extreme measures resorted to by our government, were not necessary to the preservation of the national dignity. We think that no great harm would have been done if the officials had been allowed to remain after their acts had been openly disavowed. At the same time, the partial apology made at first by the British ministry for the violation of our laws, was not as open and manly as we had a right to expect. It was accompanied, likewise, with a taunt for our filibustering propensities, and was, on the whole, in taste and temper quite exceptionable. The truth is, the act for which the apology was required, was a very gross blunder, into which, the British cabinet had fallen, which was complicated still more by the want of judgment and common discretion displayed by the resident minister and his subordinates. The general irritation which the act caused, has not been properly appreciated abroad, for the reason that the secret of the wound has not been understood. Our besetting sin has been greatly exaggerated in past times, and we have been accused, not altogether justly, of a desire to "extend the area of freedom" without much regard to the rights of our inferiors, whose vineyards we coveted. This spirit has been condemned nowhere so unsparingly as in England; and the attempt of her authorities to benefit by our supposed disposition to violate our neutrality laws, excited our national sensibilities more than many would have supposed possible. This came upon us, too, at a time when there was already some feeling excited by the injudicious exultation on the part of the Allies at their united strength, and some menacing gestures towards this country. The dispute has now gone as far as it can without endangering. the peace of the two countries. It is now the part of wisdom to allay the excitement, instead of fanning the flame. The commercial interests are suffering from the suspense; and this will be but as the beginning of troubles, if the question is not soon settled. If there were any real occasion for a war; if the national rights had been wantonly invaded by a power which refused reparation; no class would be more ready than the mercantile, to make the necessary sacrifices. But if there is now no real cause of dispute, it is worse than folly to prolong a misunderstanding which weakens confidence and injures credit without any justification. There has been quite an excitement in the sugar trade, and the price has materially advanced. It is claimed that the consumption has been in excess of the production, and that the stock in the world has been largely reduced. If this be so, the remedy is natural and effective. The price must advance so as both to stimulate the production, and decrease the consumption, when the equilibrium will be restored. This is now likely soon to be effected. Refined sugars which were selling at 81 to 84 c. in New York, advanced to 11 to 12 c. At this cost, the consumption will rapidly fall off, while the increased price of raw sugars must induce a larger supply as soon as the crops can be made. There are many substitutes for sugar which are partially discarded when the article is cheap, but resumed as soon as the difference in value becomes important. The trade in dry goods has been very quiet, and in most foreign merchandise there has been little activity. The bank movement shows some fluctuations, but the closing tendency was toward a renewed expansion. The supply of specie at the banks in New York has been larger than for any previous date this year, and larger than for any average, with but a single exception, since the banks were organized. We annex the movement since the opening of the year : June 7... 51,458,508 103,474,921 16,166,180 8,430,252 June 14... 51,458,508 90,609,243 104,168,881 17,414,680 8,360,735 91,602,245 We also annex a continuation of the weekly statements of the Boston banks :— Deposits.... Circulation WEEKLY AVERAGES AT BOSTON. June 3. June 10. June 17. May 20. May 28. $31,960,000 $31,960,000 $31,960,000 $31,960,000 $31,960,000 52,712,800 52,379,500 52,305,000 52,245,595 52,205,500 4,277,800 4,147,000 3,976,700 3,802,546 8,732,000 6,817,600 6,582,000 6,520,000 6,854,213 6,524,000 5,279,000 5,069,000 5,032,000 5,134,503 5,083,700 16,700,400 16,402,000 16,126,483 15,859,576 15,596,900 7,214,500 6,989,000 6,877,800 7,180,776 6,982,900 We have also compiled a statement of the condition of the banks of Massachusetts June 2, 1856, from the return of the Secretary of State : The above statement exhibits, upon comparison with the 1st day of January last, an increase in the items of capital of $283,000; of net circulation of $286,854 ; of deposits $2,104,005; of loan $1,934,851; and of specie $566,068. The product of gold continues large, but as Loticed last month, the bulk of the yield in California is deposited at the San Francisco Mint. The following will show the business at the New York Assay Office since our last : DEPOSITS AT THE ASSAY OFFICE, NEW YORK, FOR THE MONTH OF MAY, Gold bars stamped..... Transmitted to U. States Mint, Philadelphia, for coinage. 30,000 00 1,212,428 48 237,252 35 In the deposits are included $55 California mint bars. The following will show the coinage at the Philadelphia Mint for the month of May :: We also annex a statement of the total deposits and coinage at New Orleans SILVER COINAGE. 500,000 Half dollars Total gold and silver coinage...... 250,000 00 $340,000 00 The imports of foreign goods continue largely in excess of the corresponding date of last year. The total at New York for May, is $6,765,126 greater than for May, 1855, $1,229,931 greater than for May, 1854, and $3,870,869 greater than for May, 1853, as will appear from the annexed comparison : Total entered at the port.... Withdrawn from warehouse.. For the first time this year, the entries for warehouse have increased, showing that the market is well supplied with goods, and that part of the imports must be held over until fall, or re-exported. The total imports since January 1st, are $34,386,435 in excess of the total for the same time of last year, $9,314,710 greater than for the same time of 1854, and $9,964,580 greater than for the same time in 1853. $14,540,243 $17,181,181 $11,645,986 $18,411,112 1,049,550 1,588,652 1,782,834 1,548,339 FOREIGN IMPORTS AT NEW YORK FOR FIVE MONTHS, FROM JANUARY 1ST. Entered for consumption .... ..... 1853. 1854. 1855. 1856. $63,242,647 $61,971,984 $37,877,250 $67,782,614 8,496,277 10,721,104 11,116,646 12,249,016 7,851,707 7,083,241 6,574,584 9,841,214 785,041 1,249,213 385,337 467,408 Total entered at the port... $80,375,672 $81,025,542 $55,953,817 $90,340,252 Withdrawn from warehouse. 5,343,258 9,285,372 10,936,450 9,260,996 We have also compiled a statement of the imports at New York since July 1st, showing the comparative total for the expired portion of the fiscal year. The imports for these eleven months show a gain from the previous year of $37,741,147, and of $2,966,390, as compared with the same period of 1853-4 FOREIGN IMPORTS AT NEW YORK FOR ELEVEN MONTHS OF THE FISCAL YEAR, COMMENCING JULY 1ST. Total 11 months...... $177,286,671 $142,511,914 $180,253,061 The gain it will be seen has been chiefly since the opening of the current calendar year. The exports for May, have been large in domestic produce, but show a decline in both foreign goods and specie. The total, exclusive of specie, is $203,602 greater than for May of last year, $420,835 less than for May, 1854, and $981,296 more than for May, 1853. EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR THE MONTH OF MAY. Domestic produce... Foreign merchandise (free).... Total exports..... Total, exclusive of specie. .... $7,059,649 $9,950,989 $10,995,028 $9,691,343 4,897,182 6,299,313 5,674,876 5,878,478 The exports to foreign ports, exclusive of specie, since January 1st, are $4,008,748 in excess of the total for the same time last year, $2,115,492 greater than for the same time in 1854, and $8,599,080 greater than for the same time in 1853. The total of specie is less than for the corresponding period in either of the two preceding years :— EXPORTS FROM NEW YORK TO FOREIGN PORTS FOR FIVE MONTHS, FROM JANUARY 1ST. Total exports....... $27,990,507 $40,101,079 $40,402,541 $41,122,360 Total, exclusive of specie..... 22,599,807 29,088,395 27,190,139 31,198,887 The exports for the eleven months of the fiscal year are $14,031,730 greater than for the same time of the preceding year, and $3,055,326 greater than for the same period of 1853-4. This increase, as compared with the year next preceding, was greatest previous to January 1st. EXPORTS (EXCLUSIVE of specie) FROM NEW YORK to foreign ports for eleven moNTHS COMMENCING JULY 1. We have added at the foot of the above table the total exports of specie for the same period, (eleven months,) which show a material decline. There can be no question about the sufficiency of the revenue, even for a lavish expenditure from the public treasury. The total shows a gain for each month since January 1st, and for the whole of the fiscal year :— $39,206,250 26 $30,342,408 23 $39,101,082 77 We have now but little hope that any general revision of the tariff will be |