can never attain to a higher degree of force in any instance, yet the idea itself is so utterly incredible that no testimony whatever can make it even probable, and the philosophical historian will dismiss the evidence with contempt. We shall do no more at present than slightly glance at this, but we shall set forth the fact with all its surprising and bewildering distinctness. We have remaining to us the text of the Bill of the great Peel, afterwards Duke of Tamworth, and some letters which passed at the time between his Chancellor of the Exchequer and two persons invested with the sonorous titles of Governor and Deputy-Governor of this Company, which was called the Bank of England. These letters may be said to be quite unintelligible to us at present, nd in truth, the diligent critic, after the most attentive perusal of them, will find it difficult to conceive how they could have been intelligible in any age. Some critics have been so impressed with their mystifications and confusion as to hazard the bold hypothesis that the writers intended they should be unintelligible; and others have pushed the principle of this hypothesis to the still bolder extent of including the very writers of this singular correspondence among those who did not understand it. However, from these and many other similar sources, we seem to collect the following strange facts: "1st. That about the year 1845 the English paid this company of people a very large annual sum, for distributing to the national creditors the interest of the public debt.

"2nd. That they suffered to be paid to it by the general public a percentage upon sundry small services, called Commission, amounting to an annual sum of not less than 150,000l.

"So far some service for the money received is visible, but for what follows this Company does not appear to have rendered any services whatever.

66

3rd. The Government borrowed of it 11,000,000l., for which they paid interest to it.

"4th. The Government permitted it to borrow 14,000,000l., free of all interest, from the general public, by making its paper promises to pay small sums on deand a legal tender, and allowing it to issue these on loans at interest, at the mere cost to itself of the paper and printing.

"5th. The Government then permitted a vast sum of public money to lie in its hands.

"6th. The Government put it in a position

by which the general public found itself compelled to suffer a further sum, equally vast, to lie in its hands. "These two last amounts were frequently as great, taken together, as 18,000,000l. ; but assuming them to have been no greater than 12,000,000l., and adding to this the sum of 14,000,000l. just mentioned, as borrowed of the public, the nation would seem to have endowed this Company with 26,000,000l., which they were permitted to lend out to the nation at interest, at their own will and pleasure; and the profit of all this in the year 1847, when they were lending at 9 per cent., cannot have been less than 1,200,000l. That this Company should have been at first fully paid for whatever services it rendered, and then allowed 1,200,000l. besides, while the Sovereign of that day was only allowed 500,000l. per annum for supporting the vast weight of Regal dignity, is wholly incredible; and it is equally so if we reduce the annual profit of the 26,000,000l. to 800,000l., which is supposed to be the amount which they themselves admitted; for even then it may fairly be said to be double of the Royal allowance, considering the charges necessarily incident to Royalty. Hence it will be seen that a thick historical cloud hangs over this curious point in English history, which no criticism has been, or ever will be, able to dispel. On the one hand it is impossible to gainsay the concurrent testimony, -on the other it is impossible to conceive that a people, such as the English were, could ever have been so doltishly inconsistent as to endow a company of ordinary persons, for no assignable reason, with double the revenue of their Sovereigns; and what renders this inconsistency the greater is, that it sufficiently appears that this Company employed the public money so as to produce from time to time very great injury to the nation, — so much so, that after repeated warnings through many years, the nation rose against it soon after the epoch we are speaking of, in consequence of its intolerable proceedings, and it seems very suddenly to have disappeared from the scene altogether, a little before that great development of English prosperity which dates from the middle of the nineteenth century."

Future ages will speak in some such strain as this of our extraordinary national folly in endowing the shareholders of the Bank of England with a revenue of about 1,000,000l., the whole of which, without any great trouble, might be secured to the public, and go in reduction of taxes; and

Our

if every one would but ask himself a few simple questions on the subject, he would awake as from a dream to a perception of the reality, which is, that the nation permits these holders of Bank Stock, for no equivalent whatever, to derive an annual income from the public, in addition to that which they receive for services, very nearly double of that which we render to Sovereign. We should be glad to see an enumeration of the services which this Company performs, against each of which should be set the specific amount which the public pays for it; we would ultimately find that there is an enormous sum, varying from 800,000l. upwards, annually paid to it for no service whatever. It is this that enables these persons to make an annual dividend to themselves of 7 or 9 per cent. upon 14,000,000l. capital. The East India Company won India at the risk of the resources of the Proprietors, who now receive interest upon the amount they expended. But the whole empire participates in every other advantage derived from India, it being of no consequence to the empire whether the administration is imperial or delegated. The nation does not make over any money to the Company, either by divesting itself of it, or by foregoing it and suffering the Company to appropriate it. But in the case of the proprietors of Bank Stock the nation actually deprives itself of the benefit of 26,000,000l., which is worth nearly a million per annum-gives this to them; and in order to compass this very extraordinary object, annually taxes itself for the purpose to an equal amount.

We say that the history of the world, whether ancient or modern, affords no instance of such marvellous national prodigality. Were the sum lavishly divided among the superannuated drummers of the army, or decayed boatswains of the navy an honourable motive, at least, would glimmer through the thick blunder itself, and cast a colour of respectability on the arrangement. But this undignified profusion towards a knot of private persons in no wise distinguished by public merits, is redeemed from absurdity by no consideration whatever, and stands next in the order of folly to such things as the deification of Apis and the deformity of the Flatheads.

[Foreign Correspondence of the Transcript.]

LITERARY MATTERS IN GERMANY.

LEIPSIC, May 24, 1866.

THE most celebrated scholar in Europe would, I suppose, be generally conceded to be Professor Tischendorf of Leipsic. I have had occasion to visit him, to ascertain some facts connected with his discovery of the Sinaitic manuscript of the Bible, and may be able to gratify the curiosity of your readers with reference to his personal appearance. In the first place, because the thing which struck me the most forcibly, this man, who has for many years been regarded as the greatest living Greek scholar and judge of ancient manuscripts, is not an old man; indeed he can be hardly above fortyfive. His whole manner is fresh and vigorous, his tones earnest, and he is as approachable as the simplest child. He is so used to be talked about as the "eminent Tischendorf" that he accepts his position as a matter of course, ani so has not a trace of that vanity which, in a man struggling to seem great, is so obnoxious. He is large and solidly built and has the appearance of being in perfect health. Never did I see man having less the appearance of being a dyspeptic bookworm. He is perfectly enthusiastic in all that relates to his studies, and carries about with him that key to this profound German scholarship, absolute absorption in his work, to the neglect of all that is going on around him in the world. It is well that there are such men, for without them how could we reach the new and valuable results which they bring to light? but it is German soil which is most prolific in them, and in the United States they would starve.

Tischendorf, after giving me the particulars which I wanted, related to me in a very pleasant, off-hand, racy way, the story of his recovery of the famous Sinaitic manuscript of the Bible, which is about fifteen hundred years old. He saw some fragments of it at the time of his first visit to the Convent at Mt. Sinai, in 1844. On his recent visit, when he went amply supplied by the Saxon government with means for purchas ing it, he could not find a trace of it; and when, on the occasion of his third visit, about seven years ago, he went out as the special agent of the Russian Emperor, he was for

a long time equally unsuccessful. At last, when he was about to abandon the search, the precious relic was discovered in a corner of the cellar, and was committed to his hands to be taken to Russia. The secret charm exerted in this case was due not so much to the influence of Russian gold, as to the fact that the established church of that empire is of the Greek faith, the same as that of the Sinaitic Convent. Tischendorf told me that he was hardly able to command himself when he made this discovery. He went instantly to his room, but that night he could neither lie down nor sleep, and so, to work off his excitement, he spent the night in transcribing the whole of one of the Epistles. His reception on his return was such a one as princes show to princes. The occasion was one of great solemnity and magnificence at St. Petersburg, for it was recognized, not only there but all over the civilized world, that the discovery of this manuscript is the most important event of the age, looked at in connection with the authenticity of the New Testament and the whole Biblical record. The original was photographed with the utmost care, and copies were sent to the leading libraries of the world. I know not how many are in the United States, but to my certain knowledge there is one in New York.

Prof. Tischendorf's last work is one of a popular character, and yet it has proved a perfect success. Shortly after Renan's book, and the new edition of Strauss, came out, the Leipsic scholar, taking up the matter not as a sentimental thing, but as an affair requiring the finest and most thorough scholarship, sat down and wrote a little pam phlet of some hundred pages, entitled "When were the Gospels written?" It was published, and its success has been unparalleled. Seventeen editions have already been sold in Germany and the author is now revising it thoroughly for the eighteenth. It has been translated into the Prussian, Danish, Finnish, Spanish and English languages, by two separate persons into French, and by a Cardinal into Italian, under the sanction of the Pope. The latter fact is the more significant inasmuch as this is the very first instance that the work of a heretic has had the Papal sanction. Prof. Tischendorf asked me to propose a translation for England of the new edition, as it will contain important changes from the one circulated there, which, too, came from the hand of an American, Prof. Day of Yale College, and formerly of Lane Seminary.

Prof. Tischendorf does not converse in

English, but expresses himself as entirely at home in French and Italian as well as his native German. He reads our language, however, and is in constant reception of letters from the most distinguished men of England. These he answers in French, and whenever he goes to England, and has occasion to address any of the learned societies of which he is a member, he does so either in Latin or French.

I have taken advantage of my stay in Leipsic to make some inquiries into the extent of the book business here, the most important single element of the trade of this place. Everybody knows that Leipsic is one vast bookstore, but few would believe that the traffic can be conducted in the entirely quiet way in which it is. No place exhibits less books than this. Walking along the streets, it is true you see on almost every block the name Buchandlung in unobtrusive letters, but very rarely any display of publications in the shop-windows. In company with an English friend I called at one of the largest houses to procure a work published there. We went up a narrow and dark flight of stairs, at the top of which was a locked door. In this was a small window, as large as a small pane of glass, and through this opening we gave our order and soon received the book wanted. I had occasion to go to the house of Tauchnitz, known to all the world by his Collection of British Authors. We went through an arch into a large court, and, after inquiring of a cook in a white cloth cap, we were directed to a flight of stairs, at one side of which were the words, in letters not more than two inches high "Tauchnitz, up one flight of stairs." We went up, and came into the most quiet of offices, where three or four clerks were writing. One or two copies of their publications were on the counter, but that was the only sign of a bookstore that we perceived. Mr. Tauchnitz instantly came in and answered my questions. He preferred to speak English rather than German, although he is by no means a master of our tongue. He is a tall, fine-looking man, and made everything of Mr. Phillips, whom all persons who used to trade at the house of Phillips & Sampson will remember.

It is just so with all the great houses of Leipsic. Even Brockhaus's establishment, the largest book publishing house in the world, makes no show of its greatness, and although in the double square which its buildings compass it is impossible to conceal the extent of the premises, still there is not the faintest approach to the splendor of the marble palaces of Harper, Appletons and

our

if every one would but ask himself a few simple questions on the subject, he would awake as from a dream to a perception of the reality, which is, that the nation permits these holders of Bank Stock, for no equivalent whatever, to derive an annual income from the public, in addition to that which they receive for services, very nearly double of that which we render to Sovereign. We should be glad to see an enumeration of the services which this Company performs, against each of which should be set the specific amount which the public pays for it; we would ultimately find that there is an enormous sum, varying from 800,000l. upwards, annually paid to it for no service whatever. It is this that enables these persons to make an annual dividend to themselves of 7 or 9 per cent. upon 14,000,000l. capital. The East India Company won India at the risk of the resources of the Proprietors, who now receive interest upon the amount they expended. But the whole empire participates in every other advantage derived from India, it being of no consequence to the empire whether the administration is imperial or delegated. The nation does not make over any money to the Company, either by divesting itself of it, or by foregoing it and suffering the Company to appropriate it. But in the case of the proprietors of Bank Stock the nation actually deprives itself of the benefit of 26,000,000l., which is worth nearly a million per annum-gives this to them; and in order to compass this very extraordinary object, annually taxes itself for the purpose to an equal amount.

We say that the history of the world, whether ancient or modern, affords no instance of such marvellous national prodigality. Were the sum lavishly divided among the superannuated drummers of the army, or decayed boatswains of the navy an honourable motive, at least, would glimmer through the thick blunder itself, and cast a colour of respectability on the arrangement. But this undignified profusion towards a knot of private persons in no wise distinguished by public merits, is redeemed from absurdity by no consideration whatever, and stands next in the order of folly to such things as the deification of Apis and the deformity of the Flatheads.

[Foreign Correspondence of the Transcript.]

LITERARY MATTERS IN GERMANY.

LEIPSIC, May 24, 1866.

THE most celebrated scholar in Europe would, I suppose, be generally conceded to be Professor Tischendorf of Leipsic. I have had occasion to visit him, to ascertain some facts connected with his discovery of the Sinaitic manuscript of the Bible, and may be able to gratify the curiosity of your readers with reference to his personal appearance. In the first place, because the thing which struck me the most forcibly, this man, who has for many years been regarded as the greatest living Greek scholar and judge of ancient manuscripts, is not an old man; indeed he can be hardly above fortyfive. His whole manner is fresh and vigorous, his tones earnest, and he is as approachable as the simplest child. He is so used to be talked about as the "eminent Tischendorf" that he accepts his position as a matter of course, and so has not a trace of that vanity which, in a man struggling to seem great, is so obnoxious. He is large and solidly built and has the appearance of being in perfect health. Never did I see man having less the appearance of being a dyspeptic bookworm. He is perfectly enthusiastic in all that relates to his studies, and carries about with him that key to this profound German scholarship, absolute absorption in his work, to the neglect of all that is going on around him in the world. It is well that there are such men, for without them how could we reach the new and valuable results which they bring to light? but it is German soil which is most prolific in them, and in the United States they would starve.

Tischendorf, after giving me the particulars which I wanted, related to me in a very pleasant, off-hand, racy way, the story of his recovery of the famous Sinaitic manuscript of the Bible, which is about fifteen hundred years old. He saw some fragments of it at the time of his first visit to the Convent at Mt. Sinai, in 1844. On his recent visit, when he went amply supplied by the Saxon government with means for purchas ing it, he could not find a trace of it; and when, on the occasion of his third visit, about seven years ago, he went out as the special agent of the Russian Emperor, he was for

a long time equally unsuccessful. At last, when he was about to abandon the search, the precious relic was discovered in a corner of the cellar, and was committed to his hands to be taken to Russia. The secret charm exerted in this case was due not so much to the influence of Russian gold, as to the fact that the established church of that empire is of the Greek faith, the same as that of the Sinaitic Convent. Tischendorf told me that he was hardly able to command himself when he made this discovery. He went instantly to his room, but that night he could neither lie down nor sleep, and so, to work off his excitement, he spent the night in transcribing the whole of one of the Epistles. His reception on his return was such a one as princes show to princes. The occasion was one of great solemnity and magnificence at St. Petersburg, for it was recognized, not only there but all over the civilized world, that the discovery of this manuscript is the most important event of the age, looked at in connection with the authenticity of the New Testament and the whole Biblical record. The original was photographed with the utmost care, and copies were sent to the leading libraries of the world. I know not how many are in the United States, but to my certain knowledge there is one in New York.

Prof. Tischendorf's last work is one of a popular character, and yet it, has proved a perfect success. Shortly after Renan's book, and the new edition of Strauss, came out, the Leipsic scholar, taking up the matter not as a sentimental thing, but as an affair requiring the finest and most thorough scholarship, sat down and wrote a little pamphlet of some hundred pages, entitled "When were the Gospels written?" It was published, and its success has been unparalleled. Seventeen editions have already been sold in Germany and the author is now revising it thoroughly for the eighteenth. It has been translated into the Prussian, Danish, Finnish, Spanish and English languages, by two separate persons into French, and by a Cardinal into Italian, under the sanction of the Pope. The latter fact is the more significant inasmuch as this is the very first instance that the work of a heretic has had the Papal sanction. Prof. Tischendorf asked me to propose a translation for England of the new edition, as it will contain important changes from the one circulated there, which, too, came from the hand of an American, Prof. Day of Yale College, and formerly of Lane Semi

English, but expresses himself as entirely at home in French and Italian as well as his native German. He reads our language, however, and is in constant reception of letters from the most distinguished men of England. These he answers in French, and whenever he goes to England, and has occasion to address any of the learned societies of which he is a member, he does so either in Latin or French.

I have taken advantage of my stay in Leipsic to make some inquiries into the extent of the book business here, the most important single element of the trade of this place. Everybody knows that Leipsic is one vast bookstore, but few would believe that the traffic can be conducted in the entirely quiet way in which it is. No place exhibits less books than this. Walking along the streets, it is true you see on almost every block the name Buchandlung in unobtrusive letters, but very rarely any display of publications in the shop-windows. In company with an English friend I called at one of the largest houses to procure a work published there. We went up a narrow and dark flight of stairs, at the top of which was a locked door. In this was a small window, as large as a small pane of glass, and through this opening we gave our order and soon received the book wanted. I had occasion to go to the house of Tauchnitz, known to all the world by his Collection of British Authors. We went through an arch into a large court, and, after inquiring of a cook in a white cloth cap, we were directed to a flight of stairs, at one side of which were the words, in letters not more than two inches high "Tauchnitz, up one flight of stairs." We went up, and came into the most quiet of offices, where three or four clerks were writing. One or two copies of their publications were on the counter, but that was the only sign of a bookstore that we perceived. Mr. Tauchnitz instantly came in and answered my questions. He preferred to speak English rather than German, although he is by no means a master of our tongue. He is a tall, fine-looking man, and made everything of Mr. Phillips, whom all persons who used to trade at the house of Phillips & Sampson will remember.

It is just so with all the great houses of Leipsic. Even Brockhaus's establishment, the largest book publishing house in the world, makes no show of its greatness, and although in the double square which its buildings compass it is impossible to conceal the extent of the premises, still there is not the faintest approach to the splendor of the marble palaces of Harper, Appletons and