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herd of borrowerz, effected a revolution, cumulation has averaged $10,000,000 for of which the solitary remains are now more than two years. This money has a most onerous tariff, a public debt of been loaned to banks without interest; $17,000,000, on which 6 per cent. inter- and in their hands has been the basis of est is paid, of which the Treasury con loans to speculators, and of a consideratains, or owns, $10,000,000, loaned to ble derangement of the currency. That speculators, banks, and brokers, without is to say, the federal government has acinterest.
tually been paying $600,000 per annum In March, 1841, when the late ad- interest for money that the banks have ministration came into power, the debt been using to their own advantage. of the federal government was then This state of affairs has been highly $6.910,669, consisting chiefly of Treas- injurious to the mercantile interest, ury notes, Hoating in the operations of because the receiving banks have rigidexchange ; and all redeemable within ly demanded, in specie, the balances the year, at the pleasure of the govern- which the payment of the duties crement. This description of debt was, ated in their favor against all other of all others, best adapted to the exi- banks. The effect has been, whenever gencies of the Treasury. Because, the customs have been large in any when, from a revulsion of trade, caused one month, to draw specie into the by the breaking down of the bank cur vaults of the government bank, and rency, or other events, the government thus to force a curtailment of their revenues fell off, they could be paid out mercantile loans on the institutions in into circulation, and absorbed in the general, and, also, to enhance the abiexchanges ; and when trade recovered lity of the pet bank to loan to speculaso far as to restore the revenues, they tors, and to avail itself of the high rate would be returned, and the debt extin- of interest resulting from the contracguished. Such a revulsion in trade tion its own movements had compelled produced the necessity for the Treas- the other banks to adopt. Alternate
The revenues in the year revulsions and speculations have at1840, from duties on merchandize, tended this state of affairs. The indewere $13,496,834, only, at that time, pendent treasury is now to be restored, as seen by the above table of imposts. and the connection between banks and Nearly one half of the goods imported the government finances, to be disconwere free of duty. Mr. Woodbury, tinued. This measure naturally calls then Secretary of the Treasury, pro- forth the most strenuous opposition of posed to lay a duty of not over 20 per those who profit by the present state of cent. on those articles, except tea and affairs, and this evinces itself in a rigid coffee, an operation which would, with curtailment of loans in those quarters the general recovery of trade, restore where the greatest distress will be crethe revenues. The first act of the 'ated by it, and by so doing promote the extra session of Congress, in the sum unpopularity of the independent treamer of 1841, was to borrow money on sury as far as in their power lies. a stock debt, redeemable only at the Happily, however, the power of the end of a term of years, at the same banks is far less now than in former time the duties were imposed on all years, when the late national bank articles before free, and raised to 20 per for the same cause made war upon the cent. on articles that before paid less government in the same manner. The than that. The effect of this, was to amount of capital seeking investinent, contract a permanent debt, and to make in the hands of private individuals, is a temporary debt a permanent one ; at far greater now than formerly. Duthe moment that means were taken, ring the past year there has been paid which, aided by the recovery of trade, off, by the federal and state governments, would restore the revenues, and permit more than $10,000,000 of stock debt, the extinguishment of the debt. The by far the largest portion of which reconsequence has been, that the govern- mains for investment here, in the hands ment has been paying upwards of of those who received it. Pennsylva$1,000,000 interest, on a public debt nia has paid during the year $2,000,000 redeemable only in 20 years, while the of interest, and her stock has become revenues accumulated to the extent of permanently active. Michigan has re$13,000,000 in the Troasury; and the ac newed the payment of interest on her
acknowledged debt. Illinois has paid, try; as, however, the law regulating in specie, a 1} mill tax towards the the coinage is of but little use, unless interest on the state debt; and Indiana the coinage takes place, a mint in is about following the example of Illi- New-York city, where most of the nois in that particular. . These are cir- specie arrives in the country, is a necumstances which not only add to the cessary adjunct to that law. So promeans of capitalists, but are calculated vided, a difference of at least 1} per ct. so far to restore confidence among fo will be produced in the exchanges in reign capitalists as to lead to an ex favor of keeping the coin in the country; tended employment of capital on this and by affording a plentiful supply of side of the Atlantic when present war coin, ready for circulation, the treasury fears shall have been allayed. These will be to the banks of the city what the fears have operated alike upon domes- Bank of England is to the non-issuing tic and foreign private lenders to cause banks of London, viz., the furnisher of them to hold up, and thus give effect to the currency with which their business the struggles of the banks against the is conducted. The active demand for sub-treasury law. Money has, in con- specie thus created by the government sequence, advanced in some cases to will affect the local currency healthily, over one per cent. per month. This because it checks the exorbitant issues state of affairs is of its nature tempo- of those small country banks, the prorary. The constant maturity of paper, fits of which are derived from the disat a time when the disposition to em count on their notes in New-York and bark in new. enterprises is not great, is other centres of business. It will also daily lessening the demand for money, act as a powerful antidote to the excesand must, therefore, of itself soon pro sive import of goods on credit, under duce a superabundance.
the modifications of the tariff, which, it The operation of the Independent is hoped, are about to take place. Ono Treasury, in connection, as is proposed, of the worst effects of a fluctuating pawith a branch mint in New-York city, per currency, is that, by artificially raiswill, in the highest degree, favor a regu- ing prices, it prevents exports. This lar and abundant supply of money for has, to some extent, occurred during commercial purposes, if not for specu- the last few months in relation to flour. lation. Without a mint in New-York, A considerable foreign demand sprung the operation of the specie feature of up on the strength of the news from the law is practically impossible. The England ; but the exaggerated accounts largest importation of specie into the arising from political causes, excited country is at the port of New-York; hopes here that any price could be oband there being here no means of coin- tained for flour. Instead, therefore, of ing it, it remains in the bank vaults, and selling, as orders came from England, they issue their promises based upon it. dealers held, by the aid of bank faciliIf the government demand specie for ties, until the price rose from $4 50 to its dues, it must be drawn from the $7 25. The effect was, that out of banks in the shape of foreign coins of very large receipts only 274,274 bbls. all descriptions. This money, at the of Hour were exported from Sept. 1st legal rates, may satisfy the demands to Dec. 26th. This involved a fall to of the government; but when the go- $5 50, at which rate English buyers vernment attempts to pay it into circu- again entered the market. This illuslation the people will take it reluctantly. trates in some degree the general effect Spanish pistoles, Portuguese doubloons, of bank facilities, which, at the same Indian mohurs, and English sovereigns time, promote large imports on credit, are coins with the nature and value of and the consequence is revulsion. А which they for the most part are unac low tariff, with the operation of the Iuquainted. If, however, the treasury dependent Treasury, is eminently calvault is connected with a branch mint, culated to promote the import of all American new and sound coins may be that is actually wanted in the country, paid out, and all classes of people will and cause the export of United States eagerly receive them. The first intiu- produce in payment, by which means ence of such an operation will be to give the general welfare of the whole couneffect to the gold bill of 1834, the object try is improved ad infinitum. of which was to keep coin in the coun
NOTICES OF NEW BOOKS.
Sketches of Modern Literature and Lite- history and philosophy as well as all other
rary Men, (being a Gallery of Literary classes of extended composition,-in a Portraits,) by GEORGE GILFILLAN. Ren word, if we take up this book in the simprinted, entire, from the London edition. ple purpose of reading critiques on the 2 vols. (bound in one.) New-York, writings of a certain number of persons, D. Appleton & Co. In paper, 75 cts. chiefly essayists and minor poets, and if, cloth, $100.
while reading these critiques, we rememThis book contains sketches of Jeffrey, ber the author's peculiar notions of greatGodwin, Hazlitt, Robert Hall, Shelley, ness, and his limited conception of what Chalıners, Carlyle, De Quincey, John Fos- the age is, and of what literature is,—with ter, Wilson, Edward Irving, Walter Savage these reservations, we shall be prepared Landor, Campbell
, Brougham, Coleridge, to derive pleasure and instruction from Emerson, Wordsworth, Pollock, Charles sketches of such eminent men as Jeffrey, Lamb, Allan Cunningham, Ebenezer El. Brougham, or Macaulay, and seem to be liott, Keats, Macaulay, Thos. Aird, Southey willing to know something of persons no and Lockhart.
more known than Thomas Aird. The author writes with spirit and vigor, Mr. Gilfillan professes to be 'aware and presents the reader with animated that he may be accused of exaggeration pictures of the literary character of the and extravagance;' but he so often recurs persons whom he has selected for the sub- to the idea, that the very persons whom jects of his critical analysis. His sketches he sketches are the peculiar and more ilwill be read with interest and gratification lustrious luminaries' of our time, that his by those, who have a taste for literary crit- error is a much greater one than mere exagicism, and who desire to make themselves geration or extravagance. It implies utacquainted with the qualities of mind of ter confusion of mind to suppose that the particular individuals in question. Belles Lettres constitute the highest walk And who is not curious to understand and of intellect, and in essay writing or poetry, appreciate the intellectual merits of such to propose a standard of greatness which men as Jeffrey and Chalmers, of Brougham shall make of Lamb or Keats the decora and Macaulay?
et tutamina of the modern world. Indeed, Still, there is one capital error, which whilst literature itself has loftier paths of pervades the work. The author says in distinction than those of mere Belles Lethis preface, that the men he has selected tres, there is still a loftier path of intellect are the leading lights,—the decora et tuta- than any which literature alone affords ; mina of their age.' Mr. Gilfillan has, it and that is intellect in action ; for as a will be perceived, therefore, very pecu- great writer has well said, words are bu liar ideas of what the age' is, seeing no the sons of earth, while things are the "lights' in it out of the English language, daughters of heaven. and having his mind filled with the In fact, Mr. Gilfillan has undertaken for image of a class of writers, many of whom the 'dii minorum gentium' of cotemporaare nothing more than minor essayists, neous English literature, and especially and second rate poets, to the exclusion of for the secondary Scottish writers, that those men who really constitute the great which Lord Brougham has done, in a selights of their age. Indeed, at the close ries of sketches of the same class, for the of the book, when taking a retrospect of truly high divinities of the intellectual what he terms his Gallery of Contempo- Olympus. rary Genius,' he begins to have misgivings The Vigil of Faith, and Other Poems. as to the propriety of the ambitious eleva By Charles Fenso HOFFMAN. Fourth tion he has been giving to some very ordi Edition. New-York, Harper & Brothnary writers even in the English language,
ers, 1845. and to concede that Byron and Scott are The contents of this neat little volume men of genius, as well as Keats and Lamb. are familiar to the lovers of poetry; and it In the body of the work, however, he speaks cannot fail to prove highly acceptable at of Wordsworth, Southey and Keats, as this festival season. “ The Vigil of Faith"
the leading stars in the bright host of our is a thoroughly American story—a wild, literary heaven,' (vol. i., p. 17,) and of metaplıysical tale of Indian revenge, told Emerson, as the greatest of all the minds of in graceful and spirited verse. It abounds America, (vol. ii., p. 329.)
in touches of description, affording vivid If we bear in mind, then, that Mr. Gilfil- pictures of woodland and river, sky and lan's definitiou of greatness and genius' mountain, as they exist in the picturesque excludes all the eminent names in science region where the Hudson takes its rise. and in art, in goverument, in diplomacy This is a species of writing in which Mr. and in war, in parliamentary and forensic Hoffman is recognized as remarkably felieloqnence, and active life generally, and citous. His pictures are drawn directly that his definition of literature excludes from nature, with a bold and feeling pen
cil. “ Eros and Anteros," is a sweet and Blood. He possessed, undoubtedly, like melodious collection of love poems, in which many others of his family, a strong head the phases of love and passion are drawn and a bold heart, to which, with these with great feeling and beauty. The re traits as the starting point of the man, was mainder of the poems are miscellaneons. added every thing which training could do There is a native impulse in Mr. Hoffman's to make him a statesman and a soldier. muse, a heartiness of purpose, and a cheer His military qualities, however, chiefly ing vivacity, which commends him to the distinguished him; and, by his genins in favor of all tasteful readers. His range of the art of war, he rose at once, in his first poetic experience may be limited, but he campaign, as commander, and at the age of has had the good sense to write from gen twenty-two, to the reputation of the best uine emotion, and therefore his etfusions (or one of the best) of the generals of have the unfading charm of reality. Enrope. This was the campaign of the
battle of Rocroy, in which the Spanish inWILEY & PUTNAM'S LIBRARY OF CHOICE fantry lost their character of invincibility,
READING, No. xxxiv. xxxv. The Life it is true, but without tarnishing their of Conde, by Lord Mahon, 2 vols. reputation, since they fought and died in
their ranks where they stood with no more Lord Mahon is a historical writer of a thought of breaking or of Might, than if it class which used to be more commonly were a holiday parade. Conde continued met with than it now is, and which is to distinguish himself in Germany, in always agreeable. He is not a mere book Flanders, in Catalonia, and again in man, compiling in his closet, and describing Flanders, during the four successive years. from afar, and with indistinct vision, men Afterwards, loaded as he was with honors and events, whereof he has no means of by Mazarin and the Regent Anne of Austria, judging by his personal experience. His nevertheless proceeded to intrigne with torians of this description are in their way the Frondeurs, in consequence of which, he instructive and useful. But it is refreshing and his brother, the Prince de Conte, and now and then to encounter an author, like the Duc de Longueville, husband of his Mahon, who writes as a well-informed man sister, were arrested by the Court and imof the world speaks, without paracle of prisoned in the Castle of Vincennes. There learning, and without systematic philoso-' ensued a civil war, between the partisans phising as it were of set purpose, but with of the Court and those of Conde, headed the keen observation, pointed remark, and by the Princess, and by the Ducs de true philosophy, of one who is himself Bouillon and de la Rochefoucauld, which, personally conversant with life, and who after many vicissitudes, first of the libera. can rightly appreciate the past, by studying tion of Conde, and the flight of Mazarin, in it that play of the human passions which then of the restoration of Mazarin, and the is the same in every age. It is this, and flight of Conde, ended in the latter quitting the nature of the subject, which give inter. France, and entering the service of Spain est to the life of Conde.
against his native country. Here he conThe life of Conde brings before us the tinued until the conclusion of the Treaties times and the men of one of the most of the Pyrenees, when he was allowed to brilliant periods in the annals of France. return to France. After this, he lived in Not Conde himself, only, but Cardinal comparative tranquillity and retirement, Richelieu, Louis XI., Anne of_Austria, for many years, chiefly at Chantilly, the Cardinal Mazarin, Louis XIV., Turenne, embellislument of which constituted his and all the heroes and heroines of the chief occupation and amusement, Fronde, with the stirring incidents of the Thus far, we can see in the public career close of the reign of Louis XIII., and the of Conde, the marked features of a brave commencement of that of Louis XIV., soldier, an able general, a rapacious courtall these pass in rapid succession before ier, a rebellious subject, and a traitorous the reader, in the pages of Lord Mahon. citizen. We have now to contemplate But the prominent figures, of course, are,
him in his domestic relations, and then to those of the Prince and Princess of Conde. add, the traits of a selfish and bad man.
Lonis, first priuce of Conde, was brother Conde, when Duc d'Enghien, and only of Anthony de Bourbon, King of Navarre, nineteen years of age, was married by his whose son, Henry IV., brought the French father, and against his own wishes, to Claire crown into the family of Bourbon, The Clemence de Maille, niece of Cardinal fonrth in descent of the Condes, Louis Richelieu. This lady was then a pretty de Bourbon, is the hero of Lord Mahou's child, only thirteen years of age, whose work. This Prince, called in his youth character, of course, was not yet developed. Duc d'Enghien, was educated by his father, Conde treated her with great indifference, in the same way Louis Phillippe has eilu in the early years of the marriage, devoting cated his sons in onr days, at a public the intervals of his campaign to making College, where he had to gain his way by love to almost any body that came to hand, hard study, as if he had been the son of except his wife. When Conde was arrested a peasant, instead of the first Price of the and imprisoned by the Court, the Princess
was at Chantilly with her only child, a church. That a man so jealous of his little boy, called Duc d'Enghien. Neglect owu reputation, and so conscious of his ed as the young Princess had always been own standing as Dr. Southey, should feel by her husband, and hell, hitherto, of no ac honored, and hope for increase of fame, in count by any one, and free from the habits editing the work, and preparing a biog. of gallantry, which gave fame, or at least raphs of “the Bedford Tinker," is one of notoriety, io her sister-in-law the Duchesse the most remarkable proofs, how completede Longueville, and other ladies of the ly he had already worked his own path to Court,-ihe world was not prepared for favorable notice, and gained an eminence the greatness of spirit, and other striking which asked for no aid from any other source. and beautiful qualities, which the Princess The stirring power of Bunyan's genius, of Conde displayed in this emergency, and Southey could well appreciate. But the which place her high in the list of the truly deep mines of his religious emotions and eminent women of France. She placed his ** travellings in the way of godliness," herself at the head of the party of the we think this biographer hardly understood, Princes, and in the civil war which en and was not able adequately to appreciate sued, performed with consummate grace or display. The American publishers have and ability the functions of a partisan lead- brought out the work in good taste. er, with all the good qualities, and noue of the bad ones, of a true heroine of civil
The Onth, a Divine Ordinance, and an With all this, she never gained the
Element of the Social Constitution ; its affection of her husband, and so little his
origin, nature, ends, efficacy, lawfulness, gratitude, indeed, that, at a later period,
obligations, interpretations, form and towards the tranquil close of his life, he abuses. By D. X. JUNKIN, A. M., availed himself of a false pretext to shut Pastor of the Presbyterian Church, her up in his house at Chateauroux, where
Greenwich, N. J. New-York, Wiley she remained a close prisoner, until the
& Putnam, 1845. time of her death, a period of twenty years, for the malice of Conde pursued In this neat volume, which has been the this great lady even on his death-bed, expansion of a discourse originally prepared since the last favor he asked of Louis XIV. for his own pulpit, the author has discussed was, that she should never cease to be
at some length the source and nature of detained in close prison at Chateauroux. the Oath. He regards it as an appoint
We heartily recommend this entertain ment of God, the result of Divine revela. ing book, as uiting all the liveliness of the tion, and as involving an act of Divine old memoir-writing with the research and worship. He defends, at much length, the accuracy of moderu historical composition. use of this form of attestation under the
gospel, against the objections of the Rnia. The Pilgrim's Progress, with a life of kers and others. He supposes the civil
John Bunyan. By Robert SOUTHEY, government, the Church, and the family, Esq , LL.D. 1 vol. 12mo. Harper & competent to administer it; but questions Brothers, N. Y.
the right of voluntary societies so to do.
As to its obligations, especially when adThe numerous editions in our day of ministered by the latter class of organizaBunyan's amazing work, are one of the tions, he expresses boldly strong opinions. happiest signs of the times in the literary The ordinary form of the administration world. All that art can do in illustration, by kissing the gospels, he opposes as an or literary genins in elucidation, has been idolatrous relic of earlier superstitions, and honorably, and, as it proves, gainfully devo as giving to the mere page and type of the ted, to the setting forth of new editions of scripture, undue honor. He wonld therethis majestic composition. We cannot fore, as many Protestant divines have done withhold terins even soexalted, in reference before him, prefer that it should be made, to a book like this. It is one which will by an immediate appeal, as it were, to the co-exist with the language of man, and will Deity, the hand being uplifted to heaven: be regarded with increasing interest and and he wishes, as all thoughtful men must reverence in future generations, as a monu do, that more of solemnity and less of ment of human genius, and an exhibition indecent haste accompanied its general of divine instruction to an unlettered adininistration. He seems to regard perhuman mind. Bunyan has slowly won jury as on the increase ; and holds language his way into the honorable and proud with regard to the views of the Roman circle of literary notice. For generations Catholic communion, respecting the oblihe has been loved and read in the cottages gation of oaths, which will be to them of the poor, and the closets of the pious. abundantly offensive. Now it is at last discovered, that there is The work is not without indications of genins there, which is an honour to his acuteness and research. It is comprehennation, as well as piety and truih which has sive and systematic. Indeed, the latter long been a comfort and blessing to ihe trait is perhaps redu dant, and the syste