pose not to separate from the democratic party in the presidential election. On each of these occasions, the popular excitement in his district, would have appalled and driven back a timid and timeserving politician. Had he been governed by selfish motives; had he consulted his own personal ease and looked to his re-election alone; had he, in short, regarded success more than principle, he would have yielded his own convictions to the indications, not to be mistaken, of popular opinion. But he took counsel of nobler sen timents, and with a fearlessness characteristic of his whole public course, avowed and persisted in his well-matured determinations. He succeeded in carrying truth home to an enlightened constituency, was sustained by increasing majorities, and is now so strong in the good will of his district, that at the last election no opposition was attempted. Nothing can be more false than the charge of subserviency which has been brought against him, in common with the prominent supporters of the late administration. It is true, that despising the cant of no party, which has ever been the pretext of selfish and treacherous politicians, and convinced that in a popular government nothing can be accomplished by isolated action, he has always acted with his party, as far as principle would justify. Upon most of the prominent measures of the late administration, however, his opinions were not only generally known, but he had actually spoken or voted, before the accession of Gen. Jackson to power. Mr. Polk is a ready debater, with a style and manner forcible and impressive. In discussion, he has been always distinguished by great courtesy, never having been known to indulge in offensive personality, which, considering the prominence of his course, and the ardor of his convictions, is no small merit. As a proof of his exemplary assiduity, he is said never to have missed a division, while occupying a seat on the floor of the House, his name being found upon every list of the yeas and nays. His ambition was to be a useful member as well as a prominent actor, and accordingly he always performed more than a full share of the active business of legislation. In person he is of middle stature, with a full, angular brow, and a quick and penetrating eye. The expression of his countenance is grave, but its serious cast is often relieved by a peculiarly pleasant smile, indicative of the amenity of his disposition. The amiable character of his private life, which has ever been upright and pure, secures to him the esteem and friendship of all who have the advantage of his acquaintance. I. THE RESUMPTION OF SPECIE PAYMENTS. II. COTTON. (Third and concluding Article.) IV. LINES. Written on seeing a Bust of the late Edward Livingston. V. RECOLLECTIONS OF EASTERN TRAVEL. By J. S. Buckingham, Esq., VI. Approaching the Island of Syene. Assouan. Gezirat Assouan, or Elephantina. THE DEATH OF NAPOLEON. From the Italian of Manzoni. VII. THE ALTAR OF FASHION. By the Author of the "Dutchman's Fire- (With an etching on coppper, by Fenderich, after the life.) THE MONTHLY HISTORICAL REGISTER. HISTORY OF THE RECENT INSURRECTION IN THE CANADAS.-PART I. State of parties in Canada. Riots in Montreal between the Sons of Liberty and the Loyalists. Arrest of the popular leaders. Rescue of prisoners at Longeuil. March of the troops upon Chambly. Defensive measures of the Patriots. Expeditions against St. Charles. March of Col. Gore from Sorel, and capture of Lieut. Weir. Repulse of Col. Gore at St. Denis. Death of Lieut. Weir. Battle of St. Charles. Public feeling in Montreal and the United States. Return of Col. Wetherall, and triumphal entry into Montreal. March of Col. Gore through the disturbed district. Views of the patriot leaders, and character of the insurrection. Pro- clamation of Lord Gosford. Martial law declared, and rewards offered for the patriotic lead- Affair at Moore's corner. The Insurgents gather at Grand Brule. Upper Canada. Sir Francis Head and his policy. W. L. Mackenzie. Plan of the intended revolt. March of the Insurgents to Toronto. Proceedings of the Executive, and Defeat of the Rebels at Montgomery house. Subsequent measures of the Governor. Departure of the Army under Sir John Colborne for St. Eustache. Description of the village. Total defeat of the Insurgents, and destruction of their houses. Proceedings at St. Benoit, and return of the Troops to Montreal. Remarks on the Insurrection. Proceedings in the United States. Buf- falo. Navy Island. The Army of Volunteers. The Caroline. Debates in Congress and the British Parliament. American Expeditions. Lord Durham. Conclusion. 87 To establish a sound system of banking and currency would probably require no greater sacrifices than will be necessary to rebuild that which has been the cause of so many calamities both public and private. But, if we may believe the newspapers, the great body of our legislators, both State and Federal, have no higher object in view than to restore the old system without improvement or alteration, and as this cannot be done without a resumption of specie payments, to this subject shall our remarks in the present article be confined. Resumption of specie payments! How many there are who seem to think that it is as easy for the banks to resume as to suspend-as easy to pay as to incur debts. Resumption of specie payments! How few seem to be aware that this involves the discovery of the insolvency of men who have long had the reputation of being very rich-the destruction of innumerable speculationsthe loss of millions of imaginary profits-and, what is more to be deplored, a fall of prices, a dulness of business, and an increased difficulty of fulfilling pecuniary obligations. A general resumption of specie payments is indeed much to be desired, but it cannot be effected without exertion on the part of the banks, and suffering on the part of the people. If the State Banks will not regulate themselves, no power on earth can regulate them, except the power that created them, that is to say, the State governments. A new National Bank would, in a crisis like this, increase our sufferings. Supposing our present excess of paper money to be thirty millions of dollars, and supposing a new National Bank to circulate twenty millions, the State Banks would have to contract to the extent of fifty millions instead of thirty millions. There is no mode of resuming and sustaining specie payments, but by reducing our circulating medium to a just proportion with the commodities which we have to circulate, and to a just proportion with the circulating medium of the countries with which we have the most extensive commercial connections. An attempt to establish a new National Bank would, moreover, retard a return to specie payments. Some time must elapse before it could be brought into operation, and all this time a portion of capital would be lying quiescent. The demand for specie to pay the first instalments would raise the price of that article in the market, an effect synonymous with a further depreciation of the notes in circulation. These would, however, be trifling grievances compared with the additional contractions which the establishment of a National Bank would make indispensable. Some are anxious that the Government should assist the money corporations by receiving, for a time, their irredeemable paper. But this would only encourage them to increase their issues. It would be an attempt to correct the evils of a redundant currency by making it still more redundant. Stripped of all disguises, it is a proposition that the Government shall redeem the notes of the Banks, not indeed by paying gold and silver for them, but by giving land for them. It would be thought very strange if any one should propose that Government should pay the debts of broken merchants, manufacturers, mechanics, or farmers, or attempt. to relieve them from their embarrassments by receiving their dishonored paper in payments for land or duties. But men have one rule for judging of individuals, and another for judging of corporations. We refuse to sell the public lands on credit to the honest and industrious settler, even though he should pay interest for the time during which payment might be deferred; and yet there are those among us who would have us part with the public property for bank credits bearing no interest, and this after millions on millions have been lost by this course of procedure. Only unite half a dozen men in a corporation, and then they are, in the opinion of many, entitled to privileges and immunities which none would be willing to allow them in their individual capacity. But this is not the only objection to this proposal. If the Government receives irredeemable paper from some, it must receive it from all, as otherwise "duties, imposts, and excises," would not "be uniform throughout the Union." Receiving nothing but irredeemable paper, it could pay nothing but irredeemable paper, which would be an utter subversion of law and Constitution so far as re. gards the inviolability of contracts. If Government must pay the debts of the banks, let it be done openly, by borrowing money to the requisite amount, and imposing a direct tax on the people to meet the interest. A funded debt of one hundred or two hundred millions of dollars would not be productive of as much evil as would be caused by Government's paying the debts of the banks in the round-about way some have suggested. It would be a mere renewal of the causes which have led to the present derangement of currency and exchanges, and lead to fresh embarrassments in commerce and credit. |