Fund, upon the ground, that the state could not rightfully by her own act depreciate her own securities, with a view to profit by purchasing them herself at depreciated prices, and that such a measure would be anything but good faith to her creditors, and calculated to deceive her people, He was again upon the ticket for the legislature in 1844, but the great popularity of Mr. Clay in Maryland, and the desperate exertions of the whigs, occasioned the defeat of the whole ticket in Talbot County. Mr. Thomas was himself defeated by 18 votes: In 1845, he was again nominated and elected to the House of Delegates. The great question of the session was that of conventional reform. As usual he supported the measure of reform by convention with great warmth, and discussed it at length, in a speech which infused fresh hopes into the bosoms of its friends, and gained for himself a high rank as a parliamentary orator and debater. This session of the state legislature closed his legislative career. He was about to be called to a higher and more responsible post than the people of his state had yet bestowed npon him, and one far more difficult to obtain. In all parts of the state his name had been spoken of in connection with the office of governor, at the election to take place in October, 1847. As soon as he became aware of the serious intention of the party to make him their candidate for this high office, he acquiesced with his accustomed readiness to serve them, but declined doing anything whatever which could be construed into an effort to obtain the nomination, believing, as he then and has since avowed, that it was a high honour if obtained without solicitation, but worthless if procured by asking or by any attempt to forestall the opinion of the party. Under these circumstances, he received the nomination and accepted it; canvassed the whole state, defended himself and party against the charge of “ repudiation,"which was everywhere made by the oposite party, and was elected by a larger majority than either of his predecessors had received. Mr. Thomas did not fail to avail himself of the opportunity presented by the gubernatorial campaign, to discuss the measure of conventional reform, with which he has been during his whole career thoroughly identified. It is believed that his earnest and eloquent advocacy of that cause in all parts of the state, contributed materially to its It is not proposed to attempt even a sketch of the administration of Governor Thomas; the limits of the present notice forbid it. His inaugural address, delivered on the 3d of January, 1848, before the two Houses of the Legislature, in Annapolis, and a large concourse of citizens, elicited much and deserved admiration. It contains a lucid and learned argument in favor of conventional reform, in which the errors and absurdities of the present seventy years old constitution of Maryland, are strikingly set forth, the enormous patronage of its executive, the great cost of its judiciary, and the utter absurdity of the position that the people in prescribing the mode in which the constitution should be amended or changed by the legislature, had parted with their own right to alter, change, or abolish the instrument at their pleasure. His message to the legislature, at their December session of 1849, is also an admirable state paper, remarkable for the excellence of its style, its methodical arrangement, and the perspecuity of its detail. In it he displays the most perfect understanding of the complicated financial affairs of Maryland. With justifiable pride, he exhibits the resulte success. of a wise system of revenue laws faithfully administered, shows a balance in the treasury after meeting all engagements of nearly $500,000, and predicts the payment of the whole debt in thirteen years, but declines recommending any reduction of the taxes. It is due to Governor Thomas, that the reasons upon which this advice is given to the legislature should be set forth in his own words. “The right of a community to incur any pecuniary liability binding the property of its citizens, implies the corresponding duty of providing the ways and means for its extinguishment, within a reasonable time. No one race of men is possessed of the moral power to entail upon its successors the payment of a debt, created for its own supposed advantage, or by reason of its own reckless improvidence. The existing debt of the State of Maryland, has been contracted with the consent, or recognised as binding by the acts of the present generation, and whether the one or the other, upon the same generation is devoted the high moral obligation of relieving posterity of its burden.” Upon the slavery question, transmitting the resolutions of many states, he says: " Non-intervention is all the south has ever asked, and however reasonable the request, it has been more than once boldly, if not indignantly refused;" and he advised the legislature, “ to make the solemn declaration in advance, of the unalterable determination of this state, in case of the passage of the "Wilmot Proviso,' or any similar scheme, to make common cause with the south and resist to the end so palpable a violation of her right." In conclusion, he says, “ upon the Governor of Maryland is devolved peculiarly and exclusively, the execution and enforcement of the system of revenue, enacted for the redemption of public debt, and whether the complicated character of these laws, the revenue which they produce, or the number of agents charged with its collection and payment, is adverted to, it may well be inferred that so far from a sinecure, the executive office is one of ceaseless labor, anxiety and care. The condition of the finances of Maryland show abundantly that these duties have been zealously and faithfully performed by the present executive. The duties of the executive of Maryland, under our present unwise constitution are onerous in the extreme. There is no board of public works, no bureau of accounts, all devolves upon the executive. The distribution of an enormous patronage is a perpetual snare to his feet. Truly has it been said, that he who confers an appointment sought by many, makes all but one disappointed, and that one ungrateful. Happy the man who steers his barque safely through an ocean so vexed, and turbulent; who does his duty fearlessly and well, and is rewarded by the cheers of his friends and the respect of his enemies. For such a one, there is but one better reward, the approving voice of his own conscience. In person, Governor Thomas is of medium size and tolerably robust. His movements are rapid and graceful. The portrait accompanying this sketch gives an accurate resemblance of his face and features in a state of rest, but like most portraits, fails to convey an idea of the same face when illumined by the spirit within. His manners are cordial, frank, and affable ; his style of speaking is unusually felicitious. Governor Thomas will be forty years old when the term of his present office expires. In the prime of life, and possessing the confidence and affections of the people of his state, it is to be presumed that he is destined at no very remote period to play out the part which he has commenced. FINANCIAL AND COMMERCIAL REVIEW. DURING the month money has been very abundant, with falling rates in almost all the Atlantic cities. The importations of goods have been large ; and the consequent demand for exchange, considerably aided by a demand for silver for the continent, independent of the ordinary operations of commercial balances. The exports of stocks have also been very considerable, amounting, as indicated on the transfer books at Washington, from their opening, January Ist to the close, June 1st, for dividends of July 1st, to four millions. In addition to this, considerable amounts of coupon stocks, and also of company securities have been sent abroad, probably to the full extentof $10,000,000 in the 6 months. The demand for these securities continues unabated; and the result of releasing so large an amount of American capital at high prices from their investments, has tended to increase the abundance here, without inducing, as yet, any material speculation. Three important financial operations have taken place, indicating, in their results, the abundance of money. The Erie Railroad proposed to issue, for the completion of the road to Lake Erie, $3,500,000 Income Bonds-so called from the net income of the road being pledged to the payment of principal and interest of the bonds, which are payable after five years, and bear 7 per cent. The contractors took $1,000,000 of the bonds at par, and the bids for the remainder reached $6,412,000, ranging from 89 to 91-and the whole amount, $25,00,000, was awarded to bidders over 90. The state of Ohio, also, in order to meet stocks falling due, proposed bids for $2,600,000, of five and six per cent. stocks, and the bids amounted to $3,100,000, of which the following was awarded : ACCEPTED BIDS FOR THE ORIO STATE LOAN. $ 64 14 Six per Cent. Stocks of 1875. $10,000.....$15 26 prem....J. P. Hamilton. $200,000..$11 81 prem... A. Belmont and others. 10,000.. 15 64 125,000.. II 086 5,000., 15 75 5,000,.. 14 93 L. & E. De Coppet. $1.610,000 17,000.. 14 03 13,000. 13 63 12,000.. 12 77 Five per Cent. Stock of 1865. 13,000... 12 33 $200,000.. 0 28 prem... A. Belinont and others. 200,000.... 14 03 A. Belmout and others. 200,000.. 78 200,000... 13 81 200,000.. 1 58 200.000... 13 58 200,000.. 1 88 200,000.... 13 08 185,000.. 2 04 200.000.... 12 82 200,000..... 12 38 $985,000 $$ 64 G 60 All but $25,000 of the bids accepted were for foreign account. The $1,610,000 six per cent. loan, is redeemable at the pleasure of the state, after the year 1875—interest payable semi-annually in the city of New-York. The $1,000,000 five per cent. loan is redeemable at the pleasure of the state, after the year 1865—interest payable semi-annually in the city of New-York. The proceeds of these loans are applicable to the redemption of similar amounts falling due after December 31st, and until that time the larger proportion remains at five per cent. interest on the stocks, as collateral. That is to 4 VOL. XXVII, NO. I. say, the state loans $2,500,000 at five per cent. on its own stocks, with a margin of five per cent. from the face. This indicates the abundance of money. The state of Pennsylvania, in order to meet $3,500,000 of five per cent. loans falling due, and which are subject to taxation, issues proposals for that sum in a four per cent. stock, not subject to taxation. Among the evidences of general prosperity, which on all sides indicate the beneficent operation of those democratic principles, that were established in the administration that gave place to the Galpbin dynasty, are to be reckoned the revenues on public works. These afford an index as well to the quantities of produce and goods transported or interchanged between agriculturists, manufacturers, and merchants, as to the increasing number of persons, who, either by business or pleasure, are induced to spend some portion of their earnings in locomotion. For the purpose of observing the progress of business in this respect, we have compiled from official returns the receipts of the leading public works, as well canals as railroads, for consecutive years, and the results are as follows: REVENUES OF LEADING PUBLIC WORKS. Ohio Canals... 1846. 1847. 1849. Total Canals. . 4,565,385 ..5,735,894.. .5,626,089. .5,612,676 New-York Railroads.. 2,315,078.....3.166,340.... ..3,724,470.....4.289,205 Massachusetts 3,940,504. 5,210 081. 5,651,884. .6,118,214 Philadelp'a & Baltim'e Railroad ..568,555. ..643,065. .038,102 627,904 Reading, &c., Railroad... 1,900,115. 2,002,945. .1,692,555 ..1,933,590 Baltimore & Ohio Railroad. 797,064.... .1,101,936.... 1,213,664 . 1,241,705 Georgia Railroad.. 400,935. .. 383,863. -...582,014. ....626,813 Macon and Western Railroad.... 128,430. 147,768.. ..161,569. ...198 517 South Carolina Railroad.. .589,081. .718,110. ..800,073 .892,403 Litlte Miami Railroad .... 116,052, .221,139 .280,085 ..321,398 Michigan Central Railroad. ..277,478...... .347,555. .373,981. ...600,986 Wilmington & Roanoke Railroad.317,822. .331,480......-317,459.......310,397 Total Railroads.. $11,343,114.... 14.274,282.... 15,435,856. 17,161,132 Total Canals. 15,908,499.... 20,010,176....21,061,945.... .22,773,803 Thus, as indicated by freights and passages on public works, the internal business of the country has in four years increased 40 per cent., or 10 per cent. per annum since the present tariff came into operation. This proportion was, however, greater than appears from the figures, because the rates of travel on many of the works were considerably reduced. It is to be observed that the canals, the revenues of which are derived mostly from freights, swelled to a very high figure in 1847, from the extraordinary demand for produce in that year, and on the New-York and Ohio canals the figure of that year has not again been reached. A consequence of the large sales of that year may be traced in the enhanced revenues of the railroads, which are to a greater extent derived from passenger traffic. Thus, in Massachusetts, the revenue from freights rose from $2,307,681 in 1847 to $2,615,577 in 1849; while from passengers it rose from $2,650,513 to $3,234,136. In all sections of the Union where different interests reflect upon the railroads, the general results are the same. The Michigan and Ohio roads show the progress of business in farming districts; the Georgia and South Carolina roads that of the cotton districts; the Baltimore, Philadelphia, and New-York roads that of the trading interests; while those of Massachusetts reflect more particularly the development of manufacturing resources; and these latter have not prospered the least. The amount of capital now invested in those of Massachusetts is $51,801,126, having increased twenty millions in four years, and nows pays an aggregate average profit of six per cent. from the net earnings of the works—a fact which does not indicate any very speedy revulsion like that which has overtaken the railroads of England. It appears that the produce and business of certain sec. tions paid to capital invested in transportation $6,800,000 more money in 1849 than in 1846; and this at reduced charges, and without embracing freights on the canals. There must have been enhanced industry, and more abundant production, to have effected so large an apparent payment. As far as returns have been made for the present year, there has been an increase over the figures for 1850. The imports at the port of New-York have been, as seen in the official table which we recently published, large, and this continues to be the case as compared with last year. Since the first of May, the imports, according to our weekly retums, have been as follows: IMPORTS OF DRY GOODS-PORT OF NEW-YORK. 10. Wool. Total. 1849. .....125,103..138,783....308,791...91,079...29,655.... 691,411...580,856 " 17 .....150,319..125,314.... 197,932...66,760....9,267....518,592...282,332 “ 24......302,834..177,885....174,588..127,446....6,300....789,009...158,368 “ 31......190,504.. 149,897..., 269,591...80.392....7,300....637,735...184,479 June 7......288,205..157.243....323,387...91,059...21,970....944,694...310,026 14......203.402..148,680....147,818...65,389...38,730....703,539...373,913 21....... 57,658...62,327.... 131,669...42,531.... 4,898.... 299,077...380.923 Tatal.....$1,376,551 993,008 1,833,123 507,743 129,625 4,834,864 2,574,846 This is a very large increase in the supplies of goods, mostly in silks; and it is wonderful that, under the operation of a tariff so high as that which is now imposed, quantities so great can find sale in competition with those of our productions. The fact is apparent in the large quantities of raw material taken by manufacturers, and the present firmness not only of domestic but imported goods, under these large supplies of the latter, added to the rapid increase of southern and western factories, that a very considerable demand for goods exists in the country at large, and much in excess of last year. The abundance of the capital, and the stimulus recently given to the adoption of steam power, have combined to multiply factories in every locality. Two new factories are announced in Georgia, of 5000 spindles each--the one in Campbell county, just completed, and the other in Cobb county, just commenced. These southern works not only take supplies of cotton directly from plantations, but curtail to the extent of their operations the market for corresponding eastern and northern goods, without conflicting much with the finer descriptions imported. The prices which this year have been obtained for cotton have put into the hands of the south the means of entering the field of manufacturing. In order |