marching, parading, target-firing, and evolutionizing, never before disturb ed the slumbers of the tranquil Pacific, since Pizarro murdered Atahualpa. And lest sufficient notoriety might not attend the designs of the Commander-in-Chief, it occurred to Mr. T. O. Larkin, navy agent and storekeeper, to give a ball on the express occasion. The enterprise was truly Herculean. Our worthy navy agent was sadly puzzled as to the locus in quo. At length it occurred to him, that a certain long, lank, crazy building, then occupied by a part of the New-York regiment of volunteers, under Colonel Stevenson, was, to all intents and purposes, the most eligible location. A few partitions being knocked down, a few soldiers turned grumbling out of their quarters, the hideous mud walls disguised with the flags of the squadron, and the venue of the diplomatic shuffle was deemed sufficiently adorned and beautified. No event of interest disturbed the solemnity of the occasion, save that a few discontented followers of the gallant colonel, not seeing clearly why they should not share in the festivities of the evening, and anxious to show their patriotism by an adequate demonstration, obtained a supply of liquor, and in great glee began to assail the ball-room with pebbles, peas and other projectiles, here for decency's sake unmentioned. We had some trouble in restoring order, and preventing a collision; and it is said, that right under the ball-room was discovered a keg of gunpowder with a train, placed there with the evident intention of blowing up at one blast, the whole "flower of our army and navy." How so unpropitious a finale to these memoirs was avoided does not appear. But few of the rioters were of so sanguinary a disposition. Some of their pranks on that memorable evening, evinced, in a heavy, awkward way, a feeble desire to be jocose and frolicksome. For instance, one of these roysterers had the luminous idea of inserting a lighted candle through a hole in the floor. The women retreated screaming from this subterraneous illumination; but one Amazon who, having crossed the Rocky Mountains, and having moreover been a fair citizen of Nauvoo, did not "stick at trifles," boldly marched up to the crater, and put it out with her fantastic toe. If the "area of freedom" did not extend itself with sufficient rapidity upon our western coast, it was certainly not for want of heads. Never did Roman Proconsuls displace each other with such astounding rapidity. Commodore Sloat, having raised the American flag at Monterey, hurried home to gather his laurels, leaving the labor of conquest and organization to Commodore Stockton, who, leagued with the great explorer of our western wilderness, raised a volunteer army; but alas! could not always "raise the wind." Gold mines had not yet been discovered. The veteran Biddle sailed from the land of spices to throw cold water upon the operations of the energetic commodore, while General Kearney made his appearance, purposely as it were, to gather the laurels of the indefatigable young explorer. Matters being now in this condition, Fremont driven from the country a franc étrier, and Commodore Stockton in stately retreat across the desert, with three mule loads of champagne, the general, oppressed with the fatigues of government, resigned them into the hands of Colonel Mason, while Commodore Biddle transferred the maritime sceptre to his successor, Commodore Shubrick. He, too, was soon dethroned, but not until he had planted the stars and stripes over the unresisting Mexican fortresses of the Pacific. FINANCIAL AND COMMERCIAL REVIEW. FROM causes pointed out in our last number, money has continued to become more abundant, and the rate has gradually fell to five per cent. on stocks at call, and the considerable amounts, including $1 800,000 on United States stocks, reaching $2,500,000 together, interest money payable January 1st, will add to the supply. The New-York canals closed on the 9th, and business is consequently dull, and will so continue until after the holidays. This, however, does not apply to the extraordinary business which has grown out of the California accounts. At this present time 60 vessels are up for that destination, at this port alone; and at all other ports more or less. All these vessels carry quantities of goods of all imaginable descriptions, even gold watches are among the adventures; and linens, cottons, and woollens have been taken in considerable quantities, and will doubtless do well. The means of purchase, possessed by 30,000 Indians in those quarters, has created a large market, and this irregular demand will reduce the stock of goods here for the spring business. The exports of produce continue to Europe on a liberal scale, while the imported goods declined as the season advanced, diminishing the demand for bills, which continued to be supplied from produce shipments, as well as from foreign investments in United States stocks. Rates of bills continued, therefore, heavy, and have varied as follows: 66 RATES OF BILLS IN NEW-YORK. Hamburg. Bremen. .401740... a35...78a79 a78 a78 Sterling. Francs, Short. France, 60 days. Amsterdam. November 15,..8391...5 16fa---.....5 25 a5 22 22,..8a9 ...5 17 a5 15 ...5 25 a5 22§.....403a403.....35fa35§.....78§a78₫ "6 29,..879 ...5 20 a5 17}...5 27 a5 25 ... .40 £ 740}...35}u35§.. December 6,..8fa8}.....5 20 a5 17.....5 27 as 25 ...40 40§.....35% 735§.. 66 13,..8a3...5 22 a5 20 ...5 30 a5 25 ...40fa40}...351a354.....78379 29,..8 a9 .....5 23 a5 20 ...5 27fa5 25 ...40ža40ƒ.....35 ja35) ....... 78 §a73} The amount of continental bills offering against investments in United States stock is very considerable, und has aided the fall in that direction. The transfer books of the Government Stocks has been closed during the month of December, and will open on the payment of the dividends in January. The markets abroad for United States cotton have been unfavorable, through the disturbed state of Europe, and consequently diminished consumption of cotton fabrics; latterly, however, there has been some improvement in the prices in England. It is to be remarked, however, that the power of cotton over the financial affairs of the Union, has, in the last few years rapidly diminished, and breadstuffs will now become the governing power. The returns of the imports and exports of the United States, as indicated in the official returns of the Treasury department, are as follows: UNITED STATES IMPORTS AND EXPORTS AND CUSTOM DUTIES. 1843. Duties. Foreign goods. Total. Imports. $64,753,799 $7,046,844 27.701,121 75.640.772 11,346,623 68.701,921 81,935,543 8,011,158 158,634.622 146,545,638 23,747,864 37,472,751 95,431,370 21,108,010 154,032,131 154,977,826 31,757,070 The first four years embrace the whole operation of the tariff of 1842, and the two hst of the present tariff. The large export of domestic produce in 1847 was ascribed to the "famine abroad," and the beneficial operation upon general trade of the international low tariff denied. With the commencement of the fiscal year, 1848–viz : July, 1847-England got in a good harvest, and prices of breadstuffs fell immensely. Yet, notwithstanding her good harvest and low prices, added to a great fall in cotton, our domestic exports are 30 per cent. more than in previous years; that is to say, our farmers have sold $33,000,000 more products than in 1844 or '45. This at least cannot be ascribed to “famine." Again, a large portion of that sent abroad by our merchants was lost through the failure and bankruptcy of the "merchant princes of London," and the ruin growing out of subsequent European revolutions. This loss fell upon our commercial capital, and our merchants have borne it nobly, sustained by a sound trade at home. The exports of foreign goods reach a high figure, and these include specie, for which the demand in Europe, during political disturbances, has been great and anomalous. Nearly all the specie so exported has, however, been supplied from the boards of the immigrants; and it is not among the least wonderful effects of our institutions, that individuals, whose life of industry has been spent in adding to the hoards of coins accumulated in many instances by their ancestors, and who on no account would, in Europe, expend it for property that might be reached by the tax gatherer, no sooner touch our shores, than they become endowed with the liberal enterprise of our people, and long-secreted treasures, disbursed for land and household comforts, seek the bullion brokers, and supply the export demand for the precious metals. Not the least gratifying triumph of principle is seen in the figures for customs duties the amount, $31,757,070, exceeding the estimates of the Secretary by $757.070; the amount of dutiable goods imported being near $32,000,000 more than last year. Perhaps no part of the Secretary's report last year was more pertinaciously objected to than his estimate of the customs; yet, principle has triumphed over quackery. At this moment the prosperity of the country, as a whole, surpasses that of any other country, or of this in any former year. It is true, that many manufacturers have discharged hands, and oppressed operatives wantonly, in order to manufacture opinion against the existing state of things, and also that cotton is low, through the disturbed state of Europe. These are, however, artificial exceptions; employment is generally good, wages high, produce fairly remunerative, credit good, mercantile confidence unshaken; United States 6 per cent. stock at 1064 premium, without the dividend of 3 per cent. due 1st proximo; exchange in favor of the country, and money to be had at 5 per cent., and increasing in abundance. Reflecting upon this state of affairs, it is amusing to recur to the letters of Abbott Lawrence, Esq., dated February, 1846, (nearly three years ago,) describing the utter desolation, bankruptcy, and ruin, national and individual, which he staked his reputation would, in eighteen months, result from the low tariff and independent treasury. Superadded to those (in his opinion) causes of ruin, have been the unforeseen incidents of a foreign war, general bankruptcy in England, and political revolution throughout Europe. Yet we have gone through all these with unshaken prosperity, and unchecked national progress; and Mr. Lawrence's friends want him to be made Secretary of the Treasury, as a reward for his commercial and financial sagacity! In the year 1842, the whole domestic exports was $91,799,242, of this $47,593,464 was cotton, or rather more than 50 per cent. In 1847, of $150,637,464 domestic exports, $53,415,848, or about 30 per cent. only was cotton; or in the case of Great Britain, as follows: Thus, in 1842, cotton was the basis of 30 out of 38 millions of bills drawn against Great Britain, being but $18,152,084 drawn against other articles. In 1847, $35,700.000 only of bills were drawn against cotton, and $50,566,935 against other articles. The cotton bills no longer governing the market, although this article sold above high price. This year cotton has fallen, but the exports of other produce continue good, and supply the bill market. Hence the fall of cotton no longer affects the market as formerly. This has gradually resulted from the relaxation of the tariff laws in both countries, commencing in England in 1842. The trade of the western country now governs exchanges in the New-York and NewOrleans markets. The export of breadstuffs in the last year, which has been one of the good English harvests, has been much less than in 1817, the year of the “famine,” but it greatly exceeds that of any prior year, and the whole shows a greatly increased and beneficial trade, particularly in corn and provisions. The export value of other domestic produce, was not probably realized abroad, more particularly what fell in price rapidly as the year advanced. Of the large amount under the head of foreign produce exported, a considerable portion was of the precious metals exported in the shape of foreign coin, through the pressure of extraordinary demand growing out of political revolutions in Europe. This amount probably rivalled that imported in the previous year. The amount so exported was, however, nearly all supplied by immigration, and did not appear in the customhouse books. These influences were operating upon the money market when the California gold fever gave a new impulse to affairs, by imparting a desire to embark in enterprise. The first results have been extraordinary demands for ships and goods for California, and considerable activity has prevailed in most branches of industry, relieving this holyday season of its usual dullness. The chances are, that the stocks of goods that had been destined for the usual spring trade will be considerably diminished by the gold demand. Real estate has also received an impulse, and prices are higher, as are those of stocks, which have risen as indicated in the United States descriptions as follows: PRICES OF UNITED STATES STOCKS IN NEW-YORK. Jan. 1868. July, 1868. 98a 981..99 a 994.. Treas. notes. December, 1847..91 a92.. 974a 98 991a 99 .934a934..103 a1031..1034@1031..1044 1043.1041a1043. 104 1044 .93a93..103 a1031..1034a103..104fa104}..1043a105 August, 1848.. 66 103 @1031 .95 a95..103fa1031..103fa1034..105 a1054..1054a1054..1034@103 .99 a100:.1033a1034..107a1074..108 a1081..108a1081..103 a108 This advance in government stocks generally was produced under the influence of a growing abundance of money, a stealy demand for these stocks abroad, and finally, by the disposition to speculate, which the news from the gold region excited into action. The government stocks were more particularly improved by the very favorable state of the finances, as indicated in the luminous and able report of the Secretary of the Treasury, in which the statement of the amount of the debt is given, and which, as compared with the amount last year, is as follows: Old funded debt..... STATE OF UNITED STATES PUBLIC DEBT. Interest. Redeemable. October 1, 1848. 5 per ct., $60,000 annually,1,020.000 00. Treasury notes of 1837 & 1843. December, 1847. $130,926 06 1,080,060 00 239,789.31 77,178 00 8,279,386 03. 8.343,886 03 .6,604,231 35 6,604.231 31 $16,326,185 64. $16,476,180 75 Unpaid of debt outstanding, March 4, 1845.... Amount of debt incurred since March 4, 1845. Total United States debt..... 4,999,149 45 23,798,C22 00 301,952 00 84,525 00 29,183,648 45 49,478,048 92. $65,804,234 56......$45,659,559 40 In our December number we gave the general state of the government, showing the perfectly triumphant operation of the present tariff as a means of revenue. In a year of good harvests in England, and when no unusual element tended to enhance but rather to depress the general business, the tariff overrun the estimates, $700,000, producing $31,700,000, or six millions more than the ordinary expenditure. The state of the internal trade of the country has been such as fully to respond to the activity of external commerce as promoted by the removal of restraints upon intercourse. The following table shows the quantity of some of the principal articles of produce left at tide water, from the commencement of navigation to its close, during the last seven years: Flour Barley Beef. Pork Ashes.. Buiter.. Lard. PRODUCE ARRIVED AT TIDE WATER, VIA NEW-YORK CANALS. 1842. 1843. 1844. 1845. 1846. 1847. 1848. ..bbls. 1,577,555 2,073,708 2,222,204 2,517,250 3,063,441 3,952,972 3,121,655 bush. 928,347 827,346 1,262,249 1,620,033 2,950,636 4,143,830 3,681,458 The quantities of every article are far in excess of any year prior to 1847, and the articles of butter, lard, cheese and bacon, show the most extraordinary results. The weight of these four articles for the last year has been 84,482,949 lbs., having steadily increased from 38,1-7,543 lbs., which was the total in 1842. The largest proportion of this immense increase has been exported, swelling the sum of the export value of breadstuffs and provisions, as given in the above table, some |