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0o- full account Of the duel between Messrs
Yancey and Clingman will be found under our
postscript head


Commercial state or the Country-A storm


Approaching.


The recent movements in the commercial world
both II Europe and America-the fall in the price
OF cotton-ihe vacillations in the position of the
banks, and the currents aud counter-currents in
operation, present every indication to the phlIoso
pher and the statesman, that storm is approaching
in the commercial world, partial, perhaps il may
be, but springing from the same causes, and pro-
ducing similar results the great revulsions Of 81.
'S9 and Al. There is no use in mincing the mat
ter when danger is ahead, and the only way to get
through the difficulty is TO meet fully in tho face.
Let US come to particulars. One money market
reports for some time past, have given evidence by
their daily record of events in w all street, that
there were at work, in the commercial world, some
great and primary elements of disturbance. These
symptoms have now developed themselves in such a
degree, that we are able to trace them to their
origin, and 10 show the causes Of anticipated
dangers.


From the great revuslon of 1887 up to the year
1872, efforts were made to revive the trade of this
ccunry; but commercial affairs were so mixed up
with political matters, and the conduct of public
bodies in the repudiating States was such as to
prevent any real or positive conv.lescence from
taking place. In ls42, during certain condition
of The English market, large number
of the spectators aud merchants Of Lon
don, Liverpool, fand Havre, entered very
largely into the export of specie from those
countries into the United States BY this large ex-
port they were enabled to come into the American
markets, and, in great measure, to monopolize
them-to increase the current prices Of the day
and thus realize immense profits. Duringthis move.
ment they availed themselves OF the rise of prices
produced by the very specie which they exported
10 this country to get rid of the stocks which they
possessed 10 the old world. Thus extraordinary
rise in the cotton Market produced by the applica-
ton Of immense masses of specie exported to this
country, created life and activity through
out the whole Southern, Western, and Northern
country-gave an impulse to the banking instiM-
tions, and seemed at length to convince persons in
commercial life that "good times'' had again re-
turned. Under this impulse the merchants of this
country, of all classes, entered into the same move-
ment; and believing that the country was bare of
goods, they commenced vast import of foreign
merchandise, even inhe face of an increased tariff,
which laid the foundation Of many of the subse-
quent effects that are beginning to be felt by
many Of our commercial men. The extraordinary
increase Of our foreign imports during the whole
of ls43, together with the increased product of cot
ton, occasioned by the high prices of 42-the i'm
amount of specie still remaining in the
try, and thereby enabling the banks to exterd their
circulation-all concurring together, produced
slight overacton in trade and commercial affairs
generally, which has been the foundation of the
present reaction.


In addition to all the elements of disturbance
just referred to, have also to notice particularly
the action of the General Government, and the
surplus revenue at the command of the Treasury
Department. From eight to twelve millions sur
plus revenue was lying for many months in the
Golfers of the banks, to the credit Of the Govern
ment. This large sum was drawn from circles Of
commercial activity, and conspred, together with
the fall in the price Of cotton, and the growth of
the foreign debt, to press upon the commercial
interests with a more than usually complicated
energy Of character. Yet this surplus revenue,
from its unfortunate position in speculative banks
was used for the purpose Of advancing and bolster
ing up fancy stock instead of enabling the regular
merchants to meet their engagements abroad.


Thus it will be seen, by variety Of concurring
causes that the French and English SPECTATORS in
American commerce, first stimulated commercial
activity in this country by vas. export from their
countries of specie here; and having accomplished
their speculative purposes in that, the American
merchants stepped into the same current, and
without the same means to carry forward the
movement of increasing prices, and of enlarglng
commercial operations. without the same power to
control them. The result of that has been, that
during the last nine months a reaction has COM
menced. The price Of cotton has fallen-a de-
mand upon the banks has been made for specie for
the payment Of the foreign debt-and all these
causes are now producing in the large commercial
cities-on whom the storm will fall-a degree of
embarrassment that is anticipated with dread and
alarm in every quarter 1t is probable, that there
is now balance due foreign countries Of from
twenty to thirty millions, which cannot be met in
consequence of the diminished value of American
products in Europe, and the inability Of Southern
and Western merchants to pay those who supply
them from the seaboard. We anticipate, there
fore, for several months to come, a great pressure
in the money market-a pressure that may produce
many failures and bankruptcies-chiefy in the first
instance of the weak houses-though we hope and
trust, that those who have been conducting their
operations with prudence, may weather the ap-
preaching tempest


1t will be observed that in these singular CONNER
cial movements, duringithe last two and half
years, very little effect has been produced upon
them by the action of political events. They have,
intact, grown up without reference to political af
fairs, or parties. and are purely the result OF the
operations of one set Of SPECTATORS in Europe and
another set in America, and proceeded in by per-
quite ignorant ofthe principles govern
ing all the phenomena of the commercial world -
If danger come-as it will, according to all appear
apces-the ignorance and folly of the banking in
terests are at the bottom of the whole.


II our fnanciers and bankers throughout the
whole country were men of sosnd and philosophi-
cal views In matters connected with commerce,
they might have seen some months ago the sp-
proach of the present crisis. Throughout last sum.
mer, we gave hem frequent warning, and even at