Then let the mourning Earth rejoice! The Race, Shall to the day of radiant Order grow; Beneath the waves of Joy's perennial flow, For Man, the lowest ring in Reason's chain Must bind, high task! its severed links to Heaven again! When, like its Source, in one all life coheres, While Being's glorious hosts, through ceaseless years, And the glad Universe, in high acclaim The effluent fullness of the Eternal ONE proclaim! While thus the golden Sun made answer high Hung with prophetic brilliance; and the rare Garlanded o'er with fragrant melody, Whose blooming wreaths the grateful orbs prolong, Raising in chorus their rejoicing song; While from cerulean realms where Systems lie The silvery echoes of their wide refrain. CHANT OF THE PLANETS TO THE ETERNAL.-CHORUS OF THE UNIVERSE. Father of all! With joy thy children stand To bless the bounty of thy Parent-hand, And on thy name with loving reverence call. (Chorus.) From farthest realms of light Our grateful strains their choral tide unite, And at thy Universal Throne in adoration fall! Great Worker! we Rejoice thy plans to share, In thy wide labors our high part to bear; Thy Ministers, OMNIPOTENT! to be. (Chorus.) Thus all the realms of light O God! with thee in sympathy unite, And in a holy and ennobling friendship work with THEE! We glory in the might Of thine own uncreated Light, Whose living rays thy sacred brow entwine! (Chorus.) Higher, and ever higher We soar on tireless wing, all-glorious Sire! Tow'rd the Eternal Throne whose splendors on all beings shine! (Chorus.) To thee we ever tend. Seeking with thee, O Central Life, to blend! Almighty Love, Creation's source, all beings Thee confess! As mountain-summits, bold and high, FINANCIAL AND COMMERCIAL RECORD. THIS dull period of the year has been rendered even more than usually quiet, in a commercial way, through the great inte rest which was excited by the closing scenes of a Congress called upon to change radically the commercial policy of the government; or rather to abandon those anti-commercial restrictions which have been, by erroneous theory, engrafted upon the action of the federal government. Restrictions upon commerce, protection to manufacturing industry, at the expence of all other, and the use of paper money, were remains of the monarchial connections of the colonies; the evil tendency and general inutility of which were less readily recognised by the public at large, than the direct oppressions of an avowed aristocracy. So slow have the citizens of the United States been to resist this species of governmental usurpation, that even the people of England have outstripped them in the emancipation of commerce and general industry from hurtful special privileges, and in curbing the issues of paper money by existing corporations. The United States have at last abandoned the false theory of protection: and have pass ed a law which recognises taxation only for its legitimate object of supplying the actual wants of the government. They have also officially discarded and discountenanced the use of bank paper as a currency. These radical changes are now likely to be permanent; but the uncertainty in which they remained, up to the close of the session, served to keep the commercial world in suspense. Their passage, and the final settlement of the policy of the government, has imparted a feeling of relief to the mercantile mind; and, as it were, a decision to which it has long been a stranger. As far as the incidental protection afforded by the necessary revenue tax goes, the manufacturing interest appears to be fully satisfied. There have been attempts, however, by political partisans, to create a panic, but without effect. The new law, accompanied by the warehouse bill, and the independent treasury, are so palpably beneficial to the great interests of the whole country, that however much party rancour may stimulate expressions of disappointment from partisans, the industrious and intelligent of all parties look forward with confidence to a renewed season of prosperity. The laws which have been passed are but responses to the liberal measures of England, with whom our greatest trade is transacted. That country, in the thirty years that have elapsed since the war, has been in a state of transition from an almost strictly prohibitive to a free-trade policy; scarcely a year has elapsed without some important modification of her commercial policy. Taxes, and restrictions upon articles of import from the United States, have followed each other with rapidity in the last few years; and liberal opinions are still making progress, as far as the United States are concerned. The next great reform of the English laws will be the modification of the tobacco duties. Nearly all the tobacco consumed in Great Britain is imported from the United States. Neither her colonies, nor the mother islands, raise any of the article. There has, therefore, been no motive to impose a tax for any other purpose than revenue. The necessities of the government have, however, always been such as to require the greatest amount that they can raise; and often their ability has not been equal to their wants. Tobacco is, of all articles, one that will bear a heavy tax, without materially injuring the trade, because it is not a necessary, and is a luxury, used in quantities so small, that how great soever may be the tax, it enters but slightly into the expense of the individual. The government was not slow to avail itself of the capacity of tobacco to yield a revenue. In 1821 the duty was 4s. sterling, or 96 cents per lb.; the first cost of which, in the United States, was about 4 cents. The duty was, therefore, near 24 hundred per cent. Such a premium on smuggling would not fail to excite the cupidity of the adventurer, and the duty was of necessity reduced to 3s. sterling, or 72 cents the ĺb.; at this rate it has continued ever since. The enormous charge has, of led to numberless frauds in the course, adulteration of the article as manufactured in England, as well as the introduction of it into the country. Parliamentary investigation has shown that the tobacco sold for use in England is adulterated 10 to 12 per cent., with sugar of milk, japonica, brown paper soaked in sarsaparilla, rhubarbleaves, &c. The number of frauds detected in, and arrests for smuggling tobacco, are greater than in all other articles. Almost the whole expense of the English coast-guard, amounting to $2,500,000 per annum, is now incurred for the prevention of smuggling in tobacco. Notwithstanding this state of affairs in England, and the oppressive regies that exist on the continent, the tobacco trade of the United States has progressed as follows: EXPORT OF TOBACCO FROM THE UNITED STATES, FROM 1821 TO 1845, either of the preceding periods of seven years, when the quantity produced was nearly the same; or that which followed, when the harvests of England failed, and revulsion overtook the commercial world. In the year 1839 the crop of tobacco failed, and the range of that year was very high; but omitting that year, the average was still higher than in the years of high United States duties. The average, for the seven years of the descending scale of the com Years. 1836. 1837. 1838. promise tariff, was 60 per cent. higher than in the three years since the tariff of 1842 has been in action. Low duties on goods coming from abroad, in payment for American produce, uniformly were attended by high prices for that produce. The following table, showing the destination of United States' tobacco, will indicate the influence which the English market has upon the demand: EXPORTS OF HHDS. OF LEAF TOBACCO FROM THE UNITED STATES. England. France. Hanse Towns. Holland. Italy. Other places. Total. ..36,822......7,853......22,246......19,148......618.. .22,755... .109,442 ..18,558...... .100,232 .....20,723. ..9,110.. .28,863. .24,312..... 15,511......25,571.. .22,739. 239. .17,558.....1,452.. ..19.189......100,593 1839. ....30,068......9,574......14,303...... 12.273......897......11,980...... 78,995 1840. .26,255 ....15,640. 1841....... 1842. .36,086. ..15,938. .41,681.....17,586......36,517......26,203.....1,222. ...24,619......147,828 1843... ........21,029.....11,406. .42,614.. .29,534.....2,631.. .36,079.....1,841. .24,504......19,519......865.. .28,814.....1,459. .26,152.. .158,710 ..17,227. ... 94.454 ..31,835.. .163,042 1844.... .38,584.. .21,748.. 40,602 1845........26,111.....18,271......46,460...... .29,027.....5,133......22,166......147,168 The great increase in the trade to the Hanse Towns has, of late years, been owing to the great extension of the interior trade of Germany, consequent upon the Zollverein. The destination of manufactured tobacco has been as follows: EXPORTS OF MANUFACTURED TOBACCO FROM THE UNITED STATES. Years. Hanse Towns. Holland. England & Brit. Amer. France. Other places. 1834...... 76,794.... 17,394....671,923....1,576,648....60,000....1,553,820....3,956,579 ....238,795.... ....755,853....1,342,924....21,654....1,458,628....3,817,854 .....217,099........1,196,082.... 1,650....1,820,387....3,256,675 ....828,525....1,262,340....18,571....1,428,337....3,615,591 .280,123.... 34,603...1,694,571....1,608,908....51,388....1,338,554....5,008,047 .276,801....136,973...1,454,996....1,266,716. .526,236.... 43,467...2,497,664....1,831,536.... 7,550....1,880,713....6,787,165 .257,124.... 31,364...2,825,737....1,769,935....59,982.. 2,559,602. ..7,503,644 1843....... 48,248... 1842.......231,449.... 89,734...1,144,539....1,442,337...137,480....1,385,632....4,434,214 55.714....990,083....1,047,718...107,832....1,154,657....3,404,252 1844.......362,042.... 30,245...1,634,055....2,026,884....33,463....1,960,189....6,046,878 1845.......143,064.... 40,349...1,741,699....1,857,872....55,992....1,475,997....5,312,971 1846.]] modities. This is a regular trade, and the charge is 2s. per pound, by which 1s. is saved. In the above table, the fiscal year 1841, of the United States, commenced October, 1840; and that of Great Britain, Dec. 31, 1840. The United States' year, 1843, is for nine months only, and the year 1845 ends June 30. The English figures for 1845 are for nine months only, ending September 30. The number of months are, consequently, the same for both countries; the English returns closing three months later, when all the tobacco reported left the United States had arrived out. The result would indicate a smuggling of expres17 per cent. The English trade sed in the following figures for the year 1841: The facilities afforded to the trade of England by the warehouses enable her to 1844. 1845. 1846. At tide-water on the Hudson, to Aug. 1. Wheat. The flour and wheat, expressed in bushels of wheat, arrived at the two points, up to August, 1846, was 10,544,902 bushels, against 6,299,533 bushels in 1845, and 6,360,508 bushels in 1844. This is an increase over a very abundant year, when prices were low, at the rate of 8,000,000 bushels per annum of wheat, 3,500,000 bushels of corn, or a value of near $8,000,000. A continuance of the high prices that ruled last fall would have doubled the increase next year. The exports of farm produce, rice, cotton and tobacco, may reasonably be expected to double to England, in the aggregate value, in the next few years; and, as a necessary consequence, the returning proceeds must double. The immediate state of the market is one of inquietude, occasioned solely by the Mexican war; all the elements are in existence of unusual prosperity. The new carry on this large traffic in United States' tariff comes into operation 1st Decem- It |