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Sam'l G Cornell & Co.
Loyds, Essex Co., Va., May 28, 1851. Gentlemen-I had the honor to receive by the last mail, a letter of invitation to a dinner tendered to me by yourselves and others, on the 26th of next June. No personal compliment could be more acceptable to me, than the honor you have offered me, upon such considerations as you were pleased to assign, in your letter of invitation. I should be especially gratified to believe that I had contributed, in any degree, to promote the great interests of the country, and I regret to be constrained to say, that the estimate you have placed upon my poor services is greater than they deserve.
If I supposed it to be necessary, in order to testify my grateful sense of your kindness, I would lay aside almost any occupation to meet you when you propose; but as I believe you will give me full credit for sincerity in my grateful acknowledgments, and as I have pressing engagements at home, I am constrained to beg most respectfully to be excused from attending the dinner to which you have invited me. I feel the more free to do this, because the loss will be mine, not yours. It would have given me the greatest pleasure to have availed myself of such an opportunity to extend my personal acquaintance in your city, and to study, from actual observation, the operation of the machinery of commerce in the great emporium of American trade. Whatever is connected with the marvels of your progress hitherto, and whatever concerns the future developement of your great commercial resources, are matters of deep interest rest of the world to participate in the struggle for its prize, The challenge which has thus been given will, as I truit, be accepted; and I suppose I may say, without having inputed to me an undue share of national vanity, that if any body is able to take up John Bull's glove, in such a contest as this, it is his Brother Jonathan. Nor do I disparage the just claim of other cities, when I say, that in this couflict we must look to New-York for the lead. She herself is already giving evidence that she accepts her destiny, and is preparing for the conflict. Her lines of magnificent sleamers, if they do not girdle the earth, at least spangle the ocean in more directions than one; her cominercial enterprise and ambition are world-wide in their extent. In such an undertaking as this, may all good ome s attend, and all success reward hier. In such a struggle, she has a right to expect the aid of every American legislator. She may justly demand all proper facilities for commerce, the whole machinery of trade, a mint within her limits, a warehousing system adjusted to her wants, and whatever legis lation may be necessary to enable her to maintain a free commercial competition with the rest of the world. If human anbition should take this new direction, or rather tako this old direction, with increased zeal, the worla may well rejoice, for these are contests in which mankind is benefited, no mutter who may win. To us, such a rivalry may bring a double blessing, for its triumphs may not only give us rich rewards abroad, but lead to harmony at home. If American ambition and energy can find full occupation abroad, it may fairly be hoped that the fires of sectional strife will burn less fiercely an home. The development of moral and physical resources which such an occupation must give, and the progress of truib, would perhaps remove some of the old an'agonisms, and discover new liarmonies in our system. The very creation of such a com. mercial emporium as your city must then become, would be eminently conservative of peace abroad, and harmony at home ; for all its vast interests would be staked to some extent on the peace of the world, and wholly upon concord at home. With these views, gentlemen, you may well suppose, that I feel a deep interest in the prosperity of your city, and an earnest desire to promote its growth as far as I can. To understand the wants of your commerce, I hold to be one of the proper cares of the American states man; for around that centre revolve to a great extent the commercial interests of our Union. But my lewer has grown with the theme, until I have become tedious, and I conclude with assurances of my bigh respect and profound gratitude to those who have honored me with so public a mark of their approbation.
You do me no more than justice in attributing to me a desire to promote, as far as I can, the prosperity of all the great interests of the country. I believe if you touch one, you affect them all. and that all are concerned in the prosperity of each. Especially do I hold it to be a matter of duty, as it ought to be of pride with the American States, to afford New-York all proper facilities to win the place which she is probably destined to hold as the great centre of the commerce of the world. It is, perhaps, not extravagant to say, that the tendencies of nations are changing, and their contests are destined hereafter to consist more in the rivalries of the arts, than in opposition of arms. Certainly there has been no period in human history, when commercial affairs occupied so large a portion of the attention of mankind, and none in which commercial men played so important and prominent a part. Great Britain, with that shrewdness of interest which characterizes her conduct towards other nations, seems to have given early evidence of her sense of the change which was taking place in the Theatre of human rivalry and strife. She is preparing, if not already prepared, for the conflict. She has thrown down the glove in open and manly defiance to the rest of the world, and challenged the nations of the earth to a contest for the empire of trade, and the supremacy of the seas. To all appearance, never were fairer terms of combat proposed; she has laid aside the whole panoply of her defensive armor, and stripped her productive interests of everything which they have hitherto worn, by way of defence or protection. She has provided her manufacturer with cheap material upon which to operate, and cheap food to consume; she has given her ship owner cheap timber with which to build; and in opposition even to some of the oldest usages of her colonial policy, has relieved the producer from the pressure of heavy taxation, whenever it was practicable to do so. She has shown, too, the utmost skill and anxiety in making the machinery of her commerce work smoothly and easily. If a screw was loose it has been adjusted ; if a spring gave evidence of a loss of elasticity from undue pressure, the burthen, if possible, was diminished or removed ; and, having done all this, she has thrown down the walls which were built to guard her commerce, and invited the
R. M. T. HUNTER To Messrs. A. C. Kingsland,
To Messrs. Phelps, Dodge & Co.,
Boorman, Johnston & Co.,
W. S. Wetmore,
Aymar & Co.,
R. C. Wetmore & Co.,
N. L. & G. Grsswold & Co.,
J. I. Coddington,
Jacob Litile & Co.,
E. B. Hart,
Pells & Co.,
C. A. Secor & Co.,
R. H. Morris,
Drew, Robinson & Co.,
Bebee & Co.,
P. R. Van Rensselaer,
E. K. Collins, and others
VOL. XXIX-NO. I.
FINANCIAL AND COMMERCIAL REVIEW.
Money continues to be very abundant in New York, as well as in most cities of the Atlantic, and is loaned freely at 4 a 54 per cent. The amount of money in bank continues to accumulate, notwithstanding that circumstances continue to influence a large exportation of gold, which, however, flows back again from the ports of Europe into the pockets of immigrants. The exports of coin from this port from April 5th to June 21st inclusive, were as follows: EXPORTS OF GOLD FROM THE PORT OF NEW YORK, APRIL 5TH TO JUNE 218T.
Total......... $4,683,440. $7,471,201.. $1.240,014... $13,394,679
The shipment of the new gold coins forms the most material feature, but the mint continues to supply considerable sums, as follows:
COINAGE AT NEW ORLEANS AND PHILADELPHIA.
-April. New Orleans. Philadelphia 20 ......105,000... . 2,354.880.. 10 ...261,000.
20,000.. 2.. .120,000.
222,270. 1 80,000
995,000.. . 1,734.940.
878,740 235,000 973,960 893,800
Gold.....500,000. ..3,176,058.. .1,200,000 3,201,262 - 8,171,320
57,400 The total coinage for the five months is $20,367,018, against $9,067,632 in the same months last year. But the New-Orleans mint continues to supply much larger sums. The arrivals of specie there are $7,321,000, against $3,131,000 same period last year, and the coinage has reached nearly $5,000,000.
It is necessarily the case, that as the channels of circulation have become filled with gold and silver coins, in addition to the large supplies of bank paper which are coming upon the market, the surplus coins will flow off to other countries, as cotton and tobacco, with other products, which are produced in excess of the home demand for consumption. This is the case with the precious metals to a greater degree than other products of industry, because, comparatively, they are not consumable. It is true, that the channels of circulation, by a proper exercise of the coining power, can be made to hold a much larger quantity when the pieces struck are adapted to the wants of business. To do this, however, minis at the proper places are requisite.
The extraordinary flow of the precious metals to Europe produced the following change in the quantities held by the banks of the three cities, reduced to dollars :
SPECIE IN BANK VAULTS IN NEW-YORK, PARIS, AND LONDON.
Total. December 25, 1843... $7,920,230. .$73,143,717.....$46,588,339.....$127,652.286 December 25, 1849...10,565,270.. .81,984,000.. 83,848,000.. 176,897,270 December 25, 1850...12,617,000. .73,324.216. 93,003,470.. 178,944,686 April 8, 1851. 11,505,000... 67,218,215 107,321,322. 186,044,537 June 16, 1851.. 11,385,000...... 67,760,000.....108,126,230... 187,271,330
At the latest dates there were signs of a reflux of coin to England; a considerable remittance of gold had been received, and the coffers of the French bank, fortified against political casualties, began to overflow. It has drawn from the commerce of the world in three years sixty millions of dollars-more than California has supplied in that time—and it has got enough. The California supplies will continue, and the chances are, that gold will figure as high among the exports
of domestic produce as cotton. It is to be remarked, that for the gold which leaves the country we get goods.
The coinage of gold at Philadelphia, with the arrivals at New Orleans for this year, compare in the aggregate with the exports from New York, thus :
Increase Coined at Philadelphia....... $9,067,682.. $20,367,008.
$11,309,376 Arrived at New-Orleans. 3,134,062.
$12,201,694.... $27,642,927... $15,451,233 Export from New-York..... 1,573,176..
11,057,972 Thus, even the apparent supply exceeds the exports; but the quantity which comes back from Europe is equal fully to one-half the export. The arrival of immigrants at New-York from January to June, is a little more than 100,000, and specie-brokers estimate, that they bring on an average $150 per head, which would give fifteen millions of dollars. One-third that amount will be 50 per ct. of the exports. The demand for specie to go abroad arose from visits to the “World's Fair.” Shipments to sell abroad at a premium to emigrants to this country, disturbed state of continental currencies by government action, and the discredit of cotton bills by reason of late failures—all these circumstances have aided to increase the demand for coins for remittance at a time when the importations have been large.
The imports at the port of New-York for the first five months of the present year, as compared with the aggregates of the same period last year, were as follows:
IMPORTS AT THE PORT OF NEW-YORK FOR FIVE MONTHS.
Dry Goods. 937,650. .8,707,883. 1,208,036 8,110,140
Total 17,359,108 19,864,075 11,904,177 .9,623,235 .9,839,480
'50.. 5,901,979.... 4,944,311.... 24,528,282...
The specie imports were in some degree mixed with the California receipts in 1349 and 1850, so that the figures do not represent the just movement of the foreign trade. The free gooils have not varied materially from that of 1849, but are 10 per cent. less than last year, as are also all dutiable goods, with the exception of dry goods, which have been larger apparently; but owing to the fact, thatin many cases they have been sold at a great sacrifice, it is probable that the losses on the goods consigned will reduce the aggregate sum to be paid abroad to an amount not higher than the import value of last year. Since the month of May the quantities of dry goods arriving has been less, as compared with last year, and the chances are, that the imports for the fall will be circumscribed. It is undoubtedly the case, that as far as these goods have been sold to the country the payments have been prompt, but at such rates as afford little encouragement for a continuance of the imports. It would seem to be the case in relation to Ohio particularly, that although the debts from that region have been pretty well paid up, it has been through the agency of bank loans, which are traveling to an inordinate extent. They are as follows, distinguishing the three kinds of banks :
OHIO BANK LOANS.
Independent. Loans. Total Capital. Febrnary, 1850.. $3,796.454...$10,364,377 ... $2.145.0:38... $16 305,879... $7,272,840 Augist, ...3.556.602. 9.88.5,881. .2.157,557 15,600 040. .7,425.171 November, ...3,829.112. 10.881,433 2,349.019 17 059,593....7,189.009 May, 1851........ 4,449,521....11,994,120....2,710,724.... 19,154,366....7,628,626
The loans of these banks since August last have increased $3,500,000, while the capital has only increased at all, and the aggregate of loans is nearly three times the capital. The proportion of loans to capital in Indiana, Ohio, NewYork and Massachusetts, is as follows : Oliio. Indiana. New York.
Massachusetts. Loans.......$19,154.366. $4,124,886.. $39,675,163. $:7,9:34,063 Capital... 7,628.626. 2,032,030.. 16,999,7:27
16,064,050 The loans of the Ohio Banks are twice and a half the capital--a higher proportion than is reached in any other state—and this range of discounts are increasing, while the value of the produce of that region is low in this market, under extraordinary competition of that of other states. It would seem to be the case, that unless produce is sent forward to sell, less and adequate prices are not reached, that the drafts drawn against produce are met by accommodation discounts at the Ohio banks—a state of affairs which must speedily burst in ruins. The exports of produce from the United States at prices now ruling, will no doubt be very large. The export of Apur from the United States to Great Britain has been over one million of barrels, against one-third that quantity in the same period last year; and now, when under the considerable supplies which pour down from the canals, prices have suik below four dollars, with rising prices, and abundant steady freights, there remains no room to doubt of a very large export up to the new year; and while the supplies on the sea-board inay be diminished by the small remuneration they receive, the stock here will be depleted by shipments; thus raising the price, by burning the candle at both ends.