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NEW-YORK BANK DIVIDENDS.
...5.... 20,000 ....750,000.... 3) 26,250.. .31....26,250.
3) .17,500. .31 ..17,500. .3} .17,500 655,000....3....22,925. .3 ..22,925. 3 .22.925 .2,001,200....3 ....60,036......3 ..60,036.. .31....70,042 1,200,000....3 .36,000.. ..3 .36.000. .3 ...36,000 3,447,500....3...103,325.
..103,325. .3 ... 103,325 ...1,000,000....4 .... 40,000..
4 ..40,500.. .5 ..50,000 1,000,000....4 ..40.000.
40,000......5 ..50,000 600,000....5 ....30,000, .5
5 30 000 .200,000....31 7,000.. .4 8,000... .41. 9,000 ..720,000....3....25,200......4 ....28,800......4
....28,800 ..1,440,000....3....50,400.. .4 ..57,600. 4 ...57,600 ..1,155,400....3....34,662.. .3 ....34.662. .31.... 40,439
2,000,000....3 ..60,000......3 ..60,000......3 .60,000
The same amount of bank capital has paid, in the first half of 1847, $61,000, or 16 per cent. in the same period of 1845. So far as bank prosperity is an index of the general state of business, that of New-York was never better than now, notwithstanding the ruin that was inevitably to have followed a low tariff and the operation of the independent treasury. It is to be remarked, that although the loans of banks here and at the eastward are larger than ever before, the institutions are not therefore in a dangerous condition, or even in an unhealthy one, inasmuch as that discounts are all active, being short paper payable punctually at maturity. In 1836–37, when the loans were very large, they were based not on produce which would return the money with an interest, but were made to houses connected with the importation and sale of goods for consumption on credit. When the difficulty of procuring payment for those goods began to be felt, merchants and jobbers demanded renewals, and it soon began to be a regular understanding that notes were renewable at maturity. A comparatively small amount of loans, under such circumstances, was fraught with disaster. The credits on the Atlantic in favor of the west were very small, while the debts against it were very large, and of which a considerable portion was never collected at all. At this moment the reverse is the case ; the vast riches of the interior continue to pour duwn through all the avenues, swelling state revenues as they progress, and finally, by profitable sales abroad, bring money back to the banks in discharge of the liabilities created in the shipment. The continuance of the Mexican war beyond the period when the causes now in operation shall have ceased to effect exchanges favorably, may, by causing a continuous flow of specie to Mexico, produce disaster; but it is to be hoped that the admirable system for the conduct of the war by means of a revenue tariff in Mexican ports, will suffice to sustain an occupying army without any further export of coin thither. And that the quantities of the precious metals which come down from the Mexican mines for English account, will, as soon as business becomes regular, be turned into New-Orleans.
The interior of the country is sending out quantities of produce of the crops of last year, very far in excess of the highest statements that were made in relation to their extent; and they command prices beyond the most sanguine hopes. In the month of March last, so little confidence was entertained in the continuance of prices, even with the then views as to receipts, that sales of four deliverable in June, were made at $5 50. The same four, in face of large sales, commanded $9 50. Inasmuch as that the difficulties arise from the exhaustion of her floating capital, so does the prosperity of the Union now arise from the availability of its produce. The vast stocks of produce that scarcely hoped for a market, are now sent forth and readily exchanged for gold and goods to an extent altogether unprecedented ; and those goods and that gold are got at very cheap rates. In usual years, as in 1846, we gave England 1,015,244 bbls. of flour for $6,186,678; nearly $6 or 258. sterling per pound. That is, we obtained 154 grs. of gold for 1 bbl. of flour. This year we get $10 or 40s. per bbl., or for one bbl. of flour 246 grs. of gold. We get, and England must give, 91 grs. more gold for the same quantity
of flour in 1847, than in 1846. The same holds true of manufactures, and all goods taken in exchange. It is by this means that England is impoverished and the United States enriched.
The following table indicates the progress of prices in New York, from the resumption of the New York banks in 1839.
PRICES OF CERTAIN ARTICLES IN NEW-YORK.
Cotton, lb. Flour, bbl. Beef, bbl. Pork, bbl. Wool. lb.
merin. 12 a17c..... $8 87 a9 00.....$17 00a17 50.....$22 00424 00...... 43a 560 ....10 al2. ...6 37 a6 50......14 00a14 50......12 50a15 00......38a40 -... 9 alej ...5 25 a5 31...... 10 50a10 75......13 00a13 50......44a46 ...10 al2 ......5 50 a5 75. 9 50a10 00. ..10 00all 00. 42a44 ..10 a121. ......6 12 a6 25.
9 00a 9 50. ....10 00a11 00......40a42 9 a12 ......6 25 a6 00... 9 75a10 00... 8 50a 9 50..... . 40a41 ... 5 al0 ......5 94 a6 00......700a 7 50...... 7 50a 8 50......30a33
5 a 7. 4 75 a4 81...... 7 50a 8 00.. ... 9 25a10 50......27a30 6 a 92 ...4 43 a 4 50...... 6 50a 6 75.. ...10 87a11 00, 30a32 8fa101. .4 87 a4 934.
5 87a 6 25......
9 25a 9 62...... 40a42 7 a 9 ......4 93 a5 06. 5 87a 6 50.... 9 25a 9 50..... 40a42 5 a 84 ..4 37 a4 56...... 5 00a 5 25...... E 50a 8 56......38a40 5 a 8......431 24 37... ... 5 00a 5 50...... 9 06а 9 12...... 40a42 4ļa 61 ..4 68 a 4 75...... 5 50a 5 87. 9 37a 8 50......37a38 4ļa 63
4 62ļa4 684 6 50a 7 00...... 9 37a 9 50......37a38 5 a 75. 4 624a4 681. 9 00a 9 50......12 75a13 50......37a38 6 a 81.
..4 124a4 31...... 9 00a 9 50.....12 624a13 12 .....32a34 6 a 93. ..5 62 a5 75...... 7 75a 8 50......13 63a13 75......32a34 7 ja 81. .4 62a4 68. 7 50a $ 25......10 75all 00.. 29a32 7}a 8. .....3 87%a4 00...... 6371a7 00...... 9 50a
...5 87 a6 00...... 7 000 8 25......10 00a10 12}.. 22a25 ....10fall ......5 50 a5 62} ..... 8 25a 8 75......10 25a10 31......26a28 ....11 a121.
......7 62 a7 75.....11 62fa12 25......12 50a12 75...... 27a30 ..11 allg ..8 50 a8 75......13 50a13 50.. ..16 37a16 50. ..11ġallt. ....7 50 a7 50......12 50a13 62]. ...,16 50a16 75...... 28a32
Prices are now higher than in 1840, when they were falling from the high paper speculative prices, marking the depreciation of the currency, to which they had attained. Since that time, the industry of the nation has caused supplies to outrun consumption, and prices fell under the want of an adequate market; circumstances this year have opened a market commensurate to the extent of the supplies, and the agriculturists are reaping the benefits. The quantities exported from the leading ports of the United States to Great Britain, Sept. 1 to May 2?, were nearly as follows:
The value of cotton exported in 1846, was $42,767,341, and of tobacco $8,478,270, consequently corn has come far to exceed the tobacco and nearly half the cotton crops in value !
The question of the continuance of the demand for corn, is that which most interests the farmers as well as merchants at the present time. Certain it is that the unexpected value which that grain has this year attained, has stimulated an extent of cultivation which it has not formerly received, great as has been its production. Hence, the supply will beyond doubt exceed anything heretofore known. At the same time the means of transportation, in consequence of the high freights, will have greatly increased, placing larger quantities at lower cost on the sea board than usual. The market depends mostly on the wants of Ireland, and the ability to continue purchases. It is improbable that the potatoe will ever again be resorted to, to the extent on which it has heretofore been de
pended upon, and as a consequence some substitute must be found; how far corn
..none....... 413,283....413,283 May.
...158,563....579,650. -709,697......215,079....924,796 Total............$598,760 399,883 998,643
709,697 628,362 1,338,059
Increase... .$110,937 228,478 339,416 This large increase in the revenues of two states, has arisen almost altogether from the downward pressure of surplus produce to market, and at reduced tolls. Had the great works projected by the western states been in operation last fall, the prices of breadstuffs would not have been sustained, because the vast resources of Illinois, Indiana and Michigan would then have added greatly to the supplies ; measures are now on foot that will bring those resources speedily into play. The Illinois canal has been greatly delayed through the organization of the board of trustees. By law, the bondholders were to appoint two and the state one. Under this law David Leavitt, Esq., president of the American Exchange Bank in New York, and Captain Swift, of the army, were appointed by the bondholders, and General Fry by the state. The two first named gentlemen voted themselves salaries of $5,000 each, per annum. Mr. Leavitt received the money subscribed, and held at times $500,000, on which no interest was allowed. Under these circumstances the canal progressed very slowly, and not at all to the satisfaction of the citizens of Illinois ; recently Col. Charles Oakloy has been appointed commissioner for the state, and the work will be more efficiently conducted, and probably opened in the spring of 1848. The utility of paying two trustees $5,000 per annum each, for not only doing nothing, but absolutely retarding the work by their continued absence and neglect, is much to be doubted. The foreign bondholders have trifled with their own interest in the matter. The abuses that have crept in will go far to prevent any new taxes being levied in Illinois for their benefit. The railroads of Michigan having passed into the hands of private companies, in exchange for state bonds, will be put in efficient running order.
The canal of Indiana, bisecting the state longitudinally, from the lakes to the Ohio river, has been put in a train of completion, through the exertion of Charles Butler, Esq. The terms of the law creating a trust were complied with, by the surrender of $6,500,000 state bonds to the agent of the state on June 1st, by Mr. Butler, and 5 per cent. instalment thereon was paid up to go on with the completion of the canal. The state agent issued new bonds for those surrendered. This work will add the supplies of the interior of Indiana to the rich freights on the lakes. The means of transportation, both on the lakes, the canals connecting tide water, and the new privileges to the northern line of railroads, must powerfully contribute to cheapen the outlet for western produce, and by so doing, enable the farmer to realize a larger proportion of the market value.
NOTICES OF NEW BOOKS.
Association Discussed.- A controversy between the New York Tribune and the
Courier and Enquirer. By H. GREELEY and H. J. RAYMOND. Harper Brothers.
This pamphlet contains the correspondence, which two leading papers administered to their readers ad nauseum. It refers to the peculiar doctrines of a certain sect, advocated in the peculiar style of the Tribune ; the leading feature of which is utter disingenuousness. The scheme of Social Reform,” which is the term given to the doctrines of Fourier, contains undoubtedly much that is good, and fairly considered in its practical points, deductions might be drawn from it, that might tend greatly to ameliorate the condition of mankind.
The followers of this faith, for such it may be termed, meditate nothing less than a total regeneration of society; and promise nothing less than the total abolition of all vice, and the establishment of perfect happiness in this world, by means of what they term association ; that is to say, unless we totally misapprehend their doctrines and their promises.
They assume, as a foundation for their arguments, that every passion which naturally exists in the human being, having been implanted by the Divine Creator, is in itself divine, and therefore good, and capable of being indulged to the utmost, not only innocently, but profitably, to the individual and to others.
They also assume that labor is capable of being rendered attractive and delightful to mankind, even labor of the most menial and degrading nature.
They further insist, that all that has been yet effected by civilization, by education, and by legislation, has only been the deterioration, degradation, and corruption of the human mind, to such a degree, that it is impossible now to discover what the natural bent and bias of humanity was in the beginning.
To remedy this, they propose that the whole world shall be divided into societies, wbich they term phalanxes ; and shall dwell in large common mansions, situated in the midst of common demesnes, which they denominate phalansteries.
At the termination of three generations, spent on their system in these phalansteries, they expect that the curvature and corrupt direction of the passions, produced by civilization and education, and uncorrected by Christianity, will be overcome, and that man will then be such, with such tastes, appetites, passions, and opinions, as God made him, and intended him to be.
In the indulgence of those passions, tastes, and appetites, as then existing, he will be doing no wrong; he will have to consult no law but his own pleasure ; and will incur neither dishonor, nor penalty for disregarding the will of the majority, which is, or is presumed to be, the origin of human law.
How far all this is in accordance with the letter, or the spirit of the Scriptures, and with the teachings of our Saviour, we leave it to our readers to decide.
How far it is compatible with common sense and reason, we submit to our readers likewise.
Studiously disconnecting themselves from any religious sect, the Fourierites profess to leave every man to bis own religious creed, and-in the United States at least—have fallen into paroxysms of wrath, if charged with hostility to the Christian religion.
The institution of marriage, the restraints of religion, the obligation of consanguinity, and even the rights of property, are matters that are special objects of reform to these parties ; and publicly putting forth and defending such views, it is evident that the conductor of the Tribune has a difficult task to perform. To shock the religious predilections of a people, and to hold up as an object of reform those institutions which they have been accustomed most to venerate, to which they have clung as the safeguards of the social system, is a hazardous undertaking. Neither do those who attempt it seem to have any idea of either, how it is to be brought about, or whether, if their " organization” is brought about, the results they predict will be arrived at. Hence the Tribune comes to the discussion,
as it were, in the dark, and with evident want of confidence in his cause, as well as of acquaintance with the ground to be gone over in the course of its debate, although abundantly well satisfied with his own skill in fence. A certain scheme is put forward, and then all the arguments of its projectors are directed to show that the leading features are not what they appear to the public, and the result is a continuous dodging, twisting, turning, denying, admitting, construing, perverting, until the reader is wearied with attempts to overtake an ignis faluus, and turns from it with the impression that he has been listening to one, who, to use an every day phrase, “talks only because charmed with his own voice." The Life of Edmund Kean. Harper Brothers.
Theatrical amusements have of late years shown evidences of decay. This is perhaps a natural consequence of the increase of other amusements, the multiplicity of books, and the refinement of public “ taste.” It has been alleged that the public taste has been vitiated by producing “stars ;" it may, however, be the case, that the histrionic art has not kept pace with improvements in other respects, and that while good actors enjoy a continuance of public favor, the general progress of the stage has not been such as its prosperity requires. There is no doubt but that Kean raised the standard of excellence in regard to the drama, and gave an impulse to the art, which has not been sustained by the profession generally ; hence but little interest is excited in regard to theatrical representations, except when called forth by particular excellence. To say that the “star” system is a vicious one, is merely to say, that the profession generally cannot sustain the interest excited by its best members. Unfortunately, the example of the best actors has not been such as to excite emulation, even in those who admire their great success. The life of. Kean, particularly, is not of a nature to induce others to attempt to follow in his footsteps, or to cultivate talents that are productive of such results, even though gilded by great success. He appears himself to have been completely intoxicated with his fame, and affords a melancholy picture of the dangers of prosperity. His life is, however, of great interest and instruction, showing the struggles of genius against every species of adversity, until it burst forth in the splendor of its maturity, to be ultimately choked by the overgrowth of the illregulated passions that expanded unchecked with its progress. A History of Rome : From the Earliest Times to the Death of Commodus, A. D.
192. By LEONHARD Schmitz. F. R. S. E., Rector of the High School of Edinburgh. Harper Brothers, New-York.
It is a singular fact that, in the system of modern education, although the pocket interest of teachers induces them to change books and editions as often as possible, to swell the expenditures of the pupils, yet schools are the very last places into which modern science and progress finds its way. Old notions and errors are perpetuated in school books, long after they are elsewhere forgotten ; as, for instance, many school arithmetics, of recent dates, continue to teach the old absurd continental divisions of the currency, as 6s. to the dollar in NewEngland, and 8s. in New-York, although such a currency never existed in fact ; those various rates being the mere degree of depreciation of the old paper money when it ceased to circulate 60 years ago, since when there has been no national money but decimals, uniform throughout the Union. Many continue to teach that $4 44 is a £ sterling, although $4 80 is the actual equivalent. In histories and less practical matters the school books are still further behind the age ; and the present work of Dr. Schmitz is designed to ipfuse into school editions the great advance which history, particularly that of Rome, has undergone of late years, under the genius of Niebuhr in 1811, and subsequent writers. The work should be patronized.
Homes and Haunts of the most Eminent British Poets. By William Howitt.
2 vols. Harper Brothers.
This volume does not embrace sketches of all the most eminent of the poets, but only of such in relation to whose social connections interesting facts are known. Mr. Howitt has been accused of inaccuracies, but the charges have not been fully Bustained. The work is very interesting and amusing, as well as instructive.