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I. PUBLIC BENEFACTIONS. The Policy of State Endowments of High Literary Insti-

tations-Views of Rowland G. Hazard-The State and Common Schools-Examina-

tions for Professorships in Europe-Workings of American Free-School Systems-

Those who from Poverty become Rich by Trade do not generally appreciate Educa-

tion of the higher kind-Boards of Education-Girard College, and the misapplication

of Funds in its Establishment-Material side of Life not to be undervalued-The prime

cause of Poverty-The workings of Republican Government vindicate the Dignity of

Labor, and develop the innate Nobility of Man-Of the Institution founded by Peter

Cooper in New York, and its Plan-Gift of Dr. Nott to Union College-Mr. Girard and

his College-Millionaire Merchants should carry out their Public Benefactions during

their Lives-Evil effect of great Endowments for Sectarian purposes-Institutions that

should be Founded-The Smithsonian Institution-Gifts of Moses Shepherd and George

Peabody-Endowment of a Professorship in the Boston Mercantile Library Associa-

tion. By E. P. PRABODY, of Massachusetts.....

II. POLITICAL ECONOMY. CHAPTER III. MONEY-CURRENCY. By AMASA WALKER,

Esq., of Massachusetts

III. EUROPEAN COMMERCIAL CORRESPONDENCE. No. IV. Speculation, Schemes,

and Bubbles of former times, and those of the present day-Defalcations in France and

England-Financial Immorality prevalent-Financial Prosperity of France-Associa-

tion, a feature of Modern Enterprise-Banking on a grand Scale the aim of Modern

Financiers-Bankers and Banking in England-Nathan Meyer Rothschild-The Bank

of England-Mr. Gilbart and the Joint-Stock Banks-International Bank of Paris, and

its gigantic Projects-Production of the Precious Metals-Free Trade in England-Sta-

tistics of the Wool Trade-Cotton Trade-Danish Sound Dues-War Policy of Eng-

land-China-Silk-Guano Trade-Progress Everywhere-Late Failures-Credit and

Business sound. By GEORGE FRANCIS TRAIN, Esq..

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HUNT'S

MERCHANTS' MAGAZINE

AND

COMMERCIAL REVIEW.

JUNE, 1857.

Art. I-PUBLIC BENEFACTIONS.

"Mercy is twice blessed:

It blesses him that gives, and him that takes."

THE POLICY OF STATE ENDOWMENTS OF HIGH LITERARY INSTITUTIONS-VIEWS OF ROWLAND 0.
HAZARD THE STATE AND COMMON SCHOOLS-EXAMINATIONS FOR PROFESSORSHIPS IN EUROPE-
WORKINGS OF AMERICAN FREE SCHOOL SYSTEMS-THOSE WHO FROM POVERTY BECOME RICH BY
TRADE DO NOT GENERALLY APPRECIATE EDUCATION OF THE HIGHER KIND-BOARDS OF EDUCATION
-GIRARD COLLEGE, AND THE MISAPPLICATION OF FUNDS IN ITS ESTABLISHMENT-MATERIAL SIDE
OF LIFE NOT TO BE UNDERVALUED THE PRIME CAUSE OF POVERTY-THE WORKINGS OF REPUBLI
CAN GOVERNMENT VINDICATE THE DIGNITY OF LABOR, AND DEVELOP THE INNATE NOBILITY OF MAN
-OF THE INSTITUTION FOUNDED BY PETER COOPER IN NEW YORK, AND ITS PLAN-GIFT OF DR. NOTT
TO UNION COLLEGE-MR. GIRARD AND HIS COLLEGE-MILLIONAIRE MERCHANTS SHOULD CARRY
OUT THEIR PUBLIC BENEFACTIONS DURING THEIR LIVES-EVIL EFFECT OF GREAT ENDOWMENTS
FOR SECTARIAN PURPOSES-INSTITUTIONS THAT SHOULD BE FOUNDED THE SMITHSONIAN INSTI
·TUTION—Gifts of MOSES SHEPHERD AND GEORGE PEABODY-ENDOWMENT OF A PROFESSORSHIP
IN THE BOSTON MERCANTILE LIBRARY ASSOCIATION.

MR. ROWLAND G. HAZARD, in one of the articles in his lately-published volume, called "Language, and other Papers,"* has spoken very strongly against State endowments of the higher kinds of literary societies and scientific institutions, on the ground that—

"Governments should interfere as little as possible with the sphere of individual duty. Every encroachment upon this," he says, "takes from the citizen opportunities for cultivating their virtue by practical exercise. Let all the charities of life be dispensed, and all noble enterprises be prosecuted by the State, and you destroy private benevolence and public spirit. The individual, dwarfed and shriveled, from want of that practical exercise of virtue which strengthens and liberalizes his nature, grudgingly pays what the law exacts of him, without thought of its application. He neither knows nor cares whether it is used to found a college or erect a gallows."

* Published by Phillips, Sampson & Co., of Boston.

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