cause, says Vossius, they intended commonly, by these loose papers, to spread about defamatory reflections, and were therefore prohibited in Italy, by Gregory XIII., in a particular bull, under the name of Menantes (from the Latin minantes, threatening). Menage derives the name, with more probability, from the Italian menare, which signifies "to lead at large," or, "spread afar." Perhaps it will not be irrelevant, however, for the writer to remark, that it is common for the Mecklenburg peasantry, as he knows from experience, to call the newspaper de Legenblad (the lying paper); and the German proverb in use to this day, "He lies like print," (er luegt wie gedruckt,) is probably connected with this view of early newspapers.

The first English genuine newspaper appeared under Elizabeth, in the epoch of the Spanish Armada, of which several, printed when the Spanish fleet was in the English Channel, during the year 1588, are preserved in the British Museum; and it is very curious how much the mode of communicating certain kinds of intelligence in these early papers resemble the forms in use at present. The earliest newspaper is entitled "The English Mercurie," which, by authority, "was imprinted at London, by her highness's printer, 1588." These were, however, but extraordiuary gazettes, not regularly published. Periodical papers seem first to have been more generally used by the English during the civil wars of the time of the Commonwealth, to disseminate sentiments of loyalty or resistance. They were called weekly news-books. Though Mercury was the prevailing title of most, the quaintness which marks the titles of books in that age, is found also in the names of the "news-books;" for instance, the Secret Owl, Heraclitus Ridens, the Weekly Discoverer, and the Discoverer Stript Naked, &c. A catalogue of the Mercuries would exhibit a curious picture of those singular times.

We learn from Buckingham's specimens of newspaper literature, that the earliest newspaper established in North America was the Boston News-Letter, the first number of which was issued April 24, 1704.

A comparison of the number of periodicals and inhabitants of different countries, gives the following results:

In 1827, there appeared in Great Britain, 483 different newspapers and other periodicals to 23,400,000 inhabitants; in Sweden and Norway, 82 journals to 3,866,000 inhabitants; in the States of the Church, 6 newspapers to 2,598,000 inhabitants; (Stockholm, with 78,000 inhabitants, has 30 journals; Rome, with 154,000, only 3); Denmark, to 1,950,000 inhabitants, has 80 journals, of which 71 are in the Danish language; 23 are devoted to politics; 25 to the sciences. Prussia has 12,416,000 inhabitants, and 288 journals and periodicals. (Berlin has 221,000 inhabitants, and 53 periodical works; Copenhagen has 109,000 inhabitants, and 57 journals) The Netherlands have 6,143,000 inhabitants, and 150 journals. In the German Confederation, (excluding Austria and Prussia,) there are 13,300,000 inhabitants, and 305 journals; in Saxony, to 1,400,000 inhabitants, 54 newspapers; in Hanover, to 1,550,000 inhabitants, 16 newspapers; in Bavaria, to 3,960,000 inhabitants, 48 newspapers. France, with a population of 32,000,000, has 490 periodical works, (660 printing establishments, 1,500 presses ;) in Paris, 81 printing establishments, or 850 presses.

In Paris alone, containing 890,000 inhabitants, there are 176 periodical works.

The following table, arranged for the American Almanac of 1830, is corrected from the Traveller, and contains a statement of the number of newspapers published in the colonies at the commencement of the Revolution, and also the number of newspapers and other periodical works in the United States in 1810 and 1828:

ARTICLE V.

From the American Railroad Journal.

Probable Effect of an European War upon American Securities.

An European War being certain, one of the most interesting problems involved, as far as this country is concerned, is its probable effect upon the intrinsic and marketable value of our securities, particularly those issued on account of railroads, and works of similar character.

From the intimate relations which subsist between the United States and all the commercial nations of Europe, each is, to a certain degree, necessarily affected by the condition of the other. If one be prosperous, all share in this prosperity. If the contrary be the fact, all suffer. At the present day, no nation, however independent its action, and however free from political and diplomatic entanglements, can escape the effect of the conduct or condition of its neighbor. Commercially, they belong to one community. If a paralysis strike a particular branch of industry of one of the members, it falis upon a corresponding branch of that of another. Should cotton spinning in Great Britain cease, the production of the raw material in this country would be largely curtailed. If European nations become too poor to purchase our staples, their previous value is the measure of our loss. Our people, therefore, are to be effected by a war in the same manner as those of France or England, only in a vastly less degree.

But the effect of a war will extend beyond the mere influence it exerts upon the price of our staples. An opinion adverse to one of our more important interests, may do us as much harm as would the loss of one of our leading crops.-Should a war create a distrust as to the value of European securities, and depress their market value, a similar sentiment, by necessary sympathy, would cross the Atlantic, and exert a similar effect upon the securities of this country. There may be no necessary reason for such coincidence, and no satisfactory explanation for it. The price of English consols has certainly nothing to do with the value of Erie or New York Central stocks, yet the quotations of the latter dance attendance upon the former with as much certainty as the shadow does the substance.

The first shock that European securities reveived, was consequently followed by a corresponding decline of those of the United States, in obedience to what seems to be an unvarying law. We may always calculate a certain result in this country to be due to a real or assumed condition of affairs in Europe. But in the present case, there are other reasons than those named, why this country should feel the effects of an European war. For several years past our people have been in the habit of borrowing large

sums from abroad for the prosecution of our public works. It has been foreign capital that has enabled our people to accomplish no small part of the immense results that have been achieved. If the whole, or a considerable portion of this supply be cut off, the entire burden of the construction of our public works will be thrown upon our own people. This fact must draw large sums from other investments, and create a general stringency, the effect of which must be to reduce the market value of all our securities.

The prospect of war has already produced the results we have described. It has almost entirely checked the flow of European capital to this country-imposing upon our own people the burden of providing themselves the whole cost of our public works. A depressed share and bond market is the necessary result.

The degree of the depression of the market value of the securities of this country will depend, to a very considerable extent, upon the degree of the fluctuations in Europe. But as the causes that will produce, for a time, similar results, are different, our own market must recover its tone so soon as it is seen that the real value of our securities are not impaired, and so soon as our people adapt themselves to the altered state of affairs. The market now yields to a sentiment borrowed from abroad, and to a condition of things in this country, which must work its own cure. An European war certainly will not diminish the earnings of our railroads. Thus far it has added largely to their earnings, by the increased price created for many of our more important staples, which is rapidly drawing them from the interior to the seaports. The internal trade of the country was never so active as at the present time. Our railroads were never before so successful. The earnings of the entire investment in the United States are at least 25 per cent. greater than at a corresponding period the past year. With an equal ease in the money market, it may be confidently stated, that quotations would at the present time rule from five to ten per cent. higher than last year. The investment is worth such an advance were its value to be measured by the amount of in

come.

We cannot at so eariy a period, estimate the influence of an European war upon this country. There seems to be no probability, however, that this country will, in any way, become a party to it. Our people, true to their money-loving instincts, will think it a good time, while the rest of Christendom is at war, to do the work of the world, and charge their own price for it. It may turn out that commerce can only be safely carried on through the medium of American bottoms. Should the war become general, provisions of all kinds must command a high price. The only staple, the price of which would be injuriously effected, would be cotton, so that on the whole were this country not indebted to Europe, and had we not been accustomed to rely upon European capital to carry forward our works, it seems probable that the first

effect of a war would apparently be favorable. It would increase the value of most of our products. It would give additional employment and higher wages, to many of our more important interests, which would nearly balance the injury that others would suffer. It would in the end result in sending a large amount of capital into the country, as the stability of our institutions, the prosperity of our people, the intrinsic value of our investments, would contrast most favorably with what the old country would show. Such must be the case so soon as we become acclimated to the new state of things, and so soon as the favorable contract referred to, can be properly appreciated. Whether peace or war be the state of Europe, the greater value of investment in this country must be seen and acknowledged, and must continue to attract to it, steadily increasing amounts of foreign capital.

While, therefore, we think it very probable that a rapid decline of the securities of this country may follow a similar decline in Europe, this fact does not in the slightest degree invalidate their value. Should foreigners see stocks quoted in our market at a lower figure than cost, there is no occasion for distrust or alarm, nor is there any reason to suppose that they have paid more than the securities they hold are worth. The depression will be temporary. The state of Europe has not affected their value in the slightest degree. The railroad investment in this country was never worth so much as at this instant. We have regarded the stringency which has prevailed for the past nine months as calculated to produce the most beneficial results. Had the money market continued easy, our people under the flush and excitement of success, would have rushed wild into visionary projects. Upon such, an effectual quietus has been put. Under the present state of the market, rival, or useless, roads will not be built. The roads that are constructed will, consequently, become all the more valuable. A stringency in our money market, therefore, should assure, instead of frightning, the holder of stocks or bonds. A depression in prices merely indicates what is to him, a wholesome state of things; not that his investment is the less valuable, but in fact more so.

Under such circumstances, to return securities to this country for sale, would be the greatest folly. Such a course pursued to a considerable extent would defeat the object of returning them. It would only serve to depress still more their value. As their intrinsic value is entirely independent of their market value, the two will harmonize in our own markets, so soon as the present causes of the depression, which are accidental and temporary in their character, shall cease to operate.