Upon the whole matter, therefore, it is considered that there be judgment for the defendant, and that the plaintiffs, A. Lanfear & Co., pay the costs of suit. Levi Pierce, Esq., for plaintiff, Benjamin and Micou for defendant.

In the Commercial Court-Judge Watts-Jacob Little & Co., v. Blossman. Motion for a new trial. I must refer to the opinion delivered in the case of Lanfear & Co. v. Blossman, for my general views on the question raised in this suit.

If it were necessary to advert to the origin and particular circumstances of the transaction, which the plaintiff's counsel made evidence they would make a case stronger against the plaintiff than the one above referred to, it is also to be observed, that when the bills of exchange were presented for acceptance, they were at once honored, but the bills of lading being called for, the call was met by an answer that they had not arrived. De Tastet & Co. left their acceptances in the hands of the notary. Upon the arrival of the bills of lading, the Barings refused to deliver them up, and De Tastet & Co. struck off their names from the bills of exchange.

The Barings have furnished a pro forma account sales of the amount which the cotton would have produced if it had been sold upon the maturity of the bills of exchange. If the cotton had been sold at that time, the loss would have been small. The cotton was sold eighteen months afterwards, and the loss was very much greater; which is not a bad illustration of the effect of any rule which would leave it to the discretion of the bill-holder, or his agent, whether or not to surrender the bill of lading at the time of the acceptance of the bill of exchange. The motion for a new trial is refused.

Jacob Barker for plaintiff, and Messrs. Benjamin & Micou for defendant.

COMMERCIAL CHRONICLE AND REVIEW.

THE CRISIS OF POLITICAL AFFAIRS-ASCENDANCY OF THE INDUSTRIAL AND COMMERCIAL INTERESTS OVER THE POLITICAL AND MILITARY-PEACEFUL INFLUENCE OF COMMERCE-STATE OF

OUR FOREIGN COMMERCE AT THE CLOSE OF THE FISCAL YEAR, 1845-IMPORTS AND EXPORTS

OF THE UNITED STATES-THE CURRENCY-COINAGE OF UNITED STATES MINT AND BRANCHESLEADING FEATURES OF THE BANKS OF THE UNITED STATES-REVENUE AND EXPENDITURE OF THE UNITED STATES-CUSTOMS-DIVIDENDS OF NEW YORK CITY BANKS-EXPORTS OF THE PORT OF NEW YORK FOR FOUR YEARS-SPECIE AND LOANS OF THE NEW YORK BANKS, DISTINGUISHING THE GOVERNMENT INSTITUTIONS-IMPORTANCE OF A UNITED STATES MINT IN THE COMMERCIAL EMPORIUM-RADICAL MEASURES THE CAUSE OF INSTABILITY OF LEGISLATIONMR. CLAY'S COMPROMISE BILL-STABILITY THE GREAT ULTIMATUM OF COMMERCIAL LEGISLATION-THE NEWS BROUGHT BY THE CAMBRIA, OF PEEL'S FREE TRADE MOVEMENT. THE state of affairs which we described in our last as indicating the culmination of events that have long been converging to a crisis, remains nearly as before. There is very little doubt but that the position of the political world is such, that a general war would be precipitated, but for the manifest ascendancy of industrial and commercial interests over the political and military. Industry and commerce, from being despicable, almost dishonorable pursuits, and from being ruthlessly disregarded by political and military interests, have, in the lapse of centuries, increased in importance, until thirty years of peace, during which the race of warriors has disappeared, has placed them in the ascendancy; and old political dogmas, and the whims of monarchical rulers, are overborne and controlled by the interests of commerce and industry. Hereafter, war cannot take place in opposition to the wishes of commerce. It can only result from absurd attempts, by blinded monarchists, to interfere with, and check the free exercise of individual, as well as national enterprise. Whatever people overrun an unoccupied country, extract from it its wealth, and make the wilderness to "blossom like the rose," confer a benefit on mankind in general; and that government which seeks to prevent so beneficial a

movement, will soon draw upon it the common resentment of all others. This great and general principle is that which is now exerting itself to disperse the clouds that have so long lowered on the political horizon, threatening disaster to the pecuniary interests of the commercial world. In England, the moment of emancipation from corn law thraldom is at hand; and the mighty power, now about to break up the oppression of ages, is in opposition to any display of hostility. The conviction of this has settled, in some degree, the public mind; although that uncertainty which yet involves the results of pending negotiations, more particularly with our unstable neighbor, Mexico, serve to prevent the entering into enterprises. Upon the whole, the state of commerce is better than might reasonably have been expected, after long continuance of the many disturbing causes of apprehension that have prevailed. The state of the foreign commerce, up to the close of the fiscal year 1845, is indicated as follows:

The import of free goods did not, it appears, increase during the year 1845. The increase in goods paying specific duties was about 11 per cent, and 15 per cent in those paying ad valorem duties; involving an excess in the export of specie which would, doubtless, from the expanded state of the currency, have been much larger, but for the apprehensions that sprung up, towards the close of the year, in relation to the reduction of the tariff, as well as war fears, and checked imports, at the same time that famine fears in England enhanced exports of produce; and, by so doing, supported the exchanges. In the above table, it will be observed that the exports of specie are almost altogether in foreign coin; as that is, from the want of a mint in New York, immediately available as money when it arrives out; whereas the American coin has to undergo the process of recoining before it becomes a legal tender, in either France or England. The establishment of a mint in New York would doubtless greatly check the export of coin, by changing it into a form which would be less available abroad as money. At present, the location of the mint in Philadelphia acts as a seiniorage upon coinage, and therefore prevents that desirable operation. The coinage of three mints during the last year, as compared with former years, has been as follows:

The coinage of the last three years has been near $25,000,000. In the year 1843, about half the import was coined; while, in 1845, the coinage exceeded the import by $1,600,000. The export of foreign coin has, in the last ten years, exceeded the import

near $4,000,000, and the amount coined has been $21,300,000; consequently, the foreign coin in the country has diminished $25,000,000, without taking into consideration the amounts brought by immigrants, and the bullion coined. It is in years of large import, like that of 1843, that a mint is wanted at the place of import, to impart immediately a form to coin which will reduce its export value, at the same time that it gives to it additional value as a circulating medium. The business of the Union, as we have said, has been checked by the prevalence of political causes. The banking movement has, however, very considerably progressed. The following are leading features of returns at the treasury department, for four years :--

LEADING FEATURES OF THE BANKS OF THE UNITED STATES.

This expansion, here apparent, has progressed very considerably during the last few months of the year 1845, as indicated in the aggregate results of the actual returns of 412 banks, at the commencement of 1846, as compared with the features of the same banks in the above return, for 1845. The general state of the foreign trade, as well as its effect upon the government finances, may be indicated in the quarterly reports of the Treasury Department; which, for six quarters, have been as follows:-

Total,.... $11,336,459 $4,745,360 $6,881,108 $6,762,182 $9,360,469 $4,998,700

Army,

3,277,996

Expenditure.

Civil, &c....... $1.411,052 $1,280,009 $1,708,408 $1,237,604 $1,792,178 $1,984,000 1,806,829 2,647,368 1,801,009 4,211,931 1,654,394 1,906,206 1,668,899 1,578,632 1,073,902 2,331,359 1,541,051 638,589 901,858 6,191,797 860,550 121,054 524,365

Navy,
Debt,..

Total,.... $7,233,844 $5,657,595 $12,126,205 $1,973,065 $8,456,522 $5,703,810 The customs of last quarter were very nearly the same as in the corresponding quarter of the preceding year, but those for the quarter ending September 30, were nearly 20 per cent less; and those for the first two months of 1846, embraced in the third quarter of the fiscal year 1846, are about 14 per cent less than in the corresponding quarter of the last year. This is remarkable, inasmuch as that every element of a large business is in existence. The whole bank machinery is in a buoyant state; the exports of produce have been large; and the outstanding obligations are, as a whole, not excessive. The rate of money has indeed been high for the past six months, but that has been owing more to the stringent action of the banks than to any excessive demand for money; and it is of a nature to cure itself, through the maturity of paper, and the non-creation of new obligations. The banks of New York city have shown an evident improvement in their business in the matter of dividends. The following is a table showing the rate and amounts of the semi-annual dividends declared by them all:

The aggregate increase in the business is, it appears, about 1 per cent, and now exceeds the legal rate of interest in New York state. The Manhattan Bank, which has long had its capital impaired, has recovered itself, and in 1846 will be among the dividend-paying banks. Its assets have considerably improved, by reason of the decision in the Philadelphia Courts in favor of the Bank of Kentucky against the Schuylkill Bank, involving the payment, by the latter, of the large sums due to the Kentucky Bank for false issues of its stock, while its transfer-books were at the Schuylkill Bank. The Manhattan is a holder of the Kentucky stock. The Dry Dock has also improved, by reason of a decision of the Vice-Chancellor of New York, setting aside $250,000 of its liabilities, on the ungracious plea of usury.

The general business of the city of New York has also presented some improvements, more particularly in articles of agricultural produce; for which the foreign demand, towards the close of the year, increased in activity. The following is a table of the quantities of leading articles exported for four years :—