fluenced judiciary of the state, at that time, had decided. Dangerous diseases, at times, require desperate remedies, such as the Bee argues were resorted to. The final disclosure of the true condition of these institutions, relieved General Down of the "odium" which his measures had generated against him. That is, in the estimation of all of the community whose good opinion was desirable to a man of true integrity. But I must hasten on. The blow up of the insolvent banks of the state greatly strengthened the democratic party-demonstrating the patriotism of its warfare, of five or six years' duration. Indeed, that event secured a triumph for the democracy, for the first time, in the state election soon following. In the spring of 1844, General Downs was chosen to be a delegate for the state at large, in the Baltimore Convention, and instructed to support Mr. Van Buren. He was at the same time nominated a candidate for presidential elector, by the Democratic State Convention. On the promulgation of the anti-Texas letter of Mr. Van Buren, which took place after these nominations were made, General Downs promptly threw them up; alleging that he could not support a traitor to the principles of democracy. But the State Central Committee, taking his view of the letter of Mr. Van Buren, rescinded the instructions; and General Downs then felt at liberty to fulfil these important functions In the discharge of his duty as an elector, on the 19th of June, 1844, he delivered, at Farmersville, in the Parish of Union, the most elaborate, carefully-prepared, and powerful argument, in favor of the annexation of Texas, which, as far my reading extends, the canvass produced. This was at once printed in large numbers by the democracy, and sent in every direction over the south-west; furnishing the speakers and writers of our party with by far the most extensive and convincing collection of "proof from the record," brought to bear in favor of that great measure of the democracy. As before remarked, he was chosen an elector, and voted for James K. Polk. On the occurrence of the first vacancy from Louisiana, in the United States Senate, after the election of 1844, General Downs, without solicitation, was unanimously nominated by the democratic members of the Legislature, and triumphantly elected to that honorable post, in which his career has been marked by quiet labor and retiring modesty. He has, however, in Washington, added not a little to his previous fame as a distinguished statesman. As chairman of the Senate's Committee on Private Land Claims, his indefatigable habits and extensive legal attainments have been of great service, in obtaining for honest claimants their dues, and guarding the public treasury against unjust demands. As one of the select committee, to whom was referred the bill of Senator Douglass, for the admission of California as a state, he made a minority report, dissenting from the views of his fellow committee-men upon the question of the constitutionality of the famous proposition of Mr. Doug lass, and reviewing and refuting the positions of that paper, seriatim. It will be recollected that the majority report, drawn up by Mr. Berrien, denying the constitutionality of the proposed measure, went on to argue from the history of the action of this government in the admission of all the new states, by way of sustaining this view. General Downs attacked these positions at the root; showing (the historical facts of the majority report being untrue) that, in this case, Congress had been asked to do no more than it had in fact, at a prior date, done, virtually, in the case of Vermont, and in that of Kentucky. The latter when admitted had no state constitution framed, nor indeed for fourteen months after; and as for laws, she was then entirely without them-being in a chaotic state. His triumphant refutation of the facts presented by the majority, and consequently of the conclusions drawn from those facts, made converts of a sufficient number of senators to render it apparent that a majority stood ready to enact some bill on the principles of that of Mr. Douglass, when satisfied that it could pass the other branch of Congress. The speech of Senator Downs, upon " the ten Regiment bill," was regarded by Congress, without distinction of party, as, perhaps, the most conclusive defence of the war policy and measures of the admin. istration to which that memorable debate gave rise. This paper-for it was an elaborate state paper embraced the result of long labor, close investigation, and profound thought upon the subject matters being considered. Yet young for his position, and in the possession of all his powers in full vigor, Senator Downs bids fair to win a broadly national reputation, in the war which special privilege is destined to wage, for the next three or four years, against the rights of the states and the people of the states, under the auspices of the federal administration of the general government. He can hardly fail to have, in the Senate of the United States, in all that time, a field suited to render his peculiar talents and attainments almost of as much value to the Union at large, as they have been to the people of Louisiana, within the period particularly reviewed in this sketch. Knowing the character of his mind, his abilities and attainments, and the history of his previous labors in behalf of sound republican progress; and also anticipating the efforts which federalism will essay in the legislation of the next Congress to take advantage of the election of President Taylor, the writer, in conclusion, predicts that if spared by Providence to his country, he will come to be regarded as perhaps the main senatorial bulwark of the democratic party, in future contests over principles or measures in which the supremacy of Thomas Jefferson's readings of law or rights may be involved. I cannot close this sketch without noticing the fate of the class-mates of GENERAL DOWNS when under the tuition of the Rev. Mr. Craighead, mentioned previously, for their story, full of vicissitude and sorrow, illustrates the state of society and of the times in which General D. persevered in his labors for reform until they were crowned with triumphant success. Of the seven, five are already in the grave. Winn died at the close of 1810, a victim to fatigue and exposure in the Presidential campaign, and chagrin at the defeat of Mr. Van Buren. Frederic Guion fell in a duel at Natchez. One of the Whartons lost his life in the accidental discharge of a pistol; the other died from a wound received at the battle of San Jacinto. Bostwick, who since died in the service of his country in the Mexican war, had his right arm shattered to pieces in a furious rencontre; and General Downs, himself, was shot through the lungs by a musket ball in a duel. Yet there was not one among them not remarkable for suavity of disposition. FINANCIAL AND COMMERCIAL REVIEW. In our last, we mentioned that the state of the exchanges, and the general aspect of the foreign trade, indicated the speedy reimportation of specie from Europe. This has taken place during the month to the extent of over two and a half millions. That is, the packet of Apl. 7 brought $500.000; of the 5th, $250,000; of the 14th, $270,000; of the 21st, $1,000,000; and of the 28th, $415,000. The effect of these arrivals has been apparent as well in the rise of bills as in the amelioration of the money market. Sterling bills have now risen to 8 a 8 per cent., and money has become abundant at six per cent., at which rate the banks loan, and considerable money has been loaned on treasury notes at thirty days without interest. The banks discount freely, but such paper as does not come within their limits, is done in the street at 7 a 9 per cent. It is to be remarked, however, that there is an absence of much speculation either in stocks or goods, and therefore the demand for money is not active. The stocks of cotton throughout the country, as well as the imports of goods, are becoming less, while the process of payment from the interior is producing an accumulation of money, although from causes indicated in our last, the sum of payments is less than was anticipated. It is to be inferred, however, that when, through the application of all available means, in most country towns of the Union, to California enterprise, both business and payments have been unfavorably affected, that the success of those enterprises, by imparting increased means to those localities, now straightened for outfits, will give a renewed impulse to general business, as well by closing up outstanding accounts, as by enhancing purchases and improving the demands for manufactured goods. The amounts of money seeking employ are, however, increasing both in number and magnitude, and the disposition to create capital stock of moneyed corporations is very rife. Thus, at the late session of the Massachusetts legislature, there were passed laws to charter ten new banks, and to increase the capitals of thirteen old ones; also, to incorporate thirty-seven manufacturing companies of different kinds, in the face of the present "ruinous" tariff; and ten insurance companies. There were also passed thirty-nine laws concerning railroads, mostly new charters, and raising the capitals of old ones. These make one hundred and nine laws which authorize the appropriation by special privilege of at least $8,000,000 of capital. In Pennsylvania the legislation was quite as prolific. and probably $15,000,000, including the state loan of $400,000, will be demanded for capital, banks, rail-roads, &c. In New-York the formation of institutions under general laws is rapid; but requiring no special legislation in the matter, the results are less conspicuous, although their effect upon the demand for capital is not the less felt. By the new constitution of the state, no new charters can be granted to banks; and as existing ones expire, they have the choice of going into liquidation, or organizing under the general law, which requires them to deposite New-York stocks with the comptroller as security for their circulations. One of these, the Merchants' Exchange Bank charter expires June 1st, and its capital was $750,000. It proposed to organize under the general law, with a capital of $1,000,000, giving the old stockholders the priority of subscription. The result is, that all the old stock was subscribed, and new stock, to an amount which makes the capital $1,220,350, or nearly a quarter of a million more than was at first proposed. The result is the more remarkable, when we reflect that such structures as the Hudson River and Erie railroads, which not only promise to be the most profitable, but to have the greatest influence upon general business, as well as upon the value of other property in the state, have filled their subscriptions with great difficulty. The promptness with which the bank capital was raised, indicates confidence in the working of the general law, as well as in the success of banks generally, notwithstanding the operation of the independent treasury, specie clause and all. A new institution, called the Broadway Bank, capital $1,000,000, is also being organized. It is to be observed, that this large and growing bank influence is altogether opposed to the creation of any overshadowing federal bank influence in the renewal of any new United States Bank project. The commercial interests of all classes are also convinced, by the operation of the independent treasury, that it is preferable to the bank system; an indication of this is presented in the course of the Journal of Commerce, which unceasingly denounced the independent treasury plan as a humbug, until corrected by the voice of its readers; and it now strongly opposes a new national bank as a greater humbug. It is to be remarked, that the demand for capital indicated in the number of charters in this and neighboring states is very important-exceeding, perhaps, when we remember the demand on California account, the accumulations, and becomes an important element in the high rate of interest. The leading features of the New-York banks, for the last several returns, indicate the following results: 1848. August.... November 13.. March... June.. September.. December.. 1849. Loans. NEW-YORK BANKS. Bal. due. Specie. Circulation. Deposites. 80,744,977....11,983,624.. .25,091,683....36,281,080....10,830,465 .... 80,558,529... 9,107,920....26,237,156....35,096,818.. 6,308,777 .82,561,614........ 7,418,928....25,870,131........35,669,795.... 6,116,878 .73,921,811.... 6,722,326....23,047,826....29,741,507.... 4,444,039 February.............76,824,565.... 5,481,874....22,509,882....30,216,287.... 4,439,085 These returns, through the neglect of the proper officer, seldom make their appearance in season to convey timely information. The return ordered for February 9, was not published until the close of April, or nearly three months after it was made up, and when the circumstances of the market were entirely changed. The law of 1843 required that the result should be published within twenty days from the time of its date. This provision was smuggled out of the amended law, thus frustrating its whole design in requiring the returns made. Since February, when the above returns were made, the money market became intensely tight, and has again become quite easy; yet in all that time no official figures enabled the public to estimate the influence which the corporate institutions have had upon the state of affairs. The anticipations at first indulged in relation to a large and sudden influx of gold, have, up to this time, not been realized. Nevertheless, the quantity of gold that has left San Francisco is very considerable, and not measured by the high standard of the excitement of last fall, is astonishing The discovery of the mines took place in February, 1848, and during the remainder of that year gold mining was carried on by persons almost destitute of the proper means of working the mines-without capital, without machines, or necessaries, and many of them inexperienced in labor. Under these disadvantages, the shipments have been over $3,000,000, and will reach a product of $4,000,000 for the 12 months. This is an immense result; although most of the gold has gone to England, by reason of the peculiar circumstances of the first discovery, and the fact that the supplies of goods that first reached the mines, being the stock of English merchants on the South American Pacific coast, yet the improved means of communication for the coming year will ensure the shipment to the United States of a large portion of the considerable sums which must result from the scientific and systematic operations of the well-provided thousands who have sought that region for its mineral wealth. The gold product of California last year exceeded the value of the whole rice crop of the Atlantic States, and was equal to one-half of the tobacco exports. How much greater, then, will be the magnitude of the production, under more rigorous prosecution of the mines, the inexhaustible nature of which seems to be well authenticated. The renewed import of specie into the United States from Europe, after the extraordinary exportation of those metals last year, to purchase the manufactures and wares of Europe, sold, under the influence of political panic, at rates ruinous to producers, is a gratifying instance of the corrective agency of sound commercial principles. Specie being the cominon standard furnished by nature for the world, it moves always to that point where other products of industry are cheapest. Where any nation, by the undue creation of false money, or its paper representative, disturbs the common standard, it induces specie to flow out until a collapse takes place, through the over consumption of goods on credit. Last year, specie went abroad, not because goods were too high in the United States, but because they were unusually low, and a great deal of labor expressed in manufactures could be got for a little money. This year, less goods can be got for the same money, and it returns for the agricultural produce of the United States-cotton and breadstuffs being more in demand in Europe. The canals are in activity, and the quantity of goods coming down very considerable, stimulated by those favorable accounts from abroad which have been accompanied by orders induced by freer and rising prices, as well of breadstuffs as cotton. The bad state of the roads last fall, prior to the closing of the canals, kept considerable quantities of breadstuffs back, and these are now pressing down. The stock of flour on hand at New-York, when the canal opened, was variously estimated, from 25,000 to 60,000 bbls.; but the trnth is not far from 45,000 bbls. The late accounts of prices in England, have caused the advance; and a rise of some 3 per cent. in exchange, is equal to the corresponding rise in favor of the shipper of produce. Thus, the rise of from 5 to 8 per cent., in sterling bills, is equal to an advance of 15 cts. per bbl. in flour, and 2 cts. per bushel in corn. This advance has been obtained in the face of a considerable supply of bills, drawn against stocks, of which the sales continue active in London. The prospect is, therefore, of a prosperous year, notwithstanding that the political horizon is threatening in the extreme. The trade in farm produce is daily becoming more important, notwithstanding the alleged competition in the countries of Europe. The growing character and importance of our foreign produce trade may be seen at a glance by the following tables, gathered from official sources : |