of Nijny Novgorod, if we give the results of the fair in the year 1849. The transactions in that year are stated to have been less satisfactory than those of 1848. The price of tea was 20 per cent higher, and injuriously affected the trade in other articles. Money was scarce, owing to the recent stagnation in the corn trade, and the payment for two-thirds of the aggregate purchases is said to have been deferred for periods of twelve, eighteen, and even twenty-four months. With these drawbacks, the total value of the domestic articles at the fair was £7,916,016 sterling. The following found a sale-Raw materials, £1,917,940; provisions, £858,684, and domestic manufactures, £3,981,716; the total sales of domestic articles, amounting to £6,758,340, leaving £1,157,675 unsold. The total foreign articles at the fair amounted to £2,430,191, of which £493,955 worth of European raw materials, found a sale; and £204,888 of manufactures. Asiatic articles sold to the extent of £1,329,131; the total sales of foreign articles being £2,027,944, leaving £402,217 unsold. So that in fact the total value of both domestic and foreign articles at the fair, was no less than £10,346,207, of which £8,785,314 found buyers, and £1,559,893 remained unsold. The extreme market prices of fine wheat at Ödessa were in the last quarter of 1848, 28s. to 30s. 5d. per quarter. In the quarter ending 31st December, 1849, the market prices were 27s. 4d. to 30s. 10d. per quarter; and the rates in the same period in 1850 were 27s. 4d. to 30s. per quarter. The rates of freight from Odessa to Great Britain per imperial quarter, ruled from 6s. 2d. to 13s. 11d. in the first part of 1848; the rates were lower in April and May, and higher in September. In the last quarter of 1849, they ruled from 6s. 8d. to 7s. 4d. per quarter, and in the same period in 1850, from 6s. 2d. to 7s. 9d. per quarter. The average price of wheat at Riga was at the close of 1848, 41s. 8d. per quarter. About the same average in 1849, whilst in 1850, the average price declined to 37s. 1d. per quarter; barley, 188. 4d. to 18s. 9d. per quarter; and oats, 11s. 10d. to 12s. 3d. per quarter.-Eastern Counties Herald. STATISTICS OF THE PRESS OF THE UNITED STATES. The statistics of the newspaper press form an interesting feature in the returns of the seventh census. It appears that the whole number of newspapers and periodicals in the United States on the 1st day of June, 1850, amounted to 2,800. Of these, 2,494 were fully returned; 234 had all the facts excepting circulation given, and 72 are estimated for California, the territories, and for those that may have been omitted by the assistant marshals. From calculations made on the statistics returned, and estimated circulations where they have been omitted, it appears that the aggregate circulation of these 2,800 papers and periodicals is about 5,000,000; and that the entire number of copies printed annually in the United States, amounts to 422,600,000. The following table will show the number of daily, weekly, monthly, and other issues, with the aggregate circulation of each class:— Dailies..... Tri-weeklies. Semi-weeklies... Weeklies Circulation. No. of cop's prin'd an'ally. 235,000,000 11,700,000 8,320,000 149,500,000 No. 350 750,000 7,200,000 Monthlies.. 100 ...... Semi-monthlies.. 80,000 422,600,000 Four hundred and twenty-four papers are issued in the New England States; 876 in the Middle States; 716 in the Southern States; and 784 in the Western States. The average circulation of papers in the United States is 1,785. There is one publication for every 7,161 free inhabitants in the United States and territories. DUTCH COMMERCE IN 1850. The finance department, at the Hague, has published the result of the Commerce and navigation of the Netherlands for the year ending 1850. The results are extremely favorable. The import and export trade shows an increase of 45,000,000fl. in the last four years. Imports, compared with 1849, are increased by 9,000,000fl., the exports by 13,000,000f. The general imports of 1850 amounted to 284,415,276fl.; the general exports to 250,002,066fl.; the transit trade to 92,252,789fl. BRITISH TRADE AND SHIPPING. A return to the British House of Commons has just been printed, showing, from 1816 to 1850, the number of vessels and of tonnage at twelve principal ports, and of the exports and imports for each of the said ports. The declared value of British and Irish produce and manufactures exported from the port of— DEBT AND FINANCES OF KENTUCKY, 1851-52. In the message of Governor Powell, of Kentucky, the following items concerning the financial condition of the State are given:— The actual and supposed receipts of the sinking fund, for the year ending January 1, 1852, are... The actual and estimated amount of disbursements for the same period, are. ... Estimated deficit, January 1, 1852. The following is a statement of the public debt of this State : There is now due of the public debt..... $592,416 47 615,025 31 $22,608 84 22,572 34 21,335 84 $445 00 Of bonds bearing 5 per cent interest, there will fall due in 14 years the sum of. $221,000 00 In 15 years the sum of...... 100,000 00 In 20 years the sum of. 165,000 00 In 32 years the sum of. 100,000 00 Of the school bonds, the sum of $1,259,270 01 bears 5 per cent interest, and the sum of $67,500, 6 per cent. To pay this debt the State has the following resources, if they could be applied to that purpose:-$939,000 stock in the Bank of Kentucky; $290,000 of stock in the Northern Bank of Kentucky; $40,600 of stock in the Bank of Louisville, and $150,000 of stock in the Southern Bank of Kentucky; to which may be added, $150,000 of stock in the Lexington and Frankfort Railroad, and $76,420 25 bonds on the Louisville and Frankfort Railroad Company; making, in all, the sum of $1,646,020 25. The State has, in addition, $2,694,239 93 stock in turnpike roads-supposed to be worth about twenty-five or thirty cents on the dollar-besides her investments in rivers, etc. STATE DEBT OF GEORGIA. The message of Governor Towns is calculated to deceive the people of Georgia in regard to the amount of the State debt. It estimates the debt at $1,424,722 22; but does not include in the estimate the liability of the State, on the account of the Central Bank. That liability, which will have to be met out of the treasury, is $371,000, and the assets of the bank are only estimated at $100,000-leaving a balance of $271,000. The Treasurer's report states the matter as follows: Due July 1st, 1853, at 6 per cent.. Aggregate actual debt....... ..... $10,000 00 22,222 22 45,000 00 25,000 00 216,500 00 301,500 00 202,750 00 219,750 00 130,250 00 170,750 00 41,000 00 81,500 00 183,500 00 72,000 00 271,000 00 $1,995,722 22 The last item on account of the Central Bank, is not included in the Treasurer's report, but it is so clearly a liability of the State, that it ought to have been so reported. To the above must be added the sum of $168,542 18 for 4,200 tons of iron, purchased for the State road, without any authority by law, by the engineer, with executive approbation. This, claim, if assumed by the Legislature, will run up the State debt to $2,164,264 40—being nearly one million larger than stated in the message. THE DEBT AND FINANCES OF TENNESSEE. The Controller of Tennessee has recently made a report of the finances of the State, the substance of which is as follows: There has been paid into the State Treasury during the two years prior to the first Monday in October, 1851, from all sources, as well as upon warrants issued within that time..... And there has been paid out of the Treasury within that time, for all purposes.. Excess of receipts over disbursements for the two years.. Balance in the Treasury on the 1st Monday of October, 1849.... Leaving in the Treasury on the 1st Monday of October, 1851.. $1,004,004 94 933,431 25 $70,573 69 152,198 11 $222,771 80 The receipts into the State Treasury have increased within the last two years from $790,695 53 to $1,004,004 94. The disbursements during the same time have increased from $862,436 66 to the sum of $933,431 25. Receipts over disbursements, $70,573 69. The public debt of Tennessee, according to previous statements published in the Merchants' Magazine, is now $3,352,856. THE PROSPECTIVE OF GOLD. The London Times, of a late date, furnishes the following speculations touching the "future of gold," "The question as to the probable effects of an abundance of gold is again in agitation. California has thus far realized more than was expected by the most sanguine, the product at the end of each year having exceeded the highest estimate at the commencement, and there are now indications of a similar promise from the new regions in Australia. A disposition, however, still prevails to believe that no extraordinary changes in the relations of money are impending. When the California mines were first discovered, it was admitted that if any thing like eight or ten millions should annually be produced for a series of years, there could be no doubt strange effects would be witnessed. But it was contended that instead of this continued yield, there would be a gradual decline after the first year or two. That idea being now effectually set aside, a new argument is adopted. The exports of gold from California for twelve months ending the 31st December, 1850, were equal, it is supposed, to £12,000,000, while for the present year, judging from the first nine months, they may be estimated at £15,000,000. In the face of this supply there has been no very observable disturbance in the measure of value. It is therefore assumed that the augmented quantity has been met by an augmented demand, and that with the increasing traffic of the world, a like annual addition will henceforth easily be absorbed. "This inference, although it is urged by some able economical writers, appears altogether unsupported. The only tests of the result of the increased supply would be an alteration in the relative value of gold and silver, or a general and unaccountable rise in the prices of all articles. But the extensive displacement of silver which has occurred in France, and which was plainly foreseen, has prevented the first of these from being available, except to a very limited extent, while, with regard to the second, the changes in our commercial system have been such as to produce a rapid fall in all commodities far more than sufficient to neutralize any moderate influences of an opposite kind. 46 Apart from free-trade, moreover, there is quite enough to account for the increased influx having thus far produced no palpable manifestations. The Bank of France at this moment holds £8,000,000 sterling in excess of what she possessed in 1849; the extent to which hoarding, both of gold and silver, has been carried on all over the Continent during the past three years, and especially in Italy and throughout the Austrian empire, has perhaps been unprecedented; a drain no less remarkable has been caused by the Irish emigration, which has carried large totals to western America, where much of it will long remain; and finally, there has been the return to India of a great portion of that specie which was suddenly drawn to England after the panic of 1847. Exceptional circumstances exist, therefore, sufficient to render it unnecessary to assume that an increase in the demand for gold has suddenly sprung up to an extent such as steadily to absorb fifteen millions per annum. The tendency of civilization is to render needless the use of the precious metals for the purposes of barter, and although new colonies and settlements for a time create fresh demands, there is no rea son to suppose that they more than counteract the economical influences elsewhere in progress. Even California herself is not believed to have absorbed, in the shape of circulation, more than two or three millions, while on the other hand we have to bear in mind the effects of extended banking accommodations, and the use of money orders, postage stamps, and other similar contrivances, which are more or less being imitated in every part of the world. "Hence we may still infer that previous to the discovery of California the production of gold, increased as it had been by the large supply from Russia, was equal most probably to the annual demand; that its value is consequently liable to be reduced nearly to the extent of the exports from California, and that such reduction will of course be measured by the proportion which the new supply may bear to the existing stock. What the amount of that stock may be is wholly unknown, but there can be little question that fifteen millions per annum is not relatively an insignificant addition to it. Some investigators have surmised that 400 millions is about the total in circulation throughout the world. If that can be taken as in any degree correct, it will easily be understood that the California supplies must soon make themselves seriously felt whenever the condition of Europe shall cause the quantities now eagerly secreted to return to active pursuits. "But it is, after all, not a question of an addition of fifteen millions per annum. If any reliance can be placed on ordinary evidence, the production from California alone is only likely to be limited by the amount of population able to reach the State and the rapidity of the arrangements for obtaining machinery. It is impossible to name any other reason why the fifteen millions should not be increased to thirty or sixty. No word of failing supplies has yet reached us. On the contrary, the miners seem disposed to welcome as many fellow laborers as may seem fit to join them, and every one asserts that the whole country is rich, and that as far as the present generation are concerned, it may be pronounced inexhaustible. The old impression that gold is never found in large or continuous quantities is wholly dispelled, and scarcely any news could now arrive from California, Bolivia, Peru, or Australia, that could take the public greatly by surprise. "In the face of these circumstances it must be injurious to encourage the tendency, always too strong in the majority of minds, to believe that the old routine of things is to go on as it has always gone. It can do no harm to keep the possibilities of the case constantly in view, so that people may learn gradually and quietly to adapt their interests to whatever may occur." THE EXPLANATIONS OF BANKRUPTS. The pressure in the money market has caused, or, at any rate, it has been made the pretext of several remarkable and unexpected failures. A man in Salem has failed, who is reported to be worth two millions of dollars over and above his liabilities. He intends, it is said, to discharge what he calls his direct engagements, but to postpone as long as possible his contracts as endorser, if not to escape them altogether. Other failures of a like character have taken place in New York and elsewhere, where a large excess of assets over indebtedness is confidently asserted to exist. The reason assigned for these failures is the determination of the parties to violate their contracts and stop payment, rather than submit to any considerable sacrifice for the sake of maintaining their good faith by fulfilling their engagements. This reason for failing is sometimes assigned without truth, for the sake of saving the pride of the bankrupt, when his assets are, in reality, enormously deficient. But as it is undoubtedly the true reason in other cases, we have a remark or two to make about it. We will take the Salem failure for an example. A man with $2,000,000 of assets, at a fair estimate, and with $1,000,000 of debt, finds himself pinched for cash to pay his notes, when money is scarce. Three alternatives are presented to him. He can raise sufficient money to meet his engagements by paying the market rate of interest for it, as poorer men do, and which may be one or two per cent a month. Or he can raise money by selling a part of his property, obtaining, of course, much less than it would bring in easy times. By taking either of these courses, he may make what he considers a sacrifice of $200,000, and after he has made it, he will still have a princely fortune of $800,000 left. But his grasping avarice may lead him to prefer the third alternative—namely, bankruptcy. By taking such a course, a man of wealth (if he be such) sets a most pernicious example in any country. In the case which we have supposed for the sake of illustration, the failure is not as much a matter of stern necessity as of sordid convenience and dishonest gain. He postpones payments of small amounts to much poorer men than himself, who are greatly injured by such postponement. He shuffles off the burden of "hard times" (which it belongs to him to bear more manfully than others) upon a host of creditors, not one of whom may possess a tithe of his real ability to pay. He may be a man who has always insisted upon the last farthing of pay, and the uttermost punctuality from his debtors. He may have availed himself of the bright side of speculation to amass his wealth, and consequently have no excuse for shirking the dark side when the turn of the die has brought it uppermost. He may be one who, if a much poorer man desired to stop the payment of a note due to him, on the ground that it would cost some considerable sacrifice to raise the money now, and that it would be much handier to pay it in about four years-would treat such a pretext with unlimited scorn. If the rich man postpones his notes and debts and payments three or four years, in such a time as the present, he compels his smaller creditors to submit to a loss cf from 20 to 40 per cent, according to their needs and the high rate which they are compelled to pay for money. This loss is certain, even if ultimate payment at a distant day is secured; for all that he expects to allow them is six per cent interest, while they are obliged to pay far higher rates. The rich bankrupt may and often does use the funds gained by staving off his debts, in secretly buy. |