« AnteriorContinuar »
$5,000,000, which would amply make may be levied upon any one article, in good the deficiency in its expenditures. a manner to be prescribed by law." The new administration, however, en- Now, up to the moment when the revtered upon a new system. An expen- enue laws are about to expire, no prosive extra session was called, in order vision has been made for their renewal. to devise ways and means of saving A bill was proposed by one faction to money, and increasing the revenue. extend the operation of the compromise Their first act was to take the reve- act up to August 1st, to give time for nues from the public lands out of the the passage of a law. The bill, howTreasury and give it to the States. ever, is hampered with a proviso, that This bill the new chief magistrate, the condition on which the land bill Mr. Tyler, signed on condition that the was passed shall be violated, and the tariff should not be raised above the proceeds be unconditionally divided. maximum of the compromise act. This it is supposed will be vetoed, and Congress then imposed 20 percent. duty the revenue laws cease to exist for a on all articles before free, which were time, leaving all imports free of duty and collected after September, 1841. They the government without income. The then created a national debt of $12,- singular pertinacity with which the dis000,000, and adjourned. Congress tribution act is adhered to, is the more again met as usual in December, and remarkable that if the distribution takes bave now been in session six months, place, the federal government must go having done absolutely nothing, with into the market and borrow the money the exception of authorizing the emis- at a high rate of interest in order to sion of $5,000,000 of Treasury notes, make the payment due on the first of and increasing the stock debt of the July, the proceeds of the lands having extra session to $17,000,000. In Jan- thus far been absorbed in the current uary a reduction of the duties according expenditures of the government. Many to the compromise act took place, and of the States have refused to rethe decrease of the revenue was such ceive their portion of the land. This that the President addressed a special is particularly the case in Virginia, message to Congress recommending which State, although heavily involved, the repeal of that land bill which refuses to become a party to such dishe had signed six months before. graceful plunder. New Hampshire Congress, however, has not taken any has also adhered to her ancient faith, action upon the matter,
and instructed her Senators to advocate Three tariff schemes have been pro- the immediate and unconditional repeal posed to the House, one by the secretary of both the land bill and the bankrupt of the treasury, one by the committee acts. These events have of course had on manufactures, and one by the com- a powerful effect upon business; the mittee of ways and means. All these contraction of the banks in the interior plans propose to carry the rate of duties has removed those artificial springs of back to those of 1832, in violation of trade that formerly produced an unthe faith pledged to the people by the healthy activity ; and the real business spirit of that act. The object is osten- of the country has been paralysed by sibly revenue; but the rates proposed events growing out of the singular fact are so high, as to become protective, that both our own country and Great and to injure the revenue. If these Britain, as well as Russia, are making rates should be adopted, the condition great changes in the laws relating to on which the land bill was passed ren- their foreign commerce. The conseders that measure inoperative, and on quence has been, that while merchants this point the President and Congress depending upon their remittances from are directly at issue; and no action can the interior have been severely cramped take place until the iniquitous design and unable to meet their liabilities, to a of depriving the treasury of a part of great extent, causing numerous failures, its revenue for the benefit of speculat- money has accumulated in the banks ors is relinquished. This could be and the hands of the capitalists, without comparatively of but small importance experiencing any demand for new merbut for the peculiar situation of the cantile enterprises. This fact, notwithtariff laws. The compromise act pro- standing the discredit that has of late vides that “after June 30th, 1842, a overtaken paper securities, has caused duty of not higher than 20 per cent. the prices of sound stocks to improve
and the new New York City → per by these gentlemen, a long time must cents. have been held at 10 per cent. elapse before American credit can be premium, and 4 per cent. offered for restored, even if existing liabilities are them. The State 7 per cents. sell at met. This may be considered a favor1024, and the 6 per cents. at 95; some able circumstance, rather than othersmall sales of the new United States wise. The more so when we consider government stock have been made at the enormous load of debt with which par, perhaps to the extent of $500,000; the produce of the soil is already burbut under the present system of finance, dened. Some estimate of the burden adopted by the State of New York, her imposed upon the country by the acstocks are preferable. American credit tion of its foreign debt may be formed abroad has not improved ; on the con- by inspecting the following table of trary, the prejudice on London 'change the debts of the several sections against United States securities seems of the Union, in connection with rather to increase. By one of the last the exports of their produce. The propackets the heads of two leading Lon- duce of the sea and the manufactures don stock houses arrived in New York, belong mostly to the New England to look after the wreck of old property. section alone, where but little debt is From the tone of conversation reported due. The result is, however, as follows:
DEBTS OF THE DIFFERENT SECTIONS OF THE UNION, WITH THE EXPORT OF THE PRODUCE
OF THOSE SECTIONS IN 1840.
Interest. Producc exported. N. England,
$8,178,367 $356,500 $12,027,294 Middle States, 83,067,000 3,653,350
20,706,608 980,139 21,203,130 South Western,
51,901,666 3,279,808 52,170,307 Western States,
52,418,356 2,605,915 8,892,132
All the State stocks are not owned lend us any more money, we have to abroad, therefore all the interest is not dread that they will renew their loans. remitted ; but other stocks, as com- In the fall of 1839, the period to pany, city, and bank, are owned abroad which we alluded in the first part of in sufficient quantities to make the an- this article, as that when American nual remittances for interest equal stocks became unavailable, a leading to that here given. We have the fact, London house in one of its circulars that near 10 per cent. of our whole proposed that the federal government exports is for interest on money bor- should guarantee the debts of the States rowed. One-third part of the exports collectively, by pledge of the public of the western States is for money bor- lands or otherwise. Shortly after this rowed and lost; no equivalent now ex- a plan for funding the State debts in a ists for it. In the New England section, national stock, was published in a where the debt is small, no drawback New York paper. In the Senate of the exists upon its industry. In fact the United States, however, Daniel Webinterest on that debt is paid by the ster denied that any such assumption western States in the shape of toll upon or guarantee could take place without their produce over the Western Rail infringing the constitution. At the Road to Boston market. Had there extra session of Congress, a partner of been no interruption to this contraction the London house with which the of debt probably our whole exports of proposition originated, was in attendagricultural produce, amounting in ance at Washington, accompanied by 1842 to $19,593,619, would have been a number of other foreign bankers. required to pay interest in England. These people submitted to Congress Ohio and Illinois would have become letters signed by upwards of sixty foprovinces of the British empire. Their reign houses as representatives of the broad fields would have become but a holders of American bonds, soliciting kitchen garden for the supply of Lon- the Congress to interfere and take care don, and their hardy yeomen but the that its dependencies should fulfil their bondsmen of British bankers. Instead, contracts. A proposition has now been then, of fearing that England will not brought forward in Congress to issue a national 4 per ct. stock of $100,000,000, interest on the new stock. The revenue based on the proceeds of the public lands, of the public lands for 1841 and 1842, to be issued in redemption of the State will be short of $3,000,000. The Sea debts. This is undoubtedly the most cretary of the Treasury estimates it for dangerous proposition ever yet made. the future at $2,000,000 per annum. It is neither more nor less than an un- A stock of $10,000,000 bearing 4 per conditional assumption of the State cent. interest, with one per cent. for a debts. If the government endorses sinking fund, will require $5,000,000 $100,000,000, they must endorse the per annum. After absorbing the whole whole; by which process, not only revenue of the lands, therefore, $3,000,will the unindebted States, as New 000 additional must be raised by taxaHampshire, Vermont, Rhode Island, tion to pay the interest on this new Connecticut, New Jersey, Delaware, stock,--this tax to come out of the and North Carolina, be obliged to be pocket of a New Hampshire man to taxed for the debts of Illinois and Penn- pay the debts of a speculator in Missylvania; but a direct and increased sissippi. Such proposals need no comtax must be levied in order to pay the ment at our hands.
THE NEW BOOKS OF THE MONTH.
Lectures on Agricultural Chemistry and formation and employments do not allow Geology. By J.J. W. JOHNSTON, M.A. them to make profitable use of a work and R.S.S., &c. New-York : Wiley & presupposing a general knowledge of the Putnam. 1642.
principles of chemical science. The sub
ject is gradually unfolded, and arranged The progress of the science of agricul- so dexterously, that no branch of it is introture depends so intimately upon that of duced to the reader before the way is clearchemistry, that the improvements of the ed for it, and every needful explanation one are constantly following discoveries made. Prof. Johnson seems to have obin the other. Within late years, how- tained that happy medium so rarely arever, the advancement of chemistry, par- rived at, in which so much of scientific ticularly of that branch which relates to knowledge is communicated as is necesorganic bodies, has been so rapid, that sary, and no more. Thus all incumbrances few have been found willing to turn aside strictly foreign to the purpose are carefrom the exciting pursuit of investigation fully avoided. But although practical in and discovery, for the purpose of compar- its character and free from pedantry, it ing their results, and reducing them to prac- is by no means an inaccurate or unscientical application.
tific production. On the contrary, the This has at last been done in an able professed chemist may find therein a very manner by Prof. Liebig of Lessen, whose neat solution of some of the difficulties in work has received, very properly, uni- Liebig's theory, as well as certain views versal approbation. But although con- original to the author taining profound and original views, the The appendices containing suggestions work is hardly of that class which can for the application of manures, &c., are strictly be called practical. To the pro- enriched by the results of the first year's fessed chemist no difficulty can occur; experience, and in themselves present a but the practical agriculturalist will often mass of original and valuable information find himself at a loss in following up a not to be obtained by consulting any other train of reasoning so foreign to his usual writer on the subject. These alone would stadies and pursuits.
give a character to the work, were the These difficulties have been entirely remainder as dull and useless and it is aluremoved in the valuable work of Prof. able and entertaining. Johnston now before us. The subject is taken up and pursued in a most appropriate manner; the style is clear, simple, and entirely free from any unnecessary display of scientific refinement. Being An Exposition of the Thirty-Nine Articles addressed to a society of practical farmers, of the Church of England, by GILBERT, these lectures are exactly what is most Bishop of Serum. With an Appendir, called for at present, by those whose in- containing the Augsburg Confession,
Creed of Pope Pius the IV., fc. Ap- piety. It has been too long and too well pleton & Co. New York : 1842. known to need remark at our hands. Let
us observe, however, that the editor, the This is the famous work of Bishop Bur- Rev. W. S. Dobson of Cambridge, urges NET, so great a favorite with the divines its superiority to previous editions in the of the Episcopal Church, on account of following particulars; both the piety and learning it displays. “First-Great care has been taken to correct the It has become a standard religious author- numerous errors in the references to the texts of
scripture, which had crept in by reason of the reity with all who adopt the creed of the
peated editions through which this admirable Church of England. The plainness with Work has passed ; and many references, as will be which it states its positions, the power
seen on turning to the Index of Texts, have been
added. of argument with which it defends them, Secondly- The Quotations in the Notes have and the wealth of learning brought to
been almost universally identified and the referen
ces to them adjoined. bear upon the elucidation of every diffi- Lastly - The principal Symbola, or Creeds of
which the particular Articles have been cited by
the Author, have been annexed; and wherever the mation in which it is held by those who original writers have given the Symbola in a scat. wou
tered and disjointed manner, the detached parts
have been brought into a successive and connected and faith. It is true, as it has sometimes point of view. These have been added in chronobeen objected, that he often overloads his logical order in the form of an Appendix." pages with erudition; and presupposes in the mind of his readers an extent of acquirement to which few have attained; but it will be found on closer inspection
A Descriptive and Historical Account of that most of this erudition has its use,
Hydraulic and other Machines for Raisand has been culled from the choicest
ing Water, Ancient and Modern, with gardens of theology. With the peculiar
Observations on Various Subjects conbelief of Burnet, we may have little sympa
nected with the Mechanic Arts, includthy, but it would be idle to withhold from so
ing the Progressive Development of the great an intellect the praise which has
Steam Engine ; Descriptions of every been accorded it for more than a century.
variety of Bellows, Pistons and Rotary The advantages of the present edition,
Pumps, Fire Engines, Water Rams, as stated in the editor's preface, are :
Pressure Engines, Air Machines, Eolin
piles; Remarks on Ancient Wells, Air« 18t. That the learned author's text has been pre
Beds, Cog-Wheels, Bloupipes, Bellows of served with strict fidelity,
various people, Magic Goblets, Steam ul. The references to the Fathers, Councils, and
Idols, and other Machinery of Ancient other authorities, have been almost universally verified; and, in many instances, corrected and so Temples : To which are added Experienlarged as to render them easy of access to the
ments on Blowing and Spouting Tubes, student.
31. A large number of Scripture references have and other Original Devices ; Nature's been added. Indiferent parts of this work, Bish. Modes and Machinery for Raising W'aon Burnet lays down propositions without giving the scripture by which they may be proved. The ter; Historical Notices respecting Sieditor has, however, added references in these and phons, Fountains, Water Organs, Clepsyall other instances where they might be considered
dra, Pipes, Valves, Cocks, &c., &c., ilnot merely additions, but also improvements.
ath. The Canons and decrees of Council and other lustrated by near three hundred Engravdocuments of importance referred to have been given in the original, and from the most authentic
ings. By THOMAS EwBANK. New sources-the places where they are to be found York: Appleton & Co. 1842. being specified,
stb. Copious Notes have been added, containing, besides other information, notices of the principal This is the title-page in full of an interheretics and persons of note, with an accurate ac. esting work of science about to be pubcount of their opinions. Also extracts cliefly from the works of the most distinguished divines of the lished by the Appletons. It will furnish sixteenth and seventeenth centuries, opening and the reader a good general notion of the Uustrating the chief points in controversy bc matter of the book but not of the cleartween us and the Church of Rone. In an appendix has also been given the Confession of Augsburg, ness, method, precision, and ease of the and Creed of Pope Pius IV., in the English and ori.
manner of it. The author has made the ginal tongues, and in the original only, the canons and rubric of Watt."
subject of Hydraulics the study of his life, and has given us in these pages the results of that study, as they have been
gathered by the perusal of books, and by An Exposition of the Creed, by JOHN the performance of actual experiments.
PEARSON, D.D. Appleton & Co. New We believe there is no work extant which York : 1842.
treats of the specific topic which he has
chosen,-none, we are certain, which disThis, like the work we have just noticed, cusses it with more fulness of argument is one of the standard works of the Epis- and illustration. To the practical mecopal Church. It is indebted for its cele- chanic, who is perhaps as much interestbrity to the same qualities of learning and ed in the failures as in the successes of
1. The refere
corrected and so
those who have gone before him, Mr. their different denominations, by arrang. Ewbank has rendered a very great assist- ing them in the order of their value. To ance. He has put together in an accessi. give to the student a comprehensive and ble form a description of the vast variety ready view of the merits of the various of devices which the human intellect articles composing the Materia Medica, has developed for raising liquids; and it is and of their relations to each other, phycurious to trace the progress of inquiry, siologically considered. And lastly, to and the numberless shifts to which men supply a convenient means of graduating have been compelled to resort, before they the doses of medicine, etc. attained the comparative perfection of ex. Besides the ten great classes into which isting methods. The general reader, no less medicines are distributed, these are dithan the philosopher and mechanic, will vided into orders. And some of these find much that is both profitable and en- orders are subdivided into groups which tertaining in its observations.
are adapted to diseases of a particular character. Thus, alteratives are an order of remedies embraced in the class of anti
phlogistics. This order is subdivided into Sketches of Foreign Travel and Life at seven groups, the first of which are general
Sea; Including a Cruise on board of a alteratives, such as are adapted to acute Man of War, as also a Visit to Spain, and chronic inflammation, and to fever, in Portugal, the South of France, Italy, a general sense, and in the relative order Sicily, Malta, The Ionian Isles, Greece, of their value. The next division emLiberia and Brazil ; and a Treatise on braces all the remedies for scrofula, bronthe Nary of the United States. By Rev. chocele, chronic enlargements of the liver, CHARLES ROCKWELL, late of the U.S. spleen, etc., and in the order of their Navy. 2 vols. Boston: Tappan & value. The third is relative to syphilis, Bennet. New York: Wiley & Putnam, etc. The fourth to syphilis complicated and Appleton & Co.
with scrofula. The fifth to rheumatism
and gout. The sixth to intermittent fever THESE volumes embrace topics enough and intermittent inflammation. The to make them interesting to any class of seventh to obstinate chronic cutaneous readers. The travels of the writer appear diseases, etc. Such is an example of this to have been as various as those of Baron branch of the work, by which it is well Munchausen, though we have no doubt fitted for immediate practical uses. they are far more authentic. We have had This not being a work for literary critime only to read a passage here and there ticism, nothing need be said of it on that which has impressed us favorably with the score; and we presume the professional author's power of description. What he reputation of the author will alone prove says of Central and Western Africa, and sufficient with the members of the medical of parts of Italy is full of statistical in- faculty, for whom it is more particularly struction. We should think, however, designed. that the plan of the author covers too much ground to suffer him to give many details.
Chapters on Churchyards. By CAROLINE
SOUTHEY. 1 vol. pp. 170. New York : Therapeutical Arrangement of the Ma Wiley and Putnam.
teria Medica, or the Materia Medica arranged upon Physiological principles, This work has been long before the and in the order of the general Practical English public, having, we believe, passed talue which Remedial Agents hold, under its third London edition. This amiable their several denominations, and in con- and skilful writer is better known by her formity with the physiological doctrines maiden name-Caroline Bowles. Her set forth in the “ Medical and Physiolo- “Solitary Hours" and " Ellen Fitzarthur's gical Commentaries." By MARTYN are both delightful books, and we are PAINE, M. D., A, A., author of “Com- happy to find that an American publisher mentaries,” etc. New York: J. & H. has been found so discriminating as to G. Langley. 1 vol. 12mo.
select them for repablication. There is
a gentleness and delicate beauty of style The main purposes of this work, as we about these sketches which render them learn from the preface, are as follows :- exceedingly pleasing; several passages, To arrange the Materia Medica upon in- indeed, discover a power of delineation telligible, physiological and therapeutical and pathos scarcely inferior to some proprinciples. To indicate the relative the- ductions of the very first writers of the rapeutic value of the various articles under age. We have been tempted to make
VOL. XI.-NO. XLIX.