The Atlantic Monthly, Volume 01, No. 04, February, 1858 - Various 3 стр.

More recent revulsions are still more to the point. In 1825, in England, there were enormous speculations in joint-stock enterprises and foreign loans. Some five hundred and thirty-two new companies were formed, with a nominal capital of about $2,200,000,000, and Greek, Austrian, and South American loans were negotiated, to the extent of $275,000,000. Scarcely one of these companies or of these loans ever paid a dividend; and the consequence was a general destruction of credit and property, and a degree of distress which was compared to the terrible sufferings inflicted by the Mississippi and the South-Sea Bubbles. Yet there were no bank-notes in circulation in England under five pounds, or twenty-five dollars. Again, our readers may recall the monstrous overtrading in railroad shares in the years 1845-6. Projects involving the investment of £500,000,000 were set on foot in a very little while; the contagion of purchasing spread to all the provincial towns; the traditionally staid and sober Englishman got as mad as a March hare about them; Mr. Murdle reigned triumphant; and, in the end, the nation had to pay for its delirium with another season of panic, misery, and ruin. Yet during all this excitement there were not only no small notes in circulation, but, what is most remarkable, there was no unusual increase in the issues of the banks, of any kind.

Let us not hope too much, therefore, from the suppression of small notes, should that scheme be carried into effect; let us not delude ourselves with the expectation that it will prove a satisfactory remedy, in any sense, for the periodical disease of the currency; for its benefits, though probable, must be limited.5 It is a remedy which merely plays round the extremities of the disorder, without invading the seat of it at all.

We have endeavored, in the foregoing remarks, to point out (for our limits do not allow us to expound) two things: first, that in the universal modern use of credit as the medium of exchanges,which credit refers to a standard in itself fluctuating,there is a liability to certain critical derangements, when the machinery will be thrown out of gear, if we may so speak, or when credit will dissolve in a vain longing for cash; and, second, that in the paper-money substitutes which men have devised as a provision against the consequences of this liability, they have enormously aggravated, instead of counteracting or alleviating the danger. But if these views be correct, the questions to be determined by society are also two, namely: whether it be possible to get rid of these aggravations; and whether credit itself may not be so organized as to be self-sufficient and self-supporting, whatever the vagaries of the standard. The suppression of small notes might have a perceptible effect in lessening the aggravations of paper, but it would not touch the more fundamental point, as to a stable organization of credit. Yet it is in this direction, we are persuaded, that all reformatory efforts must turn. Credit is the new principle of trade,the nexus of modern society; but it has scarcely yet been properly considered. While it has been shamefully exploited, as the French say, it has never been scientifically constituted.

Neither will it be, under the influence of the old methods,not until legislators and politicians give over the business of tampering with the currency,till they give over the vain hope of "hedging the cuckoo," to use Locke's figure,and the principle of FREEDOM be allowed to adjust this, as it has already adjusted equally important matters. Let the governments adhere to their task of supplying a pure standard of the precious metals, and of exacting it in the discharge of what is due to them, if they please; but let them leave to the good sense, the sagacity, and the self-interest of Commerce, under the guardianship of just and equal laws, the task of using and regulating its own tokens of credit. Our past experiments in the way of providing an artificial currency are flagrant and undeniable failures; but as it is still possible to deduce from them, as we believe, ample proof of the principle, that the security, the economy, and the regularity of the circulation have improved just in the degree in which the entire money business has been opened to the healthful influences of unobstructed trade,so we infer that a still larger liberty would insure a still more wholesome action of the system. The currency is rightly named the circulation, and, like the great movements of blood in the human body, depends upon a free inspiration of the air.

Under a larger freedom, we should expect Credit to be organized on a basis of MUTUAL RESPONSIBILITY AND GUARANTY, which would afford a stable and beautiful support to the great systolic and disastolic movements of trade; that it would reduce all paper emissions to their legitimate character as mere mercantile tokens, and liberate humanity from the fearful debaucheries of a factitious money; and that Commerce, which has been compelled hitherto to sit in the markets of the world, like a courtesan at the gaming-table, with hot eye and panting chest and painted cheeks, would be regenerated and improved, until it should become, what it was meant to be, a beneficent goddess, pouring out to all the nations from her horns of plenty the grateful harvests of the earth.

THE BUSTS OF GOETHE AND SCHILLER

THE LIBRARIAN'S STORY

THE LIBRARIAN'S STORY

Librarians are a singular class of men,or rather, a class of singular men. I choose the latter phrase, because I think that the singularities do not arise from the employment, but characterize the men who are most likely to gravitate toward it. A great philosopher, whom nobody knows, once stated the Problem of Humanity thus: "There are two kinds of people,round people, and three-cornered people; and two kinds of holes,round holes, and three-cornered holes. All mysterious providences, misfortunes, dispensations, evils, and wrong things generally, are attributable to this cause, namely, that round people get into three-cornered holes, and three-cornered people get into round holes." The librarian is not only a three-cornered person, but a many-cornered one,a human polyhedron. And he is in his right place,a many-cornered man in a many-cornered hole; especially if the hole be like that which I am thinking of,an Historical Library.

The only bibliothecarian peculiarity in point at present is, a gift to root up, (country boys, speaking of pigs, say rootle; it is more onomatopoeian,) to rootle up the most obscure and useless pieces of information; not, like Mr. Nadgett, to work them into a chain of connected evidence for some actual purpose, but merely to know them, to possess a record of them, either as found in some printed or manuscript document, or as recorded by the librarian himself; and to keep the record pickled away in some place where it will be as little likely as possible to be found or read by anybody else.

So much concerning Librarians; a word now about Character.

Bad blood is hereditary. I don't mean scrofulous, but wicked blood. Vicious tendencies pass down in a family, appearing in the most various manifestations, until at last the evil of the race works its only possible remedy, by resulting in its extinction. There is, in some sense, an absolute unity amongst the successive generations of those of one blood; at least, so much so that our feeling of poetical justice is rather gratified than otherwise when the crimes of one are avenged, it may be a century after, upon the person of another of the name. This was the truth which underlay the vast gloomy fables of the ancient Fates, and the stories of the inevitable destruction of the great ancient houses of Greece. It is the same which the Indian feels when he revenges upon one of the white race the wrongs inflicted by another. Succession in time does not interfere with the stern promise of Jehovah to visit the sins of the fathers upon the children.The reader will see presently how I have been led into this train of reflection.

My predecessor in office had a strong fancy for Numismatology. I have, too; nobody would more enjoy a vast collection of coins; but, oddly enough, I should prefer contemporary ones. He was simple and almost penurious in personal expenditure; yet, besides a great collection of books, he had, from his scanty income, got together, in the course of a long life, a large and very valuable collection of coins and medals, especially rich in gold. These coins laythey do not now, for I assure you I keep them pretty carefully out of sight latterlyluxuriously imbedded in a neat case, among the great collection of antique objects, weapons, ornaments, furniture, clothing, etc., which usually accumulate within the precincts of an Historical Society's Library.

In the one under my charge there is an astonishing number of them; and naturally, where the long series of the ancient Indian wars, and later ones with civilized foes, form together so strong a strand in the thread of our history, there is a very great number proportionally of warlike weapons.

I like to read old books, both ex officio and ex naturâ. But I need not enlarge upon this liking. For my part, however, they please me most when I am wholly alone, in that deep silence which by listening you can seem to hear, and in a place well furnished,especially in such a place as the Historical Library is, with many full bookshelves, and a great multitude of ancient portraits, grim curiosities, and weapons of war.

It may be unfortunate to be sensitive, but I am. The few things that do excite me excite me easily, and by virtue of the trooping together and thronging on of the procession of my own imaginations, thus awakened, I am prone to reveries of the most various complexion.

In one of the secret repositories where during his latter years my venerable predecessor used with senile cunning to hide, indiscriminately, the coins of the Romans and of the Yankees, rags, bottles of rhubarb and magnesia, books, papers, and buttons, I had found, one night, an ancient MS. I had been all the evening reading a High-German Middle-Age volume, illustrated with wood-cuts, cut as with a hatchet, and being, as per title-page, Julius der erste Römische Kayser, von seinen Kriegen,"Julius the first Roman Emperor, of his Wars."

Buried in the extraordinary adventures of the Kayser, not to be found in any Roman historian, and full of quaint and ludicrous jumbles of the ancient and the modern, I was suddenly stopped by finding that the last folios were missing.

After a moment of ineffectual vexation, I bethought me of several repositories in which I had seen portions of débris,leaves, covers, brazen bosses, and other membra disjecta; in one of these I might very probably find the missing pages.

I fumbled through half a dozen; did not find what I sought, but did find the aforesaid MS. I was interested at once by the close but clear penmanship, and by the date, February 29, 1651/2; for this day, by its numeral, would be in leap-year, according to old style, but not according to new. How did they settle it? I asked; and what was to determine for lovelorn maidens, whether they might or might not use the privilege of the year?

I returned to my desk, and sat down to read; and, as I remember, the heavy bell of the First Church, close by, just then struck eleven, and I listened with pleasure to the long, mellow cadence of the reverberations after each deliberate and solid stroke.

Beginning at the beginning, I read until past midnight. The contents, after all, were not remarkable. It was a collection of copies of papers relating to various matters of accounts and law, all pertaining to a certain Beardsley family, of high and ancient fame in the Colony, and afterwards in the State. Somewhat beyond the middle, however, I lighted upon a document which attracted my more particular attention. It was a transcript from the State Records, and, as the date showed, from a very early volume of them, now missing from the office of the Secretary of State. It immediately occurred to me that this volume was strongly suspected to have been purloined by one Isaac Beardsley, an unscrupulous man, of some influence, who used, for amusement, to potter about in various antiquarian enterprises of no moment, but who had now been dead for some fifteen years. I then also recollected that he had an only child, a graceless gallows-bird of a son, who broke his father's heart, then wasted his substance in riotous living, and, after being long a disgrace and nuisance at home, had sunk out of sight amid the lowest strata of vice and crime in New York.

The document was a complaint to the "Generall Court" against "Goodman Joab Brice"the complainant being designated by the honorable prefix of "Mr.""for y't hee, the s'd Goodman Brice, had sayd in y'e hearing of" various persons mentioned, "and to the verry face of y'e s'd Mr. Isaac Beardslie, y't y'e s'd Mr. Beardslie did grind y'e faces of the poor, and had served him, the s'd Brice, worse than anie Turk w'd serve his slaves; and this with fearfull and blasphemous curses, and prayres that God would return evill upon the heads of this complaynant and his children after him," etc.