On the opening of the court this morning, his Honor, Judge Wilkin, delivered his opinion sustaining the libel, and overruling the plea to the jurisdiction. His Honor decided the following points:

1. That under the 9th section of the judiciary act of 1789, page 77, U. States statutes at large, that the District Court has exclusive jurisdiction of cases of this kind, as they are brought for seizures made pursuant to the 9th section, and to recover penalties and forfeitures that have accrued to the United States.

2. That the 2d section of the act of 2d March, 1832, U. States statutes at large, page 412, embraces all and every kind of timber specified in the first section; the enacting clause of the statute, and that vessels engaged in carrying lumber, cut on United States lands, with a knowledge of the fact on the part of the owner, master, or consignee, are liable to seizure and condemnation, pursuant to said 2d section. That the decision of the Supreme Court in 9 Howard's Reports, in the case of the United States vs. Briggs, had settled the question, that all kinds of timber cut on lands belonging to the United States, were embraced in the enacting clause of the act, and that the word aforesaid in the second section, embraced all the various kinds of timber specified in the first section.

As this is the first decision ever made upon the statute, and a large number of seizures have been made for violation of the second section, and the prosecutions have been awaiting a decision, it has been looked for with much anxiety, as well by the vessel owners as the government. The law is now settled, and it is very important that all should bear in mind:

1. That persons trespassing on the public lands are liable to indictment, and, if found guilty, to punishment by a fine equal to three times the value of the timber cut, and also to imprisonment for a year for each offense.

2. That all vessels that are engaged in carrying lumber so cut on the lands of the United States, with a knowledge of the fact on the part of the owner, master, or consignee, are liable to forfeiture for each offense, and the captain of such vessel to a fine of one thousand dollars for each cargo.

AGENTS AND COMMISSION MERCHANTS.

In the Commercial Court, (Cincinnati, Ohio,) a suit was recently brought by Wilson vs. Traber & Aubery, to recover the amount of 200 barrels salt sold by the latter, as agent for the former. The salt was sold on time, and the purchaser failing to pay his note, Wilson claimed the amount, on the ground that the credit of the party to whom the sale was made was not good, and this fact was established by several witnesses. We copy from the Cincinnati Times the charge of Judge Keys, together with the verdict of the jury:

The judge remarked to the jury that there was no evidence of any special agreement, as to the way the salt was to be sold. The sale was on the 22d November, 1847. The note taken in payment has never been paid. The account sales, reudered 25th August, 1848, advised the plaintiff that 200 barrels had been sold to Sigerson. The defendants are factors, who have the custody and authority to sell. A general authority authorizes a sale on credit, by terms of the agency. If, however, it be shown that any usage exists by which property of particular description is to be sold for cash, the factor's general authority is modified. Such usage must be shown. If a usage is shown, the factor must pursue that usage, and he must not sell on terms beyond that usage. It is sufficient if he keeps himself within the usage. He would not be liable for making sale at longer time than greater majority of sales, but he would be bound if he went beyond that limit.

If he exceeded the usage, he would be chargeable, in the first instance, for proceeds of sale, if he sold without the limits of the usage. Generally, a factor is not a guarantor, unless he is a del credare agent. A del credare commission must be shown by express agreement, or usage creating such contract. If there was a usage for factors to be liable for sales of a particular description, then the

factor would be liable, though no agreement was shown. Whether there was any such usage here, is purely a question of fact.

Factors must render an account of sales, or maka good all loss occasioned by negligence. If the jury are satisfied that the principal has sustained some loss, it is for the agent to show the damage does not amount to the full value of the goods sold. It is not enough that the principal should show merely a probability of loss that always exists. He must show he has sustained some damage. The factor, in sales, must employ some diligence, as a prudent man ordinarily exercises in his own business. In the present case, Messrs, Traber & Aubery were bound to exercise the same care and prudence which men in like business use in like circumstances; if they did not use that ordinary prudence, they are liable. He must employ reasonable diligence to ascertain a man's credit. If he sells to a man of bad credit, or so doubtful whom a majority would not trust, the factors are liable. If he sells to a man of known insolvency, he is liable. This may seem harsh, but it is the rule. That he sold his own is only evidence of good faith. It is not evidence at all that he has acted with due care and diligence. It is not admissible in that light. It will not operate to excuse want of care and diligence in the sale.

The jury, to whom the case was submitted, brought in a sealed verdict for $456 93, for the plaintiff'; being the full amount of the claim, with interest.

COMMERCIAL CHRONICLE AND REVIEW.

THE STATE OF THE MONEY MARKET-PROBABLE DECREASE IN THE RECEIPTS OF CALIFORNIA GOLD EXPORTS OF THE UNITED STATES-EXPORTS OF AMERICAN MANUFACTURES-WEIGHT AND VALUE OF OUR COTTON EXPORTS-EXPORTS OF RICE AND TOBACCO-OF BREADSTUFFS-IMPORTATIONS OF DRY GOODS INTO NEW YORK-IMPORTS OF THE PORT OF NEW YORK-COMMERCIAL POLICY OF GREAT BRITAIN-QUANTITIES OF FOOD AND MATERIAL IMPORTED INTO GREAT BRIT AIN-COMMERCIAL ADVANTAGES OF ENGLAND, ETC., ETC.

THE state of the financial markets seems, up to the close of the year 1850, to maintain the same plethoric aspect which it presented at its commencement. The development of international commerce, by which the products of industry have become more available, has produced, or rather put afloat, a greater amount of floating capital, inasmuch as that the demand for supplies, which is the motive for production, has become effective, through the greater facilities of interchange, and at all the commercial centers, money has accumulated. The operations in California have added greatly to the positive supply of money. According to the tables of the Secretary of the Treasury, the amount of money received in the United States from that quarter, up to the 31st October, was $31,838,079; since when, at least ten million has been received. It may well be doubted, however, whether this supply will be continued at this rate. It is well known that very few, if any, of the actual miners have made money. They work hard, and produce from $10 to $16 per day each, but this all falls into the hands of those who furnish the supplies and dwellings. Those engaged in transportation and trade get the money; while those who work are no better off at the end of the year, than before. This well-known fact has already changed the tide of emigration. The press is no longer to, but from California; and when the la borious production of the gold ceases, the profits of the dealers must disappear. There is no question of the abundance of the gold, but the process of procuring it is not profitable to the miners, and unless a great change in this respect takes place, the supply must decline greatly. The threatened wars of Europe creates

a great demand for silver, for hoarding, and for gold for military chests; and a gradual tightening of the European money markets is already apparent, which may lead to an important drain of gold, if war actually occurs. In the meantime, the imports into this country continue very large, and will probably, for the spring, take more the nature of consignments on foreign account, than of orders on American account. The checking of the European markets already is affecting the stocks of European goods, and giving them a direction to this country, where the prospect of realizing upon them is better-more particularly that the demand for United States stocks is likely much to increase for 1851 over 1850, while the exports of United States domestic produce from the United States are this year slightly in excess of those of last year. The leading items, for several years, are as follows:

In this table we have the progress of the exports. The export of food for the fiscal year was small, owing to the combination of circumstances, which made the supply in western Europe larger, and prices lower, than for twenty years previous. In all other items, the exports have progressively increased. Under the head of manufactures, the increase has been 300 per cent, since 1846; and these have been as follows:

The export of the manufactures of iron, mostly to South America, has nearly doubled, under the facilities which the manufacturers have enjoyed, of procuring

the raw material on better terms. The exportation of cotton goods has also materially increased since 1846, and that increase has been progressive and regular in the colored articles, while it is 100 per cent in the white.

The value of the raw produce exported from the country has very considerably increased, and the figures for cotton show a very gratifying result. The quantities and values are as follows:

WEIGHT AND VALUE OF COTTON EXPORTED FROM THE UNITED STATES.

This table shows very conclusively the fact that the consumption of cotton has long since run ahead of production. Since 1846, the value of the cotton has increased, in round numbers, $30,000,000, or very regularly $6,000,000 per annum, notwithstanding that the quantities have fluctuated enormously. As compared with 1844, the foreign manufactures gave, in 1850, $18,000,000, or 30 per cent more money for the same quantity of cotton. Rice and tobacco have partaken of the same improvement, as follows:

EXPORTS OF RICE AND TOBACCO FROM THE UNITED STATES.

As compared with 1844, 7,000 tierces less rice brought $500,000 more money; and 18,000 hogsheads less tobacco realized $1,500,000 more money. The latter sold last year higher than for any year since 1841.

The quantities of breadstuffs exported have been as follows:

This year-that is to say, 1851, the quantities of these articles may possibly range as high as for the year 1847. They have already reached a high figure.

It is very gratifying to observe, that while the value of those raw products which the United States furnish has so much improved, that the power of our manufacturers to compete in neutral markets with rival nations has improved in the degree which the exports of manufactures indicates of the importations of goods for the year 1850, which, exclusive of specie, exceed, by $26,000,000 those of 1849, about $11,000,000 has been in dry goods,

of the four great staples. The importations of these articles at the port of New York have been in the following proportions for the three years, in question:—

At New York...
Elsewhere

Total, 1850.....

At New York.

Elsewhere....

Total, 1849..

Cotton.

Silk.

Flax.

Total.

Wool. $13,140,312 $9,214,151 $10,431,396 $6,382,238 $39,168,097 2,828,572 10,682,479 8,293,032 1,712,784 23,456,867 $15,968,884 $19,896,630 $18,724,428 $8,095,022 $62,624,964 7,942,415 9,012,236 11,870,306 3,803,202 32,628,159 5,273,133 7,642,605 4,557,750 2,104,040 18,577,524

$13,215,548 $15,654,841 $16,428,056 $5,907,242 $51,205,683 These figures give us. the extraordinary fact, that while the proportion of importations of woolens and flaxen goods have increased at the port of New York, those of cottons and silks have decreased. This probably arises from the operations of steam lines, and the change in the English navigation act, which has carried European light goods to England, for shipment by the Boston steamers, to some extent. Taking into consideration the increased numbers and purchasing capacity of the consumers in this country, the imports for 1850 were not large; but thus far in the fiscal year 1851, they have at this port considerably increased, and will probably continue to do so for the balance of the year. This fact is apparent in the official figures of the importations at the port of New York for the first five months of the fiscal year 1851, as compared with the aggregate imports of the same months in the two preceding years, as follows:

Total, 5 months..... $8,971,134 $2,798,756 $26,676,530 $25,852,249 $64,298,669

66

86

1849. 1,923,500 1,766,178
1848. 628,553 2,917,914

19,093,907 20,769,992 43,903,681 16,373,583 18,292,772 38,212,822 The report of the Secretary of the Treasury,* which has made its appearance somewhat later than usual, is of a much more satisfactory character than had been anticipated. The report of Mr. Meredith last year held out the fear that a loan of some $16,000,000 would have been required to make good an estimated deficit in the revenue. The estimates of expenditure which he made were not reached by many millions, and the revenue much exceeded his estimate. Mr. Corwin, adopting thes ame process of estimating small revenues and large expenditures, shows that no loan will be necessary, but he advises a change in the tariff, because, in his judgment, it would be necessary for the revenue. There is very little fear that a tariff which has worked so well for revenue, and for the general interests of the whole country, will rashly be disturbed, and in saying that it is not for the interests of commerce that it should be, all the other interests are included in the remark, when we reflect that the range of duties is 25 per cent, holding out a high premium to smuggling, we cannot but suppose that

* Several interesting tables, derived from the able and interesting report of the Secretary of the Treasury, will be found under our "Journal of Banking, Currency, and Finance," in the present number of the Magazine.-Ed. Merchants' Magazine.