I.-FINANCIAL PROSPECTS OF THE CURRENT YEAR. In- LATURE........ PAGE. 367 375 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. ..... .... ............. Statement exhibiting the total value of imports, and the imports con- ...... ...... ...... ...... ...... 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... ............. ...... ............. 401 402 403 403 404 405 406 407 408 ..... ........... STE. GENEVIEVE, IRON MOUNTAIN AND PILOT KNOB HENDERSON AND NASHVILLE RAILROAD.......... 409 WHEELING BRIDGE CASE. Decision of the court ...... 410 pany.... 410 LITERARY DEPARTMENT. WHO ARE OPPRESSORS, AND WHO THE OPPRESSED?—BY NARROW-MINDED UNCHARITABLENESS AND COMPRE HENSIVE EARNESTNESS. SELECTED. ATALA.-From the French of M. VISCOUNT 411 416 416 417 417 417 BY THE JUNIOR EDITOR. 418 TWILIGHT MUSINGS. BY A. M. B. of Tuscumbia, Ala................ ........ WHAT A MINISTER IS LIKE.. 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. |