The supply of money, or rather capital, idly accumulating, has continued large during this month, with, latterly, some more disposition to employ it. The finances of the Federal government command more confidence, and the prices of the stocks have undergone a decided advance under the purchases of the public for investment. This fact has enabled the banks gradually to relieve themselves of the amount of securities they assumed to meet the wants of the government last year. The banks held, when they suspended, at the close of December, over seventy millions of government securities, mostly 6 per cent. stock and three-year 73-10 per cent. Treasury bonds. They had taken the former at a rate equal to 89.32, and the latter at par. January 1st, the former were at 88, and the latter at 2 @ 3 per cent. discount, and gold at 2 per cent. premium. In other words, the stock for which the banks had paid 89.32 in gold was worth only 86 in gold. Gradually the price has since risen, under the growing hope of peace and the tax measures to be adopted by Congress, to 94 for stock and par for the bonds, while gold, after rising to 5 per cent. premium, fell back to 14 @ 14. Hence the banks could make a profit by selling their stock for gold, and they could discount paper by paying out the three-year bonds to be sold by the borrower. The operation, as seen in the table published on another page, has reduced the aggregate loans $24,000,000, and increased the specie on hand nearly $8,500,000. The securities so disposed of by the banks have been taken up by the public at the high rates. The public deposits, or the amounts due the government by the banks on account of those loans, were finally discharged about the middle of January, up to which time the private deposits continued to increase, and at that time reached the enormous amount of $107,240,000. Since that time they have been drawn to the extent of, in round numbers, $10,000,000, for employment in business, and, to some extent, in the purchase of government stocks, although the largest demand for these came from the country. The banks have thus gradually freed themselves from the government operations, and have become, consequently, better supplied with means to meet the calls of business. These are, however, not large, since a large portion of the business done is on such restricted terms of credit as not to create much business paper. The commercial loans of the banks, however, touched their lowest at the close of February, when the line was $78,214,000, and subsequently rose to $81,250,000, March 15th, being $42,000,000 less than for the corresponding week in 1861. The price of money has not much varied, being a little higher for business paper, if any thing. The rates are as follows: The general state of affairs, as well commercial and financial as political, has continued to improve during the month. There has been a growing conviction of the speedy termination of the resistance to govern ment authority, and, therefore, of a resumption of industrial and commercial pursuits, under more favorable circumstances than ever before in the history of the country. This conviction has not alone manifested itself in the strengthened credit and advancing prices for government stocks, but sales of merchandise have been more extensive, and the spring trade has opened with evidences of a sound business. Prices of goods have been well maintained, and, with increasing imports, the supply does not seem to have exceeded the demand. The stocks of goods throughout the interior are known to be small, and the economy observed by all classes in the purchases during the past year, is a guarantee, since merchandise is perishable, that the wants are now large, and must, sooner or later, be supplied. The exports of farm produce have continued very large, and these have necessarily thrown means into the hands of the great agricultural interests which underlie the prosperity of the country. If nearly 700,000 men have, for military purposes, been withdrawn from their ordinary pursuits in the loyal States, they have been well paid from the funds advanced by capitalists, and this money, distributed through the families in all the States related to the soldiers, has had the effect of feeding trade. It is no doubt the case that the money must be ultimately repaid; but, for the moment, it has had the same effect as if all these men had been employed by combined capital for the construction of a railroad or other vast work. This has, to some extent, relieved the depression that would have otherwise resulted from the suspension of so many branches of labor. The effect has begun to manifest itself in the improved spring business, which involves larger importations; and these, since January 1st, have been as follows: $76,259 Total, 2 months, $6,435,198 1861,.... 1,161,820 $358,250 $22,131,578 $29,061,280 537,890 895,515 20,514,745 23,109,970 Exclusive of specie, the exports, to the close of February, were $1,500,000 in advance of last year, and, also excluding specie, the imports have been $8,000,000 less than then. They are now, however, gradually increasing, and in the two first weeks of March they were as follows, as compared with last year: General Merchandise. $3,098,061 4,249,447 Total. $5,154,174 7,358,141 .... While this has been the case with the importations, the graduallyfalling prices of breadstuffs and provisions abroad have reduced the amount of exports, and there has been a steady export demand for specie. The following table shows the amount of specie received from California, and exported, since January 1, with the amount in banks, and the prices of gold in the open market in each week: Total,.....$9,425,805 $1,082,053 $5,844,325 $7,509,668 This result shows a considerable decline in the amount of gold_received from California, and an increase in the quantities exported. The large imports of goods, with the payments by the government abroad, the expenses of travellers and emigrants, are all now to be met out of the proceeds of Northern and Western produce exported. These have latterly not been satisfactory. The fall in prices abroad has involved failures, and the tendency has been to high rates of exchange, as follows: Amsterdam. Frankfort. Hamburg. Berlin. 40% @ 40/41 @ 411|35 @ 36 London. Paris. Dec. 1, 109 @ 109 | 5.25 @ 5.15 |73% @ 74 5.15 @ 5.10 414@414 41 42 @ 42 42 @ 43 421 @ 431 424 @ 43 The price of sterling has naturally followed the price of specie. For the week ending February 15, gold was 4 @ 5 per cent. premium, and bills 15 @ 15, or 11 @11for gold. As specie declined, the premium on bills also declined. That the shipments of specie are no larger is doubtless due, to some extent, to the cheapness of money in London, where the rate is 1@ 2 per cent. per annum, while in New-York it is 6 @ 7 on call. In ordinary times the rate would equalize by employment here, and possibly this may be the case as the chances of peace and security multiply, and the demands for capital in legitimate employment multiply. The great waste which capital now undergoes ensures high rates for use when the pursuits of peaceful industry are renewed. The great element of financial strength is to guarantee the most undoubted security for property, in every form. WE are told by a former missionary to China, that it is impossible fully to realize its vastness, and the number of its people. It is larger, by one-third, than the whole of the continent of Europe-France, Spain, Portugal, Germany, Italy, all the smaller kingdoms, Denmark, Sweden, Norway, Africa, Turkey and Russia. Add a third to each of these nations, and then the empire of China is larger than the whole of them combined. The population of China, which is usually estimated at 360,000,000, he believed to exceed 400,000,000. The census is taken every year with great care, for purposes of government, and if there is any temptation to make false returns, it is not on the side of excess; and severe corporeal punishments are inflicted upon any who should be discovered in putting down an untrue statement. He believed, therefore, that the census might be fairly relied upon. Now, it appeared from the returns in 1812, that the population was 360,000,000, and that in 1852 it was 396,000,000. That showed an annual increase of 900,000, and leads to the conclusion that the people of China at the present time exceed 400,000,000. It is even difficult to form an adequate conception of this great number. Suppose 400,000,000 were placed rank and file, ten abreast, the column would almost surround the globe at the equator; or if they marched thirty miles a day, it would take two years and thirty-eight days for the whole to pass any given spot. THE DUKE OF WELLINGTON. Some years since, the Duke was sitting at his library table, when the door opened, and without any announcement in stalked a figure of singularly ill omen. "Who're you?" asked the Duke, in his short, dry manner, looking up without the least change of countenance upon the intruder. "I am Apollyon." "What want?" "I am sent to kill you." "Kill me?—very odd." "I am Apollyon, and must put you to death." 66 "Bliged to do it to-day?" "I am not told the day or the hour, but I must do my mission." "Very inconvenient-very busy-great many letters to write-call again and write me word-I'll be ready for you." And the Duke went on with his correspondence. The maniac, appalled probably by the stern, unmovable old man, backed out of the room, and in half an hour was safe in Bedlam. The following poem is certainly unequalled by any thing these war times has produced. We take it from that sterling paper, the Louisville Journal-a paper, by the way, that deserves to be encouraged by all loyal citizens, for its patriotic course during the past year. It is very easy to go with the current, but to stand against it, remaining faithful among the faithless, is a very different matter. O Keeper of the Sacred Key, And the Great Seal of Destiny, Whose eye is the blue canopy, Look down upon the warring world and The Four-and-Thirty fallen stars glimmer tell us what the end will be. "Lo, through the wintry atmosphere, On the white bosom of the sphere, A cluster of five lakes appear; And all the land looks like a couch, or warrior's shield, or sheeted bier. "And on that vast and hollow field, With both lips clos'd & both eyes seal'd, A mighty figure is revealedStretched at full length and stiff and stark as in the hollow of a shield. "The winds have tied the drifted snow 'We always feared it would be so.' "She came of an heroic race; A giant's strength, a maiden's grace, Like two in one seem to embrace, And match and blend, and thorough-blend in her colossal form and face. "Where can her dazzling falchion be? One hand is fallen in the sea; The gulf-stream drifts it far and free, And in that hand her shining brand gleams from the depths resplendently. "And by the other in its rest, The Starry Banner of the West Is clasped forever to her breast: And of her silver helmet, lo, a soaring eagle is the crest! "And on her brow a softened light, As of a star concealed from sight By some thin veil of fleecy white, Or of the rising moon behind the rainy vapors of the night. and glitter at her feet. "And lo, the children which she bred, And more than all else cherished, Stand face to face as mortal foes, with To make them strong in heart and head, their swords crossed above the Dead! "Each hath a mighty stroke and stride, And one is Mother-true and tried, The other dark and evil-eyed; And by the hand of one of them his own dear Mother surely died! "A stealthy step-a gleam of hellIt is the simple truth to tell The Son stabbed and the Mother fell; And so she lies-all mute, and pale, and pure, and irreproachable. "And then the battle-trumpet blew, And the true Brother sprang and drew His blade to smite the traitor through; And so they clashed above the bier, and the Night sweated bloody dew! "Now, whichsoever stand or fall, As God is great and man is small, The Truth shall triumph over allForever and forevermore the Truth shall triumph over all !” Thus saith the Keeper of the Key And the Great Seal of Destiny, Whose eye is the blue canopy; And leaves His firmament of Peace and Silence over bond and free. FORCEYTHE WILLSON. NEW-ALBANY, January, 1862. ROTHSCHILD'S WIT. During the stormy days of 1848, two stalwart mobocrats entered the bank of the late Baron A. ROTHSCHILD, at Frankfort. "You have millions on millions," said they to him, "and we have nothing; you must divide with us." 66 'Very well; what do you suppose the firm of DE ROTHSCHILD is worth?" "About forty millions of florins." "Forty millions, you think, eh? Now there are forty millions of people in Germany; that will be a florin apiece. Here's yours." |