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"The princess smoked! Immediately after dinner, her page brought in a rich Turkish pipe, set it on the floor, unfolded the long flexible stem, and presented its amber mouth-piece to the lady. She took it in her jeweled hand, gave a few graceful whiffs, and then returned it to the page. She seemed to enjoy it, was evidently accustomed to it, and it was the only thing I saw about her that was in bad taste-one that I could not but heartily condemn. It is bad enough for men to fill their pockets and mouths, and scent their whole person with tobacco; but when the charm of that "ineffable perfume of an elegantly dressed lady," as Bulwer would say, is thus destroyed, half of her power and the divinity of that celestial halo of purity which encircles her like a tiara of pearls, vanishes. The princess's page is a good looking youth, very differently dressed from the other attendants-something in the Hindoo style.

"Coffee had been handed round by servants; but a dwarf, a very short, curious looking little man, with large mustaches, came to receive the cups. When the princess had finished smoking, she called to her a little animal that had been skipping about the room, and it leaped upon her from a great distance. She remarked to me that it was a great pet of hers, and that it had been brought to her from Affghanistan. It resembled the African squirrels I had seen, but it was about three times as large.

"Prince Kotsohobey, in accordance with a promise last evening, called this morning and presented to me a splendid Russian map of this region.

"Attended the Greek church to witness a ceremony-the consecration of the army. The patriarch in robes of golden cloth officiated. The officers in full uniform were present, and received his benediction after many formalities, and reading from a massive Bible bound in gold. The patriarch then went out, and with a small brush sprinkled with holy water the soldiers drawn up in front of the church.

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Sunday being inclement, I devoted myself to the study of the Russian language. On Monday, met the Princess Bebutoff, and soon after received an invitation from the Princess Woronsoff to attend a ball that evening, at the palace. A drosky took me there at eight o'clock, and I was received in the grand saloon by the princess, who wore the charms of her sweetest smiles, 'and her most affable manners. General Sofonoff and lady soon arrived. The latter and Princess Woronsoff were in dark satin dresses in French style. That of lady Woronsoff was cut pointed in the neck before and behind, and trimmed with ruffles of fine plain lace. A lace scarf was about her shoulders; hair brought full and low on the cheeks, ornamented on one side by a fringe of black bugles, and on the other by a small delicate feather, which floated gracefully beside the glossy braids. On the neck was a single string of pearls. The rest of the company was made up of glittering officials, and short and tall women, dressed according to their good or bad tastes. One very little woman had three enormous crimson dahlias in her hair, and four on the front of the skirt of her dress, but she had a pleasant face, innocent as the light. There were two in Georgian costume; one, the Princess Parlavandoff, was pretty and fairy-like. Her dress was of pearl colored silk, made like those I have heretofore described. Around her waist was a ribbon of the color of her chemisette, and on her arm, covered by a long sleeve, were two bracelets, one of gold and one of coral. Her front hair was brought low on the cheeks, while the rest in raven braids fell down her back, partly covered by the thin veil that floated from her little golden cap.

"Khanikoff, an author of much celebrity here, extended to me his acquaintance, and presented me to Count De Lille, companion of Count Courtigie, employed by the French government to make observations on the military establishments of the country, in reference to adopting the same in Africa. Tea and cake were handed around, then commenced a gallopade, which was followed by quick waltzes-couples succeeding each other, after passing up and down the hall once; it being considered somewhat improper to extend a waltz further, with the same partner. Ice creams and sherbet were next brought, and the

dwarf came to receive the dishes. The ladies were then all seated at the upper end of the hall, and Mons. Rodolf, a distinguished French professor of legerdermain, went through a series of sleights of hand that astonished all.

"Mons. R. was three years in Constantinople by the wish of the Sultan, who made him many valuable presents. He is yet young, quite gentlemanly, and has with him a sweet little Italian wife. After his feats the mazurka was danced for an hour; but it had nothing of the bewitching grace, that true poetry of motion which characterizes the Spanish waltzes as danced by the Madridlenians. One is the graceful roll of the ship at sea, the other, the feather in a whirlwind.

In the morning, M. Khanikoff favored me with a call and a book to read. Baron Nicolaif came, and entertained me for two hours, and in the evening I had a visit from a Mr. Ivanhoe, a Greek from Smyrna, who knew many of my old acquaintances there the lovely Greek sisters, the Misses Gou, one of whom, (and whose portrait is in her father-in-law's family in the United States,) is now the wife of an estimable American, Mr. Langdon; the worthy English family of Purdys, one of whom married a charming and wealthy lady of Boston; the Messrs. Offleys of Philadelphia, and the accomplished and admired Miss Clark, who now, as Mrs. Lord, adorns the society of Trinidad de Cuba.

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Early this morning I received a note of invitation from Princess and Prince Woronsoff, to dine with them in the evening. By invitation I paid a visit also to the Georgian Princess Bebutoff, it being with her a marriage fete day. I entered a large walled courtyard, ascended a long, low flight of steps, to the stylobate of a handsome one-story wooden house, of light green color. Passing through a long hall, I was received at the door of the reception-room by the Princess' brother, who presented me formally to his sister, who was reclining on a divan beside her mother. As I kissed the hands of the good lady and lovely daughter, they returned the compliment by kissing my hair; this species of salutation being allowable where persons are intimate; and the long acquaintance I had had with the Princess' father and brothers, and the knowledge we possessed, consequently, of each other, made her, as well as her mother who had welcomed me to her house, when I was so seriously injured by the upsetting of the carriage, appear more like a relative than a stranger. The young lady, gorgeously attired in native costume, arose to receive me, while her parent sat a la Georgian. The room was large, and richly furnished in blue damask. On one side, covering about a quarter of the finely waxed floor, was a large Persian rug, on which stood a sofa and centre-table, and opposite it a piano. I had been invited here to dine, but a previous engagement at the palace prevented what would have been very agreeable; but I was not permitted to leave without promising to return again, after I had left Prince Woronsoff. The Princess would not, therefore, say to me adieu, but, au revoir. I shall not soon forget the tone of that voice; and the smile that accompanied it, is a delicate wreath hung up in my memory.

"I next drove to Prince Kotsohobey's to return his calls, but did not find him at home. I, however, met there Prince Dinderdoff. who invited me to his apartments, where he displayed some very excellent raw silk, made in the neighborhood, and which is becoming a great article of cornmerce. I was astonished to find that he was perfectly conversant with the detailed movements of our army, and said that he thought that General Scott must be a great military chief, while General Taylor deserved the thanks which one state refused to vote to him, and the highest honors in the gift of our government. He also mentioned, in terms of admiration, Bragg. Worth, Ringgold, Hunter, and many others, several distinguished sons of Massachusetts; and affirmed that it was incredible how the untutored volunteer corps should fight so bravely, and be so bold and irresistible. It was most gratifying to me to see that the fame of those noble-hearted soldiers had thus spread over the world."

FINANCIAL AND COMMERCIAL REVIEW.

THE state of the money market remains very favorable throughout the commercial world, and one of the most marked features is the singular accumulation of coin at all the great centres of business. Apart from the influence which the California mines may have had on the business of the world, and they are supposed to have sent forth $30,000,000 during the year 1849, of which a considerable portion remains in San Francisco, much scattered through the countries and Islands of the Pacific; about $4,000,000 reached England, and nearly $6,000,000 the United States, the general state of prosperity has been such as the country, perhaps, never before witnessed. While the amount of business is very large, the ability of the people of Great Britain and Western Europe, as well as of the United States, to consume, is very considerable; and the fact that money accumulates to an unprecedented extent in the great reservoirs, is an evidence, not only that the supply of the precious metals is abundant, but that the production of equivalents is equal to the consumption of industrial products. When goods are largely sold to consumers on credit, money becomes in demand to supply the place of those other articles which should compose floating capital. When, however, production keeps pace with consumption, the articles produced discharge the payment for purchases without the intervention of money, which accumulates idly in the great reservoirs. During the past year, the trade of the United States has been equal to that of any former year, and the commerce of Europe has been no less; yet, if we compare the amount of specie on hand at the leading points, we find a great increase.

SPECIE AT FIVE COMMERCIAL CITIES, BY MOST RECENT RETURNS.

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The amounts at Boston and New-York include those in the government as well as the bank vaults. In London the amount is larger than ever beforebeing within a fraction of £17,000,000 sterling, with exchanges still in favor of England, and interest at a very low rate. The direct effect of this continued abundance of money has been not only low interest, but a marked rise in almost all descriptions of produce in Great Britain. Coffee, sugar, cotton, food, and iron, as well as goods, are all improving in price; and, as a consequence, at this season of the year, exchanges are in favor of the United States, with every prospect of sinking to such a point, that a current of gold from London may meet in New-York another from California. For the product of January 23, the demand for bills was active. Leading city houses demanded 8a84, but good produce bills could be had at 7 a 73. The improved rates of cottou and other produce in England, will doubtless serve to keep the supply of bills equal to the demand for remittance-more particularly that United States stocks continue to go forward, and the consignments of goods from abroad will be small, in consequence of the active demand which exists for goods for consumption, both in England and the west of Europe. The greatest difficulty on the part of American buyers appears to be to make up assortments at any price.

The following is a summary of the exports of the United States for the last four years:

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The exports of the actual products of the industry of the country were larger, it appears, this last year than in any previous one, with the exception of the famine year, and the principal item of increase has been in the value of cotton. The amount for the twelve months ending with June, it appears, is officially given at $66,396,967.

The exports of breadstuffs from the United States for the fiscal year 1849 show, as compared with former years, a very considerable increase in quantities and values. They have been as follows:

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Ship Bread, kegs.. 29,773.
Rye, Oats, &c....
Total value....

.$175,182.... $638,221...$1,600,962.

$376.572.....$139,793

-$9,974,596..$17,625,407..$54,262,437 ..$22,678,602..$22,895,783

The aggregate value for the year 1849 is larger than that for the year 1848, and is 130 per cent. more than for the year 1842-that is to say, the foreign market for breadstuffs has increased $12,900,000 over that of 1842, and $3,200,000 more than 1846, which was a year of short crop. A considerable portion of this value, viz., $7,966,369, is for sales of Indian corn, being a direct bonus, as it were, to the western farmers, inasmuch as that the fact of a foreign demand has alone created a market for that article, while the proceeds of the sales of farm produce abroad have been returned in imported goods The fact that so much of our surplus productions has been taken out of the country has enabled the producers to obtain much higher prices for the produce sold at home. This enhanced value of their home sales it is which has enabled them to buy a larger quantity of domestic manufactures. Thus the report of the Commissioner of Patents for 1848 places the wheat crop of 1847 at 114,245,500 bushels. Of this, as above, in flour and wheat, were exported 11,068.579 bushels, or 10 per cent., at an export value of 115 cents per bushel, or $13,037,430. This sum represents the value of foreign goods brought into the country in return. Now, if we suppose that, of the whole crop of 114,245,500 bushels,

44,245,500 bushels are kept for seed and the food of the producers, there will have been sales of 70,000,000 bushels to those engaged in other employments— commerce, professions, manufactures, miners, &c.-and exported. The last amounts to 11,068,579 bushels, sold at 115 cents each-leaving 58,000,000 bushels for home sales, which brought at least 35 cents per bushel more than it would have done, had there been none exported abroad: that is to say, the sales were at the export value, $70,700,000, instead of about $56,000,000, which is all the whole 70,000,000 bushels would have realized, if they had been confined to this market, even if the whole could have been sold at all. Hence, the producers received $14,000,000 more for their home sales, which was applied to the purchase of domestic manufactures; and this has been the true cause of the prosperity of the latter, under our present tariff. This again reacts upon the price of the raw material, of which wool affords an eminent example. The receipts of wool, from the interior, on the New-York and Pennsylvania canals, and at Boston, per western railroad, for four years, have been as follows:

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This very considerable increase in supply has been attended by a constant increase in price; and the year closes, as compared with its commencement, as follows:

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An increase of 50 per cent. in the quantities delivered at tide-water, has been attended with a rise of 25 a 30 per cent. in price, the market closing with great activity and advancing rates, with very light stocks. This is surely not only an indication of prosperity in wool-growers, but also on the part of consumers of goods and manufacturers; for the latter have wrought up a larger quantity than ever before in this country, and have consequently been compelled to employ more hands at better wages. Thus, notwithstanding that the profits of capital may have been diminished by higher prices for labor and raw materials, operatives and producers, jobbers, salesmen, and the avenues of transportation, as well as the country at large, have been gainers.

The markets abroad present similar results; and late sales of wool in London show an advance over former prices for most produce and raw materials, including wool. It is now pretty certain that the home demand for goods abroad, will be such as to prevent the consignment of the usual quantities of goods, and that those ordered, will come out 20 to 25 per cent. higher in price than last year. This advance in the price of imported goods is equal to a rise in the tariff to the same extent, as far as " protection" to home manufacture goes, and the agents of manufactures here have advanced their prices to an equal extent. Although it may diminish the quantity of goods imported, it will give a high amount of revenue. It is obvious, that if, in such a state of affairs, the tariff should be changed, as the Secretary blindly proposes, to high specific rates, it would be destructive in the extreme. We are now beginning to feel, in restored confidence, abundance of money, increased trade, and adequate revenues,

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