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The late financial crisis has been the subject | then came the panic. The Bank is severely of long debate in the British Parliament. The blamed for having imprudently parted with matter was brought forward by the Chancellor their gold, and having afterwards too suddenly of the Exchequer on the 30th Nov., and com- restricted their discounts, by which latter opermittees of investigation have been appointed ation great state of alarm was created. On by both Houses. From the debate it appears the 30th July the notes in circulation amounted the ministers are of opinion that, although the to £18,892,000; on the 5th August the Bank pressure may have been ultimately aggravated raised the rate of discount to 53 per cent., and by the Currency Act of 1844, yet its real cause about that time the great commercial failures was an unprecedented drain on the available began ; but these failures, with few exceptions, capital of the country, partly for the purchase were then confined to houses in the corn trade. of corn and partly for permanent investment in Between May and September the price of corn railroads, which began in the summer of 1846, had fallen no less than 50 per cent.; the averand acting on an unduly extended state of credit, age price in May being 102s. per quarter, and brought on the revulsion. In 1837 there was in September about 48s. The cost of corn a season of great commercial depression, which imported, from June, 1846, to Jan., 1847, was destroyed the houses whose credit was too £5,139,000 ; from January to July, 1847, much extended. In 1839 occurred a severe £14,184,000 ; and the amount from July to drain of gold for purchases of corn, but trade October, 1847, was as great as that of the prebeing in a healthy state the commerce of the ceding six months, viz., £14,240,000; making country was not very materially affected. In altogether an aggregate of about £33,000,000. October, 1847, the circulation in the hands of This was the cost of imports and freight, exthe public, including bank post bills, was clusive of profits made in Great Britain. The £19,577,000, being £3,000,000 more than at demand of capital for railways increased in a the same period in 1839; and the private secu- like manner. The amount expended on rail. rities lodged with the bank were £21,260,000, ways in 1841, 1842 and 1843, was about also showing an increase of £8,000,000 above £4,500,000 per annum. In 1844 it rose to Oct., 1839; from which it appears that the £6,000,000, and in 1845 to £14,000,000 ; in pressure was not from the mere want of notes the first half year of 1846 to £9,800,000, and or bank accommodation. In the summer of in the last half year of 1846 to £20,600,000; 1846, the Bank of England had on hand a very in the first half year of 1847 to £25,755,000 ; large amount of bullion and a large reserved and, if the works had proceeded at the same fund; and they, in consequence, reduced the ratio, they would have required in the last half rate of interest to three per cent.

There was

year of 1847 no less than £38,000,000. Dealso at that time an accumulation of deposits ducting from this about 5 per cent., for Parof railroad money in the hands of the London | liamentary expenses and land, which was not bankers, which enabled them to afford facilities a sinking capital, the sum expended on railto commerce, and made the money market easy. ways would amount altogether to between At that time there existed an unlimited expan- £80,000,000 and £90,000,000. The large sion of credit. The harvest of 1846 failed and abstraction thus caused from the capital formerly the potato crop also, which caused a great at the disposal of ordinary commercial enterpris, drain of gold from the country for the purchase and the amount also converted into fixed capital, of corn; and in this period the increased de- were the leading causes of the pressure. mand of capital for railroads had begun to Want of confidence in the public mind, take place; and the consumption of manufac- also caused a large hoarding of gold and tured articles diminished, in consequence of notes, which were thus withdrawn from circuthe high price of food. In January the Bank lation. Two of the great discount houses in raised the rate of interest, first to 3, and after- London stopped payment, the others feared to wards to 4 per cent. The drain of capital for act in such a state of affairs; and thus the railroads and food increased; and the rate of discounting business of the country was, in a interest in the money market (not at the Bank) | great measure, thrown upon the Bank of Engbecame higher. One of the most important land. “At this time,” (October,) says the railroad companies announced they were pre- Chancellor of the Exchequer, “ the Government pared to pay 5 per cent. for money on loan; saw parties of all descriptions, who said to us the Bank fixed the same rate of discount, and We do not want notes; we only want you to five us confidence.' We asked, What will state that commercial affairs have not improved ive you confidence ?' They replied, “If we to the extent which the increased facilities for nly know that we can get notes, that will be discount might have been supposed to warrant. nough. We do not want the notes. You In the manufacturing districts there is more eman charge any rate of interest you please. ployment, more hands are employed, and the Charge 10 or 12 per cent.; we do not mean to short time system is being curtailed; but the tke the notes, we only want to know that we produce markets continue depressed. In sugar an have them.” Under these circumstances and cotton there is a decline, and the general he Government, on the 25th October, gave the consumption is much affected by the state of ?commendation to the Bank of England re- the public health. The fluctuations in the rred to in our number of December last, when funds have been less considerable than for a irge amounts which had been kept in the long time previously. On the 1st January ands of capitalists were again deposited with consols for the account were 85%.

The te London bankers, the amounts drawn from Bank of England has replenished its coffers to le Bank of England were very materially less the extent of £11,991,376, in both departments, red, and public confidence restored.

and the position of that establishment is conOn the 29th November, a bill for the sup- sidered safe and satisfactory. The Bank rate ression of crime in Ireland was introduced of discount was 6 per cent. on the 18th Dec., to the House of Commons by Sir George and was reduced on the 23d to 5 per cent. rey, who stated that, so far from the disturb- The influenza prevails very generally throughaces being general throughout Ireland, in the out Great Britain. The number of deaths has teater part of that country crime has dimin- consequently increased to an immense extent. hed, and life and property are as safe as in In the week ending November 20th the number ny other portion of the kingdom ; and that the in London was 1086; and in the three followimes against which the bill is directed are ing weeks, 1677, 2454 and 2416 : the latter eld in detestation and abhorrence by far the showing an increase over the average of the teater portion of that country. The bill is of same season in other years of 1370, or 130 per mild character, and had the support of a great cent. Mr. Robert Liston, the celebrated

surrtion of the Irish members; it passed a first geon, died at London, on the 7th December, ading with a majority of 206, only 18 votes from a disease of the throat. An account for ring given against it, and on the 13th of De- the year ending 10th October last shows the imber it finally passed the House of Commons income of the United Kingdom from taxes, &c., a vote of 173 to 14. A motion for repeal to be £52,579,501, 2s. 1d., and the expenditure

the anion was brought forward by Mr. to exceed that sum by £327,608, 8s. argus O'Connor, on the 7th December, which The governments of France and England as negatived by a vote of 255 to 23. Bills have been in communication, relative to the Fe also been introduced for removal of all blockade, by the former, of the river Plata ; and man Catholic and Jewish disabilities, which on the 13th of November it was stated by Lord e expected to pass the Commons; but the Palmerston that he had no doubt, on the arriEsage of the latter through the House of val of instructions there, a speedy cessation of rds is doubtful. About the 6th of December hostilities would take place. The grippe (incoast of Great Britain was visited with ter- fluenza) is extremely prevalent in many parts ic gales, and the destruction of shipping and of France : 10,000 persons are said to be laid its has been most extensive. An American up with it at Lille; at Toulouse, 15,000 out of P, the “ Robert G. Shaw," was burned to the 55,000 are suffering from that malady; and at ter's edge, off Weymouth, having been struck Marseilles half the population of 160,000

lightning, December 6th. The present souls,) are said to be confined to bed from the pension of Sir Robert Peel's act for the same cause. Precautions are being taken in endment of the Corn Laws expires on the France to prevent the introduction of the cholMarch next. The President of the Board The reform banquets still continue, and Trade, in reply to an inquiry on the subject, are frequented by persons of distinguished ted that it was not the intention of the character and station. Arrangements have vernment to propose a further suspension ; been made by which, after the 1st of January, which case the import duties on wheat will two mails will be daily dispatched between regulated by the following scale :—When London and Paris-a day mail and a night average price for six successive weeks is mail from each capital. Specimens of cotton ler 48s. per quarter, the duty will be 10s. grown in Algeria have been sent by the Minisquarter. At every advance of 1s. per qr. ter of Commerce to the principal manufacturprice the duty will fall 1s., until the price ing towns, with a view to ascertain its quality. ches 53s., at which price, and upwards, the The reports have been so favorable that the y will be 4s. per quarter. The average French government is likely to adopt measures e for the six weeks ending 11th December to promote the growth of cotton in Algeria upon 52s. per quarter, at which rate the duty an extensive scale. Since 1830, Algeria has ald be 5s.

Accounts to the 1st January, cost France half a million of soldiers.



The civil war in Switzerland is terminated | I received it full and entire from my predeces. by the complete overthrow of the Sonderbund. sors, so shall I transmit this sacred deposit to my After the capture of Fribourg, the Federal army

I have three millions of subjects as advanced against Lucerne, and after some witnesses, and I have hitherto accomplished sharp fighting on the 22d and 23d of November, much to unite my subjects with me, and to asin which their superiority in artillery gave them certain and provide for their necessities. It was great advantage, this stronghold of the Son particularly to ascertain those wants and to proderbund was reduced, and the war virtually viee, that I have assembled a pernianent coun

vide better for the exigencies of the public ser. concluded. The number of the Federal troopscil. It was to hear your opinions, when necesengaged in the war was about 94,000, while sary, and to aid me in my sovereign resolutions, their opponents did not muster above one third in which I shall consult my conscience, and conof that number. The Jesuits are entirely ex- fer on them with the ministers and the Sacred pelled from Switzerland, and their establish- College. Anybody who would take any other ments and property forfeited. The cantons of view of the functions you are called to fulfil, the Sonderbund are to pay collectively and sep

would materially err, as well as they that would arately all the expenses of the war, to make see, in the Council of State I have created, the good all damages done by their troops, and to

realization of their own Utopias, and the germ of pay the expenses of the occupation of the Fed

an institution incompatible with the Pontifical eral forces. The total cost of the war on the

sovereignty.” side of the Federal government is estimated at

His holiness having pronounced these last 3,163,000f. and it is supposed the cost of oc

words with some vivacity and some heat, stopcupation will be nearly two millions more. ped a moment, and then resuming in his usual The result has created a great sensation in mild manner, continued in the following terms : Austria, to which kingdom a considerable portion of the Jesuits have retired. The proposed “ This warmth, and these words are not ad intervention of the great European powers was dressed to any of you whose social education, rendered abortive by the termination of hostili- Christian and civil probity, as well as the logg ties. The canton of Neufchatel is in rather alty of your sentiments and the rectitude of an anomalous position. From 1707 to 1805, it your intentions, have been known to me since was a principality of the crown of Prussia. the moment I proceeded to your election. Nei In the latter year it was ceded to France and ther do those words apply to the majority of my granted by Napoleon to Berthier, as a fief of subjects, for I am sure of their fidelity and their the French empire. In 1814 the king of obedience. I know that the hearts of my sub Prussia resumed possession, and gave to Neuf- jects unite with mine in the love of order and a chatel a constitution, and it was, with his maj- persons (and though few, they still exist) whe

But there exist, unfortunately, sco! esty's consent, admitted into the Helvetic confederation ; without, however, any cession of volt, and even abuse the concessions made ty

having nothing to lose, love disturbance and re the rights of the king of Prussia. In the late them. It is to those that my words are ad civil war, that canton, with the approbation of dressed, and let them well understand their sig the king, decided on a strict neutrality, and his nification. In the co-operation of the Deputie majesty declared, in precise terms, to the Diet I see only the firm support of persons who, de that every violation of this neutrality by the void of every personal interest, will labor wit Diet would be regarded as a breach of the

me, by their advice, for the public good, and wh peace against himself. The Diet insisted that will not be arrested by the vain language of res Neufchatel, as a member of the confederacy, with your

wisdom to discover that which is not

less men devoid of judgment. You will aid m was bound to furnish its contingent for the war, useful for the security of the throne and the red and has declared that it reserves to itself full happiness of my subjects.” liberty of action against the defaulting state. Thus between its loyal and conservative predi

The deputies were afterwards admitted lections, and its Federal relations, Neufchatel

pay their homage to the Pope, and, having is in a most awkward dilemma. On the 15th of November the Pope on the

ceived his benediction, withdrew. They bax

expressed their intention of inquiring, amon throne, at the Quirinal, received the members

others, into the following subjects: of the consulta, and, to an address from their President, replied in the following terms:

“As to an equal division of taxes; the din

nution or suppression of all charges which & “I thank you for your good intentions, and as on the poor classes, or which impede the deve regards the public welfare, I esteem them of val-opment of national prosperity; the re-establis ue. It was for the public good that since my elment of public credit ; the destruction of m evation to the Pontifical throne I have, in accord | nopoly, and the extension of commercial libers ance with the councils inspired by God, accom. | the introduction in the prisons of a regio plished all that I could ; and am still ready, with which may render the penalty not a punishme the assistance of God, to do all for the future, which degrades, but a measure which may pa without, however, retrenching in any degree the mote the regeneration of the culprit ; the envereignty of the Pontificate; and, inasmuch as tension throughout the provinces of the mune

al system, such as it is at Rome ; and lastly, the / ukase which involves a great question of indoption of a system of education and public in- ternational law, having for its object to sustruction, and of a just and moral policy.” pend the exercise of the right of fishing along

the coast of the Black Sea, from Anapa as far There is no news of importance from Spain as Batoumi, in order to prevent assistance to I Portugal, except that in the former the in the Caucasus. By this measure the Emperor urgents appear to have been almost entirely appears to arrogate to himself an exclusive ut down; and, in the latter, the elections have property in the Black Sea. Teatly preponderated in favor of the Cabral

Appalling accounts of famine have been arty; the ministerial candidates at Lisbon hav- received from the Polish provinces of Austria. ng all been withdrawn, and those at Oporto de Out of 328,641 inhabitants no less than 60,820 ented.

have died. The cholera has almost disappeared from Accounts from the East Indies show a state onstantinople, and is now so slight there as of unusual tranquillity, and in Bombay the o be little regarded. It still continues to greatest commercial confidence prevails.' It is pread in Russia, but has lost its force in Mos- said that not a single house there has suspended ow. From the appearance of the disease up payment. o the 22d of November, the number of persons In a council of state of the united kingdoms ttacked at the latter place was 2360, of whom of Sweden and Norway, held on the 28th ult., 097 died. It has made its appearance, but in the King ratified the treaty of commerce and milder form, at Dunaburg, within forty miles navigation between China and those two kingi the Prussian frontier. The St. Petersburg doms. The treaty was signed at Canton, the ournal of the 18th of November, publishes an 20th of March last, by M. Lillienvalch, counmperial ukase for contracting a loan of sellor of commerce, on behalf of Sweden and 1,600,000 silver roubles, for the works of the Norway, and by the Imperial Commissioner Kit. Petersburg and Moscow railroad. The Yng, on the part of China. imperor of Russia has lately published a


Jon Quixole de la Mancha. Translated from same minute observation and much of the same the Spanish of Miguel de Cervantes Saavedra, vigor, but in comparison with Cervantes he by CHARLES JARVIS, Esq. Carefully revised writes like an old battered voyager. In Don and corrected, with Illustrations, by Tony Quixote we find all that cool self-possession Johannot. ln two volumes. Philadelphia : and confident reliance on the reader's creduLea and Blanchard. 1847.

lity that appears in Mrs. Veal's Ghost and the

History of the Plague, joined to the most This is a very respectable new edition of a hearty humor, the most unfailing vivacity, and ook that can never grow old. The illustra- indeed, all qualities that make an overflowing ions, however, which are either the copies or bodily and mental health. In respect of the he worn-out originals of those given in a Paris bodily part, out of Cervantes, Shakspeare, John dition some years since, are not much to our Bunyan, De Foe and Sir Walter Scott

, all good ste. Tony Johannot, the Leach of the French stomachic writers, any reader of delicate perlustrators, is hardly equal to the task of pro- ception would surely choose the former; Shakiding scenery for Cervantes; and to those speare's digestion was so good that he appears sho have seen the elegant engravings of never to think of dining ; Bunyan must have Imirke, these sketchy wood-cuts will possess had a powerful organ for solid viands ; De Foe ttle attraction.

could relish the same dinners all the year The translation is by Jarvis, and it appears, round, with a few grapes of his own rearing; nd probably is, more exact than that of Smol- Scott would have been tremendous at a venison *, though to those who were early accustomed pasty after a long ride ; but to read Cervantes

that version it cannot but seem less spirited is of itself a cure for dyspepsia. The bodily nd more artificial.

vigor is so apparent througbout his pages that Of all the books in the world there is none it is impossible to read without insensibly getkcept Shakspeare's plays so full of the vigor ting an appetite. youth as Don Quixote. De Foe had the But the mental vigor, the liveliness of fancy, the air of mirth that pervades the whole, the a woman noble and poor, like himself; recalled range of observation, a dozen lives all over one moment to letters by love, and exiled from Spain crowded into one, and so alive that it them the next by distress ; recompensed for his appears the writer has much ado to keep him- services and talents by the magnificent appointself within proper bounds—these are qualities malversation with regard to the public money

ment of clerk to a victualling board ; accused of in which he must rank far below Shakspeare, thrown into prison by the king's ministers, teyet still at the head of all other prose writers, leased after proving his innocence ; subsequently No one has manifested himself to the world again imprisoned by mutinous peasants; become with more of the spirit of youth and apparent a poet by profession, and a general agent; transignorance of care and sorrow.

acting, to gain a livelihood, negotiations by COIDYet Cervantes could not have been a heartless mission, and writing dramas for the theatre ; gay man of mere animal life. The preface to discovering, when more than fifty years of age, his first volume and the prologue to the second the true bent of his genius ; ignorant what patron bear the tone of reflection. Indeed, some of he could induce to accept of the dedication of his episodes show that he had as keen a per- his work; finding the public indifferent to a ception of the pathetic as of the comic, and book at wbich they condescended to laugh, but could have written a serious novel had he finding also jealous rivals, by whom he was ridi

did not appreciate, and could not comprehend; chosen to do so. Charles Lamb calls hím culed and defamed; pursued by want even to “the most consummate artist in the book way old age; forgotten by the many, unknown to all, the world has ever produced.”. This was the and dying at last in solitude and poverty; such, secret of his success; he had infinite nerve; during his life and at his death, was Miguel de his hand was so steady nothing could shake it. Cervantes Saavedra. It was not till after the When he had conceived what, if it were not lapse of two centuries that his admirers thought now an old story, we should all consider the of seeking for his cradle and his tomb; that they most whimsical fiction that ever was thought adorned with a medallion in marble the last of, and requiring the most delicate touches, he house in which he lived; that they raised set himself to work it out with such marvellous

statue to his memory in the public square ; and ease, such glorious cool strength, as amount

thal, effacing the cognomen of some obscure but almost to the power of a great epic poet. He scribed at the corņer of a little street in Madrid

more fortunate individual, his countrymen in himself always maintains the most dignified that great name, the celebrity of which resounds gravity; only by an occasional twinkle of the through the civilized world.” eye does the reader see that his author, like an old story-teller, is enjoying the fun internally as much as he.

And all this was done by him in advancing The Poetical Works of John Milton; with a age, after a life of adventures and misadven- Memoir, and Critical Remarks on his Genius tures enough to have bowed any less resolute and Writings, by James_MONTGOMERY spirit, and in humble circumstances. How and one hundred and twenty Engrarings from like a true gentleman does he put down the Drawings by WILLIAM HARVEY. In te man who had not only anticipated him by volumes. Harper & Brothers. writing a second part to Don Quixote, but had gone out of his way to revile him. “What I With the exception of the engravings, whid cannot forbear resenting is, that he upbraids are common-place in design, and by no mean me with my age, and with having lost my delicately executed, this is one of the most ela hand, as if it were in my power to have hin- gant editions of Milton ever issued. The pa dered time from passing over my head, or as if per is excellent, and the type so beautifully fal my injury had been got in some drunken quar- that an hour's reading seems rather to refres rel at a tavern, and not on the noblest occasion the eyesight. Bound in cloth, and with gi that past or present ages have seen, or future edges

, these two volumes make as desirable can ever hope to see.'

gift book as the season has produced, and on The introduction to this edition contains a which ought to be on every parlor table when memoir of Cervantes, from which the following there is not a Milton already. summary is worth extracting :

We cannot have the fathers of our literatur

and poetry too much with us. Though the “Born of a family, honorable but poor; re- number that read and relish Milton be few, y ceiving in the first instance a liberal education, it is something to see him daily, and to feel but thrown into domestic servitude by calamity; conservative influence of his presence : wbe page, valet de chambre, and afterwards soldier; he is there will continue still some esteem at the capture of Tunis; taken by a Barbary learning, some reverence for sound thinking corsair ; captive for five years in the slave-depots some love of nobleness. Even where the on of Algiers; ransomed by public charity, after

use made of him is to dust him every mornia every effort to effect his liberation by industry as he lies in gilt edges, with such compania and courage had been made in vain; again a as the annuals and the Book of Beauty, soldier in Portugal and the Azores; struck with | daily sight of his form will be like the prese

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