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Maternal love each sinew strung

With more than mortal power,
For two fair infants trembling clung

To her in that last hour.
Did not their father, in his gore,

With thousands sleep below,
While haughtily that mother bore

Vile tauntings of the foe?
No !-standing by the Roman chief,

While fiercely spread the fire,
He heard his children for relief

Call vainly on their sire.
The Pride of Carthage lay around

Of unclean birds the food,
And purple was the groaning ground

Whereon he basely stood.

His well-known form the dauntless wife

Saw dimly through the smoke, And sending up no prayer for life

Indignantly thus spoke :
“Thrice happy they who nobly die

Beneath the steel of foemen,
And scorn, at Honor's price, to buy

Existence from the Roman !

" Inbuman wretch! the blush of shame

May well suffuse thy cheek-
Faint are thine infants, and my name

Their lips refuse to speak.
A red sea rolls its burning surge

Their utterance to choke ;
The roar of Ruin is their dirge,

Their winding-sheet the smoke.

“The savage vulture will not fly

From bis affrighted mate And • unshelld brood' when foes are nigh,

But stay and share their fate : But man to guard a worthless life

The tie of nature breaketh To save his little ones and wife

Not one brave effort maketh.

The deed is mine,--but oh, the guilt
On your black soul shall rest !"
She plunged a dagger to the hilt

Within each infant's breast ;
Then wildly to the hungry flame

Their bleeding corpses flungOne loud, appalling shriek went up,

And after them she sprung.


The month of April began with a the large revenues of the customs and pressure in the money market, and a the other banks of the city. The busirapid rise in exchange, which, as indi- ness of the United States for the first cated in our last number, fell back in quarter of the current year, 1845, beprice, and was moderate in demand, for ing the third quarter of the fiscal year the May, packet. Contrary to general 1846, has been large, but not satisfacexpectation the returns of the banks of tory. We pointed out in the May New-York did not, for the May quar- number those financial causes which ter, slow any very considerable diminu. operated a rise in prices and a consetion of specie, notwithstanding that the quent large import of goods, which imexports of specie increased as the sea- port of itself produced a reaction in the son advanced. Nor did the loans money market. We may now compare vary materially. The results of the the first three-quarters of the fiscal report showed, however, plainly the year 1846, with a similar period effect of the struggle carried on be- of 1845, as exhibited in the quarterly tween the government banks, aided by returns of the Treasury Department.



1846. Qr ending Qr. ending Qr. ending Qr. ending Qr. ending Qr. ending Revenue. Sept. 30.

Dec. 31. March 31. Sept. 30. Dec. 31, March 31. Customs........10,873,718....4,100,360.... 6,375,575....8,861,932.. 4,137,200....7,360,000 Lands...

434,902.... 600,000.. 485,533.... 480,819. 830,000.... 437,225 Miscellaneous.. 27,839.... 45,000....


17,717.... 31,500.... 11,645

Total........,11,336,559 4,743,360 6,881,108 9,360,469 4,998,700 7.808,870 Expenditure. Civil, &c....... 1,411,052....1,280,009...

.... 1,708,408....1,792,178....1,984,000....1,401,632 Army.......... 3,277,996....


2,647368.... -4,211,931.... 1,654,394....1,955,787 Navy..

1,906,206....1,668,899.... 1,578,631....2,331,359....1,511.051....1,056,745 Debt..

638,589. 901,858... 6,191,797.... 121,054.... 524,365.... 69,733

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The revenues for the quarter, ending of New-York. In the month of April March 31, are,


about $1,000- a decline in business was again appa000 larger than in the corresponding rent, as compared with April, 1845. As quarter


year, although not so large the greatest fluctuation took place at the as in the same period of 1844. The port of New-York, we will give the increase in the customs was for the monthly import and amount of duties month of March, and mostly at the port for each month.

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The large imports for the month of increased as the season advanced, reMarch, caused, as we have previously versing the operations of last year, observed, a movement of specie, which when the demand subsided as the spring wore away. The following is a state- York for the first four months of each ment of the exports of the precious year: metals exported from the port of New



1846. Sterling

Sterling Gold. Silver. Total. bills. Gold. Silver. Total. bills. January ... 354,175..288,040.. 642,215..9 a 10 13,811.. 15,932.. 29,743..8 a 8} February.. 15,312..154,185.. 169,497..91 a 10 67,100.. 58,500.. 125,600..81 a 81 March..... 43,237..210,550.. 253,787..91 a 91..219,675.. 43,402..263,077..93 a 10 April...... 16,330..173,730.. 190,060..91 a 9j..302,250..218,118..520,368..91 a 10 Total... 429,054 826,505 1,255,559

602,836 335,952 938,788

The rate of bills during the whole of mestic and imported manufactures, and last year remained healthy at about a great decline in prices results. An par. As the bank expansion progressed, effect of the large imports under the however, the imports increased, and an present system of cash duties, is to impulse was given to them through the draw from commerce considerable sums want of money abroad, which induced of money, which are not re-loaned to the sending of large quantities here for commerce, but are, through bank agensale. These large amounts of goods cy, put into other channels of business. came here at a time when the resources As an instance of the movement of the of the cotton-planting sections have banks, consequent upon the amount of been diminished $12,000,000, through the revenue, we may take from the the decreased quantity of cotton unac- quarterly reports to the Comptroller of companied by an advance in price. New-York the amount of specie held The quantity of tobacco and sugar has by the government institutions, and all also diminished 25 per cent., and the the other banks in New York, respecprices of all farm produce are unexpect- tively: and also the amount of customs edly low. The means of the great paid into the former for the quarter consuming interests have been by no ending February 1st and May ist, as means equal to the large supplies of do- follows:



banks. All other.

November 1st... -4,527,094. ..3,559,668... .8,086,762
February 1st.......4,411,316......2,977,990......7,389,306

4,668,049.. .2,605,498......7,273,547

Customs for

the quarter. ..3,439,493


The general result is a diminution of customs from February to May, than 10 per cent. of the aggregate specie in from November to February. It fol. New-York, and an increase of the lows, as a necessary cor se quence, that quantity held by the government banks; those institutions which lose most of or, in other words, the proportion of the their specie must be less liberal to whole amount held by the government their customers; accordingly, we find banks in November, was 55.98 per that all the decrease in loans since Nocent., and in May they held 64.18 per vember has been on the part of those cent., an increase of near nine per cent. institutions which pay the duties, but This change in their favor was much have no public deposits. The loans are more rapid under the large collections of as follows:



All others.

Total 20,846,250.. ....23,317,220...... 44,163,470 ..20,680,156

20,329,139........41,009,295 21,324,905.........19,930,920, . 41,255,825


Here the figures present the natural always taken at a large margin the operesult of the specie movement. The gov- ration is a safe one. It is, however, the ernment institutions that have compelled case, that to avoid the odium of too large the other banks to pay the revenues in an amount of stock loans appearing in specie have incrcased their loans $500,- the quarterly returns, these notes are in 000, or 25 per cent.; the other banks many cases counted as "cash on hand." have decreased theirs $3,500,000, or It is very evident that commerce de15 per cent., making a difference of 175 rives very little benefit from a system per cent. in the amount of money like this ; on the other hand the greatwhich the government banks have been est evils result from it. The governenabled to loan by compelling the oth- ment revenues, so far as commerce is ers to contract. Now the other banks concerned, are already collected in spehave to pay duties and lose their specie, cie by the banks, in whose favor credits according to the number and importance are created by the deposits with them. of the importers among their customers. That specie does not, however, pass To protect themselves they are obliged out again into the channels of business, to discourage the paper of importers, as would be the case under a Suband the accounts of those who pay Treasury: but it is retained by banks large duties. The government banks as a basis of loans, not to commerce or cannot lend the public money freely trade, but to speculators. The theory upon business paper, because the depo- is, that the Treasury Department resites may be suddenly and promptly ceives stocks as security for the loans called for. They choose rather to lend made to the banks. The following are it upon stock securities "at call.” That the official returns, showing the amount is, they take a note payable on demand, of stocks deposited with the Treasurer with stock as collateral, and a "power" of the United States, as collateral secuto sell the stock at the market value, rity for the public funds, and the amount for account of the owner, if the note is of funds held by those banks, at the not met at maturity-as the stock is same time: U. STATES DEPOSITES AND STOCK SECURITIES, APRIL 1, 1846, AND MAY 1.

Stock security,

April 1.

May 1. Bank of America...

$460,000 .1,254,518

1,246,158 Bank of the State of New York.


935,174 North River Bank, New York..


333,928 Merchants' Bank, New-York..


792,275 American Exchange Bank, New-York. 200,000


671,410 Bank of Commerce, New York..


901,797 Mechanics' Bank, New York.


551,563 Merchants' Bank, Boston...


1,570,887 Commercial Bank, Albany.....


195,000 Albany City Bank..


165,254 Mechanics and Farmers' Bank, Albany.. 78,100


164,269 Oliver Lee & Co., Buffalo...


51,710 Michigan Insurance Company, Detroit.... 47,000


63,056 Firemen's Insurance Company, Cleveland.. 30,000


28,404 Wisconsin Fire Insurance Comp'y, Milwaukie 50,000


194,475 Ohio Life Insurance and Trust Co., Cincinnati. 209,000


237,173 Union Bank, Nashville...


63,392 New Orleans Canal and Banking Company. 100,000


541,922 Bank of Mobile...


130,560 Planters' Bank, Georgia..


63,210 Bouthwestern Rail-Road Bank, Charleston... 96,555


191,627 Bank of Potomac, District of Columbia... 40,000


9,492 Farmers' Bank, Richmond..


56,490 Bank of Virginia do


102,396 Chesapeake Bank, Baltimore..


255,461 Corcoran & Riggs...


503,898 Bank of Commerce, Philadelphia..


362,481 Philadelphia Bank..


407,101 Bank of Middletown, Harrisbarg.


45,525 Exchange Bank, Pittsburgh..


207,455 Farmers' and Mechanics' Bank, Hartford, Ct.. 35,000


32,520 Arcade Bank, Providence...


30,283 Brooklyn Bank. New-York..


70,000 Mechanics' and Traders' Bk. Portsmouth, N.H. 5,000



Toal secured...,


These stock securities are very far from foreign markets with goods beyond their covering the deposites, and by no means powers of consumption. include all the depositories ; some of The gloom which has so long been them have been changed, more particu- hanging over the political world has at larly that called the Wisconsin Marine last burst in a storm. After thirty Insurance Company, a thing located in years of profound peace the United Illinois, and formerly existing under a States are again at war, and on a scale Wisconsin charter-but the legislature greatly beyond any of their former mihas repealed the charter for its mał- litary enterprises. On the first of May practices. $80,000 of the money de- there was a surplus in the Treasury of posited with it was transferred in specie near $13,000,000; of this amount $10,to New-York in the first week of May. 000,000 has been appropriated by ConThe concern is said to be a kind of gress for extra expenditures in the proagency of the Bank of Aberdeen, in secution of the war against Mexico. Scotland, and is controlled by aliens. This must involve a great change in the Chicago is the centre of an important current of business. The expenses atland district, and requires some other tending an army of 50,000 men, operamode of securing the government funds ting on the Mexican frontier, will be there, than to loan them to a rickety large, and involve a heavy balance of banking concern, without even a char- exchange in favor of that section of the ter.

The ordinary expenses of The general state of business has not the War Department were, for 1845, been good. The pressure upon the mo- $9,533,202; of this amount $4,500,000 ney market, from causes partially de- was for the army proper, which consists tailed above, added to the war alarms, of 8,000 men of all arms. To support have depressed enterprise. The accu- the £0.000 men ordered by Congress, at mulation of stocks of goods, and the di- the same ratio of expense, will require minished demand for them, have involve a disbursement of $30,000,000 per aned those who imported and munufactu- num. Consequently, the present surred upon credit in serious difficulty; plas may meet the demand for four and the continued pressure of produce months. The inference is, therefore, upon the Atlantic markets, without an that the present depositories must call in adequate foreign outlet, is causing a loans, and pay out on government acsteady decline in prices. The state of count $10,000,000 in the next four the foreign markets is indeed sueh as to months, independent of increased navy induce the belief that as the season ad- expenses. And as military movements vances the growing scarcity will im- cannot be regulated by paper promises, prove prices in England, so as to admit the payments must, for the most part, of a large export, at prices which will be in specie; and as ordinary expenses yield a better remuneration to produ- have also to be provided for, a loan of cers than the present. Up to this time at least $10,000,000 is wanted now.. the effect of a short harvest has been The probabilities are, therefore, that a only to retard the consumption of cot- great and steady drain of specie will set ton, without creating a demand for south, to an extent that will seriously farm produce. It is true, that the great embarrass the banks in their present abfalling off in the cotton crop is at last sardły extended condition. It is, howproducing an effect in the Liverpool ever, fortunately the case, that the market. Like the season of 1839, how- New Orleans banks hold a much larger ever, when immense failures resulted proportion of specie to their eredits than from speculations, based upon a short any of the other banks of the Union. crop, the effect of that deficit is coun- notwithstanding that they have rapidly teracted, to some extent, by the failure extended themselves in the last year. of the English harvest; and also by the Their aggregate returns have been as great manufacturing activity of the pre- follows: vious year, which has supplied most


January, 1845..

Do. 1846..
February, do
April do


Specie. Cireulation, Deposits. .3,108,450......8,138,987......2,082,130......6,589,059

4,482,232. .6,182,080.. -2,556,895......6,223,915

5,743,785......6,528,712.... .3,635,578.. .7,193,884 ..6,170,000......6,930,165......4,252,361......


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