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on hand," indicates more nearly the real vacillations of the currency, as administered by the bank. These have fluctuated from near ten to five millions, and from two causes, viz. the amount of bullion and the public deposites on hand. These latter appear to form an important feature in the bank movement. The public revenues are constantly coming in, and accumulate in the bank until the quarterly dividends are due, when bank notes are paid out to return in the collection of the public dues. The greatest amount of public deposites was at the close of December, 1845, when they were near ten millions, and were diminished by five millions at the close of January. The bank notes on hand were diminished in the same time, by the operation of paying out the deposites for dividends on the national debt, about two millions, by which sum the outstanding circulation apparently increased. That appears to have been entirely a government operation; yet in the same time the private deposites more than doubled; and the discount of private securities increased near five millions. That is to say, without any apparent change in the volume of the currency, as administered by the bank, nine millions of rail-road deposites were made in the bank, in the month of January; and the bank discounted five millions of securities to facilitate the operation. Those private deposites, in the partial settlement which has taken place, of the rail-road schemes, have been diminish ed three millions of pounds; and of the securities discounted, five millions have been withdrawn by payment, or otherwise. The number of bills now before Parliament, has given rise to renewed uneasiness in relation to the effect that the rail-way demand may have upon the money-market. On the continent, particularly in Paris, considerable uneasiness is prevalent on the same subject. The minister declared to the Chambers, that the calls of the rail-ways would amount to 140,000,000 francs, or $26,250,000 per annum, for seven years-a monthly instalment of 10,000,000 francs, or $1,875,000, is fixed for August. The rail-roads in operation produced, last year, 25 millions francs, and in consequence of the new lines opened, will, this year, produce 50 millions. Whatever effect upon the money markets of Europe, directly, may be produced by this demand for capital, it must eventuate in a greatly extended business throughout Europe, by developing and making available resources, and promoting the consumption of the products of industry. The collection of capital, that formerly was invested almost exclusively in government loans, and appropriated to government purposes, and dispersing it throughout the land in paying for the construction of rapid

and cheap means of communication, is a most effectual mode of distributing wealth, and consequently, of revivifying all branches of industry, and stimulating trade. The fall of breadstuffs, which have been so high throughout Europe, must lead to the absorption of the stocks of goods accumulated through the diminished consumption superinduced by the rise, and a renewed demand for raw materials again stimulate foreign trade.

case,

The change in the tariff of the United States must ultimately produce an extended intercourse between this country and Europe. We do not anticipate, however, from the tariff, as passed, any immediate important results. It is not, in its general features, by any means of a liberal character. It is only a little less prohibitive than before. The principal reductions which it effects, are in the articles of iron, Pongee silks, cottons, and woollens. The amount of cotton cloths imported last year, plain and dyed, was over 10 millions of dollars, and these paid an average duty of 46 per cent. The same goods will now pay 25 per cent., which is an enormous charge. Great Britain never charged 10 per cent. on the same goods. It is, however, the that a great variety of desirable cotton goods, for general consumption, which are not made in this country at all, have been entirely excluded heretofore, and can now be imported at the 25 per cent. duty. It is a work of time, however, to introduce them into general consumption. The tariff will come into operation at a time unfavorable to a large consumption of goods, whether of domestic or foreign growth, inasmuch as that the low prices of produce of all descriptions is likely to command, for the next crops, will cripple the means of the great mass of the consumers, to buy goods. Notwithstanding the small crop of cotton for the present year, and the prospect thus far, that that about coming to market will be no larger, the stringency of the English money market, from causes above hinted at, is likely to keep prices low for the present. The large production of agricultural products of all kinds, stimulated by the good prices generally obtained by the producers, for the last crops, may have a similar effect in the face of the large stocks existing, to ruin the sales of the crops about to be harvested. Under such circumstances the consumption of manufactured goods, even at low prices, cannot be very large; and consequently the effect of the modification of the tariff will be measurably counteracted by the results of past prohibitions. This is a state of affairs, however, that requires great caution on the part of those institutions which sometimes offer an undue stimulus to mercantile enterprise. The great reductions that are to take place

after November, on two or three leading articles of import from Great Britain, would naturally prevent their importation, until that modification should take place; and consequently the exchanges, now usually low at this season of the year, say 6 a 7 per cent., may become so far affected as to allow of a renewed import of specie. The 6th section of the law, however, allows all goods imported prior to December 2d, to remain in warehouse until that time, and then pay the low duty; a privilege that may distribute the importation over the fall months, and equalize the demand fo exchange.

The tendency, both in Europe and the United States, is to extend intercourse by removing restrictions upon trade. England, the great centre of the commercial world, has given the most eminent example; and even the autocrat of Russia, as well as the lesser states of Europe, are giving indications of a relaxation of their external commercial policy, while the products of industry, and means of internal transportation, are rapidly extending themselves throughout the interior of all the states of Europe. The death of the Pontiff of Rome has given rise to hopes of a more liberal commercial policy in the states of the church; an event likely to give effect to the designs of Austria, in placing herself at the head of a great Customs Union for the south of Europe, to off-set the great increase of influence acquired by Prussia in a similar movement in the north of Eu

rope. The old time-honored notions of mutual commercial injuries inflicted upon each, by rival states, in the hopes of themselves benefiting by the ruin of their customers, are fast dying out, and the march of free trade would, doubtless, be more rapid, but for the apprehensions that are entertained of the events that may succeed the demise of the Prince Metternich and the king of the French. The former is the head of the statu quo policy for the south of Europe, in an age of rapid universal advancement; the representative of those old divine rights of rulers, now undergoing a mortal struggle with public opinion. The latter is the miserable occupant of a precarious throne, tottering over the rising energies of Republican France on one hand, and the object of suspicion to the allied despots, who, with difficulty, were persuaded in 1830 to allow him to reign, on condition that he should betray the liberties of France. The small states of Europe, by laying aside mutual jealousies, have consolidated their material interests. The people are brought nearer to each, and in their increasing strength despotism finds its most formidable enemy. The throwing down of the commercial barriers between England and the United States, and the removal of canses of complaint between the two countries, are wisely preparatory steps, on the part of England, in view of the aspect of political affairs in Europe.

NOTICES OF NEW BOOKS.

The Poems of Henry Wadsworth Longfellow. 1 vol. Harper & Brothers, New-York.

We have perused several of the poems contained in this volume, which may be regarded as the fairest specimens of the author's peculiar taste and abilities, and we trust that a reference to these will be sufficient to justify the opinion we have formed upon a subject requiring some leniency and a just and happy discrimination.

In one great requisite of the true poet, Mr. Longfellow is somewhat deficient-we mean originality; but this objection does not by any means apply to all his poems; some few of them are exceedingly novel and attractive, and bear an under current of deep feeling and piety, which cannot fail to contribute greatly to their popularity. "The Psalm of Life," which expresses the views of a practical mind in answer to the worn-out axiom, that "life is but an empty dream," is a spirit-stirring effusion,

and well calculated to inspire us with new faith, hope, and energy, in our moments of despondency. The "Footsteps of Angels" is natural and pleasing. It represents the passing, in our sweeter moments of reflection, and amidst the titful shadows of the night, of the loved forms of the departed, and its effect upon the mind. The next and only original poem we can notice in the brief space allowed us, is the "Beleaguered City," which is a beautiful illustration of the attacks of those phantoms of the imagination, from which no fancy is at all times safe, but to which the morbid and the melancholy are particularly subject. This volume will be read with pleasure. The original poetry, though not striking, is nowhere below mediocrity, and occasionally rises far above it. This however forms but a small portion of the work. There is a tragedy (also by Mr. Longfellow) and a great number of miscellaneous poems, translated with much taste

and fidelity by that gentleman from the German, Danish, Anglo-Saxon, and French. The versification is betimes rugged and disagreeable, but the poems are interesting, as giving some knowledge of the poetical genius of the respective countries to which they properly belong.

Memory and Intellectual Improvement. 3 vols. By O. S. FOWLER, New-York. The last volume of a new and improved edition of this work has been laid on our table. The application of phrenology to self-education and improvement has occurred to almost every intelligent mind as being not only practicable, but likely to be attended with the happiest and most satisfactory results; but it was reserved for Mr. Fowler, in this country at least, to carry out this idea to its fullest extent, and successfully to urge its importance by the sound and wholesome deductions of long experience. The present volume contains portraits of several distinguished men, which serve to illustrate in the most striking manner the craniological statements of the author. We are much pleased to find that Mr. Fowler has not overlooked the close connection and reciprocal influence of the mind and body, and the great advantage accruing to the former by the increase of physical energy. The very intensity of study, when it interferes with the necessary conditions for the preservation of health, impairs the strongest powers of the mind, a fact to which it is of the utmost importance that the attention of parents, students, and schoolmasters should be directed.

tributes he pays to the different poets of whom he treats, are so appropriate, and in some instances so glowing and impassioned, that we cannot but feel that he has drank deep of the fount of their inspiration. Goldsmith, Gray, Collins, Pope, Alfieri, Crabbe, Byron, Moore, Burns, Thompson, and sixteen other poets are treated of in this volume. We feel assured that all who read these reflections will rise from their

perusal with an improved taste and wider sphere of knowledge.

Kühner's Elementary Greek Grammar.

This work is ably translated by Samuel H. Taylor, of Andover, Mass., from the German of Raphael Kühner, an experienced and learned teacher, who for more than 20 years was professor of Greek, at the Lyceum, Hanover.

Independent of all consideration as to the great advantages undoubtedly possess ed by the author in acquiring a profound knowledge of the language; and judging by the intrinsic merits of this book, we should say that it is one of the best and most comprehensive grammars that have yet appeared, and we have no hesitation in recommending it for the use of students, schools, and colleges.

Shores of the Mediterranean, with sketches of travels. By FRANCIS SCHROEDER. In two volumes. Harper & Brothers.

The shores of the Mediterranean are everywhere fraught with interest to all classes of readers. Every spot on the borders of that sea which was once the centre of the Roman world in its grandeur, furnishes matter of intense interest. In every bosom there is a longing to visit scenes associated historically with our earliest years; and next to an actual visit, the

Thoughts on the Poets. By HENRY F.
TUCKERMAN. C. S. Francis & Co., New- lively and graphic narrative of our intelligent

York.

This volume is one of the best illustrations we have seen of the truth of the

assertion that but few subjects are entirely

exhausted.

Thoughts on the Poets and their Poetry are more numerous than stars in the firmament, and have engaged the pens of the most profound and elegant writers in the language; but the reflections of a highly cultivated mind, which fears not to express its honest convictions, are always tinged with some novél and attractive hues, which will give it at least strong claims to originality. There are some passages, however, in these interesting essays, which will give Mr. Tuckerman no unenviable position amongst American authors. The sentiments he has so beautifully expressed on the subject of pure, exalted, and disinterested love, which arise so naturally from the contemplation of Petrarch's enduring passion for Laura, would do honor to the most refined sensibility, whilst the various

and enthusiastic countryman supplies the want. Mr. Schroeder, as secretary to the Commodore of the United States squadron in those seas, in the year 1843, had rare and admirable opportunities of visiting the most attractive places, and he has improved his opportunities to the best advantage in imparting his enjoyment to his readers through his most lively and instructive pages, embellished with several handsome engravings, from drawings by the author.

The Bible, the Koran and the Talmud; or Biblical Legends of the Mussulmans; com piled from Arabic sources, and compared with Jewish traditions. By DR. G. WEIL. Harper & Brothers.

In this work, Dr. Weil has extracted from

original Arabic records the leading ideas of the Mohammedan legends, which seemingly embodied the germ of that faith, subsequently developed in the Koran. The work is of high interest when we consider that, at an estimate, one hundred and twenty human beings have staked their immortal welfare on the truth of the doctrines they contain. The book forms a valuable epitome of Mohammedan theology and morals.

The Statesman's Manual. The Addresses and Messages of the Presidents of the United States, from 1787 to 1846, inclusive; with a Memoir of each of the Presidents, and a History of their Administrations; also, the Constitution of the United States, and a Selection of Important Documents and Statistical Information, compiled from official sources. By EDWIN WILLIAMS. 2 vols. 8 vo. Edward Walker, 114 Fultonstreet, New-York.

The 30th of April last completed 57 years since the inaugural of George Washington as the first President of these United States. A population of some 3,500,000 souls then occupied 13 states on the Atlantic coast, covering an area of some 473,000 square miles. These states were heavily in debt-scarcely visible above the horizon of national existence, and commanded no other attention in the European world than as successfully revolted colonists, about to commence a very doubtful experiment in self-government. Many of the small states of Europe had never heard of their existence, and the larger powers seemed to consider them as but a future prey when circumstances afforded them time to take posses. sion; perhaps much in the same light that Constantinople is now regarded by the eagerly watchful eyes of surrounding despots. Since then the face of the world has become changed. The population of these United States has swelled to 20,000,000. They have added 814,810 square miles to their represented territory. They have risen to the first rank as a commercial nation, and have successfully disputed with England the dominion of the seas. They have become an object of dread to the despots of Europe, and of admiration and hope to the people of the world. Their flag is respected in all quarters of the world, and their friendship courted by all nations. They have successfully pushed their claims to the Pacific Ocean, and in doing so have been declared in Europe as the first nation "that obtained from the fears of England what her sense of justice would not

yield." These wonderful results have, doubtless, mainly to be attributed to the virtue, energy and freedom of the people; but the successful working of our institutions under eleven chief magistrates, from Washington to Polk, has been the necessary attendant upon those elements. The whole development of this "experiment," under the action of the executives; the successive steps by which every important event in our progress has been met and overcome; the annual growth of our importation abroad; the purchase and annexation of empires at home; the application of our elastic institutions to a people and territory doubling every few years: the changing interests of the masses, and the working of internal politics, are all spread out in one splendid coup d'ail in the two volumes before us under the above title. The messages and addresses of the presidents, following each other in chronological order, keep the reader informed of every important event as it occurred, accompanied by an impartial

statement of the leading events of each administration. A complete index at the close of the 2d volume adds great value to the whole, as a work of prompt reference; a chronological table of events, with tables of commerce. population and revenue, are also added. The whole forms a most complete library in itself, of all that concerns the politics of the country. No individual should be without these two volumes at hand for prompt reference. How many hours of idle discussions and senseless debates might be spared to heated partizans, were these books at hand for appeal. We shall have frequent occasion to refer to them. Pictorial History of England. Harper & Brothers.

No. 5 of this estimable republication, to which we have previously called attention, brings the history down to Henry I. (Beauclerc) in 1100. The detail of the manners and customs, and profusion of illustrations, keeps up the interest of the narrative in an extraor dinary degree.

POLITICAL STATISTICS.

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June 17, 1846-Read a second time, and ordered to be printed in confidence for the use of the Senate.

The United States of America and her Majesty the Queen of the United Kingdom of Great Britain and Ireland, deeming it to be desirable for the future welfare of both countries, that the state of doubt and uncertainty which has hitherto prevailed respecting the sovereignty and government of the territory on the north-west coast of America, lying westward of the Rocky or Stony Mountains, should be finally terminated by an amicable compromise of the rights mutually asserted by the two parties over said territory, have respectfully named Plenipotentiaries to treat and agree concerning the terms of such

settlement; that is to say, the President of the United States of America has, on his part, furnished with full powers James Buchanan, Secretary of State of the United States, and Her Majesty the Queen of the United Kingdom of Great Britain and Ireland, has on her part appointed the Right Honorable Richard Pakenham, a member ofher Majesty's most honorable Privy Council, and of her Majesty's Envoy Extraordinary and Minister Plenipotentiary to the United States, who, after having communicated with each other their respective full powers, formed in good and due form, have agreed upon and concluded the following articles :

ART. 4. The farms, lands, and other property of every description, belonging to the Puget's Sound Agricultural Company, on the north side of the Columbia river, shall be confirmed to the said company. In case, however, the situation of those farms and lands should be considered by the United States to be of public and political importance, and the United States government should signify a desire to obtain possession of the whole or of any part thereof, the property so required shall be transferred to said government at a proper valuation, to be agreed upon between the parties.

ART. 5.The present Treaty shall be ratified by the President of the United States by and with the advice and consent of the Senate thereof, and by her Britannic Majesty; and the ratifications shall be exchanged at London at the expiration of six months from the date hereof, or sooner if possible.

ART. 1. From the point on the 49th par allel of north latitude where the boundary laid down in existing treaties and conventions between Great Britain and the United States terminates, the line of boundary between the territories of her Britannic Ma- In witness whereof, the respective Plenijesty and those of the United States shall potentiaries have signed the same, and be continued westward along the 49th have affixed thereto the seals of their arms. parallel of north latitude to the middle of Done at Washington, the fifteenth day of the channel which separates the continent June, in the year of our Lord one thousand from Vancouver's Island, and thence south-eight hundred and forty-six. erly through the middle of the said channel and of Fuca's Straits to the Pacific Ocean; provided, however, that the navigation of the said channel and straits south of the 49th parallel of north latitude remains free and open to both parties.

ART. 2. From the point at which the 49th parallel of north latitude shall be found to intersect the great northern branch of the Columbia river, the navigation of the said branch shall be free and open to the Hudson's Bay Company, and to all British subjects trading with the same, to the point where the said branch meets the main stream of the Columbia, and thence down the said main stream to the ocean, with free access into and through the said river or rivers; it being understood that all the usual portages along the line thus described, shall in like manner be free and open. In navigating the said river or rivers, British subjects, with their goods and produce, shall be treated on the same footing as citizens of the United States; it being, however, always understood, that nothing in this article shall be construed as preventing, or intended to prevent, the government of the United States from making any regulations respecting the navigation of the said river or rivers, not inconsistent with the present treaty.

ART. 3. In the future appropriations of the territory south of the 49th parallel of north latitude, as provided in the first article of this treaty, the possessory rights of the Hudson's Bay Company, and of all British subjects who may be already in the occupation of land or other property lawfully acquired within the said territory, shall be respected.

JAMES BUCHANAN.
RICHARD PAKENHAM.

TARIFF BILL.

The Tariff Bill underwent, in the House, a long and arduous struggle, chiefly on the salt duties, and on the articles of tea and coffee. The bill as passed is highly acceptable, inasmuch as that it excludes protection as an element of the taxing power. All minimums and specific duties are abolished, and the ad valorem principle applied throughout. On the 28th July the bill passed the Senate, 28 to 27, including the vote of Mr. Jarnigan and the casting vote of the President of the Senate, striking out the 9th section, which is unimportant.— The bill is as follows:

A BILL reducing the duty on Imports, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That from and after the first day of December next, in lieu of the duties heretofore imposed by law on the articles hereinafter mentioned, and on such as may now be exempt from duty, there shall be levied, collected and paid, on the goods, wares and merchandise herein enumerated and provided for, imported from foreign coun tries, the following rates of duty—that is to say:

On goods, wares and merchandise mentioned in schedule A, a duty of one hundred per centum ad valorem.

On goods, wares and merchandise mentioned in schedule I, a duty of forty per

centum.

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