentary on International Law is the work of an American. This is as it should be; for to our country, and its principles, is given the mission to reconstruct the mutual relations of all nations in the future, and to one of our republican creed, therefore, VOL. XXI.-NO. CIX.


doth it especially belong to give new interpretation to the true laws of nations.

It is a matter of little consequence to a man of Mr. Wheaton's reputation, whether he holds office or not; but it is a subject, however, of the deepest concern to his countrymen, that talents and virtues like those which illustrate his character, should not be lost to the country, and therefore it may be looked upon as more than probable that the federal administration will seize gladly the first opportunity to bring the abilities of Mr. Wheaton again into the service of the people. Any appointment, at home or abroad, conferred on this eminent citizen, would gratify the whole country without distinction of party; and any administration, whether democratic or whig, would do itself honor by bestowing its confidence on a man, who has proved himself faithful in the discharge of his public duties, useful to his country, and, by his writings, a benefactor to his race.

ITALIAN OPERAS.—We have only a line left for a single paragraph on the subject of our city amusements. Since our last, one operatic tronpe has made a swan-like end, " fading in music," and another has arisen from its ashes. The Havana Company has met with great success, even in June, owing, both to the merits of its members and the skillful management of its gentlemanly conductor, Don Josè Vellerino. Why can't such a manager, uniting experience, ability, and high character, be found for the permanent direction of an Italian Opera in this great city ? With such a man at the head of such an enterprise, we would hear of no cabals among the artistes, or failure among the managements. refined and popular amusement would then annually delight our dilettanti, and afford a charming resort for the benefit of all classes. Let us have a splendid Opera-House built in New York, in size commensurate to our population ; in elegance, to our taste, and in price to our pockets. That is, places for all, and prices for all, and above all, let us have Don Vellerino for director. He is in manners and education a gentleman; and it is nothing against him in the American mind that he was condemned to death by the Inquisition of Spain for his devotion to the liberties of his country. He was banished ; and the man who might have lived a Senator, will probably die a Theatrical Manager. Such are the vicissitudes of life.

We have written the above on learning, to our deep regret, the probable abandonment of the Astor-Place Opera. In this case, we shall rally under the bannir of Don Vellerino; for his abilities, tact, and resources, will make his success absolutely certain.


The state of business is such as affords every reason for congratulation upon the general prosperity, remembering, however, that a portion is drawn from the distress of Europe. One of the most singular features of the markets are the vast supplies of produce, beyond what the most sanguine supposed was in the country, that the high prices have brought out. In our last number we remarked, in continuation of the view we have held since last November, that the wants of England must be very great before harvest seis in, and that the supplies could be drawn only from the United States. Recent arrivals have strongly impressed this fact upon the public mind. Towards the close of April, when freight was high, and it was supposed that the canal would soon open, and by enhancing supplies reduce prices, at the same time an increase of shipping might reduce freights, the exports of produce from New-York became very light, and continued 80 for several weeks. The consequence was, that as the season advanced in England, and the actual lightness of stocks became more apparent, the absence of the expected quantities from the United States engendered panic. High as were prices in England, they were higher on the continent, and exports thither were

large. Prices rose very rapidly, and Lord Ashburton hinted in Parliament at the expediency of prohibiting the export of grain. The packet of May 19th, with accounts of this panic, and the large advance in prices, imparted an impulse to the markets here, to which they had long been a stranger. The average prices were as follows:


[ocr errors]


Wheat. Barley. Oats. Wheat. Barley. Oats. Wheat. Barley. Oats.
S. d. 8. d. S. d. 8. d. 6. d.

8. d.
8. d.

8. d. Mar. 6..45 0....32 0....21 7....54 10.... 29 3....21 10....74 4....54 11.... 32 3

13..45 1....22 0....21 4....54 3....29 4....21 9....74 2....52 10....31 2 20..45} 6....32} 5....21 8....55 1....29 10....21 2....75 10....51 11....31 3

27..46 0....32 5....21 5....55 5....30 2....22 2....77 0....51 4....31 6 Apl. 3..46 5....32 4....21 4....55 1....30 1....22 0....77 1....51 3....31 8

10..46 3....32 4....20 9....55 1....30 0....22 0....74 5....49 8....327 17.. 45 11....31 11....21 4....56 0....30 9....22 9....74 1....48 4.... 29 7

24..45 11....31 6....20 11....55 10....30 5....22 9....75 10....48 5....297 May 1..46 00....31 2....21 4....56 5....29 8....23 7....79 6....49 6....30 11

8..45 10....30 5....21 6....56 8....29 7....23 9....81 10....51 0....31 00 17..45 9....30 0....21 6....57 0....29 4.... 24 1....85 2....52 7....32 11 24..45 9....30 1....21 9....55 0....28 10.... 23 8....94 10....55 10....31 6


This was the average for the United Kingdom. In London the rate rose to 120s. May 18, higher than ever before. In 1814 it was 122s., in a depreciated currency. These high prices had failed to elicit any large stocks, and were in the face of large imports. The Chancellor stated the imports of grain for April, at 432,000 qrs., and exports at 132,000 qrs., leaving 300,000 qrs. or 2,400,000 bushels for consumption. The quantity of grain entered for consumption for the first quarter of the year was as follows :



Grain, qrs.
Meal and Flour, cwt...

1845, .183,614.


1846. .111,667.


1847. ..1,292,940 ..1,201,843

And under such a supply prices rose. These accounts caused quite an excitemeot in the United States ; and prices in New York were affected as follows:

Flour. Meal. Wheat. Corn. -Pork.- Butter. Rice. Cotton.

Mess. Prime. West. g'd to fi. Fr. Upl. May 5.......$7 12} ...$4 561...$1 55... $0 90...$15 00...$13 00....200.... $4 50.... .12c.

12........7 75 ....4 75 ....1 621...0 90....15 00....13 12...20...... 4 50. .12 15..... ..7 75 ....4 75 ....1 63....0 93....15 00....13 129...20.. ..4 50. 12 19. ..8 25 ....4 874....170....101....15 00....13 121...20.

..4 87} 22. .8 561....5 123 2 00....106....15 12)...1300....20.

4 87} ..875 ....5 25 ...,200....1 06....15 25....13 00....18... 1975 11 ..8 00

....1 95....108....15 30....13 25....18.. 4 87} 11 June 2........800 ....5 25 ....1 90...104.... 16 00....13 50....16..

4 875

111 5........9 12}....5 75 ....2 121...l 24....16 37}. 13 62 15......5 123 .113 9........8 50 ....5 621 ....2 05....1 121...16 37). 13 62}


11 19........7 50 ....500 ....1 75....100 ...11 75 ...13 75 ...13......5 123 .115


....5 25

5 123

These prices of the 5th of June were in the face of large receipts, consequent upon the advices to May 19. The subsequent fall grew partly out of the management of the large city houses ; but mostly out of the state of the English finances, which were so terribly oppressed, as not only to cause even those manufacturers who had received orders from the United States for goods, to stop work for want of money to pay hands, but also to paralyze the movements of those who usually import food. On the 18th, were received advices of a reaction and fall in prices in England, consequent upon fair weather, which had improved the prospects of the harvest. The exports from the port of New-York were as follows:


[merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][ocr errors]

The supplies continue exceedingly large. The receipts down the Hudson were, as compared with exports, from the opening of navigation May 1st to June 16th, as follows:

[ocr errors]


Flour, bbls.


Wheat, bush.


Corn, bush. ..946,555 ..712,681

So flourishing an export trade taxed the means of the West, to transport it, to the utmost, while it imparted buoyancy to the money markets generally. The import trade has gone on nearly as follows :


Mar. Apr. May.

Jone. Total. 1844 $6.194,657....6,023.768....4,641,334....5,638,873....4,667,950....5,229,941...32,406,503 1845..5,930,979....4.197.652....5,034,209....4,991,270....3,642,547....3,912,473...27,709,130 1846..4,842,884....4.177.95....8,657,793....4,105,393....4,160,360.. -4,695,527...30,639,909 1847.. 4,499,682....5,889,387...,6,060,746....8,339,429....5,868,271....1,895,328*..33,532,333

14 days of June

[ocr errors]

This shows a large importation of goods. The aggregate for four years are as follows:

[blocks in formation]


These are considerable results; and the high prices of produce bringing such abundance of money into the country, mostly to the profit of the farmers, by laying the foundation of a large and active business, induced large orders to be sent to England for goods, in anticipation of the fall trade. The state of financial affairs in London has influenced, however, very considerably the state of the corn trade. We have mentioned that, according to an announcement of Lord Brougham, many mills were unable to complete orders for goods for want of money. There are 1161 mills in Lancashire, employing 226,000 hands ; of these 728 were stopped or working short time, 23,000 hands were discharged, and 77,000 earning short wages and reduced pay. The effect of this state of things upon the cotton market was as follows :

[ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]
[blocks in formation]

This indicates a great diminution in the quantity of cotton, while the amount of money to be paid remains the same. It is to be remembered, however, that, as compared with last year, the consumption diminished but 185,000 bales, while the stock fell off 318,000 bales.

From these circumstances it is evident that the quantities of goods that might be sent here, on which to realize, as is usually the case in times of pressure cannot be large, and the anticipations of inordinate imports may to some extent be disappointed. The difficulty of negotiating exchange in London, has exerted an influence upon the price of bills, and lowered the rate at which it is profitable to purchase for the import of specie. The price of sterling and imports of specie monthly in New York, have been as follows:



Import Export. . Bills. Import Export. Bills. Import. Export. Bills.
Jan.. $37.011....642,215..10 a10f.... 43,321....21,762..8 a 94......90,847....31,000..61a6f
Feb.. ...169,497.. Salo .96,799... 126,700..840 84....1,235,111.... 4,000..4fa5]
Mar.. 68,384.... 68,384.. 9 al0 ..62,225...257,781..81a 81....1,329,458...243,885..44a51

.253,787., 9ja 91...106,544...520,368..9fa10 ...2.397.064... 73,448..6 a6 May..200,581....200,681.. 9 a 9 ... 27,286...291,041..9falo ....1,326,097...158,000..6fa7 June. 79,537.... 50,043.. 8fa10 29,122...

*253,707... 21,000..53a61 Tot. $385,493...1,384,507..

.365,297..1,217,652........ .6,632,355...531, 443 * 14 days of June, 1847,

..8a 9

The advance of bills in May arose from the difficulty of getting the usual 60 day bills discounted in London, which caused a deinand for colonial bills, and such as could command facilities ; for them the supply being small, higher rates were obtained, while others continued low. The houses connected in London, which usually import specie, were too much oppressed by the state of affairs abroad to send it from England, even at a profit. The imports into the United States of dutiable goods are 20 per cent. greater than last year, and the proportion will doubtless be increased. The quantity of precious inetals that has arrived, is sufficient for the wants of the country, and is already promoting a great buoyancy in the several markets. The relative situation of the United States to Europe and Great Britain is more favorable of a season of continued prosperity than ever before ; and not the less so that there are indications—or, at least, hopes, that the coming harvest in England and western Europe will be such as to avert the terrible calamity that at one time threatened. It is no doubt the case, that the high prices that everywhere prevailed, and actual want that visited some localities, have stimulated the greatest industry in bringing land under culture, and that, with a favorable season, food must be abundant and low; but fears are by no means reinoved as to the fate of the potatoes of Ireland and the coarser grains of northern Europe. Nothing but the most favorable results to the harvests can avert the most terrible calamity to the British empire. Should the crops be reasonably prolific, all breadstuffs must be low in the United States as well as in England for the coming year. The banks throughout the country are rapidly extending themselves, and the disposition to start new ones is great, in order to partake of the increased profits of those establishments. In New-York, six new banks have been started within the year, and two additional ones are going into operation. In order to observe the progress of the banking profits, it may be worth while to compare the dividends of the first half year of the leading institutions of the city of NewYork.


« AnteriorContinuar »