York, which will be promptly paid in specie on presentation, or they offer Treasury notes, which being available for all public dues, never go more than one or two per cent. under par. By purchasing these, the agent gets his specie in New-York without risk or expense; it may be thence remitted according to circumstances. On presenting a draft on the New-York Treasury, it is paid in American gold. This as we have seen is not a desirable remittance, and the owner will prefer giving 111 for a bill rather than to send it. The seller of the bill deposites the American coin in the banks, whereas had the Treasury paid out foreign gold, it would have been immediately exported again. Treasury notes are at one per cent. discount, and therefore become the best medium of payment into the custom-house. The department by this means is deprived of specie income, its notes being under par cannot readily be paid out, but from their value as a remittance, will readily command specie at par in Mexico. On the 1st of January they were at par a premium in New-Orleans, and at 1 per cent. discount in New-York. On being remitted from Mexico, these notes are readily sold, and place the seller in funds to remit to England. It has been the case that during the month, those who sold bills on England, exchanged specie for Treasury notes, in order to enable those who had not completed their instalments of the last loan to do so, so curiously do financial affairs operate.

The money market of New-York has also been disturbed through the operations of the pressure upon the free banks of New-York State. In the early part of 1847, a bank mania existed to a considerable extent, not so much for purposes of legitimate banking business as for the mere object of profit, by issuing a depreciated paper money. The New-York free banking law permits the comptroller to receive New-York state stock as security, and issue circulating notes to the same amount; hence the desire to profit by this privilege induced large purchases of stock. In order to observe the mode of procedure we will turn to official tables. The following shows the State circulation on Nov. 1st, for three years:

It is observable that the country safety fund circulation decreased $1,258,074, and the country free banks increased $2,749,741, during three years. This latter increase was almost entirely on the part of so-called "banks" that sought only to throw bills into circulation, and make a profit by redeeming them at a discount. To do this they purchased New-York 5 per cent. stocks, for the most part with the notes they had obtained from the comptroller for stocks previously pledged. During the past year the amount of stocks so purchased has been as follows:

SECURITIES HELD BY COMPTROLLER FOR FREE BANK CIRCULATION.
Other Stocks. Total
Securities.

41

5

New-York Stock.
51

6

7

Total.

1847......265,376..4,886,189..892,000..1,055,665..801.009..7,900,239...1,577,924...11,100,210

1845..

1846......227,976..2,543,141..485,000.. 601,592..615,136..4,472,845...1,772,700... 7,835,850 .218,876.-2,135,113..441,000.. 465,592..544,880..3,805,462...1,809,293... 7,292,780 1844......216,157..1,788,721..402,000.. 298,100..359,927..3,064,905...1,938,448... 6,583,870 1843...... 32,000..1,139,869..243,000.. 125.000..234.565..1,826,434...1,918,395... 5,270,369 1842......100,000.. 763,637.. 70,000.. 118,200..174,000..1,225,837...1,025,254... 4,737,285 Nearly three and a half millions of New-York stock were bought in the market, and mostly up to August, 1847. The effect of these large purchases was a rise in price, which took place as follows:

The bankers had by their purchases advanced the price on themselves. The advance induced capitalists, savings banks, and other prudent institutions, to sell. Hence the stocks went from strong into weak hands. As soon as the pressure came this process was reversed; all those banks that had been buyers became sellers. As fast as their notes were returned upon them they were obliged to return them to the comptroller, liberate stock and sell it for money to continue redemption. The consequence of this has been the.fall in prices. Those banks which bought at 1014 in August, must now sell at 92. The banks' like silly Wall-street amateur speculators, raised the price of stocks in order to knock them down again at their own expense. The law should have allowed a large margin to provide for these fluctuations. This operation of the banks is exactly what Wall-street brokers call a 66 corner." As thus: a party hold all of a certain stock in their own hands. By means familiar to operators they induce a number of persons to sell them the stock on time. The seller hopes to buy the stock cheap, but they know he cannot buy it all, because they have got it all. When the contracts come due they charge him what they please. Twenty-two of the above banks, supposing that specie would not be demanded of them, or if it was that there was plenty to be got, engaged to pay on demand $1,879,151 of specie. They had but $29,848, but they supposed that they could get it if called for, by selling their stock. In the mean time specie left the city for the South and West, $6,000,000 was sent abroad, and the demand for it continued. These banks are called upon to meet their promises, and they are “cornered." Specie had become more valuable than when they promised to pay it, and they cannot get it without giving more stock for it than they supposed! The money market is now, and will continue to be, tight. Should as much stock, viz: $3,427,396, be forced upon the market as last year was purchased between January and August, it will operate injuriously on small stocks. It is observable that those who sold the stock at par may now buy it back at 90, being a profit of 10 per cent. at the expense of the foolish bankers. These buyers, however, anticipate that much stock must be sold, hold back until it goes to what they think the lowest price. This process of returning bills to the comptroller and selling stock is now going rapidly forward. In all this affair it is to be borne in mind that the security of the circulation is good-that is to say, as good as New-York stocks, than which no payment can be more certain. They are worth par as long as a 5 per cent. annuity for a term of years is worth 100 cents. That security is, however, not money. To be equal to money the notes must at sight be available for all purposes whatsoever to which money is applicable. This convertibility can only be effected by keeping the supply within reasonable limits, or to allow the issues to be made only in the way of business, to be returnable to the issuer through the regular operation of business. This would, in a great degree, have been effected by the law requiring all these banks to redeem at par in New-York. Had this been in operation, none of the banks whose failures have alarmed and victimised the public, would have been in existence. They were called into being only by the profit which could be obtained by shaving the public in the half per cent. redemption. This difficulty has always been avoided in Boston, not by law, but by one city institution, which receives all the country money that comes into the city in the course of trade, at par, and promptly returns it upon the issuing bank for redemption. This compels them all to keep a fund in Boston to protect their bills at par, preserves the community from petty shaving and losses, in a much more ef ficient manner than any law can do it.

GOSSIP OF THE MONTH.

DOMESTIC GOSSIP-POLITICAL.

CONGRESS.-The collected wisdom of the nation is bothered, "perplexed in the extreme," as to what course to pursue on this tangled question of Mexico. There it stands staring them in the face, covered with eternal sunshine, whilst whigs and doubtful democrats are cowering in the shade. If they dared, many of the whigs would reiterate the Hartford Convention cry of "stop the supplies," but in these telegraphic days, the echo would travel too fast for the reputation of such questionable Americans. After a great deal of palavering in both houses which is not likely to bury the fame of either Cicero or Burke, all that the administration demands will be voted. Another illustration of the old fable, parturient montes, &c.

THE PRESIDENCY.-Confusion grows deeper and darker on this grandest enigma of the day. Why is not mesmerism consulted that our agony may be over. Amid all the Richmonds in the field grave people begin to fear that we will be obliged to go without any President at all, for whilst hesitating whom to choose, the day may go by without any choice being made. This is a case not made and provided for in the Constitution; and will some of those quidnuncs, the Washington letter-writers, inform us what "on airth" is to be done if such good fortune should befall the country. Inasmuch as a great many sound minded persons think that it is all Mr. Polk's fault that we are at war, it may be fairly mooted whether the suppression of the Presidency is not a sure preventative against such stupendous evils in the future. But out of the scrub race for the autumn presidential stakes, who is going to win? that's the question. Which of the political studs has the best wind and the greatest bottom? Will he belong to the whig or to the other party; the winner of this greater than a Derby day? We have our shrewd suspicions on this subject, but of course we are too wide awake to tell them lest they should turn out wrong and compromise us. But on mature consideration, we are willing to commit ourselves to this extent, no farther. We are wholly and enthusiastically of the opinion that the man who is afraid to show his hand on the Mexican question stands no chance at all; but the man who holds the card on which is inscribed, in letters of light, as the papers say, "indemnity for the past, and security for the future," will be the drawer of the prize, the winner of the race, in plain parlance, President elect of these United States for the four years ensuing, and perhaps four more afterwards.

MR. CALHOUN.-This distinguished Senator has made his speech on the order of the day, Mexico. It will add to his ability as the first logician in the country, and an accomplished scholar. But it will forever destroy his hopes to be considered a profound statesman. A man who neither understands his epoch, nor responds to the sympathies of his country may be a great orator, but will never be the representative of either. It was a delightful treat to read the discourse of Mr. Calhoun, which bore the stamp of a cultivated and well-stored mind. How vastly superior in every respect to the illogical, unfinished stump oratory of Mr. Clay's last month. Mr. Calhoun is the only man in the Senate who can make a speech worthy of its character as the first legislative body in the world. The trash that is daily spoken there would disgrace a college-club.

THEATRICAL.

ITALIAN OPERA.-Since our last, we had the opera of Il Puritani, by Mlle. Barili, the favorite of last season. Both failed completely this, and there we leave them. But what a splendid success we have to record in the production of Lucrezia Borgia. Everybody is astonished and delighted; and we may be allowed to take some credit for discernment respecting la Signorina Truffi. We declared her to possess the elements of a great artiste, and we did this in the face of the malicious criticisms of the friends of her rival Barili. Well, what is the result. La Truffi has taken the town by storm in the part of Borgia; her acting is incomparable, far superior to Grisi's in the same role, and not inferior to the great French actress, Mile. George, who created the part. We are not inclined to trust our pen, which might run into extravagance, and we borrow the just and elegant criticism of our French contemporary, the "Courier des Etats Unis," written, we understand, by Baron de Trobriand, a young French nobleman, who married a lovely belle of New-York a few years since. "What a Lucretia is that of la Truffi; what threatening fire in her look; what imperious will in her gesture; what secret terror in her feigned affection. Of all the Lucretias we have ever seen, whether in drama, or opera, there is not one who like her has kept us suspended, and trembling under her terrible acting. Not one who has recalled to the stage, with such marvellous truth, that type, so great in its proportions, so sublime in its crimes, that we forget the wickedness to admire the grandeur of the character. Mlle. Truffi did not reveal herself in the Ernani, but in Lucretia she has surpassed all we ever hoped, Nothing was wanting to her triumph. Her singing was admirable; her acting magnificent, and her beauty royal." This is no more than strict justice, not one word of exaggeration. But Benedetti is deserving of equal praise; his acting was affecting and imposing, and his singing left nothing to be desired. It was altogether the richest operatic treat ever given in New-York, and establishes the success of the Italian opera on these shores. In our last we predicted that Truffi would become an "European celebrity," and now we feel no hesitation in foretelling that she will leave the boards of the Astor Place Opera to tread the stage of Her Majesty's Theatre, London, or that of la Salle Ventlasour at Paris. Let her persevere, and not lose her head by sudden renown, and she will yet make the old capitals of Europe ring with her name. Jenny Lind has no more merit, but the advantage of two excellent friends in Meyerbeer and Lumley. La Truffi will make friends, too, for genius commands them, and then a glorious career will dawn upon her.

THE PARK THEATRE-has relapsed into its former degradation, and becomes once more an arena for the display of horses and monkeys. This is simply the result of bad management which is overtaken by failures because incapable of providing against them.

THE BROADWAY THEATRE is following in the same track, and is without attraction because it is without a manager of talent to produce it. Why does not its spirited, but inefficient proprietor give it to some one who will make his property valuable. After securing his interests, he can have only one other object, to see the really beautiful structure he raised, prosper, and rise in fame. If he could by any chance find a person at all competent to guarantee such a desirable consummation, we think he must be want. ing in common sagacity if he do not take it.

FOREIGN GOSSIP.

HORRIBLE STATE OF IRELAND-SHOCKING DETAILS OF PRIVATE LIFE IN FRANCE, &C. &C.

In the absence this month of any prominent topics of domestic interest, wherewith to gossip with our readers, we think it may be useful to draw their attention to subjects, which though of foreign origin, yet are of direct interest to us, bound as we are by our

political principles and national sympathies to watch over the condition, and alleviate, as far as in us lies, the misfortunes, civil or social, of other lands, and more especially those connected with us by ties, such as Ireland and France. In the one we have to depict the evil consequences of political misrule, and in the other to point to the infallible results of a vicious social system.

To begin with Ireland, the last news from Europe brought the information that the English parliament had voted, by a majority of 296 to 19, a bill for the repression of the civil war which reigned in Ireland. This law of repression, now voted almost unanimously, threw Sir Robert Peel, who first passed it, out of power only eighteen months ago. Such are the revulsions of politics. This is no less than the seventeenth law of the same kind passed during the short period of forty-five years, and all to no purpose. A member of the Parliament said on this occasion—“ It is now thirty-three years since we have been at peace with all the world, save Ireland." This is the best possible comment on the effects of the atrocious oppression of Ireland by their ruthless-minded conquerors. But facts speak more eloquently than dissertation, and we shall add, to the honor of our readers, such thrilling and revolting details of Irish misery as to put history to the blush. In a late lawsuit which took place in the county of Cork, Ireland, it was established on proof that during the year of 1846 no less than 300 tenants perished on one estate of hunger and cold, and were all buried in one common ditch. Can any body wonder that a people reduced to such extremities are driven by necessity to a state of civil war and barbarism. Sir Robert Peel in the course of the late discussion stated an extraordinary incident which had happened under his administration, and which paints in the most vivid colors the terrible state of Ireland and the disorder of the legislation which seeks to conduct her destinies. He stated, that a very rich Irishman on one occasion hired 15 assassins, that he placed in groups of five on three different roads to waylay an enemy who was to pass that way, and who was declared to be a respectable magistrate. He could not escape such a net, and he was killed. The assassins were paid each two guineas ($10) for the bloody job. The English government offered a reward of £1000 ($5000) for any one of the murderers, and as much for each one discovered. The murderers only were excluded from the reward offered for their denunciation. They were all informed against, and by whom do you suppose? why the very wretch who employed them to execute his vengeance. Two of them were arrested and convicted. But not the least extraordinary thing was, that the informer, the real criminal, claimed his reward ($10,000) for the arrest of two of the assassins. He was safe from punishment as pardon had been vouchsafed to all concerned, save the actual murderers. He insisted on his recompense, and the government in virtue of its promise paid the amount to the monster who had first employed the assassins to murder the object of his hate, and afterwards gave them up to the laws and execution. Thus this rich gentleman got rid of his enemy, and made a profit of $10,000. If he could have had arrested the remaining thirteen assassins employed he would have pocketed $65,000 by this hideous speculation in murder. This is without parallel in the annals of modern crime. After every scene of outrage and assassination committed by the peasantry the guilty shoulder their muskets, and go home. No one pretends to see them, and the inquiries of justice are defeated by the reply, "that they did not disturb themselves whenever they heard a gun fired." Sir George Grey also gave during the debate, another sample how accomplices are found even in the bosom of a family. A landlord's house was recently attacked by seven men with blackened faces; two of the inmates flew to their guns, and fired them upon the intruders. They flashed in the pan, as the charge had been secretly taken out. A still more striking trait of this horrible state of things is seen in the co-operation of even young children, who are taught to play a prominent part in this fearful drama of "Lynch Law." Lately it was related that two landlords were driving along in a cabriolet on the high road. A little girl suddenly appeared and got up behind on the vehicle then going up a hill. Just as the horse was breaking into a trot at the top, she cried out in a loud voice, "Come along, my boys, now, quick, or you'll miss 'em." Immediately three men presented themselves and fired on the unfortunate proprietors, one of whom was mortally wounded. The English