the past year, it is a gratifying result that the revenue has not declined, as compared with the preceding year, but, on the contrary, exhibits a small increase; the circumstances referred to having had no other effect than to check the expected increase.

It will be seen that the postmaster-general suggests certain improvements in the establishment, designed to reduce the weight of mails, cheapen the transportation, insure greater regularity in the service, and secure a considerable reduction in the rates of letter postage-an object highly desirable. The subject is one of general interest to the community, and is respectfully recommended to your consideration.

The suppression of the African slave-trade has received the continued attention of the government. The brig Dolphin and schooner Grampus have been employed during the last season on the coast of Africa, for the purpose of preventing such portions of that trade as were said to be prosecuted under the American flag. After cruising on those parts of the coast most usually resorted to by slavers, until the commencement of the rainy season, these vessels returned to the United States for supplies, and have since been despatched on a similar service.

From the reports of the commanding officers, it appears that the trade is now principally carried on under Portuguese colors; and they express the opinion that the apprehension of their presence on the slave coast has, in a great degree, arrested the prostitution of the American flag to this inhuman purpose. It is hoped that, by continuing to maintain this force in that quarter, and by the exertions of the officers in command, much will be done to put a stop to whatever portion of this traffic may have been carried on under the American flag, and to prevent its use in a trade which, while it violates the laws, is equally an outrage on the rights of others and the feelings of humanity. The efforts of the several governments who are anxiously seeking to suppress this traffic must, however, be directed against the facilities afforded by what are now recognised as legitimate commercial pursuits, before that object can be fully accomplished.

Supplies of provisions, water-casks, merchandise, and articles connected with the prosecution of the slave-trade, are, it is understood, freely carried by vessels of different nations to the slave factories; and the effects of the factors are transported openly from one slave station to another, without interruption or punishment by either of the nations to which they belong, engaged in the commerce of that nation. I submit to your judgments, whether this government, having been the first to prohibit by adequate penalties, the slave-trade-the first to declare it piracy-should not be the first, also, to forbid to its citizens all trade with the slave factories on the coast of Africa; giving an example to all nations in this respect, which, if fairly followed, can not fail to produce the most effective results in breaking up those dens of iniquity.

ADMINISTRATION OF VAN BUREN.

THE inauguration of Martin Van Buren, as the eighth president of the United States, took place at the capitol, in the city of Washington, on Saturday, the 4th of March, 1837. At twelve o'clock on that day, the weather being remarkably pleasant, the president elect took his seat with his venerable predecessor, General Jackson, in a beautiful phaeton made from the wood of the frigate Constitution, and presented to General Jackson by the democracy of the city of New York. They were escorted from the president's house to the capitol, through Pennsylvania avenue, by a body of cavalry and infantry, and were also accompanied by an immense concourse of citizens. After reaching the senate-chamber the procession was formed, and Mr. Van Buren, attended by the ex-president, the members of the senate, of the cabinet, and the diplomatic corps, led the way to the rostrum erected on the ascent to the eastern portico. He then delivered his inaugural address, in clear and impressive tones, and in an easy and eloquent manner. At the close of the address, the oath of office was administered by Chief-Justice Taney.

The language of the inaugural address, the assurances of the government official journal, published at the seat of government, and other declarations, satisfied the people that the measures of Mr. Van Buren's administration would be a continuation of those adopted by General Jackson, and consequently no change might be expected. The new president selected for his cabinet, John Forsyth, of Georgia, for secretary of state; Levi Woodbury, of New Hampshire, secretary of the treasury; Joel R. Poinsett, of South Carolina, secretary of war; Mahlon Dickerson, of New Jersey, secretary of the navy; Amos Kendall, of Kentucky, postmastergeneral; and Benjamin F. Butler, of New York, attorney-general. All of these gentlemen, except Mr. Poinsett, had been appointed by General Jackson to the respective offices named, and they were continued by Mr. Van Buren. Mr. Poinsett succeeded General Cass, who, in 1836, was appointed by General Jackson minister to France.

Early in the year 1837, indications were perceived of a money pressure of unexampled severity, not produced as that of 1834 had been, by

the contest with the bank of the United States (for that institution was now only a state bank, and so much embarrassed as to be powerless), but other and more formidable causes. It was some time before those unacquainted with banking operations could be induced to believe the alarm of the bankers in New York and other cities to be so well founded, as experience proved it really was. It was not until the failure of several great commercial and banking houses in New York, New Orleans, and other Atlantic cities, that the panic became general among the people.

The specie circular issued by General Jackson in the summer of 1836, which we have noticed in our account of his administration, had been powerful in its operation upon the banks and currency. This circular, or order, requiring all payments for the public lands to be made in gold or silver, produced frequent and sometimes large drafts for specie on the banks. This course not only prevented the banks from extending their line of discount, but compelled them to commence calling in their circulating notes.

The distribution of the surplus funds among the several states also seriously embarrassed the operations of the banks, and, from the mode in which it was managed, contributed to derange the currency. The banks with whom the accumulated surplus had been deposited, were not prepared for the distribution, inasmuch as they had presumed these funds would generally remain in deposite with them until the exigencies of the government should require its expenditure, and had, therefore, treated the funds of the United States as so much capital on which they could make loans to their customers. They had, therefore, undoubtedly, made large loans, relying on these government funds as an addition to their ordinary means, not likely soon to be called for.

The order issued from the treasury department, in pursuance of the law, for the distribution of these funds among the several states, was to the banks extremely embarrassing, and compelled them to call in their loans. They complained that the mode of distribution adopted by the secretary, Mr. Woodbury, was unwise and unnecessarily oppressive.

Another cause of pecuniary embarrassment and pressure was the excessive importation of merchandise from Europe, beyond the abilities and wants of the country, payments for which falling due, and American credit being impaired in London, occasioned a demand on the banks for specie, to be shipped to Europe.

The reaction in speculation had now commenced, and this accumulation of difficulties could not be withstood by the banks. On the 10th of May, 1837, all the banks in the city of New York, without exception, by common consent, suspended payments in specie. The banks of Boston, Providence, Hartford, Albany, Philadelphia, and Baltimore, and others in every quarter, on learning that the banks in New York had suspended specie payments, adopted the same course. On the 16th of May, the

legislature of New York passed an act authorizing the suspension of specie payments by the banks of that state for one year.

During the preceding two months, unprecedented embarrassments and difficulties were experienced among the mercantile classes, and were felt in all the commercial towns in the United States; especially in New York and New Orleans. The number of large failures which took place in New York in a short time, was about three hundred, their liabilities amounting to many millions. In two days, houses in New Orleans stopped payment, owing an aggregate of twenty-seven millions of dollars. In Boston one hundred and sixty-eight failures took place in six months. A committee was appointed by a numerous meeting of the citizens of New York, to proceed to Washington and request the president of the United States to rescind the specie circular, to defer commencing suits upon unpaid bonds, and to call an extra meeting of Congress. In their interview with the president they presented an address stating, that "under a deep impression of the propriety of confining their declarations within moderate limits, they affirmed, that the value of their real estate had, within the last six months, depreciated more than forty millions of dollars; that within the preceding two months there had been more than two hundred and fifty failures of houses engaged in extensive business; that within the same period a decline of twenty millions had occurred in their local stocks, including those railroad and canal incorporations which, though chartered in other states, depended chiefly upon New York for their sale; that the immense amount of merchandise in their warehouses had, within the same period, fallen in value at least thirty per cent. ; that within a few weeks not less than twenty thousand individuals, depending upon their daily labor for their daily bread, had been discharged by their employers, because the means of retaining them were exhausted; and that a complete blight had fallen upon a community heretofore so active, enterprising, and prosperous: the errors of our rulers," they declared, "had produced a wider desolation than the pestilence which depopulated our streets, or the conflagration which laid them in ashes."

Several petitions from other commercial cities and towns, had been presented to the president, requesting that he would summon a meeting of Congress at an early day. The president for some time declined to act on the petitions, but the suspension of specie payments by the banks, and the consequent exigency in which the financial affairs of the government was placed, finally induced him to issue his proclamation, on the 15th of May, for the convening of Congress on the first Monday in September, on account of "great and weighty matters claiming their consideration."

Previous to the suspension of specie payments by the banks, some of the friends of the president entertained a hope that he would afford some relief to the business community, by revoking the "specie circular" of the treasury department, which had been issued by order of General Jackson