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tion in the other direction will doubtless without some degree of effect in knitbegin to make itself apparent again. ting more fixedly the firmness of that
A fatality of inisfortune seems to have official frown which was bent so unreattended the case from the commence- lentingly on all their efforts, whether ment. All the subsequent deportment for a writ of error, commutation or of the prisoner has been judged from respite. the point of view of his assumed guilt, We regret sincerely the mode of and not from that of his own version of his death, though it is impossible to the unhappy encounter, with which it see in it, under the circumstances, any has been entirely in harmony, down to ground for harsh severity of condemnathe last solemn moment of his parting tion. In its proper sense, of the guilty assurances of the truth he had spoken. abbreviation of the natural term of life, It has thus ministered to a feeling of the word suicide is scarcely, perhaps, vindictive indignation against him, of applicable to the act. It was adopted which the influence is very apparent by him only at the last moment, when in the later proceedings of the case. In the last shadow of a shade of chance the strong predisposition against him had departed, and when it was a simexisting in the public mind, the subse- ple choice of modes of death; and for quent disposal of the body of the fallen obvious reasons, with reference to the man has been made to sustain infer- future feelings of a child, as well as of ences of his probable guilt of the worst other relations, the presence of which form of the homicide, altogether un on a mind surrounded by all the strug, sustained by justice,—to put all consid- gling agonies of his position might well eration of human charity out of view. excuse a departure from that higher recThere were obviously abundant reasons titude of moral vision and judgment, as existing to lead a man of his character well as of religious duty, which would to strain every nerve to bury in eternal have arrested the hand that did its fearsecresy the awful fact. His explana- ful work so fearfully well. Had he tion of his motive and promptings submitted, however, to the last injusis so perfectly natural and probable, tice of the law, against which this act that we look in vain for any of those was his final protest, the sentiment self-betraying flaws which falsehood which the whole dreadful tragedy never can avoid leaving open to the would have aided to strengthen against searching penetration of justice. It the bloody and bad barbarity of the was unfortunate for him, too, that im- Gallows, in the midst of a Christian mediately prior to his application for civilisation, would have been much some degree of judicial or executive in- stronger than even now it already manidulgence, had been published an ar- festly is. At any rate, thank God! it ticle in a foreign Review, to which cannot stand much longer; and even great attention was attracted; and, in though he may have perished undewhich, amidst much general abuse of servedly-as he certainly has on no America and American institutions, sufficient and satisfactory evidence of the alleged impunity, of crime was the guilt imputed to him—the fate of strongly criticised, and the very pend- this unhappy man will probably ere ing case of Colt referred to in illustra- long be recognized to have rendered tian of the certainty with which in- indirectly in this mode a far greater fluence and exertion could rescue the amount of benefit to the society to most atrocious guilt from punishment. whose wrath he was a victim, than It is not going further than a respectful his original act inflicted of injury, or intimation that the high public func- than any length of years would have tionaries referred to were simply hu- enabled him to render of good. man, to suggest that this cause was not
MONTHLY FINANCIAL AND COMMERCIAL ARTICLE.
The two banks of Illinois no longer furnish a currency. Two or three of those of Louisiana suspended, may resume, but they now furnish but a small part of the currency. In Michigan, the two banks furnish but Fery little towards the immense agricultural wealth with which that prolific state abounds. In Ohio, the circulation has fallen off from near $10,000,000 in 1836, to about 1,174,000 now, and the charters of nearly all the banks which issue that small amount expire in a few months; hence we have inserted only the capital and circula. i tion of those which will remain. In
In our last number, we remarked upon laws of trade, those channels of circuthe abundance of money then apparent lation vacated by the winding up of in the market, and also upon the pro- broken and discredited banks. The gress of that movement of specie from specie of the New York banks was so this city to New Orleans, and thence large a few weeks since, as to be burthroughout the western country, the densome, and has been diminished commencement of which we recorded by this process of shipment nearly in our article of September, The $2,000,000. The rates of the inland latter movement has now in some exchanges are very low, and generally degree changed the first feature. That in favor of the leading points of the is to say, the activity of specie has south and west. At Cincinnati, sales caused the banks to renew that caution of sight bills on New York were made in their investments, which the accu- at one-half per cent discount. At the mulation of specie in their vaults had same time, the foreign exchanges are begun to lull into security. Large greally in favor of all the ports of the sums of specie have been received into United States. The following is a the city of New York, and still larger table of the leading rates of domestic sums have sought, in pursuance of the bills, as compared with former dates :
RATES OF DOMESTIC BILLS IN NEW YORK.
1842. April. Sept. Dec. March, May. August. Sept. Nov. Boston, --
par a par a Philadelphia, 34 a 431 43 50 a 6 a 4 par a -Араг а
31 a 4
-a2 4 a 41 10-MaRichmond,
a 44 34 a 31.64 a 61 87 a 9 73 71 23 a 2 11 a 10 lt. 11 N. Carolina, a 43 34 a 3150 a 53 41 a 5 3 a 31 2 a 3 11 a 13 dt Charleston, 14 a 2 la 10 11 11 11 11 14 a 18 14 a 1 Savannah,
31 a 31 25 a 3 2 a 21 1 a 2 26 21 1. a 1.li. 11 Mobile, 10 a 11 8 a 871 a 171 20 a 30 15 a 16 40 a 42 28 a 3018 N. Orleans,
4 a 699 a 9) 6 a 64 6 a 64 para - prem. para sa ! pr. Nashville, 15 a 16 104 a 104 15 a 16 17 a 18 17 a 18 6 a 7 disc. 5
4 & 5 dis. Louisville, 6 a 7 63 a 7 11 a 114 73 a 8 4 a 5 2 3
2 Cincinnati, 94 a 10 85 a 9 134 a 1411 a 15 8 a 9 14 0 5
This gives a singular discrepancy le between the supply of currency and
pi the volume of products, the inter- sh change of which, it is in its province to si effect. The same features are presented 0 between the quantity of the products ar of the Western States and the valley N of the Mississippi, arriving at New Or
31 a 4
50 a 6
a 2 2
This table presents a continuation of were swept away, and their depreciated that amelioration and equalisation of bills ceased to be available as a curexchanges, which in a former number rency. The following table shows the we pointed out, as the result of the reduction in banking, which has taken progressive appreciation of the cur- place in eight of the leading agriculrency in all sections of the union, as iural States since January, 1841 ? the insolvent and suspended banks
CURRENCY OF THE SOUTHWESTERN AND WESTERN BANKS.
605,813 253,500 203,825 260,223
32,180 115,580 28,501 44,790 6,422 30,477 21,256
Total value 1842.
Showing an average increase in the de whole quantity of receipts of 368 per cent., at the same time the
The two banks of Illinois no longer Arkansas one bank is in liquidation, furnish a currency. Two or three of and the bills of the remaining one are those of Louisiana suspended, may so depreciated, that they scarcely resume, but they now furnish but answer the purposes of a circulating a small part of the currency.
In medium. In Florida the banks have Michigan, the two banks furnish but ceased to exist. The reduction of very little towards the immense agri- circulation in other sections where the cultural wealth with which that banking institutions still go on, is probprolific state abounds. In Ohio, the ably as much more. At the same time, circulation has fallen off from near the quantity of exchangeable values $10,000,000 in 1836, to a hout 1,174,000 was never so great as now. The fol. now, and the charters of nearly all the lowing is a table of the quantities of banks which issue that small amount the leading articles of produce, exportexpire in a few months; hence we have ed from New Orleans, in 1836-7, and inserted only the capital and circula- in 1842: tion of those which will remain. In
EXPORTS OF LEADING ARTICLES FROM NEW ORLEANS, IN 1836, AND 1842.
This gives a singular discrepancy leans, and the currency of the states between the supply of currency and producing them. The following table the volume of products, the inter- shows the paper circulation of Missischange of wbich, it is in its province to sippi, Missouri, Illinois, Indiana, and effect. The same features are presented Ohio, in 1836–7, and in 1842, also the between the quantity of the products quantity of their products arriving at of the Western States and the valley New Orleans : of the Mississippi, arriving at New Or.
Showing an average increase in the decreased 85 per cent. in the producing whole quantity of receipts of 368 per states, and 87 per cent. at the point of cent., at the same time the currency receipts. Such a state of affairs could
not fail to produce the present state of circulation. The quantities of produce affairs as exhibited in a stagnation of to come forward the ensuing year, will trade, and exceedingly low prices, disa- greatly exceed those of the past, and bling the agricultural classes from pur- as the specie of the Atlantic cities is chasing goods, as well from the absence seeking the interior in exchange for of profit on their sales, as from the want the produce, so are the precious metals of that circulating medium, which of Europe finding their way here for its idly filled the vaults of the Atlantic purchase. The following is a table of banks, while irredeemable paper was sterling bills at all the Atlantic ports, tolerated as a currency, and is now as compared with the same period last finding its way into the channels of year.
RATES OF STERLING BILLS IN THE UNITED STATES, NOV. 15.
10} a 104 per ct., or 4.90 a 4.91 54 a 6 pm., or $4.68 a 4.71 the £.
4.38 a 4.36
5.15 a 5.19 14 a 141 pm.,“ 5.06 a 5.08
4.60 a 4.62
4.64 a 4.66
5.50 a 5.02 5! a 61 “ 4.68 a 4.72
4.70 a 4.71
4.70 a 4.71
Most of the quotations in 1841 were currency, gives an actual exchange of 2 in the depreciated paper of the banks discount. The comparison produces the then suspended. Such is the case this following results, in the average rates year at Mobile only, where sterling of bills in the United States in 1841 being at 14 premium and specie 16 for and in 1842:
0.45$ cts. the £, or 10 per cent. The average rate now being 8 per goods may be reduced $40,000,000, all cent. less than par, gives more than 4 of which will constitute a sum equal per cent. in favor of importing specie. to $45,000,000, to the extent of which
The present low rates of bills are the the demand for foreign bills will be effect of great supply and the absence of diminished, simultaneous with the indemand. This latier circumstance is creased supply. When the rate falls likely to continue for many reasons, prin- to á figure admitting of the import of cipally the absence of credit in effect- specie, a new demand is created from ing sales of imported goods and the the importers of coin, which is now the low prices of the produce leaving little case to some extent, both here and at or no surplus wherewith to make cash New Orleans, where this new demand purchases of goods, and the operation has raised the rate of sterling from 2 of the late tariff, which prohibits the dis. to 1 prem. import of the most valuable goods, The demand for money for business even if circumstances would favor their purposes will of course lessen the dissale. Hence the importing merchants position to invest in stocks, or confine have no occasion to remit. At the same it to the choicest descriptions. Since time many of the States, banks, and the favorable result of the New York companies, which formerly remitted elections quite a demand has sprung large sums as dividends to foreign up for the State Fives, Sixes, and Sestockholders, have become delinquent, vens, the former have improved 21 a and have no longer anything to remit. 3 per cent., and the latter 1 a 1: per This last item probably amounts to cent., already.
In other stocks there $5,000,000. The imports of foreign has been but little change, with the
exception of Ohio Sixes, which have Some of the influential citizens of that improved 3 per cent. New York city State have recently been in New York, Seven per cents. have been in demand and procured the subscriptions of some at 4 a 5 prem. The Six per cent. stock of the leading capitalists to a sum of the Federal Government has been nearly sufficient to put the canal in entirely ected, and the movement working order, on the condition that of specie having restricted the invest- the Legislature, about to meet, will ments of the banks, Treasury notes levy a tax of three mills on every dolhave fallen to par, at which a large lar of valuation, to be appropriated toamount could not be disposed of. The wards paying the interest on the debt. voice of the people of New York The revenues of the canal, when in through the ballot-boxes, proclaiming order, to be placed in the hands of their determination to adhere to the trustees, for the benefit of the bondmill tax of last session, and to discoun- holders, provided some compromise tenance any further increase of the can be made with them. This is the State, cannot but exert the best in- first step towards renovating the credit fluence not only upon State credit but of the Western States, and it is to be upon that of the whole United States. hoped that it will be carried out-alThe New York election is the first in ways with the understanding that there stance where contending parties have is to be no more borrowing. gone to the people on the direct ques. The regular session of Congress is tion of taxation to discharge debts. now rapidly approaching, and, during The Whig party, on the one hand, used its continuance, many measures of the every possible art to tempt the cupidity highest importance to the commercial of the people by endeavoring to show and financial world will be discussed, the uselessness of the imposition, and and perhaps perfected. Among them to convince the people that, independ- the most prominent are the Exchequer ent of that tax, the resources of the projects, the warehousing system, as Statel were ample not only to meet connected with the tariff, and the expresent claims, but to admit of a fur- isting commercial treaties with foreign ther considerable increase of the debt. nations. Of these different topics the Governor Seward, in his message of Ja- Exchequer is the most interesting, benuary last, intimated that $17,000,000 cause it involves the most important of additional debt might all be dis- consequences. Some recognized syscharged before 1855. The Democratic tem for the government finances is unparty, relying solely on the intelligence doubtedly necessary, yet none has been and integrity of the people, have been in existence since, at the extra session supported by a response more clear, of Congress, the party in power abodistinct, and unanimous than ever lished the Sub-Treasury plan before any came from a free people. The influence new scheme was adopted. The deof this result, not only upon the market struction of that system may have been value of the stock of New York, but one cause for the present disgraceful upon the motions of the delinquent condition of the government finances; States, is already perceptible. Illinois, but, bad as they now are, they are in which was one of the first to repudiate, much better plight than would have from alleged inability to pay, is, under been the case had the monstrous scheme her new Democratic rulers, already proposed as its successor been adopted. making active exertions towards a set- Since then the contending factions have tlement. The precise amount of her been unable to agree upon any project. outstanding liabilities cannot be clearly The state of public opinion, created by ascertained; but, after cancelling the the experience of the past four years, bank bonds, will not be far from renders a National Bank of the old $10,000,000, which has been expended stamp entirely out of the question, and, for public improvements. Those im- although a large number of commercial provements are in an unfinished state ; men of both parties cling to the idea consequently, yield no revenue. The that some facility may be given to the Illinois canal, it has been estimat- movement of exchanges, or more pared, will require about $1,500,000 to ticularly to the settlement of the bacomplete it, when it is thought lances between different sections by that it will yield sufficient to meet governmental interference; yet it seems the annual liabilities of the State. to be pretty generally admitted that