pervade them; a patriotism, not of a fanatical but universal character; not hating other countries from love of natal soil; but radiating from home a feeling of charity and good will upon all menkind ; a devotion to liberty, as far removed from licentiousness as tyranny-liberty inseparable from virtue, from public and private morals-that imposes checks upon itself, and guards against the abuse of its own power.

It is this, which gives to his works their wide-spread popularity. It is this which has acclimated them everywhere. It is this which has carried the English language further than English arms have ever done; to regions of thick-ribbed ice, where day and night make one sad division of the year; to the utmost isles of the sea, and lands beyond the solar road.

He has spoken, and enslaved nations have started from the torpor of centuries. The down-trodden Greek has heard his voice, and risen upon his oppressors. The Turkish hordes have fallen where the Persian fell; and Marathon and Salamis shine with a newer glory, and a wider emblasonry.

As his words of cheering encouragement have crossed the equator and penetrated the southern seas, whole nations have thrown off the yoke of bondage, and achieved an independent existence. SOUTH AMERICA, emerging from beneath the horizon with its constellation of republics, has given light and gladness to the nations. His voice has called a New World into existence, to compensate for the decline of the old.*

* Englishmen give this praise to Canning, but hardly with as much

It is not yet hushed; his words have lost none of their vital force. The throes of Europe are their response. Subterranean fires are burning there with fatal activity; which burst out, ever and anon, in volcanic eruptions, overwhelming thrones, and destroying oppressors. It may not be long, ere one universal conflagration shall devour every vestige of tyranny, and liberated Europe spring up from the ruin, to recommence a more glorious career. and accomplish a surer destiny.

justice; for our country recognized the independence of the South American Republics before England.

CHAPTER XIII.

Ir was the fortune of General Jackson's administration to have provoked or undergone more public excitement, springing from causes of a domestic character, than that of either of his predecessors. A constant agitation pursued it throughout. The Hayne controversy roused the public mind from its apathetic state under the preceding administration, and stimulated it to apprehension and entertainment of elevated yet fearful themes. The war of nullification followed, ere the public pulse had recovered its accustomed tone, and gave a more turbulent motion to opinion. The passions excited by this quarrel had not subsided, but swayed the minds of men to and fro, as if tempest-tossed, when the REMOVAL OF THE DEPOSITES Supervened, and raised the whole country.

The later history of the Bank of the United States may have reflected the necessity of this measure. Its subsequent mismanagement and explosion should, perhaps, be holden a retrospective justification of the decisive proceeding. But, at the time the removal of the deposites took place, the policy

of the measure was not generally understood, while the immediate consequences thereof were everywhere felt, and felt disastrously.

It was no time for argument, however cogent; because no argument is listened to, when interest or passion speaks. That the powers of the Bank were too extensive, its immunities and privileges too unrestricted, few could now gainsay. Among the many dangerous powers enjoyed by this institution, the control over the contraction and expansion of the currency was not the least so. By the exercise of this power it could affect, to a most calamitous extent, the business of the whole nation. It was a power that existed not merely in theory, but had been felt in practice. In 1818-19, the directors of the institution availed themselves of its fatal character, to enrich themselves and friends, to the great calamity of the country; and, in 1831-32, to effect a political purpose, nearly thirty millions of loans were made in a few months, and called in again within as brief a time; great individual and national distress following the experiment. A power liable to such dangerous abuse should be checked, though at the hazard of temporary inconvenience.

The immediate consequence of General Jackson's decisive act was, undoubtedly, disastrous. The country was in a state of seeming prosperity, commercial and agricultural; but it was rather the hectic flush of consumption, than the color of robust health.

All kinds of operations had been stimulated by easy credits.

Every branch of business was pushed to its utmost extent, and stocks of every kind inflated, to near the limits of ro

mance.

The withdrawal of eight millions from the bank, and the vindictive contraction of its issues by the bank, broke the bubble of speculation, and a collapse ensued. A severe pressure in the money market, the consequent high rate of interest, the depression of every kind of stock, and the low price of commodities, were the immediate results of these measures; and, no less, a strong, almost fierce agitation of the community.

The removal of the deposites took place in September, 1833; abont two months afterwards, in the greatest heat of the public feeling upon the subject, Congress met. The debates in that body are not only the safety valves of public excitement, but to an almost exclusive degree, the record of its existence. What might be otherwise as frail in memory as evanescent in feeling becomes, by incorporation in the proceedings of Congress, a permanent fact. Parliamentary action, with a free people, is a history of their sentiments, their wishes, and, too often, of their follies.

In the earliest of this session, Mr. Clay introduced a resolution into the Senate, calling upon the President for a copy of a paper said to have been read by him to the cabinet, in relation to the removal of the deposites, on the 18th of September preceding; which resolution he supported in an animated speech. It was carried, by a vote of twenty-three