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charge. For a moment the batteries their head will be pointed to by remotest stopped playing, and the firing ceased generations with a shudder. along the British lines. Without the We now come to the expiation of beating of a drum or the blast of a his treason by a public execution. The bugle, to cheer their steady courage, allies, after they assembled in Paris, dethey moved in dead silence over the manded some victims to appease their plain. The next moment the artillery anger. Many were selected, but better opened, and the head of that gallant counsel prevailed, and they were saved. column seemed to sink into the earth. Ney was a prominent example ; he had Rank after rank went down, yet they routed their armies too frequently and neither stopped nor faltered. Dissolving too nearly wrested their crowns from squadrons, and whole columns disap- them at Waterloo, to be forgiven. pearing one after another in the de. Though no more guilty than marshal structive fire, affected not their steady Soult, and many others, it was impossible courage. The column closed up as

to save him. It was intended at first before, and each treading over his fall- to try him by martial law, but the en comrade, pressed firmly on.

The marshals of France refused to sit in horse which Ney rode fell under him, judgment on so brave, generous, and and he had scarcely mounted another heroic a warrior. By a royal ordinance, before it also sunk to the earth. Again the Chamber of Peers was directed to and again did that unflinching man feel try him. Scorning to take advantage his steed sink down, till five had been of any technicalities of law, he was shot under him. Then, with his uni- speedily found guilty and condemned to form riddled with bullets, and his face death, by a majority of a hundred and singed and blackened with powder, he fifty-two. Seventeen only were found marched on foot with drawn sabre at to vote in his favor. That he was guilty the head of his column. In vain did of treason, in the letter of the charge, the artillery hurl its storm of fire and is evident, but not to that extent which lead into that living mass. Up to the demanded his death. No man had done very muzzles they pressed, and driving more for France than he, or loved her the artillerymen from their own pieces, honor and glory with a higher affecpushed on through the English lines. tion ; and his ignominious death is a But the sudden firing of that hitherto lasting disgrace to the French nation. unseen rank into their very faces, Justice was the excuse not the ground pouring a sheet of flame into their bo- of his condemnation. To have carried soms, was too much for human courage. out the principle on which his sentence They reeled, shook, turned and fled. was based, would have ended in a pubNey was borne back in the refluent lic massacre. Ney and Labedoyere tide, and hurried over the field. But were the only victims offered up to for the crowd of fugitives that appease an unjust hatred.

Welling. forced him back, he would have stood ton should have interfered to save so alone and fallen in his footsteps. As it gallant an enemy at the hazard of his was, disdaining to fly though the whole own life ; but honor was forgotten in army was flying, he formed his men the public clamor, and the sentence, into two immense squares, and endea- which might at least have been commutvored to stem the terrific tide, and ed into banishment, was carried out to would have done so had it not been for the letter. Ney was publicly shot by the fifty thousand fresh Prussians that Frenchmen. His last moments did not pressed on his exhausted ranks. For disgrace his life. He was called from a long time they stood and let the his bed to hear his sentence read. As artillery plough through them. But the preamble went on enumerating his the fate of Napoleon was writ, and many titles, he hastily broke in—" why though we believe Ney did what no cannot you simply call me Michael other man in Europe could have done, Ney, now a French soldier and soon the decree could not be reversed. The a heap of dust ?". The last interview star that had blazed so balefully with his wife and children shook his over the world went down in blood, stern heart more than all the battles he and the “ bravest of the brave” had had passed through, or his approaching fought his last battle. It was worthy death. This over, he resumed his wonted of his great name, and the charge of calmness. In reply to one of his sentithe Old Guard at Waterloo with him at nels, who said, “ Marshal, you should 1845.)

Marshal Ney. now think of death,” he replied, “ Do to inactivity. Yet this tendency, which you suppose any one should teach me has so often been severely censured, is to die? But recollecting himself, he almost necessarily associated with the added in a milder tone, " Comrade, you prodigious power and resolution he are right, send for the Curate of St. possessed. The Lion is not easily Sulpice; I will die as becomes a roused, and strength is always immoChristian !". The place is still shown bile till there is a call equal to its in the gardens of the Luxembourg capacity. The heavy English squares where he was executed. As he alight- can never be converted into light troops ed from the coach, he advanced towards without losing their invincible tenacity. the file of soldiers drawn up as execu- Bonaparte possessed in an extraordinary tioners, with the same calm mien he degree the strange combination of high was wont to exhibit on the field of nervous excitement-constant activity battle. An officer stepping forward to and headlong impetuosity-with unconbandage his eyes, he stopped him with querable endurance, steady courage, and the proud interrogation, “ Are you igno- clear and comprehensive judgment. In rant that for twenty-five years I have this he was unlike almost any other been accustomed to face both ball and man in history. Ney had not this combullets ?” He then took off his hat, and bination, and we would like to have with his eagle eye, now subdued and those who criticise his character point solemn, turned towards heaven, said with to one besides Napoleon that has. the same calm and decided voice that He was also plain and direct even to had tarned the tide of so many battles, bluntness, and often offended his friends "I declare before God and man, that I by the freedom with which he spoke of have never betrayed my country ; may their errors. He never lost sight of his my death render her happy, vive la low origin, and was never ashamed of France!" He then turned to the soldiers, it. To some young officers boasting and gazing on them a moment, struck of their rank, titles, etc., he said, “ Genone hand upon his heart and said, “my tlemen, I was less fortunate than you. comrades, fire on me.” Ten balls I got nothing from my family, and I entered him, and he fell dead. Shame esteemed myself rich at Metz, when I upon his judges that for a single act had two loves of bread on my table.” could condemn one braver and nobler Simple and austere in his habits, he rethan them all, to so base a death. If minds one of an old Greek or Roman France never has a worse traitor, the hero. The vacillation of feeling which day of her betrayal will never come, caused him to commit the great error and if she never has a worse defender, of his life, adds to our sympathy for him, disgrace will never visit her armies. while it injures the perfection of his Says Colonel Napier, in speaking of character. It led him to be a humane his death, “thus he who had fought soldier, and when second in command fire hundred battles for France-not frequently to disobey orders for the exeone against her-was shot as a traitor.” cution of criminals. He was a kind

His father, who loved him tenderly as yet fearless commander, an untiring the son of his pride and the glory of his and skilful leader, and a warm-hearted name, was never told of his ignominious and noble man. death. He was at this time eighty- We have said nothing of the work eight years of age, and lived to be a from which we have taken some of the hundred years old. He saw by the minor incidents of his life, for we have mourning weeds on his family that never before seen so poor a book made some catastrophe had happened, and his from such excellent materials. Next father's heart told but too well where to Bonaparte, Marshel Ney furnishes the the bolt had struck; but he made no best character for a memoir, of any inquiries, and though he lived twelve modern general. His life is full of adyears after, never mentioned his son's venture, and characterized throughout name, and was never told of his fate. by great actions. Yet his friends, in He knew he was dead, but he asked not compiling these Memoirs, have followed how nor where he died.

no law but chronological order. All The great fault in Ney's character his papers and letters, both those writwas indolence. Unless his energies ten by himself and those received from were summoned from their repose by others, seem to have been arranged acsome pressing danger he was inclined cording to their dates, and printed in a volume form. There is no grouping There is not a single battle described and no unity, and the reader stumbles in it with even third rate ability, while on amid a mass of ill-arranged matter, with all the heterogeneous mass gathered wondering how human ingenuity could together, the work is still incomplete. produce so stupid a book, from such The life of Marshal Ney is yet to be abundant and interesting materials. written.

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MONTHLY FINANCIAL AND COMMERCIAL ARTICLE.

In our number for March we were en- other security than the faith of the abled to congratulate our readers on State, and the canal bonds issued upon the resumption of her payments by the the security of the canal and the lands State of Pennsylvania ; at the same time connected with it. The lands consist we expressed our firm belief in the in- of 230,467 acres on the borders of the tegrity of the people of the State of canal, being portions of a grant from Illinois, and the consequent probability the U. States government in aid of of the passage of the tax bill for the its construction ; also, lots in cities payment of a portion of the interest on along its routes valued at $1,800,000. the debt of that State. It now gives us The canal itself is 100 miles long, and sincere pleasure to record the persection after the expenditure of $4,300,000 reof that law, and the consequent prepara- quires $1,600,000 to put it in operation. tion to resume the works on the canal. In order to obtain the means of completThe passage of the tax bill removes ing this great work, by which the lands the stain of repudiation from the State, are to be made available and the means and opens the way for the procurement of the people to pay their debts enof the means for completing one of the hanced, the Legislature, at the session most important works in the country. of 1842–3, passed a law giving the In our number for June, 1843, we made holders of the canal bonds the privilege some remarks upon the position of the of subscribing the required amount to State, the nature of the canal law complete the canal. As soon as the work then just passed, with the probability of should be in operation, the canal lands its successful negotiation. As we look to be sold to reimburse the new loan, upon this event in a national point of principal and interest. The first reveview, as second only in importance to nues of the canal to be applied to the the resumption of Pennsylvania, we interest of the canal bonds, then to the inwill briefly recount the progress of af- terest on the internal improvement bonds, fairs. The debt of the State of Illinois after which the principal of the canal was about $12,500,000; of this $2,500,- bonds will be discharged, and then that of 000 was issued to banks which failed, the internal improvement bonds. The and were withdrawn by a law of the canal will then revert to the State. The session of 1842-3; of the remainder, provisions of the loan were to be carried $4,300,000 constituted the canal debt. out under three trustees, two to be apThe balance was created for the con- pointed by the subscribers to the new struction of railroads, &c., forming the loan, and one by the governor on behalf internal improvement debt. There was of the State. This law was the result of also an amount of about $800,000 of the personal exertion and perseverance of bonds known as the “ Stebbins & M'Al. Michael Ryan, Esq., a member of the ister bonds," issued to pay interest, but Illinois Senate, who had long applied for which the State never received full his attention to come means of extricate pay. For these latter a special law ing the State from her difficulties ; acwas passed, allowing them to be can- cordingly that gentleman was associated celled by the payment of as much money with Col. Charles Oakly, who was favoras the State had received on them, but ably known to the public as fund comotherwise they were not acknowledged missioner, as commissioners to negoas a responsibility of the State. Thus tiate the loan under the law. After the debts to be provided for were the in- near 18 months of laborious negotia. ternal improvement bonds, having no tions in Europe, they succeeded in procuring subscriptions the full amount, ment in case the canal is is not completed on the condition that the legislature within three years. should pass a law levying a small tax

Such is the law which restores for the payment of a portion of the Illinois to her rank among honorable interest on the State debt

. Accordingly States. To the indefatigable exertions a bill was drawn up by Mr. Arnold, of Messrs. Ryan and Oakly, backed by the able chairman of the Illinois the firmness of the Illinois democracy, Finance Committee, which has become may this desirable consummation mainly a law. The following is a synopsis of be attributed. The canal will open the its provisions :

lake trade to the valley of the Missis

sippi, and in process of time afford the SYNOPSIS OF ILLINOIS TAX LAW.

means not only of discharging the State Section 1. Levies a tax of three mills debt, but of supporting the government, per $1 of valuation for the year 1845, and and, therefore, of relieving the people 34 mills for 1846, to be continued for suc- from taxation. We have recounted thus ceeding years. The county commission- briefly the details of the operation, beers to levy for county purposes no more cause we conceive it not only an imthan 4 mills thereafter.

portant era in the affairs of Mlinois, but Sec. 2. The proceeds of the above taxes, because its influence in a national point together with all the surplus money in the of view is of great weight. It goes far treasury after paying State expenses, to be towards removing the blot upon our called the “interest fund,” to be sacredly national character, which stood so fair held and applied to the payment of the in- up to the disastrous results of former terest on the public debt. Sec. 3. The taxes to be collected in

The effect upon the

extravagance. gold and silver only, and applied to semi. general stock market has already been annual payments of interest on all the apparent, in supporting confidence durpublic debt, pro rata, with the exception ing the panic attempted to be got up of the “Stebbin's bonds.” The application on occasion of the annexation of Texas of the funds to any other purpose to be

to the Union. It is matter of regret, deemed an embezzlement and punishable that although the means appropriated accordingly.

to the payment of the interest on the Sec. 4. Provides for the delivery of a debt of the State of Maryland were deed of trust to the trustees to be appoint- deemed sufficient, a law requiring the ed under the canal law, of the canal and payments to be resumed in July was its property, and entitles subscribers to the rejected in the Legislature of that State. new loan to priority in payment of their ad- Notwithstanding this untoward event vances, and also to priority of payment of the progress of public credit, generally the original bonds they hold.

Sec. 5. The majority of the board to de- speaking, is in the advance, and the cide ; the trustees to be elected under value of stocks is tending upward. the direction of a United States District The money market generally is in a Judge for New York ; subscribers to be healthy condition, and money can be entitled to one vote for each $320 sub- obtained readily at 6 per cent. Its scribed.

value no longer displays those violent Sec. 6. In case the subscription is not vacillations that marked it last year, complete, the subscribers have the right to when it fluctuated 3 to 4 per cent. in a fill it up among themselves in the first in- month. This probably grows in part stance ; if they neglect to do so, any other out of the fact that banking credits persons may subscribe.

have begun to enter more generally Sec. 7. After the payment of interest, into the operations of business. The arrears and differences on the registered demand is in a great degree proportionbonds, the trustees shall pay the principal ed to the extent of outstanding bank of the registered and canal bonds, and loans, because when the loans are when that shall have been discharged, they shall proceed to pay the interest on

actually paid at maturity the demand the unregistered bonds.

from the payors is greater than the Sec. 8. The expenses of the negotiation, supply derived from the Banks through surveys, &c.,to be first paid by the trustees: their new discounts. The loans of the

Sec. 9. Provides that the subscribers New York Banks have been for the last shall incur no forfeit of priority of pay. two years quarterly as follows:

January 1843, 52,348,467 May 1844, 70,161,068
August
58,593,081 August

71,673,929
Nov.

61,514,129
Nov.

73,091,788
Feb. 1844,

65,418,762 Feb. 1845, 66,883,098

From August, 1843, to August, 1844, but when the line has been stationary the loans of the banks increased for a few weeks, it gradually operates $13,080,848. These loans mostly ma- an advance in the price of money. If the ture within a circle of sixty days, and banks reduce the volume of their loans, under the supposition that the whole is an intense pressure is the immediate reactive, the demand for money in Au- sult. During the year 1843, a very large gust, 1813, was equal to $9,765,513 sum in specie was received from Europe, every sixty days to pay into the banks, and furnished an abundance of means and money was never more cheap or wherewith to meet the notes due banks abundant. The institutions gradually at their maturity. In 1844, the large increased the movement to Novem- imports of goods, which took the place ber, 1844, when the demand equalled of specie, were sold at a loss, thereby $12,181,964 every sixty days or 30 greatly increasing the difficulty of meetper cent. increase. Money was then ing the bank obligations. The impordifficult to be obtained at 7 per cent. tant results of the business of 1844 For the first time in two years and a were undoubtedly the indirect effect of quarter the February return showed a the distressed condition of the agriculdiminished amount of loans, and money tural portion of the country. Notwithbecame more plenty at lower rates than standing the apparent activity and the in November. These were results pre- improved prosperity which have been cisely the reverse of that which is sup- manifest in the manufacturing and imposed to be the effect of bank loans. porting interests, the agricultural por. It is supposed generally that the liberal tion has presented a marked contrast. loans of banks make money more While prices of manufactured and implenty, when in truth they only en- ported goods have averaged an advance hance the demand for money, and for over former years, produce has been an obvious reason. When a note is lower than ever, and the remunediscounted, the maker of the note re- ration to the farmers for their labor ceives from the institution a less sum has probably never been so small. The than he promises to pay to it. Hence effects of this are manifest in the cities the maturity of the notes requires a in the inability to collect country larger sum to be paid in money into the debts. In order to observe the fluctubanks than those institutions have sup- ation, which prices of leading articles, plied. Thus a note for $20,000 is dis- subject to duty, have undergone in counted at sixty days, the interest is de- the New York market, we have careducted, and the applicant receives fully compiled the following table, $19,800, but at the end of the sixty showing the price of each article, and days he has to return $20,000; thus aggregate of twelve articles at different the demand is greater than the supply times down to March 1st, the latter date by $200. If the market is supplied with compared with October, 1836, the point money, by an increasing line of dis- of highest prices. counts, this discrepancy is not felt ;

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1843. Oct., 1844. Feb., April, May, June, Sept., Oct., Nov., Dec., 1845. Jan., Feb., March, 1836.

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