must believe either that its author, aided and abetted by a large number of gentlemen and ladies of the highest respectability and most irreproachable character, has deliberately woven together, for the amusement or astonishment of the public, a tissue of gross and wilful falsehoods; or that these wonderfully mysterious facts are facts as incontrovertible as the evidence of the senses can make them. There is no escape from the alternative; the supposition that Mr. Stone was himself imposed on, is one which no rational mind, on a perusal of the narrative, can for a moment entertain.

We attempt no analysis or summary of the contents of the letter, since it will itself undoubtedly be sought after, and devoured whole by all our readers.

Mythological Fables: Translated by Dryden, Pope, Congreve, Addi. son, and others. Prepared expressly for the use of Youth. NewYork: W. E. Dean. 1 Vol. 12mo.

A SELECTION like this has long been a desideratum in our schools; we are happy to see it so well supplied. "The study of Mythology," rightly observes the Editor, "constitutes an indispensable part of a liberal education; without a knowledge of which it is impossible to appreciate, or scarcely even to understand, the works of many ancient authors, and particularly the poets, who have drawn from this fountain their copious supply of beautiful imagery and fanciful allusions. Painting and Sculpture are equally indebted to this source for the greater portion of their subjects; and to one unimbued in its classic lore, the finest works of art are seldom interesting, and never understood."

With the knowledge, which a girl or boy may derive from the repeated perusal of this work as a class-book in schools, the many allusions to Mythology, with which the most popular English authors abound, may be sufficiently comprehended. New reasons for admiration will be presented, and new scenes of glorious associations rise before their minds. Passages, which before appeared obscure, are by this study rendered bright and interesting. But what we could deliver concerning its importance has been so much better set forth by Miss Edgeworth in her work on "Practical Education," that we prefer to quote her language:

"Classical poetry, without the knowledge of Mythology, is unintelligible: if children study the one, they must learn the other. Divested of the charms of poetry, and considered without classical prepossession, Mythology presents a system of crimes and absurdities, which no allegorical, metaphysical, interpreters of modern times, can perfectly reconcile to common sense or common morality; but our poets have naturalized ancient fables, so that Mythology is become essential even to modern literature."

or literal

"There are an infinite variety of associations, by which the orator has power to rouse the imagination of a person of cultivated understanding; there are com paratively few by which he can amuse the fancy of illiterate auditors. It is not that they have less imagination than others; they have equally the power of raising vivid images; but there are few images which can be recalled to them: the combinations of their ideas are confined to a small number, and words have no poetic or literary associations in their minds: even amongst children, this dif ference between the power we have over the cultivated and uncultivated mind early appears. A laurel leaf is to the eye of an illiterate boy nothing more than a shrub with a shining, pale-green, pointed leaf: recall the idea of that shrub by the most exact description, it will affect him with no peculiar pleasure: but associate early in a boy's mind the ideas of glory, of poetry, of Olympic crowns, of Daphne and Apollo; by some of these latent associations the orator may after wards raise his enthusiasm."

The great objection which has heretofore existed against the acquirement of an acquaintance with Mythological stories-that they are mixed up with a great deal that would be hurtful to the morals of youth-is fully obviated in the book before us. It is composed of extracts from the most approved poetical versions of the ancient fables; and from them is carefully expunged not only every verse which would be deemed exceptionable, but every word capable of suggesting to the prurient fancies of the young, improper and contaminating thoughts. The liberty taken with the language of the poets is altogether pardonable in a work, prepared like this, expressly for youth. It would be, in our opinion, equally so, if the book purported to be simply one of beautiful extracts on the subject of poetical Mythology. We are no favorers of Bowdler's Shakspeare, or similar expurgated editions, for the use of families. The effect of such works is to create a desire to read the omitted portions; and, as other editions are easily procured, the desire is speedily gratified, and thus, more notice is bestowed upon exceptionable passages than if they had been casually encountered in a general perusal of the author. But no such fault can be attributed to a selection. The great variety of authors from which the extracts are made, forbids the speedy indulgence of any such illaudable curiosity; and he, who would take the trouble to hunt up the sources, from which these fables were drawn and filtered, must possess an incurable thirst for the impure.

The poetical descriptions and narrations seem to us to be chosen with admirable judgment, and they are such as are calculated, while they convey information, to inspire the young with a taste for the beautiful in fancy. Each fable is preceded with a concise prose account of its subject, and there are many notes illustrative of the names and events which occur in the context. We earnestly recommend this work (prepared, as we understand, by an accomplished lady,) to all teachers and others interested in the important task of education. It should be introduced as a reading book into all seminaries of learning for the youth of both sexes.

The Literary Souvenir, for 1838 edited by William E. Burton.
Philadelphia: E. L. Carey and A. Hart.

THERE is a good deal of prose in this annual. The poetry-we beg pardonthe rhyme, is very indifferent. The leather, with which it is bound is handsomely embossed; but the engravings are old, and cannot even claim the merit of being selected with taste from the old English prints and annuals, which were ransacked for the purpose.

Letters, Descriptive of the Virginia Springs; by Peregrine Prolix.

THIS is an amusing little volume, written in an off-hand, galloping style, and will undoubtedly induce many invalids to visit the scenes so piquantly described by the author. He speaks of sundry dinners and breakfasts with such great goût, that we suspect the gentleman himself had little occasion to try the virtues of medicinal waters. The production may, in short, be characterized as a pleasant sort of guide-book-containing a sufficient sprinkling of anecdote to render it entertaining, and a few puns so execrable as to be absolutely excellent.

MONTHLY COMMENTARY.

CAUSES OF THE PRESENT DISTRESS.-We propose in this place to consider the account given by the President in his late Message, of the causes of the general distress. In the article entitled " Bank Evils and their Remedy," the subject which at present convulses all parties is fully considered. In the views there developed, it will be perceived that we carry out our plan of perfect independence. We think that the question is one which every individual should investigate for himself, and upon which he should fearlessly declare his opinion without regard to party dictates. The writer, to whom we committed the subject as to one amply ac quainted with all its bearings, has treated it in a bold and masterly manner. The plan he recommends is novel in many respects, and worthy of serious consideration. Deeming his investigation sufficient, we shall enter into the manner of discussion concerning Mr. Van Buren's sub-treasury scheme; but we must preface our observations upon the theme of this commentary, with a few general words on this message, and the new position which the President has so boldly assumed with regard to the disjunction of Bank and State.

It has been objected to the Opposition, that it forms a Bank party-that its chief object is the establishment of a National Bank. This is a gross calumny, founded on the injudicious zeal of certain partizan journals, and the just objec tions entertained by our eminent leaders to the unconstitutional and arbitrary removal of the Government deposites from the United States Bank. Those leaders predicted all the evils which have subsequently accrued upon the tranfer of those deposites to the local banks. Our committees reported strongly against the increase of bank charters and the extension of bank privileges. The issue of Bank and No Bank was endeavored to be raised as early as 1834 in the state of NewYork, but the charge was indignantly hurled back upon the Albany Regency, from whence it had proceeded. It was maintained by "the Whig Young Men"the proceedings of a meeting of whom, held in New-York in August, 1834, are before us-that they were the real "No Bank" party-that their party had sedulously opposed the rapid increase of banks which had occurred in the State-and that they could prove from facts that, if the dominant party had not come into power, Banking would have continued under judicious restraint.

From an address of the meeting alluded to, we find language which, like the following, is in accordance in principle with that now held by President Van Buren in his Message, and which has been used by the strongest friends of the past Administration.

"The people have always looked with jealousy upon Banks-they have regarded them as one of the many contrivances of speculators to acquire wealth without labor-as a cunningly-devised plan to abstract substance from the hands of the producing classes, and leave shadows in its place. They have always refused to consider banking as one of the gainful arts to be pursued as a distinct business for its own sake, but, have tolerated it so far only as it is auxiliary to the legitimate and regular pursuits of life. And never was this feeling more decided than at the commencement of 1829. Indeed, so strong and unanimous was public sentiment on this subject, that for several years prior to 1829, not a single bank was incorporated.

"During the first fifteen years of this Republic, no bank whatever was chartered. The 'first charter was granted in 1791 to the Bank of New-York. At the commencement of the year 1811, a period of thirty-five years, but ten-char ters, giving banking privileges, had been granted. During the years 1811, 12, and '13, particular causes, the principal of which was the dissolution of the old

bank of the United States, induced the incorporation of thirteen banks; and after the war, the circumstances of the times again relaxed the policy of the State, and ten banks were incorporated in the three years 1816, '17, and '18. From this time to the year 1829, nine banks were established, making the whole number of banks, and manufacturing and canal companies with banking privileges, incorporated by the State during a period of fifty-two years, but forty-two-less than one a year! If we deduct from this number eight companies whose charters had been relinquished or forfeited, the total number of companies with banking privileges, in existence at the commencement of the session of 1829, when Martin Van Buren became Governor, will be found to be thirty-four.--What did these declaimers against bank monopolies then do? These devoted admirers of a metallic currency undoubtedly seized the first opportunity to extirpate the paper banks; and fortunately one was immediately presented to their wishes, for sixteen of the bank charters expired that very session. What did they do? They renewed the whole sixteen and incorporated TWELVE new ones! and ten more the next session, and ten more the next; and the six years of the reign of the Regency have produced a harvest of FIFTY-SIX NEW BANKS! for which they and their adherents have received, in premiums on Bank Stock, the sum of one million two hundred and eighty-five thousand dollars. So true and devoted is their love for the metallic currency!

"Let it not be said in extenuation that this was the fault of a system already established-that when the party came into power they were impelled by a current which could not at once be safely resisted. The reverse is the fact. The preceding administration, guided by the immortal Clinton, was opposed to banks, in precept and in practice. Not a solitary bank charter was granted in the sessions of 1826, '27, and '28. Listen to the language of Dewitt Clinton in his message of 1827. Speaking of granting bank charters, he says 'It is to be ardently hoped that the Legislature will exercise more than ordinary circumspection in future. A few solitary cases may present, where chartered grants may be auspicious to particular places and the surrounding country; but the power of making money is a dangerous faculty, and its liability to perversion is in propor. tion to its extension. Banking privileges deposited in unskilful hands, may be abused without design and from ignorance; but when granted to fraudulent men, who prefer wealth to character, and the gratifications of avarice to the honors of virtue, there will scarcely be bounds to the evils that will ensue; and experience has evinced, that applications of this kind are almost always made for personal benefit, not for public accommodation.'”

And this is the language of a great leader of the so-styled Bank party! With the sentiments of Clinton we now perfectly agree; except that many of us go still further, and maintain that, as chartered grants are liable to abuse, they should not be granted for Banking purposes; and that, as they are monopolies and restrictions on a particular branch of trade, they should give place to free private banking.

Mr. Van Buren has been styled "the Father of the Safety Fund System." In the plan of the Bank system which he recommended to the legislature, and, in the report of the Bank committee, we find Mr. Van Buren's own sentiments, for they met with his concurrence; and who pretends that they would have been expressed unless they were his own?

"The system of paper credit,' says the Report, "has now become indispensable to all commercial countries. It is the most powerful agent known to the world in generating the wealth and prosperity of a nation. In great exigencies it, by its timely assistance, often delivers governments from embarrassment and danger! Again- A paper circulation as to all objects of commerce, is a positive increase of capital.' Again-'Banks in this country have been productive of the greatest advantages.''

Now, listen to the Message upon the interference of the Banks in regulating exchange and interfering with monetary operations, which should be left to

their self-regulation. To the following sentiment we respond with nine cheers, Its prophecy, in our estimation, would be rapidly verified.

"A SYSTEM FOUNDED ON PRIVATE INTEREST, ENTERPRISE, AND COMPETITION, WITHOUT THE AID OF LEGISLATIVE GRANTS OR REGULATIONS BY LAW, WOULD RAPIDLY PROSPER; IT WOULD BE FREE FROM THE INFLUENCE OF POLITICAL AGITATION, AND EXTEND THE SAME EXEMPTION TO TRADE ITSELF; AND IT WOULD PUT AN END TO THOSE COMPLAINTS OF NEGLECT, PARTIALITY, INJUSTICE AND OPPRESSION, WHICH ARE THE UNAVOIDABLE RESULTS OF INTERFERENCE BY THE GOVERNMENT IN THE PROPER CONCERNS OF INDIVIDUALS."

The Message thus strenuously condemns the interference of government with the pecuniary concerns of the people; and to this doctrine Mr. Van Buren rightly thinks that the majority of the people will respond. But will they respond to other parts of his Message if they judge truly and determine aright?

Let us see.

not.

In the outset, the Congress are informed why they were called together by proclamation in May last-why they were summoned at a most inconvenient season to assemble in the National halls of Legislation. The first reason given is, that the local Deposite Banks had suspended specie payments. They had therefore, by law, become inoperative for the purposes of the government, and some other place of deposit was imperatively required. Was this a sufficient reason for calling together the Representatives of the People? Certainly The secretary of the Treasury had already taken the matter into his own hands. The Banks had not been for months used as places of deposit, except so far as their vaults were made receptacles of kegs and boxes of specie from the custom-houses and post-offices. There was then no particular necessity for legislation upon a matter which had been considered within the action of the Executive, and upon which that action might have been exercised for eight or ten weeks longer as well as not. The next reason was an apprehension that, in consequence of the suspension of specie payments, the accruing receipts in the treasury would not be sufficient to defray the ordinary expenses of the government. Had no such crisis ever occurred before? and had not the Executive sufficient power to meet such an exigency? We think that he had; and that Trea sury drafts, payable in December, would have answered every purpose, and might have been negotiated at reasonable rates, since the protested Treasury drafts now command a premium of five per cent. This, then, seems an insufficient The next, of a further extension of custom-house bonds due by the merchants, is equally so: for why could not the President have extended the bonds from the first of October to the first of January, as well as from the first of September to the first of October? We see no exigency, as stated in this Message, which the Executive was not as fully competent to provide for, until the period of the regular meeting of Congress, as for the past four months. The real objects calling for immediate legislation, the President passes over with but few observations. The calamities of the people he seems to regard as feathers in the balance when weighed against the inconveniences of the Government. Government is, in his view, a simple abstraction, which is to be considered without regard to the governed.

reason.

When the causes of the difficulties under which the nation has groaned for a year past, come to be considered, that of over-action in trade is mentioned as the most prominent-which, in the most incidental way in the world, is said to have derived, "perhaps, its first impulse from antecedent causes." Indeed! And what were those antecedent causes? They are notorious. They emanated from