Gold and Silver in Europe at the time of the discovery of America, Deduct what has been conveyed to Asia and what is supposed to have . £34,000,000 138,000,000 £172,000,000 £42,000,000 £130,000,000 43,000,000 £87,000,000 £337,800,000 £304,250,000 60,250,000 £244,000,000 34,000,000 210,000,000 £297,000,000 The product of the mines in 110 years, from 1700 to 1810, exclusive in sterling Amount stated as having paid duty, £273,293,356 Produced without paying duty one fourth of the same amount 68,323,339 Produce of Mexico which paid duty, Contraband product, estimated by Humboldt at one-fifth, Total amount from Portuguese America, Total from all American mines, 304,039,783 60,807,956 £706,464,434 80,000,000 £786,464,434 Estimated amount of specie in the United States, Oct. 1, 1820 Total Specie exported during the same period of four years $34,675,778 1,235,689 $35,911,467 $16,000,000 Leaving in the United States in specie, Oct. 1, 1824, when the tariff of 1824 took effect, but Imports of specie in four years to October 1, 1828 Specie exported during the same period of four years Made into plate, jewelry, &c., over and above old metal worked over, and the produce of the mines of the United States Leaving in the United States only Specie imported in six years to Oct. 1, 1834 $29,403,126 Brought in by emigrants and not entered at custom-house 1,269,466 Specie exported during the same period of six years $26,462,523 Leaving in the United States, Oct. 1, 1834, soon after the compromise act of 1833 made the first reduction of duties on foreign merchandise Specie imported in three years to Oct. 1st, 1837 Brought in by emigrants and not entered at the custom-house Specie and bullion exported during the same period $46,672,592 $73,755,025 2,292,502 28,755,025 $45,000,000 37,048,742 Leaving a balance of specie and bullion in the United States, Oct. 1st, 1837, when nearly all the banks in the nation were in a state of suspension By the census of 1840, we find that owing to the increased extravagance of the people, the value of the manufactured products of the precious metals in 1839, was $4,734,960, which must have consumed exceeding $3,000,000. The product of the gold mines in the United States in 1839 amounted to but $62,770,392 $529,605; and the amount of silver must have been quite small, no separate record of it having been kept. It probably did not exceed $250,000; so that the amount of gold and silver used in manufactures, over and above the home product, has probably for several years past been at least $1,500,000. Balance on hand Oct, 1, 1837, as above $62,770,392 Specie and bullion imported during the year ending Sept. 30, 1838 17,747,116 Brought in by emigrants, not entered at the custom-house 600,000 $81,117,508 Specie exported during the year Excess worked into manufactures $3,508,046 1,500,000 5,008,046 $76,109,462 There is an annual decrease by friction and loss of onefourth part of one per cent., which, during the 17 years, would amount to four per cent. On $16,000,000, nearly half the time, and on $50,000,000 the remaining half 1,109,462 $75,000,000 5,595,176 600,000 $81,195,176 10,495,176 from Oct. 1839, when the most of the banks suspended specie payments, for the second time, until the passage of the Tariff Act in Aug. 1842. From the moment of the passage of that act, public confidence began to revive as if by magic, and ever since that period, up to the passage of the Tariff of 1846, the energies and industry of the country continued to improve. What the future has in store for us, time only can determine. The great demand for our bread-stuffs and provisions, has so far saved us from the evil effects of the Tariff of 1846, and the operation of the Sub-Treasury Act; the former being entirely neutralized by the large shipments, and the consequent balance of trade in our favor, which, as before stated, have lowered exchange until a handsome profit can be made by importing specie while the introduction of several millions of specie, and the knowledge that much more is on the way, prevents the severe pressure which would have resulted from the operation of the Sub-Treasury, and the drain from the South for the purposes of the war. We pretend to no spirit of prophecy, but the future, in matters of finance, is always greatly influenced by the past and the present; and we think it requires no more than a common knowledge of cause and effect, to perceive that elements are now combining, which cannot fail to produce the most serious effects upon the condition of the country. It was estimated before the commencement of the present administration of the general government, that we were indebted in Europe about $150,000,000, in state and private debts. No one believes for a moment, we shall get out of the Mexican war under a debt of $100,000,000; and if Mr. Secretary Walker is correct in his estimates, we shall import some $140,000,000 or $150,000,000 under his Tariff of 1846. To others, who look only at the surface of things, the recent shipments to Europe which have to some extent warded off the impending evils, may hold out golden prospects for the future; but to the writer of this article, what is called our present prosperity appears fallacious, because it is founded on great distress to nations with whom we have close commercial connection; and in one particular, there cannot fail to be a reaction upon us. Europe is the grand market for our staple productions, and is, further, the great financial fountain from whence flows all the streams of credit upon which the commerce of the world is sustained. This credit can only be kept up by the retention of a sufficient amount of the precious metals. Any sudden contraction of them, must produce more or less of a financial crisis in Europe: and it is very much to be feared that we may suffer much more from such a state of the foreign money market, as was much dreaded by last accounts, than we have been or shall be benefited by any accession of the precious metals, which has come over here, to return again, when the course of trade and finance shall oblige us to pay our foreign indebtedness. Pay-day must come some time, and it may come when we are least prepared to meet it. The advocates of the Sub-Treasury, and therefore the enemies of a sound credit-system, may indulge in what fallacies and follies they please, but they cannot disguise the truth, that the commercial intercourse of the world rests on a great credit-system, in which specie is but one ingredient, and though the most essential one, in many points of view, yet it is by no means the sole basis of credit. This article has, however, become sufficiently extended, and we must leave it for some future occasion to show that credit can control even the precious metals; that without credit, there could be no such thing as exchange; and that a perfectly sound system of collection and disbursements of the public money may exist without the use of a dollar of specie, or the intervention of a bank note. MISCELLANY OF THE MONTH. THE advent of April finds us rather in momentary expectation of striking events, than with any such to chronicle. It is now well understood that Major-General SCOTT was to make an attack upon Vera Cruz on or about the 15th of March. He would have about 4,500 regulars and 9,000 volunteers, and was well supplied with bombs, heavy guns, &c. It was understood that the entire force would concentrate at Anton Lizardo, which is thirty miles from Vera Cruz, and immediately commence the march for that city. The city will first be taken, and this it is believed, may be accomplished without much difficulty, after which siege will be laid to the castle. It is stated now, contrary to former advices, but apparently upon good authority, that the Mexicans are preparing for a vigorous defence, not only of the castle but of the city also. The enterprise in which Gen. Scott is engaged is, therefore, not certain to be attended with success. Even if he succeeds in capturing the town, the castle is prepared for a protracted resistance. The land attack will be aided by the squadron; and it is hoped that this combined effort may prove successful. Meantime doubt and apprehension rest upon the position and prospect of the division under Gen. TAYLOR. He had advanced to Saltillo, and had even taken up an advanced position at Agua Nueva, eighteen miles south of that place: and we have rumors that on the 23d of February, after being summoned to surrender, he had been attacked by Santa Ana at the head of some twenty thousand men. This fact seems to be certain; of what transpired subsequently we have no reports, except flying rumors picked up from the Mexicans, but these state that Gen. Taylor fell back to Saltillo, when a sanguinary engagement ensued, which resulted in a heavy loss to each side, and in the retreat of Gen. Taylor to the Rinconada Pass. Great fears are enter. tained that his entire division has been cut to pieces, and that he has not been able even to fall back successfully upon Monterey. Of all this, however, nothing authentic is yet known. Gen. Taylor had been very greatly weakened and annoyed by the withdrawal from his command of all the regulars upon whom he had mainly depended in any emergency. This was done by Gen. Scott, but with the full knowledge of the Administration, and indeed with its approbation, as the official correspondence clearly shows. Our own belief is that the dangers which menaced Gen. Taylor have been exaggerated, and that he has, if not held his first position, achieved a successful and safe retreat to Saltillo, and farther if necessary, though his own letters show that he had very great confidence in his ability to fortify that place against any force that could be brought against it. A few days must bring us authentic information, though it will come too late for our present number. Congress adjourned late in the night of the 3d of March. The bill authorizing the raising and equipment of ten regiments of volunteers became a law, though without the desired provision for appointing a general in chief, to have entire command of the army in the field. The bill placing three millions of dollars at the disposal of the President, to aid negotiations with Mexico for the restoration of peace, was also passed, though the "Wilmot Proviso," as the anti-slavery clause which it contained is familiarly called, was stricken out. Several minor bills were also passed, but nothing was done of any decided importance, though, as usual, a large portion of the actual business of the session was crowded into its last few hours. Mr. CALHOUN, on his return to South Carolina, was received at Charleston by a large public meeting of the citizens, at which he took occasion to speak at length on the proceedings of Congress and of several of the State Legislatures upon the principles of the Wilmot Proviso, and of slavery generally. He said he thought it perfectly clear that the people of the North, comprising men of all parties, had come to the determination not to permit the extension of slavery to any territory of the United States in which it does not now exist. He thought this fact clear, beyond all chance of doubt: and it rendered absolutely necessary in self-defence, in his judgment, the resolute combination of all the Southern States against this principle. He entered into a very full and elaborate exposition of the relations of the North and South, and set forth what may probably be regarded as a programme of the intended political course of the South. He said very decidedly that in his judgment the Southern Democracy should never again submit to the selection of a Presidential Candidate by a National Convention. The proceedings and declarations of this meeting we regard as highly significant. The intelligence from Europe by the Hibernia steamer has considerable importance, though of no striking interest. The Famine in Ireland continues to elicit the |