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I.-FINANCIAL PROSPECTS OF THE CURRENT YEAR. In-
fluence of foreign commerce upon the financial condition of the
United States. In what light California gold is to be regarded
as a domestic product. Laws of production and consumption.
Increase in the production and coinage of gold. Present aspect
of the trade between the U. S. and foreign countries. Future
prospects &c.
BY THE SENIOR EDITOR.
II. THE TRADE OF THE SOUTHWEST. THE VALLEYS OF
THE MISSISSIPPI AND THE AMAZON. - Observations on
the present condition of trade in the Southwest. Measures ne-
cessary for the improvement of this trade. Products and com-
merce of the valley of the Amazon. Inducements on the part of
the United States to treat for the free navigation of the Amazon
and its tributaries. Exports from Para for the year 1850. Fu-
ture destiny of the Gulf trade.
BY LIEUT. M. F. MAURY.
III.-LEAD MINES OF WISCONSIN.-History of the lead mines of
Wisconsin, with an account of their products. Average value of
lead produced annually by each individual engaged in mining &c.
FROM A REPORT OF A COMMITTEE OF THE WISCONSIN LEGIS-

LATURE........

PAGE.

367

375

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IV. STEAMBOATS OF THE UPPER MISSISSIPPI. - History of steamboats and steamboat navigation of the Upper Mississippi. FROM THE MINNESOTA PIONEER.

MINES AND MINING.

Exports of Lead from Galena for six years.

COMMERCIAL STATISTICS.

397

399

Statement exhibiting the value of dutiable merchandise re-exported annually, from 1821 to 1851 inclusive, and showing, also, the value re-exported from warehouses, under the act of August 6, 1846.

400

Statement exhibiting the value of foreign merchandise imported, re-exported, and consumed, annually, from 1821 to 1851 inclusive, and also the estimated population and rate of consumption, per capita, during the same period.

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Statement exhibiting the total value of imports, and the imports con-
sumed in the U. S., exclusive of specie, during each fiscal year
from 1821 to 1851; also, showing the value of the domestic and
foreign exports, exclusive of specie, and the tonnage employed
during the same periods.................
Statement exhibiting the amount of coin and bullion imported and ex-
ported annually from 1821 to 1851 inclusive; and also the amount
of importation over exportation, and of exportation over importa-
tion, during the same years.
State of consumption of Iron in the U. S., at the dates therein specified,
and of the rate per capita.
Statement exhibiting the quantity and value of bar iron, pig iron, and
old and scrap iron, imported annually from 1821 to 1851....
Statement exhibiting the quality and value of bar iron, manufactured by
rolling and otherwise, pig iron and old and scrap, imported an-
nually from 1843 to 1851 inclusive; and also the average cost per
ton and the estimated amount of duties which accrued on each
during the same period.
COMMERCE OF ALTON.
Buildings erected &c.

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Table of articles exported in 1851.

JOURNAL OF INTERNAL IMPROVEMENTS. SOUTHWESTERN RAILROAD, from New Orleans to Jackson, Mi. OHIO AND MISSISSIPPI RAILROAD. Ceremony of breaking ground at Illinoistown...

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408

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STE. GENEVIEVE, IRON MOUNTAIN AND PILOT KNOB
PLANK ROAD.
MISSISSIPPI AND ATLANTIC RAILROAD. Movement of the
directors

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HENDERSON AND NASHVILLE RAILROAD..........

409

WHEELING BRIDGE CASE. Decision of the court ......
RAILROAD DECISION. Kennard vs. the New Jersey Railroad com-

410

pany....

410

LITERARY DEPARTMENT.

WHO ARE OPPRESSORS, AND WHO THE OPPRESSED?—BY
MRS. MARY R. HALL, of Keokuk, Iowa..

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NARROW-MINDED UNCHARITABLENESS AND COMPRE

HENSIVE EARNESTNESS. SELECTED.

ATALA.-From the French of M. VISCOUNT

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BY THE JUNIOR EDITOR. 418

TWILIGHT MUSINGS. BY A. M. B. of Tuscumbia, Ala................ ........
INTERNATIONAL LANGUAGE OF THE PRAIRIE INDIANS.
BY I. J. COOPER, of St. Louis, Mo............

WHAT A MINISTER IS LIKE..

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Financial Prospects of the Current Year.

The inquietude of the public mind and the diversity of opinions entertained in respect to the financial prospects of the current year, demand an inquiry into the leading facts relating to the industrial and commercial interests of the nation.

Our foreign commerce is so intimately connected with the financial condition of the country that it may be regarded as a controling element in the economy of the American people. And, therefore, one who would form correct conclusions in respect to the subject before us must examine the facts relating to foreign trade, and observe the nature and extent of its influence upon the habits and pursuits of a people naturally inclined to agriculture and commerce.

Before the influx of gold from California, the exportation of specie to pay for merchandise always incited a degree of caution and anxiety, more or less intense according to the extent of the foreign demand. This state of the public mind generally operated as a check upon excessive importations; and except in a few instances, occurring under the influence of extraordinary circumstances, has proved sufficient to restrain the spirit of speculation, and reduce importations to an amount which could be met by the exchange of domestic products.

As a general proposition, considered separately and apart from all questions touching the policy of encouraging foreign trade at the expense of home industry, it may be admitted that a nation may increase its imports with safety so long as the amount does not exceed the value of its exports. But beyond this point it cannot go without parting with a portion of its capital, or creating a debt to be paid by future earnings.

Keeping these principles in view, we proceed to inquire into the present financial condition of the country, for the purpose of enabling us to form conclusions respecting the future. Then, what, it may be asked, is the present state of our foreign trade? Judging from the official report on the commerce and navigation of the United States for the year ending 30th June, 1851, and the comparative ease with which money is obtained in the principal commercial cities, it is reasonable to infer that the account between this and foreign countries is upon a fair business footing; and that it may so continue, provided proper caution be observed by those engaged in foreign trade. But, in our opinion, every class of dealers in merchandise have fallen into an error in respect to the capacity of the consumers to pay for the increased quantity of commodities, recently imported. Leading Journals of the East have endeavored to inculcate the doctrine that California Gold, being a product of American soil, should be viewed in the same light as other domestic products; and, consequently, that no danger need be apprehended from enlarging our importations of foreign merchandise, so long as its value shall not exceed the amount of gold produced within the limits of our territory. In connection with this subject, we find the following remarks in a late number of the Merchants' Magazine: "When we depended for our supply of the precious metals almost entirely upon our foreign commerce, it was natural to watch with some anxiety the exports of coin, for in a little while the basis of our circulating medium might be withdrawn from us. Now we are, in this respect, independent of the world, and the anxiety which was then natural, is now foolish and unreasonable." It would be unprofitable to undertake to enlighten the mind of one who, confiding in his own wisdom, imputes folly and want of reason to all who hold opinions differing from those entertained by himself. But at the risk of being regarded foolish and unreasonable by the writer for the Merchants' Magazine, we shall endeavor to show that although gold may be "as legitimate a product of the soil as so much value in potatoes," yet the ability of the potatoe growers to purchase and pay for foreign merchandise has not been increased in proportion to the increase of gold. Nor do we believe that either the quantity or price of agricultural or manufacturing products have been materially enlarged in the States East of the Rocky Mountains, by the production of gold in California. It is true that the money value of

the cotton crop in 1850 exceeded that of any previous year, but it would be unsafe to affirm that this was occasioned by an increase in the products of the California mines. And were it shown that the high price of cotton, in 1850, was owing to that cause, yet the decline in 1851 would seem to prove that the dealers in cotton had been actuated in 1850 by a spirit of speculation, or that they were incapable of comprehending some of the obvious principles of commerce. The exports of provisions and bread stuffs during the year ending June 30, 1851, were less in value by the sum of $4,102,684 than in the preceding year; and from present appearances the amount of these commodities exported, during the current year, will not exceed that of the last.

During the fiscal year, ending 30th June, 1851, our imports, after deducting specie, and foreign merchandize re-exported, amounted to $201,019,390; and our exports of domestic produce, deducting $18,069,580 of California gold, amounted to $178,546,555, being $22,472,735 less than the amount of foreign merchandise, entered for consumption. The amount of gold deposited for coinage, in 1851, is estimated by a writer in the 'Merchants' Magazine' at about $54,000,000; and we find it stated in the February issue of that work, that the exports of Specie from New York, during the same period, amounted to $43,743,209. We have seen no statement of the amount of precious metals shipped from other ports; but it cannot be doubted, we think, that the whole amount exported at all points, during the year, exceeded the sum deposited for coinage. It is obvious, therefore, that, instead of entering into general circulation, an amount equal to the increased coinage has been absorbed by foreign commerce, while the consumption of foreign merchandise has exceeded the exports of commodities produced in the States East of the Rocky Mountains, by more than twenty-two million dollars. Hence it is evident that notwithstanding the nation has been able to adjust its account with foreign countries, yet these States have incurred a debt beyond their means of paying; unless it can be shown that they have found a market in California for their products to an amount equal to the deficit of exports to foreign countries.

Since the above was written, we have seen a statement from a respectable source showing that the coinage at the several mints of the U. S. during the year 1851 amounted to $63,488,524.

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