menced with a determination to run "the game" to the death at every hazard. cerned, it is undeniably better that our manufacturing establishments should be scattered over the Numbers of others joined the pursuers as they country among the agricultural population. It is swept across the country; and there then began a when their mills are compelled to stop or to slacken equally important in an economical point of view that chase, and arose a cry, such as the "Pikes" and in activity by a decline of price, the work people "Fells" of that district never witnessed, or echoed should find a resource in agricultural pursuits, as to, before. Across fields, over hedges, ditches and they will where they are not numerous and where walls; through gaps, dykes, and briars rushed the they live in an agricultural district. In England savage beast, and perseveringly followed his purthe districts in which the agricultural population suers, resolved to have revenge. The news of obtain the best wages and seem to enjoy the greatthe hunt spread on every side, and as those who lishments for manufacturing purposes are situated est degree of comfort are those where small estabhad run longest failed for want of wind or strength, amidst a comparatively sparse population, and the others supplied their places. Before the chase had people employed in them come from the cottages lasted a couple of hours, many joined in it who had of the laborers in the surrounding country. The come the distance of ten or twelve miles. At one manufacturing towns built up in our country with time it was feared the sheep-slayer would escape no regard to considerations of this sort, consisting into the Fyle; but, fortunately, at Whinney- families who are expected, from the parents to the of houses crowded together, without gardens, for clough, and when he was gaining on his pursuers, youngest of the children, to follow no other occupaMr. J. Smith, farmer, had a shot at him, and hit-tion but that of tending the machinery of the mills, ting him in the hind leg, turned him back towards are but so many arrangements for introducing the Barnes' lane. It was now past ten o'clock, and frightful visitations of suspended industry and of the pursuers, instead of slackening in speed or destitution which so frequently come upon the manlosing strength, appeared to increase in number ufacturing cities of Great Britain. and in spirit; while the dog, exhausted from his night's work, the severe run he had had, and loss of blood from the wound in his leg, showed evident symptoms of breaking up. At about half-past ten o'clock, seemingly worn out and terrified, the brute dashed into a house at Barnes' lane, in which was a woman and four children. The alarm of the poor woman may be imagined; but fortunately it was of short duration, for a young man coming up, armed with a pitchfork, drove the prongs through the ferocious beast; a second man, named Bleasdale, then cut its throat. Great Britain has been, a country which manuAmerica, however, is not likely to become, as factures for the world, and there are some indications that the manufacturing industry of the nation will exist hereafter in a greater state of dispersion than at present. In a paper now lying before us, the Charleston Patriot, we find the following statement of the success with which the manufacture of cotton cloths is prosecuted in Georgia : "From a report which was laid before the legislature of Georgia at its last session, we learn that there are about thirty-two cotton factories in that state now in operation, or in course of construction, in the working and building of which two millions of dollars are employed, while 3,000 persons are directly engaged in them, and 6,000 derive their support from them. The consumption of provisions and agricultural products, not including cotton, for the use of these operatives, amounts annually to $300,000. They use for manufacturing purposes from 18,000 to 20,000 bales of cotton per annum, and the amount of manufactured goods produced during the last year was equal in value to a million and a half of dollars. Of these goods one third was and a part in the valley of the Mississippi. One sold out of the state, principally in northern markets, shipment of fifty bales of cotton yarns was made to the China market, and was disposed of on favorable terms. The coarser goods manufactured in Georgia are said by the committee to stand high in the northern markets, and, in consequence of being made of better cotton, command a preference over all others of the same style. The yearly dividend to proprietors is said to be from twenty to forty per cent." Ir will not be a matter of surprise to those who take the trouble of reflecting on the subject, if the enterprise now so active in building up large man- If there be no exaggeration in this account of the ufacturing cities in New England, should prove wealth of the Georgia manufacturers, their enterexcessive and premature. In some points of view prise will not stop here. Whoever will take the it is certainly not desirable that our manufacturing trouble to look at the map of the United States will establishments should be concentrated in populous see a vast hilly region, extending from the middle districts, where the sole occupation of the inhabitants counties of the state to the plains which skirt the will be to tend the spindles and looms and cylinders Gulf of Mexico-a region more than a hundred of colossal manufacturing establishments, and where an unexpected change in the market stops the machinery and deprives at once a whole community of employment and bread. So far as the morals, so far as the physical health of our population are con miles in width, intersected with streams of rapid descent, capable of putting in motion all the looms of the civilized world. The cotton plantations of the south are close at hand, and these broad ranges of hills are beginning to pasture flocks of sheep. The successful introduction of manufactures in Georgia, almost at the southern extremity of this region, ensures their gradual introduction all along the slopes of the Alleghanies. The eastern mill owners will do well to take these circumstances into their calculations concerning the future growth of their manufacturing towns. We shall not be surprised to hear of cotton and woollen mills springing up in those neighborhoods of northern families who have lately emigrated with their families to Virginia. Meantime we desire our readers to note the profits which the Georgia mill owners, under the mitigated tariff, under a rate of duties proportioned to the value of the article imported, and rejecting the device of minimums which Mr. Appleton and his brethren have declared so indispensable, are realizing from their establishments even while their enterprises are scarcely begun. The report of the Georgia Legislature, in the collections of materials for the future historian, should be bound up with Abbot Lawrence's letters, and those of Mr. Clay, on the ruin which the new tariff was to inflict upon our manufacturing industry. N. Y. Evening Post. NEW YORK BANK NOTES. It is now rather more than forty days since, in our paper of Nov. 30, when the money pressure began to be severe, that we cautioned our readers that the effect of that pressure would inevitably reach some of the institutions under the New York free law. In that article we gave the aggregate of 22 banks, whose circulation was $1,879,151, secured by $1,837,292, of New York State stock. They held $29,849 of specie. It is to be observed that in the matter of paper money it is not security but convertibility which the holder requires. Where there is an excess of issue, that convertibility can be maintained only during an absence of any demand for specie. As soon as that demand springs up. it is obtained by presenting on institutions their promises to pay specie on demand. They have no specie, and therefore cannot pay until they have sold stocks; but they bought stocks when they were high, and must now sell them when they are low. In the mean time the holder who cannot wait must submit to loss, not because there is no security, but no convertibility. In our article of Nov. 30, to which we have alluded, we remarked as follows: "If it should falter and the comptroller be obliged to sell in a falling market there would be a loss; the decline in the stock has already uncovered the circulation. "There is a new bank, called the Atlas Bank, which has $10,000 capital, has deposited $65,000 bonds and mortgages, $113,205 stocks, and has out $178,205 circulation, and $100! specie in hand. If this concern falters in its payments there will be a great loss to bill-holders. In the present state of the market its securities cannot cover its bills. 66 "It is a fallacy to suppose that New York stocks are ample security, unless a large margin is allowed. Many free banks have failed with New York stocks as security, and loss has ensued." Now the Atlas Bank is as well secured as any of the institutions. Its real estate was officially appraised by Messrs. Bleecker & Reynolds, at $130,000, and is mortgaged for $65,000; yet when we wrote it was a matter of certainty the institution would have to suspend, although it is perfectly solvent. Accordingly, just 25 days from the date of our article, it did suspend, and its notes, worth 100 cents on the dollar, sell at 60 cents. This failure, as well as the two that have since occurred, (the James and the Northern Exchange,) took place not because they are not well secured, but because they violate an immutable law of finance. They have sought to force into circulation more money than trade would bearthe channels of circulation overflow, and the weakest are first ruined. In order to observe the mode of procedure we will turn to official tables. The following shows the State circulation on Nov. 1st, for three years: NEW YORK STATE CIRCULATION. Country. 1845....$1,584,753 $3,959,558 1846.... 1,581,023 1847.... 1,916,219 4,654,374 7,404,115 Chartered Banks. City. Country. $4,245,770 $11,585,288 4,539,495 11,494,600 5,690,362 10,236,556 It is observable that the country safety fund circulation decreased $1,258,074, and the country free banks increased $2,749,741, during three years. This latter increase was almost entirely on the part of so called "banks" that sought only to throw bills into circulation, and make a profit by redeeming them at a discount. To do this they purchased New York 5 per cent. stocks, for the most part with the notes they had obtained from the comptroller for stocks previously pledged. During the past year the amount of stocks so purchased has been as follows: NEW YORK STOCKS SOLD BY COMPTROLLER. Near three and a half millions of New York stock were bought in the market, and mostly up to August, 1847. The effect of these large purchases was a rise in price, which took place as follows: PRICES NEW YORK STOCKS. 6's. 7'8. 103 1001 1074 104 100 100 Jan. 1847.........94 95 July, 1847.........98 Jan. 1848.........90 This rise in the 5's was the reason that the Atlas Bank in August put in mortgages instead of stock, the latter being very scarce. The bankers had by their purchases advanced the price on themselves. The advance induced capitalists, savings banks, and other prudent institutions, to sell. Hence the stocks went from strong into weak hands. As soon as the pressure came this process was reversed; all those banks that had been buyers became sellers. As fast as their notes were returned upon them they were obliged to return them to the comptroller, get stock, and sell the latter for money to continue redemption. The consequence of this has been the fall in price. Those banks which bought at 101 in August, must now sell at 92. The Atlas Bank, as an instance, holds $113,205; the loss on this by the fall in stock will be $10,188, and its capital is only $10,000! The banks, like silly Wall street amateur speculators, raised the price of stocks in order to knock them down again at their own expense. The law should have allowed a large margin to provide for these fluctuations. As thus: the Northern Exchange Bank deposited $75,000 New York 5's at par, and received $74,997 of bills. The highest that $75,000 of stock will now bring is $67,500, or 90 cts. on the dollar, consequently, to buy the bills on speculation, or to keep for settlement, they are not at this time worth more than 85 cents. THE movement of our army from Puebla was one of the most romantic and remarkable events which ever occurred in the military annals of our country This operation of the banks is exactly what Our troops did not indeed burn their fleet, like Wall street brokers call a 66 corner." As thus: a the first conquerors of Mexico, for they needed not party hold all of a certain stock in their own hands. to gather courage from despair, nor to stimulate By means familiar to operators they induce a num- their resolution by destroying all hopes of escape. ber of persons to sell them the stock on time. The But they voluntarily cut off all means of communiseller hopes to buy the stock cheap, but they know | cation with their own country, by throwing themhe can't buy it because they have got it all. When selves among the armed thousands of another, and the contracts come due they charge him what they advancing with stout hearts, but feeble numbers, please. The 22 banks above mentioned, supposing into the midst of a hostile territory. The uncerthat specie would not be demanded of them, or if tainty which hung over the public mind, and the it was there was plenty to be got, engaged, as above, anxiety everywhere felt, when our gallant little to pay on demand $1,879,151 of specie. They army disappeared from our view, will not be forhad but $29,843, but they supposed that they gotten during the present generation. There was could get it if called for, by selling their stock. In universal pause of expectation-stopping but still the mean time specie left the city for the south and fearing; and the eyes of twenty millions of people west, $6,000,000 was sent abroad, and the de- were anxiously fixed upon another country which a mand for it continued. These banks are called little band of its armed citizens had invaded. A upon to meet their promises, and they are “cor- veil concealed them from our view. They were nered." Specie has become more valuable than lost to us for fifty days, for that period elapsed from when they promised to pay it, and they cannot get the time when we heard of their departure from it without giving more stock for it than they sup- Puebla till accounts reached us of the issue of the posed! In this uncertain state of the stock mar- movement. The shroud which enveloped them ket, the Atlas Bank, by depending upon good real then gave way, and we discovered our glorious estates partly, is better for the note-holders than flag, waving in the breezes of the capital, and the those which depend only upon New York stock. city itself invested by our army. The money market is now, and will continue to be, tight. Should as much stock, viz., $3,427,396, be forced upon the market as last year was purchased between January and August, it may go to 80 or lower. New York 6's were at 80 in February, 1842. It is observable that those who sold the stock at par may now buy it back at 90, being a profit of 10 per cent., at the expense of the foolish bankers. These buyers, however, anticipating that much stock must be sold, hold back until it gets to what they think the lowest price. This process of returning bills to the comptroller and selling stock is now going rapidly forward. One firm has sold $200,000 in two days. And similar circumstances marked the very commencement of the war, when the Mexicans first surrounded our troops and shut them out from all communication with their country. This unexpected attack struck us all with astonishment, and we feared, as well we might, that numbers would overcome discipline and valor, which, however they might prolong, could not be expected to succeed in the contest. And hopeless indeed might have been the result, had not the honored soldier who commanded our troops, had confidence in them, and they in him; had he not known how to lead and they to follow. And well and bravely did they all bear themselves in the critical circumstances which surrounded them; and our doubts soon gave way to certainty, and gloomy forebodings to glorious convictions. And the campaign thus commenced was vigorously followed up on the Rio Grande, and victory after victory, till the crowning triumph at Buena Vista was heralded by every breeze and became familiar to our ears as household words. From Gen. Cass' Speech. In all this affair it is to be borne in mind that the security of the circulation is good-that is to say, as good as New York stocks, than which no payment can be more certain. They are worth par as long as a 5 per cent. annuity for a term of years is worth 100 cents. That security is, however, not money. To be equal to money the notes must at sight be available for all purposes to which money is applicable. This convertibility can only be effected by keeping the supply within reasonable limits, received at New Orleans, represent the condition JAMAICA.-Accounts from the island of Jamaica or to allow the issues to be made only in the way of of the coolies (workmen imported from India) as business, to be returnable to the issuer through the extremely wretched. Whether they find their way regular operation of business. This would in a into the public hospital, the poor-houses, or the prisgreat degree have been effected by the law requir-ons, says the Jamaica Journal, the result is the same ing all these banks to redeem at par in New York. Had this been in operation, none of the banks will be imported, with the consent of the planters. -the public must maintain them. No more of them whose failures have alarmed and victimized the public, would have been in existence. They were called into being only by the profit which could be obtained by shaving the public in the half per cent. redemption. This difficulty has always been avoided in Boston, not by law, but by one city institution which receives all the country money that comes into the city in the course of trade, at par, and promptly returns it upon the issuing bank for redemption. This compels them all to keep a fund in Boston to protect their bills at par, and preserves the community from petty shaving and losses, in a much more efficient manner than any law can do it. True Sun, 13 Jan.
WHAT SHALL WE DO WITH OUR CRIMINALS?— This is a question which, as Sir George Grey very properly says, there is a great deal of difficulty in answering. We think, however, we are enabled to offer a suggestion to the worthy home secretary, which will greatly assist him in the difficulty he finds himself under in disposing of criminals, now that the transportation system is no longer carried on as formerly. Our plan is, to convert some of the worst offenders into Irish landlords. It may be objected, however, that this would be almost equivalent to the restoration of the system of capital punishments, when we seem to be on the eve of their abolition. Punch. "THE GRINDING ORGAN NUISANCE."-It is time | London court, to whom a halfpenny is as much as that the great Italian organ-boy question should be silver or gold to the playgoer, feels that the Italian settled on something like an intelligible basis. Public opinion seems to be divided on the subject; and meanwhile the little urchins are the victims of conflicting principles. The prohibition of the race not being absolute, certain dealers in organ-music import the boys to distribute them over the country and farm their earnings. But an equivocal law against vagrancy enables unmusical or over-musical policemen, men with ears too rude or too nice, to seize the boys in detail and drag them to Bride well as " vagrants." Such cases often occur. There is one this week, reported by "Alpha," a humane resident of Brompton, to the Times. He found a policeman dragging a poor hurdygurdy-boy to the station-house; followed the boy to the station, and next day to the Police Court; and saw him sentenced to ten days' imprisonment for "begging," on the wholly unsupported testimony of the policeman. Now, is the act which is made an offence in the Italian boy an act of begging? We doubt it. In Tuscany, where no beggars are permitted—though they are not altogether suppressed—a special privilege was accorded to the blind, some years ago, of attracting attention by the playing of music; so the Italian at least regards music as contradistinguished from begging. It will not be pretended in the present case that the use of the hurdygurdy was the offence-though it is undoubtedly a very great crime against musical propriety. It is one against which the most ignorant Italian seldom errs; the greater number of hurdygurdy-carriers in England being Savoyards or Swiss. No; the prisoner ineffectually watched by "Alpha" was condemned, as any one of his class might have been, because he was an itinerant player of music-the playing of music being in the police dialect, equivalent to mendicancy. But have these Italian music-boys been altogether as useless as beggars? Again we doubt. Certainly the inopportune noise of a grinding organ may be very offensive to busy men; but for one who is annoyed there are many to whom the grinding organ is the only concert. To the educated ear, the changeless key and weatherbeaten pitch of a street organ are painfully irksome; but the instrument is intended for the rude ear of the many. And it has done a real service even to the fastidious, by driving out a worse kind of noise; the barrel organ has exterminated the "vile squeaking of the wry necked fife," and the wooden battering of the tuneless stunning drum. 66 boy, who has brought music to his dull region, has given his full halfpenny-worth for the money. Even the absurd hurdygurdy has its amusement. And if a spice of charitable feeling mingles with the sense of patronage for art which prompts the gratuity, the influence is none the more unwholesome for that.-Spectator. LOVE. I FEAR thee not-I fear thee not, By my beloved one's heart: I know that thou art beautiful, No beauty now hath charms for him- Its secret passion tell; So spake a lady sitting lone Upon the sea's wild shore, Wo's me! at that same sunset hour, Her lover sate and heard the lute, Touched by a gentle hand; A GEM FROM EVANGELINE." Look at this delicate flower that lifts its head from the meadow; See how its leaves all point to the north, as true as the magnet; Here on compass-flower, that the finger of God has suspended its fragile stalk, to direct the traveller's journey desert. It is the Italian who has been to "the millions" in this country the missionary of music and fine arts. Polly put the kettle on" has been super- It is the seded by Rossini and Bellini, and the painted pollparrot by Praxiteles and Canova; the airs of the Italian opera-house are common in the mouths of our blackguard boys, and the statuary of Greece Over the sea-like, pathless, limitless waste of the and Italy is familiar as China-ware. Though rudely and imperfectly conveyed, graceful thoughts Such in the soul of man is faith. The blossoms of and feelings have been spread abroad; and the main engine of distribution, in the lower and more numerous channels of our society, has been the poor Italian. We say, then, that he has served the country, and is entitled to claim free trade in his wares. Nor is the money which he gets an importunately exacted alms; it is an honorarium, always given with cheerful willingness. The poor denizen of a Gay and passion, luxuriant flowers, are brighter and fuller of fragrance, beguile us, and lead us astray, and their odor is deadly. Only this humble plant can guide us here, and hereafter Crown us with asphodel flowers, that are wet with the dews of nepenthe. THE PURITAN. Read at the Dinner of the New-England Society of BY ALLEN C. SPOONER, OF BOSTON. THE old Puritan was a solemn man, Sombre and sad were his features, He talked through his nose and he wore plain clothes, Did he happen to grin, he believed it a sin, But should Satan provoke him to laugh at a joke, Amusements, he thought, were with mischief full Songs and dances were nothing but evil, While cards, dice and plays, and all church holidays, Were snares set for souls by the devil. They but filled him with horror and dread; and And another," Hew Agag in pieces." So he spoke of himself as a "vessel." On Sundays his house was as still as a mouse- out, And gave him the stocks and low diet. When lads up in arms insulted their marms, They were put on a par with blasphemers; The duty of life, then, for man and for wife, On the seventh, in the best of their toggery drest, prayer, Innovations in faith they opposed unto death; At the cart's tail they dragged the poor Quaker; But loud though he prayed, let a foeman invade, Like a tiger he 'd fight in defence of his right, Would freeze all the cream without trouble; But yet, after all, since the date of the fall, Though you searched the world over, 't were hard The peer of the old Puritan. No danger could shake, no adversity break, Freely left was his dear native land; Mid the ocean's fierce roar, on a wild savage shore, Courier. LIVE for THYSELF! let each successive morn Till all be thrown aside that does not please : And, heart-sick, even in youth, begin to count Live for thy FELLOW-MEN! let all thy soul Be given to serve and aid, to cheer and love; Make sacrifice of self, and still control All meaner motives which the heart might move : The meed of base ingratitude be won: Where no false quicksands shift its hold away; For well thou know'st when pain and death are o'er, |