opposition, it is proper in the next place, to consider the means by which it may be effected, as introductory to a specification of the objects which, in the present state of things, appear the most fit to be encouraged, and of the particular measures which it may be advisable to adopt, in respect to each. tions combat each other, prudence seems to dic- This has been found one of the most efficacious means of encouraging manufactures, and it is, in In order to a better judgment of the means pro- some views, the best. Though it has not yet been per to be resorted to by the United States, it will practiced upon by the government of the U. States, be of use to advert to those which have been em. (unless the allowance on the exportation of dried ployed with success in other countries. The prin and pickled fish and salted meat could be consider cipal of these are— ed as a bounty) and though it is less favored by pub1. Protecting duties-or duties on those foreign lic opinion than some other modes-its advantages articles which are the rivals of the domestic ones in-are thesetended to be encouraged. 1. It is a species of encouragement more posi Duties of this nature evidently amount to a virtu- tive and direct than any other, and for that very reaal bounty on the domestic fabrics, since, by enhanc-son, has a more immediate tendency to stimulate ing the charges on foreign articles, they enable and uphold new enterprizes, increasing the chances their national manufacturers to undersell all their of profit, and diminishing the risks of loss, in the. foreign competitors. The propriety of this species first attempts. of encouragement need not 1 dwelt upon; as it is 2. It avoids the inconvenience of a temporary not only a clear result from the numerous topics augmentation of price, which is incident to some which have been suggested, but is sanctioned by other modes, or it produces it to a less degree; eithe laws of the United States, in a variety of instan- ther by making no addition to the charges on the ri ces: it has the additional recommendation of being val foreign article, as in the case of protecting duties, a resource of revenue. Indeed all the duties im- or by making a smaller addition. The first happens! posed on imported articles, though with an exclu-when the fund for the bounty is derived from a difsive view to revenue, have the effect in contempla-ferent object (which may or may not increase the tion, and, except where they fall on raw materials, price of some other article, according to the nature' wear a beneficent aspect towards the manufactures of that object;) the second, when the fund is derived: of the country. from the same or a similar object of foreign manu II. Prohibitions of rival articles, or duties equiva- facture. One per cent. duty on the foreign article, lent to prohibitions. converted into a bounty on the domestic, will have This is another and an efficacious means of en-an equal effect with a duty of two per cent. exclu couraging national manufactures: but in general it sive of such bounty; and the price of the foreign is only fit to be employed when a manufacture has commodity is liable to be raised, in the one case, in made such a progress, and is in so many hands, as the proportion of one per cent. in the other, in that to insure a due competition, and an adequate sup-of two per cent. Indeed the bounty, when drawn ply, on reasonable terms. Of duties equivalent to from another source, is calculated to promote a reprohibitions, there are examples in the laws of the duction of price; because, without laying any new United States, and there are other cases to which charge on the foreign article, it serves to introduce the principle may be advantageously extended: but a competition with it, and to increase the total they are not numerous. quantity of the article in the market. Considering a monopoly of the domestic market to its own manufacturers as the reigning policy of manufacturing nations, a similar policy, on the part of the United States, in every proper instance, is dictated, it might almost be said, by the principles of distributive justice; certainly, by the duty of endeavoring to secure to their own citizens a reciprocity of advantages. Ill. Prohibitions of the exportation of the materi als of manufactures. 3. Bounties have not, like high protecting duties, a tendency to produce scarcity. An increase of price is not always the immediate, though, where the progress of a domestic manufacture does not counteract a rise, it is commonly the ultimate effect of an additional duty. In the interval, between the laying of the duty and a proportionable increase of price, it may discourage importation, by interfering with the profits to be expected from the sale of the article. The desire of securing a cheap and plentiful sup- 4. Bounties are sometimes not only the best, but ply for the national workmen, and where the arti- the only expedient, for uniting the encouragement cle is either peculiar to the country, or of peculiar of a new object of agriculture, with that of a new quality there, the jealousy of enabling foreign work-object of manufacture. It is the interest of the men to rival those of the nation, with its own ma- farmer to have the production of the raw material terials, are the leading motives to this species of promoted, by counteracting the interference of the regulation. It ought not to be affirmed, that it is foreign material of the same kind-It is the interest ia no instance proper; but it is certainly one which of the manufacturer to have the material abundant ought to be adopted with great circumspection, or cheap. If, prior to the domestic production of and only in very plain cases. It is seen at once that the material, in sufficient quantity, to supply the its immediate operation is to abridge the demand manufacturer on good terms, a duty be laid upo and keep down the price of the produce of some the importation of it abroad, with a view to promote other branch of industry, generally speaking, of the raising of it at home, the interest both of the agriculture, to the prejudice of those who carry it farmer and manufacturer will be disserved. By on; and though if it be really essential to the pros-either destroying the requisite supply, or raising perity of any very important national manufacture, the price of the article, beyond what can be affordit may happen that those who are injured in the first ed to be given for it, by the conductor of an infant instance, may be eventually indemnified, by the su- manufacture, it is abandoned, or fails; and there perior steadiness of an extensive domestic market being no domestic manufactories, to create a dedepending on that prosperity: yet in a matter, in mand for the raw material, which is raised by the which there is so much room for nice and difficult farmer, it is in vain, that the competition or the like combinations, in which such opposite considera-foreign articles, may have been destroyed. It cannot escape notice, that a duty upon the im-1 portation of an article can no otherwise aid the domestic production of it, than by giving the latter greater advantages in the home market. It can have no influence upon the advantageous sale of the arti-periority, some extraordinary exertion or skill, and cle produced, in foreign markets; notendency there fore to promote its exportation. Bounties are applicable to the whole quantity of an article produced or manufactured, or exported, and involve a correspondent expense: premiunis serve to reward some particular excellence or su The true way to conciliate these two interests, is to lay a duty on foreign manufactures of the material, the growth of which is desired to be encouraged, and to apply the produce of that duty, by way of bounty, either upon the production of the material itself, or upon its manufacture at home, or upon both. In thus disposition of the thing, the manufacturer commences his enterprize, under every advantage, which is attainable as to quantity or price of the raw material; and the farmer, if the bounty be immediately given to him, is enabled by it to enter into a successful competition with the foreign material: if the bounty be to the manufacturer on so much of the domestic material as he consumes, the operation is nearly the same; he has a motive of interest to prefer the domestic commodity, if of equal quality, even at higher price, than the foreign, so long as the difference of price is any thing short of the bounty, which is allowed upon the article. are dispensed only in a small number of cases.-But their effect is to stimulate general effort, contrived so as to be both honorary and lucrative, they address themselves to different passions, touching the chords as well of emulation as of interest. They are accordingly a very economical means of exciting the enterprize of a whole community. There are various societies in different countries, whose object is the dispensation of premiums for the encouragement of agriculture, arts, manufactures, and commerce: and tho' they are, for the most part voluntary associations, with comparatively slender funds, their utility has been immense. Much has been done by this mean in Great Britain; Scotland in particular, owes materially to it a prodigious amelioration of condition. From a similar establishment in the United States, supplied and supported by the goverment of the union, vast benefits might reasonably be expected. VI. The exemption of the meterials of manufactures from duty. Except the simple and ordinary kinds of house- The policy of that exemption, as a general rule, hold manufacture, or those for which there are very particularly in reference to new establishments, is commanding local advantages, pecuniary bounties, obvious. It can hardly ever be advisable to add the are in most cases indispensable to the introduction obstructions of fiscal burdens to the difficulties of a new branch. A stimulus and a support not less which naturally embarrass a new manufacture; and powerful and direct is, generally speaking, essen- where it is matured and in condition to become an tal to the overcoming of the obstacles which arise object of revenue, it is, generally speaking, better from the competition of superior skill and maturity that the fabric, than the material, should be the subelsewhere. Bounties are especially essential, in reject of taxation. Ideas of proprotion between the gard to articles, upon which those foreigners who have been accustomed to supply a country are in the practice of granting them. quantum of the tax and the value of the article can be more easily adjusted in the former than in the latter case. An argument for exemptions of this kind The continuance of bounties on manufactures in the United States, is to be derived from the prac long established, must almost always be of question- tice, as far as their necessities have permitted, of able policy; because a presumption would arise in those nations whom we are to meet as competitors every such case, that there were natural and inhe-in our own and in foreign markets. rent impediments to success. But in new undertakings, they are as justifiable, as they are oftentimes necessary. There is a degree of prejudice against bounties, froth an appearance of giving away the public money, without an immediate consideration, and from a supposition, that they serve to enrich particular classses, at the expense of the community. VII. Drawbacks of the duties which are imposed on the materials of manufactures. It has already been observed, as a general rule, that duties on those meterials ought, with certain exceptions, to be forborne. Of these exceptions, three cases occur, which may serve as examples one, where the material is itself an object of general or extensive consumption, and a fit and productive But neither of these sources of dislike will bear a source of revenue;-another, where a manufacture serious examination. There is no purpose to which of a simpler kind, the competition of which with a public money can be more beneficially applied, than like domestic article is desired to be restrained, to the acquisition of a new and useful branch of in- partakes of the nature of a raw material, from being dustry; no consideration more valuable than a per-capable, by a further process, to be converted into a manent addition to the general stock of productive labor. manufacture of a different kind, the introduction or growth of which is desired to be encouraged: a third, where the material itself is a production of the conntry, and in sufficient abundance to furnish a cheap and plentiful supply to the national manufacturers. As to the second source of objection, it equally lies against other modes of encouragement which are admitted to be eligible. As often as a duty upon a foreign article makes an addition to its price, it Under the first description comes the article of causes an extra expense to the community, for the molasses. It is not only a fair object of revenue, but benent of the domestic manufacturer. A bounty being a sweet, it is just that the consumers of it does no more. But it is the interest of the society, should pay a duty as well as the consumers of sugar. in each case, to submit to a temporary expense, Cottons and linens in their white state, fall under which is more than compensated, by an increase of the second description: a duty upon such as are imindustry and wealth-by an augmentation of re-ported is proper to promote the domestic manufac sources and independence-and by the circum-ture of similar articles in the same state-a draw. stance of eventual cheapness, which has been notic-back of that duty is proper to encourage the printed in another place ing and staining at home of those which are brought V. Premiums. from abroad When the first of these manufactures These are of a nature allied to bounties, though has attained sufficient maturity in a country, to fi distinguishable from them in some important fea-nish a full supply for the second, the utility of the drawback cerscs. tures. The article of hemp either now does or may be expected soon to exemplify the third case, in the United States. The possibility of a diminution of the revenue, may present itself, as an objection to the arrangements which have been submitted. Where duties on the materials of manufactures But there is no truth which may be more firmly are not laid for the purpose of preventing a competi- relied upon, than that the interests of the revenue tion with some domestic production, the same rea-are promoted by whatever promotes an increase of sons which recommend, as a general rule, the ex-national industry and wealth. emption of those materials from duties, would re- In proportion to the degree of these, is the capscommend, as a like general rule, the allowance of city of every country to contribute to the public drawbacks in favor of the manufacturer: according-treasury; and when the capacity to pay is increas ly, such drawbacks are familiar in countries which ed, or even is not decreased, the only consequence systematically pursue the business of manufactures; of measures which diminish any particular resource which furnishes an argument for the observance of is the change of the object. If by encouraging the a similar policy in the United States; and the idea manufacture of an article at home, the revenue, has been adopted by laws of the union, in the in- which has been wont to accrue from its importation, stances of salt and molasses. It is believed that it should be lessened, an indemnification can easily be will be found advantageous to extend it to other found, either out of the manufacture itself, or from articles. some other object which may be deemed more convenient. VIII. The encouragement of new inventions and discoveries, at home, and of the introduction into the United States of such as may have been made in other countries; particuliarly those which reFate to machinery. To fill up the chasm here, we annex the opinons of the ex-president, Mr. Jefferson, on the same subject, given in reply to a letter from Benjamin Austin, esq. of Boston. American Glass. It is customary with manufacturing nations to prohibit, under severe penalties, the exportation of [Then follows the letters of those distinguished perimplements and machines, they have either invent-sons, which it is not needful for us to re-publish, they ed or improved. There are already objects for a having already been inserted in the WEEKLY REGISTER, similar regulation in the United States; and others | Vol. X page 24.] may be expected to occur from time to time.The adoption of it seems to be dictated by the principle of reciprocity. Greater liberality, in such respects, might better comport with the general spirit of the country; but a selfish and exclusive policy in other quarters, will not always permit the free indulgence of a spirit which would place us upon an Boston, June 9, 1819. equal footing. As far as prohibitions tend to pre- Sin-Being a subscriber to your valuable REGISvent foreign competitors from deriving the benefit of TER, I have with pleasure witnessed your zeal to the improvements made at home, they tend to in-promote the interests of the manufactories of our crease the advantages of those by whom they may country; and, in behalf of the NEW ENGLAND GLASS have been introduced-and operate as an encouragement to exertion. IX. Judicious regulations for the inspection of manufactured commodities. This is not among the least important of the means, by which the prosperity of manufactures may be promoted. It is indeed in many cases one of the most essential. Contributing to prevent frauds upon consumers at home, and exporters to foreign counties to improve the quality and preserve the character of the national manufactures, it cannot fail to aid the expeditious and advantageous sale of them, and to serve as a guard against successful competition from other quarters. The reputation of the flour and lumber of some states, aud of the potash of others, has been established by an attention to this point. And the like good name might be procured for those articles, wheresoever produced, by a judicious and uniform system of inspection roughout the ports of the United States. A like system might, also, be extended with advantage to other commodities A few days since, the editor of the WEEKLY REGISTER received the following very handsome and complimentary letter: MANUFACTORY COMPANY, I have taken the liberty of forwarding to you, agreeably to the above bill of lading, a box containing one pair quart decanters and one pair quart pitchers, made at the New England glass factory, which they beg your acceptance of. It will no doubt be pleasing to you to learn that these works are extensive, and can rival any glass manufactory in Europe, for richness of cutting and quality of glass, and want but the aid of govern. ment to protect us from the English inanufacturers (who are particularly hostile to this factory) to render it secure to the proprietors and an ornament to our country. Respectfully, yours, DEMING JARVES. By this letter, something neat was expected nor were we disappointed; the articles have been compared with others of European manufacture and certainly rival, if they are not superior to any that we have seen, either for rieliness of cutting of quality of glass. .hey well deserve to be calle superb-and if any one can desire to have ben X!. The facilitating of the transportation of com-ware than this, his taste must be exquisite indeed. X. The facilitating of pecuniary remittances from place to place. modities. For this elegant compliment, the eclitor of the The foregoing are the principal of the means by REGISTER begs leave to offer his best wishes for which the growth of manufactures is ord narily pro-the N. E. glass manufacturing company; hoping, that noted. It is, however, not merely necessary that while the rea`ablishment secures them an adequa measures of government, which have a direct view profit, it may long remain, as it now is, an ornamen to manufactures, should be calculated to assist and of our country--and to Mr. Jarves, for the han protect them; but that those which only collaterally some manner in which he introduced the beauti päeet them, in the general course of the administra-denatio, his peculiar thanks are justly due. ion, should be guarded from any peculiar tend.ney Adverting to the close of Mr. Jarves' letter, w to injue them, naturally began to think what the British gover ment would do in a case like this? Our readers very nience of society, and are the fairest subjects of well know, that we are not over-fond fashions, usages taxation that can be presented to us from abroad. er laws of Britian,-yet we have many times told The wealthy will have such glasses;-and we say, them that the people of the United States, so prone let them have them, if they please. But we have to ape all her jim-crack notions, too generally set an undoubted right to give our surplus money such their faces against her wholesome regulations: thus, a direction as will support our surplus labor; and to we joined her in bawling about "Spanish patriots" impose such high duties upon unnecessary articles and Russian patriots, and have our dandies as well imported, as will induce all to purchase like arti. as she: we seemed almost willing to consent to the cles of home manufacture-equalling, or surpassing, proud declaration that she was fighting for the li- the foreign product, in every desirable quality; and berties of the world," and then she gives us Tala-thus preserve our money to the home circulation. era trowsers and an odd looking sort of wheel-car- No one can complain of this: for the pride which is riages called "buggies." All these things are well; gratified in the possession of such articles, is founded but the moment in which we begin to regard nati-upon a comparison with those possessed by others, onal industry as she does, no matter whether applied to manufactures or commerce, every Briton in our country, from the representative of "majesty" down to the representative of a bobbin-shop at Manchester, becomes our enemy; and, from so much leading the fashions, they also lead public opinion, and say "why should you make any thing at all, when you can buy it so much cheaper?" The logic of this is easily understood by the following facts: and it cannot lose any of its effect by a measure that bears cqually upon all. These remarks apply to all things of luxury-and any article of luxury that can be made at home, ought not to be imported by any country, except the labor of that country should be less than the means of its profitable employment, which rarely occurs; and at present exists not in any civilized nation. If the whole labor in the U. States for example, were appropriated to agriculture, oNLY, it is true we might ave, but we should live very dif ferent from the manner in which we now do; deprived of nearly all the embellishments and most of the conveniences of life-so Eve, that life would be The United States' duty is 20 per cent. ad valo-hardly worth having. It is by the happy comrem, and 1007, original value costs the consumer,bination of things indispensable necessary-conthe duties added, 1207. venient-comfortable, or luxurious, that zest is Great Britain levies a duty of 114. per cent. on glass manufactures imported: 1007. original value being swelled by the duty, to cost the consumer 214 The British duty is almost six times as bigh as that given to existence, and a praise-worthy emulation which we levy-it amounts to a prohibition; and excited without which men would be little better affords a severe reproof to those impudent English-than the beasts of the field. men who tell us it is better to import than to manu- But all our glass manufactures do not partake of facture, because we can purchase a thing cheaper this luxurious quality-such as we use for windows are necessaries, and all the plain wares are conve than we can make it. What is meant by the word "cheap," as applied [niences or comforts, contributing greatly to happito the price of commodites? It depends wholly uponness. Our home-made window glass is the best in the ability to pay for them, Calico may be as dear at the world that we know of, and is disposed of at very six cents per yard as at a dollar: it is the means of reasonable rates; and our common wares are as obtaining the purchase-money which determines the quantity of the value. The average price of bread stuffs in the United States, is at this time nearly 50 per cent. lower than in England; yet England will not receive of us even the "staff of life," on cheap terms, because it would affect the profits of her own agriculturalists. She thus denies us the means to pay, while she invites ns to purchase, because her goods are cheap! Such is the difference between meum and tuum. good as the imported. The manufactories now existing, we are assured, might soon be so extended, or increased, as to equal our wishes or wants, if the foreign products were wholly excluded, and without materially affecting the nominal prices--dear or cheap: many tens of thousands of persons are now idle in the United States, because they cannot get any thing to do, suited to their qualifications and capacities; and the amount of what they might and would earn, if the opportunity was offered to These principles are beginning to be well under. them, is as so mnch lost with its interest forever stood, because every body begins to feel the force to our country; nay, further, if what they might make of their operation. The "freedom of trade," and is obtained from abroad, the value is not only lost the saying, "let trade regulate itself" is very pret- but must be paid for, and a single dollar is rendered ty. But there is no such thing. As well might we equal to the loss of two, in a general scale. The say, let smoke regulate itself. My neighbor may le-people are severely pinched to live comfortably, as gally build himself an house on his own ground, well with us as in Europe; and as the world now higher than mine; he thus obstructs the free action stands, the pressure will increase in most countries. of the air, and I must raise my chimney or be smo- Happily in our own, still young and not filled with thered with smoke-but if his house were of the inhabitants, there is yet room enough to encourage same heighth as mine, there would not be any neces-industry, and the statesmen should appreciate this sity for this defensive measure on my part. How singular advantage as among the best bounties of could he regard such a procedure as hostile to him-heaven. Humanity, itself, for ourselves, is now or be so impudent as to say to me, "let smoke regu-suited to a sound political economy, to build up and late itself!" But so it is, that though Great Bri- establish the national independence on a solid basis, tain prohibits the importation even of bread stuffs, to create new ties among the people of the whole she is offended with every nation which taxes her calicoes at such a rate as will protect their home manufactures! As to the articles immediately before us, those rich glass wares, they are purely things of luxury; pleasing, indeed, to the eye, and interesting to those who delight to observe the progress of the arts: but they add nothing either to the comfort or conve republic, and bring those of the most distant parts into a community of interests with those of all parts, by means of a home market and internal commerce. Were these flourishing, what should we care for Europe? We should have a money circulation among ourselves that would enable us to pay, in some new form, four times the amount of the present moderate requirements of government, with greater ease than we make up the existing revenue, at this time. I wide and about six inches long, produced actual The representatives of the people should therefore profits to some and positive losses to somebody, of all carefully look out to discover any foreign product the different amounts from 1000 to 500,000 dollars. that we can make in sufficient quantities at home,The bulb of a single tulip would weigh more than without tempung the manufacturers to extort on fifty of the biggest of these STOCK NOTES, and has as their fellow-citizens; and on the moment that they much reality of value in it nearly, as the advance at discover one, to protect the domestic fabric by sub which these notes were disposed of. But the most jecting the foreign to such duties as will amount to comical part of the whole affair was this, at which a prohibition of its import, unless it be the product posterity will have many a hearty laugh,-that the of a country which wants something that we have stock of the bank of the United States which had to spare, and will receive it on fair terms of us-ex-been honestly subscribed and truly paid for, was less cept further, it is an article of pure luxury, when it valuable, on the exchange, by about two per cent. should always be subject to exceedingly high du- than that which was subscribed for on speculation ties, if admitted at all. Let the government of the U, and never paid for at all; and which is now saStates act by system, that the people may understand tisfied, so far as satisfaction is ever hoped for, by a their policy when they mean to protect any cer- return of the right to the stock at 100 dollars per tain manufacture, let them really protect it; and the share to the bank, at an time when it may be bought domestic rivalty will soon banish the fear of extor- in the public market at about ninety dollars! «Jum tion; for the labor and capital engaged in it will just satis!" as naturally seek and find its level, compared with the value of other species of labor, as water seeks and finds it. Such is the principle of things in this free country, wherein every maa follows the busi U. S. bank stock at Philadelphia. June 24-offer ness that pleases him, and invests his capital as heed at 88; no buyers-91 since asked. Eikes. Thus the whole labor of the people might be advanced to its highest state of production, and Cost of banks. A writer in a Philadelphia paper the republic proceed to strength of population and estimates the actual cost of the eight banks in that wealth with unabated rapidity.-Instead of gaping city, for presidents, cashiers, clerk hire, &c. tq at Europe as we now do, to ascertain whether, we amount to 100,000 dollars, annually. At least one shall have prosperous or adverse times, let us look half of this sum may be considered as uselessly exat home-he who depends upon his neighbors in-pended. The salaries might be greatly reduced, stead of himself, cannot be a fee or a happy man.and four banks, with increased capitals, and one or Every one must attend to his own business, or it will suffer. "He that by the plough would thrive, Scraps about Bans, &c. two more clerks than are at present employed in them, would serve the public better than the eight now do. There would be only half so many directors with their shaving partners, brothers, sons and I would rather have a spendthrift in my family cousins to be accommodated; and of course, a much than "a buyer of bargains." Speculation and Gambling, larger sum of money to be loaned those who deserve to receive it. We have nine banks in Baltimore, besides the On many occasions, these words are synonimous office of the bank of the U. S. one of these, however, and on some,there is another which has nearly the the City Bank, may not now be counted. If the same meaning-to wit, roguery. Sometimes, per-capitals of four of the others were merged into the haps also, insanity may convey nearly a similar idea. remainder, the public good would be eminently proDr. Mitchell, of New York, in an article on Bomoted, for the reasons just above stated. tany, took occasion to notice the Tulip mania that prevailed in Holland about a century and a half ago We have heard of such things as a bank being made to give a good office to a favorite individual, "This epidemic frenzy in Holland, was ripe about Baltimore, From all that we can learn, there are this time, (in the year 1643) and raged with extra-other cities and towns whose condition is not much ordinary violence, in and around the city of Haer-more enviable than Baltimore's. But, happily, they lem. The disease was excited by all rare blossoms, have no generous neighbor to proclaim their misforand particularly by Tulips. A single bulb of a tulip tunes, and make bad worse by telling that which is was sold for 3000, 4200, 4400 and even 5000 florins. not true of them. The sale of all sorts of commodiThe tricks, frauds and folly, in this insane traffic, ties, except such as are immediately necessary, is so. were so great, that it was ordained by public autho- severely checked, that it is impossible there should rity, that money should not be recoverable upon be much money afloat-and every dollar is grabbed tulip contracts, Cash or honor must secure the bar-at by the banks to support themselves against the gain. This year there was a remarkable pamphlet unprecedented procedure of the bank of the United published on the subject, at Amsterdam. Like gold States, as mentioned in our last. and diamonds, the roots were weighed with the most scrupulous nicety. The cheating, neverthe"The book." There has been a great deal of less, was so scandalous, that it was high time to re-buzzing about a certain book, said to have been fuse to that species of gambling, the sanction of found last week in the office of the bank of the law. The present generation may smile, while United States, in Baltimore. The "vulgar eye" they calculate, that a solitary tulip should have been hath not yet seen it and little is known of its contents, bought, and willingly paid for, at prices varying except by half-whispered facts and strange insintfrom 1,100 to upwards of 2000 dollars of the United ations. It appears to have been sufficiently import ant to have caused an instant mission to the mother Now, we have lately had an "epedemic frenzy" at Philadelphia. This book is said to contain memoalmost as bad as that which raged in Holland. Pic-randums of some extra proceedings until now unces of paper, called stock notes, have been sold at suspected, and which will affect the funds of the fifty per cent. above the amount expressed on the bank to an enormous amount. face of them; by which little bite of paper, two inches States." "We have fallen on evil times." |