issue of treasury notes, which is in effect a loan for a shorter term-without recourse to direct taxation, or any other mode of raising during the year the means of defraying the years' disbursements— the securities of the United States must go much lower.

The extraordinary appropriations thus far made and contemplated amount to above nineteen millions of dollars. That is to say, the law authorizing the employment of 50,000 volunteers, also anthorizes the disbursement of ten million dollars. There have been voted two millions additional to the army estimates for the increase of the regular army, which, by authorizing the companies to be raised to ninety men each, nearly doubles its rank and file—and if the bill reported from the Naval Committee for building twelve steamers shall prevail, seven millions more will be needed.

There is now in the Treasury a possible surplus of ten millions of dollars, (thanks, be it said in passing, to the Whig Tariff,) leaving nine millions, even if no more extraordinary appropriations are made, to be provided for; and assuming, moreover-which will hardly be borne out by the result if the war should last any time that no falling off would thereby be occasioned in the ordinary revenue, it is barely possible that, in a time of prosperous commerce, a sum of from seven to eight million dollars in treasury notes might be kept afloat without depreciation; but in time of war it would not be safe, probably, to count upon thus keeping out more than from five to six millions-which would leave from three to four millions to be provided for, in the first year of the war, by loans or taxes. If the war should be prolonged beyond one year the whole surplus being already consumed-the necessity for loans or taxes, or both, would advance in a compound ratio.

Owing to causes quite needless to recall, no calculation can be made upon negotiating loans abroad; the dependence, therefore, of the government must be wholly upon the capital and resources of our own people and country. This must be taken as indisputable, and it would be a most unwise and mischievous error, on the part of the men in power, if they flatter themselves with any, the most remote, expectation of obtaining loans elsewhere.

It behooves them, therefore, so to shape their financial policy as to command con

fidence and support at home. To insure this, there must be

1st. Exactness in the estimates. 2d. Regularity and economy in the disbursements.

And 3dly. A sufficient amount of direct taxation to meet the interest on, and to provide a fund gradually to extinguish the principal of, such loan.

Upon these conditions, the latter being not the least indispensable, money, it is confidently believed, may be had as needed by the government, provided always, and that is a sine qua non, the country shall be satisfied that the war is to be terminated as soon as it honorably can be that it is undertaken to conquer peace and not extended territory-and that, although offensive in some of its operations, it is in spirit and purpose only defensive.

If a contrary opinion shall obtain, and it become the general conviction, that the country was embarked in a career of conquest and aggrandizement, no guarantees would suffice to bring forth the dollars from the rich man's money-bags-nor the yet more precious contribution of patriotism, equal to any sacrifice or self-denial for vindicating the honor, or defending the soil, of the country--but too wise and too honest to lend itself, or its means, to the lust of military conquest and unprincipled ambition.

The actual state of the money market may be described as somewhat at a stand, owing to the natural uncertainty consequent upon war. The rates of exchange upon Europe have fallen. Good bills on England may be had at 8 per cent. premium, and with a tendency downward. The banks here hold their hands closemainly because of the liability of the deposit banks to be called upon for the large sum, viz., four and a half millions, of the government funds which will be required in New Orleans for the uses of the army.

Produce

In New Orleans itself great derangement has occurred in business. is accumulating without any outlet, and bills on New York and Europe are difficult of sale. Many bills of exchange on Europe are consequently sent here for sale, and thus contribute to keep down rates here.

In the produce market the prices are dull and declining. The non-arrival of the Great Britain, when these lines were written, although she has been nineteen days out, occasions no uneasiness, as no one anticipated a short run.

THE state of war which has come upon us so unexpectedly, is producing its natural and necessary effect upon commerce and operations in money. As yet, indeed, it is the apprehension and not the reality of evil that works the mischief, but evil itself cannot fail to follow.

The first direct effect of the law of Congress declaring that war existed between the United States and Mexico, was on the premiums of Marine Insurances, which for voyages to the Gulf of Mexico were immediately trebled-4 per cent. being charged, when only 1 was before paid. The next effect was in the rates of freights in American vessels, from New Orleans and other Gulf ports, as compared with those paid to foreign vessels, and especially to those under the English flag, from apprehension of capture by Mexican privateers. This distinction will be felt yet more disadvantageously on the return voyages of our fine packet ships from London, Liverpool and Havre, for even if they should arm themselves for defence against attack, the mere fact that an armament is deemed necessary, would at once determine shippers to prefer the neutral bottom.

Distant enterprises, moreover, are suspended or abandoned, and there is a fearful looking for of undefined evil, which shakes all confidence or adventure as to the future.

The blockade of the Mexican coast in both seas will not be without its unfavorable operation upon ourselves-for although our commerce with that country is not very large, it is still of sufficient amount to make its interruption sensibly felt. The total amount of our domestic exports to Mexico, for the year ending 30th of June, 1845, according to the Annual Report of the Commerce and Navigation of the United States, was $784,154-that of the foreign exports for the same period was $368,177, making an aggregate of one million and a half dollars of exports. The imports for the same period amounted to $1,702,936. So long as the war shall last, and the ports of Mexico remain closely blockaded, there will be an entire stop put to all that

portion of this trade which is carried on by water. That conducted over land by the way of Santa Fe will cease as a trade-though if, as seems possible, an invading American army shall penetrate the Mexican republic in that direction, the supplies needed for it, and the merchandise which may follow in its track, will be considerable in value and quantity.

The Mexican people are so little a commercial people, and their varied climate and prolific soil furnish so abundantly all the means of life, that less than almost any other people will they suffer from the effects of a blockade. Other nations, and particularly the English, will feel its restrictions and embarrassments more than Mexico herself. England has large interests in that country-in mines as well as in commercial establishmentsand the cutting off the returns from these, and the interest on the loans made to the Mexican government, which are for the most part transmitted in coin, will produce a good deal of individual embarrassment in England. The right of blockade, however, is so well established and defined, as one of the ordinary and accredited means of war, and has, moreover, been so freely and inexorably resorted to in times past by the British government, that it cannot take exception to the severest lawful application of the practice on our part. Possibly the loss and inconvenience thus produced may furnish an additional motive for England to adjust her territorial controversy with us, and thus be in a position to interpose more effectually and authoritatively to bring about a peace between Mexico and this country.

The public stocks of the United States, although they have fallen from the high prices they bore some months ago, still range considerably above par. But if it shall become evident that large expenditures are contemplated, without any corresponding increase of means-in other words, if it shall appear, by the course of the administration, that reliance for the moneys to carry on the war, over and above the amount produced by the ordinary revenue, is to be upon loans and the

been most severe. Our own has been very heavy, and I deeply regret to report that Lieut. Inge, 2d dragroons, Lieut. Cochrane, 4th infantry, and Lieut Chadbourne, 8th infantry, were killed on the field. Lieut. Col. Payne, 4th artillery, Lieut. Col. McIntosh, Lieut. Dobbins, 3d infantry, Capt. Hooe and Lieut. Fowler, 5th infantry, and Capt. Montgomery, Lieuts, Gates, Selden, McClay, Burbank and Jordan, 8th infantry, were wounded. The extent of our loss in killed and wounded is not yet ascertained, and is reserved for a more detailed report. "The affair of to-day may be regarded as a proper supplement to the cannonade of yesterday; and the two taken together, exhibit the coolness and gallantry of our officers and men in the most favorable light. All have done their duty, and done it nobly. It will be my pride, in a more circumstantial report of both actions, to dwell upon particular instances of individual distinction."

This is the result up to the present time. As to the future, nothing can be definitely predicted, though we have reason to believe that the government intend to invade Mexico, and thus compel the enemy, by conquest, to terms of peace. A force of about 40,000 men has been called for from the several States. The approach of the sickly season will probably prevent an immediate invasion, either by sea or land; and it is most likely that offensive operations will be reserved for an autumn campaign. Meantime, the immense injury which the commercial and other interests of Great Britain must sustain from the war, leads us to anticipate an offer of mediation from that quarter. With what success it would be attended, can, of course, only be matter of vague conjecture.

Our relations with England and other European nations, have undergone no change; nor does the mail of the month bring us intelligence from Europe of any special interest. The distress in Ireland from want of food has become intense, and seriously embarrasses the action of Parliament. The commercial policy of the Premier has made no progress, having been in fact superseded in the Commons by the protracted discussions upon the Coercion of Ireland bill. Lord Brougham had given notice that he should call for its consideration in the House of Lords.

Upon the Continent nothing of importance has transpired. Another daring but unsuccessful attempt has been made upon the life of the King of France, though political considerations seem to have had no connection with it. The Polish insurrection has been entirely suppressed, and the seeds of liberty which still survive among that despoiled people, have again been crushed into the earth beneath the iron heel of her triple despots.

The campaign in India is finally closed, and the British arms have triumphed over the comparatively undisciplined valor of the Sikhs. Lahore, their capital, has been formally occupied by the British troops, and dispositions have been made to keep down all attempts on the part of the conquered people to regain their independence. The entire territory betwixt the Sutlej and the Beas, hill and dale, has been confiscated by proclamation to the British crown: indemnity money, to the amount of a million and a half sterling, has been wrested from the conquered Sikhs-their army has been disbanded and destroyed, and every piece of cannon pointed against the British in the war has been surrendered. Conquest can be carried no farther. Parcere victisdebellare superbos, was the motto of a proud and magnanimous nation, whose pride has been transmitted to its modern rival, but whose magnanimity seems to have given place to hard and grasping selfishness. It is worth while to glance at the boundaries, extent and resources of this vast region, which, by a single campaign, has been annexed to the British Empire. The Beas river, which is one of its boundaries, has its source on the southern verge of the Ritanka pass, in Lahoul, a Himmalayan region, north-east of the Punjaub, at a point about 13,200 feet above the sea, in lat. 32° 34′, long 77° 12'. The river then takes a southerly course of about 100 miles to Mundee, in the vicinity of which are productive mines of salt and iron, forming, even now, the greater part of the revenue of the tributary Rajah of the province. At this place the river is from 150 to 200 yards wide, with a depth of twelve feet. From Mundee the Beas takes a course of fifty miles, chiefly westerly, to Nadaun, a much frequented spot, being on the direct route from India to Kashmeer, which, from the richness of the soil, has acquired an enviable celebrity. From Nadaun the Beas takes a wide sweep of about eighty miles to the north-west, and having entered the plains of the Punjaub, in about lat. 32 deg. 5 min., long. 75 deg. 20 min., turns southwards, a course which it follows for about eighty miles further to its confluence at Endressa, near the Hurreke Ghat, with the Sutlej. The length of the river up to this point is stated at from 310 to 320 miles. The Sutlej river, which forms the other limit of this newly-acquired dominion, takes its rise within the closely guarded territory of the Chinese, and as is supposed on the south side of the Kallas, or peaked mountain, on the south of which the Indus is thought to have its source. It rushes, with amazing rapidity, in a north-westerly direction, for about 150 miles, as far as Nako, in lat. 31 deg. 50 min., long. 78 deg. 36 min., at no great distance from which it receives the Lee, or River of Spiti, at an

elevation of about 8,600 feet above the sea. Here the united stream is called by different designations, but is known throughout by the name of the Sutlej. Below the confluence its general course is south-west, with a very rapid declivity to Rampoor. From this latter spot to Belaspoor, its course is generally west and south-west; hence it holds a very winding course to Roopur, where it makes its way through the low sandstone range of Jhejwan, and finally enters the plains of the Punjaub. It then passes between Philor and Loodheeanah, and its width, at the season when lowest, may be stated approximately at 250 yards, with an average depth of seven feet. Up to this point the stream is said to be navigable at all seasons, for vessels of 10 or 12 tons burthen, and steam may be made available in light vessels to the very foot of the hills. The whole length ofthe Sutlej, up to this point, has been estimated at 570 miles, 130 of which may be said to be in the plains.

These are two of the sides of this confiscated territory, which lies in the form of an equilateral triangle, having upon the other side the Himmalaya range for its lofty barrier. Its entire area is set down at about 8,500 square miles, and its aggregate annual revenue is not far from £400,000. The level part of this country is deemed the garden of Upper India, and is dotted at slight intervals with large and flourishing cities. First in importance is Jalinder, situated in a tract of amazing fertility, amidst flourishing orchards of mangoes and other trees, and, though once a place of great celebrity, as the vast number of large and handsome mausoleums in its neighborhood would testify, has still, at the present day, a population of about 40,000. Rajwarrah, on the direct route from Loodianah to Lahore, contains a population of about 15,000, situated in an equally fertile region; and there are also other places, Mundee, Kupoorthalao, Kurtapoor, &c., of considerable size and wealth. Information regarding the hill districts is scanty, but it is confidently said that they will be found, on minute survey, from their more northerly position, to exceed in value any similar portion in the British provinces, and that the mineral and other resources will amply repay the energy of British enterprise, provided that enterprise be directed with proper spirit and discretion.

Here is a vast, rich and most important region of Central Asia brought at once within the scope of British enterprise and civilization. That the result in the end will be good, it were distrusting Providence to doubt. Here, as in China, will a new and immense region of the earth, hitherto inaccessible, be thrown open to the regenerating influences of Christianity and Christian institutions. Thus is the

great scheme of the world's redemption carried forward, by instrumentalities in themselves of doubtful justice, but under the guidance of the infinite and omniscient God. To the reflecting mind, the words of that eccentric but most romantic of fanatics, Dr. Joseph Wolff, seem little more than the words of soberness, when he declares that he considers the British government in India to be those kings of the East predicted in the revelation of St. John, who will be instrumental in bringing the Eastern world to the knowledge and acceptance of the Christian faith.

Nothing is more remarkable than the vigor with which the British are pushing their conquests in the heart of Asia, unless it be the ardor with which they are searching the globe for unexplored and habitable regions. A very valuable account of discoveries in Australia, with a description of the coasts and rivers explored and surveyed during the voyage of H. M. S. Beagle, from 1837 to 1843 inclusive, has just been published in London; and this is but a single specimen of the similar works which are almost constantly issuing from the British press. This great field of British colonization has been hitherto but slightly known but the results of this exploring expedition have accumulated an immense amount of invaluable information concerning it. The volumes are accompanied by maps, engravings and everything necessary to elucidate the statements they contain. They have a good deal of popular interest, and much more of scientific value. Some of their most curious passages relate to the habits of the savages, and to their conduct upon coming for the first time in contact with whites. The following brief extract exhibits certainly a novel phase of the maternal sentiment:

"The reader will remember the native named Alligator, whom I have mentioned on a previous visit to Port Essington. I witnessed in his family an instance of affection for a departed child, which, though it extremely touching. The wife had treasured exhibited itself in this peculiar manner, was up the bones of the little one, and constantly carried them about with her, not as a memento mori, but as an object whereon to expend her tenderest emotions whenever they swelled within her breast. At such times she would

put together these bones with a rapidity that supposed a wonderful knowledge of osteology, and set them up that she might weep over them. Perhaps, in her imagination, as she performed this melancholy rite, the ghastly framework before her became indued with the comely form of infancy; bright eyes once more sparkled in those hollow cells, and a smile of ineffable delight hung where, in death.' I exceedingly regret that the mother reality, was nought but the hideous grin of who could feel so finely was some time afterwards over-persuaded to part with the bones of her child."

The French Government, also, manifests considerable zeal in prosecuting scientific researches into slightly known regions of the earth. The Count of Castelnau, charged with a scientific mission in South America, announces in a brief letter published in the Moniteur, that he has accomplished a journey across the deserts of the American Continent, which has heretofore been deemed impracticable-having gone by land from the capital of Brazil to that of Bolivia. Leaving Rio Janeiro on the 8th of October, 1843, he reached Chuquisaca on the 20th September, 1845, having been nearly two years in crossing the deserts in the centre of the Continent. After exploring the north of Paraguay, he went to Matto Grosso, capital of the province of that name, the climate of which is so unhealthy that none but negroes can bear it. In a population of 1,200 he found but four whites, and those were public functionaries. On entering the country of the Chiquitos Indians, he visited the magnificent missions formerly established by the priests in the deserts, and was greatly struck with their grandeur. He then crossed the Monte Grande, an immense forest, greatly dreaded by the Spaniards, and arrived in the waters of the Rio Grande, which, though very deep and dangerous, he was obliged to ford. Twelve leagues further he reached the city of Santa Cruz de la Sierra, where he met, for the first time, marks of western civilization. "It is impossible," he says, "to refrain from mentioning the delightful emotions I experienced, as did also my fellow-travelers, in seeing bread for the first time for two years. After a stay of a month in this city, we left it to ascend the Andes, and in twenty days we reached Chuquisaca, all in good health, which appears almost miraculous after the fatigues and privations that we were obliged to undergo during this long journey across the Continent." The barometer was carried all the way, and thus the level was constantly taken. He has sent home various collections, destined for public institutions.

The feasibility of cultivating Cotton in some other part of the world than America has for some time engaged the earnest attention of British statesmen and men of science. In India experiments are still in active progress, under the supervision of Americans. At the meeting of the London Society of Arts held on the 22d of April, the general subject was made the theme of a paper by Mr. Banks, who treated it at some length, and with a good deal of ability. Among other interesting points of information which he set forth, we find it stated that the sea-coast of Africa presents a large territory which is capable of being made to produce cotton in larger quantities, and of a quality equal if not superior to the

American. From inquiries which he had made at the Wesleyan and Baptist Missionary Societies, he had ascertained that the missionaries of both those societies have instructions to promote such objects as the cultivation of cotton among the natives at their several stations, which extend all along the coast of Western Africa; and he strongly urged the necessity of their introducing the saw-gin, in lieu of the rollergin and hand-labor, to free the cotton from the seed, and the screw-press for packing it into bales for exportation.

The death in Russia of NIKOLAI POLEVOI is mourned by the continental journals as that of a zealous friend of the literature and cultivation of his country. His life has greater interest from the remoteness of the scene of its labors, from general knowledge and sympathy. He was born at Inkutsk, in Siberia, in 1796, and inherited an unconquerable passion for books, which led him to embrace literature as a profession, after many years of dutiful devotion to the business which his father wished he should follow. His father's failure and ruin led him into literary pursuits, and for ten years he edited the Moscow Telegraph, which set the example in that country of a higher and more manly tone of criticism. He was the author of a History of Russia, and several other works of considerable merit.

The Paris papers announce the death, in his 94th year, of one who played a conspicuous part in the stormy scenes of a terrible time-M. Sevestre, a member of the National Convention-amongst the most violent-and one of those who voted for the death of the King. He was a member, too, of the Committee of General Safety; was charged with the surveillance of the Royal orphans in the Temple; and reported on the death of the Dauphin. He was exiled in 1815: and returned to France after the revolution of 1830.

The death of the Astronomer BESSEL at Koningsberg, is justly declared as that of one of the most eminent savans of the age. An English periodical journal gives an interesting outline of his life and his contributions to the science to which his labors were devoted. No one person during the present century has done more for the advancement of astronomical knowledge than he. His time was devoted unceasingly to the investigation of the heavens; and, by the immense number and accuracy of his observations, he laid down the exact position of tens of thousands of stars, for which he received, in the year 1829, the gold medal of the Royal Astronomical Society of London. Having obtained instruments of very great power and accuracy, he directed his attention to observing, with extreme care, the remarkable star, 61 Cygni, to endeavor, if possible, to ascertain the least apparent parallax; and, after a