WE hope the Whigs will behave themselves quietly and sensibly at the approaching session, that the last lingering hours of their ill-gotten power will be spent in decent repose, and penitent meditation on their fast approaching latter end. If the convulsions of partizan passion exhibited by them at the two past sessions of the same Congress were then revolting, the repetition of them now would be only ridiculous. The rage of struggling and threatening strength, so long as a certain degree of doubt may hang over the issue of a mighty strife, may be sublime; but the writhing spite of defeated and desperate impotence, even if it rise above the contemptible, can scarcely reach the level of the pitiable. We hope, therefore, that we shall see them submit with resignation, if not with a cheerful grace, to the inevitable decree of fate; and give the concluding three months of their existence, as a Congressional majority, to the quiet despatch of the necessary public business, and to a dutiful acquiescence in the will of the People, as expressed beyond misunderstanding in the general course of the elections of the year. No great party measure appears likely to arise, except the settlement of the fiscal system of the government. This it is to be hoped they will now be willing to leave in the hands of the Democratic Party in Congress, whom they must admit to constitute the true representation of the People. And in whatever measures may prove necessary to furnish the supplies of government and sustain its credit, we trust they will withhold any factious persecution of the administration, and leave to its friends the power, with the responsibility, of this branch of the legislation of the session. The Senate too, in the performance of its coördinate executive duties, is bound to yield to the recent emphatic utterance of the popular verdict, and to desist from the system pursued at the last session, of harassing and thwarting the President at every step through his nominations. As for

the tariff, that, we suppose, must be suffered to lie over undisturbed in its praetical operation, till the assembling of the next Democratic Congress. By that time, it will have fully demonstrated the futility of the excuses alleged for it as a revenue measure. Its true prohibitory-protective character will stand confessed to the eyes of the blindest partizanship; and violently as its repeal will be contested, by some of the privileged classes for whose bloated benefit it is to tax and burthen the general interests of the country, a thorough revision of the bill will undoubtedly be made by the next Congress, which, we trust and doubt not, will bring it back to the legitimate standard of an honest and bona fide revenue bill.

One word of advice to Mr. Tyler respecting the fiscal system he may recommend at the opening of this approaching session. The influence of the Democratic reaction apparent over the whole extent of the country, ought not to be lost on him either. Let him accordingly harmonize his policy still more decidedly with this strong demonstration of the popular will. Let us hear nothing more of Banks of the United States in disguise; that is to say, of local banks for the District of Columbia nationalized by indirection, and legitimatized by the assent, or by the absence of prohibition, of the different States within their respective limits. This idea which he once strove so earnestly to press into service, with a view to avert the gathering feud with Clay and Clayism, was one of the most unstatesmanlike evasions of a great principle ever put forward by a public man, in a high crisis of public affairs. Mr. Tyler will consult in vain the great "fathers of the Republican party," to learn how even the express consent of a State-still less, the omission of its negation-can infuse into an act of the federal government a constitutionality wanting to it "per se." It is a question of simple and very plain English, and his Latin does not at all mend his case. Congress has no right

-in a just and proper sense it has no power-so to use an admitted power, as to extend its reach to an unlawful end. If it cannot create a National Bank in the proper sense of the expression, it cannot, under the pretext of that local jurisdiction which it is bound to confine to local purposes, effect the same practical object by means of a District of Columbia charter, with a capital of national proportions and designed to be applied to national purposes. Mr. Tyler did himself no credit in the eyes of the Republican school, either for honesty or ability, by that pettiest piece of constitutional quibbling. We trust he will teach us to forget it, by forgetting it himself.

It is to be hoped, too, that Mr. Web ster's declarations at Faneuil Hall are not to be taken as an indication that the awkward and dangerous schemewith its insidious capabilities of abuse --which was brought before the country at the commencement of the last session, as Mr. Ewing's Exchequer, is again to be urged on Congress as the measure of the Administration. The march of events since that day, the development of opinion, and the more distinct relative arrangement of parties, now not only justify but demand at Mr. Tyler's hands a measure more satisfactory than that bill, to the Democracy whose earnest preference is yet the Independent Treasury. We care comparatively little, either for the name or for the details of form, which may be deemed most suitable to reconcile yet unsatisfied prejudices,—though it would be no easy task to attempt to improve upon the work of the great minds which elaborated the admirable bill we refer to. All that the Democratic Party care for, is the security of those leading principles in it, of which few now continue seriously to dispute the wisdom and the truth. This they have a right to expect, and without this Mr. Tyler can have but little right to expect from them much of their confidence or support.

There is one measure which we feel unwilling to omit the occasion of adverting to, as one which now most imperatively claims the prompt and earnest attention of Congress,-the organization of the Smithsonian Insti

tute.

It is already a shame and a

scandal in the eyes of the civilized world, that we have so long neglected a duty, as interesting in itself as sacred in the nature and origin of its obligation. A basis of material already exists at Washington, on which, with the addition of the large pecuniary means afforded by this fund, a structure might easily be reared, the noblest boast of our country and time. The proceeds of the labors of the Exploring Expedition will constitute a Museum of Natural History, which, annually enriched with the peaceful spoils to be harvested by our navy over the whole surface of the globe, will ere long become one of the most splendid in the world. On another page a suggestion has been thrown out of a suitable building which should be devoted to it, without the heavy drain which would be made upon the fund by the erection of another. And why might not the hitherto unsuggested feature be added, of a grand national school of art?-an application of a portion of the fund perfectly within the scope of the true spirit of the bequest. At comparatively trifling cost a most glorious gallery could easily be established, both of casts of all the great sculptures existing in the world, and of copies of all the great paintings whose values are beyond the reach of expression in figures. By a competition held out for the best of such copies, not only would productions second only to the actual originals be secured; but also great numbers of others, of competing merit, would be introduced into the country and soon scattered over its whole extent-everywhere fruitful seeds of all those elevating moral influences, inseparable from the cultivation of the spirit of the Beautiful, the want of which is one of the most serious evils now sadly apparent in our national character. The galleries thus erected should be open to the world as a great free school of Art. On a future occasion this suggestion shall be developed with greater fulness; and we most devoutly trust that such an opportunity will not be suffered to pass unimproved, to secure one of the highest and most useful national treasures which could enrich the country and adorn its capital,

THE abundance of money now lying unemployed is very large, perhaps greater than ever before at this season of the year, which is, in New York, usually the most busy period. Not withstanding the low prices of almost all merchantable articles there seems no disposition to embark in commercial enterprise; and the state of public opinion, in regard to most descriptions of paper securities, forbids any extensive investments in stocks. The federal government has yet been unable to obtain any money on its six per cent. stock, and has been able to continue along only by the assistance of small issues of Treasury notes to meet the most urgent claims upon it, leaving large debts unsatisfied. Although no disposition has been manifest to invest in the 6 per cent. stock, the Treasury notes bearing that rate of interest have been greatly in demand, and have commanded a small premium. They, by recent enactments, draw interest after their maturity, if not paid. Hence they partake of the nature of loans for an indefinite period, payable at the will, or rather, at the ability of the government. They form the most desirable means of investing money temporarily, or "at call," and have been freely purchased by banks and capitalists for that purpose. There is so little business doing which creates a demand for money, that the large houses in Wall street have had no inducement to receive money "at call," at 5 per cent., at which rate it has been offered in preference to stock investments at this juncture. In State stocks there has been but little doing; a small loan of $250,000 New York 7 per cent., was taken rather slowly at par, the disposition being to wait the result of the coming election, for the reason that the State credit being so precariously situated, pivoted as it were on the mill tax of the last session, which the Whig party threaten to repeal should they obtain power, capitalists chose rather that their money should lie idle than to risk being involved in the utter ruin which must overtake holders of stock should the election possibly result in favor of that

party pledged to repeal the tax and increase the State debt. Discredit in New York would involve that of all other States to a greater degree than now exists. Many of the banks are large holders of the stocks, hence they are involved in the risk. This operates as a bar to the employment of money in that direction.

In commercial pursuits there is so little doing, and cash operations at low prices require so little money, that they offer but little opportunity for the employment of capital. The import business would of course be very small in such a state of things under any circumstances, but under the weight of the new tariff it is crushed. Packet ships now bring home freights scarcely 10 per cent. of those of former years. The import being thus small the existing demand for foreign bills of exchange, of course, is moderate. The prices touched their highest rates during the first week in October, when the heaviest remittances were made. Sterling bills then sold at 8 a 8 premium, and are now dull at 5 a 6 per cent. premium, city endorsement. The supply has been somewhat increased by Canada bills drawn against the new colonial loan guaranteed by the Imperial Parliament. In all the ports of the South, bills are under par. At New Orleans the rate is para 2 nominal discount, which is really a discount of 9 a 10 per cent., consequently specie flows into that port from all quarters. On the 5th inst. $50,000 in specie arrived there from Liverpool for the purchase of cotton, and was followed by larger sums; probably $2,000,000 have reached there within a few weeks from all quarters, an operation by which cent. per lb. is saved instead of drawing bills. Inland bills, partaking of this general character, have fallen to very low rates, and give symptoms of turning in favor of the points of production rather than that of sale, New York bills being now actually at a discount of 5 a 6 per

cent. in New Orleans. There seems to be little hope of a generally increased activity of trade until the country becomes replete with the con