his reputation a little higher than it will be maintained by the impartial judgment of posterity. Perceiving or supposing that his merit was exaggerated, a certain number of persons were induced, as always happens in similar cases, by a sort of re-action, to depreciate the value of his works, and even to deny altogether his pretensions to excellence. Without speaking of Peter Pindar, who attacked him merely because he was patronized by the king, we may find the feeling to which we allude exhibited in a quarter where we had a right to look for good taste and political impartiality. Lord Byron, in one of his poems, describes our illustrious countryman as

"the dotard West,

Europe's worst dauber, and poor England's best."

But even here the noble bard, however opposite may have been his intention, has borne a sort of involuntary testimony to the high deserts of the painter. The British school, which, in his wayward humor, he represents as the worst in Europe, was undoubtedly at that time, and still is, the best, and by putting West at the head of it, he rendered him, in fact, all the justice which his warmest friends could possibly have claimed for him. His real merit was very considerable, although he may not have risen precisely to the level of the greatest masters of other times. It was sufficiently evinced by the great popularity and success of his last and best pieces, the Christ Rejected, and the grand composition of Death on the Pale Horse. We had the pleasure of seeing these noble paintings, when they were first brought out at London, and witnessed the enthusiasm which they excited among the lovers of the arts, and the public at large. The sum of ten thousand pounds was offered for the latter work-a higher price, probably, than was ever commanded by any other picture. As there was nothing meretricious in the style of West, and as the public of a city like London is not often very widely mistaken in matters wholly unconnected with any accidental or temporary interest, it is impossible to account for this extraordinary vogue, without allowing to the artist a talent of a very high order. His works exhibit, in reality, almost all the qualities that designate a first-rate painting. His walk lay in the highest department of the art. His subjects were always of a poetical cast, and he treated them all in a large, free and generous spirit; and while he possessed the principal requisites of a great painter, his manner was almost wholly free from faults. He had, in particular, the great merit of avoiding the unnatural style of coloring which prevailed in the neighboring kingdom, and seemed likely, at one time, to corrupt the taste of the rest of Europe. His excellent moral character contributed much to his talent, and still more to his fortune. It kept him steady to his profession, during a period of violent political convulsions, which swept away from their natural occupation almost all the high and stirring spirits. It recommended him to the favor of the king, and through that to the presidency of the academy, and it preserved his health and capacity for constant employment, to the last moment of a very long life. He enjoyed the rare happiness of realizing, in his life-time, his full deserts on the score of reputation-perhaps something more-and of laboring with undiminished act. rity, and a constant increase of fame, beyond the ordinary term of human existence. We had the satisfaction of seeing him frequently in his last days, and have seldom known a more

striking example of a serene and happy old age. He was then, at nearly eighty, a healthy, handsome man, busily occupied upon his last and greatest works, and enjoying the vogue which they successively obtained on their first exhibition. The natural simplicity and modesty of his manner were mingled with a slight air of self-importance, and conscious satisfaction with his recent success, which appeared rather graceful than otherwise in one so much respected, and so far advanced in years. The freshness and vigor of his mind were truly remarkable. He was still alive to every means of improving himself, and when the Athenian marbles were received in England, he addressed a printed letter to lord Elgin, in which he spoke of this event as forming a sort of epoch in his life, and anticipated the great advantage which he should derive from the study of these admirable remains of antiquity in the further prosecution of his labors, which, however, were very soon after brought to a close.

'We have said above that the manner of West was almost wholly free from faults. His conceptions are noble, his drawing correct, his coloring true, and his composition skilful and spirited. If we miss any thing in his paintings, it is, perhaps, the secret indescribable charm of coloring, which, like the curious felicity of language in some writers, seems to be a sort of natural "grace, beyond the reach of art," but affording, at the same time, a higher delight than any of those beauties, which can be more distinctly analyzed and defined. Of this, Sir Joshua Reynolds possessed a larger share than West, and will, probably, on that account, be always ranked above him in the general scale of merit.

The paintings of West, which remained in his possession at his death, were offered for sale soon after, and we have anxiously desired, that the whole or a portion of them should have taken the direction of this country. They would have formed a most interesting and valuable addition to our collections, and would then have reached what may fairly be considered their natural destination, the birth-place and original home of their author. We are not exactly informed what disposition has been made of them, and venture to hope that the expectation we have expressed may still, in part, at least, be realized.

'The general reputation of Trumbull is hardly equal to that of West, although the Sortie from Gibraltar is perhaps superior in effect to any single production of the latter artist. This noble picture may justly be ranked with the finest productions of the pencil, and would forever secure to its author, had he done nothing else, a rank with the greatest masters of the art. If his success has been, on the whole, inferior to that of his illustrious contemporary, it is probably because his devotion to his profession has not been so exclusive. The important military and political occupations, in which he was engaged during a considerable portion of the most active part of his life, diverted his attention for the time from painting, and when he afterwards resumed the pencil, he seemed to have lost, in some degree, the vigor and freshness of his youthful talent. Hence his reputation has not continued to increase with his years, and his last works have not, like those of West, been regarded as his best. The four great paintings, on subjects connected with the revolutionary war, which he executed for congress, have, on the whole, hardly satisfied the public expectation, and for that reason have, perhaps, been depreciated below their real worth. They are all valuable pieces, and the Declaration of Independence, which we look upon as the

dest of the series, is one of a very high order. They derive a great additional interest from exhibiting portraits, as far as they could be obtained, of the signers of the declaration, and of the other patriots and warriors, who took a part in the memorable action of the revolution. We incline to believe that these paintings, should the liberality of congress allow the appropriation necessary for keeping them in existence, will gradually gain upon the public opinion, both as works of art, and as historical memorials, and be viewed by the next generation with more interest than they are by the present one.

Of our living native artists, Mr. Allston is the one, to whose future productions the country looks, with reason, for the most brilliant exhibitions of talent, and the most valuable accessions to our public and private collections. Few painters have ever possessed, at his age, a higher reputation, or one acquired by nobler means; and from his character and habits, there is room to suppose that his fame will continue to increase, like that of West, to the last period of his labors. Inspired by that exclusive and passionate love for his profession, which is the sure characteristic of a real genius for it, and by a lofty and generous disinterestedness, which has prevented him from consecrating his pencil to its lower and more lucrative departments, he has, under some discouragements, steadily confined himself to historical, scriptural, and poetical subjects, and has formed his manner upon the highest standard of excellence. His conceptions are uniformly happy, and, when the subject requires it, sublime; his taste and skill, in the mechanical details of his art, complete; and he knows how to give his works the secret charm to which we alluded before, and which adds the last finish to every other beauty. If there be any thing to complain of in him, it is that he is not satisfied himself with the degree of merit, which would satisfy every one else, and employs in correcting, maturing, and repainting a single piece, not always, perhaps, with any real accession of effect, the time and labor which would have been sufficient for completing a dozen. This extreme fastidiousness may have been, at an earlier period of life, a virtue, and is probably one of the qualities, which have enabled the artist to realize the high idea of excellence, which originally warmed his young fancy. But, if we might venture to express an opinion on the subject, we should say that the time has now arrived, when he might throw it off with advantage, and allow himself a greater rapidity of execution. His manner is formed. He possesses his talent, whatever it is, and, as we remarked above, when we treated the same question in general terms, the more freely and fearlessly he exercises it, the more natural and spirited, and, on the whole, the better will be the product. We trust that he will not permit another year to pass over, without putting the last hand to the grand heroic composition, upon which he has been employed so many, and that this will be followed by a series of others, of equal merit, and of a rather more rapid growth. By this change in his manner of working, we believe that he would gain in ease and spirit, without sacrificing any real beauty, and would labor, on the whole, with infinitely more satisfaction and profit to himself and the public, than he does now. We offer these remarks, however, with all the ceference that is due from mere amateurs to an artist of consummate genius, who is, after all, the only true judge of effect in his art, and of the best means of producing it.'

CHAPTER XVIII.-BANKING SYSTEM.*

IN new countries, one of the chief difficulties with which a civilized population is obliged to contend, after a sufficiency is obtained of the necessaries of life, is in appropriating a portion of their capital, to serve as a common standard of value in the transactions of commerce. Barter, which is always the first process, soon becomes too burdensome, and the precious metals, which, in older countries furnish a sound and universal currency, are too expensive for new settlements, where all the capital of the inhabi tants is wanted in improving the face of the country, and in providing additional comforts, as the community advances in wealth. In the course of time, however, commerce claims a portion of capital, as the medium of exchange; and the struggle commences between the necessity of providing a circulating medium, formed of a material of universal value, and the reluctance to spare for that purpose, capital, which might be exchanged for articles essentially wanted in new countries. Hence it is found, that in new colonies, there is a strong tendency to substitute the credit of public bodies in the place of capital, or in other words, a paper for a metallic currency. The want of capital is so great, and the opportunities of invest ment so abundant, that the issues soon become excessive; and it is not until the channels of circulation are entirely filled, that the holders begin to look to the fund provided for its redemption; and the first re-action generally results in the depreciation of the currency, and in the universal distress of the community.

In this country, this evil had been so often felt under the colonial go vernments, and during the revolution, (when the necessity of the public service compelled, if it did not excuse, excessive emissions of bills of credit by the individual states,) that upon forming a government for the United States, after the termination of hostilities, all power over the currency was taken from the state governments; and they were expressly prohibited from coining money, issuing bills of credit, or making any thing but gold and silver a tender in payment of debts.

It was intended to vest in congress the power to establish a uniform currency, instead of the fluctuating medium formerly used; and to place it out of the power of the states, to invalidate or alter the terms of contracts, by tender, relief, or bankrupt laws, or by any tampering with the currency. It was a wise endeavor to elevate the commercial credit of the country, by placing its principles under the guardianship of the national government, and to establish the currency upon an immovable basis, by making it of gold and silver. The effort, though well meant, was, at that period of our history, almost too great for the ability of the country. A

For this succinct, able, and interesting account of the banking system of the Unit ed States, we have been indebted to the Annual Register for 1831--2, published by Fessenden & Co.

circulating medium composed entirely of the precious metals, could not be furnished, without abstracting too large a share of its capital from active employment.

Certificates of public debt were already too abundant, and the name of continental money was of itself sufficient, to prevent government bills from becoming current. A bank, whose issues should be founded on real capital, convertible at pleasure into gold and silver, would furnish a circulating medium, not so expensive as a metallic currency, and still not liable to the objections made to treasury bills. So long as the credit of the bank should be fully sustained, a large amount of bills would be kept in circulation, and an additional capital provided, on which it might safely discount to a certain extent. The experiment had been already successfully tried, in the bank of North America, chartered in 1781, under the authority of the continental congress. This institution subsequently accepted a charter from the legislature of Pennsylvania, and of course lost its character as a national bank. This step was also unfortunate, as the commencement of state banking, and being speedily followed by the incorporation of the banks of New York and Massachusetts, by the legislatures of those respective states, established the practice of incorporating state banks, upon a footing that could not be overthrown. As these banks were all established on real capital, and were prudently managed, their paper soon formed a large part of the circulating medium; and by the operation of causes more powerful than legislative enactments, a victory was finally obtained over the policy and spirit of the constitution; and a currency, chiefly composed of the notes of incorporated banks, was substituted in the place of a metallic currency. With such a circulating medium, it is clear that the state governments, in exercising the power of incorporating banks, have materially diminished the practical control of congress over the currency of the union. These notes, indeed, are not, and cannot be made a legal tender in payment of debts. The federal constitution has there interposed an effectual prohibition. But although the power, which is secured to each creditor, of enforcing payment of his debt in specie, has served as a check to the excessive issue of bank notes, still a paper currency has existed in the United States, which, by dispensing with and superseding the use of the precious metals, has, in fact, compelled every one to receive such currency, in nearly the same manner as if it had been made a legal tender.

The old United States bank, which was chartered by congress in 1791, shortly after the adoption of the federal constitution, by the salutary control it exercised over the state banks, prevented any great and general injury from growing out of this change in the character of the currency. It carefully guarded against all excessive issues by the local banks, and compelled them to make their paper equivalent to specie. Even this check did not always prove sufficient; and the natural tendency of banking institutions in new countries to over issues, was occasionally illustrated by the bankruptcy of country banks, to the great detriment of the mercantile community. When this check was withdrawn by the refusal to renew the charter of the United States bank, in 1811, the evil became incomparably greater. Availing themselves of the pecuniary distress of the government, during the war that ensued, the local banks, out of New England, came to a determination to suspend specie payments, and by con