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be substituted; and as another, that no more bank charters should be granted nor any renewed, and those in existence restricted in their issues to not much over their coin on hand; and as another, that money should generally bear a very low rate of interest, which now is about two to two and a half per cent. for loans on call and on stock security.

In order to obtain interest, or a higher interest, on their money, as well as to accomplish the ends intended, loans have been freely made in the countries with which England traded. To this end, and for the purpose of controlling values of what the English traders sell and buy, a majority of the stock in bank charters, in all the principal places of trade in the United States and elsewhere, were bought up.

The borrowing, non-producing, trafficking, and speculating class, in other countries than England, were thus supplied with means of speculating, and of buying and consuming foreign goods, which only the producers of the exports had the means of buying or exchanging their productions for before. In consequence of this money-lending from abroad, through the agency of banks--on pledges of property of either principals or securities, purchases of State stocks, railroad bonds, &c., from the expenditure of which wages were given to employers, &c.-two sets of purchasers, the producing and non-producing, with two supplies of means, were placed in competition to purchase the one supply of foreign commodities, which proportionately diminished the values of the money of both; or, in traffickers' lingo, raised the price of foreign commodities.

On the other hand, by the English circulating no more money at home than is needed as a medium, by which to exchange an average day's work in gold digging for an average day's work in cotton, tobacco, naval stores producing, or for the same quantity of labor in productions of any other kind wanted for consumption, they necessarily sell at a comparatively low price.

The English money lenders, by receiving their interest from abroad, and not lending their money to idlers and speculators on other's industry at home, added to their own and to their communities' advantage in the saving of expenses by buying the productions of other nations, lower in consequence, to a much larger sum than the interest received from them amounted to; and by lending their money abroad, they enhanced the value of their communities' exportable productions to much more than the loaned money amounted to.

By lending money to the Americans, and multiplying it many folds with bank paper, the English obtain the products of a large quantity of American labor for the products of a

small quantity of their labor-the actual or real money, (coin,) and much more repeatedly, returns to the English community in the shape of profits on trade, and a portion of it is re-lent from time to time, both to keep up the price of their productions in the American market of a multiplied paper currency, and prevent it being used at home to raise prices of American productions, which, in consequence, are sold, according to their relative value, with the small quantity of specie applied to purchase them at the rate of the consumptive demand.

American legislators are very zealous in promoting Sir Robert Peel's English policy, by annually chartering paper currency, issuing and loaning establishments, which lately numbered fourteen hundred in the United States, whose issues were estimated last year to be about six hundred millions of dollars, and acting as a substitute for fifty-eight millions of coin withheld from circulation.

The American Southern States are remarkably favorable to Sir Robert Peel's movement, by their not only supplying the English, and others, with from one hundred and fifty to two hundred millions of dollars value of toilsome earned exports, according to their low rates of value, in a currency restricted to specie abroad, but also find the money, such as it is, and consisting of evidences of individual debts, in note-swapping, for others to buy their own produce with. And this leads to a much greater mark of favor, both to the European and Northern States, by leaving the coin that they should receive for their produce at the North, to form a basis of issues of the free banks, and thus further sink the value of the South's labor and productions; or, which is the same thing, the coin value at which the product of the labor was estimated.

The Northern States import, for their consumption, a hundred millions of dollars, at their own expanded paper currency valuation, worth of foreign goods more than-at a specie rate of consumptive demand abroad-they have exports to pay for. The Southern States export abroad, say, a hundred millions of dollars more than they import, which balances the account, so far as it goes, between all the States with foreign nations. For the amount paid for the North abroad by the South, out of its produce at a low rate of value, in a currency restricted in its use to the exchanges of our labor value for another of equal labor value, the North sells to the South foreign and Northern goods, estimated to be worth, in the relative quantities of currency and commodities prevailing, a like sum of one hundred millions of dollars, which balances accounts between the North and South; but which quantity of foreign and Northern goods, in the absence of the artificial values which the South contributes to-by not taking the specie

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home that she is entitled to from the sale of her productswould not be estimated at a third of the amount; which is another sixty-six million of dollars of annual loss, occasioned chiefly by the South's using a paper currency, not being a substitute for coin to the same amount being withdrawn and withheld from circulation in its stead.

From the causes above alluded to-and some others very prominent, which Southern legislation is the origin of-it may be perceived by what artifices fleets of empty ships annually enter Southern ports to convey away thousands of cargoes of the most valuable agricultural and other productions, with leaving nothing in return, or, as a consideration, but the ballast salt of the ships and some orders on consumers of foreign goods in other places, to pay for the latter in supplying the South with the necessary commodities, or means of continuing production.

This disastrous course of trade to the Southern States, proceeds from their and other States grossly violating the Constitution, in substituting a prohibited in lieu of an established currency. Being that there is no dependence on the non-producing class of law-makers in legislatures to retrace their steps, there appears to be no remedy or relief for the South, whether in or out of the Union, except through the present (not a future, Seward) Supreme Court. A case might be brought before it in this way: say an executor of an estate, or an assignee of an insolvent, should refuse to pay a claim on them from a bank, on the ground that the claim is founded in a swapping of notes-that is, that the plaintiff exchanged his circulating currency notes for defendant's larger note of hand-and the bank sues to recover, the court could not otherwise decide than that the transaction was illegal and void, because circulating notes were bills of credit, as defined by lexicographers, which the Constitution prohibits with such a decision, ninety-nine in every hundred of the banks would shut up shop, as they have nothing to lend but their own manufacture of currency notes, which, then, nobody would borrow or receive.

ART. IV. DR. CARTWRIGHT ON THE CAUCASIANS AND THE

AFRICANS.

SEVERAL years ago we published some original and ingenious views of Dr. Cartwright, of New Orleans, upon the subject of negroes and their characteristics. The matter is more elaborately treated by him in the following paper:

The Nilotic monuments furnish numerous portraits of the negro races, represented as slaves, sixteen hundred years before the Christian era. Although repeatedly drawn from

their native barbarism and carried among civilized nations, they soon forget what they learn and relapse into barbarism. If the inherent potency of the prognathous type of mankind had been greater than it actually is, sufficiently great to give it the independence of character that the American Indian possesses, the world would have been in a great measure deprived of cotton and sugar. The red man is unavailable as a laborer in the cane or cotton field, or anywhere else, owing to the unalterable ethnical laws of his character. The white man cannot endure toil under the burning sun of the cane and cotton field, and live to enjoy the fruits of his labor. The African will starve rather than engage in a regular system of agricultural labor, unless impelled by the stronger will of the white man. When thus impelled, experience proves that he is much happier, during the hours of labor in the sunny fields, than when dozing in his native woods and jungles. He is also eminently qualified for a number of employments, which the instincts of the white man regard as degrading. If the white man be forced by necessity into employments abhorrent to his instincts, it tends to weaken or destroy that sentiment or principle of honor or duty, which is the mainspring of heroic actions, from the beginning of historical times to the present, and is the basis of everything great and noble in all grades of white society.

The importance of having those particular employments, regarded as servile and degrading by the white man, attended to by the black race, whose instincts are not repugnant to them, will be at once apparent to all those who deem the sentiment of honor or duty as worth cultivating in the human breast. It is utterly unknown to the prognathous race of mankind, and has no place in their language. When the language is given to them they cannot comprehend its meaning, or form a conception of what is meant by it. Every white man, who has not been degraded, had rather be engaged in the most laborious employments, than to serve as a lacquey or body servant to another white man or being like himself. Whereas, there is no office which the negro or mulatto covets more than that of being a body servant to a real gentleman. There is no office which gives him such a high opinion of himself, and it is utterly impossible for him to attach the idea of degradation to it. Those identical offices, which the white man instinctively abhors, are the most greedily sought for by negroes and mulattoes, whether slave or free, in preference to all other employments. North or South, free or slave, they are ever at the elbow, behind the table, in hotels and steamboats; ever ready, with brush in hand, to brush the coat or black the shoes, or to perform any menial service

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which may be required, and to hold out the open palm for the dime. The innate love to act as body servant or lacquey is too strongly developed in the negro race to be concealed. It admirably qualifies them for waiters and house servants, as their strong muscles, hardy frames, and the positive pleasure that labor in a hot sun confers on them, abundantly qualify them for agricultural employment in a hot climate.

Hence, the primordial cell germ of the Nigritian has no more potency than what is sufficient to form a being with physical power, when its dynanism becomes exhausted, dropping the creature in the wilderness with the mental organization too imperfect to enable him to extricate himself from barbarism. If Nature had intended the prognathous race for barbarism as the end and object of their creation, they would have been like lions and tigers, fierce and untamable. So far from being like ferocious beasts, they are endowed with a will so weak, passions so easily subdued, and dispositions so gentle and affectionate, as readily to fall under subjection to the wild Arab, or any other race of men. Hence they are led about in gangs of an hundred or more by a single individual, even by an old man, or a cripple, if he be of the white race and possessed of a strong will. The Nigritian has such little command over his own muscles, from the weakness of his will, as almost to starve, when a little exertion and forethought would procure him an abundance. Although he has exaggerated appetites and exaggerated senses, calling loudly for their gratification, his will is too weak to command his muscles to engage in such kinds of labor as would readily procure the fruits to gratify them. Like an animal in a state of hibernation, waiting for the external aid of spring to warm it into life and power, so does the negro continue to doze out of a vegetoanimal existence in the wilderness, unable to extricate himself therefrom-his own will being too feeble to call forth the requisite muscular exertion. His muscles not being exercised, the respiration is imperfect, and the blood is imperfectly vitalized. Torpidity of body and hebetude of mind are the effects thereof, which disappear under bodily labor, because that expands the lungs, vitalizes the blood, and wakes him up to a sense of pleasure and happiness unknown to him in the vegeto-animal or hibernating state. Nothing but will is wanting to transform the torpid, unhappy tenant of the wilderness into a rational and happy thing-the happiest being on earth, as far as sensual pleasures are concerned.

The white man has an exaggerated will, more than he has use for; because it frequently drives his own muscles beyond their physical capacity of endurance. The will is not a faculty confined within the periphery of the body. It cannot, like the