THE CURRENCY AND BANKING SYSTEM.

[Considerations on the Currency and Banking System of the United States. 1831.-From the Same.]

WE do not wish, by the preceding observations, to be understood as

objecting generally to the extension of the banking system to the country, but only to the indiscriminate establishment of banks without regard to the actual wants and means of the districts which may apply for that purpose. There is a general spirit of enterprise in the United States, to which they are greatly indebted for their rapid growth, and it is difficult to ascertain in all cases to what extent it should be encouraged and when it ought to be checked. The remarks apply particularly to the newly-settled parts of the country, which present a state of things different from that found in any other part of the civilized world, and to which, therefore, even the most generally admitted principles of political economy will not always apply.

ance.

Amongst the first emigrants there are but few possessed of much capital, and these, generally employing it in the purchase of land, are soon left without any active resources. The great mass bring nothing with them but their industry and a small stock of cattle and horses. A considerable portion of the annual labor is employed in clearing, enclosing, and preparing the land for cultivation. Those difficulties and all the privations incident to their new situation are encountered with unparalleled spirit and perseverWithin a very short time our numerous new settlements, which in a few years have extended from the Mohawk to the great western lakes, and from the Alleghany to the Mississippi and beyond it, afford the spectacle of a large population with the knowledge, the intelligence and the habits which belong to civilized life, amply supplied with the means of subsistence, but without any other active capital but agricultural products, for which, in many instances, they have no market. It is in this last respect that their situation essentially differs from that of any other country as far advanced in civilization. We might even add that there is, in several ancient settlements of the United States, a less amount of active capital than in the interior parts of many European countries. The national industry, out of the seaports, has, at least till very lately, been exclusively applied to agriculture, and circulating capital will rarely be created out of commercial cities without the assistance of manufactures.

With the greatest abundance of provisions, it is impossible for a new country to purchase what it does not produce unless it has a market for its own products. Specie is a foreign product, and, though one of the most necessary, is not yet always that which is most imperatively

required. We may aver from our own knowledge that the western counties of Pennsylvania had not, during more than twenty years after their first settlement, the specie necessary for their own internal trade and usual transactions. The want of communications and the great bulk of their usual products reduced their exports to a most inconsiderable amount. The two indispensable articles of iron and salt, and a few others almost equally necessary, consumed all their resources. The principle, almost universally true, that each country will be naturally supplied with the precious metals according to its wants, did not apply to their situation. Household manufactures supplied the inhabitants with their ordinary clothing, and the internal trade and exchanges were almost exclusively carried on by barter. This effectually checked any advance even in the most necessary manufactures. Every species of business required the utmost caution, as any failure in the performance of engagements in the way of barter became, under the general law of the land, an obligation to pay money, and might involve the party in complete ruin. Under those circumstances even a paper currency, kept within proper bounds, might have proved useful. We know the great diffi culties which were encountered by those who first attempted to establish the most necessary manufactures, and that they would have been essentially relieved and some of them saved from ruin by moderate bank loans. Yet there were instances where those difficulties were overcome, and the most successful manufactures of iron and glass were established and prospered prior to the establishment of any bank; but the general progress of the country was extremely slow, and might have been hastened by such institutions soberly administered. It is obvious that in this and other similar cases where there is an actual want of capital, this should, in order to insure success, be obtained from the more wealthy parts of the country, either by subscriptions to local banks or by the establishment of branches of the city banks.

Tabitha Tenney.

BORN in Exeter, N. H., 1762. DIED there, 1837.

DOÑA QUIXOTA.

[Female Quixotism: Exhibited in the Romantic Opinions and Extravagant Adventures of Dorcasina Sheldon. 1808.]

The conceited Barber has been persuaded, by a wag, that the lady has fallen in love with him at church.-EDS.

MON

ONDAY being come, the barber, arrayed in his Sunday clothes, with his hair as white as powder could make it, set out, at four o'clock, for the arbor, which had been pointed out to him by Philander; who, previous to this time, judging that Puff would arrive at an early hour, had taken possession of a thick tree, to enjoy, unobserved, the coming scene. The barber found the hour of waiting very tedious. He sang, he whistled, and listened attentively to every passing noise; when, at length, his ears were saluted by the sound of female voices, which were no other than those of Dorcasina and her attendant. "Betty," said the former, "you may seat yourself with your knitting work, without the arbor, and at a small distance from it; for it would not be treating the young man with delicacy, to admit a third person to witness his passion.” Betty did as she was desired; and the little barber no sooner discovered Dorcasina approaching the arbor, than, stepping forward and taking her hand, he addressed her with the utmost familiarity: "Gad, my dear, I began to be very impatient, and was afraid you had changed your mind; but I am very glad to see you at last! Pray, my dear, be seated."

This familiar address, so different from what Dorcasina had been led to expect, and from what she had been accustomed to from O'Connor, so totally disconcerted her, that she was unable to answer a single word. She, however, did mechanically as she was desired, and seated herself upon the turf in silence. The barber placed himself by her, and still holding the hand which she had not attempted to withdraw, pitied her for what he thought her country timidity, and kindly endeavored to encourage her. "I suppose, my dear, you feel a little bashful or so! but don't be afraid to confess your love. Be assured you will meet with a suitable return; and that I shall be ever grateful and kind for being thus distinguished." Dorcasina, still more confounded by this strange speech, and wholly unable to comprehend its meaning, continued silent. The barber, after waiting some moments in vain for a reply, again began: "Why, gad, my dear! if you don't intend to speak, you might as well

have stayed at home. Pray, now, afford me a little of your sweet conversation, if it is but just to say how much you love me."

Here Dorcasina could contain herself no longer. "I had thought, sir," said she, hesitating, "I had expected, from your professions, a quite different reception from this." "Did you, indeed? Gad, my dear, you are in the right." Upon this he threw his arms round her neck, and almost stifled her with kisses. The astonished Dorcasina endeavored to disengage herself, but in vain; for the enraptured barber continued his caresses, only at intervals exclaiming, "Gad, my dear, how happy we shall be when we are married. I shall love you infinitely, I am sure." Dorcasina, at length finding breath, in a loud and angry tone exclaimed, "Let me go this moment; unhand me, sir. I will not endure to be thus treated." Betty, who had hitherto sat quietly knitting upon a stump, hearing the angry voice of her mistress, darted towards the arbor, and instantly recognized little Puff, who had been once or twice at the house (though unseen by Dorcasina) to dress Mr. Sheldon, and whom she had observed to be a pretty, spruce young fellow. Her indignation being raised at the treatment of her mistress, she sprung upon him before he was aware of it, and gave him, with her large heavy hand, a rousing box on the ear; exclaiming, at the same time, in a tone of great contempt, "The little barber! as I hope to live, ma'am."

This unexpected blow had the desired effect. Puff, surprised in his turn, instantly released the mistress, and turning about to the maid, desired to know what the d-1 she meant. Betty did not deign to answer him, but "stood collected in her might." Recollecting with indignation the treatment she had so lately received in this very spot, of which she now supposed him to be the instigator, and incensed at his unpardonable insolence to her mistress, she now rejoiced in an opportunity of taking an ample revenge, in kind, for all the affronts they had both received. Rudely grasping him, therefore, under one arm (for though naturally mild, she was a virago when exasperated), "You pitiful little scoundrel,' she cried, "what is it you mean by thus insulting Miss Sheldon? You pretend for to inspire to love her, and decoy her here, on purpose to be impudent to her; besides setting some impudent varlet in women's clothes to insult me, t'other night." Thus saying, she boxed his ears with great fury, till the terrified barber bawled to her to desist; which she did not do till she was heartily tired.

Meanwhile, the wicked scholar, perched on the tree (determined if matters should come to extremity to descend and take the part of Puff), enjoyed the scene with the highest relish; being obliged to stuff the corner of his gown into his mouth, to prevent laughing aloud and spoiling the sport.

Susanna Rowson.

BORN in Portsmouth, England, 1762. DIED in Boston, Mass., 1824.

TO TIME.

[Miscellaneous Poems. 1804.]

LD Time, thou'rt a sluggard; how long dost thou stay;

OLD

Say, where are the wings with which poets adorn thee?

Sure, 'twas some happy being, who ne'er was away

From the friend he most loved, and who wished to have shorn thee,

First drew thee with pinions; for had he e'er known

A long separation, so slow dost thou move,

He'd have pictured thee lame, and with fetters bound down;

So tedious is absence to friendship and love.

I am sure thou'rt a cheat, for I often have woo'd thee
To tarry, when blest with the friend of my heart:

But you vanished with speed, though I eager pursued thee,
Entreating thee not in such haste to depart.

Then, wretch, thou wast deaf nor would'st hear my petition,
But borrowed the wings of a sparrow or dove;

And now, when I wish thee to take thy dismission
Till those hours shall return, thou refusest to move.

WH

THE DEATH OF CHARLOTTE TEMPLE.

[Charlotte Temple; or, A Tale of Truth. 1790.]

HEN Mrs. Beauchamp entered the apartment of the poor sufferer, she started back with horror. On a wretched bed without hangings, and but poorly supplied with covering, lay the emaciated figure of what still retained the semblance of a lovely woman, though sickness had so altered her features that Mrs. Beauchamp had not the least recollection of her person. In one corner of the room stood a woman washing, and, shivering over a small fire, two healthy, but half-naked children; the infant was asleep beside its mother, and on a chair by the bedside stood a porringer and wooden spoon, containing a little gruel, and a teacup with about two spoonfuls of wine in it. Mrs. Beauchamp had never before beheld such a scene of poverty; she shuddered involuntarily, and exclaiming, "heaven preserve us!" leaned on the back of a chair, ready to sink to the earth. The doctor repented having so precipitately brought her into this affecting scene; but there was no time for apologies; Char