This table gives the fact, that the revenue was increased during the five years of high tariff 20 per cent., as compared with the previous five years, showing that the increased duties gave no increased revenue, but that the revenue improved precisely in the same proportion that the quantity of imports increased and the currency expanded. The same fact is visible in the following years. In 1834, a year of revulsion, the customs were but two-thirds of the amount of 1836, when a reduction had taken place of 3 of the duties under the compromise act. In the following year, 1837, the customs were lower than they had been at any period since the war, and yet two years after, when a further reduction of 3 making 6 had taken place in the rates of duties, the customs ran very nearly as high as the average during the five years of the high tariff of 1828, but not quite so high as during the year of speculation, 1825-6, before the high tariff. All these facts lead to the inevitable conclusion, that the customs cannot be increased by a rate of duties higher than the tariff of 1824, which yielded $17,000,000 to $20,000,000. All the revenue thathas since been derived over that amount, has been got by increasing the quantity of goods imported through the operation of the banking sys

tariff was then easily and noiselessly produced, as is a frigate floated from her cradle in a dock by the gradually rising tide. The United States Bank relaxed the rigor of its control. The branches increased their loans, and swelled the measure of their liabilities, giving wider scope to the operations of the local banks. These eagerly put forth their energies, increasing their business and its profits, tempting new men and new capital to compete for that business. The result was, that the bank capital of the Union, which, in the ten years from 1820 to 1830, had increased but $7,000,000, extended itself from $145,000,000 in 1830, to $231,250,000, in 1835,-an increase of $86,250,000, or $17,000,000 per annum, and their loans in the same time increased $165,000,000. This impulse continued until the ten years ending in 1840 presented the following comparison with the ten years ending in 1820:—

This presents a pretty accurate condensed view of the great reverse which has not only taken place, but is yet in progress. The reduction from 1840 to 1842 is made out from actual enumeration of the banks that have failed. This process of curtailment, failure and liquidation, is the effect of the utter prostration of confidence in paper credits of all kinds, public and private, state, city, corporate and individual. It grows out of inability to pay originally, engendering want of will in many cases, and is in no wise dependent upon either high or low duties. It must continue until increased wealth imparts ability and will to submit to sufficient taxation from which to discharge the debts. Therefore, no increase of importations can grow either out of the improved state of the paper currency at home or restored credit abroad. The imports will be only to an extent which can be paid for. The means of paying will be diminished by the necessity of paying interest and principal of former debts out of the exports before returns can be expected.

We have gone thus particularly into details of that which we apprehend to be the effect of the tariff, because that has been a leading question with the mercantile community during the month which has elapsed since the date of our last number.

During the last few weeks a better business has been doing, being the first indications of the fall trade. This arises, however, not from legislative action, but from those general causes of increased national wealth, lower prices and abundance of money, which we have ever supposed would inevitably bring about a reaction. The season has now arrived for the various crops to move forward to market. Thus far the indications are that the product of all descriptions will be larger than ever before, and, with a specie currency, prices must rule very low. Flour is now selling in this market at $4 50 per bbl., and that is generally looked forward to as the average rate through the coming winter in the New York market. Probably it will not average more than $3,75 throughout the United States. The manner of conducting the business growing out of all the crops is undergoing an immense change. Formerly the commission houses in New York generally came

under acceptances to western farmers and dealers for produce to come forward. Many houses would accept from millers drafts, which would be discounted by the western banks, and the proceeds applied to the purchase of wheat, from which to manufacture the flour already accepted for. This system is now changed. Few or none of the New York houses accept any drafts unless the goods are in hand, and then generally for three-fourths of the market rate only. Very many of the western farmers and dealers do not draw against produce until it is actually sold. This forms a healthy cash business, giving rise to very trifling banking operations.

At New Orleans and the other great cotton markets, a similar change has been undergone. The old manner of buying cotton was for the agents of foreign dealers to draw upon houses in New York, at 60 days, which bills were discounted by the banks, and the proceeds applied to the purchase of cotton, which, in most cases, would be shipped to Liverpool, and drawn against from New York at 60 days, to meet the inland bill at maturity. This process, by requiring no actual funds, but merely bank credits, greatly facilitated the purchase in the hands of speculators, and kept the southern markets always half to one cent per lb. in advance of the Liverpool market, leading to reclamations and heavy losses. This system has itself been destroyed by the failure of the banks which it has ruined. Cotton-factors now very generally demand specie in payment for cotton. This, of course, must keep prices very low for the present; but the business will be healthy, filling the channels of circulation with a sound currency; and the business will ultimately improve as the foreign markets of consumption get over their present embarrassments.

The demand for money for mercantile purposes has not materially improved. There is as yet not sufficient encouragement for the sale of goods to induce operators to go into the markets, notwithstanding the low prices. The late accounts from England give prospects of a plenteous harvest, without having recourse to very large imports of foreign corn. This diminishes the hope of a greatly improved market for American produce in that quarter;

while the manufacturing districts are in so disturbed a state, arising from the distresses of the operatives, that it casts a temporary gloom over the cotton market.

Notwithstanding this want of employment for money there is no disposition to invest it in State stocks or paper securities of any kind, if we except some of the choicest, say New York State and city, for which there is some demand. The failure of the State of Pennsylvania had, at the date of our last, cast an additional gloom over the condition of American credit abroad. Pennsylvania has, how ever, made the first movement towards compromising her debts by advertising for sale all the public works, for the construction of which those debts were contracted. These works cost about $33,000,000, but have hitherto not yielded sufficient to pay the repairs and expenses independently of the interest of their cost. The stock debt of Pennsylvania is about $37,000,000, mostly 5 per cent., and the market price is 40 per cent. This stock the State proposes to receive at par for the works, at such prices as may be agreed upon. On these terms, if the works realized cost in stock at par, the whole could be purchased for about $15,000,000 cash, and the State would not only be out of debt but relieved from a heavy expense. None other of the States have yet taken any steps to wards redeeming their credit. An unaccountable apathy seems to prevail upon that subject. In Illinois the Legislature, which is biennial, meets in December next, and strong hopes are entertained that, under its democratic rulers, some compromise will be effected by means of the large tracts, near 500,000 acres of valuable lands, of which she stands possessed, with her creditors.

The agents of the federal government having failed entirely in effecting the negotiation of any portion of the loan. Congress has passed a law repealing the disgraceful provision in the

act authorizing the loan, to the effect that it might be sold at any price, and has again resorted to the old and well tried plan of Treasury notes, of which $6,000,000 additional are to be issued in lieu of so much of the loan unsold. These notes are to be issued in payment of debts due by the government, which are nearly equal to the amount authorized. They are mostly payable to contractors and others, who are not disposed to retain them, and will therefore put them immediately upon the market. These notes form a favorite mode of investment, and are much held by capitalists, which is evident from the fact, that although upwards of $8,000,000 are now outstanding, they are at a discount of 1-8 to 1-4 per cent. only, while at this time last year, with a less amount outstanding, they fell to from 5 to 6 per cent. discount. There are orders to some extent for the notes already, for investment, principally on bank account, but the large supply will probably cause them to fall.

Two failures have occurred in the commercial circles, one being the Bank of Lyons, a safety fund bank of the State of New York. This concern was tainted with old speculative transactions, and has long been in a weak condition. The other was a more important failure, being that of the American Fur Company, with a capital of $3,000,000. The general causes of this failure were losses on furs during the past few years, through the successful competition of private dealers.

The general prospect now before the mercantile community is that which invariably results from the elements now operating to produce it, viz. great national wealth, low prices, and abundance of money. A return of commercial activity has been retarded hitherto by the apprehensions and panic engendered by constant explosions of mismanaged banks and monied corporations. These have now nearly passed away, and confidence is returning on the broad basis of abundant products of industry and cash payments.

Elements of Chemistry. By ROBERT KANE, M.D., M.R.I.A., Professor of Natural Philosophy to the Royal Dublin Society, &c., &c. An American edition, with Additions and Corrections, and arranged for the Use of the Universities, Colleges, Academies, and Medical Schools of the United States, by JOHN W. DRAPER, M. D., Professor of Chemistry in the University of New York, &c. New York: Harper & Brothers. 1842. 8vo. p. 704.

THE design of the author in this work, is to present to the student an account of the general principles and facts of Chemistry, and of its applications to Pharmacy, to Medicine, and to the Useful Arts. The author has adopted the plan of fully describing all the general principles and laws of chemical action, before entering on the description of the chemical substances in detail,-a plan which has obvious advantages over that of entering in the commencement on the description of individual substances, inasmuch as reference to the principles of affinity and the laws of constitution is continually necessary, in order that the re-actions of these bodies may be understood. As Chemistry is itself but a department of natural philosophy, and so intimately connected with the other branches of physics, that a knowledge of at least their general principles is necessary for the proper understanding of the nature of chemical phenomena, the author has accordingly embraced within the design of the present work, a description of the physical properties of bodies, so far as they serve to complete their chemical history, or influence their chemical relations; thus, on the one hand, supplying characters by which chemical substances may be recognized, and on the other, modifying the affinities by which the action of chemical substances upon each other is determined.

The chapters on Cohesion, Light, Heat, and Electricity, are admirably drawn up, and acquaint us fully with the existing state of knowledge on these subjects. After treating of the general laws of chemical combination, we are presented with an account of the mode of preparation and properties of all inorganic substances of

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interest to science, to medicine, or to the arts. Matters of curiosity merely, having little or no relation to practical utility, are either omitted, or slightly noticed; while everything bearing upon general principles or existing theories, or connected with pharmacy, medicine, or employment in the arts or in ordinary life, is fully discussed and its application pointed out. In addition to all this, the relations of chemical action to the functions of organized matter, the applications of chemistry to physiology and pathology, are treated of as fully as present knowledge extends; and, in conclusion, we are presented with a very full and accurate description of the mode of analysis of organic and inorganic bodies.

Such is a brief sketch of the nature and design of the present work. We believe it superior to any work of the kind hitherto published, and especially adapted as a text-book for the use of universities, colleges, academies, and medical schools, as well as the man of science and the general reader.

In preparing this work for the use of American students, Dr. Draper has made such alterations in it, as the system of instruction pursued in the United States seems to require. Not that he has taken the improper editorial liberty of altering or omitting any part of the text of his author; but by putting in smaller type such portions as treat of comparatively unimportant details, valuable to the advanced proficient, but unsuitable to the practical purposes of instruction, within the short period of time usually allowed in our schools and colleges. His own additions are distinguished by brackets, which per mit their introduction without disfigurement to the typographical symmetry of the page.

In Europe, the reputation of Professor Kane was well established even before the appearance of this work; and now, since he has made this important contribution to the noble science in which he has been such a successful laborer, he cannot fail to be soon properly estimated throughout the scientific world. Its republication in this country will doubtless meet, under the favorable auspices of its erudite editor and enterprising publishers, with a fortunate reception. As it is undoubtedly

the best text-book extant in the English language, representing the present condition of chemical science, we recommend it to the favorable attention of all public teachers.

The first author of whom any decided accounts exist is Theodore Ptochoprodomus, who flourished about the middle of the 12th century, under the Emperor Manuel Commenus.

Sophocles' Greek Grammar. Fifth Edition. Greek Exercises, by the same. Second Edition. Romaic Grammar, accompanied by a Chrestomathy, with a Vocabulary, by the same. Felton's Greek Reader, adapted particularly to Sophocles' Grammar. Second Edition Revised. All published by H. Huntington, Jun. Hartford. 1842.

THE extensive popularity of the above enumerated elementary books, supersedes the necessity for particular examination of them on our part, to point out their merits or observe their features of difference from others. It is sufficient to notice their appearance, and to direct the attention of teachers to the strong recommendations from high authorities which accompany them. Into the Grammar of the Modern Greek we have looked with a somewhat closer interest. Such a publication was very much desired, if not wanted. With it every Greek scholar can acquire at least a reading acquaintance with the Romaic, in a short time and with light labor. The pages given to extracts from a number of Modern Greek writers and poets, easily as the greater part of them, with the aid of an accompanying vocabulary, are legible to every eye not unfamiliar with the ancient language, will have a particular interest to those who have had no other opportunity of access to them. Some of these fine spirited Klephtic songs are somewhat tempting to translation. The rhythm of the Romaic verse is entirely by the accents and cadences, and not by quantity, and the greater part of them are in rhyme. Professor Sophocles avoids encumbering his Grammar with comparisons between the ancient and the modern forms, which in other Romaic Grammars are only useless to one portion of their students and embarrassing to the other. He states that the ancient name of "Enves," which has been restored by the revolution of 1821, is used only by the inhabitants of Bavarian Greece, who perhaps do not constitute more than a fourth of the Greek nation, so that it may safely be said that the most of the people still call themselves and their language Romaic. The language is the legitimate offspring of the Byzantine Greek, the last stage of the Arabic-bearing a similar relation to the latter that modern Italian bears to Latin.

The History of the Reformation of the Church of England. By GILBERT BurNET, D.D., late Lord Bishop of Salisbury. With the Collection of Records, and a copious Index. Revised and corrected, with additional Notes, and a Preface, calculated to remove certain difficulties attending the perusal of this important history, by the Rev. E. NARES, D.D., Regius Professor of Modern History in the University of Oxford; and Rector of Biddenden and Newchurch, Kent. With a frontispiece, and twenty-two portraits. In four volumes. New York. D. Appleton & Co., 200 Broadway. 1842. 8vo. pp. 592, 652, 543, 622.

ONE after another the rapid increase, both of our numerical population, and of our circle of cultivated readers and collectors of libraries, leads to the republication of American editions of those standard works of the classic literature of the language, which were before accessible to us, on this side of the Atlantic, only at rare intervals and wide distances, in the public libraries of the large cities, or in the private collections of the small number of persons who could afford the expensive forms of the original English editions. This is one of the class we refer to; and in the handsome and cheap form in which the liberal publishers offer it to the American market, reproduced from the stereotype plates of the last English edition, it can scarcely fail, we presume, to justify abundantly the intelligent and welldirected enterprise of the Messrs. Appleton. Dr. Nares's edition is well known as having antiquated, and to some extent, superseded, all former ones; by reason of the valuable directions which he supplies in his Preface as to the mode and the order in which its different parts should be read, as well as of the corrections made, throughout the body of the work, of the numerous errors well known to disfigure the text. Of the merits of such a work, it would of course be absurd for the current criticism of the day to speak. Without adverting to those Catholic complaints against it which an English Bishop could scarcely fail to excite, yet the Protestant world have so long looked upon it as the most complete and valuable work existing on the subject, that our recommendation