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pointed out, as the certain end of the supremacy of Mr. King's views, upon the duties and powers of the general government, and those sympathizing with him, a dissolution of the Union-which, as all thoughtful and patriotic citizens are already aware, looms up in the not-far-distant future-only to be averted by the administration of the government in the matter of the rights and rival interests of the North and South, in the spirit in which the Constitution was framed.

THE DREAM.

"And dreams in their development have breath,

And tears and torture, and the touch of joy."-BYRON.

I.

I SAW a vision in my sleep, and deemed
A lovelier my mind could not have dreamed;
'Twas pictured as in Eden; there were flowers,
Glowing in sylvan beauty-amid bowers

Whose very bloom did to the air impart
Elysian breathings! stealing from the heart
The adoration of its deepest love!

II.

It was the hour of vespers-from above
The stars were gleaming in their hallowed light,
Throwing a syren beauty o'er the night:

The waters were all tranquil in their rest,

Near them the dove was mantled in her nest,

Where palm trees waved in cadence to the sighs
Of zephyrs breathing from the gentle skies.

III.

Beneath, a fountain rose in wanton play,
Laving the lilies with its silver spray;

Whose moonlit showers in light murmurs fell
O'er ruby coral, and fairy wreathing shell,
Sending soft echo to the woodland dell.

IV.

Acacias in luxuriance did unfold

Their trellised leaves and bloom of richest gold,
Making an alcove with the branching boughs,
Wherein a nymph, of graceful form and air
In loveliness reclined-the dewy rose

In ample wreath bedecked the glossy hair,

Which o'er her snow-white forehead seemed to wave,

And to her mien an air of sadness gave,

Yet 'twas a placid sadness-such as grows

From the mind's musings, not from mortal woes.

V.

She was of form ætherial: her face
Had less of mental than immortal grace,
Resembling less, at the sweet hour of even,

The lineaments of earth than those of Heaven!
She was all gracefulness; her step so light
You might have deemed some spirit of the night
Had sought the solitude, on noiseless wing,
Far from its azure region wandering!
She was all gentleness! her brow was fraught
With the creation of enamored thought;
Her lot was woman's in her mildest mood,
Beaming with Love's most sweet beatitude!
Her voice like sainted music, when she prayed,
Is hymned at eve, and on the ambient air,
A tone goes forth in calmest holiness,

From lips whose breath the heart's pure faith express,
Untainted by the world's corroding sin-

A spotless shrine! where virtue reigned within.

VI.

Before her Phidian form a harp appeared,
While ever and anon its train was heard
Now sad now mirthful, as the beauteous maid,
Her guiling art of minstrelsy displayed;

Once in light strain, 'twas thus she sweetly sang,

While to her voice the chords responsive rang :

Far, far from the toilsome world I roam,

'Mid the jasmine leaves of my native home;

Though the sun's smiling rays in their brightness I see,
The moonbeams are lovelier and sweeter to me.

The note of the wood-bird awakens the morn,

In gentlest reply to the echoing horn;

But the voice of that bird is more gladsome when

The green woodlands are hushed throughout wood and glen.

In the stillness of evening I most delight,

When the lake is illumed by the stars at night;

When they brightly shine out on its bosom so fair,
And the flowers are kissed by the tremulous air!

Oh! solitude there is a region of love,

Whose sweet voice is whispered in bower and grove;

In the silence of thought, in the bliss of that hour,

Love breathes forth enchanting, in the breath of each flower.

In that hour of stillness we wander forth,

Like the spirit of mortals departed from earth;

Though the sun's smiling rays in their brightness we see,

The moonbeams are lovelier and sweeter to me.

FINANCIAL AND COMMERCIAL REVIEW.

DURING the month of April, the importations of goods have been enormously large; and as a consequence, the demand for money, for remittance in payment, as well as for duties, has been large. At the same time, there has been a disposition to speculate in real estate, and many securities, as well as produce. It is always the case, that on the opening of the navigation, money comes in demand, for advances on produce, and for holding it at the leading points; and this year, this particularly has been the case. Thus, cotton, in the middle of April, was held in New-York city to the extent of 122,477 bales, worth $6,000,000, against 67,035 bales last year, worth $2,000,000. In the whole United States, the stock held reached 589,133 bales, requiring $24,450,000 to hold it. Most of this capital was required of New-York. While speculation and importation have required large sums, the spring business has not answered expectations in bringing forward payments. Very many apologies are offered for remissness in this particular; but the drain for California is the most tangible and real. This is, however, being alleviated by the continued considerable receipts of gold from that region, in payment of goods sent thither. Much of this, no doubt, finds its way into the localities whence the adventurers proceeded, but a considerable proportion rests in the hands of capitalists. Very many of those who go are not successful in getting more than they expend in the voyage and living. The capitalists, therefore, who furnish the voyage and the consumable articles, receive the gold at a large profit. In the Western States, the price of land and the operations of trade are affected by the numbers selling out farms, and collecting capital wherewith to proceed to the El Dorado.

The banks are full of money, and many of the old chartered institutions, which are restricted by law to a discount line of twice-and-a-half their capitals, are up to that limit, and, while discounting their receipts, vainly strive to obtain higher rates. The large receipts of California gold create a temporary demand for money. Thus, the gold, on its arrival, is not money, but requires some six weeks' time and a journey to Philadelphia and back to make it so. Nevertheless, its arrival imparts an impulse to speculation, inclining people to embark in enterprises which require present means. It is true that considerable sums are daily coming into the market, but very considerable sums also accumulate in the independent treasury, and very fortunately so, inasmuch as this alone prevents a more rapid march towards inflation. Without the independent treasury, we would now have been on the road rapidly to ruin. The following table of customs' receipts at this port indicates the nature of the import trade, the considerable revenues of the government, and the demand for money for the payment of duties:

CUSTOMS, PORT OF NEW-YORK, FOR THE THREE MONTHS ENDING MARCH 31.

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The amount collected by the government in the first quarters of the four years of the tariff of 1842 was $16,173,758; in the same quarters of the four years of the present tariff, $24,846,829, being 50 per cent. increase in favor of the low tariff; and the amount collected for the first quarter of 1850 has been larger than ever before collected in that quarter of the year. It will also be remembered, that this large revenue has not been the effect of over-importations, inasmuch as that exchanges are now more in favor of this country than at the same time last year. Under all these circumstances, it is surprising that the price of money is not higher than it is. On the contrary, there never was a season when it was more in supply, and with the progress of the business will become more abundant. In New-England, money has, on the other hand, been much higher than in New-York; and the result is seen in the fact, that the banks of Boston have increased their dividends, until they are now nearly equal to those of this city-the latter remaining stationary. In Boston, all the dividends are declared-April and October. In New-York, there is no common time. The following are the Boston dividends for four years :

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The April dividend on an increased capital has risen from 3.4 per cent., in 1847, to 3.9, in 1850. In New-York, the dividends for the present year are scarcely larger than those of last year. The profits declared since January 1, have been as follows, on twelve banks :

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This shows a decline; but one of the banks-the Merchants' Exchange-last year, on the expiration of its charter, declared a final dividend of 8 per cent., and commenced business under the general law. The North River Bank earned its dividend of 4 per cent. ; but owing to the conduct of the late institution, none was declared. The comparison shows that, while the uniform high rate of money in Boston (where the rate of money is 6 per cent. by law) enabled the leading banks to divide nearly 8 per cent. per annum among stockholders, the uniform low rate of money in New-York has prevented the institutions here from earning a higher dividend, although the legal limit of interest is 7 per cent., instead of 6 per cent. It may be questioned whether the demand for money in Boston is not another indication of the more rapid growth of that city, under the free-trade impulse of more numerous and cheap modes of communication with the interior. All the business of this country, which is mainly agricultural, depends upon the amount of real wealth which may be produced and exchanged. Thus, if, by railroad communications, the area of country accessible to market on equal terms is doubled, and double the number of farms send forth their productions to a common centre-Boston-and, under more liberal external commerce, those increased supplies meet with adequate demand, it follows, of course, that the business of the city is doubled. Both the number of customers and the quantity each purchases may be enhanced. And this propensity reaches every individual doing business, increasing the demand for stores, and the profits of business, which enable higher rents to be obtained. Something like this result

is manifest in the returns of the assessed property of New-York and Boston, as follows:

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Thus, the ratio of property in Boston to that of New-York, has doubled in nine years. In the same period, the exports of farm produce in Boston have increased 50 per cent. It is obvious, that to multiply means of communication, by which new agricultural resources are opened, can facilitate business but slightly, unless the general policy of the government is such as to permit an outlet for the surplus. This has been the case in the last few years, and the result is, a rapid growth of business, constantly demanding more capital for its conduct. In New-York, the Erie Railroad will this year do for New-York, in opening new trade of country to market, what the New-England system has done for Boston, and we look, in the next ten years, for a more rapid growth of New-York. But the tariff laws and tonnage laws want considerable modification. The last mentioned are particularly odious, while the former are still too high.

It is usually the case that the northern spinners, having command of capital, Jay in their stocks of cotton for the year, in the first six months, say September 1 to March 1, because that is the period when the bulk of the crop pressing upon the market, causes the prices to rule low; but, if the market opens high, with prospects of a fall abroad, they put off their purchases until the latter half of the year. Now, for three years, the prices of cotton in New-York, Septem. 1, when the year begins, and March 1, when it has half gone, have been as follows:

MOBILE AND NEW-ORLEANS COTTON.-PRICES IN NEW-YORK.

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It will be observed here, that 1848 opened at high prices, with prospects of a fall, which took place, and that since 1848 came in at low prices, the market has been on the rise. We will now take a table of the purchases of the specimens, for the year ending March 1, as follows:

BALES COTTON TAKEN BY THE UNITED STATES MANUFACTURERS.

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Now, it will be observed, that at the high prices which ruled in September, 1847, the manufacturers bought an extraordinarily small quantity; when the prices began to fail under the new crop, they increased their purchases. In the first six months of the year ending March, 1849, their purchases were larger than for the second six months, when prices had risen under the great consumption abroad. This rise continued under fears of that supply, and a continually increasing demand for goods. This demand has, as seen in the table, compelled manufacturers to continue the purchases here; and for the six months ending March 1, they are larger than ever, at higher prices. The usual effect of an increased price in diminishing consumption, has not been experienced, be

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