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productive interests of our country required protection and the fostering care of government, and it was difficult to draw a line between a tariff for revenue and one for protection. Any measure would be unhealthy which did not have in view the development of the manufacturing and agricultural resources of the country.
The resolution passed, and was ordered to be forwarded, together with Mr. Low's resolution, to Congress.
The Chamber then adjourned.
Special Meeting, Wednesday, August 7, 1861, of the Chamber of Com
merce of New York, for the reception of Hon. J. A. Wright, formerly Governor of the State of Indiana, and late United States Minister to Prussia.
The Chamber of Commerce, August 7th, gave a reception to Hon. Joseph A. Wright, of Indiana, late minister to the court of Prussia, which was attended by a large assemblage of members.
PELATIAH Perit, the president, occupied the chair, and introduced ex-Governor Wright, who was received with applause.
He said the Chamber of Commerce was known for its patriotic course all over the world. He had returned to his native land after an absence of four years. He belonged to an old school of politicians, who acknowledged only the sovereignty of the government. That government had protected him at home and abroad, and to it he owed his allegiance. This was no time to talk politics or criticize administrations. The sole question now is, “How shall the government be preserved ?" The government is misrepresented abroad, and our institutions are attacked by the foreign press, influenced by mercenary men. The heart of Germany, he said, was slow to move, but when the popular heart was really enlisted in a subject, there was no people more efficient in aiding a cause. AN through Germany he had found a strong feeling in favor of this country. He had received not less than five hundred letters from different persons desiring to come to the United States to help them, and he had to put up over his door that he did not keep a recruiting office. After a four years' residence, he had come to the conclusion that the German government was making faster strides toward free institutions than any other in Europe, and that they look to the condition of our national Union probably with a deeper interest than any other country.
The speaker continued : I do not think I am going out of my position by mentioning that when I left his majesty, the King of Prussia, his last words to me were these : “God grant that you may be able to sustain the laws and the institutions of your country.” That is the sentiment of the Gerinan nation. Do not misunderstand me. From the connection of that government with the other governments of Europe, you must not look for them to lead off before others. There is a jealousy in the governments of Europe against us. You may have other enemies to fight than those of your own country. Be not too cheerful; this contest for human liberty and for the principles of your fathers will meet with enemies abroad, under one name and another. All I can say is, that we have got to help ourselves if we expect others to help us.
help us. If you expect VOL. XLV.-NO. III.
any enlightened aid from the governments of Europe, you have got to show firmness, energy and victory in this country.
If, in my intercourse with foreign goverments, I have learned any one fact, it is this, that, as I have been taught from my childhood, and as we are so fond of repeating but often overlook, that in our union is our strength. You know that in the government of Prussia there has been some difficulty in reference to the protection of American citizens from impressment into the army, but always when their release was asked as American citizens they were given up. But no sooner had these difficulties come on than I received information every day of the impressment of these men. But when the month of May came around and showəd the union of the loyal people of this country, then I could see the feeling rising there, as plainly as the mercury in thermometer might be seen to rise, that there was a government on this side of the water for which they had a respect.
It is within the last few months that the law was made, that the government would claim no control over a person who should be absent from that country ten years, though he returned. I name these things to show that in our union consists our strength.
After these remarks permit me to say, that if we desire or expect encouragement or aid from the goverments of Europe we have got to show them that we have strength at home. You may conceive my mortification when I received the news of what was supposed to be our disaster in Virginia. I believe there is not a government of Europe that has had a contest with her own people that has not been beaten at the first battle. I have surveyed the whole ground, and have come to the conclusion that this calamity has been sent us that we may know where is our weakness and where our strength. I regard it as calculated to nerve and incite our people to powerful efforts in behalf of the government, and to show us where our real danger is. You may ask me the question, What is to be the result of this ? What is our duty ? You have called me here--you must take my opinion. I speak as an American citizen ; you may take it for what it is worth. The Southerners may say, as ABRAHAM said to Lor, “Let there be no strife between us, between my herdsmen and thy herdsmen; turn thee to the right or left, as it pleaseth thee.” I apprehend old Abraham would never have given this advice to Lot had he interfered with his household, and attempted to tear down the ark of the covenant.
We say now, Give us back the government of our fathers, put back the old flag upon the forts, let the laws have supremacy, and then we will talk about going to the left or to the right; then we will hear; but we will hear nothing from those who are attempting to pull down the pillars of the temple that was reared by our fathers
. You may ask, What will be the result of this ? How is it our duty to act ? I know one thing I can do. I go home to fill my place as a Western man. I go home forgetting every thing but my country. I go home saying, as I say to you, that we ought to be willing to suffer and lose millions of money and many lives, sooner than submit to this infamous slander of the so-called president of the Confederate States, that your fathers and mine formed a confederation of States to be broken up at the word of disappointed politicians, without self-preserving power in the government. I belong to that class of men that have been taught from childhood—and if there is any thing I believe it is this—that we never can be two peoples—we are one or we are nothing.
me, that I
I believe we can never have peace except as one people. I am willing to give my voice and means, and the influence of whatever position I may be placed in, to maintain the supremacy of the Constitution and the laws of the country, and I shall not ask, What is to be the result of this ? when I see my country divided, and when I see an effort made to destroy this government, the only hope of humanity.
Mr. President, I have witnessed, during my absence abroad, the effect of this secession movement, and I never have believed, in the midst of all these difficulties, that there existed any serious division among the people of this country, when left to themselves, in relation to the principles of our government. We talk of the United States flag, and I have seen many incidents showing the love of its countrymen for it; but a scene that most touched me was one in the city of Berlin, where a dying mother, with an infant at her breast, when her husband and child were before her, said, as a last request, “ Bring me the flag and wrap it around
die in it.” Do you tell me of a people that have this love and respect for their flag, that you can crush out this love by any mercenary motives? You may say, standing by the wayside, I have lost all I have in the world; you have lost nothing if you
your government; your property, your wife, your children are nothing in comparison with your country, the hope of humanity every where. Do not tell me you have lost your thousands; give it all freely, as you have done, to your credit.
You are known every where for your liberality, and our three hundred thousand men will never come back until this government is sustained, unless this is the merest myth of a government that ever existed. To sustain that flag let your money, your capital, be pledged; and continue to show the stability, the sternness, the decision that the association you so worthily represent has shown. Let consequences take care of themselves. As has been well said, “One man right, and heaven on his side, will whip the world.” It is a majority for one man to be right. We know we are right; we know our path of duty; we know every step we have to take, and, with steady nerve, all we have to do is to march on, until we shall establish the laws of this country and sustain the supremacy of our institutions. I am willing to celebrate the anniversary of my country, the Fourth of July. I am willing to hold in reverence many days bright in our calendar, but a brighter day will be that when have peace in our country. But pray God let it be a permanent peace; let it be a peace established upon principles, and never may it come at the sacrifice of the principles of our fathers.
On motion of Mr. Gallatin, a vote of thanks was passed to Governor Wright for his able and patriotic address.
Most of the members were then introduced to Mr. Wright, after which the meeting dispersed.
OF THE MERCHANTS' MAGAZINE AND COMMERCIAL REVIEW,
London, August 3, 1861. The chief topics of moment during the past month in this metropolis have been the war in America, the new loan for India, the bank rate of discount.
The directors of the Bank of England, at their meeting, August 1st, reduced their minimum rate of discount from 6 per cent., at which it was fixed on the 16th May, to 5 per cent. This reduction had been generally anticipated, from the large amount of gold daily sent into the Bank, the reduced price of money and its abundance in the open market, and the generally inactive state of trade. The movement, therefore, produced no effect on the value of the funds. The joint-stock banks have reduced their interest on deposits to 4 per cent., (at the London and Westminster, 3 per cent. on sums below £500,) and the discount houses to 4 per cent. for money at call, at 44 with seven days' notice. The inquiry for money at the reduced rate has been somewhat more active. Some of the leading discount houses are charging 5 per cent., but other establishments are taking first class bills at 41 and 41. The rate of interest now adopted by the Bank is the same as prevailed in April (five per cent.) and November, 1860, when the bank reserve of bullion was much larger than it is now. There has been a gradual reduction in the bullion fund from eighteen millions sterling, at the close of the year 1858, to £12,196,000 at this date. In the year 1859, this reserve ranged from £18,560,000 at the opening, to £16,250,000 at the close; the rate of interest at both periods being 2 per cent. In the year 1860 the range was from £15,350,000, at the opening, gradually down to £12,580,000, at the end of December ; the rate of interest rising in the mean time from 3 to 6 per cent., and Consols falling from 95 to 92} in the London market.
Notwithstanding the conservative management of the Bank of England, the Bank of France has, during the same period of three years, exhibited a stronger position, viz. :
While the London rates of discount range from 41 to 5 per cent., on the Continent money is much cheaper, as may be seen by the following quotations from nine cities :
Bank Rate of Discount. Open Market Rate.
4° per cent. Vienna,
24 St. Petersburg,
7 The British Board of Trade returns for the month of June, 1861, show that the exports of home produce and manufactures for the month were again upon a much larger scale than could have been expected, reaching £10,362,893, which is more by 12 per cent. than in the same month of last year, though less by 3 per cent than in June, 1859. For the first six months of the present year the total has been £60,143,425, being only 3 per cent. less than last year, and 4 per cent. less than in 1859. The export trade with the United States is shown to be now completely paralyzed; but the falling off in that direction is fully compensated by an increase in other quarters. With regard to imported commodities it appears that the arrivals of grain, although excessively large, were not quite so heavy as in the preceding month. Their value, including all descriptions, may be estimated at upwards of £3,500,000, while that of the May importations was about £4,000,000. During the first six months of the year, the returns for which are now completed, our importations of grain of all kinds have amounted to about £21,000,000, against about £9,500,000 in the corresponding half of 1860. As respects the consumption of other articles of food and luxury, the figures for the month of June show a falling off under every head except those of cocoa and wine.
The exports of British and Irish produce and manufactures for the month and for six months of three years have been as follow: Month of June.
£10,665,891 .£ 63,003,159 £ 10,500,526 1860,.
10,023,904 The British navigation accounts show that 929,055 tons of shipping entered British ports during the month with cargoes, against 831,379 tons in the corresponding period of last year. Of 378,637 tons under foreign flags, 130,278 tons belonged to the United States, showing, however, a decrease under the stars and stripes as compared with 1860. The increase took place under the British, Swedish, Norwegian, Prussian, Hanseatic and Greek flags. Of the total tonnage entered 182,155 tons, irrespective of nationality, arrived from ports of the United States, the next largest amounts of tonnage being from Russia, India and Canada. Of 1,027,076 tons cleared outwards, with cargoes, 145,806 tons cleared for French ports, the next largest amounts of tonnage having cleared for Baltic and North Sea ports, India and the United States. The coasting trade shows 1,429,964 tons of shipping entered inwards with cargoes,