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Grand Total Stock Debt,
$279,388,760 5 1-5 $14,893,832 17,063,353 This table gives us a result of Those bank credits, issued upon the $279,388,760 of debt, bearing an an- security of those who consumed the nual interest of $14,491,678, payable imports, have now passed from circuby 17,063,353 people. This is equallation, leaving the people almost withto about $16 per head. This does not out a currency, and with small exports, appear large, and if owed within the to find $14,000,000 worth of produce country, so that it was paid through or specie wherewith to meet the foreign the agency of the government by one demand for interest. class of citizens to another class, from The debts of the southern and southwhom it should be re-distributed in the western States, whose products are operations of trade through the whole nearly all exported, and consist of cotmass, the country as a great whole ton, tobacco, and rice, amount would suffer no diminution of wealth. $75,127,113, bearing interest $4,441,The result would be only to accumulate 410. The exporis of these States wealth in the hands of the stock- amounted in 1841, to $68,917,151. holders, at the expense of the payers. The debt is not all due abroad, but This was the case with the old there are sums due for subscriptions 10 war debt of the United States, that company and other stocks, equal perwas mostly owned in this country. For haps to the debts owned at home. near twenty years $10,000,000 per Hence all the interest may be preannum was collected by the federal sumed to be remitted. Now it needs government, and paid out to citizens in but small reflection to perceive, that so all sections of the country without large an amount cannot be remitted creating distress or difficulty. The yearly without impoverishing the counpresent debts of the states are of iry, The whole export of domestic entirely a different character; a large produce in 1841 from the United States, portion of the whole amount was bor- was $106,000,000; of this amount, rowed abroad, but never really came $15,000,000, or 14' per cent. is to be here. The proceeds of the stocks paid for interest. This will be far more were brought over in the shape of than the profits on the export. It manufactured and consumable goods, amounts to 85 cents on every barrel of and bank credits on this side were all flour, and $4,25 on every bale of cotthat was ever applied to the objects ton. It is very evident that it cannot for which the loans were created. be paid. It may be done for a short
time by the help of paper credits, but shape of taxes. Thus the Governdistress and bankruptcy will inevitably ment actually pays nothing. It gives follow. According to official reports, to its creditors pieces of paper which $20,000,000 of the debt of Pennsyl- entitle them to demand from the provania is owned abroad, and also about ducers in goods and produce, the $22,000,000 of the late National Bank amount of their claim upon the Govstock, making $44,000,000, to which ernment. There are two hundred and may be added about $20,000,000 of eighty-nine thousand seven hundred other stocks. The State paid 5 per and fifty-one persons who receive divicent. per annum, and the banks 8 per dends to the amount of $150,000,000 cent., until their failure. These make per annum, and there are twenty-six an annual sum of near $4,300,000, millions of people who pay taxes to which was for years remitted abroad the amount of $300,000,000 per anby the citizens of Pennsylvania, equal num, about one half of which goes to to $2,50 per head, for which no stockholders, and the remainder to the equivalent whatever is received. It is court and government expenses. The true, that by the operation of the capital of the Bank of England is paper circulation of the United States £11,015,100, which is a debt due by Bank, the burden of the remittance the government, consequently the cirwas spread over the citizens of other culation of the bank lo ihat extent is a States. For instance, if the United government liability. The bank circu. States Bank had a remittance of lation is £20,000,000, and there are $2,000,000 to make for its own divi- £30,000,000 of exchequer bills in cirdends and those of the States, it would culation. Now the only way in which come into the New York market and the taxes to the government are paid, pay out its paper promises for bills, is by returning to it its own liabilities, which bills would be remitted, and the which liabilities it re-issues to its paper circulate a long time in other creditors. These obtain for them real States. If the bank itself wanted wealth from the producers, who are money, it would sell fictitious bills in obliged to give them back to the govWall street for bank paper, and imme- ernment for taxes. The operation is diately draw the funds and carry them therefore merely to transfer from to Philadelphia, as was the case in twenty-six millions, the produce of August, 1839, when the conspiracy to their industry, to the extent of break the New York banks was in $150,000,000 per annum, to two hunoperation.
dred and eighty-nine thousand seven This operation of bank paper in hundred and fifty-one other individuals, paying the interest, is that which sup- their fellow-citizens. The result is, ports the debt of Great Britain. The that the mass are wretchedly poor, annual interest on the debt is near while the few are immensely rich, $150,000,000, which is paid in bank We may here trace the accumulation notes. These notes are paid out by of wealth in the hands of the few, by the recipients in the course of business constructing a table of the progress of to other citizens, by whom they are the British debt and its money value, again paid into the Treasury in the as follows:
It appears, then, from the table, that was £67,000,000, making an increase from 1793 to 1816, the currency was of £60,000,000, or 600 per cent. in the increased 150 per cent. The amount currency, and in the debt of 300 perc't., of exchequer bills then in circulation but notwithstanding the increase of
currency, the price of stock fell nearly the interest annually remitted, a sum 4 per cent., showing how severe were equal to £780,000,000 would have been the drafts upon the resources of the sent out of the country. The differcountry at that time. At the close of ence between this sum and the inthe war commenced that accumulation creased money value of the stock, of wealth in the hands of the stock. which is £343,585,356, constitutes holders, which has advanced the what the stockholders have expended money price of stocks 62 per cent. in their living, and averages about The money value of the debi now is £45 each per annum. From these £735,619,751, and the value of the figures it is very evident that England same amount of stock in 1816 was would have been destroyed before the £456,967,990, showing an increase of termination of the war, if her debt had wealth in the hands of the two hun- been due abroad. As it is, she presents dred and eighty-nine thousand seven two extreme classes, the very rich, and hundred and fifty-one stockholders the very poor, whose interests are equal in money to £278,681,761. This entirely' antagonist, and they are as is not all, however; because, owing to much opposed to each other, as if they the rise in the value of the stocks, the occupied different countries. It may government have been able 10 reduce be supposed, that the money value of the interest £2,355,845 by conversions. all other property has increased in the This represents a capital in 3 per same proportion as stocks. The recents. of £77,742,885, which, added to verse, however, is the fact, as evinced the above difference, makes a sum of in the official returns of exports. £356,424,646, or at $4,80 the pound, These are always expressed in two equal to $1,710,083,630, or the value values, the one official, and the other of the whole products of the United the real, or declared value. The offi. States for two years. Suppose this cial value was fixed in 1680, and now mass of wealth could now be taken expresses only comparative quantities. out of Great Britain and carried A comparison of these with the real to France, what would remain ? values, shows the money value of labor Twenty-six millions of paupers. Had at different periods, as follows: the debt been contracted abroad and
EXPORTS OF GREAT BRITAIN IN 1816 AND 1841, SHOWING THE OFFICIAL AND
DECLARED VALUES AT EACH PERIOD.
If the declared value in 1841 had fore, actually increased 450 per cent. borne the same proportion to the offi- Again, the 289,751 stockholders who cial as in 1816, it would have been received £30,000,000 in 1816, can now £135,608,254, whereas it is but procure for the same money more than £51,634,623, showing a depreciation double the quantity of the produce of in money value of 62 per cent. of all labor that they could then. This is the products of Great Britain, while the natural consequence of the accuthe money value of stocks in the same mulation of property in their hands. time increased about 62 per cent. The The increase of their wealth does not stockholders have become rich by the increase their powers of consumption ; double process of an increase in the it diminishes, however, the ability of value of their own property, and a the payers of that wealth to consume. decrease of the value of that which Hence, although 10,000,000 people they purchase. The holder of govern- have been added to the population of ment stock for £1,000 could, for Britain, the distributive portion of instance, in 1816 procure seventy-three wealth has constantly decreased. The tons of pig iron for it; he may now people have produced more than they get three hundred and thirteen tons for were able to consume. The surplus the same stock; his wealth has, there products are given to the stockholders,
the court, the nobles, and the place. $280,000,000 will be sent abroad, men; hence the constantly decreasing which, added to the principal, will money value of those products, and make $559,388,760 to be sent out the increasing wretchedness of the of the country in the next twenty people.
years. Is this practicable? There are This process cannot go on in the iwenty-one independent governments, United States, because the wealth exclusive of the United States, which produced and applied to interest will have contracted debts in London ; of be sent out of the country, and the these, thirteen are bankrupt, being whole United States will be im those whose debts are mostly conpoverished to enrich England. If tracted abroad. $14,000,000 per annum is sent abroad The following will show the whole for the twenty years during which the debts of each class, and the amount due debts are to run, a sum equal to in London :
Notwithstanding this stapendous their creditors as far as they will go. bankrupicy, the cause of which is In the case of some of them it must apparent in the great proportion of undoubtedly be years before any prosdebt owned in London, a cry is raised pect will appear oflikelihood or ability to against the United States as if they do more. We will of course be underalone were bankrupt.
For this stood to speak only of the existing $300,000,000 due in London nothing state of things as matter of fact, and has been got, and nothing ever will be not as militating against our former got, because they have nothing to give. declared conviction that every cent of Those of the United States that have every one of these debts ought, by become delinquent through necessity, every, the highest moral sanction, to offer to give their lands, their works, be paid faithfully to the uttermost. and whatever they possess to satisfy
NEW BOOKS OF THE MONTH.
The Confessions of Saint Augustine. Bos- and not even readers of the solid and ton : E. P. Peabody. 1843. 12mo. really excellent essays which appear from
time to time in even the poorest of our
newspapers; but of the mere anecdotes, We are surprised that this should be the and short editorial paragraphs and notices. first American Edition of the Confessions An article requiring close consecutive of Saint Augustine, one of the greatest, if thinking for three seconds and two thirds not the greatest of the Fathers of the of a second, has appeared quite too much Church. But we need not say that we for their patience. The effect of this welcome its appearance in a neat form, impatience and haste on the part of and so cheap that it comes within the readers, has been very bad on our writers. means, we were about to say, of even the Our writers have become superficial, poorest. If it shall find an enlarged cir- afraid to utter a profound thought, lest culation, we shall regard it as a proof that they should fail to be comprehended, or to our people are becoming really more pro- discuss a serious subject, lest they should found, more ready to look into things to fail to arrest attention. Worse than all the very bottom, than they have heretofore this, they have not dared to write at their been. The mass of our countrymen secm ease, with the calm strength and majesty to have been mere newspaper readers, of repose. They have felt obliged to be con
stantly striving to strike the bird while on size and price of the volume too much the wing. Hence, they are always uneasy, As it is we welcome it. always afraid the reader will escape them. Hence, they write in an exaggerated and unnatural style, straining always after immediate efiect.
The Age of Gold, and other Poems : By This style has passed from the news GEORGE LUNT. Boston: William D. papers into our periodicals, into our books, Ticknor. 1843. 12mo. pp. 160. and even into the pulpit. It is not enough that a man reasons clearly and earnestly The Age of Gold of which Mr. Lunt on the great themes of God, Eternity, the sings, (for we still talk of the sing ing of human soul, Duty, Righteousness : he is poets, who perhaps may never have even a dull preacher, unless he can contrive hummed a musical note in all their natusome way to entertain. The truth and ral lives), is not that primitive period of importance of his views, clearly and universal good and happiness, of which earnestly set forth, will not answer his a dim traditionary memory seems to haunt turn. He must surprise ; he must please; the heart of the human race. It is our he must touch a cold heart, and arrest a own modern age of money-worship, the fleeting attention, and all without any evils of which would be considerably mitilabor on the part of his hearers. The gated, if it were a little more literally an circulation of such books as this of Saint age of real gold, and not of lying paper. Augustine, if people will read them, will He writes with a calm didactic justness of soon cure this evil, and induce the com reasoning and sentiment, though this munity to demand profound thought as theme does not breathe any very glowing well as dazzling rhetoric.
inspiration into his lyre. But the age is Moreover, this is a great book. Saint after all not quite so bad as Mr. Lunt Augustine, as a man, may almost rank thinks it. Matters are indeed in rather a with such men as Pythagoras, Socrates, and confused and chaotic condition, natural to Plato, while, as a Christian bishop, we a transition stage in the progress of civican hardly deny him the Divine illumina. lisation such as we are now actually tion and authority of an inspired Apostle. passing through. But the east is gradIn these Confessions we see the workings ually brightening with the coming dawn, of a great mind, a greater heart, and a however cheerless may seem the grey and noble and devout soul. We see no cant, chilly twilight of the actual moment. The no mock humility, but a man conscious of leaven of the Spirit of Christianity in the his own relative greatness and worth as a dull lump of society was never working man, bowing in true humility, which is so strongly or so widely, as we see it now man's highest glory, before his Maker, in all direciions,-though this is no ocand confessing himself freely and without casion to expatiate on this idea. As both reserve. Here we see the spiritual facts a favorable specimen of the poem, and for and views which have given to the doc- the sake of the tribute to the sacred memtrines since termed Calvinism, and which ory of the individual referred to in it, we are now termed evangelical, their immense quote the following extract, together with power over the human mind and con- the accompanying note to it: science; and we may say, that he who has not read Saint Augustine, is alto
" Yet glowing hearts there are, whose generous gether unable to comprehend either the
Burns through the earthly dross with purer fame, doctrines or the history of the Church. Instinct with thoughts that swell the nobler mind
In boundless hope to compass all mankind; We give our thanks, then, to Miss Peabody
As day flings living sunshine all around, for sending out this edition of the Confes. While night's unfolding shades enrich the ground,
Their life in blessings to the world is given, sions, and we hope it will be an introduc
Their death distils them like the dews of heaven, tion to a more intimate acquaintance by Such his, the atranger youth, on Luxor's plains, our public with the old Fathers of thc Mid hoary relics of primeval reigns,
When the resistless shaft stood winged to fly, Church.
With holy trust he glanced his facing cye This edition of the Confessions is made On time's triumphant trophies round him hurled,
The wreck-borne spoils of a forgotten world, up, in part, of an old translation, it is
And traced with failing hands those words of light uncertain from whom, and from the Above time's empire or oblivion's night! translation recently made by Dr. Pusey.
Man's mightiest, proudest works around him The old one is the richest, and has some Their story gone, their very name unknown,
Not even the memory left of borstful deeds, thing of an antique air of majesty and
Earth grasping empire and world cong'ring creeds ; strength, which comports well with the The wandering savage in the regal domes, piety and tenderness of Saint Augustine.
Where earth's resplendent monarchs had their
homes ; We should have been glad to have had Dying alone, 'mid all that shakes the trust, the volume accompanied by Dr. Pusey's Man's fainting spirit builds a thing of dusi;
Yet all unshaken, saw with glazing eye Notes, but that would have swelled the
The beam that lit his own far western sky;