CHAPTER X.

The Rev. Augustus Myrtle, rector of St. Jude's, was one of those

circumstances of nature which are only to be encountered in metropolitan

life. This seems a paradox. I will explain. All his qualities were born

with him, not acquired, and those qualities could only shine in the

aristocratic and fashionable circles of a large city. As animals by

instinct avoid whatever is noxious and hurtful, so Augustus Myrtle from

his infancy by instinct avoided all poor people and all persons not in

the 'very first society.'

Children are naturally democrats; school is a great leveller. Augustus

Myrtle recognized no such propositions. While a boy at the academy,

while a youth in college, he sought the intimacy of boys and youths of

rich persons of _ton_. It was not enough that a young fellow was well

bred and had a good social position--he must be rich. It was not enough

that he was rich--he must have position.

I do not think that Augustus Myrtle sat down carefully to calculate all

this. So I say it was instinctive--born with him. A person who frequents

only the society of the well bred and the wealthy must, to a degree at

least, possess refined and elegant and expensive tastes, and it was so

in the case of Myrtle. His tastes were refined and elegant and

expensive.

His parents were themselves people of respectability, but very poor. His

mother used to say that her son's decided predilections were in

consequence of her unfortunate state of mind the season Augustus was

born, when poverty pinched the family sharply. Mr. Myrtle was a man of

collegiate education, with an excellent mind, but totally unfitted for

active life. The result was, after marrying a poor girl, who was,

however, of the 'aristocracy,' he became, through the influence of her

friends, the librarian of the principal library in a neighboring city,

with a fair salary, on which, with occasional sums received for

literary productions, he managed to bring up and support his small

family. At times, when some unexpected expenses had to be incurred, as I

have hinted, poverty seemed to poor Mrs. Myrtle a very great hardship,

and such was their situation the year Augustus was born.

He was the only son, and the hope of the parents centred on him. It was

settled that he should be sent to the best schools and to a first-class

college. He had, perhaps, rather more than ordinary ability, the power

to display to the best advantage the talents and acquirements he did

possess, together with attractive manners, which, though reserved, were

pleasing. He was slight, gracefully formed, and a little above the

ordinary height. He had a dark complexion, a face thin and colorless,

with fine, large, black eyes.

When I say Augustus Myrtle sought only the intimacy of the rich and well

bred, you must not suppose he was a toady, or practised obsequiously.

Not at all. He mingled with his associates, assuming to be one of

them--their equal. True, his want of money led to desperate economical

contrivances behind the scenes, but on the stage he betrayed by no sign

that affairs did not flow as smoothly with him as with his companions.

In all this, he had in his mother great support and encouragement. Her

relations were precisely of the stamp Augustus desired to cultivate, and

this gave him many advantages. As usually happens, he found what he

sought. By the aid of the associations he had formed with so much

assiduity, to say nothing of his own personal recommendations, he

married a nice girl, the only child of a widowed lady _in the right

'set' and with sixty thousand dollars_, besides a considerable

expectancy on the mother's decease. Shortly after, he became rector of

St. Jude's, the most exclusive 'aristocratic' religious establishment in

New York.

At this present period, the Rev. Augustus Myrtle was but thirty-five,

and, from his standing and influence, he considered it no presumption to

look forward to the time when he should become bishop of the diocese.

His health was excellent, if we may except some _very_ slight

indications of weakness of the larynx, which had been the cause of his

making two excursions to Europe, each of six months' duration, which

were coupled with an appropriation of twenty-five hundred dollars by his

indulgent congregation to pay expenses.

* * * * *

While Mr. Myrtle and his family were still absent, Hiram had made very

sensible progress in mastering the mysteries of the Episcopal form of

worship, and became fully versed in certain doctrinal points, embracing

all questions of what constitutes a 'church' and a proper 'succession.'

His investigations were carried on under the direction of the Rev. Mr.

Strang, a man of feeble mind (Mr. Myrtle was careful to have no one near

him unless the contrast was to his advantage), but a worthy and

conscientious person, who believed he was doing Heaven service in

bringing Hiram into the fold of the true church. Hiram was again in his

element as an object of religious interest. Before the rector had

returned, he became very impatient to see him. It was a long while since

he had been at communion, and he began to fear his hold on heaven would

be weakened by so long an absence from that sacrament. Besides, he felt

quite prepared and ready to be confirmed.

The Myrtles returned at last. In due time, Mrs. Bennett talked the whole

matter over with Mrs. Myrtle. Hiram was represented as 'a very rich

young merchant, destined to be a leading man in the city--of an ancient

and honorable New England family--very desirable in the church--a

cousin'--[here several sentences were uttered in a whisper, accompanied

by nods and signs significant, which I shall never be able to

translate]--'must secure him--ripe for it now.'

I think I forgot to say that Mrs. Myrtle and Mrs. Bennett were in the

same 'set' as young ladies, and were very intimate.

The nest day Mrs. Bennett opened the subject to Mr. Myrtle, his wife

having duly prepared him. The object was to introduce Hiram into the

church in the most effective manner. This could only be done through the

instrumentality of the reverend gentleman himself. Everything went

smoothly. Mr. Myrtle was not insensible to the value of infusing new and

fresh elements into his congregation.

'Of course,' he observed, 'this wealthy young man will take an entire

pew.' (The annual auction of rented pews was soon to come off, and Mr.

Myrtle liked marvellously to see strong competition. It spoke well for

the church.)

'He will _purchase_ a pew, if a desirable one can be had,' answered Mrs.

Bennett.

'Oh, that is well. How fortunate! The Winslows are going to Europe to

reside, and I think will sell theirs. One of the best in the church.

Pray ask Mr. Bennett to look after it.'

'Thank you. How very considerate, how very thoughtful! We will see to it

at once.'

The interview ended, after some further conversation, in a manner most

satisfactory.

* * * * *

It was a magnificent autumnal afternoon, the second week of October,

when Hiram Meeker, by previous appointment, called at the residence of

the Rev. Augustus Myrtle. The house was built on to the church, so as to

correspond in architecture, and exhibited great taste in exterior as

well as interior arrangement. Hiram walked up the steps and boldly rang

the bell. He had improved a good deal in some respects since his passage

at arms with Dr. Chellis, and while under the auspices of Mr. Bennett.

He had laid aside the creamy air he used so frequently to assume, and

had hardened himself, so to speak, against contingencies. I was saying

he marched boldly up and rang the bell.

A footman in unexceptionable livery opened the door. Mr. Myrtle was

engaged, but on Hiram's sending in his name, he was ushered into the

front parlor, and requested to sit, and informed that Mr. Myrtle would

see him in a few minutes. This gave Hiram time to look about him.

It so happened that it was the occasion of a preliminary gathering for

the season (there had been no meeting since June) of those who belonged

to the 'Society for the Relief of Reduced Ladies of former Wealth and

Refinement.' This 'relief' consisted in furnishing work to the

recipients of the _bounty_ at prices about one quarter less than they

could procure elsewhere, and without experiencing a sense of obligation

which these charitable ladies managed to call forth.

There was already in the back parlor a bevy of six or eight, principally

young, fine-looking, and admirably dressed women.

Arrayed in the most expensive silks, of rich colors, admirably

corresponding with the season, fitted in a mode the most faultless to

the exquisite forms of these fair creatures, or made dexterously to

conceal any natural defect, they rose, they sat, they walked up and down

the room, greeting from time to time the new comers as they arrived.

The conversation turned meanwhile on the way the summer had been spent,

and much delicate gossip was broached or hinted at, but not entered

into. Next the talk was about dress. The names of the several

fashionable dressmakers were quoted as authority for this, and

denunciatory of that. Congratulations were exchanged: 'How charmingly

you look--how sweet that is--what a lovely bonnet!'

All this Hiram Meeker drank in with open ears and eyes, for from where

he was sitting, he could see everything that was going on, as well as

hear every word.

One thing particularly impressed him. He felt that never before had he

been in such society. The ladies of Dr. Chellis's church were

intelligent, refined, and well bred, but here was TON--that

unmistakable, unquestionable _ton_ which arrogates everything unto

itself, claims everything, and with a certain class _is_ everything.

I need not say, to a person of Hiram's keen and appreciative sense, the

picture before him was most attractive. How perfect was every point in

it! What minute and fastidious attention had been devoted to every

article of dress! How every article had been specially _designed_ to set

off and adorn! The hat, how charming; the hair, how exquisitely coiffed;

the shawl, how magnificent; the dress how rich! The gloves, of what

admirable tint, and how neatly fitted; and how wonderfully were the

walking boots adapted to display foot and ankle! And these did not

distinguish one, but _every one_ present.

I do not wonder Hiram was carried away by the spectacle. There is

something very overpowering in such a scene. Who is sufficient to resist

its seductive influences?

In the midst of what might be called a trance, when Hiram's senses were

wrapt in a sort of charmed Elysium, the Rev. Augustus Myrtle entered the

room. He did not look toward Hiram, but passed directly into the back

parlor. He walked along, not as if he were stepping on eggs, but very

smoothly and noiselessly, as if treading (as he was doing) on the finest

of velvet carpets.

Instantly what a flutter! How they ran up to him, ambitious to get the

first salute, and to proffer the first congratulation! How gracefully

the Rev. Augustus Myrtle received each! Two or three there were (there

were reasons, doubtless) whose cheeks he kissed decorously, yet possibly

with some degree of relish. The rest had to content themselves with

shaking hands. Many and various were the compliments he received. Their

'delight to see him, how well he was looking,' and so forth.

Presently he started to leave them.

'Oh, you must not run off so soon, we shall follow you to your

_sanctum_.'

'An engagement,' replied Mr. Myrtle, glancing into the other room.

A score of handsome eyes were turned in the direction where Hiram was

seated, listening with attention, and watching everything. Discomfited

by such an array, he colored, coughed, and nervously shifted his

position. Some laughed. The rest looked politely indifferent.

'A connection of the Bennetts,' whispered Mrs. Myrtle, 'a fine young

man, immensely rich. He is to come in future to our church.'

'Ah,' 'Yes,' 'Indeed,' 'Excellent.' Such were the responses.

Meanwhile Mr. Myrtle had greeted Hiram courteously, and invited him to

his library. This was across the hall, in a room which formed a part of

the church edifice.

As Hiram followed Mr. Myrtle out of the parlor, several of the ladies

took another look at him. They could not but remark that he was finely

formed, fashionably dressed, and, thanks to Signor Alberto, of a very

graceful carriage.

The interview between Mr. Myrtle and Hiram was brief. The latter,

thoroughly tutored by his cousin, was careful to say nothing about his

previous conviction and wonderful conversion, but left Mr. Myrtle, as

was very proper, to lead in the conversation. He had previously talked

with Mr. Strang, which, with the recommendation of Mrs. Bennett, left no

doubt in his mind as to Hiram's fitness to receive confirmation.

It was very hard for him to be informed that his early baptism must go

for nothing--what time his father and mother, in their ignorance and

simplicity, brought their child to present before God, and receive the

beautiful rite of the sprinkling of water.

A dreadful mistake they made, since no properly consecrated hands

administered on that occasion. But nevertheless, Hiram is safe. Lucky

fellow, he has discovered the mistake, and repaired it in season.

'I think, Mr. Meeker, your conversations with Mr. Strang have proved

very instructive to you. Here is a work I have written, which embraces

the whole of my controversy with Mr. Howland on the true church (and

there is not salvation in any other) and the apostolic succession.

Having read and approved this,' he added with a pleasant smile, 'I will

vouch for you as a good churchman.'

Hiram was delighted. He took the volume, and was about to express his

thanks, when Mrs. Myrtle appeared at the door, which had been left open.

'My dear, I regret to disturb you, but'--

'I will join you at once,' said Mr. Myrtle, rising. This is Mr. Meeker,

a cousin of your friend Mrs. Bennett'--as if she did not know it.

Mrs. Myrtle bowed graciously, and said, with charming condescension:

'Then it is _you_ I have heard such a good report of. You are coming to

our church away from----'

'Never mind from where, my dear,' said Mr, Myrtle pleasantly, and he

bowed Hiram out in a manner which positively charmed our hero.

That evening Mr. Bennett told Hiram he had purchased a pew for

him--price sixteen hundred and fifty dollars.

'Sixteen hundred and fifty dollars,' exclaimed the other, in amazement.

'Yes.'

'Why, I can't stand that. The dearest pews in Dr. Chellis's church were

not over six hundred. You are joking.'

'You are an idiot,' retorted Mr. Bennett, half pettishly, half

playfully. 'Have you not placed yourself in my hands? Shall I not manage

your interests as I please? I say I want sixteen hundred and fifty

dollars. I know you can draw the money without the least inconvenience.

If I thought you could not, I would advance it myself. Are you content?'

Hiram nodded a doubtful assent.

How fortunate,' continued Mr. Bennett, that the Winslows are going to

Europe, and how lucky I got there the minute I did! Young Bishop came in

just as I closed the purchase. I know what _he_ wanted it for, and I

know what _I_ wanted it for. Hiram, a word in your ear--your pew is

immediately in front of our heiress! Bravo, old fellow! Now, will you

pay up?'

Hiram nodded this time with satisfaction.

The second Sunday thereafter one might observe that the Winslows' pew

had been newly cushioned and carpeted, and otherwise put in order.

Several prayer books and a Bible, elegantly bound, and lettered 'H.

Meeker,' were placed in it. This could not escape the notice of the very

elegant and fashionably dressed young lady in the next slip. Strange to

say, the pew contained no occupant. But just before the service was

about to commence, Hiram, purposely a little late, walked quietly in,

and took possession of his property. His _pose_ was capital. His ease

and _nonchalance_ were perfectly unexceptionable, evidencing _haut ton_.

He had been practising for weeks.

'Who can he be?' asked the elegant and fashionably dressed young lady of

herself. She was left to wonder. When he walked homeward, Hiram was

informed by Mr. Bennett that the elegant and fashionably dressed young

lady was Miss Arabella Thorne, without father, without mother, of age,

and possessed of a clear sum of two hundred thousand dollars in her own

right!

AMERICAN FINANCES AND RESOURCES.

LETTER NO. I, FROM HON. ROBERT J. WALKER.

LONDON, 10 Half Moon Street, Piccadilly, _August 5, 1863_.

The question has been often asked me, here and on the continent, _how

has your Secretary of the Treasury (Mr. Chase) so marvellously sustained

American credit during this rebellion, and when will your finances

collapse?_ This question I have frequently answered in conversations

with European statesmen and bankers, and the discussion has closed

generally in decided approval of Mr. Chase's financial policy, and great

confidence in the wonderful resources of the United States.

Thus encouraged, I have concluded to discuss the question in a series of

letters, explaining Mr. Chase's system and stating the reasons of its

remarkable success. The interest in such a topic is not confined to the

United States, nor to the present period, but extends to all times and

nations. Indeed, finance, as a science, belongs to the world. It is a

principal branch of the doctrine of 'the wealth of nations,' discussed,

during the last century, with so much ability by Adam Smith. Although

many great principles were then settled, yet political economy is

emphatically progressive, especially the important branches of credit,

currency, taxation, and revenue.

Mr. Chase's success has been complete under the most appalling

difficulties. The preceding administration, by their treasonable course,

and anti-coercion heresies, had almost paralyzed the Government. They

had increased the rate of interest of Federal loans from six to nearly

twelve per cent. per annum. Their Vice-president (Mr. Breckenridge),

their Finance Minister (Mr. Cobb), their Secretary of War (Mr. Floyd),

their Secretary of the Interior (Mr. Thompson), are now in the traitor

army. Even the President (Mr. Buchanan), with an evident purpose of

aiding the South to dissolve the Union, had announced in his messages

the absurd political paradox, that _a State has no right to secede, but

that the Government has no right to prevent its secession_. It was a

conspiracy of traitors, at the head of which stood the President,

secretly pledged, at Ostend and Cininnati, to the South (as the price of

their support), to aid them to control or destroy the republic. Thus was

it that, in time of profound peace, when our United States six per

cents. commanded a few weeks before a large premium, and our debt was

less than $65,000,000, that Mr. Buchanan's Secretary of the Treasury

(Mr. Cobb) was borrowing money at an interest of nearly twelve per cent.

per annum. Most fortunately that accursed administration was drawing to

a close, or the temporary overthrow of the Government would have been

effected. Never did any minister of finance undertake a task apparently

so hopeless as that so fully accomplished by Mr. Chase in reviving the

public credit. A single fact will illustrate the extraordinary result.

At the close of the fiscal year ending 1st July, 1860, our public debt

was only $64,769,703, and Secretary Cobb was borrowing money at twelve

per cent. per annum. On the first of July 1863, in the midst of a

stupendous rebellion, our debt was $1,097,274,000, and Mr. Chase had

reduced the average rate of interest to 3.89 per cent. per annum, whilst

the highest rate was 7.30 for a comparatively small sum to be paid off

next year. This is a financial achievement without a parallel in the

history of the world. If I speak on this subject with some enthusiasm,

it is in no egotistical spirit, for Mr. Chase's system differs in many

respects widely from that adopted by me as Minister of Finance during

the Mexican war, and which raised United States _five per cents._ to a

premium. But my system was based on specie, or its real and convertible

equivalent, and would not have answered the present emergency, which, by

our enormous expenditure, necessarily forced a partial and temporary

suspension of specie payments upon our banks and Government. Mr. Chase's

system is exclusively his own, and, in many of its aspects, is without a

precedent in history. When first proposed by him it had very few

friends, and was forced upon a reluctant Congress by the great

emergency, presenting the alternative of its adoption or financial ruin.

Indeed, upon a test vote in Congress in February last, it had failed,

when the premium on gold rose immediately over twenty per cent. This

caused a reconsideration, when the bills were passed and the premium on

gold was immediately reduced more than the previous rise, exhibiting the

extraordinary difference in a few days of twenty-three per cent., in the

absence of any intermediate Federal victories in the field.

Such are the facts. Let me now proceed to detail the causes of these

remarkable results. The first element in the success of any Minister of

Finance is the just confidence of the country in his ability, integrity,

candor, courage, and patriotism. He may find it necessary, in some great

emergency, like our rebellion, to diverge somewhat from the _via trita_

of the past, and enter upon paths not lighted by the lamp of experience.

He must never, however, abandon great principles, which are as

unchangeable as the laws developed by the physical sciences. When Mr.

Chase, in his first annual Treasury Report of the 9th of December, 1861,

recommended his system of United States banks, organized by Congress

throughout the country, furnishing a circulation based upon private

means and credit, but secured also by an adequate amount of Federal

stock, held by the Government as security for its redemption, it was

very unpopular, and encountered most violent opposition. The State

banks, and all the great interests connected with them, were arrayed

against the proposed system. When we reflect that many of these banks

(especially in the great State of New York) were based on State stocks,

and in many States that the banks yielded large revenues to the local

Government;--when we see, by our Census Tables of 1860 (p. 193), that

these banks numbered 1642, with a capital paid up of $421,890,095, loans

$691,495,580, and a circulation and deposits, including specie, of

$544,469,134,--we may realize in part the tremendous power arrayed

against the Secretary. This opposition was so formidable, that neither

in the public press nor in Congress did this recommendation of Mr. Chase

receive any considerable support. Speaking of the _currency_ issued by

the State banks, and of the substitute proposed by Mr. Chase, he

presented the following views in his first annual Report before referred

to, of December, 1861:--

'The whole of this circulation constitutes a loan without interest

from the people to the banks, costing them nothing except the

expense of issue and redemption and the interest on the specie kept

on hand for the latter purpose; and it deserves consideration

whether sound policy does not require that the advantages of this

loan be transferred in part at least, from the banks, representing

only the interests of the stockholders, to the Government,

representing the aggregate interests of the whole people.

'It has been well questioned by the most eminent statesmen whether

a currency of bank notes, issued by local institutions under State

laws, is not, in fact, prohibited by the national Constitution.

Such emissions certainly fall within the spirit, if not within the

letter, of the constitutional prohibition of the emission of bills

of credit by the States, and of the making by them of anything

except gold and silver coin a legal tender in payment of debts.

'However this may be, it is too clear to be reasonably disputed

that Congress, under its constitutional powers to lay taxes, to

regulate commerce, and to regulate the value of coin, possesses

ample authority to control the credit circulation which enters so

largely into the transactions of commerce and affects in so many

ways the value of coin.

'In the judgment of the Secretary the time has arrived when

Congress should exercise this authority. The value of the existing

bank note circulation depends on the laws of thirty-four States and

the character of some sixteen hundred private corporations. It is

usually furnished in greatest proportions by institutions of least

actual capital. Circulation, commonly, is in the inverse ratio of

solvency. Well-founded institutions, of large and solid capital,

have, in general, comparatively little circulation; while weak

corporations almost invariably seek to sustain themselves by

obtaining from the people the largest possible credit in this form.

Under such a system, or rather lack of system, great fluctuations,

and heavy losses in discounts and exchanges, are inevitable; and

not unfrequently, through failures of the issuing institutions,

considerable portions of the circulation become suddenly worthless

in the hands of the people. The recent experience of several States

in the valley of the Mississippi painfully illustrates the justice

of these observations; and enforces by the most cogent practical

arguments the duty of protecting commerce and industry against the

recurrence of such disorders.

'The Secretary thinks it possible to combine with this protection a

provision for circulation, safe to the community and convenient for

the Government.

'Two plans for effecting this object are suggested. The first

contemplates the gradual withdrawal from circulation of the notes

of private corporations and for the issue, in their stead of United

States notes, payable in coin on demand, in amounts sufficient for

the useful ends of a representative currency. The second

contemplates the preparation and delivery, to institutions and

associations, of notes prepared for circulation under national

direction, and to be secured as to prompt convertibility into coin

by the pledge of United States bonds and other needful regulations.

'The first of these plans was partially adopted at the last session

of Congress in the provision authorizing the Secretary to issue

United States notes, payable in coin, to an amount not exceeding

fifty millions of dollars. That provision may be so extended as to

reach the average circulation of the country, while a moderate tax,

gradually augmented, on bank notes, will relieve the national from

the competition of local circulation. It has been already suggested

that the substitution of a national for a State currency, upon this

plan, would be equivalent to a loan to the Government without

interest, except on the fund to be kept in coin, and without

expense, except the cost of preparation, issue, and redemption;

while the people would gain the additional advantage of a uniform

currency, and relief from a considerable burden in the form of

interest on debt. These advantages are, doubtless, considerable;

and if a scheme can be devised by which such a circulation will be

certainly and strictly confined to the real needs of the people,

and kept constantly equivalent to specie by prompt and certain

redemption in coin, it will hardly fail of legislative sanction.

'The plan, however, is not without serious inconveniences and

hazards. The temptation, especially great in times of pressure and

danger, to issue notes without adequate provision for redemption;

the ever-present liability to be called on for redemption beyond

means, however carefully provided and managed; the hazards of

panics, precipitating demands for coin, concentrated on a few

points and a single fund; the risk of a depreciated, depreciating,

and finally worthless paper money; the immeasurable evils of

dishonored public faith and national bankruptcy; all these are

possible consequence of the adoption of a system of government

circulation. It may be said, and perhaps truly, that they are less

deplorable than those of an irredeemable bank circulation. Without

entering into that comparison, the Secretary contents himself with

observing that, in his judgment, these possible disasters so far

outweigh the probable benefits of the plan that he feels himself

constrained to forbear recommending its adoption.

'The second plan suggested remains for examination. Its principal

features are, (1st) a circulation of notes bearing a common

impression and authenticated by a common authority; (2d) the

redemption of these notes by the associations and institutions to

which they may be delivered for issue; and (3d) the security of

that redemption by the pledge of the United States stocks, and an

adequate provision of specie.

'In this plan the people, in their ordinary business, would find

the advantages of uniformity in currency; of uniformity in

security; of effectual safeguard, if effectual safeguard is

possible, against depreciation; and of protection from losses in

discount and exchanges; while in the operations of the Government

the people would find the further advantage of a large demand for

Government securities, of increased facilities for obtaining the

loans required by the war, and of some alleviation of the burdens

on industry through a diminution in the rate of interest, or a

participation in the profit of circulation, without risking the

perils of a great money monopoly.

'A further and important advantage to the people may be reasonably

expected in the increased security of the Union, springing from the

common interest in its preservation, created by the distribution of

its stocks to associations throughout the country, as the basis of

their circulation.

'The Secretary entertains the opinion that if a credit circulation

in any form be desirable, it is most desirable in this. The notes

thus issued and secured would, in his judgment, form the safest

currency which this country has ever enjoyed; while their

receivability for all Government dues, except customs, would make

them, wherever payable, of equal value, as a currency, in every

part of the Union. The large amount of specie now in the United

States, reaching a total of not less than two hundred and

seventy-five millions of dollars, will easily support payments of

duties in coin, while these payments and ordinary demands will aid

in retaining this specie in the country as a solid basis both of

circulation and loans.

'The whole circulation of the country, except a limited amount of

foreign coin, would, after the lapse of two or three years, bear

the impress of the nation whether in coin or notes; while the

amount of the latter, always easily ascertainable, and, of course,

always generally known, would not be likely to be increased beyond

the real wants of business.

'He expresses an opinion in favor of this plan with the greater

confidence, because it has the advantage of recommendation from

experience. It is not an untried theory. In the State of New York,

and in one or more of the other States, it has been subjected, in

its most essential parts, to the test of experiment, and has been

found practicable and useful. The probabilities of success will not

be diminished but increased by its adoption under national sanction

and for the whole country.

'It only remains to add that the plan is recommended by one other

consideration, which, in the judgment of the Secretary, is entitled

to much influence. It avoids almost, if not altogether, the evils

of a great and sudden change in the currency by offering

inducements to solvent existing institutions to withdraw the

circulation issued under State authority, and substitute that

provided by the authority of the Union. Thus, through the voluntary

action of the existing institutions, aided by wise legislation, the

great transition from a currency heterogeneous, unequal, and

unsafe, to one uniform, equal, and safe, may be speedily and almost

imperceptibly accomplished.

'If the Secretary has omitted the discussion of the question of the

constitutional power of Congress to put this plan into operation,

it is because no argument is necessary to establish the proposition

that the power to regulate commerce and the value of coin includes

the power to regulate the currency of the country, or the

collateral proposition that the power to effect the end includes

the power to adopt the necessary and expedient means.

'The Secretary entertains the hope that the plan now submitted, if

adopted with the limitations and safeguards which the experience

and wisdom of senators and representatives will, doubtless,

suggest, may impart such value and stability to Government

securities that it will not be difficult to obtain the additional

loans required for the service of the current and the succeeding

year at fair and reasonable rates; especially if the public credit

be supported by sufficient and certain provision for the payment of

interest and ultimate redemption of the principal.'

Congress adjourned after a session of eight months, and failed to adopt

Mr. Chase's recommendation. Indeed, it had then but few advocates in

Congress or the country. Events rolled on, and our debt, as anticipated

by Mr. Chase, became of vast dimensions. In his Report of December,

1861, the public debt on the 30th June, 1862 (the close of the fiscal

year), was estimated by the Secretary at $517,372,800; and it was

$514,211,371, or more than $3,000,000 less than the estimate. In his

Report of December 4, 1862, our debt, on the 30th June, 1863, was

estimated by Mr. Chase at $1,122,297,403, and it was $1,097,274,000,

being $25,023,403 less than the estimate. The _average_ rate of interest

on this debt was 3.89, being $41,927,980, of which $30,141,080 was

payable in gold, and $11,786,900 payable in Federal currency. It will

thus be seen that the whole truth, as to our heavy debt, was always

distinctly stated in advance by Mr. Chase, and that the debt has not now

quite reached his estimate. Long before the date of the second annual

Report of the Secretary, the banks had suspended specie payments, and

the Secretary renewed his former recommendation on that subject in these

words:--

'While the Secretary thus repeats the preference he has heretofore

expressed for a United States note circulation, even when issued

direct by the Government, and dependent on the action of the

Government for regulation and final redemption, over the note

circulation of the numerous and variously organized and variously

responsible banks now existing in the country; and while he now

sets forth, more fully than heretofore, the grounds of that

preference, he still adheres to the opinion expressed in his last

Report, that a circulation furnished by the Government, but issued

by banking associations, organized under a general act of Congress,

is to be preferred to either. Such a circulation, uniform in

general characteristics, and amply secured as to prompt

convertibility by national bonds deposited in the treasury, by the

associations receiving it, would unite, in his judgment, more

elements of soundness and utility than can be combined in any

other.

'A circulation composed exclusively of notes issued directly by the

Government, or of such notes and coin, is recommended mainly by two

considerations:--the first derived from the facility with which it

may be provided in emergencies, and the second, from its cheapness.

'The principal objections to such a circulation as a permanent

system are, 1st, the facility of excessive expansion when

expenditures exceed revenue; 2d, the danger of lavish and corrupt

expenditure, stimulated by facility of expansion; 3d, the danger of

fraud in management and supervision; 4th, the impossibility of

providing it in sufficient amounts for the wants of the people

whenever expenditures are reduced to equality with revenue or below

it.

'These objections are all serious. The last requires some

elucidation. It will be easily understood, however, if it be

considered that a government issuing a credit circulation cannot

supply, in any given period, an amount of currency greater than the

excess of its disbursements over its receipts. To that amount, it

may create a debt in small notes, and these notes may be used as

currency. This is precisely the way in which the existing currency

of United States notes is supplied. That portion of the expenditure

not met by revenue or loans has been met by the issue of these

notes. Debt in this form has been substituted for various debts in

other forms. Whenever, therefore, the country shall be restored to

a healthy normal condition, and receipts exceed expenditures, the

supply of United States notes will be arrested, and must

progressively diminish. Whatever demand may be made for their

redemption in coin must hasten this diminution; and there can be no

reissue; for reissue, under the conditions, necessarily implies

disbursement, and the revenue, upon the supposition, supplies more

than is needed for that purpose. There is, then, no mode in which a

currency in United States notes can be permanently maintained,

except by loans of them, when not required for disbursement, on

deposits of coin, or pledge of securities, or in some other way.

This would convert the treasury into a government bank, with all

its hazards and mischiefs.

'If these reasonings be sound, little room can remain for doubt

that the evils certain to arise from such a scheme of currency, if

adopted as a permanent system, greatly overbalance the temporary

though not inconsiderable advantages offered by it.

'It remains to be considered what results may be reasonably

expected from an act authorizing the organization of banking

associations, such as the Secretary proposed in his last Report.

'The central idea of the proposed measure is the establishment of

one sound, uniform circulation, of equal value throughout the

country, upon the foundation of national credit combined with

private capital.

'Such a currency, it is believed, can be secured through banking

associations organized under national legislation.

'It is proposed that these associations be entirely voluntary. Any

persons, desirous of employing real capital in sufficient amounts,

can, if the plan be adopted, unite together under proper articles,

and having contributed the requisite capital, can invest such part

of it, not less than a fixed minimum, in United States bonds, and,

having deposited these bonds with the proper officer of the United

States, can receive United States notes in such denominations as

may be desired, and employ them as money in discounts and

exchanges. The stockholders of any existing banks can, in like

manner, organize under the act, and transfer, by such degrees as

may be found convenient, the capital of the old to the use of the

new associations. The notes thus put into circulation will be

payable, until resumption, in United States notes, and, after

resumption, in specie, by the association which issues them, on

demand; and if not so paid will be redeemable at the treasury of

the United States from the proceeds of the bonds pledged in

security. In the practical working of the plan, if sanctioned by

Congress, redemption at one or more of the great commercial

centres, will probably be provided for by all the associations

which circulate the notes, and, in case any association shall fail

in such redemption, the treasurer of the United States will

probably, under discretionary authority, pay the notes, and cancel

the public debt held as security.

'It seems difficult to conceive of a note circulation which will

combine higher local and general credit than this. After a few

years no other circulation would be used, nor could the issues of

the national circulation be easily increased beyond the legitimate

demands of business. Every dollar of circulation would represent

real capital, actually invested in national stocks, and the total

amount issued could always be easily and quickly ascertained from

the books of the treasury. These circumstances, if they might not

wholly remove the temptation to excessive issues, would certainly

reduce it to the lowest point, while the form of the notes, the

uniformity of the devices, the signatures of national officers, and

the imprint of the national seal authenticating the declaration

borne on each that it is secured by bonds which represent the faith

and capital of the whole country, could not fail to make every note

as good in any part of the world as the best known and best

esteemed national securities.

'The Secretary has already mentioned the support to public credit

which may be expected from the proposed associations. The

importance of this point may excuse some additional observations.

'The organization proposed, if sanctioned by Congress, would

require, within a very few years, for deposit as security for

circulation, bonds of the United States to an amount not less than

$250,000,000. It may well be expected, indeed, since the

circulation, by uniformity in credit and value, and capacity of

quick and cheap transportation, will be likely to be used more

extensively than any hitherto issued, that the demand for bonds

will overpass this limit. Should Congress see fit to restrict the

privilege of deposit to the bonds known as five-twenties,

authorized by the act of last session, the demand would promptly

absorb all of that description already issued and make large room

for more. A steady market for the bonds would thus be established

and the negotiation of them greatly facilitated.

'But it is not in immediate results that the value of this support

would be only or chiefly seen. There are always holders who desire

to sell securities of whatever kind. If buyers are few or

uncertain, the market value must decline. But the plan proposed

would create a constant demand, equalling and often exceeding the

supply. Thus a steady uniformity in price would be maintained, and

generally at a rate somewhat above those of bonds of equal credit,

but not available to banking associations. It is not easy to

appreciate the full benefits of such conditions to a government

obliged to borrow.

'Another advantage to be derived from such associations would be

found in the convenient agencies which they would furnish for the

deposit of public moneys.

'The Secretary does not propose to interfere with the independent

treasury. It may be advantageously retained, with the assistant

treasurers already established in the most important cities, where

the customs may be collected as now, in coin or treasury notes

issued directly by the Government, but not furnished to banking

associations.

'But whatever the advantages of such arrangements in the commercial

cities in relation to customs, it seems clear that the secured

national circulation furnished to the banking associations should

be received everywhere for all other dues than customs, and that

these associations will constitute the best and safest depositaries

of the revenues derived from such receipts. The convenience and

utility to the Government of their employment in this capacity, and

often, also, as agents for payments and as distributors of stamps,

need no demonstration. The necessity for some other depositaries

than surveyors of ports, receivers, postmasters, and other

officers, of whose responsibilities and fitness, in many cases,

nothing satisfactory can be known, is acknowledged by the provision

for selection by the Secretary contained in the internal revenue

act; and it seems very clear that the public interest will be

secured far more certainly by the organization and employment of

associations organized as proposed than by any official selection.

'Another and very important advantage of the proposed plan has

already been adverted to. It will reconcile, as far as practicable,

the interest of existing institutions with those of the whole

people.

'All changes, however important, should be introduced with caution,

and proceeded in with careful regard to every affected interest.

Rash innovation is not less dangerous than stupefied inaction. The

time has come when a circulation of United States notes, in some

form, must be employed. The people demand uniformity in currency,

and claim, at least, part of the benefit of debt without interest,

made into money, hitherto enjoyed exclusively by the banks. These

demands are just and must be respected. But there need be no sudden

change; there need be no hurtful interference with existing

interests. As yet the United States note circulation hardly fills

the vacuum caused by the temporary withdrawal of coin; it does not,

perhaps, fully meet the demand for increased circulation created by

the increased number, variety, and activity of payments in money.

There is opportunity, therefore, for the wise and beneficial

regulation of its substitution for other circulation. The mode of

substitution, also, may be judiciously adapted to actual

circumstances. The plan suggested consults both purposes. It

contemplates gradual withdrawal of bank note circulation, and

proposes a United States note circulation, furnished to banking

associations, in the advantages of which they may participate in

full proportion to the care and responsibility assumed and the

services performed by them. The promptitude and zeal with which

many of the existing institutions came to the financial support of

the Government in the dark days which followed the outbreak of the

rebellion is not forgotten. They ventured largely, and boldly, and

patriotically on the side of the Union and the constitutional

supremacy of the nation over States and citizens. It does not at

all detract from the merit of the act that the losses, which they

feared but unhesitatingly risked, were transmuted into unexpected

gains. It is a solid recommendation of the suggested plan that it

offers the opportunity to these and kindred institutions to

reorganize, continue their business under the proposed act, and

with little loss and much advantage, participate in maintaining the

new and uniform national currency.

'The proposed plan is recommended, finally, by the firm anchorage

it will supply to the union of the States. Every banking

association whose bonds are deposited in the treasury of the Union;

every individual who holds a dollar of the circulation secured by

such deposit; every merchant, every manufacturer, every farmer,

every mechanic, interested in transactions dependent for success

on the credit of that circulation, will feel as an injury every

attempt to rend the national unity, with the permanence and

stability of which all their interests are so closely and vitally

connected. Had the system been possible, and had it actually

existed two years ago, can it be doubted that the national

interests and sentiments enlisted by it for the Union would have so

strengthened the motives for adhesion derived from other sources

that the wild treason of secession would have been impossible?

'The Secretary does not yield to the phantasy that taxation is a

blessing and debt a benefit; but it is the duty of public men to

extract good from evil whenever it is possible. The burdens of

taxation may be lightened and even made productive of incidental

benefits by wise, and aggravated and made intolerable by unwise,

legislation. In like manner debt, by no means desirable in itself,

may, when circumstances compel nations to incur its obligations, be

made by discreet use less burdensome, and even instrumental in the

promotion of public and private security and welfare.

'The rebellion has brought a great debt upon us. It is proposed to

use a part of it in such a way that the sense of its burden may be

lost in the experience of incidental advantages. The issue of

United States notes is such a use; but if exclusive, is hazardous

and temporary. The security by national bonds of similar notes

furnished to banking associations is such a use, and is

comparatively safe and permanent; and with this use may be

connected, for the present, and occasionally, as circumstances may

require, hereafter, the use of the ordinary United States notes in

limited amounts.

'No very early day will probably witness the reduction of the

public debt to the amount required as a basis for secured

circulation. Should no future wars arrest reduction and again

demand expenditures beyond revenue, that day will, however, at

length come. When it shall arrive the debt may be retained on low

interest at that amount, or some other security for circulation may

be devised, or, possibly, the vast supplies of our rich mines may

render all circulation unadvisable except gold and the absolute

representatives and equivalents, dollar for dollar, of gold in the

treasury or on safe deposit elsewhere. But these considerations may

be for another generation.

'The Secretary forbears extended argument on the constitutionality

of the suggested system. It is proposed as an auxiliary to the

power to borrow money; as an agency of the power to collect and

disburse taxes; and as an exercise of the power to regulate

commerce, and of the power to regulate the value of coin. Of the

two first sources of power nothing need be said. The argument

relating to them was long since exhausted, and is well known. Of

the other two there is not room, nor does it seem needful to say

much. If Congress can prescribe the structure, equipment, and

management of vessels to navigate rivers flowing between or through

different States as a regulation of commerce, Congress may

assuredly determine what currency shall be employed in the

interchange of their commodities, which is the very essence of

commerce. Statesmen who have agreed in little else have concurred

in the opinion that the power to regulate coin is, in substance and

effect, a power to regulate currency, and that the framers of the

Constitution so intended. It may well enough be admitted that while

Congress confines its regulation to weight, fineness, shape, and

device, banks and individuals may issue notes for currency in

competition with coin. But it is difficult to conceive by what

process of logic the unquestioned power to regulate coin can be

separated from the power to maintain or restore its circulation, by

excluding from currency all private or corporate substitutes which

affect its value, whenever Congress shall see fit to exercise that

power for that purpose.

'The recommendations, now submitted, of the limited issue of United

States notes as a wise expedient for the present time, and as an

occasional expedient for future times, and of the organization of

banking associations to supply circulation secured by national

bonds and convertible always into United States notes, and after

resumption of specie payments, into coin, are prompted by no favor

to excessive issues of any description of credit money.

'On the contrary, it is the Secretary's firm belief that by no

other path can the resumption of specie payments be so surely

reached and so certainly maintained. United States notes receivable

for bonds bearing a secure specie interest are next best to notes

convertible into coin. The circulation of banking associations

organized under a general act of Congress, secured by such bonds,

can be most surely and safely maintained at the point of certain

convertibility into coin. If, temporarily, these associations

redeem their issues with United States notes, resumption of specie

payments will not thereby be delayed or endangered, but hastened

and secured; for, just as soon as victory shall restore peace, the

ample revenue, already secured by wise legislation, will enable the

Government, through advantageous purchases of specie, to replace at

once large amounts, and, at no distant day, the whole, of this

circulation by coin, without detriment to any interest, but, on the

contrary, with great and manifest benefit to all interests.

'The Secretary recommends, therefore, no mere paper money scheme,

but, on the contrary, a series of measures looking to a safe and

gradual return to gold and silver as the only permanent basis,

standard, and measure of values recognized by the

Constitution--between which and an irredeemable paper currency, as

he believes, the choice is now to be made.'

Congress, however, was still unwilling to adopt the recommendations of

the Secretary, until the necessity was demonstrated by the course of

events. On reference to the laws, which are printed in the Appendix, it

will be found, that the great features of the system of the Secretary

were as follows:

1. A loan to the Government upon its bonds reimbursable in twenty years,

but redeemable after five years, at the option of the nation, the

interest being six per cent., payable semi-annually in _coin_, as is

also the principal.

2. The issue of United States legal tender notes, receivable for all

dues to the nation except customs, and fundable in this United States

5--20 six per cent. stock.

3. The authorization of the banks recommended in his Report, whose

circulation would be secured not only by private capital, but by

adequate deposits of United States stock with the Government.

4. To maintain, in the meantime, as near to specie as practicable, this

Federal Currency,--1st, by making it receivable in all dues to the

Government except for customs; 2d, by the privilege of funding it in

United States stock; 3d, by enhancing the benefit of this privilege, not

only by making the stock, both principal and interest, payable in

specie, but by making it gradually the ultimate basis of our whole bank

circulation, which, as shown by the census tables before referred to

(including deposits), nearly doubles every decade.

5. By imposing such a tax on the circulation of the State banks, as,

together with State or municipal taxes, would induce them to transfer

their capital to the new banks proposed by the Secretary.

6. To relieve the _new banks_ from all State or municipal taxation.

7. In lieu thereof, to impose a moderate Federal tax on all bank

circulation, as a bonus to be paid cheerfully by these banks for the

great privilege of furnishing ultimately the whole paper currency of the

country, and the other advantages secured by these bills.

This tax, as proposed by the Secretary, was one per cent. semi-annually,

which _in effect_ would have reduced the interest on our principal loans

from six to four per cent. per annum, so far as those loans were made

the basis of bank circulation. Congress, however, fixed this tax at

about one half, thus making the interest on such loans equivalent in

fact to five per cent. per annum, so far as such loans, at the option of

the holder, are made the basis of banking and of bank circulation. This

is a privilege which gives great additional value to these loans, for

the right to issue the bank paper circulation of the country free from

State or municipal taxes, is worth far more than one half per cent,

semi-annually, to be paid on such circulation. That this privilege is

worth more than the Federal tax, is proved by the fact, that many banks

are already being organized under this system, and by the further fact,

that more than $200,000,000 of legal tenders have already been funded in

this stock, and the process continues at the rate of from one to two

millions of dollars a day. It will be observed, that the holders of such

bonds can keep them, _if they please_, disconnected with all banks,

receiving the principal at maturity, as well as the semi-annual

interest, in gold, free from all taxes.

This system has been attended with complete success, and notwithstanding

the increase of our debt, the premium on gold, for our Federal currency,

fundable in this stock, has fallen from 73 per cent. in February last,

before the adoption of Mr. Chase's system, to 27 per cent. at present;

and before the 30th of June next, it is not doubted that this premium

must disappear. No loyal American doubts the complete suppression of the

rebellion before that date, in which event, our Federal currency will

rise at once to the par of gold. In the meantime, however, gold is at a

premium of 27 per cent., which is the least profit (independent of

future advance above par) so soon to be realized by those purchasing

this currency now, and waiting its appreciation, or investing it in our

United States 5--20 six per cent. stock.

But, besides the financial benefits to the Government of Mr. Chase's

system, its other advantages are great indeed. It will ultimately

displace our whole State bank system and circulation, and give us a

_national currency_, based on ample private capital and Federal stocks,

a currency of _uniform_ value throughout the country, and always

certainly convertible on demand into coin. Besides, by displacing the

State bank circulation, the whole bank note currency of the Union will

be based on the stocks of the Government, and give to every citizen who

holds the bonds or the currency (which will embrace the whole community

in every State), a direct interest in the maintenance of the Union.

The annual losses which our people sustain under the separate State bank

system, in the rate of exchange, is enormous, whilst the constant and

ever-recurring insolvency of so many of these institutions, accompanied

by eight general bank suspensions of specie payment, have, from time to

time, spread ruin and devastation throughout the country. I believe

that, in a period of twenty years, the saving to the people of the

United States, by the substitution of the new system, would reach a sum

very nearly approaching the total amount of our public debt, and in time

largely exceeding it. As a question, then, of national wealth, as well

as national unity, I believe the gain to the country in time by the

adoption of the new system, will far exceed the cost of the war. It was

the State bank system in the rebel States that furnished to secession

mainly the sinews of war. These banks are now generally insolvent, but,

if the banking system now proposed had been in existence, and the

circulating medium in all the States had been an uniform national

currency based entirely on the stocks of the United States, the

rebellion could never have occurred. Every bank, and all its

stockholders, and all the holders of the stock and notes of all the

banks, embracing our whole paper currency, would have been united to the

Government by an interest so direct and universal, that rebellion would

have been impossible. Hamilton and Madison, Story and Marshall, and the

Supreme Court of the United States, have declared that to the Federal

Government belongs the 'entire regulation of the currency of the

country.' That power they have now exercised in the adoption of the

system recommended by the Secretary. Our whole currency, in coin as well

as paper, will soon, now, all be national, which is the most important

measure for the security and perpetuity of the Union, and the welfare of

the people, ever adopted by Congress. It is to Congress that the

Constitution grants the exclusive power 'to regulate commerce with

foreign nations and among the States;' and a sound, uniform currency, in

coin, or convertible on demand into coin, is one of the most essential

instrumentalities connected with trade and exchanges.

After these preliminary remarks, I shall proceed with the discussion of

the subject in my next letter.

R.J. WALKER.

VOICELESS SINGERS.

A bird is singing in the leaves

That quiver on yon linden tree;

So soft and clear the song he sings,

The roses listen dreamily.

The crimson buds in clusters cling;

The full, sweet roses blush with bloom;

And, white as ocean's swaying foam,

The lily trembles from the gloom.

I know not why that happy strain

That dies so softly on the air,

That perfect utterance of joy,

Has left a strange, dim sadness there.

Perchance the song, so silver-sweet,

The roses' regal blossoms shrine:

Perchance the bending lily droops,

And trembles, 'neath its thrill divine.

It may be that all beauteous things,

Though lacking music's perfect key,

Have with their inmost being twined

The hidden chords of melody.

So pine they all, to hear again

The song they know, but cannot sing;

The living utterance, full and clear,

Whose voiceless breathings round them cling.

Yet still those accents waken not;

The bird has left the linden tree;

A summer silence falls once more

Upon the listening rose and me.

A DETECTIVE'S STORY.

The following is a true story, by a late well-known member of the

Detective service, and, with, the exception of some names of persons and

places, is given precisely as he himself related it.

Late one Friday afternoon, in the latter part of November, 18--, I was

sent for by the chief of the New York Police, and was told there was a

case for me. It was a counterfeiting affair. Notes had been forged on a

Pennsylvania bank; two men had been apprehended, and were in custody.

The first, Springer, had turned State's evidence on his accomplice; who,

according to his account, was the prime mover in the business. This man,

Daniel Hawes by name, had transferred the notes to a third party, of

whom nothing had been ascertained except that he was a young man, wrote

a beautiful hand, and had been in town the Monday before. He was the man

I was to catch.

It was sundown when I left the superintendent's office. I had not much

to guide me: there were hundreds of young men who wrote a beautiful

hand, and had been in town last Monday. But I did not trouble myself

about what I did not know: I confined myself to what I did know. Upon

reflection I thought it probable that _my man_ had been in intimate

relations with Hawes for the last few days, probably since Monday last,

although it was not known that he had been in town since that day. He

might not be a resident in the city; but I decided to seek him

here--since, if he had not left town before the arrest of Springer and

Hawes, he would not just now run the risk of falling into the hands of

the police by going to any railroad station or steamer wharf.

I determined, therefore, to follow up the track of Hawes, and thereby,

if possible, strike that of his confederate--which was, in fact, all

that could be done.

Hawes was a small broker. He lived in Eighteenth street, and had an

office in Wall street.

He lived too far up town, I thought, to go home every day to his dinner;

he went then, most probably, always to the same eating house, and one

not far from his office.

After inquiring at several restaurants near by, I came to one in Liberty

street, where, on asking if Mr. Hawes was in the habit of dining there,

the waiter said yes.

'Have you seen a young man here with him, lately?' I inquired.

'No--no one in particular,' replied the waiter.

'Are you sure of it? Come, think.'

After scratching his head for a moment, he said:

'Yes, there has been a young man here speaking to him once or twice.'

'How did he look?'

'He was short, and had black hair and eyes.'

'Who is he? What does he do?'

'He is clerk to Mr. L----, the linen importer.'

'Where does Mr. L---- live?'

The waiter did not know. Looking into a Directory, I ascertained his

residence to be in Fourteenth street. The stores by this time were

closed, so I went immediately to Mr. L----'s house, and asked to see

him. He was at dinner.

'I am sorry to disturb him,' said I to the servant, 'but I wish to speak

with him a moment on a matter of importance, and cannot wait.'

Mr. L---- came out, evidently annoyed at the intrusion.

'Have you such a person in your employment?' said I, describing him.

'No, sir, I have not.'

'You had such a person?'

'I have not now.'

'Did you discharge him?'

'Yes.'

'Why?'

'What business is that of your's?' he asked, rather huffily.

'My name, sir, is M----, of the police. I am after this fellow, that's

all. Tell me, if you please, why you discharged him?'

'Oh, I beg your pardon,' said Mr. L----. 'I took you for one of his

rascally associates. I discharged him a week or ten days ago. He was a

dissipated, good-for-nothing fellow.'

'Was he your bookkeeper?'

'No, he was a junior clerk.'

'Have you any of his handwriting that you can show me?'

He fumbled in a side pocket and drew out a pocketbook from which he took

a memorandum of agreement, or some paper of the sort, to the bottom of

which a signature was attached as witness.

'That's his writing,' said he.

It was a stiff schoolboy's scrawl.

This was not my man then. I apologized to Mr. L---- for the trouble I

had given him, and withdrew.

Lost time, said I to myself. I am on the wrong track. I must back to the

eating house, and begin the chase again from the point where I left off.

I saw the same waiter.

'I want you to think again,' said I, 'Try hard to remember whether there

was never any other man here with Hawes on any occasion.'

After reflecting for a little while, he said he thought he recollected

his going up stairs not long ago, with another man, to a private room.

'Did you wait on him yourself at the time you speak of?' I asked.

'No--most likely it was Joe Harris.'

'Will you send for him, if you please.'

Joe Harris came.

'You waited on Mr. Hawes a few days ago, when he dined with another

gentleman in a private room up stairs, didn't you?'

'Yes, sir.'

'Who was that other man?'

'He is a young man who is clerk in a livery stable in Sullivan street.'

'What are his looks?'

'He is tall and light haired.'

'Do you know his name?'

'His name is Edgar.'

I hurried up to Sullivan street, went into the first livery stable I

came to, inquired for the proprietor, and asked him if he had a young

man in his stable of the name of Edgar.

He said he had.

'Does he keep your books?'

'Yes, he takes orders for me.'

'Let me see some of his handwriting, if you please.'

He stepped back into the office and took from a desk a little order

book. I opened it: there were some orders, hastily written, no doubt,

but in a hand almost like beautiful copperplate.

This was my man--I felt nearly certain of it. I asked where he lived,

and was told, with his mother, a widow woman, at such a number in Hudson

street. I started for the place. It was now nine o'clock. Arriving at

the house, I rang the bell. It was answered by a servant girl.

'Does Mr. Edgar live here?' I inquired.

'Yes, sir.'

'Is he at home?'

'No, sir.'

'When will he come home?'

'I don't know.'

'Does he sleep here?'

'Sometimes he does, and sometimes he doesn't.'

'Where is he likely to be found? I should like to see him.'

She said she really didn't know, unless perhaps he might be at a

billiard saloon not far off. I went there. A noisy crowd was around the

bar. I looked around the room and closely scrutinized every face. No

tall, light-haired young man was there. I asked the barkeeper if Mr.

Edgar had been there that evening. He said no, he had not seen anything

of him for two or three days, I asked him if there was any other place

he knew of that Edgar frequented, and was told he went a good deal to a

bowling alley in West Broadway near Duane street. Not much yet, I

thought, as I hurried on to West Broadway. Descending a few steps into a

basement, I entered a sort of vestibule or office to the bowling saloon.

'Has Mr. Edgar been here this evening?' I inquired of the man in

attendance.

'He is here now,' was the reply, 'in the other room, through that door.'

I passed through the door indicated into the bowling alley, and accosted

the marker:

'Is Mr. Edgar here?'

'He has just gone--fifteen minutes ago.'

'Do you know where he went to?'

'Seems to me some of them said something about going to the Lafayette

Theatre.'

I am on his track now--I said to myself--only fifteen minutes behind

him. I bent my steps to the theatre--taking with, me a comrade in the

police service, whom I had encountered as I was leaving the saloon. We

hurried on with the utmost rapidity, but on reaching the theatre, found,

to my disgust, what I had already feared, that the play was over, and

the theatre just closed.

'Better give it up for to-night,' said my companion; 'we know enough

about him now, and can take up the search again to-morrow.'

'It won't do, Clarke,' said I, 'we have inquired for him at too many

places. Stay, I've a notion he may be heard of at some of these oyster

cellars hereabouts.'

I went down into one of them, and asked if a tall young man with light

hair had been there that evening. A tall young man with light hair and

mustache had come in from the theatre with a lady, and had just left. I

asked my informant if he knew the lady. She was a Miss Kearney, he

answered.

'What?' I continued, 'didn't her sister marry the actor Levison?'

'Yes, the same person.'

'He lives in Walker street, near the Bowery, I believe?'

'Yes, I think so,' replied the man.

I considered a moment. Of course no one could tell me where Edgar had

gone to; but I was tolerably certain he had gone home with the girl.

Where she lived I did not know, but I thought it probable the actor

could tell me. So we started on to Walker street. There are--or were at

the time I speak of--several boarding houses in Walker street. We passed

one or two three-story houses with marble steps. 'Shall I ask along

here?' said Clarke. 'No,' I answered; 'poor actors don't board there; we

must look for him farther on.' We kept on, and after a little while, we

found one that seemed to me to be likely to be the house we were looking

for. I rang the bell and inquired for Mr. Levison. He was gone to bed.

It was now twelve o'clock. I desired the man that opened the door to

tell him that some one was below who wished to see him immediately. He

soon returned, saying that Mr. Levison was in bed, and could not be

disturbed: I must leave my business, or call again next day.

I thought it necessary to frighten him a little; so I sent up word that

I was an officer of police, and he must come down instantly, or I should

go up and fetch him. In a few moments the actor made his appearance,

terribly frightened. Before I could say anything he began to pour out

such a flood of questions and asseverations that I could not get a word

in: What did I want with him? I had come to the wrong man; he hadn't

been doing anything, etc., etc. 'I don't want you,' I began--but it was

of no use, I could not stop him; his character was excellent, anybody

would vouch for him; I ought to be more sure what I was about before I

roused people from their beds at midnight, etc., etc. His huddled words

and apprehensive looks made me suspect there was something wrong with

him; but it was no concern of mine then. I seized him by the shoulder,

and ordered him to be quiet.

'Don't utter another word,' said I, 'except to answer my questions, or

I'll carry you off and lock you up. I have not come to arrest you. I

only want to ask you a few questions. Haven't you a sister-in-law named

Miss Kearney?'

'Yes, what do you want with her?'

'I am not going to do her any harm. I only want to know where she

lives.'

'Oh I she lives in ---- street.'

'Do you know the number?'

'Goodness, yes; it is number 34. I have boarded there myself until only

a little while ago.'

'Indeed!'

'Yes, I have got a dead-latch key somewhere about.'

'The deuce you have! Give it to me; it is just what I want.'

'Give you a dead-latch key! a pretty notion!'

'I wouldn't give it to any man--not to all the detective squad in New

York.'

'Look here, my friend, I am M----, pretty well known in this town. I

have a good many opportunities in the course of my business to do people

good turns, and not a few to do them ill turns. It is a convenient

vocation to pay off scores, particularly to persons of your sort. If you

will give me that key, I'll make it worth your while the first chance I

have. If you don't, you'll be sorry; that's all."

I gave him a significant look as I concluded. He looked me in the face a

minute--as if to see how much I meant, or if I suspected anything; then

turned and ran up stairs. In a few moments he came down, and handed me

the key. I took it with satisfaction.

'Now,' said I, 'you'll have no objections to telling me where your

sister-in-law's room in the house is.'

'Third story, back room, second door to the left from the head of the

stairs.'

'Thank you, good night.'

We walked rapidly to ---- street, and reaching the house, I stopped a

moment to examine my pistols, by the street lamp, and then softly opened

the door. Clarke and I stepped in, and I shut the door.

Leaving my comrade in the hall, I crept noiselessly up stairs, and

tapped at the door of the room.

'Who is there?' called out a woman's voice. 'Open the door,' I replied,

'and I'll tell you what I want.'

'You can't come in. I have gone to bed.'

'Oh, well, I am a married man; I'll do you no harm; but you must let me

in, or I shall force the door.'

After a moment's delay the door was opened by a young woman in a morning

wrapper, who stood as if awaiting an explanation of the intrusion. I

passed by her, and walked up to a young man sitting in a low chair by

the fire, and tapping him on the shoulder, said: 'You are my prisoner.'

He raised his head and looked up. 'Why, Bill,' I exclaimed, 'is this

you? I have been looking for you all night under a wrong name. If I had

known it was you, I'd have caught you in an hour.' And so I would.

It is only necessary to say further, that he was the man I was set to

catch. I may add, however, that a large amount of the counterfeit notes,

and the plates on which they were printed, were secured, and the

criminal sent to Sing Sing in due course of law.

LITERARY NOTICES.

FLOWER FOR THE PARLOUR AND GARDEN. By EDWARD SPRAGUE RAND, jr. Boston:

J.E. Tilton & Co. Price $2.50.

J.E. Tilton & Co. are the publishers of the series of photographic and

lithographic cards of flowers, leaves, mosses, butterflies,

hummingbirds, &c., noted for their beauty of execution. 'Flowers are so

universally loved, and accepted everywhere as necessities of the moral

life, that whatever can be done to render their cultivation easy, and

to bring them to perfection in the vicinity of, or within, the

household, must be regarded as a benefaction.' This benefit our author

has certainly conferred upon us. The gift is from one who must himself

have loved these lily cups and floral bells of perfume, and will be

warmly welcomed by all who prize their loveliness. In the pages of this

book may be found accurate and detailed information on all subjects

likely to be of interest to their cultivators. We give a list of the

contents of its chapters, to show how wide a field it covers. Chap. I.

The Green-House and Conservatory. Chap. II. Window Gardening. Chap.

III, IV, V, VI. Plants for Window Gardening. VII. Cape Bulbs. VIII.

Dutch Bulbs. IX. The Culture of the Tube Rose. X. The Gladiolus and its

culture. XI. How to force flowers to bloom in Winter. XII. Balcony

Gardening. XIII. The Wardian Case and Winter Garden. XIV. Stocking and

Managing Wardian Cases. XV. Hanging Baskets and Suitable Plants, and

Treatment of Ivy. XVI. The Waltonian Case. XVII. The Aquarium and Water

Plants. XVIII. How to grow specimen Plants. XIX. Out Door Gardening,

Hot Beds. XX. The Garden. XXI. Small Trees and Shrubs. XXII. Hardy

Herbaceous Plants. XXIII. Hardy Annuals. XXIV. Bedding Plants. XXV.

Hardy and half hardy Garden Bulbs. XXVI. Spring Flowers and where to

find them.

The appearance of this book is singularly elegant, its tinted paper soft

and creamy, its type clear and beautiful, its quotations evince poetic

culture, and its illustrations are exquisitely graceful. It is a real

pleasure to turn over its attractive leaves with the names of loved old

flower-friends greeting us on every page, and new claimants with new

hopes and types of beauty constantly starting up before us. What with

Waltonian cases, hanging baskets, Wardian cases, &c., our ladies may

adorn their parlors with _artistic_ taste with these fragrant, fragile,

rainbow-hued children of Nature.

'Bright gems of earth, in which perchance we see

"What Eden was, what Paradise may be.'

'From the contemplation of nature's beauty there is but the uplifting of

the eye to the footstool of the Creator.'

HOSPITAL TRANSPORTS. A Memoir of the Embarkation of the Sick and

Wounded from the Peninsula of Virginia in the Summer of 1862. Compiled

and published at the request of the Sanitary Commission. Boston:

Ticknor & Fields. For sale by D. Appleton & Co., New York.

A book which should be in the hands of all who love their country. The

Sanitary Commission deserve the undying gratitude of the nation. Their

organization is one of pure benevolence; the men and women working

effectively through its beneficent channel have given evidence of some

of the noblest and divinest attributes of the human soul. It is

difficult to form any idea of the magnitude and importance of the work

the commission has achieved. 'Never till every soldier whose last

moments it has soothed, till every soldier whose flickering life it has

gently steadied into continuance, whose waning reason it has softly

lulled into quiet, whose chilled blood it has warmed into healthful

play, whose failing frame it has nourished into strength, whose fainting

heart it has comforted with sympathy,--never, until every full soul has

poured out its story of gratitude and thanksgiving, will the record be

complete; but long before that time, ever since the moment that its

helping hand was first held forth, comes the Blessed Voice: 'Inasmuch as

ye have done it unto one of the least of these my brethren, ye have done

it unto me.''

'The blessings of thousands who were ready to perish, and tens of

thousands who love their country and their kind, rest upon those who

originated, and those who sustain this noble work.'

This book is full of vivid interest, of true incident, of graphic

sketches, of loyalty, patriotism, and self-abnegation, whether of men or

of noble women, and recommends itself to all who love and would fain

succor the human race.

AUSTIN ELLIOT. BY HENRY KINGSLEY, Author of Ravenshoe, etc.

Boston: Ticknor & Fields. For sale by D. Appleton & Co. New York.

A graphic novel of considerable ability, and more than usual interest.

The tone is highly moral throughout. The lessons on duelling are

excellent. Would that our young men would lay them to heart! The

characters are, many of them, well drawn and sustained--we confess to a

sincere affection for the Highlander, Gil Macdonald, and the Scotch

sheep-dog, Robin. Many of the scenes in which they appear are full of

simple and natural pathos.

HUSBAND AND WIFE; or, The Science of Human Development through

Inherited Tendencies. By the Author of the Parent's Guide, etc.

Carleton, publisher, 413 Broadway, New York.

A suggestive book on an important subject. The writer assumes that

'there are _laws_ of hereditary transmission in the mental and moral, as

well as the physical constitution. Precisely what these laws are, she

does not assume to state. Such as are well known will however be helpful

to all, and will facilitate the discovery of those yet hidden from us.

Women, who bear such an important part in parentage, should be the most

clear-sighted students of nature in these things. It is to woman that

humanity must look for the abatement of many frightful evils,

malformation, idiocy, insanity, &c., yet the principles pertaining to

the knowledge of her own duties and powers, which ought to be a part of

the instruction of every woman, are rarely placed before her. Much that

pertains to the same phenomena among the lower animals may properly

constitute a part of her studies in natural history; but with the laws

which govern the most momentous of all social effects--the moral and

mental constitution of individuals composing society--with the gravest

of possible results to herself--the embodiment of power and weakness,

capacity or incapacity, worth or worthlessness in her own offspring, she

is forbidden all acquaintance. Yet when she assumes the duties and

responsibilities of maternity, such knowledge would be more valuable to

her and to those dearest to her, than all of the treasures of the

gold-bearing lands, if poured at her feet.'

The laws of hereditary transmission make the staple of this book. It is

written by a lady, and will commend itself to all interested in this

subject. Pearl, in the Scarlet Letter, and Elsie Venner, are artistic

exemplifications of such disregarded truths.

VICTOR HUGO, by a Witness of his Life: Madame HUGO.

Translated from the French, by CHARLES EDWIN WILBOUR,

translator of 'Les Miserables.' Carleton, publisher, 413 Broadway, New

York.

A biography of a remarkable man, written by a constant observer of his

actions, almost a second self, can scarcely fail to prove interesting.

In this case the interest is increased by its close connection with a

popular novel. Indeed, the readers of 'Les Miserables' will be

astonished to find what a flood of light is thrown upon that master work

by this charming life-history of its author. Marius is but a free

variation of Victor Hugo himself. In Joly, the old school-mate of the

Pension Cordier, the author of Jean Valjean becomes closely acquainted

with a real galley slave. In short, the great romance is a part of the

life of Victor Hugo, and cannot be fully understood without the

biography--its completion.'

LIFE AND TIMES OF SIR WILLIAM JOHNSON, BARONET.

J. MUNSELL, 78 State street, Albany, announces for publication

by subscription, 'The Life and Times of Sir William Johnson, Baronet.'

The work is by William L. Stone, son of Colonel Stone, well known as

editor and biographer. The materials of this Life were derived from

original papers furnished by the family of Sir William, from his own

diary, and other sources which have never before been consulted. The

work was begun by the late William L. Stone, has been completed by his

son, and with the Lives of Brant and Red Jacket, brings down the history

of the Six Nations and their relations with Great Britain, from 1560 to

1824. The edition will be very nearly confined to the number subscribed

for. Price $5, payable on delivery.

Sir William Johnson was Superintendent of Indian Affairs in this country

before the Revolution, was distinguished in Colonial history, and active

in the French and Indian war. His life was one of romantic interest and

vicissitude. The work is highly spoken of by the literati who have seen

the advance sheets. Jared Sparks, George Bancroft, F. Parkman, G.W.

Curtis, Lewis Cass, &c., testify to its interest and historical

accuracy. From the well-known ability of its author, it may be safely

and highly commended to the reading and thinking public.

BEYOND THE LINES; or, a Yankee Prisoner Loose in Dixie. By Captain J.J.

Geer, late of General Buckland's Staff. Philadelphia: J.W. Daughaday,

publisher, 1308 Chestnut street.

CAPTAIN JOHN J. GEER was, before the war, a minister of the Methodist

Church in Ohio, was taken prisoner before the battle of Shiloh, in a

skirmish with Beauregard's pickets, passed some months in rebel

prisons, made his escape, and pleasantly tells the story of his

adventures. He reports that the large slave-holders and the wretched

clay-eaters are all Secessionists, but that a large middle class,

people who own but few slaves and till their own fields, are mostly

true to the Union, in the parts of the South he visited. The book is

one of incident, contains many curious pictures of life and character,

and will address itself to a large class of readers.

THE AMBER GODS, AND OTHER STORIES. By Harriet Elizabeth Prescott.

Ticknor & Fields, Boston. For sale by D. Appleton & Co., New York.

The many readers of Miss Prescott will be glad to welcome the present

collection of her very popular tales. It contains: The Amber Gods. In a

Cellar. Knitting Sale-Socks. Circumstance. Desert Lands. Midsummer and

May. The South Breaker.

Few writers have attained distinction and recognition so immediately as

Miss Prescott. Her fancy is brilliant, her style glowing, and culture

and varied information mark the products of her pen.

PHILIP VAN ARTEVELDE; a Dramatic Romance. Ticknor & Fields, Boston. For

sale by D. Appleton & Co., New York.

An historical romance, cast in a dramatic and rhythmical form, by Henry

Taylor. It has been too long known to the community to require any

commendation at the present date. It has gone through many editions in

England. We are glad to see it in the convenient and pleasant form of

Ticknor's "Blue and Gold," so well known to American readers.

THE BRITISH AMERICAN; a Colonial Magazine. Published monthly by Messrs.

Rollo & Adam, 61 King street, Toronto, Canada West.

The articles of this magazine are of varied interest, generally well

written and able. "What is Spectrum Analysis?" given by the Editor in

the August number, is a contribution of research and merit.

THE CHRISTIAN EXAMINER. Boston: By the proprietors, at Walker, Wise &

Co.'s, 245 Washington street.

Contents: Tertullian and Montanism. The Reality of Fiction. Rome in the

Middle Age. Zschokke's Religious Meditations. Henry James on Creation.

Loyalty in the West. Altar, Pulpit, and Platform, A Month of Victory

and its Results. Review of Current Literature. Theology.

The Continental Monthly

The readers of the CONTINENTAL are aware of the important position it

has assumed, of the influence which it exerts, and of the brilliant

array of political and literary talent of the highest order which

supports it. No publication of the kind has, in this country, so

successfully combined the energy and freedom of the daily newspaper with

the higher literary tone of the first-class monthly; and it is very

certain that no magazine has given wider range to its contributors, or

preserved itself so completely from the narrow influences of party or of

faction. In times like the present, such a journal is either a power in

the land or it is nothing. That the CONTINENTAL is not the latter is

abundantly evidenced _by what it has done_--by the reflection of its

counsels in many important public events, and in the character and power

of those who are its staunchest supporters.

Though but little more than a year has elapsed since the CONTINENTAL was

first established, it has during that time acquired a strength and a

political significance elevating it to a position far above that

previously occupied by any publication of the kind in America. In proof

of which assertion we call attention to the following facts:

1. Of its POLITICAL articles republished in pamphlet form, a single one

has had, thus far, a circulation of _one hundred and six thousand_

copies.

2. From its LITERARY department, a single serial novel, "Among the

Pines," has, within a very few months, sold nearly _thirty-five

thousand_ copies. Two other series of its literary articles have also

been republished in book form, while the first portion of a third is

already in press.

No more conclusive facts need be alleged to prove the excellence of the

contributions to the CONTINENTAL, or their _extraordinary popularity_;

and its conductors are determined that it shall not fall behind.

Preserving all "the boldness, vigor, and ability" which a thousand

journals have attributed to it, it will greatly enlarge its circle of

action, and discuss, fearlessly and frankly, every principle involved in

the great questions of the day. The first minds of the country,

embracing the men most familiar with its diplomacy and most

distinguished for ability, are among its contributors; and it is no mere

"flattering promise of a prospectus" to say that this "magazine for the

times" will employ the first intellect in America, under auspices which

no publication ever enjoyed before in this country.

While the CONTINENTAL will express decided opinions on the great

questions of the day, it will not be a mere political journal: much the

larger portion of its columns will be enlivened, as heretofore, by

tales, poetry, and humor. In a word, the CONTINENTAL will be found,

under its new staff of Editors, occupying a position and presenting

attractions never before found in a magazine.

* * * * *

TERMS TO CLUBS.

Two copies for one year, ....... Five dollars.

Three copies for one year, ..... Six dollars.

Six copies for one year, ....... Eleven dollars.

Eleven copies for one year, .... Twenty dollars.

Twenty copies for one year, .... Thirty-six dollars.

PAID IN ADVANCE.

_Postage, Thirty-six cents a year_, TO BE PAID BY THE SUBSCRIBER.

SINGLE COPIES.

Three dollars a year, IN ADVANCE. _Postage paid by the Publisher_.

JOHN F. TROW, 50 Greene St., N.Y.,

PUBLISHER FOR THE PROPRIETORS.

[Graphic: Right-pointing hand] As an inducement to new subscribers, the

Publisher offers the following liberal premiums:

[Graphic: Right-pointing hand] Any person remitting $3, in advance,

will receive the magazine from July, 1862, to January, 1864 thus

securing the whole of MR. KIMBALL'S and MR. KIRKE'S new serials, which

are alone worth the price of subscription. Or, if preferred, a

subscriber can take the magazine for 1863 and a copy of "Among the

Pines," or of "Undercurrents of Wall Street," by R.B. KIMBALL, bound in

cloth, or of "Sunshine in Thought," by CHARLES GODFREY LELAND (retail

price, $1 25.) The book to be sent postage paid.

[Graphic: Right-pointing hand] Any person remitting $4 50, will receive

the magazine from its commencement, January, 1862, to January, 1864,

thus securing MR. KIMBALL'S "Was He Successful?" and MR. KIRKE'S "Among

the Pines," and "Merchant's Story," and nearly 3,000 octavo pages of the

best literature in the world. Premium subscribers to pay their own

postage.

[Illustration: THE FINEST FARMING LANDS, WHEAT, CORN, COTTON, FRUITS &

VEGETABLES]

~EQUAL TO ANY IN THE WORLD!!!~

MAY BE PROCURED

AT FROM $8 TO $12 PER ACRE,

Near Markets, Schools, Railroads, Churches, and all the blessings of

Civilization.

1,200,000 Acres, in Farms of 40, 80, 120, 160 Acres and upwards, in

ILLINOIS, the Garden State of America.

* * * * *

The Illinois Central Railroad Company offer, ON LONG CREDIT, the

beautiful and fertile PRAIRIE LANDS lying along the whole line of their

Railroad, 700 MILES IN LENGTH, upon the most Favorable Terms for

enabling Farmers, Manufacturers, Mechanics and Workingmen to make for

themselves and their families a competency, and a HOME they can call

THEIR OWN, as will appear from the following statements:

~ILLINOIS~.

Is about equal in extent to England, with a population of 1,722,686, and

a soil capable of supporting 20,000,000. No State in the Valley of the

Mississippi offers so great an inducement to the settler as the State of

Illinois. There is no part of the world where all the conditions of

climate and soil so admirably combine to produce those two great

staples, CORN and WHEAT.

~CLIMATE~.

Nowhere can the industrious farmer secure such immoderate results from

his labor as on these deep, rich, loamy soils, cultivated with so much

ease. The climate from the extreme southern part of the State to the

Terre Haute, Alton and St. Louis Railroad, a distance of nearly 200

miles, is well adapted to Winter.

~WHEAT, CORN, COTTON, TOBACCO~.

Peaches, Pears, Tomatoes, and every variety of fruit and vegetables is

grown in great abundance, from which Chicago and other Northern markets

are furnished from four to six weeks earlier than their immediate

vicinity. Between the Terre Haute, Alton & St. Louis Railway and the

Kankakeo and Illinois Rivers, (a distance of 115 miles on the Branch,

and 135 miles on the Main Trunk,) lies the great Corn and Stock raising

portion of the State.

~THE ORDINARY YIELD~.

of Corn is from 50 to 80 bushels per acre. Cattle, Horses, Mules, Sheep

and Hogs are raised here at a small cost, and yield large profits. It is

believed that no section of country presents greater inducements for

Dairy Farming than the Prairies of Illinois, a branch of farming to

which but little attention has been paid, and which must yield sure

profitable results. Between the Kankakee and Illinois Rivers, and

Chicago and Dunleith,(a distance of 56 miles on the Branch and 147 miles

by the Main Trunk,) Timothy Hay, Spring Wheat, Corn, &c., are produced

in great abundance.

~AGRICULTURAL PRODUCTS~.

The Agricultural products of Illinois are greater than those of any

other State. The Wheat crop of 1861 was estimated at 85,000,000

bushels, while the Corn crop yields not less than 140,000,000 bushels

besides the crop of Oats, Barley, Rye, Buckwheat, Potatoes, Sweet

Potatoes, Pumpkins, Squashes, Flax, Hemp, Peas, Clover, Cabbage, Beets,

Tobacco, Sorgheim, Grapes, Peaches, Apples, &c., which go to swell the

vast aggregate of production in this fertile region. Over Four Million

tons of produce were sent out the State of Illinois during the past

year.

~STOCK RAISING~.

In Central and Southern Illinois uncommon advantages are presented for

the extension of Stock raising. All kinds of Cattle, Horses, Mules,

Sheep, Hogs, &c., of the best breeds, yield handsome profits; large

fortunes have already been made, and the field is open for others to

enter with the fairest prospects of like results. DAIRY FARMING also

presents its inducements to many.

~CULTIVATION OF COTTON~.

_The experiments in Cotton culture are of very great promise. Commencing

in latitude 39 deg. 30 min. (see Mattoon on the Branch, and Assumption

on the Main Line), the Company owns thousands of acres well adapted to

the perfection of this fibre. A settler having a family of young

children, can turn their youthful labor to a most profitable account in

the growth and perfection of this plant_.

~THE ILLINOIS CENTRAL RAILROAD~.

Traverses the whole length of the State, from the banks of the

Mississippi and Lake Michigan to the Ohio. As its name imports, the

Railroad runs through the centre of the State, and on either side of

the road along its whole length lie the lands offered for sale.

~CITIES, TOWNS, MARKETS, DEPOTS~.

There are Ninety-eight Depots on the Company's Railway, giving about one

every seven miles. Cities, Towns and Villages are situated at convenient

distances throughout the whole route, where every desirable commodity

may be found as readily as in the oldest cities of the Union, and where

buyers are to be met for all kinds of farm produce.

~EDUCATION~.

Mechanics and working-men will find the free school system encouraged by

the State, and endowed with a large revenue for the support of the

schools. Children can live in sight of the school, the college, the

church, and grow up with the prosperity of the leading State in the

Great Western Empire.

* * * * *

~PRICES AND TERMS OF PAYMENT--ON LONG CREDIT~.

80 acres at $10 per acre. with interest at 6 per ct. annually on the

following terms:

Cash payment.............$18.00

Payment in one year.......48.00

" in two years......48.00

" in three years....48.00

" in four years....236.00

" in five years....224.00

" in six years.....212.00

" in seven years...206.00

40 acres, at $10.00 per acre:

Cash payment.............$24.00

Payment in one year.......24.00

" in two years......24.00

" in three years....24.00

" in four years....118.00

" in five years....112.00

" in six years.....106.00

" in seven years...100.00

Commissioner. Illinois Central Railroad, Chicago, Ill.

THE

CONTINENTAL

MONTHLY.

DEVOTED TO

Literature and National Policy.

* * * * *

NOVEMBER, 1863.

* * * * *

NEW YORK:

~JOHN F. TROW, 50 GREENE STREET~

(FOR THE PROPRIETORS).

HENRY DEXTER AND SINCLAIR TOUSEY.

WASHINGTON, D.C.: FRANCK TAYLOR.

CONTENTS.--No. XXIII.

The Defence and Evacuation of Winchester. By Hon. F.P.

Stanton, 481

The Two Southern Mothers. By Isabella MacFarlane, 490

Diary of Frances Krasinska, 491

November. By E.W.C., 500

The Assizes of Jerusalem. By Prof. Andrew Ten Brook, 501

Letters to Professor S.F.B. Morse. By Rev. Dr. Henry, 514

Buckle, Draper, and the Law of Human Development. By

Edward B. Freeland, 529

Treasure Trove, 545

Matter and Spirit. By Lieut. E. Phelps. With Reply of Hon.

F.P. Stanton, 546

Extraterritoriality in China. By Dr. Macgowan, 556

Reason, Rhyme, and Rhythm. By Mrs. Martha W. Cook, 567

The Lions of Scotland. By W. Francis Williams, 584

We Two. By Clarence Butler, 591

Patriotism and Provincialism. By H. Clay Preuss, 592

Literary Notices, 594

Editor's Table, 598

* * * * *

'EDMUND KIRKE,' author of 'Among the Pines.' &c., and until recently

one of the Editors of this Magazine, is prepared to accept a limited

number of invitations to Lecture before Literary Associations, during

the coming fall and winter, on 'The Southern Whites: Their Social and

Political Characteristics.' He can be addressed 'care of Continental

Monthly, New York.'

All communications, whether concerning MSS. or on business, should be

addressed to

~JOHN F. TROW, Publisher~,

50 GREENE STREET, NEW YORK.

* * * * *

Entered, according to Act of Congress, in the year 1863, by John F.

Trow, in the Clerk's Office of the District Court of the United States

for the Southern District of New York.

JOHN F TROW, PRINTER.