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that object is desirable only if unac- mitted a very dangerous inflation of companied by a paper or expansive the currency. The plan of the Secrecurrency. Taking advantage of this tary was of the ultra paper school, so vague idea floating abroad, in relation much as to call forth general disap to the facilitating of the exchanges, probation, and was so promptly conpoliticians and designing men have demned by public opinion as to meet brought forward many schemes pro- with but little discussion. That plan fessing either honestly or ignorantly has, however, of late, received addito obtain the desired result without tional importance in consequence of any feature of expansion or borrow. the declarations of the Hon. Daniel ing. Of this class were the three Webster in his recent speech at Bosprojects submitted to Congress last ton, wherein he not only asserted that winter — one by the Secretary of that plan had obtained the unanimous the Treasury, and one each by the sanction of the cabinet, but that it is chairman of the Senate and House his own favorite measure; and on the committees. These projects we como successful working of which he pledges mented on in our April Number, and his own financial reputation. Such it will be remembered that the Hon. being the position of the bill, it may C. Cushing addressed a letter, which be worth while to enumerate its leadappeared in the May Number, in answer ing features. The bill loosely provides to our strictures on his bill, denying for the receiving, safe-keeping, and disthat it contained any feature of expan- bursing of the public money in the sion, and yet that bill contained per- hands of the exchequer as the fiscal mission to purchase the bills of indi- agent of the government. In these viduals with government paper, to a particulars it is infinitely inferior to the restricted amount it is true, but it was abused sub-Treasury. It does not adnot the less an interchange of credits mit of discounting notes, but it probetween the government and indivi. poses the establishment of a national duals. Furthermore, it allowed of the paper currency of denominations from emission of two sets of paper on the $5 to $1,000 on the credit of the govsame amount of specie. It was to ernment. The basis of the issues is receive specie on deposit from indivi- one-third of the amount in specie, deduals, and to issue certificates therefor, rived from the revenue of the governand it might also pay out certificates ment and the deposits of individuals. or specie to government creditors at Besides these notes, two other kinds of their option ;-the certificates so issued paper may be issued, viz., certificates not to exceed the specie on hand. So, of deposits and bills of exchange, all if $10,000,000 were paid in by indivi- of which may be issued to an amount duals, and they received certificates each equal to the specie forming the therefor, the department could issue basis of the notes issued in the proto the creditors a like amount of portion of one to three. Thus, if $10,000,000. Thus there would be $5,000,000 in specie are paid in from $20,000,000 of paper outstanding for the revenues, $2,500,000 from indivi. $10,000,000 specie in hand, and the dual deposits, and $2,500,000 derived proportion of paper might be increased from the sale of bills, there will then Through the receipts of coin for bills be $10,000,000 in the Treasury, for of exchange sold. " Again, if the gov- which $30,000,000 of notes may be ernment creditor did not choose to issued, $2,500,000 of certificates, and take paper, there is nothing in the bill $2,500,000 of inland bills, making to prevent the department from paying $35,000,000 of paper based on specie, 10 him the specie received on indivi- one-half of which may be withdrawn dual deposit, leaving nothing to repre- at any moment. It is true the issues sent the certificates issued in exchange of notes are limited to $15,000,000, at for it. There are many other incon. the discretion of Congress, but would gruities in that bill, but we refer to doubtless be enlarged at the first cry of those features now only to illustrate distress. The bill also authorizes the the manner in which the expansive employment of banks as agents whenfeature is concealed under an appear- ever deemed expedient. The certifiance of utter hostility to it. The bill of cates to be issued at a charge not ex. the Senate's committee was less dis- ceeding half per cent., and the bills to guised in its expansive policy, and ad- be sold at not more than 2 per cent. pre
mium : the Treasury notes to be paid all that commercial men mean by out to the government creditors and in “ facilitating the exchanges." The the purchase of bills of exchange value of commodities which change drawn on places more than five hun- hands in the course of a year in the dred miles distant in another State. United States, may be estimated at not These features of the bill are sufficient short of $2,000,000,000. This immense to make the deposit part of it utter- amount of transactions is effected by the ly impracticable, because depositors use of individual bills almost altogether, would not place their specie in the and will ever continue to be so effected. charge of the department, knowing Bills are drawn and redrawn from one that it would immediately become the end of the Union to the other with the basis of general issues in the propor- utmost facility, and without risk of loss tion of one to three. The great fea- when the medium in which the bills ture of this bill is that it authorizes are payable is uniformly specie. It is the issue of a large amount of paper only toward the close of the agriculmoney on the credit of the government. tural year, when actual balances are The exchange features are nothing to be paid according to the excess of more than the means of getting that sale or purchase, that inconvenience is paper into circulation. The object of experienced. A process similar to this the bill seems to be political altogether, is now going on in the shipment of Its financial operation is so palpably at specie from this city to New Orleans, war with the best interests of com- in the manner indicated in our Sepmerce, that it leads to the conviction tember number. This flow of specie that it is designed, first, to supply the is now, not a settlement of balances, pressing and immediate wants of a but the process by which the country government, whose credit is unequal is becoming filled with a specie me to the borrowing of a few millions on dium of circulation to supply the place a six per cent. stock, by giving it the of the bank bills withdrawn; but the power of paying out 40 to $50,000,000 movement will serve to explain the of paper money to its creditors, with difficulty which is sought to be overout the means of redeeming it; and, come. It is estimated that there is second, to give a temporary éclat to the now on the way to New Orleans, party in power by stimulating a sud- $750,000 in specie. The actual den speculation in business and a rise expense in sending specie to New in prices, accompanied by a short-lived Orleans is about 3 per cent., and the prosperity, to be succeeded by revul- delay thirty days, with the risk, through sion, disaster, and national disgrace in shipwreck, of a total loss to the world the bankruptcy of the Federal govern- of the whole amount. This risk is so ment.
great that the insurance officers on In our last article we adverted to a recent occasion refused to take any the policy of the English government, further risks until part had arrived oui. in connection with the Bank of Eng- Now, we will suppose that the country land, which averted present political has received its full supply of the preembarrassments, growing out of gene- cious metals, and, business being in ral distress, by stimulating business steady operation, a balance falls due at through an artificial abundance of New Orleans. This is indicated, first, paper money. Something akin to this by a fall in bills there and a rise here, policy seems to be that which urges which continues until the rate slightly in this country the emission of paper exceeds the cost of sending the specie, money in unlimited amounts.
which then goes forward. The advice We have not thus gone into the of the fall in bills comes through in merits of the proposed scheme because seven days, but it will take thirty days we imagine that there is any danger for the coin to arrive out; in all which of its adoption, but merely to indicate time the market is in an uncertain the plans for expanding the currency at state. The shipment of the specie at the will of individuals, which are built New York depletes the market here, upon the desideratum of effecting the but the currency at New Orleans is not settlement of balances by some process augmented until thirty days afterwards. more easy, safe, and cheap, than This depletion of the market at the the removal of cumbrous masses of indebted point, and repleting it at the specie on individual account, for this is point of indebtedness, is the settlement
of balances by which the exchanges restored to the vaults of New Orleans become restored, in the healthy and released at New York. This course of trade. The operation of the would require a far less amount of United States Bank was always di specie to lie idle in the Treasury rectly the reverse of this. If, for in- vaults than is now locked up in those stance, bills on New Orleans become of the banks. It would be a constant scarce and high in New York, the check upon the price of bills as well as branch here would draw any amount upon bank issues, while it precludes all against the credit of the bank there, borrowing or lending, expansion or and would discount notes to the same inflation of any kind. The only trust amount, by which process no necessary would be, that the specie would remain depletion ever took place at the in- in the vaults where placed until drawn in debted point. Now, to obtain the de- the regular course of business, and 10 sideratum of settling the balance with this the faith of the government would out the risk, delay, and expense of be pledged. transmitting the specie, it has been We have thus gone into the various proposed, on the restoration of the projects which are likely to engage the Sub-Treasury law, to engraft upon it a attention of Congress and the public system by which the desired end may during the ensuing few months, bebe obtained. The provisions in rela- cause it is a matter of the highest imtion to receiving, safe-keeping, and portance to the future welfare of the distribution of the public moneys, are whole country, as well as of the comsufficiently well; but it is proposed to mercial classes. Should a system be establish in the same buildings distinct adopted by which the door will be sets of books and officers, with a sepa- opened to borrowing and inflation on rate vault. These shall be empowered the credit of the Federal government, to receive from individuals any amount the bubble will be great, wide-spread, of gold and silver for which they may and may involve in its inevitable draw or accept bills of exchange to the explosion the liberties as well as the same amount, on any other 'Treasury fortunes of the people. office, at a charge of say half per cent., We trust that our Democratic friends the specie in the vault invariably to in Congress, at the coming session, will correspond with the amount of bills adhere firmly to the principles of the drawn. It is supposed that in the regu. Independent-Treasury policy, and will lar course of trade the quantity of not for a moment tolerate the idea of specie on hand at each office would any falling short of them. They have regulate itself, so that it would seldom the country with tbem; and, as it is be necessary to move it. By this pro- extremely unlikely that any considera. cess the specie now going to New ble number of the Whigs can be Orleans would be deposited in the vault induced to go for any of the Tylerisms at New York, depleting the currency in finance which may be proposed, to the same extent, and ihe bills drawn there is no probability of the Exchequer for an equivalent, arriving there in the scheme being forced on them against course of mail, would release the same their consent. The existing state of sum from the New Orleans office, and the law will work tolerably enough for throw it into the market. The setile- a year longer if necessary, after which ment of the balance would thus be the vessel of state will once more be in effected in seven days instead of thirty, deep water and plain sailing-not soon at a charge of half per cent. instead of again, we are very sure, likely to get three per cent., and the exchanges itself entangled amidst the treacherous restored to their equilibrium. In the quicksands and the hidden rocks of revolution of a few months the process Whig as
ascendency, would be reversed, and the specie
NEW BOOKS OF THE MONTH.
Journal and Letters of the late Samuel the accustomed quiet of existing author
Curwen, Judge of Admiralty, fc., an ity, in a vague dread of taking the first American Refugee in England, from step in a path of innovation which may 1775 to 1784, comprising Remarks on end they know not where,—this class of the prominent Men and Measures of that persons, the uniform conservatives of Period. To which are added Biographi- every successive stage of progress, the cal Notices of many American Loyalists constant drag upon every revolution of and other eminent Persons. By GEORGE the wheel of movement, would have been ATKINSON WARD, Member of the New found in the class of which this volume York Historical Society. New York: exhibits to us one of the most respectable C. S. Francis and Co., 252 Broadway; specimens. Far be it from us to pass any Boston : J. H. Francis, 128 Washing- harsh judgment against the class of minds ton-street. 1812. 8vo. pp. 550. we refer to. They do their duty, and
fulfil their proper function in society, as This is the second contribution of a those of a different instinct and mission most interesting and valuable character perform theirs. The one are perhaps as made within a few months to our Revo- useful and necessary as the other. The lutionary history—the former being the centripetal is as essential as the centrifu. Memoirs of Peter Van Schaack, also gal force to the harmony of the universe. an eminent loyalist during that period, We are well aware that we may offer this who sought refuge in England from the candid tribute of respect to the spirit of republican excitement prevailing at home, conservatism, without the least danger of and who afterwards returned, to close á being suspected of too strong a tendency tranquil old age, amidst the esteem and in that direction ourselves, as we certainly respect of former and still continued can do so with entire truth and sincerity. friends-under the shadow of the new Judge Curwen, the subject of this Meinstitutions established in the country moir, was already far advanced in years they had never ceased to love, at the same at the time of the breaking out of the time that they had deplored and opposed troubles between the colonies and the a rebellion, whose mission they had not mother-country, having been born in 1715. understood, and whose glorious success He had also long held such an official relathey had not foreseen. The popular re- tion with the existing government, as sentment raged very strongly against this would be likely naturally to incline the bias class of men at that period ; and it is not of his mind in the direction of loyalty to to be denied that on some occasions it ran its authority, having been for thirty years into an unjust harshness of persecution, in the commission of the peace, and at the scarcely in harmony with the principles time of the breaking out of the Revoluof freedom in whose name it acted. The tion a Judge of Admiralty, in which office ashes of those old animosities have long he was succeeded by Timothy Pickering, since become cold; and there is no diffi- the patriot, who afterwards so ably filled culty now in looking back with a generous distinguished offices in the army, in the and respectful appreciation of the motives cabinet of Washington, and the councils of men, who then followed in one direction of our country. As an honest man, in the sincere promptings of their sense of obedience to his convictions, Judge Curright, as the greater and higher spirits of wen made so open and manly a manifesta. the time obeyed the truer duty which led tion of his opposition to the incipient revothem in the opposite. The spirit out of lution, that he could not have remained in which proceeded that opposition to the his native place, Salem, otherwise than as scheme and movement of the Revolution, an object of such reproach and unpopuis rife enough still among us, in many larity as he could not suffer without much persons and classes eminently entitled to personal pain; and he accordingly retired our personal respect. Those among us before the impending storm, and embarked who now are seen to look with so much for England in May, 1775. The feelings weak and senile dread upon every new with which he never ceased to regard his step of progress made by the great Prin- country, even during an exile of so painciple of Democracy; who see the ap- ful a character, are sufficiently shown in proaching dissolution of the whole system the following extract from a letter to a of social order, in every successive relaxa friend remaining at home, written from tion of the fetters of tight restraining Bristol, Jan. 10, 1780, which is taken as government upon the giant limbs of the a motto to the title-page of the volume :People; who are always eager to cling to “ For my native country I feel a filial VOL. XI.NO, LIV.
fondness; her follies I lament; her mis- applied,-except only that of steering ships fortunes I pity; her good I ardently wish, across oceans, though whole clouds of and to be restored to her embraces is the canvass for other purposes figure largely warmest of my desires.” Judge Curwen through its pages. Interspersing a cerreturned after the close of the war, in tain dash of poetry, even through all September, 1784, his pecuniary affairs, the practical details of the art to which indeed, sunk in irretrievable ruin, yet to it is devoted, the volume reminds us of have the gratification of being able to one of the many fair owners who will soon write to a friend in England, that “not doubtless, during the approaching season a man, woman, or child, but expressed a of such gifts, rejoice in its possession, satisfaction at seeing me, and welcomed singing over the graceful industry of her me back.” He lived in his native place useful though modest labors; and in till his death in the year 1802.
proceeding to the necessary duty of noThe Editor of this volume deserves well ticing the remaining books on our table, the reward which he can scarcely fail to we pass from the one with something of receive from the public satisfaction with the reluctance with which we should part his intelligent and useful labors. The from the other, documents with which he has enriched it add a valuable illustration to the history of the time, as well as to the personai Natural History of New York. By Aumemoir of its subject; while the bio
thority. New York: D. Appleton &
Boston : graphical notices of so large a number of
Co., and Wiley & Putnam. respectable individuals, chiefly loyalists,
Gould, Kendall & Lincoln. Albany: closely connected with existing families,
Thurlow Weed, Printer to the State.
1840. especially in New England, constitute a feature alone meriting praise for the in This is the first volume of the Report dustry which has collected them, and of the great “Geological Survey,” which thanks for the pains taken thus to embody has been in progress for a number of years and preserve them. Its typographical in the State, under the superintendence of execution also is fully worthy of the place a board of gentlemen of eminent scientific to which its contents so well entitle it in qualifications for the duty. The publicathe American library.
tion of the whole Report will not probably be completed in less than ten volumes of
similar size to the present ample and beauThe Hand-Book of Needlework. By Miss tifully printed quarto; in which is given
LAMBERT. With Numerous Illustra- only the first part of the Zoology of the tions engraved by J. J. Butler. New State, or the New York Fauna, by James York: Wiley & Putnam, 161 Broad- E. De Kay, under whose charge was that way. 1842. 8vo. pp. 263.
department of the general work. The Far from us the presumption of pretend- department of Botany is under that of Dr. ing to pass a critical judgment upon Torrey; that of Mineralogy under that of anything in this beautiful volume, beyond Professor Lewis C. Beck; and that of the faultless elegance of its externals! Geology and Palæontology under that of We have ventured with timid and rever- Messrs. Mather, Emmons, Vanuxem, and ential hand to turn over a few of its pages; Hall. When completed, this will constitute and at the same time that we perceive the most splendid and liberal work of this that it is none of our business, it is equally nature published by the authority of any apparent that it leaves little to be added, country, and a just subject of pride to the on the subject of which it treats, for great State under whose auspices it is isthose whose gentle ministry presides over sued. It is illustrated by between thirty that very important department of human and forty plates, representing the various affairs. Dedicated by the publishers to animals described, which are generally “ The Ladies of the United States," the spirited in drawing and beautiful in exeoffering will, we doubt not, receive at cution. Of Dr. De Kay's Report itself, their hands a most gracious and liberal we shall omit to speak inore particularly, welcome, alike for its richness and beauty until the publication of the whole of that as an ornament to the drawing-room, and section of the work is completed, the prefor its substantial utility as a companion sent portion being confined to the class to the work-table. In the history of the Mammalia. art it is profoundly learned, going back to The Governor has prefixed to the Rethe times of Moses and the Egyptians, as port an Introduction of nearly a couple of well as of the Greeks and Romans, and the hundred pages; which certainly, under the more modern antiquities of the middle circumstances attending its preparation, ages. It appears to include a full account entitles him to the thanks of the people of of every species of work to which the his State in particular, and to great credit little shining steel' is, or ever has been, for the activity, zeal and ability which