892 



NEW ENGLAND FARMER, 



JUNE 1*. ss'^r. 



^m-^^l^^e 



THE GLADNESS OF NATURE. 



Er WM. C. BRYANT. 



Is thi.« a lime to be cloudy and sad, 



WliPn our inollier nature laughs around ? 



When even the deep blue heavens look glad, 



And gladness breathes from the blossoming ground ? 



There are notes of joy from tiie iiang-bird and wren, 

 And the gO'^sip of swallows through all tlie sky ; 



The ground-squirrel gaily chirps by his den, 

 And the wilding bee hums merrily by. 



The clouds are at play in the azure space, 



Their shadows at play on the bright green vale, 



And here they stretch to the frolic chase, 

 And here they roll on tiie easy gale. 



There's a dnnce of leaves in yon aspen bower, 

 There's a titter of winds in yon beechen tree, 



Tliere's a smile on the fruit and a smile on the flower 

 And a laugh from the brook that runs to the sea. 



And look on the broad-faced sun how he smiles, 

 On the dewy earth that smiles in his ray, 



On the leaping waters and gay young isles, 

 Ay, look, and he'll smile thy gloom away ' 



THE BAKK OP KNGLAND'S STJSPEMSIOK OF 

 SPECIE P.WMEaiTS IN 1797. 



The prt'sent posture of nf^'airs in the U. States 

 will give great interest to tlie annexed history of 

 tlie snspension of specie payments liy the Bank o.. 

 England, which is front sources to be relied upon 

 Portland Adv. 



"On the 26th of Fehruary, 1797, being SuiiHny, 

 an order of the privy council was tninsinitled to 

 the hank tow.-irds Hveniiig, prolnbiting the further 

 payment of specie until the plea.sure of parliament 

 shoidd he made known. Tlie parliament took the 

 siiliject into ( oiisideration the next day, Fcli. 27, 

 and approved of the order of the privy council. — 

 The suspension of si)ecie [iayi?ient was originally 

 intt^nded to he only a tetnjiorary measure, and the 

 strongest assmances were given to this efJect on 

 the part of the bank and the government. It was, 

 however, coiiiiniied from time to time, hut always 

 ns a temporary measure, until, in 1819, 22 years 

 after the suspension of payment, steps began seri- 

 ously to l)e taken for resuming specie payments, 

 which were, in fact, resumed on the 1st of May, 

 1823. The bank thus presents the singular exam- 

 ple of a virtual insolvency for 26 years, and event- 

 tial redemption of its paper anil its credit; and this 

 return to specie payment was not attended by any 

 sulden reviilsinn ot commercial shock ; prepara- 

 tions were made for it long beforehand. The a- 

 niount of the notes of the hank in circulation, was 

 reduced from about ^24,000,( 00, to about £18,- 

 000,000. In the meantime, a new coinage of gold 

 had been issued in 1821 — 1S22, to the amount of 

 i£l4,877,.547, which supplied the chasm made in 

 the circulation of the country by the reduction of 

 the amount of bank of England notes, and also 

 went to replenisli the vaults of the bank, in pre- 

 paration for the run that might be made on the 

 resumption of payment ; but the danger was pas- 

 Bed with the greatest facility. The bank notes 

 had depreciated, or, as the jihrase was at the time, 

 tlie price of bullion had gradually risen, so as to 



be, at one period, at the rate of 14 or 15 percent.; 

 and if the bank had then stopped suddenly, and, 

 if we may imagine it possible, had redeemed the 

 whole of its paper, ,£25,000,000 or more, with s[)e- 

 cie, it would have been a gain to the then holders 

 of the notes, in the whole, of £3,500,000 and a 

 loss to the then debtors to the bank of the same 

 amf nnt, assuming the depreciation to be 14 per 

 cent., while the bank itself would have lost only 

 the amount of bad debts, which would have been 

 made by such a sudden and tremendous revul- 

 sion ; for, the moment of tlie bank's resuming to 

 pay specie itself, by this very ofieration, it reduc- 

 ed the payments to the bank, by its debtors, to 

 specie ; for the bank had a right to demand pay- 

 ment of notes and bills discounted in specie, or, 

 what would have been equivalent, its own notes. 

 Such a measure would have eventually shaken the 

 kingdom to its foundations, and probably have 

 brought down its commercial, financial and eco- 

 nomical systems in ruins. Instead of such a ca- 

 tastrophe, either in discontinuing payments of spe- 

 cie, each of which was equally diffi'-idt and haz- 

 ardous, the transition in the depreciation of the 

 paper vvas gradual, and almost imperceptible, and 

 after the overthrow of Napoleon, its rise in value 

 vvas again, for the most part, as gradual, until it 

 arrived to a jiar with gold, before the resumption 

 ofspecie payments, presents a stupendous pheno- 

 menon, unparalleled in liistory. 



The suspension of payment in 1797, was one of 

 those bold measures, which are justified only by 

 extreme cases, a. id which in such cases, are in 

 fict the only prudent measures. The whole sys- 

 tem of financial administration, and all tlie coin- 

 mercial combinations and connexions of the kitig- 

 dom, were involved in thi^ affairs of the institii- 

 lion at the time of its stopping in 179". The hol- 

 ders of the notes, and the depositors, were pres- 

 sing to the bank for specie, of which there re- 

 mained in the vaults on'y £1,272,000, while the 

 notes and rhiims outstanding which might be de- 

 manded, were £7,640,250, and the demands were 

 pouring in with a still increasing tide. It seemed 

 probable that the bank must stoj) iiayment, after 

 paying out this specie ; the shock, whatever it 

 might be, must be encountered, and it was very 

 justly su|iposed that it would be, in a measure, 

 broken, by anticipating the necessity, and stopping 

 with more than a million in its vaults, instead of 



waiting until they should have been emptied 



The reasons given in parliament in favor of a sus- 

 liension of payment, and of its continuance from 

 time to time, were — 1. That the bank could not 

 continue its discounts, and its payments in spe- 

 cie ; and if its discounts were stO[iped, or greatly 

 reduced, the commerce of the country Would be 

 destroyed. 2. That the credit of the government 

 would be lost, if th3 bank should cease to make 

 advances upon its taxes. 3. That specie pay- 

 ments were no benefit to England, as the specie 

 on being drawn from the hank went abroad. 4. 

 That it was more important that the hank should 

 exist, than that it should ineet it [layments at the 

 expense of its existence. 5. That the commer- 

 cial arrangements, combinations and relations, ex- 

 isting in the kingdom, would be broken up by the 

 dissolution of this institution, and being at once 

 broken up, could never be renewed; and 6. That 

 it was better to stop siiecie payments, wldle spe- 

 cie and bullion could be kept in the country bv 

 that means. Such were the reasons L-iven in fa- 

 vor of that measure, and though it has been cen- 



sured by some, who have pretended to discover 

 in it the cause of much financial and commercial 

 derangement, yet they do not show by what other 

 course Great Britain could have struggled through 

 the terrible conflicts of that period." 



BOYS AS FARMERS OR MECHANICS. 



The Government of ilie Boy's Asylum and Farm School 

 at Thnnipson's Island, have several good boys, at from 10 to 

 14 vears old, for whom situation's are wanted in the country 

 with far.ners or mechanics, lu be indented till tiiey are twen- 

 lyone years of a2:e. 



A cerllficaie from the Selectmen and Clergyman of the 

 town, recomii. ending the applicant in Ihe inoil'salisfartory 

 mai ner wi.l lie req lircd. Applicalion in person or tiy mail, 

 to eiiiier of the subscribers, wil! receive early nonce. 



Moses Gram, No 9, Un'on Street. 

 Ed v.ird S. Rand, No. 'C, Court SI. 

 Henry B. Kno^t-rs, 2o, Joy place. 



10'% 'he Act of Incorporation, Boys cannot be indented 

 out of Massacimsetls. 



Boslon, Alay 10, 1337, 



44 



MOUBRAY OJV POULTRV. &.c. 



Monhray on Breeding, I5earin» and Fallening all kinds of 

 Ponl'ry, Cows, .Swine, and 'ilher Domestic Animals. Seco id 

 American I'loin the slxih London Edition. Adapted Ui Ihe 

 Soil, Climaie and Culture ol the United silalcs. My Thom- 

 as I ■'.Kcssenden, Editor of the N. E. Farmer, New Ameri- 

 can Garilciier, Complete Farmer, c . 



This book, published by .losepli lirec k Co Boslon, and 

 G. C. Thoiburn, New Vork, is for sale at the respl'cUxc 

 eslablislimcnis of those Genllemen. The first edilion ff this 

 useful book liad a rapid sale, and met wilri a favorable re- 

 ception. It has been c.Tiel'ully revised, and new and original 

 inl.ij-malion relative to its topics have been dilig ntly sought 

 and iiiscrled in rarious parts ol the Treatise. 



Maich 15, 1837. 



1.INSEFD Oil. MEAL,. 



PRICE RLDUCED. 



This article has met with a ready sale the pasl winter, and 

 received a decided picfcrence wilh many practical Farmers 

 in this vicinity. 



For the ensuing season the price will be leduced to 



'Iwdniyfive dollars per Ion, at the mill, or Twenlyscven 

 dollars per ton in Boston. 



Apply ai No. .0 Commercial Wharf, Boston, or in Med- 

 ford,.Ti Ihe mill. GEO. L. STEAK NS CO. 



Modford, Apiil 2G, 1837. 



ISKIDGEMAN'S GARIXENER'S ASSISTANT. 



.1 isl published and for sale, the 7lh edition of this valualile 

 nil I nopiiiar work, orife 51 For sale al the New Enshind 

 Sri d ■Siiiie, 51 Noiih iVIarKei Sireei. up siairs. April iC>. 



CASH, 



And the highest price given for genuine and pure Cucu.n" 

 ber Seed, Long winler Crook-neck .Squash, and Squash Pep 

 per Seed,— by JUS. BKICCK CO. - 



TIIE KE^V ENGLAND FARMER 



Is published every Wednesday Evening, al g3 per annum, 

 payable al the eiul of the year — t»ul those Mlio|»ay wilhiii 

 Mxty ays from tlie erne ot suiiscribing, are en'itled to a de- 

 duction of 50 cents, 



Qj'No paper '\ ill be sent to a distance, without payment 

 being made in advaiince. 



AGENTS. 



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 Fliisliin^,N. Y. — Wm. PKl^c^; .))■ Sons, Prop. Lin Bot.Gar 

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 Philatlelyhia — D. i\' C. I.AMiBt;TH, 85 Chesniil-slreel. 

 liaCimure — Puhlisher ol American Fanner. 

 Cincinnali — S. C. Par Kin;usT, 23 Lower Market street, 

 MidJIelmry. Vl. — Wight Chapm/.n . iVIerchani. 

 Taunton, Mass. — Sam'l O. Dunbar, Bookseller. 

 ilartfonl — (iootiwiN .y Co. Booksellers. 

 iXeithui-yport — Ekknf7.kr Stkiima.n, Bookseller. 

 Portsmouth^ N. H. — John W. Foster, Bo. ikseiler. 

 Wootlsiock, Vt. — J.A.Pratt- 

 Braitlehoro' — Jos Stf.en. Bookseller. 



Hiin^or, Me. — Wm. Mann. I»rnggisi, and \\'m. C. Hari ow 

 hhilif'i.T.N. S.—F.. BKowN.Esq. 

 Loiiisvltle — Samuel Cooper, Bullit Street. 

 S(. Lmiis— a. Ij. Hoffman, and Wii.i.is .t Stevehs. 



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 TIITTI.E, DENNETT «. CIIISHOLM, 



17 Hctioul Street. 

 ORnSKl TOR rRIilTlKa RECBITE* BT TBI rvBLISREHI 



