are few and simple and may be easily assigned, and shall, therefore, be here assigned, for the satisfaction and clear understanding of all parties. This work, then, will sustain the cause of no party in Religion, 1st, For the solemn and most conclusive reason, that in Christianity, professedly and really a religion of peace and love, there ought to be no party, no conflicts among the followers of the Lamb of God and the Prince of Peace, but only harmony, agreement and brotherly affection. But admitting that there ought to be sects and parties in religion, as most unfortunately there are, this work will sustain the cause of no party in religion, 2dly, Because there are other and better instrumentalities, vehicles and places where, and through which, each and all religious parties may maintain their own views freely and without hindrance, and combat those of their opponents, we mean the Pulpit, the theological Reviews and the religious Newspapers; and 3dly, and lastly, Because this work is, and will be, as we have already announced to the public, devoted solely and exclusively to literary and political objects. Let it be understood, however, that no articles on biblical literature, which are distinctly such and nothing more nor less, no articles on the evidences of the christian religion, no articles on the being of God, no articles on the immortality of the soul, no articles on the necessity and importance of a good and holy life, no articles on subjects not litigated by religious sects, but in which all christians, of whatever sect, agree and harmonize, no articles in which the opinions even of those sects which are predominant throughout our Southern States, we mean the orthodox sects, such opinions, for instance, as the atonement, original sin, the trinity or any other peculiarities, are incidentally alluded to, but not argued or insisted on, shall be excluded from this work, but shall be freely and fully admitted into its pages, provided only that, from their literary merit and ability, they are worthy of a place in it. We mean to place this work on the most liberal basis, and to express no theological opinions in it, to which the most scrupulous Episcopalian, Presbyterian, Methodist, Baptist, Roman Catholic, or Christian of any name or denomination can possibly object. We have not come here to open the fountain of bitter waters, on the angry and time-worn arena of theological controversy. We have, on the contrary, come

to this great, growing, interesting and prosperous emporium of our country, where the voice of truth can be heard far and wide, through the vallies and mountains of the whole South, in order to promote and accomplish objects of great weight and interest to the durability of our institutions, the salvation of this dear region, the glory of the whole Union, and the fame of American literature,-objects in which all denominations of Christians, and all orders of men, may cordially co-operate, and heartily aid us in promoting, with all their ability.

And now, commending this work to the protection of that Providence, without whose smiles all our efforts, however ambitious, are vain, we proceed, after many toils and labors expended in its establishment, to dedicate it to the citizens of the Southern States in particular, and, more generally, to the citizens of the United States, and, offering our grateful acknowledgments to our patrons, we lay before them, and commend to their generous clemency, the first number of THE SOUTHERN QUARTERLY REVIEW.

ART. II.-1. Message of the President of the United States, returning to the Senate with his objections the bill entitled "An Act to Incorporate the Subscribers to the Fiscal Bank of the United States," August 16,

1841.

2. Message of the President, returning to the House of Representatives with his objections, the bill entitled "An Act to provide for the better collection, safe keeping and disbursement of the Public Revenue, by means of a Corporation to be styled the Fiscal Corporation of the United States," September 9, 1841.

The documents, of which the titles are given above, have every where produced a degree of interest which seems to require some notice of the subject, beyond those contained in the ephemeral publications of the passing hour. Every individual in the community is dependant on commercial interchange, in some of its various forms, for most of the comforts, if not the actual necessaries of life. Custom, founded on universal convenience, has established currency

as the common measure, by reference to which the exchangable value of all property is estimated. A just and impartial standard value, is, accordingly, of the highest importance to the permanent welfare of all ranks and pursuits, and is quite as intimately connected with the public security against fraud and imposition, throughout all the relations of society, as the uniformity of weights and

measures.

The importance of correct opinions respecting currency, has become more essential, from the habitual notions of large portions of the population of our towns and cities, who employ the ordinary measure of exchangeable value, not only in estimating the comparative prices of saleable commodities, but as the standard of social worth and respectability. Every fluctuation to which this measure is subjected, from whatever cause, either aggravates or alleviates the burden of all mercantile contracts and pecuniary obligations, either lessening or enhancing the power of individuals to fulfil them. The maintenance of their position in society, depends, in the case of thousands, entirely on the movement of currency. After periods of general activity and universal confidence, stimulated by the abundance of currency, we have repeatedly seen its sudden scarcity strike terror through the hearts of multitudes, presaging calamities more awful to many, than death. Such changes in the amount, and consequent relative value of our commercial medium, are inevitable, under the system of currency which has been permitted to take root among An alteration, produced by causes equally beyond the knowledge as the control of those whose livelihood is at stake, may have been imperceptibly going on for months together, until its results at once reveal themselves, by a crash of individual credit, as sudden and terrific as a clap of thunder in a clear sky. No foresight or precaution can furnish the slightest security to a merchant engaged in extensive transactions, that he will not find himself ruined by the sudden impossibility of complying with engagements, entered into with ordinary prudence, and the most perfect good faith. Exposed, by arbitrary variations in prices, from the general employment of factitious currency, to revulsions against which no sagacity can provide, families raised in the enjoyment of all the indulgences of opu

us.

lence, are at once stripped of the means of even bare subsistence. Flung upon the cold charities of the world, they are frequently broken in spirit, by contrasting their privations with their former ease and affluence. Conscious of no act which should deprive them of their former estimation in society, they become sensitive to the slightest change in the treatment accorded them by their associates. Unless such victims of misfortune happen to be endowed with natural tempers of uncommon sweetness, they become misanthropic, and frequently desperate, losing, by degrees, all reliance upon God and confidence in their fellow men. Moral feeling being paralyzed, such recklessness of purpose and deportment is indulged, as is not only destructive of all social and domestic comfort, but dangerous to the highest security of our political institutions, the hearty coöperation of every good citizen in the common welfare. Cherishing the belief, from the unscrupulous conduct of the votaries of mammon with whom they are brought in contact, that the whole community is corrupt and profligate, they regard integrity and prudence, either in public affairs or private transactions, to be the height of folly. By commencing dupes, they are apt to end knaves.

Such is a feeble sketch of some of the calamities which, for many years past, have been periodically visited upon the mercantile profession, in every part of the Union. The unexpected overturn of establishments possessing large capitals, and managed with great skill and experience, entirely through sudden changes in the comparative value of commercial currency, has shown that pursuit, under the existing system, to be, generally, a mere game of hazard. The great incentive of laudable industry and intelligent enterprise is vitally weakened. The best digested and conducted plans are found futile, in an unexpected crisis of currency, and the competency fairly earned and anticipated, by long and careful attention to business, is at once snatched away by those who appear to rely mainly upon blind chance. Indeed, good luck has become quite as essential to preserve the professional standing of a merchant, as to establish the character of a successful gambler.

The producing part of the community, are by no means exempted from a full participation in the disasters which periodically overturn so many of those who distribute the

fruits of their industry. When the channels, through which our factitious currency flows, happen to furnish an exuberant supply, the nominal prices of their products are greatly enhanced. The facility with which the most expensive tastes are gratified, not only encourages an extravagant style of living, but great profits soon influence cupidity. Seduced by the ready prospect of largely increasing their property, the producers launch forth upon extensive credit, for the purpose of adding to their power of production. The example, as well as the feeling, soon becomes contagious. The whole community is stimulated to enlarge their operations. The agents of distribution employ their credit to its utmost tension, to furnish appliances for extending the quantity of produce, and increasing their own profits, from the amount of sales. But, over production soon gluts the market, and sales cannot be effected but at ruinous sacrifices. The producer finds himself overwhelmed with obligations, which he is unable to meet, and the merchant, who supplied him with facilities, has failed. The producer either abandons his plantation, or manufactory, in despair of ever retrieving his desperate circumstances, or he becomes the bond-slave of his creditors, doomed to toil for mere subsistence for years;-since all experience proves an over-stocked market to be quite as difficult to regulate, as a redundant currency, a long term of short production, is generally required, before the just equilibrium of supply and demand is restored, after such artificial disturbances have subsided.

The evil consequences of an increase of factitious currency, is by no means confined to producers, and their distributing agents. Perhaps the heaviest share of the burdens which it entails upon the community, falls upon those classes of unprotected individuals, who depend on wages, compensation for personal services, the interest of capital, salaries, annuities and fixed nominal incomes of every kind for subsistence. While the prices of every thing are constantly advancing in the ratio of increasing currency, their resources remain stationary. They soon find themselves unable to maintain their former social position, and are compelled to abridge their habitual comforts. The most interesting, because the most helpless portion of the community, widows, orphans, unprotected females, and VOL. I.-NO 1.

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