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The quantity of cotton taken for con- is, that the "starving” and “pauper laborsumption in the United States is that as ers" of England have, from 1826 to 1845, given in the New-York Prices Current, enhanced their consumption of cotion 51 which is received as correct, in absence lbs. per head, while the United States, the of other data. The weight of imported greatest cotton-producing country, with all goods is estimated on the treasury returns its vannted increase or prosperity has increaat the rate of 3 yards to the lb.; as, for in- sed the consumption but 44 lbs. per head. stance, there were imported, in 1845, In the same period England has increased 25,027,699 yards of dyed cottons, 11,262,- her exports of goods, manufactured by 468 yards of white, 426,884 yards of vel. herself from United States cotton, equal vets, &c., making 36,716,981 yards; and to 339,733,599 lbs. of cotton. The increase also, 103,869 lbs. of yarns, equal to a weight to China and India alone, from 1841 to of 12,342,862 lbs.of cotton, not allowing for 1846, was equal to 60,000,000 lbs. raw cotwaste. There is a quantity of cotton ta ton. The United States, on the contrary, ken into the western and southern facto- have not increased their export of cottons ries, which does not appear in the returns at all. If we contrast this slow progress of the Price Current, inasmuch as it does of the cotton consumption with that of not first reach the sea-ports. This may be coffee in the United States, as compared estimated to be about equal to the export with Great Britain, we shall have results of foreign cotton goods, and of domestic as follows: goods exported. The general result then
Here, then, we have the fact, that cot. upon the present United States crop; and tons in England, forming necessary cloth- it will not have become available in deveing for the masses of the people, being loping the supplies from Texas. This is in lightly taxed, increased faster than in the some degree fortunate, inasmuch as that a United States, where a monopoly of the diminished supplythis year will give stability manufacture is given to a few persons. On to prices, until the causes for an extended the other hand, the monopoly of the sup- consumption shall have more fully dereply of coffee in England is given to the co- loped themselves. In a succeeding year Ionies ; and in the United States it has been it may be fairly estimated, that the elefree of duty since 1832. The consequencements of enhanced consumption, now is, that the consumption of coffee in the about to be brought into activity, will so United States has increased 4lb. 5oz. per far have developed themselves as to have head, against an increase of llb. 2oz. in reversed the operation of the last few England, in the same time. Cotton goods years, and production will no longer exare as necessary to the people as coffee, ceed demand. Nor will the ter, with and the increase in the consumption would ering before a blighted harvest, cause enorhave been as large, had it been equally mous stocks to accumulate, to the ruin of free. This oppressive system has made a the market. A steady and remunerative difference of at least 200,000 bales in the sale for cotton, with a regular increase in demand for the annual crop, and by so the quantity produced, added to the large doing has taken millions of dollars out of drafts which the west must necessarily the pockets of southern planters, and put make upon Great Britain, for sales of farm them into those of the English cotton lords. produce, will involve very large returns, As, for instance, an extra demand for 200,- and with those returns the means of in000 bales of cotton last year, would have vesting capital safely and profitably. It may raised the value of the whole
crop, at least be expected to draw into the country, in a cent per lb., or $2 per bale, which a legitimate way, an amount much larger would have made a difference of $4,000,- than that loaned, in former years, upon 000 in the price paid by England for the stocks, with the hope of repayment. raw material. In the present year the The advantages which the western appearances are, that the crop will be states in particular will derive from the shorter by some 200,000 bales than last extension of their markets, over the 27,year. The annexation of Texas has im- 000,000 of people in Great Britain and parted an activity to the migration of plan- Ireland, can scarcely be estimated at the ters, with their working hands, which present time. One of the first and most will greatly diminish the force employed gratifying effects will probably be, such an
increase in the revenues of the public tities are not large, and the general convicworks, as will furnish ample means for re- tion seems to be, that free trade and comstoring the credit of those states which merce will triumph over war and aristocraoverreached their strength in contracting cy. At the late sessions of the legislatures debts for the construction of public works, of the several states, some movement has in order to afford an avenue for their pro- been made in all of them towards a payduce to market. The conviction of this ment of their delinquent interest; and, as a fact served to support the prices of the general whole, the amount of outstanding stocks of the western states in the London obligations is gradually diminishing. The market, when the determination of that following is a table of the debts of each government to admit American produce state, distinguishing the rates of interest free of duty, was announced. It is true, paid. The whole is carefully compiled that war fears have induced the sending of from the official documents presented to some amounts of stocks, long held in Eu. the several legislatures at the late sessions. rope, to New-York for sale; but the quan
DEBTS OF THE FEDERAL GOVERNMENT, AND OF THE SEVERAL UNITED STATES,
FOR JAN., 1846, DISTINGUISHING THE RATE OF INTEREST.
7 Floating. Total. United States....
.2,297,566 .17,645,683 Maine..
...142,166 ..1,739,097 Massachusetts .... .5.049,555
.1,022,339 ..6,071,894 New-York.. ..887,780 .12,776,807 2,148,000 .3,181,782 3,617,136 .
.22,641,505 Pennsylvania ..200,000
.2,988,554 .39,727,821 Maryland 1,122,000 ..100,000 .10,135,425 .3,829,358
.1,464,801 .16,651,684* Virginia....
..1,055,000 ...25,300 .4,987,747 . 1,406,021 ..7,374,068 South Carolina.........
..3,234,502 North Carolina....
..50,000 Georgia 292,510 .1,435,250
.1,200,000 ..4,600,000* Alabama.. ..9,232,555
.3,914,210 .13.146,765 Louisiana..
...91,305 . 1,013,566 Kentucky..
.283,000 ..4,661,400 Tennessee. ..1,975,250 ..263,166 .1,000,000
11,614,197 .1,218,275 .12,832,472* . Indiana .11,090,000
.3,505,430 .14,145,130* Ohio.
14,914,281 1,500,000 .3,005,719 .19,970,000 Michigan..
..721,934 ..4,121,720* Wisconsin.
1,322,000 987,780 117,542,993 2,436,466 71,116,714 5,147,136 26,324,820 225, 131,309
Those marked thus are the delinquent States.
Under the caption * floating debt," is object. In Maryland, an attempt has been embraced, for the most part, the arrearage made to procure the passage of a bill to interest due by the delinquent states. În pay the debt by taxation, but without sucthe case of the federal government, it com
The tax bill and the bill to refer a prises treasury notes and the debt of the call for a convention, to amend the conDistrict of Columbia ; in other cases, as stitution to the people, were both rejected, Massachusetts, Alabama, Pennsylvania, and by nearly the same vote. The Governor Ohio, it consists of domestic indebtedness of Maryland and the Committee of Ways and liabilities, such as scrip, bank circula- and Means strongly advised the adoption tion, &c. North Carolina has not, properly, of efficient means to redeem the state a debt; but the $50,000 has been borrowed honor. The committee proposed that the by the state from the Bank of Cape Fear, arrearage interest, which will amount to a most ominous transaction, inasmuch as it $1,200,000 in July next, should be funded; was precisely in this manner that repudia- in which case the revenues of the state tion was originated in the delinquent states. would yield a surplus of $100,000, after In the case of Mississippi the five per cent. paying all expenses of government and bonds are those repudiated, and the float- interest on the public debt. A bill to carry ing debt comprises the arrearage interest out this advice was introduced into the on these bonds as well as the six per cents., House of Delegates, and lost by a vote of which are the planters' bonds, and to pay 35 to 36. In order to avoid the disgrace which an effort has been made at the pre- of adjourning without doing anything to sent session of the legislature. The Go- apply their ample means to the payment vernor pointed out the means, and earnestly of just debts, another bill was introduced, advised their application to that desirable fixing April, 1847, as the day of redemp
tion, and authorizing the treasurer to sell The chief dependence of Michigan, for the bank stock held by the state, and apply the discharge of her debt, are the two the proceeds to interest arrearages. This rail-roads—the Central and Southernpassed the House, and failed in the Senate which cost $3,928,702. These roads, being by a vote of 8 to 9, showing a deliberate in debt for iron, and incomplete, and badly determination to hold propery and defraud managed under state authority, cannot creditors. When we remark, that all the yield sufficient to pay the interest. A bill delinquent democratic states have done has therefore passed the legislature to incorsomething, with less means than Maryland, porate William Sturgis, Josiah Quincy, towards paying their debts, the course of R. B. Forbes, S. H. Perkins, and other this whig state becomes more marked. Boston gentlemen, as the “ Michigan Cen. The excuse for withholding from creditors tral R. Road Co.," and to sell them the money paid by the people
for their relief, Central R. Road for $2,000,000, $500,000 was the fear of “suspending again." You to be paid in six months, and the remainder owe a man $1000, and will not pay the in one year thereafter--the state to receive $500 you have to spare, for fear you will in payment the bonds of the $500,000 loan, not be able to pay the balance! The fear at the rate of $43) 30 cents per bond of was a false pretence of time-serving dema- $1000, and other evidences of state liability. gogues. The people of Maryland have Should this be carried out-and it passed paid, and will continue to pay, promptly. the House by a vote of 41 to 9—the state The official returns of taxes show that the debt will be more promptly settled than levy for 1845 was $443,608, and the amount by any other means, and the completed of cash and coupons received into the trea- and well-managed rail-road wil! confer sury was $507,781, or $64,173 more than great benefits on the people of Michigan, the levy for the current year. The people while it will relieve them from dishonor pay cheerfully to redeem their honor, but and taxation. their faithless servants misuse the funds,
The state of Pennsylvania continues and abuse the confidence reposed in them. regularly to pay its interest, and the taxes The bruit goeth shrewdly forth, that float- levied for that purpose were paid last year ing coupons and depreciated stocks afford with remarkable prompness. The followfar too profitable a means of gambling, to ing shows the levies and collections for have them put out of the way as yet. several years:
In Michigan, the annual interest on the debt acknowledged amounts to $240,000, and fully sustaining the character of Penn
These, promptly as they have been paid, and the state taxation is as follows:
sylvania as a tax-paying state, do not quite Aggregate valuation.
$28.922,090 suffice for the full discharge of her large
$72,305 23 School tax, 1 mill... 14,463 15
liability; but the revenues of her public County tax... 159,753 34
works may be confidently expected to im80,000 00
prove, under a more liberal commercial Road tax..... 180,789 70
policy. Total... .$507,311 42
In Mississippi, the Governor, in his mes The Louisiana five per cent. debt is that sage, pointed out the means, and strongly due from the Property Banks," viz., the advised their application to the payment of Union, the Citizens', and the Consolidated the interest on the planters' bonds. A bill Planters'. The liability of the state is that to that effect has been before the House, of an endorser, the payment of the bonds but its passage is doubtful. The first ses- being first dependent upon the assets of sion of the legislature of Florida as a state the banks. The Planters', for which has taken place, but no allusion to the old $2,000,000 bonds were issued through the territorial bonds has been made.
house of Lizardi in London, has made a The secretary of the Kentucky treasury return of its affairs to the legislatoreproposes to raise, annually, $50,000, to con- showing, that since the 2 ist April, 1843. stitute a sinking fund, which shall extin- the liabilities have diminished $735,356,and guish the debt at its maturity in 30 years the assets $688,355. The remainder of from date.
the assets will undergo a considerable loss
on the protested paper and doubtfal claims. mated, a strong popular feeling declares These banks are all extinguishing, as rapid- itself against debts and corporations; and ly as possible, the bonds unfortunately the new constitution of Missouri guards issued by the state for their capitals. amply against corporate abuses. In the In Illinois
, the payment of the tax to- federal Congress, Mr. Dromgoole, of the wards the discharge of a portion of the Committee of Ways and Means, has given state interest has been promptly made, and notice of amendments to the bill “to prothe payment will take place in July next. vide for the better organization of the The work on the canal, under the trus- treasury,” by which the clauses of the acts tees, is being prosecuted with success. of July, 1789, and May, 1800, directing all
The bill passed by the legislature of In- dues to the United States to be paid in gold diana, on a plan in some respects similar and silver only, shall be revived, and take to that of Illinois, has not yet been accepted effect after June, 1846. In Pennsylvania, by the bond-holders, and doubts are en numerous bills for new banks have been tertained of their willingness to adopt it. vetoed by the Governor. Unhappily, how
The whole mass of indebtedness has ever, in Ohio and Indiana, the bank mania considerably diminished during the past is progressing in a manner to excite the year, by payments on the part of the fede- liveliest alarme. ral government, New-York, Souih Caro The general state of affairs may be sumlina, &c., and through the retirement of med up to be, strict economy on the part bonds in other cases, more particularly of of the federal government, a return to Louisiana, Illinois, &c. There does not ap- sound principles and the constitutional curpear to be any disposition, in any of the rency in the treasury department, and a states, io renew the contraction of public removal of restrictions upon trade, by which debts for any purpose, or to grant acts of the markets for produce will be widely incorporation, unless embracing the indi- extended, and those oppressions upon lavidual liability clause. The constant and bor for the benefit of capital be removed, general tendency seems to be, to extinguish while present debts and prospective taxadebts and prevent the growth of corporate tion are in process of diminution, accompaprivileges. In nearly all the states, where nied by a rapid cure of those sores upon a movement for constitutional reform is the body politic-privileged corporations. either in progress or has been consum
NOTICES OF NEW BOOKS.
Elements of International Law, by Hen- shown but too fatally, that those who go
RY WHEATON, L.L. D., Minister of the vern in Europe trouble themselves very United States at the Court of Prussia ; little about what is right, if they can obCorresponding Member of the Academy tain what they think to their advantage, by of Moral and Political Sciences, in the any means. The writings of Hobbes, Institute of France; Honorary Member Puffendorf, Grotius, Wolfius, and Vattel, of the Royal Academy of Science at Ber- successively developed and defined the lin, etc. etc; revised and corrected. great principles which ought to regulate Third Edition. LEA & BLANCHARD. Phil. the intercourse of nations, digested into
laws which are more properly denominaThis most valuable work should be in ted the science of the law between nations, the hands of every American who sets va as derived from the law of nature, growlue upon his right of participation in the ing out of the natural freedom of all men. government of tbe country. Although the These applications of the law of nature to law of nations is the law of sovereigns, the position of nations, in relation to each and it is principally for them, and for their other, had all reference to the affairs of ministers, that it has hitherto been written. Europe ; and the examples were mostly all men are interested in it. In a free drawn from the ferocious acts of cruel and country like this, where every citizen brutal governments, as ignorant of any forms part of the government, and is call. science of law, as they were regarded upon to express his opinion through his less of the rights of the weak. The first vote; and by so doing to affect the action exercise of that spirit, which was supposof government on measures that involve ed lo govern the law of nations, was on peace or war, and consequently, the con- the part of the United States, when the dition and fortune of all, it becomes ne. free principles of our institutions were cessary for each to acquire some idea of expressed, in the determination to ask for those great principles of action which re- nothing but the right, and submit to nogulate the intercourse of nations with each thing wrong. The peculiar position of the other. The experience of the past has United States, aloof from European poli
tics, and cherishing institutions, at vari. Caucasus, by the same traveller, in 1811, ance with all those of other nations, ne- have, however, been proved to be quite cessarily involved great changes in the practicable, by so enthusiastic a traveller as manner of intercourse. And the policy of Mr. Parrott. The adventures which were the government, early adopted, was not to encountered, and the customs and manners interfere in the concerns of the European of the people of that interesting section of powers; to consider the government de the world, are admirably described, and facto, as the legitimate one; to cultivate beautifully illustrated with maps and enfriendly relations with it; meeting, in all gravings. cases, the just claims of every power; submitting to injuries from none. The The Farmers' Dictionary: a vocabulary United States also declared, that it should of the technical terms recently introconsider any attempt on the part of the
dued into agriculture and horticulture allied European powers, to extend their from various sciences; also, a Compenpolitical system to the American continent,
dium of Practical Farming, chiefly from as dangerous to the peace and safety of
the works of Rham, LOUDON, Low, and the United States, With these avowed
Youatt, and the most eminent Ameriprinciples near 70 years of intercourse
can authors. Edited by D. P. GARDIwith foreign nations have passed away, about one half of which was spent by
NER, M. D.
New-York: Harper &
Brothers. 1846. them in war; and a great number of questions have presented themselves, ha
This valuable compilation, from the auving an important bearing upon the future the outset to explain the many technical
thors named in the title, was designed in position of the United States, in respect to the rest of the world. All these events
terms used by writers on agriculture, and have been brought to bear, by Mr. Whea
to aid in forming a more simple and intelton, with admirable skill, and through ligible
nomenclature. It embraces
, howthem the application of that system of ever, many brief and important essays on rules by which all nations profess
to be practical farming, from some of the best governed, is made to the affairs of this writers in Europe and America, and makes
a handsome volume of near nine hundred country. This subject, usually so dry, Mr. Wheaton has enlivened and made 'emi- pages. It should be in the possession of nently interesting to the general reader, every farmer. In this day of general inthrough the clearness of his style, and in
terest in agriculture, and inquiry into the joining to maxims examples drawn from improved methods of farming, and when the great events that have occupied the the profits of the intelligent book-farmer, public mind, down to the treaty of Wash as he is sometimes sneeringly called, is ington. The progress of events now points awakening the minds of thousands, who to a great crisis in the affairs of this conti- have gone
on in the same line of drudgery nent, as influenced by the action of Euro and routine of their forefathers, made still pean governments; and it becomes a mat- harder by the new and profitable methods ter of absorbing interest to understand the introduced around them—when this sucprinciples that have hitherto governed this cess is touching their interest, and in the country in its foreign relations. We
same degree awakening their minds to the doubt not but this elegant and attractive rich treasures which the chemist and geolovolume will find extensive circulation,
gist are discovering in the elements of na
ture-a book like this will be sought and JOURNEY TO ARARAT, by Dr. Friedrich with numerous cuts, in explanation of the
read with profit. The work is illustrated Parrott, Professor of Natural Philoso- essays on grasses, irrigation, horse-power, phy in the University of Dorpat, Rus- and other machines used by the successful sian Imperial Counsellor of State, agriculturalist. Knight of the Order of St. Anne, &c. With map and wood-cuts: translated by the prejudice which has kept so many of
We rejoice that the day is at hand when W. D. Cooley. Harper & Brothers.
the hard-working men of this country 'This is a small volume of intense inte- poor, is fast waning. There is no country rest, describing the journey to, and ascent comprising within the same extent of terriof that sacred mountain, held in equal ve- tory so many acres of rich, arable land, neration by Jew, Mahomedan, and Chris- The profession of the agriculturalist is a tian, which was supposed to have been secure-a noble one. unvisited by human footsteps since the In the true democratic sense, though by "waters subsided," and gave a resting a much abused term, the farmer constitutes place to that casket of animal life which a large portion of the “bone and sinew" contained the restorer of our race. The of the country. We therefore commend, ascent of the summit of Ararat has been with special interest, every new work cal, pronounced impossible, inasmuch as that culated to make him more intelligent, and it is a cone of steep ice. Similar supposed to make his labor more profitable. Such impossibilities, in the case of the ascent of seems to us the character of this work.