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rency, with that of bankers—that they her fatal connection with the late Nashould be both the money-makers and tional Bank. That institution was the money dealers—that they should have direct agent in the negotiation of the the privilege at any one period of inun- stock, and its malign influence was the dating the country with an immense amount of paper currency, thereby sti- the State is now near $40,000,000,
cause of their creation. The debt of mulating speculation as well as trade, nearly one-fourth of which was borrowraising prices, and profits; and at ed to pay the interest on, and the ex. another period drawing in their rags, screwing up all legitimate sources of penses of negotiating the other half. For credit, as well as capital, and thereby a long time the State existed by borrowlowering prices and wages, and diminish- ing money from her banks, until, in the ing profits, producing a stagnation of winter of 1840, public opinion demandtrade, ruining merchants and manufac- ed a resumption on the part of the turers by the hundred, and spreading banks. To enable themselves to pay misery and wretchedness among thou. their own debts, it became necessary sands.”
for the banks to cease lending money
to the State; and pending the passage If this was the experience of the of a law in the Pennsylvania legislaeminent men of England, what must ture, compelling the banks to resume have been the case in this country, on the 15th of February, 1840, the where the inherent evils of the system State interest to the amount of $800,have been heightened by the most pal- 000 fell due, and was not paid. At pable charlatanry, ignorance, presump- this moment of discredit, the insolvent tion, knavery, and fraud, on the part banks came forward, and offered to of those who have undertaken to ad- furnish the money to the State on conminister the paper currency.
The dition that they should be allowed a people of the United States will not longer period' for suspension. This soon forget the monstrous delusion disgraceful compact was completed, which made them look upon the late and the interest paid. The Pennsylvanational bank as the great giver of nia House of Representatives instituted all good, and fix their eyes upon its a committee to investigate whether mountebank president, who, like a any corrupt means was used by the rocket, dazzled their visions for a mo- Banks of that State, in 1840, to procure ment in his flight, and then exploded a legalized suspension of specie payin corruption, leaving nothing in the ments. The chairman of that comdarkness that succeeded but an offen- mittee reported, on the 13th of July, sive odor, which Daniel Webster mis- that corruption had been used, but that took for the “ odor of nationality.” there had been no direct evidence that
The enormous cost of banking has the Executive or Legislature had rebeen a main cause of the inability of ceived money. The U. S. Bank alone many of the States to pay their debts; was reported to have disbursed $131,400 accordingly we find that those States, for corrupt purposes. Since that time where banking has been pushed to the the State has continued its payments, greatest extent, are the first to dishonor by various expedients, up to the pretheir liabilities. Six sovereign and in- sent month, when the payments again dependent States are now under dis- fell due. Notwithstanding all the exgrace, as follows :
perience of the past, the Legislature, Mississippi, Arkansas, which has been convened in extra sesMichigan,
Indiana, sion, have again neglected to levy a Illinois,
Pennsylvania. tax; but have again authorized the And the territory of Florida has threat- governor to borrow the money on a 6 per ened repudiation through its executive. cent. stock, or to issue that stock in payIn all these States banking has been ment of the State interest. This, at most encouraged, and has been attend- best, is but a partial payment, as the ed with the most disastrous results. stock will be unavailable to the holdThe great and rich State of Pennsylva- ers. The 5 per cent. stock of Pennsylnia has been eminently the victim of vania is selling at 32 cents on the dólher banks. Her wild and speculative lar, and the State is bankrupt, although system of public improvements, which possessing one of the largest, richest, have cost the State near $20,000,000, and most industrious populations in the and viold no revenue, was the result of Union. It is true that thes, people are
already heavily taxed, paying, accord- ability now is, that this state of ing to a late message of the Executive, things will exist until a new Congress near $4,000,000 per annum; of which, shall give a more efficient action to however, but $700,000 comes into the federal legislation. Should the ExecuState Treasury—the balance being tive be sustained by the judiciary in his town and county taxes.
construction of the existing powers to We have gone thus particularly into collect revenue, the existing rate of the state of affairs in Pennsylvania, be duty, viz., 20 per cent. on the home cause she assumed in relation to the valuation, will probably be the best, both late National Bank the position before for the revenue and the country, that occupied by the Federal Government; could be adopted under existing cirand ihe question may be well asked, cumstances. The abundance of prowith this fearful wreck before us, what duce in this country renders it neceswould have been the fate of these sary that a foreign market should be United States, had that concern_been found to as great an extent as possible ; rechartered by Congress? What Penn- and to do so the return of foreign goods sylvania now is, on comparatively a in payment must be encouraged. The small scale, would have been the whole specie level of the currency forbids the Union, on a plan so magnificent, that idea that goods can be imported to any its fall would have shaken Europe to great extent under high duties. Duits centre. The bubble, which was ties levied upon the foreign cost of blown up to such a height on the basis goods, when prices here are inflated by of State credits, would have oversha- the action of a paper currency, do not dowed the commercial world, backed much restrict trade; but duties levied by the support of the United States; upon the home valuation, when demand and when the towering mass of credits and supply in a specie currency alone was sapped by the utter exhaustion of govern prices, must seriously affect the the country, what wide-spread and amount of imports. It has been a fairretrievable ruin would not the fall vorite notion with the advocates of a have occasioned ?
high tariff, and has been frequently The state of commercial affairs laid down by Daniel Webster, that throughout the month has been cha- where one country is the principal proracterized by the same degree of uncer- ducer of one article, and another a tainty as described in our last; and for principal consumer of it, a duty imthe same cause, viz., the want of some posed by the latter would have the efpermanent settlement of the tarifflaws, fect, not of raising the price in the through legislative action. The tariff country where it was laid, but to rebill, which we noticed in our last as duce it where they were produced. To likely to be vetoed, and the object of illustrate the fallacy of this assumpwhich was to extend the revenue laws tion, we have compiled the following to the first of August, has met the fate table of three articles of import into the anticipated, and for the cause alluded United States, from the Treasury reto in our last Number. The collection of turns, from 1821 to 1841, showing the duties has, however, been continued quantity imported, the foreign cost, and under regulations prescribed by the the home value under each rate of duty. President; not, however, without op- The value is that contained in the position from the merchants, who Treasury reports for the same articles pay duties, under protest. The prob- exported, as follows :QUANTITIES OF HAMMERED IRON, HEMP, AND COAL, IMPORTED ANNUALLY, UNDER THE
VARIOUS DUTIES SINCE 1821, WITH THE FOREIGN COST OF EACH ARTICLE, AND THE
HOME VALUE OF EACH ARTICLE AT THE CORRESPONDING PERIOD.
This presents the operation of four propositions of the tariff men. In the different tariffs, on two articles, the article of coal the price in this country chief products of England, and one, has fluctuated in a great degree. The hemp, a staple of Russia. It will be tariff has not been altered since 1825; seen, in the case of iron, that under the but the foreign cost has steadily delow duty of 1816, the foreign cost of the creased, while the import has increased article was less than that of the four in the same proportion, the price here succeeding years, when the duty was remaining nearly the same, giving evidoubled here, and that the value in dence of the greatly increased consumpthis market bore the same proportion- tion of the article here, as well as of ate increase. In the year 1828, its production abroad. The import of when the high duty was expected, the iron, since 1832, has been greatly indemand for iron in England to export creased by the internal improvements to this country before the new duty of the States. The iron in very many should be levied, increased 50 per cent., cases was purchased for State bonds, and apparently caused an increase in without much regard to cost. This the foreign cost of 20 cents. This was operating cause will cease to act for the natural operation of trade, and is the future, and the effective demand directly the reverse of the assumption for foreign iron will be regulated by of Daniel Webster and others. In the the profit that it will yield to import it, next two years of high duty, the foreign and the American ironmasters will cost was higher than in the four years have decidedly the advantage over of low duty prior to 1825; and the others. A very moderate duty under value in the home market was reduced such circumstances must be protective. apparently by the increased supply. The same influences operate upon all Since 1832 the duty has undergone articles of import, to a greater or less biennial reductions. We have not here extent. The breaking down of the taken the influences of the paper cur- credit system affords of itself the most rencies in both countries, upon prices, ample protection to manufactures, and into consideration. The article of to yield a revenue the rates of duty hemp exhibits still more clearly the must be very moderate. operations of trade, in opposition to the
THE NEW BOOKS OF THE MONTH.
Poems. By ALFRED TENNYSON. 2 vols. verse, which does not permit it to rise to
12mo. Boston: William D. Ticknor. the level of the more severe and robust 1842.
dignity and power of that of Bryant. It We have long regretted that the exqui- flies on the humming-bird's wing, sucksite verse of Alfred Tennyson has been ing the sweet soul out of the loveliest suffered to remain comparatively unknown flowers it meets, rather than on the pinion to the American reader, for want of a pub- of the eagle which spurns the cloud and lisher who would venture on the enterprise soars toward the sun. The present volof reprinting, what has been before the
umes are a reprint of a recent new edipublic on the other side of the Atlantic for tion published by Moxon, in London, the nearly ten years. The same intelligent first containing the earlier poems which publisher, to whom we were indebted a
appeared in 1829 and 1832; and the few months ago for the sweet sadness second consisting of poems published of Motherwell's volume, has now again
now for the first time. The last exhibit rescued the “trade” from the imputation
a sensible progress in comparison with of insensibility to the merits of some of the former,—which are themselves in not the most beautiful poetry of the day. We
a few instances amended by a judicious are half inclined to place Tennyson at the revision. Tennyson has already what head of that younger growth which, in may almost be termed a “school” of imithe sacred groves of Poesy, has sprung
tators--of whom, in this country, the up under the shadow of those towering most successful is Mr. Longfellow. monarchs of the wood, whose contemporaneous greatness illustrated the past The Fountain, and other Poems. By Wilgeneration. We speak thus of the past
LLAM CULLEN BRYANT. 12mo. pp. 100. generation, for although some of those
New York and London : Wiley and “mighty masters of the lyre” may yet sur Putnam. 1842. vive, who swelled the grand chorus of English song to which the first quarter of the Another volume from Bryant — not present century listened enchanted, yet it much of it perhaps in bulk, but so, too, is only as retired veterans—the emeriti of may it be said of diamonds. The greater campaigns now historical—that they are part of these poems, we observe, including reposing on their unfading laurels. True, the one from which the volume takes its the traveller still visits the home of Words- title, have appeared originally in the pages worth as the shrine of a pious pilgrimage, of the Democratic Review-and many of and the beautiful abode of Rogers as a
our readers doubtless, therefore, know museum replete with charming interest
them by heart, though we are well asand deems himself fortunate in meeting sured that that will constitute a recomMoore or Campbell as the greatest of the mendation, rather than a reason to deter lions he is anxious to see abroad-yet are them from purchasing the beautifullyWordsworth, and Rogers, and Moore, and printed volume in which they will find Campbell, as poets, quite as much of a
them here collected, together with a numday that is past, as the contemporaries ber of others of kindred beauty, well worwith whom we are wont to associate them, thy to be threaded on the same string of Byron and Shelley, Coleridge and Scott-- pearls. and poor Southey, who, between the living and the dead, occupies now a middle place which is scarcely more the one than the The Poetical Works of John Sterling. other. A certain dim and shadowy beauty, a
(First American Edition.) fanciful and floating grace, with a very
268. Philadelphia: Herman Hooker.
1812. tender sweetness, a delicate and refined purity of taste, and a melody of language Mr. Griswold, who appears as the edias soft as a flute, are the chief character tor of this volume, has conferred a subistics of Tennyson's poetry. Some of his stantial benefit on the public by the act, poems on the various loveliness of young for which, independently of his other litermaidenhood, seem to have a charm almost ary deserts, he is entitled to its thanks. as exquisite as their inspiration. But There is a calm contemplative depth of there is also a certain effeminacy in his thought, and a pure tenderness of senti
ment, with a classic chasteness of lan- of change of climate to pulmonary and guage and versification, in the poetry of the other invalids—a subject of the highest Rev. Mr. Sterling, (better known as the interest to every class of readers—have “ Archæus” of Blackwood,) which will been pointed out most happily by the secure for this volume many a reader who author. But as we do not feel ourselves will return more than once to dwell upon competent to express an opinion upon a the quiet and pleasant charm of its pages. subject pertaining strictly to medical “The Sexton's Daughter” is one long science, we will here make the following strain of deep and gentle pathos, inex- quotation from the “ Select Medical Lipressibly sweet and beautiful; and seve- brary” of Philadelphia, edited by Dr. ral of the Hymns are a fit music to swell John Bell:- The present work of through the echoing temple of a devout Dr. F. comes out under peculiarly imheart in adoration to its God.
posing auspices. This is just such a volume as every physician has felt the want
of, whether his opinion be invoked reThe Climate of the United States, and its specting the effects of season or of travel
Endemic Influences. By SAMUEL, For- and change of place for a common invaRY, M.D. 8vo. pp. 380. New York: lid, to say nothing of the eagerness and J. and H. G. Langley. 1842.
anxiety with which these questions are Several months have now elapsed since ropounded, when the answer will direct the appearance of this work, during the movements of a person in incipient which period it has been noticed by nearly consumption, or one, alas ! in its last, all of our periodicals, both literary and and, to all others but himself, hopeless exclusively medical, in terms of very stage." high commendation. “ The design of the Did our space permit, we would willwork,” says the writer, “ is to exhibit a ingly present to our readers some extracts connected view of the leading phenomena bearing upon the interesting topics disof our climate both physical and medical, cussed in this volume; such as the incomprising a condensation of all the fluence of our ocean-lakes on our climate author's observations on the subject.” —the different laws of temperature on It is based chiefly on the “ Army Meteor- the eastern and western coasts of the ological Register," and the “ Statistical same continent-whether the climate of Report on the Sickness and Mortality in Europe has experienced any permanent the Army of the United States," em- change since the era of the first Roman bracing a period of twenty years, (1819 Emperors—whether the climate of the to 1839,) both of which are the result of New World has been rendered milder by the labors of the same author. We hail the cultivation of the soil-whether the the appearance of this volume with no region west of the Alleghanies enjoys a ordinary degree of pleasure, inasmuch milder temperature than that to the east. as it is the first systematic treatise on the We must conclude, however, with the climate of that great portion of the globe, remark that Dr. F. has brought to the embraced within the boundaries of the investigation of these various points, United States, from the Atlantic to the great industry and method as well as Pacific Ocean. Unlike all other treatises good sense; and, that seeing the vast on the same subject, which are generally mass of information collected and gested loosely written and made up of the most into fixed results in this volume, and vague and general statements, Dr. F.'s adapted, too, for general perusal, we take deductions are based upon precise instru- pleasure in commending it to our readers mental observations. The isolated facts as a standard production. relative to our climate have been carefully collated by him, and their relations to one another and to general laws determined. Having thus presented in Part Forest Life. By the Author of " A New First a classification of the principal phe
Home.” In 2 vols. 12mo. New York: nomena of our climate, physically consid
C. S. Francis and Co., 252 Broadway. ered, he traces out in Part Second the
Boston: J. H. Francis, 128 Washingmedical relations of these laws, thus
ton street. 1842. establishing in both a classification of No less graphic, witty, kindly, senclimates having for its basis observation; sible, and amusing a book than the preand by extending his observations through decessor of which it is a sequel. And a long series of years, and over vast agreeable as are both the volumes from masses of individuals, Dr. F. has dis- beginning to end, there is no portion of closed many important relations having either which we read with greater pleareference to the health and disease of our sure than the concluding intimation, that wide-spread borders. The advantages it is only “ for the present” that the