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by loaning money on real and personal security"_be thrown open, and entirely abandoned to unrestricted individual enterprise and capital, subject only to the natoral laws of trade, and without any of the unjust restraints imposed by the present act.

And as regards the issue of bank bills, if the public mind be not yet prepared to adopt the true principle of equal freedom in this branch of legitimate business. let individuals or associations, upon depositing securities, as required in the present act, supply the wants of the community in this respect, in larger or smaller amounts, as may suit their own convenience, restricting the issues of all bank bills of a less denomination than ten dollars, the amount of our highest gold coin. The business would be sufficiently advantageous, under these provisions, to engage the attention of men who have money to lend; as in addition to the dividends on their seeurities in deposit with the Comptroller, they could have its paper representation, received from them in exchange, at the current rate of interest. Such profits would satisfy the sound and discreet capitalist, the whole being undes his personal control; though the greedy bankers of the present day are, like all desperate and unprincipled speculators, success. ful, through their monopoly privileges, in extorting from the community more inordinate gains.

The suspension of specie payments should, moreover, be visited by a penaliy on all issues, in the nature of damages, which would effectually guard against such a catastrophe, by rendering it a matter of profit--for principle or honor is not to be looked serto meet all demands, upon presentation, with the proper constitutional payment. Twenty per cent. damages and double interest would effect this object; or, at any rate, would place even their suspended notes, considering the security for their ultimate redemption, on an equality with specie, for all purposes except immediate circulation.


I sometimes, in an idle hour,

When fancy's wings were free,
Have wished that I could have the power

Always awake to be ;
That sleep might never seal my brain,

And never close my eye ;
That I a double life might gain,

While others nightly die.

The darkest hours are often bright

With thought's least clouded ray,
And therefore do I love the night

Far better than the day.
It cometh, like a mother pale,

A patient watch to keep,
And letteth no rude sound assail

Earth's toil-worn children's sleep.

It singeth in the mournful wind

A plaintive lullaby,
Or whispereth in accents kind,

As love's half-uttered sigh.
The crescent moon, night's fairy boat,

Without a sail or oar,
With shining side and prow, doth float

To some far western shore ;

And bravely o'er the gathering cloud,

And through the driving rack,
For ages where her keel hath ploughed,

Pursues her lonely track;
And with her stars, whose mysteries

We seek to solve in vain,
Seems linked with human destinies

By fate's mysterious chain.

Yet most I love the night, that then

The voice we long to hear,
The face we fondly gaze upon,

Though absent, still seem near.
The timid glance of some bright eye

Remembered in our dreams,
something more than memory,
A living presence, seems.

BALTIMORE, April 15, 1839.


We take great pleasure in recommending to the notice of our readers one of the most interesting and useful books that has issued from the American press for a long period-Mr. Sedgewick's work on Public AND Private Economy. Adapting, with great judgment and success, many of the recondite principles of economical science to the business and bosoms” of individuals engaged in every pursuit of life, this work cannot fail to exert a salutary and permanent influence whenever it shall become known. Such practical views as are found in these volumes are peculiarly important in this country, where the power of Government rests wholly with the people, and especially while so many plausible and ingenious expedients for plundering industry of its rewards are continually brought forward by the unwearied efforts of speculators under the sanction, and too often with the participation, of those who are delegated by the people to protect their permanent interests. Un. der the existing state of things, an honest and practical exposition of many of the most important ethical and economical principles, upon which individual prosperity and public security mainly depend, cannot fail to prove of the highest value.

Mr. Sedgewick appears, from the evidence afforded by every page of his writings, to be one of those enlightened men whose pure and accurate judgment leads them to seek their best pleasures in the performance of their duties. His ample resources have evi. dently been employed in endeavouring to increase and diffuse the blessings which may be derived from our social and political insti. tutions. By his writings, no one can ascertain whether he belongs to either of the political parties which divide our citizens upon many great questions of deep public interest,--such as Currency, Public Defence, National Bank, Internal Improvements by Congress, High Tariff, &c.; unless, perhaps, his allusions to the evils inflicted upon society by the abuse of paper money, and the pointing out its deleterious influence upon the comfort of the productive classes, in consequence of enhancing the prices of the necessaries of life, always in a greater ratio than the rise of wages, may be regarded as an indication of his entertaining views similar with those of the present administration of the General Government. Many topics of deep import to the well being of the whole community are discussed with great lucidness and power, and always with dignity and fairness. We find no evidence of partizan feel

* Public and Private Economy. By Theodore Sedgewick. Parts 1, 2, and 3, New York, Harper & Brothers, 1836–1839.

ing, no appeal to prejudice either personal or national, in the abundance of the illustrative facts, and the copious and pertinent reflections, which his extensive and careful observations upon all the phases of social existence, both in this country and in Europe, have enabled him to communicate. Mr. Sedgewick has discharged, with a liberality and manliness worthy of praise and imitation, what we hope he will consider but an instalment of the debt which every man of education and talent owes towards the support and improvement of the social institutions, by which his interests are promoted, and his rights protected.

We cannot forbear pointing out the contrast, in all these respects, which exists between the writings of Mr. Sedgewick and those of Mr. H. C. Carey, of Philadelphia, to which we have heretofore felt it our duty to draw the attention of our readers, in our remarks upon the “Credit System." Our February article on this subject has furnished Mr. Carey, it seems, with another opportunity for the display of his peculiar gifts. We have read his second reply with no other feeling than increased regret, that any individual should be found disposed to abuse his leisure, and pervert his talents, in attempting to revive and vindicate theories which have been exploded by the experience of our own, as well as so many other countries, as destructive to the paramount interests of society. It is really too late in the day for Mr. Carey to endeavour to satisfy reflecting men that wealth is only imaginary; and that the only true sign of wealth is--credit. We might have supposed, that Mr. Carey was humbugging his readers by his views of currency, were not instances extant of individuals of no mean name who have promulgated similar doctrines with the most entire sincerity and earnestness. Philosophers have been found who seriously maintained that the whole external world was imaginary; and that no man of reflection could possibly believe in the real existence of any of the material objects around him, the common opinion on that subject being merely a vulgar prejudice. Mr. Carey appears to confine his idealism solely to subjects connected with currency; on other topics, for aught we know, he may be guided by common

With him the long-sought philosopher's stone would be wholly useless, unless it could change baser materials into-confidence. He regards gold as too troublesome to possess the least value ; besides, the use of the precious metals as money, from the stability and uniformity of their value, is exceedingly demoralizing!

With Dr. Dyott's case, and the numerous other instances of swindling by means of paper currency, which have occurred in Philadelphia before his eyes, it seems somewhat extraordinary, that Mr. Carey should undertake to advocate and defend those schemes for the unrestrained increase of paper money, and public debts, which have not only destroyed commercial confidence, and


property in the South American States, but have involved most of their governments in anarchy. Is Mr. Carey in the slightest degree sensible of the fact, that paper money-frauds, at different periods within the last hundred and twenty years, have swept over most of the countries of Europe, with the desolating fury of a tropical hurricane? In the chapter of Storch's admirable work, of which a translation was given in our March number, he says that the notions of John Law, "are yet widely spread; and a vast number of persons, of every rank, still entertain the erroneous principles of this famous system, although they possess the greatest horror for the consequences which flow from it.” Mr. Carey happens to be one of Law's disciples, who regards these consequences with pleasure. Near the close of this chapter, M. Storch says: “The discharge of debtors was the only benefit which the system had produced, but this had brought ruin upon creditors, and impoverishment upon the whole kingdom.” “ The prices of the necessaries of life were tripled and quadrupled; it was no longer possible for those who lived upon interest money, pensions, or fixed incomes of any kind, to exist, without invading their capitals; artizans were without work; manufactures and commerce prostrated ; interest, dividends, wages, and pensions were not paid ; every class of society was made to feel the evils of actual poverty, while a small number were overgorged with wealth.”

These extracts from a work prepared under circumstances which give it the greatest authenticity, and which, wherever it is known, is regarded as one of the best that has been written on the subject, are repeated for the purpose of showing the practical effect upon a large scale in France of the operation of the identical principles of currency inculcated by Mr. Carey.

Nothing has induced us to point out to the reprobation of the intelligent and upright among our fellow citizens the profligacy of these doctrines, but a sense of duty to the common welfare which might be endangered by their dissemination without exposure. We do not impeach the honesty of Mr. Carey in advocating them. We shall more charitably ascribe his perversions and mis-statements to the blindness of his zeal. Individuals whose powers enable them to obtain but a feeble glimpse of a very limited portion of one side of a large question, often defend their narrow views with the greatest pugnacity and ardor. In his former reply, Mr. Carey stated that we were wholly ignorant of the principles of trade and banking. In his last, he suggests our total and unmitigated ignorance “ of the first elements of political science." We are not inclined to bandy epithets with Mr. Carey. After a careful examination of his last performance, we have been unable to perceive any thing either of fact or argument which is not sufficiently laid open by his own unguarded statements, or fully anticipated and refuted

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