up a clamorous horde of advocates for a perpetual State loan and national debt, to supply the demand for public stocks. The present Whig administration of New York foreseeing this demand, and eager to commit the credit of the State, in furtherance of political purposes and their party "credit system," have already advanced propositions for schemes of internal improvement, involving a State debt of more than forty millions of dollars! And one argument, openly advanced in favor of this dangerous exercise of public credit, is the means these stocks will afford for the easy organization of new banks. This subtle and dangerous influence of the new law requires close watching, and prompt exposure and resistance. The aggregate of State debts, throughout the Union, as mentioned in another paper in the present number, is already immense; and if it continue to increase, as it has within the last five years, will soon bear a near relation, in its amount and oppressiveness, to the national debt of Great Britain.

It is, moreover-as a question of local concernment, largely, however, affecting the rest of the Union-much to be regretted that the immense responsibility devolved upon the Comptroller, by this law, has been transferred, by a temporary political fluctuation, from the able financier, who has for several years past so much distinguished himself in that department, into the hands of a man whose capacity is yet to be discovered, if it exist, and who does not possess the confidence of men of the most judgment and experience. The present Whig comptroller has already, as his friends admit, been led into some mortifying blunders, by the sinister influence and counsels of a certain clique of bankers on the northern side of Wall street, whose interests are at variance with a similar clique on the south side of the same famous avenue. The channel of influence is admitted to have been a new member of the Board of Canal Commissioners; himself heavily engaged in railroad and land speculations, and deeply in the interests of the first mentioned Wall street operators. When, owing to such an intrigue, the credit of such a State as Arkansas is brought in question, as it was in the transaction alluded to, the influence of designing brokers over responsible public officers, through the machinery of the new law, is placed in an alarming point of view. If it be necessary, we shall probe some of these sinister operations, on some future occasion, with a less gentle hand.

We may properly bring these protracted remarks to a close, by suggesting a remedy for this corrupt state of things, begotten by the legislation of Whig politicians and speculators. It is at once simple and effectual.

Let the "business of banking-by discounting bills, notes, and other evidences of debt; by receiving deposites; by buying and selling gold and silver bullion, foreign coins, bills of exchange; and

by loaning money on real and personal security"-be thrown open, and entirely abandoned to unrestricted individual enterprise and capital, subject only to the natural 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 suffi ciently advantageous, under these provisions, to engage the attention of men who have money to lend; as in addition to the dividends on their securities 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 under his personal control; though the greedy bankers of the present day are, like all desperate and unprincipled speculators, successful, through their monopoly privileges, in extorting from the community more inordinate gains.

The suspension of specie payments should, moreover, be visited by a penalty 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 ferto 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.

THE NIGHT.

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,

A something more than memory,
A living presence, seems.

BALTIMORE, April 15, 1839.

G.

CAUSES OF POVERTY.*

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. Under 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 evidently been employed in endeavouring to increase and diffuse the blessings which may be derived from our social and political institutions. 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!

sense.

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