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FRO M OUR EUROPEAN CORRESPONDENT. London, October 15, 1817. In alluding to the commercial distress, which must surely now have nearly reached its culminating point. Douglas Jerrold says: " If the Emperor of ' Kussia chose to sell out the stock he holds in the 4 British funds, he could drain the Bank of all its ? gold ; we are absolutely at his mercy. Such a ? state oi things is disgraceful to our national cha racter." And 44 Punch " has also a slap at Sir Kobert Peel s financial arrangements, in represent ing the operation of the barter system (all our spe cie having disappeared) in a draper's shop, where a lady is buying a new dress with two silver forks and a table spoon, anil a child offering a herring and a pound of candles in payment for some cali co. The ** money article" of the Times of this morning is ol a mixed character; for whilst, on the one hand, the writer says, '? it is evident we are only approaching the final state of pressure," and 4> trade and manufactures must further decline, 4 the pressure we have already endured must be out ? done by what is to come ; but there is a limit be 4 yond which it will not be boriie, and all that we 4 can do is^ to wait patiently until that limit is at ? tained. The least movement in an opposite di 4 rection would constitute the first step (to.be fol ' lowed by many rapid ones) on the road to nation al bankruptcy. ' The 44 opposite direction" spo ken ol in this, not very clearly expressed, para graph, is an increase of paper currency, and a con sequently increased facility tor railway and other speculations. The language is, however, of ex traordinary strength, anil did it proceed from any quarter famed for stability or consistency of opin ion, it would be alarming; but from the 44 Tunes" it excites, as I witnessed in more instances than one this morning, only a significant smile. The ar ticle, however, is rather consoling when it says : 44 It is desirable to notice" some facts which are slated, " in order that the present panic may not be ? mistaken for one having its entire or chief origin 4 in commercial distrust." The 44 final state of pressure is to subdue the ' ? mania (railway speculation) that now jeopardizes the whole nation. " Nothing, however, has oc 4 rurred in the movements of the past week which, 4 as far as the position of commercial affairs iscon ? cerned, creates any particular apprehensions be 4 yond such as have now prevailed for a considera 4 !>ie period. I he " Times ' certainly gives sound and sensible advice when it advises all mercantile men to contract their engagements as fast as pos sible. and says 44 there is no added reason for alarm that any of those firms who may have prudently 4 prepared for the storm which they must long have seen was inevitable, will be broken down." 44 A 4 contraction in business has been steadily going on lor months, and, consequently, although commerce ol all kinds was in a sound and healthy state 4 when the crisis was first prophesied, it is now, 4 beyond question, in a still narrower and safer compass. Let the same policy be steadily pur 4 sued, and although each man in business will be compelled to sustain loss of income, he will es 4 cape all danger of insolvency." The 41 Times" denies that 44 the want of currency-aids to com merce has been the cause of the past failures, or of the present panic. If the existing circulation Mere reailv available lor the use of the mercantile body, 44 there would be a surplus instead of a defi ciency, and money 44 would again be not much ?' higher than 2. per cent, instead of 6 or 8 or even 10, as it now is. The railways, the railways, the railways! is the perpetual cry of the Times'; they are the great incubus with him, which sits grinning upon the prostrate body of English commerce and manufactures, until even the words 44 national bank ruptcy are uttered, as the consequence of any in crease of the monster's weight and pressure. So tar as British speculation has been turned towards foreign railways, no doubt such speculation has been eminently mischievous, but the capital which has been circulated at home cannot, bv anv reason ing which I can comprehend, have tended in any considerable degree to the present deplorable state ol commercial affairs in this great emporium. Your readers must not be wearied with this long disqui sition upon the 44 bad fix ' of the mother country, nor must they despair of the ability which she pos sesses to put herself in a better position. She has risen, like the fabled giant of antiquity, with re newed and increased strength,after severer falls than she is at present suffering, or is like to suffer, and so she will again. Ireland affords a gloomier picture of England's difficulties than either the stock exchange or the money market. What is to be done with or for Ireland . is a question which every one asks, but to wluch no one can satisfactorily*replv. Want if not absolute famine, already stares a large por tion of the population of that unhappy country in the face. J he approaching winter will be a dread 5 ?,n6L , m,ll,ong- Thanks to Providence, the English harvest has been an abundant one, but food will be wanted for Ireland. America can supply it but how is it to be paid for ? England has no mo ney to spare. A merica does not want more of Eng land's manufactures than she can consume, and if she did, the people of Manchester, and Leeds, and Sheffield, could not barter their cottons, broadcloth* and cutlery for bread stuffs for the Irish, and receive no other expression of gratitude for the gift than a louder cry of "give, give !" without any effort on the part ol the receivers to help themselves. The Government is charged with having made a false move, in directing that at the national thanksgiving for the fine harvest a collection shall be taken at the church doors for the distressed Irish. It cer tainly is rather an Irish way of expressing thanks for plenty, to couple them wi.h a call for the relief of those who are in want. The two acts are proper and becoming enough in themselves, but to couple them together is casting a dark shadow over a bright foreground ; it is a damper dropped upon gratitude ; an extinguisher thrust upon the burning lamp of our otherwise hearty thanks. Worse than .ill this, it is holding out a direct premium to the people ol Ireland to commence a waste of those means of support which theyV/o posse-s, instead of making them careful of ihe food they have. It is tolling them that all Lngland will again be roused to rescue them from a state of thing!* from which the\ have shown no disposition to save themselves Ireland can never be raised in her moral, social, and political condition until she will raise herself, and how she can be induced to do this is Ihe ques tion. Political agitation will not do it, a repeal of the union wouhl not do it; jet something must be thought of that will do it; and this is the business of the Government to suggest and the Parliament to sanction at the approaching session. This is not a very cheering picture of albnrs at home, and if we turn to consider the posture of other nations, is there any thi .g more cheering in the prospect ? ' First, of I ranee. The projects of Uuii Philippe for the aggrandizement of his family ippear to lie last developing, but probably not exactly in a way which may tend to their satisfactory completion And, first, ol the appointment of the Duke d'.Vumale to be the \ iceroy of Algiers?the French people are thoroughly roused and fiercely indignant at this. We, in England, who are accustomed to see the Crown and the aristocracy claim and seize more than the lion's share of all the best patronage and preferments of the country for the impotent and inca pable of their own families, cannot comprehend why France should be convulsed through all her length and breadth by a single appointment of that kind. The matter, however, is capable of a very easy explanation. The Praetorian guards were nevermore powerful in Koine or the Janisaries in Coneanlinoplf than is the French army at present i? Fance. The King niav be said to rule the couu v only by their bayonets. The array knows and eels this; it is quite aware ot the Kings siren th and ol its own. The army will submit to no en'roachment upon its privileges. It was estab lishel at the revolution and confirmed by Napo lko* that merit ulone should be the passport to rank in the army?and the soldiers may well ask what martial merit has entitled the Duke d'Aumale to th viceroy ship of Algiers ! There is scarcely a soltier in the ranks who docs not feci himself in juredand insulted by such a promotion. 1 he storm is terific, the plot is thickening. The King has withlrawn the sop to Cerberus, (the monopoly of pronation for merit,) that bound " the dogs of war' to his interest, and he may yet sutler (lie fate of A'taeon, and be devoured by his own pack. Aier all, however, Algiers, which has swallowed up 8> many millions of French money and been the gave of so many thousands of brave 1' renchmen, mayprove of great service to the world at large? maybe the means of preserving the peace of Europe. All lie ilower of the French army, its bravest vete ran!, its ablest commanders, are there. 1 hey cannot be withdrawn. Abd-el-Kader is on the watch. His constant activity makes it necessary, indeed, that the} should be continually reinforced. France, with dissatisfaction among the soldiery at tome, and the best part of the army employed abr-ad, will not think of involving Europe in a wa' about the Spanish succession, even il England was foolish enough to go to loggerheads with Louis 1'liilippe upon such a (really non-important) sub ject. Suppose war begun* what would become of French Africa? The fleets of England would sweep the Mediterranean in spite of that chivalrous hero, the Prince de Joinville. No supplies, no re inforcements could pass from trance to Algicis. The Arabs would be up and doing. Napoleon was once in Egvpt under similar circumstances. Could i the Duke d'Aumale expect to do and fare better than Napoleon did. Louis Philippe must be fully aware of this issue, should he venture upon a war with England. Therefore, although there is plenty oi smoke arising from diplomatic collision in Spain and Italy, there is no fire to be apprehended from it. Louis Philippe sometimes plays his cards very oddly and finesses very acutely, but he will not be guilty of revoking with his eyes open. He is too old a player to be guilty of so young a trick. There are other reasons why war, on account ot Spain, need not be apprehended, which we will no tice when attending to Spanish alfairs. France has been, as you will have seen, interfering with the conccrns of Switzerland. 1 lie si news of war?money?are wanting in France : a nation which has to borrow ten millions of pounds sterling in a year of prolound peace (at least as tar as respects Europe) is not likely to dare an inter minable war with all Europe lor so profitless a gew gaw as the crown of Spain. A few words about Spain. Spanish Ministers have of late numbered their existence by weeks, but Salamanca has counted his by days. 1 here are many reports respecting the mode by yvhieh Narvaez has been substituted for Salamanca, and the interests of the Queen mother Christina and Louis Philippe for those of the reigning Queen Isabella and the liberal Spanish party. The uneducated, but not ill-disposed Girl Qiekx, who lias just com pleted the seventeenth year of her age and the lirst of her marriage, has been duped and cajoled into the appointment of Narvaez as her Prime Minis ter ; Christina is again in Madrid; the star of Louis Philippe is once more in the ascendant; and the probability at present seems to he that Isabella, broken down in spirits and wearied with fruitless opposition, may resign, and the Duchess De Mont pensier succeed to the crown of Spain. Narvaez is said to be disposing of all those who might thwart his plans by sending them to a distance. Serrano is to retire into banishment as the governor of some distant Spanish province. Espartero is to be appointed Minister to London; Moils is to be disposed at Cuba, Ac. But the next news from Spain may upset all tliis arrangement. It is known that Narvaez is personally disagreeable to the Queen : that she shed tears as she signed the decree ordering the change of Ministers : that she did not vouchsafe a single word to two of Narvaez's asso ciates, Arrazola and Orlando, when they were sworn into office, but slightingly turned ht-r back upon the discomfitted grandees. England, like France, has no money for war ; and, if she had, it would not be for a war to put down a Power which, if let alone, would fall of itself. No war will grow out of Spanish affairs. Austria and Prussia would be more likely to become the oppo nents jjf France, ;n any strife which might arise respecting Spain, than England. It is her interest to keep at peace, and she knows it. ' Neither her national honor nor her commercial relations could b itTer bv the Montpensier family occupying the throne of Spaiu, but she would be materially bene fited by any change which gave peace and tran quillity" to that fine country, and enabled it to'be come one of the family of European nations, and to fraternize with them in all the great social, poli tical, ai,d commercial questions which engage the attention of their people. Of Portugal nothing can be said that is worth saying. Her history consists in rumors, and her doings of to-day are the undoings of the deeds of yesterday. Austria is acting wisely, hecajnse she is retread ing the steps she took regarding Italy?her troops have been withdrawn from Ferrara. Austria may have work to attend to nearer home ; there are se rious apprehensions of disturbances in \ enice ; fifty thousand persons had assembled in St. Mark's Square. and the next morning there was written, with charcoal, on the walls of various parts of the city, such significant phrases as " I'ira Pin I A," " i'ira Italia." It mav be as well to mention, un der the head of Austria, because it redounds to the credit of Iter capitalists anil their spirit of enter prise, that a company has been formed by public spirited individuals in England, France, and Aus tria, for? the construction of a canal through the Isthmus of Suez, with the entire concurrence, in deed, at the instance, of the Viceroy of Egypt. That enlightened man, after applying in vain to the Sovereigns of Europe to unite in some plan for the oxecution of such an important work, Ita3 appealed to a hiuhtr power, piblic opinion, and has suc ceeded. Influential parties in England, France, and Austri.i have united. Surveys have been made, and the work has been found practicable ; the chief difficulty, which is at the Mediterranean termina tion, can be mastered ; a ship canal, wide and deep enough to float a first-rate man-of-war, i* to be constructed from Suez to Pelusium, on the Medi terranean. English, French, and Austrian engi neers are on the ground. Mr. Stephenson, the ce lebrated Luglish engineer, is to construct the port ? at Suez, and M. Nigrelli, an Austrian engineer of celebrity, undertakes the port at Pelusium, whilst the execu'.ion of the intermediate canal has heeii entrusted to a French engineer of great eminence. When will my esteemed fellow-citizens of# the United Slates extricate themselves from a suicidal war, and einplov themselves in the more honorable and profitable undertaking of cutting a highway for nations through the Isthmus of Darien ' But a few words more about Italy, and the good Pope, Ac. The Grand Duke of Tuscany has made changes in his ministry, abolished the arbitrary lower of the police, and has agreed to the mafti nointe of a constitution for his subjects. In Na |fps things wear a very serious aspect. ThcKiig [finishes all who fall into his hands, after having itred his authority, with terrible severity. There i.^ in Naples a complete rtign of terror, and Sici'y i is a veritable slaughter-house. Still the people hoist the tri-colored banner, and cry, " Viva Pio IX," " Italian Independence," and "The Comti tution." In Home the popularity of the Pope w is hourly increasing, and there had been great rejoic ings on account of the evacuation of Ferrara. An other great reform has been achieved in Rome, hy 1 the establishment of the Municipal Government, , (under the name of 44 the Senate," consisting of one hundred members,) by a decree of the Supreme J Pontiff. The work goes bravely on in Italy ; the good work done in one short year has been great indeed. The Times states the population oi t le Italian Peninsula as being -23,000,000, of which 18,000,000 are governed by Italian-Princes, and about 5,000,000 are under the dominion of Aus tria. Of the 18,000,000, at least 10,000,000 may be classed under the Governments now actively en gaged in promoting liberal reforms, and in combin ing for the common safety of their dominions. ; Italy possesses all the great elements of natiotal prosperity, and, with a wise and vigorous political organization, there is nothing wanted to complete her earthly advantages. So long as she advances with firmness and moderation, she has nothing to | fear from the disappointed pol:cy of her ancimt , adversary. In Switzerland there are many symptoms of ip ; proaching civil war. It will be a "war of at least great numerical disproportion ; the federal contingency of the twelve and a half Cantons amounts to 50,0('0, that of the seven States of the Sonderbund to 11.<00. Hut various circumstances will bring he contending parties to something nearer an equally, should war really take place. Surely it will be averted: it would be a disgrace to civilized Euiope not to interpose to prevent so gallant and so simply good a people from destroying each other about so really unimportant a question as forms "the basis of the dispute. In Prussia, Holland, and Belgium there is nothing new ; peace and liberalizing policy art doing their good work. In Bavaria, Lola Montes is described as " sick j and quiet " and the very exemplary King has had his moral properties disturbed by sone irregularis lies of a Bishop, which have been visited with Royal displeasure. In Russia a levy has been orderec'of 80,000 con scripts, partly, it is said, to meet tlu havoc wjiicli it is feared the cholcra will make ir the army. No doubt existed in St. Petcrsburgh tiat the journey j die Czar and the imperial famib to Moscow was literally a flight from this impending scourge. It does not appear, however, to hav; been a very ju dicious movement, "for later n<ws represents the disease as having reached Odessa, and to be ad v ancing rapidly towards Mo'cow. The French < lOvernment not only consittr the arrival of the cholera in France as probtble, but it has with praiseworthy foresight ordered measures to miti gate its severity, if not t? stay its progress. The] attention of English physicians has also been turn ed to the subject. Th? last accounts from Constan tinople state that the rtiolera had increased at Tre bisonde, where, out if 350 cases, there had been 150 deaths. The official physician reported that the disease did noi exhibit the virulent character which it had when it last visited Europe, and that of the cases in which medical aid is supplied at an early itage nine-tenths recover. At Bagdad, out of sixteen cases six died. Mr. Cobden's late visit to the great annual Rus sian Fair, at IS'islinei Novogorod, has revealed some striking facts with respect tp Russian manufactures. The great variety of articles which were exposed for sale, and the admirable order which was main- I tained at the exchange of goods, very much exceed ed his expectation. Mr. Cobden visited several of the manufacturing districts in Russia, where he was much surprised and gratified with the inilustry and skill of the workmen, principally native pea' sauts. At Wochna lie found silk goods manufactured in a very good style to an extent of several hun dred thousand roubles annually. At Moscow several manufactures excited his astonishment and admira tion. Mr. C. is said to have pronounced the <-ilico printing mills of M. Gutschkow one of the aiost perfect which he had ever seen in its organization. In another establishment, that of M. Procheror, the care bestowed upon the health, morals, and induc tion of tlie children employed was very gratifying. The mills in Moscow appear to be conducted with grea- skill and order, and with a very admrable combination of the various divisions of the iianu factory. Cloth weaving appears to be in a very favorable, in fact in a very advanced state in Kus sia, and many circumstances combine to brim this brandi of industry to the highest perfection. It has long been known that the manufacturers of ICng land had many powerful and skilful rivals ot the continent, but she has not hitherto expected to find them in Russia. j There is nothing new in Denmark : in S.veden the <on of Bernadotte is pursuing the noiseles> tenor of his way. 1 here is much in the condition of these two kingdoms which is worthy of mre at tention th^n it has hitherto received. Mr. Lang's most excellent book on Sweden and NorwlV, Al though it has been several years before the public, is i/et a work of surpassing interest, opening out a novel scene for inquiry and ^investigation ; and more southern nations may derive mosMahia ble lessons from the shores of'ihe Baltic. The na tions that have produced Tvcho-Brahe, Linltcus, and Thorswalden, to say nothing of later or iesser lights, have high claims upon the attention of man kind, and deserve a closer fraternizing intim. py and intercourse than the rest of the civilized word have yet vouchsafed to them, at least during the present generation. October 18.?We have now most delightful autumnal weather, full of all the blandest influences refreshing both to body and mind, and bringing back to those who have passed the meridian of life not only the recollections of their youth and the sources of their purest youthful pleasures, but also a renewed capacity of enjoying them, and living over again in feeling that bright and sunny period. The season for literary novelties is also Commenc ing. There has not been any work particularly worthy of notice hitherto published, but (here is much of interest in those which are announced. I)r. Leichhardt's Overland Expedition in Australia is, perhaps, the most interesting book of the month, relating, as it does, to a country of the interior of which little or nothing is yet known, whose impor tance in the future history of the human race no man can estimate, and whose productions in the entire range of vegetable and animal life are so much at variance with what is found in other portions of the world. I he Edinburgh Review, published a few days ago, contains many very ablv written ar ticles, among others a review of Macgreiror's Histo ry of the Commerce of the United SlaU.? '['he reviewer's statements of the past circumstance* and the future prospects of the United States arc com prehensive, liberal, and just, lie thinks the future success of the Republic, in fact its exi,,rnr.e as an undivided Republic, depends entirely upon the'm/ rity ol your (iovernment; that you have already young as you are, outlived every danger except that which may arise from your public men ceasing to be /tones/ and your (iovernment becoming cor net W hat danger there is of this, vou who are. oi, the 4pot must determine. We, at'this distance, imagine that your (iovernment, flowing as it docs from and dependant as it i? upon the people, can only become corrupt through the corruption of the people, and we ;ire unwilling to think that the lat ter can possibly be the case. Leigh Hunt will be soon in the field wi'h a ( 'hr.stmas book, " A Jar of Honey from Mount y ? James lias a three-volume novel forth I coming, to be called " The Convict," Mrier a novel called 44 Si. Roche." I J Jon. /. B. (?) a novel called ? Harden Hull." An anonymous au thor publishes " Jane Eyre." Another volume of Southed a "Doctor" is in the press. Mullein is ready with a supplemental volume to his " Middle Ages," and additional volumes ot Lord Campbell * " Lives of the Chancellors" are preparing, towards which Sir Jfobert Peel has contributed materials for the life of Lord Eldon, and similar assistance lor the lives of Loughborough and Lrsltine has been afforded by the present representatives of those learned Lords. Great interest lias been excited by the discovery of a very valuable manuscript produc tion of the inimitable Cervantes. But few it any of particulars, beyond the fact, are publicly an nounced about it. The French journals are exulting over the superior condition in which the Bank of France is, (upon their showing,) when compared with that ot England. The French calculators make the Hank of England able to pay only 25 per cent, of its engagements in cash, and the Bank of France 42 per cent, ol hers ; and exclaim, "There are moments when the clay feet of that Colossus (British commercial and finan cial prosperity) are to be seen. A lew ver) short calculations, even with the figures furnished by the French papers themselves, show the following re sults : The Bank of England can pay 50 percent, ol its circulation in specie. The Bank of France can pay 41. The Bank of England can pay 34 per cent, ol its notes and individual deposites in specie. The Bank of France only 27. The condition of both banks is satisfactory, but that of England ,is certainly not second best. Whilst alluding to the Bank of England it may not be out of place to notice that useful and most amusing book, the "History of the Hunk of Eng land, its Times and Traditions, by John Francis." The quantity of information in these volumes, upon all subjects "connected with banking in England, is surprising, and the anecdotes of men and things so various and pleasantly narrated, that their perusal is as fascinating as any book of the day. Francis Child started the first bank in London: his shop was ou the site of the present banking house of Child & Co., near Temple-bar ; the books of the firm go back to the year 1620, and refer to prior documents. Hoare's books date from 1680, and Snow's from 1685. The career of William Patter son, " who founded the Bank of England, and died in poverty and neglect," is told in touching terms, particularly that part which relates .o the unfortu nate expedition to Darien in 1608. 1 he Bank of England was chartered in 1694 ; it met with great opposition from the goldsmiths, the previous bank ers of London, whose monopoly of uusiness it was intended to destroy ; but it triumphed over all diffi culties. It was, however, very nearly prostrated during the Rebellion in 1745, when Sir R. Hoare, a London banker and goldsmith, collected ?100,000 of its notes and enforced payment,'and Sir Francis Child, of the same profession, collected a great sum in the notes of the bank. But the bank stood out against all opposition, and maintained and increased its credit. The first forgery upon the bank was perpetrated sixty-four years after its- establishment, by Richard William Vaughan, a inen-draper, of Stafford. The bank first circulate! notes of ten, fifteen, and twenty pounds, in 1739; notes for live pounds were not issued until 1795, ;-nd those of one and two pounds value in 1797. It would seem, from Mr. Francis's publication, tl at in all monetary crises it has been the fashion to attribute the cause of the difficulty to the bank, through having resued too much or too little paper, or having been too liberal or too stringent in its advances. >V hen people have ruined themselves with unwise specu lations they almost always accuse the bank and its management as the cause of their distresses. It is eminently so at this moment, when many per sons of all classes, having subscribed to railways and other speculations and adventures beyond their means, and being straitened, turn upon the bank, and blame the wholesome restriction upon its :ssues of paper money, rather than their own folly, as the source of their' difficulties. In truth, cash is not scarce in the whole country; for the money abstracted for railway purposes soon finds its way back into the general circulation ; but the parties who have agreed to pay four millions of pounds sterling this month and a million a week for many months to come, have parted already with their sur plush cash, and ask for an increased issue of paper money to enable them to meet their engagements. But, before they cry out for more paper money, it would be well \o recall the terrihle scene of rum and disaster which took place in 1825, when seven ty banks closed in leu days, and more than one hundred during the season of panic; when the Bank of England possessed (in November, 182o) only XI,300,000 in bullion, and was saved from the trreatest embarrassment only by a most fortunate accident, as it was then currently stated; when Mr Huskisson expressed his opinion that in forty eiirht hours all dealings miglit possibly be stopped between man and man, except by way of barter. Let those who call oul for more paper money con trast this perilous period with the present one, and say whether the difference is not to be attributed to the fact that, in the former period, the country was deluged with paper money, and that we have at present a safe and sound currency. A few words about country banks in England. Some inquiries which have been made upon the subject would lead to the inference that the inn keepers were the first to whom this trade can be traced. The roads were then very-much infested with footpads and highwaymen, and the farmers were afraid to carry home the money they received at markets and fairs, and therefore left it in charge of the inkeepers. These deposites were not recall ed at once, or in one sum. The farmers employed these Bonifaces to pay small debts for them. Am out of this rude origin the flystem of country bank ing appears to have sprung. The succeeding steps may be easily traced ; they flowed obviously and systematically to the present mode of banking. Some of the first modern houses in London have sprung from these provincial establishments. The following statement shows the position ot the currency at the present time, and also what it was a year ago : Circulation. Incremaej Decrease. Sept. IS, 'MlSept. ?I, '47 Hank of EnrlM -?*>,380,55* Xl 8,102,589 Private banks ' 4,390,274' 4,175,771 Joint rtock l>kV 3,111,622' 2,954,284. Total in Engl'd 27,782,454 25,232,64,* Scotland .t,446,717 3,497,525X50,738 Ireland ! 6,588,175 5,048,Sit U. Kingdom... J637,817,4I6 ??33,778,48'.!' 2,177,919 214,500 157, 2,549,807 1,539,865 4,089,672 Showing a decrease of ?2,549,807 in the circula tion of notes in England, and a decrease of ?4,038, 934 in the circulation of the United Kingdom, when compared with the corresponding period of last year. The average stock of bullion held by the Bank of England during the month which ended Septem ber 11, 1847, was ?7,229,275 less than it was at the corresponding period last year ; and that held by the Scotch and Irish banks ?6311,840 less. The imports of breadstuffs and articles of food of every description have surprisingly increas-! ed during the past year. Compare the imports of; some of the chief articles of ordinary necessity for the same period in the years 1846 and 1847, say from January 5th to September 5lh, and we find that in 1847 there were imported 6,735,612 quar ters of wheat, barley, rye, maize, and other grains ; and in 1810 here were imported 2,392,763 quar ters. In 1847 Great Britain imported 0,201,625 cwts. ol dour, barley, rye, and Indian meal; whilst in 1846 the importation of the same articles amount ed to only 2,285,342 quarters. from January 5 to September 5, 1847, there were imported 209,663 cwt. of hams, beef, and pork, and in 1846 only 184,143 cwt. of the same articles ; the threat increase was in salted pork. Of butter and cheese there were imported during the former period 410,597 cwt.; in the latter 323,400 cwt. All these articles may be considered as im ported in consequence of the failure of the English harvest, and had the increased consumption of for eign articles stopped here, there would have been no special ground for surprise ; but when we find, on passing to articles of comparative luxury, a very considerable increase of consumption, we must look to other causes lor an explanation. Let us take the articles ol sugar, coffee, tea, and spirits : J he sugar entered for consumption from January 5 to Sep tember 5, IS 10, wu8 3,356,463 cwt. 1847 4,034,409 ?< I be conee in 1846 was 23,723,420 lbs. in 1847 25,447,588 " The tea in 1846 was . 31,180,949 " , ,in ,1847 31,'217,*109 " lhe spirits in 1846 was 2,481,328gals. in !847 3,001,979 " No doubt the relaxations which took place in the tariff contributed much to the consumption of some of these articles; still the consumption could not have occurred unless the means of purchase had been supplied, and we netd not look far for the source whence those means were derived. We have only to turn to the railway world, and to remember that, during the period under consideration, there have been expended something like ?40,000,000 of accumulated capital in these new undertakings. That amount lias been converted from 'floating into fixed capital; that amount has passed from the hands of bankers and mercantile men to railway contractors, and been by them distributed to labor ers and to iron-dealers and machine-makers, for the results of labor, and has been thrown into the amount spent in the daily-wanted articles of food. But no part ol this capital has been absorbed; it has merely changed hands. Embankmejts, bridges, tunnels, stations, and railroads have been created by its employment, but 110 gold or silver have abso lutely been employed as materials in their construc tion. There is as much gold and silver among the public at large as ever there was, excep; what may have left the country to purchase food with, -and that mustTiave gone, if the people were to be fed, if a single mile of railway had not been laid down. It is true that the amount which the banks may have lent to railway subscribers and speculators has diminished their capability to accommodate the mer cantile community. But this diminution has not been to any great extent, because the money so loaned has been expended, has come again into cir culation, and has returned into the coffers of the banks in the shape of deposites and balances, again increasing their means of mercantile accom modation. I o return to the subject of exports and imports. One of the least encouraging featurej in the busi ness of the year has been the great reduction in the quantities of the raw materials of loading British manufactures which have been imported. Accord ing to the following comparative statement there w US?? Imported from January 5 to fkptenilter 5. 1847 Article*. j 1S45. 1846. CoUon. cwt 5,322,286 3,446,984 I 3,007,367 I!001, lbs 46,134,778 44,329,466 36,103 557 f'ax?cwt 811,138 499,770 533,685 Hemp, cwt ..... 4*0.295 413,320 319,023 ?ilk, raw, lbs. ... 2,547,632 3,000,157 2,735,317 Thus the imports of foreign articles for imme diate and general consumption have largely increas ed, whilst those of the raw material!- which are es sential to the continuance of manufacturing indus try have almost proportionally diminished. This diminished importation has more affected the stock of ran? materiaI on hand than it has any relation to the quantity of manufactured goods so far export ed ; for the reports of the Board of Trade show that the exports of goods manufactured from the above enumerated raw materials, have been, during the first eight months of the present and the two pre ceding years, as follows: J HI .???? *27,056,000 25,056,000 1847 25,336,000 Of the other articles of British manufacture, viz : Earthenware, glass, hardware, and cutlery, machi nery, metals, and sundriesnon-enumerated, the ex ports have been as follows : ; 19,352,000 a!? 9,475,000 11,47 9,973,000 And the total exports of British and Irish produce and manufactures, ?36,408,000, ?34,531,000, and ?35,309,000, respectively. But if our stock of raw materials be thus small, how are we to provide for the drain which is now weekly made upon us by the large importation of breadstuffs and other arti cles of daily necessary consumption ! We cannot pay for these things even by our manufactures, un less we have the raw materials on hand, and how can we procure these raw materials without a fur ther drain upon our resources ? In this view of the subject, the present large im portation ol consumable articles presents a very alarming aspect. In the week which ended 25th September there were imported into London and the outports no lewer than 11,432 head ol foreign cat:le, sheep, and hogs, and on Monday, the 27th Semember, there was in Nmithfield market alone 1,000 head of for eign cattle and 4,000 foreign sheep; and in New gate market 4,000 carcases of foreign meat have been sold in a week ! Then as to breadstuffs; there arrived in London between 20th and 25th September, 320,952 bushels of foreign wheat, and 6,254 sacks, and 43,926 bar rels of foreign flour. At Liverpool the imports from 16th to 20th September were 167,224 bushels of foreign wheat and 125,524 barrels of foreign flour. I he breadstuffs and cattle at present import ed will cost about a million sterling per month to pay for. I o add to tho present pressure, a very serious disorder has made its appearance among the sheep ; it much resembles the smallpox, and is highl y con-, tagious : it was first introduced by some sheep of a Spanish breed imported from Hamburg. It is much to be,(eared that, although the abso lute aggregate expense of maintaining the poor has considerably diminished since the introduction of the new poftr law system, the number of the poor has very mqch increased. The money really spent in maintaining the poor was, in? ,8a4 ^ ?6,317,244 , ft,038,703 18*r> I he expense of vaccinating the poor was in 1846 ?27,447 ; that of other medical relief, ?175.190. 1 he law expenses and proceedings before magis trates cost ?135,538, whilst the immense amount of ?1,613,576 was expended under the various heads of register's offices, county rates, police force, <fcc.! making the total expenses levied upon the community, under the title of poor rates, ?6,746.485! or about 34 millions of dollars. It maybe hazard ous for a mere looker-on to give an opinion upon this subject, but it certainly is a deduction of com mon sense that much of the money spent, nearly ?9,000,000 annually, after providing necessary sup port for the poor, might be saved, and many per sons, well versed in the subject, are of the same opinion. There is one item of railway statistics which I have not yet alluded to, because it never before occupied a place in the public statement; and, so far as it goes, it must be admitted that it has a bad effect upon business at home; the item alluded to is the amount subscribed by British capi talists to foreign railways, which, since 1st January last, has been ?6,300,000. This money, being sent out of the kingdom and expended abroad, nei ther employs the poor British laborer, encourages British manufactures, nor the consumption of British raw material; and had it been kept at home would have gone far to have averted, or, at least, would have remedied, if it could not have prevented, much of the existing commercial pressure, in which many of the most prominent merchants, including no less than six directors of the Bank of Englatui, have had to suspend their payments. October 14.?The quarterly return of the reve nue, to the 10th instant, has just been made. It is not as good as might be desired ; but, all things con sidered, it is probably quite as favorable as could have been expected. If the quarters which ended 10th of October, 1846 and 1847, respectively, be compared, we shall find the following result: Increase. Decrease. Customs for quarter ending] Octo ber 10, 1847 ?374,191 Excise do. do. do... ? 641,98!) Stamps do. do. do... . 66,419 Assessed taxes do. do... ?3,915 Property tax do. do. do... 53,433 Post office do. do. do... 5,000 ' Crown lands do. do. do... 45,000 Miscellaneousdo. do. do... 104,784 8,915 1,285,866 Being a decrease of ?1,276,951 upon the ordi nary revenue for the quarter. The statement for the whole year would be as follows: Increase. Decrease. Customs ?267,224 Excise ?159,914 Stamps 152,249 Assessed taxes.... 9.1, V17 Property tax 106,296 Post office .' 57,000 Crown lands., 48,000 Miscellaneous I 153,208 / 673,886 361,12'i 361,122 Being an increase of 312,764 upon the ordinary revenue of the year. There is a deficiency upon the total revenue of the year, de rived from all sources, ordinary and extraordinary, of ?1,042,268 ; but as the former year " enjoyed," as the Times says, " the benefit of that windfall, the 44 China money, to the amount of ?968,503^' the ordinary revenue of the two years vary very immaterially. Among other facts disclosed by these returns, it may be noted that the customs have been diminished by the repeal of the corn laws, and in creased by the additional importation and consump tion of sugar, coffee, cocoa, and foreign spirits, tea alone standing still. The excise has been affected, to the amount of about ?750,000, by the decrease, during the first six months of the year, in the quan tity of malt paying duty, which, owing to the high price of barley, was about eight millions of bushels. There is also a decrease of nearly two millions of gallons in the British spirits paying excise duty during the first six months of the year; but there is a large increase in bricks and glass, and some other minor articles. , Although the diminution in the quarter's Krevenue arising from all sources, when compared with the corresponding quarter of last year, amounts to ?1,500,000, yet, according to the apparently cor rect reasoning of the 44 Times," grea* part of the difference has arisen from extraordinary items that do not depend on the fluctuations of trade ; and the principal falling off has been in the customs and excise as above detailed, and which arose from the suspension of the corn law duties, and the dimin ished consumption of malt and spirituous liquors. All arising from the bad harvest of 1846, and not occasioned by any of the latfe great commercial reforms. Among other fiscal changes said to be contem plated by Lord John Russell early in the approach ing session, is a plan by which the principal part of the revenue is to be collected from one source, (the customs,) and upon only nine dutiable articles. Of course this excepts the income and assessed taxes, and stamp duties, which will all be dealt with sepa rately, and as circumstances will direct. The plan is, 1st, To abolish the excise department in toto, and place British spirit distilleries and the collec tion of the malt duties under the supervision of the customs. To accomplish this object, some of the most efficient and experienced excisemen will be transferred to the custom-house department, and amalgamated with the staff of that body. 2dly, To raise the revenue hitherto arising from customs and excise, through the customs alone ; and, as been stated, from nine articles of general consumption. These would be acceptable changes, would much simplify the collection of the revenue, diminish the expenses of collecting it, and also the' Government patronage, and would do away with, what has always been a very obnoxious part erf the English taxation system, the excise laws and the exciseman. Among other rumors may be mentioned, because there is both novelty and plausibility in the idea, that a tax upon oas is seriously talked of 44 in influ ential quarters." An impression has been on the public mind, at least the subject has occupied a part of the public press during the last week, 44 that there are diffi 4 cnlties in the condition and requirements of Ireland 4 which nobody but Sir Robert Feel can successfully ' grapple with ; and that the present Administration 4 will be overwhelmed by them." Now, that the Irish question does present great difficulties cannot be denied ; but they do not appear to be such as the Administration will, of necessity, find unconquera ble. What is this Irish difficulty when turned into plain words? Nothing more than that Irish land lords are trying to sweep the whole country of its produce, in order to put their rents into their own pockets, and then throw, if they can, the support of the peoplo upon England. But Sir Robert Peel would, in all probability, find more difficulty with Ireland than Lord John Russell will: he certainly would not enjoy the confidence of the Irish landed aristocracy, and the repealers would be his most determined opponents. Some of the journals, in the interest of the Free-trade party, have amused themselves with framing an Administration with ?Sir Robert Peel at the head, and Mr. Cobden as his Chancellor of the Exchequer ; and say that the slight and neglect which the present Administration has always manifested towards their free-trade sup porters have convinced them that the Whig Gov. ernmentcan never be cordially upheld by the latter. These are mere* rumors, and arc staled as such; nevertheless they show, in some degree, the direc tion that a portion of the public mind is running in, and may serve to interest amidst the general dearth of home news. There is a very excellent article in the 44 Examiner" of last week, headed 44 Peel's Bill and the Bank of England," in which the whole question of the restriction of the Bank issues is ably and fairly stated. It ought to be studied closely by all who are friendly to unchecked issues of paper money, and although it contains some fallacies about ? railways, and the absorption of capital, it will help many persons to correct notions about banking, t paper money, <fcc. The Times reprinted it at full ^ length, and the other leading papers speak of it in ^ the highest terms. *?* M EX I ('<).?Commercial Tariffi, Regulation*, Retource*, XTJL ????? Trade of Mexico, confining the sever*I Treaties ot Commerce and Navigation in force between the United Kingdom and the State* of Mexico ; al*o, the Cuttnmi' Tariff, Commercial Regulation*, the Monet*,Weight*and Measnre*. and rat-ion* Statement* relative to the Trade, Navigation, Ag riculture, Manufacture*, and Finance* of that Reittihlie. By John Macgregor. Presented to both Houte* ol Parliament. l<ondon, 1&W. WM. Q. FORCE, oct 34 Penn. avenue, comer of 10th itreet.