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having a very small, and those in the interior or remote towns, a very large circulation. The writer argues that this advantage, of so disproportionate an increase of trading capital, derived from circulation, was not one which of right belonged to them, or which necessarily resulted from their local situation ; but that it resulted from the mistaken policy of the conductors of the Boston banks, in not receiving all such descriptions of money, as the citizens in general received in all transactions not connected with the banks. He argues, also, that it is the duty of the banks in town, resulting from the offices which they undertake to perform for the public, to receive in payments, in ordinary cases, such bank notes as are in general currency among the community whom they serve, provided this can be done without any material sacrifice on their part.
This duty, within the last year, several of the banks of this town undertook to perform, and from their concert in this measure, they have been denominated the allied banks. They receive at par in all payments, and on deposite from their customers, the bills of all the banks in New England, in good credit, and transfer them daily at par to one of their number, which, in consideration of a specific sum loaned from each of the associates without interest, returns them to the several issuing banks for redemption, except in cases where provision is made for their redemption here. A large proportion of the bills thus taken, are in fact redeemed here, by the agents of the country banks, or by remittances made by them for the purpose ; and to facilitate this mode of redeeming them, these remittances are permitted to be made in any description of country bills, as well as in Boston bills or specie. The effect of this arrangement on the general circulation, is described to be, to give to each bank the benefit of the principal circulation of its own neighborhood, and to direct the bills of all, on their way homeward, whenever they fall within the natural sphere of the circulation of any other bank.' Under this arrangement, more than seventeen millions of dollars, in bills of the country banks, have already been received by the allied banks.
The amount received within the four or five last months, has been more than two millions of dollars a month. The author computes, that the amount exchanged monthly, at the period when country bills formed the general circulation, and the common rate of discount was one per cent, was from two to three millions a month, so that a tax of about three hundred thousand dollars annually was paid in Boston, in premiums for the exchange of money taken at par. This tax, and the inconvenience of being obliged to keep two kinds of money, is now avoided ; the general currency is improved by the circulation of a larger proportion of VOL. XXII.-N0. 51.
bills issued by banks of large capital and extensive business; and the advantages, which the several banks derive from the circulation of their bills, are more equally distributed. The distant banks still have the advantage of a much larger circulation in proportion to their amount of capital, than those which are situated in and near the large towns, but the statements in the pamphlet. founded on the official returns at different dates, show very conclusively, that the inequality is greatly lessened. The amount of bills in circulation issued by banks in Boston, is about double that exhibited by the returns four years ago, while the circulation of the distant banks is diminished by a quarter, although the aggregate of their capital has been increased in a proportion equal to that of the banks in Boston.
NOTICE. We owe an apology to the public, and to the author, for delaying so long to notice, in a proper manner, Mr Dane's Abridgment and Digest of American Law. The publication of this work has been completed, in eight large octavo volumes, constituting an imposing monument of the author's talents, great legal knowledge, and extraordinary perseverance; and containing a mass of materials selected and arranged in such a manner, as to render the work exceedingly important to the Profession in every part of this country. It has been the labor of forty years, with all the advantages, which a public and professional man could possess. Mr Dane was in the Old Congress, and has been a careful observer of the progress of our legal institutions, from the very beginning of the Union. An article is now in preparation, in which this learned author's work will be examined at large, and which may be expected in our next number.
QUARTERLY LIST OF NEW PUBLICATIONS.
AGRICULTURE. Memoirs of the Philadelphia Society for promoting Agriculture; containing Communications on various Subjects in Husbandry and Rural Affairs. 8vo. Vol. V. Price $2. Philadelphia. R. H. Small.
ARTS, SCIENCES, AND PHILOSOPHY. The Report of the Second Annual Exhibition of the Franklin Institute of the State of Pennsylvania for the Promotion of the Mechanic Arts. 8vo. Price 25 cents. Philadelphia.
Observations on Electricity, Looming, and Sounds; together with a Theory of Thunder Showers, and of West and Northwest Winds. To which are added, a Letter from the Hon. Thomas Jefferson, and Remarks by the Hon. Samuel L. Mitchill. By George F. Hopkins. 1825. 8vo. pp. 40. New York. Hopkins and Morris.
A Review of the Philosophy of the Human Mind, by Thomas Brown, M. D. Professor of Moral Philosophy in the University of Edinburgh. By the Rev. Frederick Beasly, D. D. Provost of the University of Pennsylvania.' Philadelphia. William Stavely.
Elements of Electricity, Magnetism, and Electro-Magnetism; embracing the late Discoveries and Improvements, digested into the Form of a Treatise ; being the Second Part of a Course of Natural Philosophy, compiled for the Use of the Students of the University at Cambridge, New England. By John Farrar, Professor of Mathematics and Natural Philosophy. 8vo. pp. 395. Boston. Cummings, Hilliard, & Co.
A select Collection of valuable and curious Arts, and interesting Experiments, which are well explained, and warranted genuine, and may be performed easily, safely, and at little Expense. 18mo. pp. 102. Concord, N. H. Rufus Porter.
A Memorial on the Upward Forces of Fluids, and their Applicability to several Arts, Sciences, and Public Improvements, for which a Patent has been granted by the Government of the United States to the Author, Edmund Charles Genet, Member of the Institute of France, &c. &c. Albany, N. Y. 8vo. pp. 112.
The Franklin Journal and American Mechanic's Magazine. Monthly. Vol. I. No. 1. Philadelphia. I. Dobson.
ASTRONOMY. Exercises on the Terrestrial Globe. With Questions and Pro blems, for the Use of Families and Schools, designed to accompany Gardner's Terrestrial Globe. By Samuel Worcester. 12mo. pp. 24. Boston. Cummings, Hilliard, & Co.
The New American Grammar of the Elements of Astronomy, on an improved Plan; in three Books. The whole systematically arranged and scientifically illustrated; with several Cuts and Engravings; and adapted to the Instruction of Youth in Schools and Academies. By James Ryan. 1825. 12mo. Pp. 375. New York.
This book seems to us well planned and executed for the use of schools, and of young persons desirous of obtaining a knowledge of the elementary principles of Astronomy. It comprises a much greater number of facts, illustrating the science, than is usual in works of this description. The designs of the drawings are well selected for the instruction of the learner. It is, probably, a fault in the work, that in some parts it goes a little too deeply into the intricacies of the science, for a treatise intended to be strictly elementary.
EDUCATION The Literary and Scientific Class Book, embracing the leading Facts and Principles of Science. Illustrated by Engravings, with many difficult Words explained, &c. Selected from the Rev. John Platts' Literary and Scientific Class Book, and from various other Sources, and adapted to the Wants and Condition of Youth in the United States. By Levi W. Leonard, Stereotyped by T. H. Carter & Co. Boston. 12mo.
318. Keene, N. H. John Prentiss.
The author's purpose will be best understood from his own words, which are here quoted from his preface.
• The Literary and Scientific Class Book, by the Rer. John Platts of Doncaster, England, was published in the beginning of the year 1821. “ The grand object aimed at,” he says, " is, that while the pupil reads his daily lesson, he shall not only learn to pronounce words, but shall also treasure up a valuable stock of ideas, to enlarge his mind, to interest his heart, and to prepare him for his future scenes on the theatre of life.”
The plan and leading title of the abovementioned publication have been adopted in the present work, and many of the lessons have been retained either in full, or in an abridged and altered form. The notes, appenilix, and engravings, have been added ; and such materials have been selected from other sources, as were judged best adapted to improve the hearts, and enlarge the minds of youth in this country, Most of the lessons have been selected with a particular reference to the instruction, which they contain on important branches of knowledge.'
Such is Mr Leonard's plan, and he seems to have filled it out faithfully and with good judgment. He has selected many pieces from American writers, both in prose and poetry.
The New Testament of our Lord and Savior, &c. from which is selected an extensive Vocabulary, comprising the Proper Names, and all other important Words that occur therein. By Jeremiah Goodrich. Price 50 cents. Albany. S. Shaw.
A Classical French Reader, selected from the best Writers of that Language, in Prose and Poetry, &c. Compiled for the Use of the Round Hill School (Northampton. By N. M. Hentz. pp. 264. Boston. Richardson & Lord.
The Rudiments of English Grammar, illustrated by Parsing Lessons, &c. By Charles Spalding. 1825. 8vo. pp. 36. Onondago.
The American Instructer, calculated to succeed the English, and other Spelling Books ; containing a Selection of the principal Part of the Words in common Use, divided, accented, defined, &c. By Rensselaer Bentley, Author of the English Spelling Book. 12mo. pp. 240. Troy. E. Platt & Co.
The American Speaker, or Exercises in Rhetorick; being a Selection of Speeches, Dialogues, and Poetry, from the best American and English Sources, suitable for Recitation. 12mo. pp. 444. Boston. Cummings, Hilliard, & Co.
El Traductor Español; or a new and practical System for Translating the Spanish Language. By Mariano Cubi y Soler.
у 12mo. pp. 226. Baltimore. F. Lucas, Jr.
A Standard Spelling Book, or the Scholar's Guide to an accurate Pronunciation of the English Language ; accompanied with Reading Lessons. Compiled for the Use of Schools. By James H. Sears. The revised Edition. New Haven. Durrie & Peck.
First Biennial Report of the Trustees and Instructer of the Monitorial School. Boston. 8vo. pp. 38.
The Biblical Reader; or interesting Extracts from the Sacred Scriptures, with Practical Observations, &c. By the Rev. J. L. Blake, A. M. Ornamented with Cuts. 12mo. Boston. Lincoln & Edmands.
GEOGRAPHY. Elements of Geography, exhibited historically, from the Creation to the End of the World; on a new Plan, adapted to Children in Schools and private Families. Illustrated by four Plates, By Jedidiah Morse, D. D. The Sixth Edition, revised and corrected. 18mo. pp. 162. New Haven. H. Howe.