There is no village on the line of our far-famed Canal, that has felt the benefits which flow from this lateral channel of commerce more sensibly than Palmyra. The increase of population has been remarkable and almost unexampled. But a year prior to the completion of the Erie Canal, we could not enumerate more than 600 inhabitants. The population now contained within the limits of the corporation, may be safely estimated at 2,000. With the increase of population and mercantile business, the whole village has undergone a visible change.

A neat Church, of the Gothic order, for the Episcopalian Society, is almost prepared for consecration. Two large rows of brick buildings are now finished. A third is progressing, and will be completed before the commencement of winter. These are proud monuments of the public spirit, the persevering industry, and laudable enterprise of a few individual citizens.

Notwithstanding the great depression of the money market, and the complaints so and general of the dullness of the times, still these causes do not seem to stay the march of improvement here. Our course is onward. Nothing but some most unexpected calamity can impede our progress.

Situated in the heart of a fertile country, not yet half settled - with a progressive increase of our general wealth and resources, and a swelling tide of population pouring into our country - the most cheering prospects are before us, and bid us hasten on, by individual exertion, the halcyon days of our prosperity.

But after all, it is to the enlightened minds, the enlarged views, the magnanimous spirit and dauntless enterprise of the projectors of our grand canal, that we must attribute the benefits and prosperity that we now enjoy.

Their exertions in carrying on the work of internal improvement, against the formidable opposition which they had to encounter in its inception stage, have placed the state of New York on a good eminence - have styled her the great leader in the cause of internal improvements, and even extorted from our trans-Atlantic brethren, sentiments of applause and admiration.