Nothing is more striking, as we read these sketches, than Bonaparte's wonderful superiority, on the whole, to all his Marshals put together. Yet some of them were remarkable men, and possessed among them some remarkable qualities. Mr. Headley has not always dwelt as long on their individual characters as he might, but whenever he has chosen to extend his portraits, he is very felicitous. We will give, as an instance, his fine characterization of Soult, and with it will take leave of these volumes, with the remark, that every one who has a library should add them to his shelves. "Marshal Soult had less genius but more intellect than most of the distinguished French Marshals. He had none of that high chivalric feeling which so frequently bore them triumphantly over the battle-field, but he had in its place, a clear, sound judgment, and a fearless heart. It required no thunder of cannon to clear his ideashis thoughts were always clear, and his hand ever ready to strike. He depended on the conclusions of reason rather than on the inspiration of genius for victory. He calculated the chances beforehand, and when his purpose was taken, it was no ordinary obstacle or danger that could shake it. Such men as Murat, and Lannes, and Augereau, relied very much on the enthusiasm of their soldiers, and the power which intense excitement always imparts. Soult, on the contrary, on the discipline of his troops, and the firmness and steadiness it gives, either in assault or retreat; and hence, when left alone, could be depended on as an able and efficient general. Though impetuous as a storm in the early part of his life, it was the impetuosity of youth, rather than of character; and one familiar with his career, ever thinks of him as the stern and steady Soult. He was more of an Englishman than Frenchman in his natural character, and succeeded better than most of the other French generals when opposed to English troops. But though methodical and practical in all his plans, he knew the value of a headlong charge, and could make it. Still, he does not seem to rise with the danger that surrounds him, but rather meets it with the firmness of one who has settled beforehand that it shall not overcome him. "He did not possess that versatility of genius which enabled Bonaparte so frequently to turn his very defeats into victory-he depended rather on the strength and terror of the blow he had planned and if that failed, it became him to pause before he gave another. Like the lion, he measured his leap before he took it, and if he fell short, measured it over again. But with all this coolness and forethought, his blow was sometimes sudden and deadly as a falling thunderbolt. A more prompt and in the army. As cool amid the falling decisive man in action was not to be found are ever ranks and fire of three hundred cannon as on a parade, his onset was neverthless a most terrible thing to meet. He carried such an iron will with him into the battle, and disputed every inch of ground with such tenacity of purpose, that the courage of the boldest gave way before him. Though he performed perhaps fewer personal heroic deeds than many others, he also committed fewer faults. After seeing him a few times in battle, one unconsciously gets such an opinion of his invincibility, that he never sees his columns moving to the assault, without expecting sudden victory, or one of the most terrific struggles to which brave men exposed. We do not expect the pomp and splendor of one of Murat's charges of cavalry, nor the majesty of Ney's mighty columns, as he hurls them on the foe; but the firm step, and stern purpose, and resistless onset of one who lets his naked deeds report his power. Soult's eye measured a battle-field with the correctness of Napoleon's, and his judgment was as good upon a drawn battle as upon a victory. Not having those fluctuations of feeling to which more excitable temperaments are subject, a defeat produced no discouragement, and hence a victory gave the enemy no moral power over him. It was singular to see in what a matter-of-fact way he took a beating, and how little his confidence in himself was destroyed by the greatest disasters. A man that is not humbled or rendered fearful by defeat, can never be conquered till he is slain." FINANCE AND COMMERCE. THE great and propitious event to be communicated this month, propitious to all interests, and especially to those of Finance and Commerce, is the conclusion, and ratification by the Senate of the United States, of a convention with England for the settlement of the long pending Oregon controversy. There remains only for its entire completion and obligation, that it should receive the ratification of the British Government; but as the Convention is in the very words of the project presented by that Government, its ratification is looked upon as a matter of course, and all agree to consider this perilous question as amicably and definitively resolved; and there is rejoicing among all but the blind votaries of the party, which proclaimed our title to the whole of Oregon to be unquestionable, and anathematized all who should suggest the surrender, in the way of compromise, of an inch of that territory. The satisfactory consummation, though it has been accomplished somewhat earlier than we anticipated, was nevertheless confidently looked for, and in the last number, the war between the United States and Mexico was referred to by us, as likely to dispose Great Britain more speedily to adjust her controversy with us. The result has proved the accuracy of this forecast. By the last mail steamer, with London dates to the 5th June, the news was received of the success of Sir Robert Peel's measure, for repealing the Corn Laws; the Bill having been read a second time in the House of Lords, in a full vote by 48 majority. This decides the question. As yet, little or no influence is exercised upon our markets by this new feeling of Great Britain; and in the face of the coming harvest-one of very large promise-the prices of all bread stuffs are declining. The fall in price of flour and wheat has occasioned very large losses, and two or three old and well-established houses engaged in that trade in the city, have been borne down thereby. In money matters, the market is still far from easy or settled, although there is less pressure for money than some weeks ago. Foreign Exchange remains nearly at the quotations of last month, without any very active demand. Bills on London range from 7 to 84 per cent., on Paris about f.5-35, rates quite satisfactory to the Banks as rather inviting the import than the export of specie. The prices of the public stocks have rather improved; the U. S. six per cents. having been sold at 106-dividend off-which is an improvement of about 1 per cent. in the last week or two. Pennsylvania Fives are also growing in favor, arising mainly from the increas ing confidence, that the August dividend, about which there has been great uncertainty-will be paid. The Treasurer of Pennsylvania, W. Snowden, who has not erred heretofore by too sanguine calculations, is said to have expressed his confident belief, that he will have sufficient funds for this dividend. The wants and the ways and means of the General Government, for the prosecution of the war, were developed in the reply of the President, on the 16th inst. to a call made by the Senate on the 6th inst. for information on these points. The sum required, over and above all the ordinary expenditures of the Government, for prosecuting the war, until the close of the fiscal year 30th June, 1847, is estimated at a small fraction less than twenty-four million dollars! and the ways and means of providing this large sum are thus set forth by the Secretary of the Treasury: TREASURY DEPARTMNNT. June 15th, 1846. tion of the Senate, of the 3d of June, 1846, Sir: I have duly considered the resolutogether with the estimates of the Secre tary of the Navy, of the 9th instant, and of the Secretary of War of the 13th instant, submitted by you to this depart ment, and respectfully report to you as follows: It appears that the aggregate estimated expenditures of the War and Navy Dethe 30th of June, 1846, and the 30th of June, partments for the fiscal years terminating on 1847, amount to $23,952,904, over and above the estimates made by these departments in December last, and then submitted in my annual report to Congress. In that report it was supposed by this depart ment, that upon the expenditures then estimated for a state of peace, there would remain on the 1st of July, 1847, a balance in the treasury of $4,332,441 07. Deducting this balance from the excess of expenditures above estimated by the War and Navy Departments, there would result a deficiency of $19,620,463. It is believed, however, that this deficiency will, from augmented receipts accrued and accruing for the fiscal years 1846 and 1847, be diminished four millions of dollars, which would reduce the deficit on the 1st of July, 1847, to $15,620,463. It is ascertained by experience, that for the certain, prompt, and convenient payment of the public creditors, at all times and places throughout our extended territory, and the supply of the mint and branch mints for coinage, a sum of four millions of dollars, especially during a state of war, must remain on hand in the treasury, which would again raise the sum to be provided for before the 30th of June, 1847, to $19,620,463. It is believed, however, that a sum equal to $5,534,057 of additional revenue may be produced by the modification of the tariff herein proposed-namely, to adopt. as a basis, the bill reducing the tariff reported by the Committee of Ways and Means to the House of Representatives on the 14th of April last, together with the augmented and additional duties now proposed and enumerated in schedule A. This change of the bill reported by the committee, omitting the fourth section, would make an addition to the revenue to be produced by that bill, of $5,034,056. After a very careful examination of the additional data which it has been in my power to obtain since the month of February last, it is my conviction that the bill of the committee will produce a net revenue of at least twenty-six millions of dollars. If to this be added the additional duties proposed to be levied in schedule A, the bill of the committee, with the modifications embraced in that schedule, would produce a net revenue of $30,034,057. This would make an addition of $5,534,057 to the revenue that would be produced under the act of the 30th of August, 1842. If, then, we deduct this $5,534,057 from the deficit above estimated, it would still leave a deficit of $14,086,406. If, in addition to the modifications of the tariff above suggested. the warehousing system were adopted, as recommended in my annual report of December last, it would make an addition to the annual revenue from customs of one million of dollars, which, deducted from the above deficit, woud leave a deficiency still remaining of $13,086,406. It is true that the introduction of the warehousing system might diminish the revenue during a portion of the first year succeeding its adoption; but that it would add one million of dollars per annum to the permanent annual revenue from customs is not doubted. It is believed also that the reduction and graduation of the prices of the public lands in favor of settlers and cultivators, as recommended in your message of December last, would make an annual addition of half a million of dollars to the revenue derivable from the proceeds of the sales of the public lands, by bringing into market many millions of acres of the public domain which are wholly unsaleable at the present minimum price established by law. Deducting this sum of half a million of dollars from the deficit last above mentioned, would leave still unprovided for, the sum of $12,586,496, which must be met by loans, treasury notes, direct taxation, or excises. In addition to the strong objections which have been urged against direct taxes and excises, it would be difficult to put in operation such a system in all the States and Territories, so as to realize the required amount in cash, before the 30th of June, 1847. A system of direct taxes and excises, it is believed, would not meet the sanction of the people, unless in the emergency of a war with some great maritime Lation, exposing our commerce to great hazard, and greatly reducing the revenue from duties on imports. The only remaining means for supplying this deficit within the required period, is by loans or treasury notes; and I would accordingly recommend, with a view to the most vigorous prosecution of the existing war with Mexico, so as to bring it to a speedy and honorable termination, that a contingent authority should be vested in this department, with your sanction, to issue treasury notes, or effect a loan of a sum in the aggregate not exceeding the last above-mentioned deficit of $12,586,406. I think it would be most advantageous to the Government, that a portion of this money should be raised by treasury notes, and the remainder by loans, limiting the interest in both cases to a rate not exceeding six per cent. per annum, and forbidding the negotiation in either case below the par value. If the authority were limited so as to cover this deficit, and the power given to resort to loans or treasury notes, or both, as the emergency might require, the money might be raised at a much lower rate of interest than if the department were confined either to loans alone, or to treasury notes. The experience of the Government has demonstrated that there are periods when loans are most available, and that there are occasions when treasury notes are much better adapted to meet the emergen 97 cy: and the power to select both, or ei- and that of France, during its agony of ther, from time to time, would render revolution, in the shape of assignats— the negotiation more certain, and probably proves that such irredeemable issues of save a very large amount of interest to the Government paper money are so liable Government. If the war should be speedily to abuse, that in extreme cases only, and terminated, it is possible that a resort to loans or treasury notes might not be reunder severe restrictions, and to a limited quired, or if so, for an inconsiderable amount, should they ever be authorized. amount. The same power as now given At present, however, it would seem that by law to redeem the loan, even before its treasury notes bearing interest, redeemmaturity, whenever the funds of the Gov-able at a specific term, and receivable for ernment will permit, so as to liquidate any public debt as soon as possible, should be continued, as also the authority for the reissue of the treasury notes as heretofore provided by law, as well as for their receipt in revenue payments. The additional duties designated in schedule A, are recommended as a war measure, and to terminate with the restoration of peace, or as soon thereafter as the state of the public finances will permit their discontinuance. I have the honor to be, sir, Most respectfully, R. J. WALKER, To the PRESIDENT. What disposition Congress may make of these recommendations cannot, as yet, be conjectured with any accuracy. The opinion, however, seems to prevail, that the proposed duties on tea and coffee and on some other articles now free, will not be agreed to. But as the larger portion of the sum anticipated from the proposed change in the Tariff, would arise from these duties on articles now free, recourse, if they be refused, must be had to some other supplies-unless, indeed, which is certainly to be hoped and desired, a speedy peace with Mexico should cut short the prodigal war expenditures. But if war is to continue, and additional duties be not levied, and excise and direct taxation be rejected, it will be impossible, except at ruinous and discreditable rates to negotiate loans, or to keep in circulation any considerable amount of treasury notes. Indeed, in regard to the authority to issue these latter at all, Congress is said to hesitate a good deal, from an apprehension, not altogether visionary or unfounded, of the danger of such paper money. It is, indeed, very easy, and therefore very tempting, to a popular Government, when pushed for funds, rather to prefer the issue of paper promises to pay, than to hazard their popularity by levying taxes on the people-but all experience our own during the Revolution in the shape of continental money, VOL. IV.-NO I. 7 public dues, might be issued to the amount of a few millions without danger of abuse, and to the great relief of the currency. A few weeks must develop the intentions of Congress in this regard, and iff, the Public Lands, the Warehousing indeed in all the cognate questions of TarBill, and the Sub-Treasury. The session has lasted already nearly seven months, yet not one of the great measures, said to be fundamental with the party in power, has been matured; and we are disposed now to doubt whether any single one of them will be. The Sub-Treasury, however it may in war, and it therefore is likely, if work in times of peace, cannot answer passed at all, to be passed in a shape so modified, as hardly to be cognizable under the name. tions are made—as being too general and To the Warehousing Bill great objecindiscriminate in its provisions-and therefore as tending to empty into our warehouses the refuse unsaleable surplus stock of all Europe, to lie here free from duty for three years, liable only to a comparatively small charge for storage and yet ever ready to be thrown into our market at such moment as may offer the most chance of competition ruinous to American fabrics of like general character, but of really superior value. Yet such a bill will be warmly pressed— and such a bill, carefully prepared and guarded, would seem a necessary and prevails, of cash duties, since it would proper complement of a system such as give to the importer the opportunity of placing his goods in the public warehouse, and only taking them out and paying the duty on them as they are sold for consumption, and not, as now, be voice, months often, before he has an obliged to pay the duty on the whole inopportunity of selling the goods. The reduction of the tariff in time of found, it cannot yet suffice for our exwar, when, productive as it has been penditures, is a hazardous experiment; which some, who might otherwise consent on general principles to a diminution of duties, may feel doubtful about making. The letter of the Secretary of the Treasury in the preceding page calculates, indeed, upon increasing the revenue by the reduction he recommends of duties but seeing that the existing rates produce far more than it was estimated they I would by those who insist that high duties necessarily diminish revenue, there will not be as much faith reposed in this Treasury estimate of increased revenue from diminished duties, as if the previous estimates about the opposite result had turned out correctly. We look upon it, therefore, as quite problematical whether there will be any material change in the existing tariff. Concerning the public lands, the chief effort seems to be to reduce the price of those, which have for a long term of years been offered for sale, without finding purchasers at the present price of $125 per acre. Whether this succeed or not, the policy of the general management of the public lands would be little affected thereby; though its success would be one step forward in the scheme virtually to give away this noble inheritance of the whole American people. While, therefore, uncertainty continues respecting the measures of the general Government calculated to affect all business pursuits, and war still prevails, there can be none of the settled feeling and security of ordinary peaceful times. Still commerce has not yet suffered any interruption from Mexican hostilities, or hostilities under the Mexican flag on the seas-no privateers have been heard of--and although through apprehension of possible evil considerable derangement of business occurred at New Orleans by the withdrawal of credits, the suspension of shipments and the accumulation of produce, business is now measurably returning to its accustomed channels; and if, as is hoped, Mexico may soon' consent to treat for peace under the pledge reiterated by the President in the message of the 16th inst., in which he communicated to the Senate the war estimates of his earnest desire to return to a state of peace-the prospects of the future would look more hopeful. FOREIGN MISCELLANY; THE foreign intelligence of the month presents no feature of transcendent interest. The war with Mexico has made no advance since our remarks of last month, except that the American army, under General TAYLOR, has taken undisputed possession of Matamoras, and the neighboring region of Mexican territory, and is gradually advancing towards the heart of the country. With England our relations are believed to have been materially improved, by the conclusion of a treaty partitioning the Oregon territory between the rival claimants. The President, from whatever motive, conforming to the practice of WASHINGTON, solicited the advice of the Senate in regard to the terms of composition. That advice was promptly given: a treaty was framed by the Executive in accordance with it; it was at once ratified by the Senate, by the decisive vote of 41 to 14, and is now on its way to England for final approval by the English Government, which it will doubtless receive, and thus become the sovereign and irrevocable law of the land. The terms of the treaty do not differ essentially from those which have been laid down in this Review as just, desirable and honorable to both the contending parties. The 49th parallel to the Straits of Fuca is adopted as the boundary, England retaining the whole of Vancouver's Island, and the right of joint navigation of the Columbia during the continuance of the present charter of the Hudson's Bay Company, a period of about seventeen years. These facts, it should be added, rest as yet upon nothing better than well authenticated rumor, as the proceedings have all been had in secret session, and have not yet been officially divulged. Of their substantial accuracy, however, we have little doubt, and venture accordingly to congratulate the country upon this satisfactory adjustment of a long-pending and threatening dispute. Granting that the partition is disadvantageous to either party, which need not be conceded, it certainly is honorable to both: and not only they, but the whole world, have reason to rejoice at the pacific and auspicious result. In ENGLAND little has occurred of marked interest. The success of Sir Robert Peel's new Corn Bill has been reduced to certainty, by its passage in the House of Lords to a second reading by a large major |