course, in either or in any direction. He tried to shuffle shabbily along, a middle way between the two parties. He certainly did his best to remain a Whig. He clung to them till Clay shook him roughly off and drummed him out of camp. We all remember how he whined about their unkind injustice to him, when he had signed all their bills but one, and had done his best to arrange a compromise with them upon that one, by which he might retain his hold upon them. And now that the progress of subsequent development has shed its light upon the motives and spirit of prior events, we see but slender title to credit that he can claim at the hands of the Democratic Party, even for his Bank vetoes. He had been placed on the Whig ticket for the very purpose as we have heard it frankly acknowledged by an active member of the Harrisburg Convention itself, who was in no small degree influential in causing his nomination-for the very purpose of conciliating the anti-Bank feeling, together with the anti-Tariff and anti-Abolition feeling of the South. The Whig Conventions of Southern States, and of Virginia in particular, had emphatically repudiated the charge of National-Bank-ism. Mr. Tyler, when interrogated on this very point in advance of the election, had publicly committed himself, in a way entirely unequivocal, against a Bank. He could not sign any such bill as they presented him; and none but that superbly imperious dictator who then ruled the counsels of the party with a sceptre sterner than any iron, would have undertaken thus to force it upon him. He tried hard to evade the bitter necessity of that veto to which he felt impelled and compelled by the very extremest considerations of political decency and personal honor; and if Mr. Clay had only been willing to yield a mere inch or two of the position on which he had planted himself and the party, Mr. Tyler was still willing to sign a Bank Bill which would have been, after all, but little less obnoxious to us, and worse than those whichlittle thanks to him-he vetoed.

With a man thus forced on them, the Democratic Party can have no sympathies. We, for a long time, tried to believe him honest, and were ingenious in charitable constructions and suppositions in his favor. When we inserted

his portrait in this Review, as a subject of current interest at the time, not unacceptable probably even to those of our readers least disposed to fraternize politically with him, we added a distinct disclaimer of responsibility for the accompanying article which a personal and political friend of the Vice-President was permitted to write; and the following was the language in which was then expressed the wavering but hoping uncertainty of the opinion with which we regarded his position and course :

"For Mr. Tyler's recent important vetoes, we sincerely thank him-at the same time that we feel bound to say, that the general course of his administration in other respects has by no means been what we hoped at the outset it might possibly be. He leaves us yet in no slight degree of doubt as to the spirit in which it has had its origin and stimulus. Confidence is a plant of slow growth in other, has now done well for one year, he had also, than aged bosoms. If Mr. Tyler before done very ill for ten. If his recent deserts have been great, great also was all he had to atone for. An ancient sage would pronounce no man happy in his life, till death had set its seal upon his mortal fate and career. So too do we await a further development of Mr. Tyler's administration, before deciding on the judgment which should be recorded opposite to his name in the annals of the great office imposed upon him, by that same fatality of accident which seems to have attended his whole political career."

The doubts then entertained with regret have been since very effectually dissipated by Mr. Tyler himself. His recent course in the particular above alluded to-this systematized application of all the enginery of official power at his command toward the futile absurdity of his hope for a Democratic nomination-this meretricious boldness with which the smiles and the more substantial favors of office, are not only granted but tendered to any Democrat of decent party standing, who can be found willing to contaminate himself with the disgustfulness of such political prostitution-this wholesale and retail venality of patronage, not only bestowed at the central depôt in the higher diplomatic bribes for Congressional support and devotion, but peddled around the country wherever a little village postmaster can be found suspected of

being suspicious as to the zeal and sincerity of his attachment to the Administration-all this, we say, following so closely as it did on the heels of Mr. Tyler's own recent professions on these very identical points of political principle, not only necessarily inspires us with an utter disgust for his present course of administration, and distrust for anything that can come out of it within the period for which the country has yet to tolerate it; but also, reflecting back upon the past the light of its illustration of the political character of the man who could be capable of it, exhibits him in an aspect, which compels us to assent to the justice of the least flattering of the portraits recently drawn of him by all the orators and editors of his own quondam party. If our language is strong, we confess that we have lost all patience with the subject of which it speaks.

The doctrine was bad enough, heaven knows, in itself and in its consequences, that "to the victors belong the spoils. It never met with favor or justification with us; and we deeply deplore and condemn the practical application we have to witness of it, in all, or very nearly all of the States of the Union, at every revolution of the wheel of party politics. But all that, as a political mischief and wrong, sinks into insignificance in comparison with this one, of the application of patronage to the formation of a party, and to the venal and corrupt purchase of support from an adverse party by a seceder from his own. The celebrated impeachment farce of Botts was only ridiculous; but we do confess that if such a punishment for Presidential malfeasance were practicable, we should rejoice to see it applied, in the present case, for the Vice-President's outrageous abuse and misuse of the Patronage Power of his office.

If it is not yet too late to retrieve a political character ruined we fear beyond the reach of redemption, we would again address to Mr. Tyler the warning and even the entreaty we have more than once urged upon him. Awake from this fatal dream in which your senses have been lapped by the insidious narcotics of flattery. Surely, surely, the coldness of your reception everywhere by the People, on your present pilgrimage, must have struck home to you that chilly conviction

which interested adulators about your person at Washington had before succeeded in warding off-the conviction of the hopeless impossibility, now, of your adoption by the Democratic Party or by any party. Abandon this worse than idle attempt to bribe our favor, in which sinister counsels and malign influences perhaps have involved you. Keep your offices, or rather let their incumbents keep them-be their party preferences, avowed and acted upon, or only cherished "at heart," what they may. Before you began upon this system we protested against it, and forewarned you of the certain result, in the united contempt of both and of all parties. It is rumored that a more extended application of it is shortly to be made. Depend upon it, that at every step you pursue in this path, this result will only the more and more irreparably develope itself.

So much, for the present, for Mr. Tyler and his administration; in which there are to be found two or three estimable gentleman whom, however they may confine themselves to the special duties of their offices, without personal participation in all this corruption for the reprobation of which our words have been only too weak, we sincerely regret to behold giving to it the countenance of their presence and permission. The organs of Tylerism are loud in their complaint when the Democratic press would seem disposed to exclude the name of the VicePresident from the privilege of candidateship before the approaching convention of the Democratic Party. We have no such desire, he is perfectly welcome, as is also Mr. Clay himself to such chance as awaits him in that body. If required, however, to choose between the probability of its preference as between the two, we could have but little hesitation in the selection.

If we have spoken with what may seem to some an undue and uncharitable degree of harshness, it has been because the severest reprobation has appeared alike just and necessary, of what we cannot but regard as the most abominable piece of political profligacy recorded in the annals of our government. It is a fitting sequel and fruit of the whole grand Whig fraud of the last election. Mr Tyler could not have been honest in his course and position

in the Whig party; the Whig party was grossly dishonest in the whole scheme of that election of which Mr. Tyler was an essential element. As is so often the result of similar iniquitous combinations, the two parties who commenced by cheating the public have ended by cheating each other, and the completion of the whole will soon be, according to the good old rule of providential justice, that "the honest men will get their own again."

Of the actual position of the Whig Party little need be said. The main majority of them will undoubtedly rally to the Presidential contest under Mr. Clay, with Tariff Protection as their only distinctive idea of party doctrine. To be sure the contest is a hopeless one for them, but it will probably be gallantly fought. Mr. Webster is opposing, as strongly as in his power, the feeble influence which, despite of his great order of ability, he is able to wield, against the union of the party on Clay-but vainly. Sink or swim, live or die, all the more generous spirit of the party is warmly devoted to the latter, and no treacherous arguments of availability will be again allowed to postpone his right to the highest honor in their power to bestow on him, that of being their chosen chief to fall at the head of their party array, in the fated field of defeat which so soon awaits them.

In our ranks all is now well. At one period, indeed, indications seemed to exist of a spirit that portended a serious danger of discord. Some of the peculiar friends of one of the candidates for the Presidential nomination, with far greater zeal than discretion, appeared disposed to assume an attitude and a tone that could scarcely have been other than fatal to the harmony and union of the party. This has of late entirely ceased. It grew out of a distrust of their own truest friends which was alike ungenerous and unjust. It has been effectually removed by the frank readiness with which Mr. Van Buren's friends have met the wishes of those of Mr. Calhoun and some of the other candidates, on the point of the time for the assembling of the Convention,-together with the entirely satisfactory ground taken by the former on the main topic of interest now involved in the election-the Tariff. Upon the other two

points on which had arisen a discussion threatening to become a formidable dissension, the District Delegation, and the individual voting in the Convention, a general harmony of sentiment has already been restored, by that pervading instinctive spirit of union, in which none can fail to read the prophetic assurance of a glorious common triumph. The former of these points will be left to the free choice of the respective States; the latter, according to the established usage of the case, to the decision of the Convention itself. There is wide room for honest and perfectly amicable difference of views upon both of them. On the one side a regard to that numerical national majority which, with the Democratic Party cannot but be a consideration of deserved weight, would recommend the one course; while on the other side, the opposite one has the advantage of the indirect sanction of the Constitution itself, added to the force of all those arguments which address themselves peculiarly to the extreme State-Rights school of politics, asserting for each State the right to judge independently for itself in the exercise of this high and important duty. The course of the Georgia convention, which, while in the act of nominating Mr. Calhoun, at the same time, in opposition to the South Carolina recommendation, adopted the plan of a general ticket delegation to the Convention, alone suffices to remove from this question everything calculated to engender misunderstanding and ill feeling between any of the sections of our party. We should be glad to see New York meet the same question in a spirit of perhaps even chivalric generosity, for the sake of magnanimity and cordial friendship. Though the natural interest of a large State is to retain its whole numerical weight unbroken by division, yet would it be well in various points of view-well in itself, and well in its moral influence-if the New York convention should adopt for that State the single district mode as urged by South Carolina. The chief objection to it is derived from the difficulty of determining the cases of disputed election which might probably arise in the separate voting of so large a number of districts, and which it would be highly embarrassing to carry into the organization of such a body as the pro

posed Convention. This objection could, however, be obviated by providing in advance some suitable authority for the decision of any such question within the limits of the State such as either a committee of the State convention itself, or else the Democratic members of the Legislature which will be in session at the proper season for the purpose.

On the whole, we conclude with joyfully congratulating our political friends upon the now cloudless clear

ness of the prospect before us. The action of the Convention in May will be cheerful, cordial, and harmonious; and whoever may be its selection, from among the several worthy names now prominently before the country, he will most assuredly be supported with an united energy and enthusiasm which make his election already perfectly assured, by a massiveness of popular majority that will fully atone for all the disaster and disgrace of the yet unforgotten 1840.

AT the date of our last, the speculation in stocks, caused by the abundance of money, was running high, and we pointed out indications that the channels of regular business would soon feel the impulse which stock securities had felt. From that time up to the arrival of the steamer from England, on the second of June, prices continued to rise. The advices brought by that conveyance were, however, of a nature which gave a momentary check to operations. It was the first steamer for many months that had little or no specie on board, showing that the state of the exchange market was in a position to stop further imports of the precious metals, and therefore that the supply for the year had been received. Money, which had been constantly decreasing in value in England for a length of time, had begun to improve. Sanguine expectations had been entertained here that the long continuance of extreme low rates for money, which was scarcely 1 per cent. per annum, would sooner or later induce investment in the sound American stocks, and thereby relieve this market of considerable amounts, thus affording an outlet or market for the stocks now held by the Banks, when reviving trade should create a legitimate demand for their funds. When, therefore, the late steamer brought advices of an advance in the discount rate of money in London to 2 per cent., without any such disposition being

perceptible, some backwardness to continue their loans on stocks was evinced by the Banks here.

As the money affairs of England appear now to be taking a turn, after a long-continued current in one direction, it may be well in this place to glance at their position, with a view to their effect upon American interests. The Bank of England is the great centre of the money power in England. Each contraction or expansion of that institution is felt by those merchants and brokers who come in their transactions immediately in contact with it. The impulse then gradually spreads through all grades, until the most remote in the islands, and even in distant countries, feel the vibration. The Bank of England is surrounded, for a circle of sixty miles, with merchants, bill-brokers, and joint-stock banks, that issue no bills, but derive their supplies from the Great Bank. These are the parties that first feel the contraction, and again are first glutted with money, when it suits the Imperial Monster to spread its web. Next to these, come the bill-brokers and joint-stock banks of Lancashire, which issue no notes, but re-discount the bills they take from the manufacturers with the Bank of England. These accommodations of the Lancashire banks to the manufacturers are, of course, dependent upon the disposition of the Bank of England, with which their arrangement for money