not as a preventive and restraint, upon that inherent tendency, before reaching the maximum that the system of the national body could bear. This plain truth cannot fail to be clear as the sunlight to every calm and candid mind, namely, that by reason of the alliance between the institutions that have created our paper currency, to derive their profits from lending it, and all our public authorities, both the Federal and State Governments, the latter conducting all their fiscal operations through the paper of the banks alone, the country has really possessed no uniform measure of value, notwithstanding all the precautions of the Constitution. It has had but a 'counterfeit presentment' of such a standard. This is a position which the most strenuous friends of banks and paper money cannot attempt even to controvert. Nor will any question that this defect is the radical vice of our system of currency-being precisely analogous, though on a wider and more active scale of operation, to the want of fixed standards of weight and measurement. This defect has been the original and ever active cause-the prima mali labes— of all the evils which it is admitted by all that the country has suffered from its paper currency, whatever differences of opinion may exist as to its compensating benefits; and to supply this, as far as it may be incidentally within the competency of the General Government, is simply the object of what is called the hard-money policy of the present Administration. The peculiar advocates of paper money rest their defence of it upon the ground of real convertibility; yet, in practice, that restraint is entirely evaded, simply for the want of a regular demand for and circulation of specie. This is what the General Government proposes to furnish, in its fiscal operation. It is proved, beyond cavil, that the amount which will be required for that purpose, will not exceed one-tenth part of the addition which has been made to the stock of specie in the country within the last few years, and that it is utterly insignificant in comparison with the total amount of currency and money transactions of the community. Yet, the uniform and constant circulation of that amount, its presence in the circulating medium, and the regular, though moderate, demand for it, will make it serve the purpose of a regulator to the paper currency, tending to keep its expansibility perpetually under the restraint of a bona fide, real convertibility. It will thus compel every bank to keep its paper down to the standard of equivalency to specie a consummation devoutly to be wished by all. It is only astonishing how the advocates of banks can venture to oppose this, as a measure of hostility to them! Yet, it is equally surprising that it can be imagined that the intelligence of the people can be long imposed upon by such inconsistent and suicidal argument.

This reform brings the Government back to the path prescribed to it distinctly and emphatically, (as none can deny,) by the design of the Constitution. It abstains from an interference with the legisla

tion of the States on the subject of banking. It contents itself with affording a uniform standard of value, to which it will be a necesary duty of every State and every bank to conform. It does not abolish paper money, to substitute an 'exclusive metallic currency,' but simply affords a perpetual check, unfelt, though effective, upon the excess and abuse of paper-money, if the States choose, in their sovereign pleasure, to continue the banking system which, by an ingenious evasion of the spirit of the Constitution, has grown up over the whole surface of the land. And this object who will gainsay who can pretend to impugn? Certainly, no friend to the StateRights school of construction. Certainly, none who read in the Constitution the sacred golden rule from which no temptation of apparent expediency should induce us to stray. Certainly, none who are unwilling to vest in the Executive that influence over pecuniary interests of portions of the community inseparable from a connection between its treasury and private banking corporations. Certainly, none who desire to see its financial action confined to the simple collection and disbursement of the most economical revenue possible, in the safe, simple, and uniform mode designed by the Constitution. Certainly, no consistent friend of banks and papermoney, who wishes to restrain the perpetual tendency of the former to the abuse of their power of creating currency, and to save the latter from the public odium so justly incurred by its frequent excesses, by adding the check which has hitherto been wanting, to keep it down to the level of real convertibility and equivalency to specie. And certainly, we may add, none but those whose minds are engrossed, in spite of all the experience both of England and of our own country, with the one absorbing prejudice--that the sole sovereign panacea for all the ills that flesh is heir to is a National Bank.

RETROSPECTIVE VIEW OF THE SOUTH-AMERICAN STATES.

No portion of modern history is less known, as well in our own country as in Europe, than that of the different States which have risen within the present century, upon the ruins of that vast and splendid dominion once possessed by Spain over the southern half of the American hemisphere. Very few individuals, indeed, are to be found, possessing tolerably correct ideas of even its general outlines. We have, therefore, thought it necessary-as it would probably be interesting and useful-to present a general retrospect of the past history of these our neighbour republics, as introductory to that section of our future regular chronicle of events. The following article (of which the second half will be given in our next number) has been prepared with a most careful attention to accuracy, from authentic and original sources.

Ar the beginning of the present century the authority of the Spanish Monarch extended, or was supposed to extend, over more than one-half of the American continent, and nearly two-thirds of the aggregate surface of the West India islands. Of these vast territories, many tracts, not only in the interior, but also bordering for hundreds of miles upon the sea, were inhabited exclusively by tribes of wandering savages; and the claims of Spain to supremacy over them rested upon no better foundations than the grant made to her sovereigns, in 1493, by the Pope, and the assent or indifference of other Powers. There were, however, among these dominions, many rich and extensive countries, peopled by persons who might be considered as civilized, who spoke the Spanish language, were governed by Spanish laws, and were in all respects Spanish subjects. Of these latter possessions, some had been first cultivated and settled by the Spaniards, but the most valuable portions were, when discovered, occupied by nations already far advanced in the knowledge and practice of the most useful arts, and were still principally peopled by their descendants.

The number of inhabitants in these dominions, at the above mentioned period, cannot be stated with any degree of accuracy. The settled countries were supposed to contain about sixteen millions of persons, of whom the majority were of the various aboriginal races comprehended under the general name of Indian. The whites, or those of purely European extraction, did not, probably, exceed three millions, including the military and the officers of government; and there were about half a million of negroes. The remainder of the population was made up of persons of mixed bloods, who were denominated mestizos, mulattos, sambos, &c. according to their descent. The Indians, and mestizos, or persons of mixed European and Indian bloods, were confined to the continental territories, the indigenous races having disappeared from the West India countries; in the settled districts they were engaged in agriculture, mining, and the mechanical employments; they, indeed, performed all the manual labor, and were, upon the whole, as much civilized as the corresponding classes of the inhabitants of Spain. The greater part of the Indians of pure blood lived in villages, districts, or parishes, specially assigned to them, where they were governed in a peculiar way, and possessed certain privileges and immunities, withheld from the remainder of the population. The negroes and mulattos were nearly all slaves; in which capacity they composed about a third of the population of the West India islands; on the continent, they were most numerous in the northern parts of South America, particularly in the vicinity of the coasts.

These countries had remained in subjection to Spain for nearly three hundred years. Within that time some territories had been temporarily alienated, and others, originally occupied and claimed by Spain, had passed, without any prospect of return, into the possession of various powers; the settled dominions, however, were nearly, if not fully, as extensive as at any preceding period. The districts bordering upon the sea had occasionally suffered from hostile attacks, during the wars in which Spain was almost constantly involved; and rebellions had occurred among the Indians in several provinces, which were generally subdued with little difficulty. Yet, when we compare these evils with those from similar causes by which Europe had been afflicted within the corresponding term of years, Spanish America may be considered as having been little disturbed, either by foreign wars or by internal commotions. Notwithstanding these favorable circumstances, and their immense natural resources, little, if any, improvement had taken place in those parts of the world, either as regards their population, agriculture, commerce, or any other branch of public prosperity; and Spain herself had fallen from the highest to nearly the lowest rank among nations. That the decadence of Spain was the consequence of its connection with America, is generally believed, though by no means sufficiently proved; that this connection, however, as it really existed, could have been beneficial to neither country, must appear evident to all who are acquainted with its nature.

To portray minutely the system according to which Spanish America was governed, and to develope its effects upon the interests and characters of those upon whom it operated, would require much labor, as well as discrimination, on the part of the person who should undertake it. An impartial history of the Spanish rule in this hemisphere, would, however, afford most valuable lessons to those who entrust, as well as those who are entrusted with, political power. It would display a series of measures, suggested by the most acute foresight, and the most profound acquaintance with the mechanism of the human heart, directed solely to the purpose of concentrating in the hands of a few, and for the benefit of a few, all the rights which belong to millions. It would afford precepts for fraud and imposition, calculated to excite the admiration of a Machiavelli, and examples of violence and treachery which even a Napoleon might have scrupled to imitate. Yet it would, at the same time, afford to a reflecting mind, demonstration of the general inefficiency of wisdom, or of its counterfeit, cunning, when devoted to ends purely selfish-when unaccompanied by a just regard for the rights of others. It would show how rapidly the spirit of deception extends downwards, from chiefs to their subordinate agents, and from those agents to the persons on whom they are to act; how easily, in fine, the artifices by which we design to profit at the expense of others may be turned against ourselves.

We shall, however, attempt to present a sketch of this system, with a view of its operation and its effects upon those for whose government it was instituted.

In the first place, it must be observed, that these dominions were not considered as colonies, but as forming, together with the Canary and the Philippine islands, one empire, called the Indies, of which the King of Spain, as King of Castile, was the absolute sovereign. They were governed by distinct laws, those of Spain applying only in cases for which no provision was made in the code specially formed for them; and the entire direction of their affairs was committed exclusively to a distinct ministry, called the Supreme Council of the Indies, which resided near the person of the King, and acted always in his name. This celebrated body was established in 1511, shortly after the discovery of America; its functions were considerably enlarged by Charles the First, (better known as the Emperor Charles the Fifth,) and his son Philip the Second; and, in consequence of the indolence and incapacity of nearly all the succeeding monarchs of Spain, it gradually acquired the absolute control of the dominions placed under its charge. As a Legislature, it issued all laws and regulations for the government of the Indies; in the exercise of its Executive faculties, it made or confirmed all appointments, civil, military, and even ecclesiastical, and ordered or instructed the higher officers, with regard to the performance of their duties; lastly, it was a Supreme Court of Judicature, to which causes involving impor

tant questions might be submitted for their final determination. It thus possessed all the powers of the government over these extensive realms. The assent of the monarch was, indeed, necessary to give authority to its proceedings, yet that assent was rarely, if ever, withheld; and as vacancies in its own body were always filled agreeably to its own recommendation, the whole period of its existence might be viewed as the reign of one absolute sovereign, ever sagacious, and ever adding to his stores of experience.

The laws and decrees of the Supreme Council were, from time to time, revised by the body itself; and those which were to remain in force were arranged under their proper heads, and published by order, and in the name of the King, under the title of "Recopilacion de leyes de Indias." [Compilation of the laws of the Indies.] The last publication of this collection was made in 1781, in three volumes, small folio; certainly not an extensive body of laws for so vast an empire. Respecting the character of the statutes, it may, at present, be observed, that they are, for the most part, intended as guides for the conduct of the officers of Government, and that they recognise or consecrate but few rights on the part of the governed.

As the territories of the Indies were of vast extent, it became necessary to divide them into sections; and, as they were situated at a great distance from the seat of the supreme authority, it was requisite to confer almost unlimited powers upon those who were charged with the actual administration of the government. It was, however, likewise, indispensable to prevent, as far as possible, the employment of such powers, by the persons to whom they were confided, in a manner prejudicial to the authority or the interests of the mother country.

At the period to which we at present refer, the number of these sections was twelve; each of which had its own government, its own civil, ecclesiastical, and military establishments, entirely distinct from, and independent of, those of every other division. These sections were nearly all styled kingdoms, and were, in general governed by the same laws and regulations; there were, however, certain notable peculiarities in each, with regard to the mode of enforcing the laws, the constitution of the several departments, and the distribution of powers among them.

Over each section was placed a chief executive officer, appointed by the Supreme Council for a limited period, generally five years; after which, however, they were, in many cases, continued in their command. In the four largest divisions, viz: Mexico or New Spain, New Grenada, Peru, and La Plata, this chief was styled the Viceroy. In seven others, viz: The Canary islands, Porto Rico, including the Spanish part of Saint Domingo, Cuba to which was attached Florida and Louisiana, Guatemala, Caraccas, Chili, and the Philippine Islands, the supreme authority was vested in a Captain-General; the remaining section, Quito, was governed by a President.

The sections were subdivided into provinces which, except in Mexico and Peru, were commanded by Governors; in those two kingdoms one or more provinces were placed under the control of an Intendant, whose faculties were less limited than those of a Governor. Again the provinces were divided into districts, in the chief towns of most of which was a board, called a Cabildo, or Ayuntamiento, elected partly by the inhabitants, and charged with the police of the place, as well as with the appointment and superintendence of the Alcaldes, or magistrates, in the other towns or parishes of the districts. In the Indian villages, or parishes, the Alcaldes were chosen by the inhabitants, but were placed under the direction of Corregidores or guardians, appointed by the Ayuntamiento.

The powers and duties of these several officers were in most cases defined by law, though in some they were purposely left uncertain; much was always placed at the discretion of the person employed, whose responsibility was supposed to be in proportion. The Viceroys were originally considered as representing the majesty of the Sovereign; they held at their disposition the land and sea forces, and the revenues of their respective sections, and their commands, of whatever nature they might be, were obeyed without question. Many limits were, however, in progress of time, placed upon their authority, particularly in matters relating to the revenue, which were, in Mexico and Peru, committed almost entirely to the Intendants; and although