however. England protests also; but it is remarkable that she refuses to join her protests to that of France, because that would make it effective, and cause the restoration of Cracow,-a thing nobody, least of all a Palmerston administration, intends. The rebellion, which is the pretence for the annexation, took place in the Grand Duchy of Posen, and in Gallicia. The insurgent force withdrew into Cracow, and that free city not being sufficiently strong to arrest them according to the terms of the above treaty, the Senate called upon the Austrian force to occupy Cracow. This was done by Gen. Collin, before the insurrection. He quitted it on learning the insurrection in Gallicia. When once abandoned by the Austrians, Cracow fell into the power of the insurgents, for the Senate could not defend it. On this pretence, Egalité having led the way in aggrandisement, Ferdinand annexes Cracow, and he, in doing so, publishes two proclamations, of nearly the same date. One in Vienna, alledging that the insurrection took place in Cracow, and the other in Cracow, by Count Castiglione, acknowledging that the outbreak occurred in Gallicia. This piece of contemptible duplicity is worth mentioning only, that it shows how difficult communication is supposed to be among the people when the government publishes two falsehoods so near together. The "regulations" of the press are efficient in preventing too much being known to the people. That these movements will be followed by new encroachments by the other powers, there is no manner of doubt. Austria did not deliberately and coolly destroy the treaty of Vienna, which has been the base of 30 years' peace, without having previously ascertained the state of affairs in relation to it in the courts which signed the treaty. Another significant fact is contained in La Presse, which announces that the Minister of Marine has just concluded contracts for ship-timber, to be supplied at Toulon, Cherbourg, Brest, L'Orient and Rochefort, to the extent of $5,000,000-25,000,000 francs. What now will be the result? Is England a party to the new schemes? or does constitutional France intend to join absolution, and commence a war upon the people? There are four leading facts. Louis Phillipe Egalité became king of the French upon pledges, every one of which he has violated. He has put Paris in prison by the fortifications, thereby releasing himself from responsibility to the French people. He then projects the marriage by which his son is a great gainer, and in doing so, cuts adrift from constitutional England, and makes new alliances with absolute Europe. He then declares the treaty of Vienna at an end, and arms France at all points! The destruction of the treaty of Vienna implies that France is at liberty to advance her border to the Scheldt, and re-annex Belgium, already ripe for such an event! As an offset, Russia wants Constantinople; Austria the Italian ports, and Prussia the Hans towns, which she has long attempted to coerce into the Customs Union. What has England to oppose to this coalition? Has she also some wants to satisfy? However, tyrants may propose; but hereafter, we trust, that the people will dispose. While intriguing statesmen, and unscrupulous sovereigns, are planning the aggrandizement of dynasties, without regard to the wants and wishes of the people, the latter are rapidly gaining intelligence, knowledge of their rights, and withal, the means of resistance, in their improved condition. The tyrants of Europe have long sought, by the protective system, to build up a monied class, dependent upon the government, and to impoverish the people, by increasing the profits of capital, and diminishing those of labor. It is only in the poverty of the people that the tyrant finds safety. FINANCIAL AND COMMERCIAL REVIEW. THE opening of a session of Congress is usually attended with a degree of anxiety on the part of the commercial community by no means favorable to the developement of enterprise, or the vigorous prosecution of extended plans of business. The action of the federal government has so long turned upon commercial affairs, and the interest of thewhole community have so frequently been ruthlessly sacrificed for the benefit of special interests, that the public mind becomes timid, and capitalists, in particular, choose rather to await the full developement of legislative proceedings before risking any considerable sums in enterprises, the result of which may be seriously affected through the undue influence of adverse interests upon national legislation. The opening of the present session was looked for with peculiar anxiety, because it was anticipated that two great interests, viz., the banking and manufacturing, would make desperate efforts to prevent the permanency of those principles adopted by the people as a rule of government at the election of 1844, and because the existence of a war, with its uncertain continuance, and extent of expenditure, were apparently to be made the instrument of restoring the protective system, and overthrow the independence of the treasury. The power of banks, like that of governments, although capable of very little good, is efficient for the developement of much evil to private interests; and when it was evidently to be exerted for a final effort to prevent the exclusive use of the constitutional currency for government purposes, men of property were not disposed to extend their obligations, thereby placing themselves in the power of the banks to be made the victims of their warfare upon the government. The present session is a short one; and if the great measures of the government are preserved in tact, the general situation of affairs is such that they will so vindicate their own soundness before the meeting of another Congress. that future tinkering will become impossible. Hence arises the energy with which the attempt will be made to modify or change them, and the importance of firm ness in their preservation. The idea of government "protection" to special interests was formally abandoned as a principle by the compromise tariff of 1832. It was again through peculiarity of circumstances, recognized by or smuggled into the tariff of 1842, and was finally renounced by the people at the great election of 1844. The tariff of 1846, resulting from that election, came into operation in Dec. 1846, and a combination of circumstances, arising from the repeal of the corn laws of Great Britain, and the state of the foreign markets for United States produce, promises to develope the advantages of the new tariff, and permanently vindicate its principles. Great efforts, therefore, will be made to prevent its confirmation, by time. The war expenditures were known to be large, and it was feared that the demands of the government for money, in the shape of loans, would be so large as to affect seriously the state of the markets, and distinct threats were thrown out that the loans would not be filled up unless the specie clause of the independent treasury bill should be repealed. With these three causes of disquiet, it was not to be expected that much animation should be displayed in the several markets. The reception of the Message of the President, and the report of the Secretary of the Treasury, however, imparted a somewhat more confident tone to affairs. The full and clear sketch which the former contained of the causes that produced hostilities with Mexico, was felt universally to be of a nature to vindicate the position of the United States to the world, in spite of party misrepresentation here, and malevolent opposition abroad. The expenses that attend it were stated at a figure much less than it was feared; and when it was announced that $20,000,000 additional to the ordinary revenues would suffice to prosecute the war vigorously until the close of the fiscal year, July, 1848, a feeling of relief was apparent. The continuance of the war is almost the sole drawback upon the general prosperity. It is, however, unlikely that it can interfere directly in mercantile pursuits, or restrain the free movement of commerce; and the demands of the government for funds to carry it on are fortunately made at a time when money is, and is likely to be, through the operation of trade, exceedingly abundant. The large exports of produce that have been and will probaby continue to be made, at remunerative prices, will accelerate the influx of specie from Great Britain. Some $800,000 has already arrived. These exports of produce at a time when the imports were smal!, have caused money to become very abundant; a fact which, in its turn, would soon lead to large imports, and, by so doing, swell the revenues under the new tariff. Such a moment presents a favorable opportunity for the government to come into market and borrow, as is proposed, on a twenty years stock, as much money as will carry the government, in all probability, through the war, even should it not cease before the close of the fiscal year, 1848. There have been attempts to mystify the provisions of the Independent Treasury law in relation to the specie clause, which takes effect Jan. 1st, 1847. The banking interests have endeavored to promote the idea that the government will turn round and demand specie forthwith from all its creditors, particularly the banks, which hold some $2,000,000 on deposit. This, however, is an error. The 19th section of the law approved August 7, 1846, requires that all the receipts of the government shall be in gold and silver, on and after Jan. 1st, 1847; but it does not require all payments to be made in gold and silver, until April 1st, 1847-leaving three months for the disbursement of all paper on hand, and all deposits with the banks in their funds, without requiring from them any specie whatever. The Treasury ceases to recognize any promises of individuals, whether single or incorporated, as a constitutional currency. The money furnished by commerce, and heretofore monopolized by banks, will be coined and sent into circulation through the agency of the government-leaving the public to retain it or change it for paper, or throw it into the sea, as they think proper. There can be no possible disturbance to the course of business by the gradual manner in which this change takes place under the law; and politicians, banks, and brokers united, are unable to produce any panic in consequence. There is now more specie in the country than is absolutely necessary, and sums larger than the government can ever demand will be brought in by the course of trade this year. The state of affairs in England and Europe is such as to come eminently in aid of the United States at the present juncture. Since the failure of the English harvest in 1839, the specie of the world appears to have been flowing to London, and concentrating in the bank vaults there, from all quarters, until the accumulation of the precious metals there has been far greater than ever before. In the two years, ending with the autumn of 1839, some $50,000,000, in specie, were exported from England, mostly to the corn growing countries of Europe, and its influence there appears to have been aided by government enactments, and the stimulus given to enterprise, through the internal free trade of the German Customs Union, to foster manufactories to a very considerable extent, enhancing the consumption of food on the continent. The progress of railroad building and steam intercourse, by economising time and space, have also tended to increase the activity of capital, and thereby promote an apparent abundance of money, which has manifested itself in the vast accumulations of coin in the banks of England, France, New-York and New-Orleans This has been the case, notwithstanding the great speculations that have been undertaken in rail roads, both in England and France. The following is a table of the sums authorised to be raised, by act of Parliament, for these purposes: MILES OF RAILROAD AUTHORISED TO BE CONSTRUCTED IN GREAT BRITAIN WITH Loans. Total. Miles authorised. .£70,234,878...£23,612,027.. £93,846,897......3,230 11,749,780.. 3,903,000.. 15,652,780. 8,517,900.. 2,830,558.. 11,348,458. Total 1846. " 1845. 1844.. Total three sessions..... 89.3 670 This almost incredible sum, equal to $945,922.081, is in process of expenditure in the British islands; and it has had the effect of vastly increasing the consumption of food, and that of a better description, a fact which has greatly enhanced the effect of the short crop. In France, there has been speculation of almost an equal magnitude. Stocks of projected lines were carried to very high prices by persons whose means were not adequate to the undertakings; and the calling in of instalments had the effect of causing them to sell. The market was, in consequence, "broken," and immense losses have been sustained. The Paris northern line of railroads made a call of $25 per share upon the stockholders, of which $15 was payable January 1st, inasmuch that the company were to pay on that day $1,000,000 to the government, which, however, consented to put off the payment until February 15th; the remainder of the call, July 1st. The whole amount of the call is about $6,000,000. The Lyons road also called for $2,000,000, and the calls of thirteen roads are $31,000,000, payable within the year. As large quantities of these stocks were hypothecated by weak holders, who could not pay, and who could not borrow, they were obliged to sell, and a great revulsion resulted. Money was worth 5 per cent. in Paris, and so great was the demand for money, that the Bank of France, at one sitting, that of October 31st, discounted over $17,000,000. The fall in stock was prodigious, and four large capitalists, including three peers of France, and a large manufacturer, were obliged to "let go." On nineteen lines of railroad the fall, in the value of shares, amounted to 245,412,750 francs, or say $46,000,000. The large purchases of grain, by France, had caused an extensive export of silver, and the "reserve" of the bank had fallen very lowsay from $38,000,000 to $18,000,000-an export of $20,000,000 in silver to the north and west of Europe, tightening the money market to a considerable extent. Under these circumstances, it was stated that Baron Rothschild was about to proceed to London to obtain a loan of $2,000,000 silver for the Bank of France from the Bank of England, which holds £2,506,000. The railway revulsion in Austria had determined the government on the dangerous experiment of loaning $5,000,000 on shares; in consequence, shares advanced 5 to 10 per cent. We mention these facts as evidences of the immense extent to which capital is being appropriated directly in the employment of the people in the construction of railroads and other extraordinary labor, whereby their means of purchasing food is much enhanced, and they have, doubtless, aided quite as much as deficiency in supply in producing the present scarcity in breadstuffs. In Ireland, where the British government has undertaken large expenditures, with the sole object of employing the destitute, with the view of providing them with the means of buying food, some 52,000 persons were so employed on the 31st of October, and as new applications were constantly made, the number was rapidly augmenting. A curious result of this was manifest in the enhanced consumption not only of certain articles of necessary food, and sugar and coffee, but of guns, to the purchase of which the money wages paid out by the government were, in some degree, appropriated. The demand for iron, for railroad purposes, has also imparted a degree of prosperity to the mining districts, to which they have long been a stranger, and their consumption of food was thereby enhanced. Late accounts stated the orders for railroad iron ahead, at 100,000 tons, or three months make for the kingdom. As an indication of the consumption of articles of food, independent of breadstuffs, in United Kingdom for eight months, we give the following, from official tables : ARTICLES OF FOOD ENTERED FOR CONSUMPTION IN GREAT BRITAIN, NINE MONTHS ENDING OCTOBER 10. Sugar, do....... Cocoa, Ibs... Coffee, do Tea, do Tobacco, lbs. 147,541.. 191,439.. 231,812 3,165,577.. 3,064,477.. 3129,432.. 3,204,887.. 3,888,923.. 4,021,471 1,114,312.. 1,451,137.. 2,039,159.. 2,086,572.. 1,960,671.. 2,136,298 .21,406,024..21,652,276..22,919,515..23,827,569..26,307,124..27,386.336 ........27,641,613..28,693,041..30,624,256..31,665.018..33,972,645..35,962,670 ..16,693,460..16,362,407..17,064,256..18,432,433..19,749,586..20,228,816 Total, in lbs..........469,963,346 446,215,561 449,750,918 481,805,157 574,592,876 608,553,251 Here we find the consumption of seven articles of imported food, other than grain, has increased 25 per cent., besides 65,000 head of live cattle, in nine months. We also find that for the half year, ending July 5, articles of British growth, charged with excise, were as follows: These articles, with the exception of soap, appear all to have increased 25 per cent., an evidence of greatly increased industry and comfort on the part of the people. All engaged in the manufacture and use of bricks and paper, must have had their business increased 25 per cent. All branches of industry appear to have been stimulated, and we find the general consumption of necessaries and comforts increased. It cannot, therefore, be alleged, that because grain is high and scarce, that it arises solely from deficient crops. If the primary article of breadstuffs has increased in consumption as much as the other articles, it would have required a production of at least 25 per cent. more in 1846 than in 1844, when, therefore, the breadth of land sowed, and the available product is "carefully investigated," and the results given as equal for wheat in abundance to former years. We are not, therefore, to infer that the supply is as great in proportion to the demand, as it then was. From all these circumstances we are not to draw the conclusion that the demand of England for foreign food comes simply from a short harvest, and will cease with that contingency. It is no doubt true that better grains are equally as abundant in quantity and quality as in former years. The coarser descriptions of food are short in quantity, and the demand from causes indicated, greater. The nature of that demand, however, enables those on whose part it exists, to buy food of a better quality than heretofore. Hence, notwithstanding that the finer grains are as abundant as ever, they are inadequate to the extended demand. Under these circumstances, we may compare the quantities of flour and grain entered for consumption in Great Britain, for a period corresponding with the above: QUANTITIES OF GRAIN AND FLOUR RELEASED FROM BOND JAN. 1ST, TO OCT. 10. 1841. 1842. 1843. 1845. 1846. 1844. Grain, bushels.... 22,436,982. .26,598,455...10,306,971....16,772,454...8,434,977...29,589,173 Flour & meal, cwt. 1,175,125.... 1,079,166.... 199,505.... 600,639... 380,249... 3,081,791 This large supply of grain and flour this year did not affect prices, but they continued to advance up to Nov. 7, when, as compared with Sep. 5, and July 5, they were as follows: February 4.. Wheat. 8. d. 52 49 .. 10. Barley. Oats. 8. d. Rye. Beans. 8. d. Peas. 8. d. S. d. 27 .. 5.....23 .. 8.....33.. 11....35.. 10....35.. 5 0......31 0.....23 2.....32 7....40.. 4....37 .. 1 3......44.. 3.....27.. 3.....41 .. 5....46.. 6....50.. 11 The largest proportion of the above quantities taken for consumption, were released from bond in the first week of July; and from that time to Sept. 5th wheat declined; other descriptions continuing to rise up to Nov. 7, when wheat was 10s. higher than in July. Up to the close of October, the London Times, in the most profligate manner, used its great influence to promote alarm in every possible way, predicting a famine. On the sailing of the United States steamer of Nov. 1st, it changed its note, and declared that the alarm, it had striven to increase, wholly unfounded; and some lame attempt to excuse its profligacy was made, by saying its motive was to induce large shipments of food to England, a mode of excuse somewhat worse than the error, since it admits a design to make food cheap by the ruin of individuals. Europe was short of grain, and France in particular; it was not, therefore, to be supposed that the French government, which is usually a larger buyer in times of scarcity, would wait until corn was bought up to supply the deficit, that the Times alleged existed. It entered the market, and compelled, by so doing, English buyers to give higher prices than they otherwise would have done. American holders refused to sell at limits. The foreign supply in all directions was checked, at the same time the home influence was to induce farmers to thresh freely, merchants to sell readily, and millers and bakers to stop buying. All these combined to produce a fall in prices, to the injury of the English farmers and the ruin of importers, and all without foundation. The Times was as false at one extreme as the other. Down to the middle of November, under this influence of false reports, prices declined; and the fact of the decline had a depressing influence upon the United States' markets, which have |