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dity of this already gigantic growth; trifling degree, even if not covered by while in the small degree in which it the opposite influences of the other may begin to operate in particularly causes favorable to still greater rapidthickly settled sections, it must be ity. There is reason, therefore, to anmore than compensated by the increas- ticipate a future continued growth of ed relative productiveness, both of agri- our population at about the same ratio, culture and all other branches of indus- whose law is to be inferred from the try necessary to life-independent, too, past. The following table, then, carof the beneficial influence of improved ried back to the beginning of this wonand improving hygiene, and general in- derful progression and forward through formation on the laws of dietetics, on its coming century, will show the conpopular health. And if the increase dition which this country will, in all from emigration may be, even while probability, be witnessed by many an absolutely greater, yet relatively less, eye that has already opened to the it would affect the ratio but in a very light within its borders : 1790


5,305,925– -Ratio of Increase -.35.01




1850 about 22,000,000 assuming only .30

29,000,000 1870

37,500,000 1880

50,000,000 1890

65,000,000 1900

84,000,000 1910 109,000,000 1920 142,000,000 1930 184,000,000

1940 240,000,000 Who, we repeat, shall question the have heretofore been depressed, and probability that the ratio of increase of stunted even in the natural growth our population will be, and must be, which their physical circumstances and through an indefinite series of years, in national characters might otherwise the awful depths of which all imagina- have permitted—the perfect freedom, tion is bewildered and lost, that which alike of the moral and the animal man, we have assumed-a ratio less than to grow to the full stature and capacity has heretofore marked our progress? of his nature, with "ample room and What assignable cause is there that verge enough” to spread freely in can arrest it? With a boundless ex- every direction-in such a state of panse of fertile territory, within that things, what assignable cause is there, region of the earth's surface most fa we repeat, that can arrest the progresvorable to human life and the healthful sive increase of our population at a development of all its faculties--a cli- similar rate to that which the past half mate which must ever increase in salu- century has witnessed ? brity, from time to time, with the ex It is in this anticipation that we find tension of cultivation-an intelligence the chief reason for the deep, the inand enterprise of national character tense solicitude, which every friend of which will not fail to improve to the American liberty and union ought utmost every natural resource and ad- to feel for the broad and strong estabvantage—the gigantic steps which the lishment of sound principles, as the science of the present age is daily tak- basis of that grand structure of political ing in the development of all the arts and civil society which we thus see of utility, by which the physical suste- rising upward toward the heavens benance and enjoyment of life can be fore our eyes—such principles as will facilitated and enhanced-the exemp- be adequate to sustain so colossal a fation from all possible danger of war, bric. It is for this that the patriot and from the heavy superincumbent would struggle to reform every vicious pressure of accumulated misgovern- institution, the operation of which is ment by which the nations of Europe found, or is calculated, to exert a deVOL. XIII.-NO. LXV.


moralizing influence on national cha- federal legislation of former, and, inracter. For this, that he would lament deed of our own times, on Tariffs, Nato see the baleful poison of that uni- tional Banks, &c., would inevitably versal passion for wealth so often as- break up the Union, so soon as the cribed to us, sapping and corrupting weight and momentum of its parts rethe roots of all that is truly good and ceive a considerable increase by the great, accompanied with that spirit of progress of population and power. dishonest gambling at the grand national The central superincumbent pressure gambling-table of “ the credit system,” of the Federal Government must never which we call by the more specious be felt as a heavy burthen, or even as a name of “ speculation.” For this, that very sensible weight,-else it will unhe would frown sternly upon every at- questionably be cast off by the section tempt to sow discord and jealousy be- oppressed. It must possess and exertween different sections of the country; cise only vital energy sufficient to hold and would anxiously cultivate those together the cohesion of the parts, by feelings of harmony and brotherhood, subserving the few simple concerns felt which can only be maintained between and confessed by all to be of common great confederated communities, by the usefulness and necessity. If it shall peaceful pursuit by each of its own in- attempt to legislate upon, and for spedustry and its own interests, without cial interests, however large and pow. encroachment on those of another by erful they may be, it must inevitably go the advantages of partial federal legis- to pieces; and if that political school lation, and without an offensive inter- whose theories and tendencies are ference with each other's domestic avowedly in this direction, as contraconcerns and institutions. And for distinguished from that whose negative this, that, in the working of our com- constitutional abstractions they are so plex political machine, he would be wont to ridicule, should be carried into anxious to restrain, as much as possible, power, as it would be in the person of the central action of the Federal Go- Mr. Clay, we repeat that it must prove a vernment, and carry out to the fullest deep, if not a deadly, blow to the perextent that diffusion of power, at the petuity of the Union. Indeed, so far greatest distance possible from the cen- do we consider it from being safe to adtre, on which the preservation of the mit that party into power, with all their Union wholly depends.

latitudinarianism of construction and If we should be asked if we believe it proneness to overworking the conceded possible that this Union can hold toge- powers of the constitution, we rather ther a hundred years hence with a popu- incline to the belief that it will ere lation of two hundred and forty millions, long, be necessary still further to conor even fifty years hence, with one of six- tract the powers and sphere of action ty-five millions, spreading from Atlantic of the Federal Government, even beto Pacific, and northward and southward, low the point to which the worst of us as their free natural growth should ex- fanatics for State-Rights now strive to tend—we answer, yes, provided the confine them. theory of the State-Rights doctrine be The above is the point of view in but fully and fairly carried out into which we look upon the approaching practice. But, administered on any election with the highest interest. It other principles-on such principles as will not, perhaps, be appreciated with have, for the most part, heretofore the same earnestness of feeling by all governed its action-we must unhesi- of our readers——those who are less distatingly answer, no. Too strong an posed to dwell on the slow and insensiaction has been propelled outward from ble operation of abstract principles, the centre, to afford a possibility of its than on the more speedy and visible working successfully on a scale so action of specific measures. To the vastly enlarged. Thus continued, it consideration of the latter—to that of must infallibly dislocate and dissever all, indeed—it will be sufficient for us the system, so soon as the distances to suggest, rather as a topic for their and the masses increase to proportions own reflection than one which we have considerably beyond their present di- either time or space to develope in the mensions. Such collisions of interest present Article, what must be the perbetween great sections of country, as nicious, the fatal influence of the event we have seen to grow out of the vicious we are here anxious to deprecate, upor:

the peace and prosperity of the coun- again and for ever tossed to and fro, try, through the Currency, and the now high in the air, and now dragged whole vast extent of concerns depend- deep in the mire, as a foot-ball for the ent upon the currency. Mr. Clay is kicks of parties ? The present state of the head of the national bank party, things is a sort of interregnum, an imthe paper-money party, the credit-sys- perfect kind of approach to a practical tem party, and his election must mean, sub-treasury without the specie clause, if it mean anything, national bank, pa- existing, in the absence of other legisper-money, credit-system. For God's lation on the subject, under the old sake, tell us—is that old agony to be laws respecting the organization of the agonized through again? Is the busi- Treasury Department. But it is one ness of the country,—is all the infinite which does not even pretend to permavariety of interests, moral as well as nency, and which must, on the decision material, of which that word is the ex- of the issue now pending between the pression-never to be allowed to re- two parties, give place to the one or pose from the perpetual agitations of the other of the two opposite policies politics ?-never to be allowed that in regard to the currency above alluded tranquil stability which is its first and to. Can it be possible that any

rational last necessary of existence? This, as man, after all the light shed on this suball know, has been the one main sub- ject by the events of recent years, can ject of controversy between the two hesitate in his choice? Can it be posparties during the past three Presi- sible that the accession of the national dential terms. The Democratic policy bank party to power can be regarded, has, throughout, been hostile to federal by any mind not wholly phrenzied by interference with the paper-currency partisan passion, in any other light and commerce of the country. In than as the worst calamity that could General Jackson's time it made the befall the country ? one step of the refusal to re-charter a To avert such a calamity, what ought national bank, as a federal controlling not to be done—what shall not be done, leader and head of those which the if necessary—by the Democratic party, States, in their own bad policy, saw fit in whose hands the destinies of the to create. In Mr. Van Buren’s, it country now lie, if they are but true to made the further step of the total dis- themselves and their noble and sacred connection of the federal government cause? Is its risk to be hazarded from all the banks, from the whole say, rather, is its certainty to be incurpaper-money system. Whatever other red—for the gratification of any partial differences of opinion might exist as to interests, favorite ambitions, or secthe merits of the Independent Treasury, tional jealousies ? Are we to throw there could be none that, in this point of away such an election as this is to be, view at least, it met one of the most by continued indulgence in these fatal important of the exigencies of the coun- dissensions which time but aggravates, try. It placed its commerce, credit, and by which we are already thus disindustry, all that constitutes its “busi- tracted and weakened? Perish rather, ness," at a safe distance beyond the reach we say—and every true Democrat will of those political disturbances which had echo the sentiment-perish rather all heretofore so often distressed and dis- of these our most cherished great men, tracted them. This was in itself, as for whom we seem thus about to sacrinot even the angriest Whig could deny, fice all our most cherished great princian immense good, even while he might ples! If the friends of Van Buren and be most bitterly charging against it Calhoun cannot or will not unite upon other evils—or rather the negation of either of the two to the exclusion of other benefits, which he erroneously the other, with that cordial sincerity of considered it within the province and zeal which it has become evident is power of the Federal Government to indispensable to success, the party render to these great national interests. and the country must not be sacrificed And is this salutary policy to be now to such rivalries, nor to any of the all undone ? Is another national bank punctilios of personal pride which to plunge the country into another long might prompt either to object to the convulsion of party struggle, on the one secondary position on that splendid side for its repeal, and on the other for ticket which should contain the names its retention ? Is the currency to be of both.,


The general state of commercial affairs vacuum in the circulation, caused by remains nearly as represented at the the withdrawal of paper. This movedate of our last. For the past year the ment of specie, which, by giving an whole country has made great progress actual equivalent for the products of towards emancipating itself from the the farmer and planter, filled the counthraldom of the paper system, and a try with currency, we distinctly pointed large amount of sound and healthy out as the commencement of that busibusiness has been done during the past ness, which has, during the past fall, two months. We have now opened upon made such advances in prosperity. a new commercial year, as divided by the The same process, nearly, has now receipts of those large crops of produce again commenced. The purchases of which form the great basis of the busi- goods by the South and West have ness of the United States. The busi- been confined to the actual means of ness of the past year has been done the people, and have been paid for in mostly for cash, and its results will cash. Hence a new crop year has compare favorably with those of any of commenced without, as is usually the the past twenty years of paper ascend- case at this season of the year, finding ancy. The business now doing is not, them in debt to the North and East. as the party papers represent it, owing Already specie again begins to move to the influence of a tariff imposed ex- south for the purchase of produce. A pressly to injure the commerce of the large amount will probably again seek country, by preventing imports. It is that destination, which will be re-supthe natural result of a specie move- plied to the Atlantic cities from abroad. ment, and a disentanglement of the real The highest point in the foreign exwealth of the country from the paper change market has been passed without promises of speculators, and was point- producing an export of the precious ed out in our article of September, metals, and the material for fresh im1842. We then, after noticing the fact ports is again on its way abroad. In that bank credits had ceased to be the all this movement of trade, indicating medium of business at New Orleans, the sound basis on which financial afthe great head of the produce market, fairs are now fixed, no demand has and that specie was there demanded, sprung up for bank facilities. This fact instead of bank promises for produce, is curiously instructive, evincing as it remarked as follows :

does, that when trade is healthy it is

done for cash, and the purchases of “This was the immediate cause of a demand upon the banks here for specie ceeds of their own industry, and no one

each class of citizens are with the profor that quarter, and a most welcome demand it is. It is obtained from the banks has a use for bank money, even when it only on bonâ fide business paper; and be- can be obtained as now at 3} per cent. ing invested in produce for export, be- per annum. On the other hand, the comes the basis of new foreign bills of more business progresses on the preexchange, which are the instruments used sent system, the more does capital acby the banks to supply themselves with cumulate in those institutions. Prothe precious metals from abroad.” duce goes out of the country, and its

proceeds are returned in cash to the This operation commenced, it will be seaboard, whence it very slowly disobserved, before the present tariff took tributes itself into all the channels of effect. The result was that $10,500,- circulation, whither it is attracted by 000 of specie arrived at New Orleans, the low prices of produce. The mowithin a year from the date of that ar- nied institutions having in consequence ticle, near $7,000,000 arrived at Bos- found great difficulty in employing ton, and about $5,000,000 more at this their funds, stock loans have continued port from Europe, within the same pe- to be almost their only resource in orriod, and the specie in the Banks of this der to keep up their dividends. The city has risen from $4,000,000 to $13,- effect of this direction of bank fa000,000. This was the inevitable result cilities has been to sustain a constant of known causes then in operation, being speculation in stocks. The general the necessary supply by specie, of that improvement in affairs, and the abun


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dance of money have operated to in- cause speculators would buy freely, and crease public confidence in the ultimate cause an artificial rise, far above what payment of all the state debts, and a the market would support. An attempt gradual and firm rise in all stocks has to realise, or a panic created by slight been going on. The action of the rumors, throws the prices down, yet banks in making loans upon stocks as prices at the end of every thirty days security, to operators without means, average higher than before. The rates has produced constant fluctuation, be- are as follows: Rate. Redeemable. Feb., 1842.

April, 1843.


Oct. United States, 5$ 1844 96

101 102 101

97 a

102% 1034 1023 a 102 1862

112 113 116 a 1164 1145 a 1853


103 New York, 1848-49

105 a 106 1094 a 112 107 108 1850-54-60 79 80 103 105 109 110 107 1073 1861-62-67 78 C 80

103 a

105 1094 a 1108 107 a 1074 54 1860-61-65. 71 73 97 98 103 105 102 & 1024 5 1845

80 a 87

99 &

5 1846-7-8-9 80

99 997 97 5 1850-1-7 80 Q 87

100 5 1855-58 68 a 72 93 94 100 @ 1004

99 5 1859-60-61 68 72

95 98 99 99 99 44 1849-58 53 56 87

91 92


93 6 1850 68 70 69 70

92 944 a 6 1856-60 67 68 67 68

92 a

924 95 950 5 1850-56

55 80 a

824 a

83 Kentucky, 6

68 89 89+


98 Illinois,

18 19


361 Indiana,



35 354 Arkansas,



45 Alabama,

50 60

85 60 67 50 55

65 58 60 Pennsylvania,

41 42 49

614 Tennessee,

80 90

92 New York City, 7 1857

107 a 110

115 111

106 108

110 4
113 107

108 5 1850

76 94 95 99 100 99 5 1858-70 77 78 94 95

100 994 a 100 In those stocks which pay dividends don, where the quotations have been at there is but little fluctuation. They different dates as follows: advance steadily both here and in Lon

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Louisiana, M.

N. York State,

City, Ohio, Pennsylvania, Kentucky, Tennessee, The first column gives the rates before on both sides of the Atlantic there has the failure of the States; the others been a regular advance in stock values, show the gradual improvement during which itself is a powerful element the present year.

in bringing about a settlement of state The exceeding abundance of money indebtedness. The indebted states are in London, the continued payment of the most part agricultural in their the dividends on the stocks of the lead- interests, and the means at their dispoing states and the high and sustained sal for the discharge of debts and the prices of all stocks here have improved purchase of goods, grows out of the the state of public confidence there in money values of their produce, which regard to the ultimate payment of the in a great measure depends upon the debts, and consequently induced some in- state of the foreign markets for their vestments in American stocks. Hence sale.

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