chivalry was about to assume still another feature, and under the guide of the Feudal System, it was soon to enter a broader field of labor. Religion thus far in the middle ages had reposed in ease and indolence. Allied to power, and manifesting itself at pleasure through the arm of state-it had hitherto found little occasion to exert its influence by direct appeals to the image, nature and sympathies of the masses. Now the time had come. The foot of the infidel Saracen trod in the steps of the prophets, and the blood of believers crimsoned afresh the hill of Calvary. The religious enthusiasm of the age was aroused. The heart of all Christendom was moved. The Pope nodded his approval, and the voice of Peter the Hermit was heard through the kingdoms of Europe, preaching the first crusade to the Holy Land. Of stormy eloquence and fanatic zeal, he was the man for the time and the work. His message resounded from the hill-tops, and was repeated from the valleys;-it found an echo in winds and waves,-until every heart burned with fire-and every soul was strung for action. Thus began the most remarkable series of wars recorded in all history. The whole feudal territory, from the centre to the circumference of its extent, was shaken by the commotion, chivalry imparted its spirit-religion uttered its solemn sanctions-and soon a breathing stream of life began to set towards the rising sun. Godfrey of Bouillon was the successful leader who first reared his banner over the city of David; of the same spirit and in the same company were Robert of Normandy, Hugh of Vermandois, Raymond of Toulouse, Bohemond of Tarentum ;-and with him rode Tancred, the noblest spirit of all Christian chivalry. But the cross of St. George and St. Louis triumphed for a brief time only. The next generation dawned on the success of Saladin, the Saracen. Then, Richard the lion-hearted of England, and Philip Augustus of France went forth to the rescue, with the battle-cry of "God wills it," upon their lips. Still, after two centuries of conflict, the tombs of the prophets and the sepulchre of the Saviour, remained in heathen hands. The treasures of the west had been prodigally poured out upon the east, and five millions of men slept amid the sands of Asia. Religion too, had learned a lesson of great truth; in the name of Him, who conquered only by love,-the kings of Christendom had hastily seized the sword, and they had perished by the sword. The contention, however, had enabled religion to shake itself from the dust of its past degradation-it taught it, "to put not its trust in princes;" it well prepared the way for that greater conflict, which was soon to set it free forever. But we begin here to pass the limits of the middle ages-we see before us the dawning light of modern history-the sequel of this subject. It only remains under feudalism, to show the remote remnants of civil liberty, that still struggled on through all the period of its power. We have seen already, the tendency the system had taken. In France, the feudal laws came to be looked upon as encroachments upon the rights of the sovereign;-in England, as trespassing upon the privileges of the people and the result was the same in both kingdoms. It ended in casting off those laws, and in bringing society into new combinations, and under new constitutions. As it left the aspect of affairs in France, it encourages us to look for little of liberty there; but in England, the prospect was far more promising. Hence, ever after the grant of the great charter by King John, we find a strictly limited monarchy in our own fatherland. The boldest of her statesmen and the meanest of her kings, 66 may have risen at times against this settlement of the popular power;but when the contest was settled, it was ever upon this foundation, and the popular rights prevailed. The old Saxon heart was made of stern stuff; and if it allowed the right of kings to reign, it did not allow them the right to rule with oppression and injustice, without a successful resistance. This firmness on the part of the people, broke up the old bounds of feudal power—it gave the people a knowledge of their own strength, and that was something they never lost. The new paths that were opened to arts, agriculture, and commerce, also added their aid to the attainment of these ends. The crusades had called for ships and for seamen,-the merchandise of the Mediterranean had brought in the wealth of the east, and the riches of Europe came gradually into the hands of merchantmen and voyagers, Wealth had changed hands, -and laws and customs, privileges and powers, must follow it. The middle class—the class of enterprise and industry, became its keepers,—and hence their rising consequence in the state, as with their sanction, the government was irresistible ; without them, it must fall by its own weight. Occupying this integral point in political affairs, we see the causes of that constant jealousy which they were accustomed to fall by for the safety of their civil rights. Froissart, the famous chronicler of the olden time, gives us a picture of this popular feeling, as it existed in the times of Edward III. A crazy priest, as he says, in the county of Kent, called John Ball, was accustomed to meet the people on their return from church, and say to them: My good friends, things cannot go on well in England until everything shall be in common; when there shall be neither lord nor vassal, and all distinctions leveled; when the lords shall be no more masters than ourselves. How ill they have used us ! and for what reason do they thus hold us in bondage ? Are we not all descendants from the same parents, Adam and Eve ? And what can they show, or what reasons give, why they should be any more masters than ourselves ? except, perhaps, in making us labor and work for them to spend. They are clothed in velvets and rich stuffs, ornamented with ermine and other furs, while we are forced to wear poor cloth. They have wines, spices, and fine bread, when we have only rye and the refuse of the straw. They have handsome seats and manors, when we must brave the wind and rain in our labors in the field; but it is from our labor that they have wherewith to support their pomp—we are called slaves, and if we do not perform our services , we are beaten, and we have not any sovereign to whom we can complain, or who will hear us and do us justice. Let us go to the king, who is young, and remonstrate with him on our servitude, telling him we must have it otherwise, or we shall find a remedy for it ourselves.” For these and the like speeches, he was much beloved by the people, and they were accustomed to say—- John Ball preaches such and such things, and he speaks These sentiments of the crazy priest, although so repulsive to the haughty heart of royalty, have since done their work in the world—they have formed the basis of every genuine reform in government down to the present day--they are the same sentiments which a subsequent age embodied in the broad principles of American liberty. Through dangers and defeats-through perils and persecutions, they have still held on their way. As we see them feebly struggling up from among the poor pear santry of England on the one hand, on the other we behold the departing truth.” footsteps of all feudal doctrines and divisions in society. The baron lost his military vassals, the king was compelled to leave legislation to his parliament. The last of the feudal forces in England, was the most gifted, the most glorious body of men that ever trod her soil. It was commanded by Fairfax ; it was graced by the presence-it was honored by the talents, and adorned by the virtues, of the justly lamented John Hampden—it was finally led to victory and to empire by the world-renowned Oliver Cromwell, before whose genius and statesmanship the history of England's past and present sovereigns is as the history of little children. But the commonwealth appeared before its time—it passed away with the life of its master-spirit--and the corrupt Charles and his court came, with the sad story of his father before him. This puerile prince saw that his safety lay in an army of mercenaries, who had hands to fight, but not heads to think. At his command, the feudal forces of the Protector roll. ed back into the ranks of private life, and never more appeared in the wars of England. Simultaneously with this event, finally fell the fabric of the feudal system throughout Europe. The arms of chivalry were rusting from neglect—knighthood had lost its charm--the cavalier cast off his clothing of steel and became a man--and the minstrel could only sing legends of the past. Thus passed the period of the middle ages. At its close, the vices of feudalism died, they lived only in a lingering death; its virtues can never die--they survive in those systems of a federative state which have been re-written in the constitutions of free governments, and are now so rapidly rolling round the world. So steals the stream of time away. Thus, in human affairs, as in quick nature, nothing effete and lifeless remains. The evil vanishes, and what element of good it contained enters into new forms and living combinations; while the good is gathered into golden sheaves, and its precious seed shall be scattered again for a more abundant harvest. Thus, too, the Feudal System, like a mighty river, has mingled itself in the vast ocean of the past—its sounding surges have reached the present, and are still rolling on towards the unknown future. It is this linked connection of all ages-it is the fact that one age arises out of another in a series of ceaseless succession--that makes the past and its events precious unto us. May we so read its pages and ponder its lessons, as more clearly to apprehend our own destiny and duty; and may the wisdom which it imparts be shown in our actions and adorn the history of our lives. G, W, G. SKETCH FROM THE LIFE. BY DUDLEY PERKINS, LL.D. Of all the miserable drudges living, And into every body's business dipping; There's one who's called respectable; but oh! Always in haste, at breakfast, dinner, supper, A mere machine-high-pressure, never low Swallowing as quick as he throws 'copy' out: Is he, who through his knotty brain is sieving His right-hand is a perfect item' scupper, News for a daily paper-copy-clipping- Be it for ' levee' or a pint of stoutRomantic murders cutting down lo facts Of all the wretched souls existent, Chasing up strangers and their stranger acts, It is, good lord ! an EDITOR'S ASSISTANT, FINANCIAL AND COMMERCIAL REVIEW. THERE is a continued abundance of money in the market, with every prospect that the usual course of business will produce the customary result,—viz., a growing abundance towards January. When the crops first begin to come down, money is in demand; but as the supplies reach market and find sale, the funds employed in its transfer revert to the great reservoirs, and seek other employments. When capital is in excess of the regular calls of business, speculation is usually generated; but both here and in England money has for a length of time been abundant, without producing that customary result. What direction the next speculation fever may take, it is difficult to determine; but some decided movement may be reasonably looked for during the ensuing winter and spring. The continued production of gold in California, and the receipt here, is gradually creating that superfluity of coin which must result in an increased export of the metals. The following table shows from the mint returns, the receipts and coinage of California gold: sum. With the amount received at New-Orleans, the total to the 30th of September, is $31,000,000. The amount which arrived in October, was larger than for September. It will be observed that from the first arrivals the increase has been progressive, and for the last quarter the amount is 35 per cent. of the whole It is also the case that in the present year over $4,000,000 more has been received than has been coined, through the incapacity of the Philadelphia mint. This inconvenience will be monthly enhanced, to the great detriment of the general interests of the country. The import and export of specie at the port of New-York for the years ending September 30th, have been as follows: This gives an excess for four years of some three millions imported as per custom-house returns, and about twenty-four millions per immigrants. The amount in New-York city is as follows, as compared with former returns: trospect D Come ale, the other Total...... $10,672,889....11,403,400.....13,429,104.....15,051,120..... 15,202,100 A continual increase 'is here apparent, although the funds have oscillated between the banks and the treasury. Since March last the increase has been large io both places ; and as the season of large imports is over, when the duties will be less, and the payments of the government under the appropriation bills will be more, the quantity in bank will be swollen by receipts from the treasury as well as from California, and in face of falling exchanges. There is, therefore, very little probability that these institutions will be deterred from keeping the line of discounts as high as possible, in order to maintain their dividends by extent of loans in the face of declining rates of discount. This the Boston banks have succeeded in doing up to the present time, as seen in the following figures, which embrace the capital, dividends, and the rates of the latter for several years : bas for e; but winter ere, BANK CAPITAL AND PROFITS, BOSTON AND NEW-YORK. reased us, the Boston, Capital. Dividends. Per Cent. New York, Capital, Dividends. Per Ct. 1845.....$17,480.000....1,112.100....6 36...... $23,084,100....1,433,901...,6 21 1846.. .18,480,000....1,196,000....6 57.......23,084,100....1,536,312....6 62 1847.. ..18,180,000....1,281,300....7 00.. .23.084.600....1,572, 158....7 09 1848. .18,920,100....1,428,350....7 55. ..34,284,100....1,883,971.... 8 10 1849... 19.280,600....1,477,350....7 66.......24,457.890....1,982,998.... 8 10 1850......20,710,000 1,534,000....7 68 .......27.440,070....2,228,967 ....8 70 In Boston, the Bank of Commerce capital, $750,000, being now, the dividends are earned by $19,960,000 capital. In New-York, deducting new capital, gives $26,190,070, as the working capital, which has paid 7-8 per cent., an increase of 40 per cent. over that of 1845. The higher rates of dividend have been sustained by the enlarged circle of discounts, and the number of new banks is constantly increasing, while the capitals of the old are being enlarged. The following returns give the leading features of the institutions for many quarters : BANKS OF NEW-YORK. Loans. Deposits. 41,031,247 .5,850,424.....5,783,498.....21,443,148 February 9, 1849.. 43,521,441.....4,523,775.....5,360,399. .22,928,554 June 30, 1849 48,515,471.. ..9,586.308.....5,539,572 27,227,134 September 22, 1849. .49,922,265. -...8,022.246.....5,990,100. ..28,482,228 December 29, 1849.. 53,360,650. ..7,169,016.....6,013,349. ..28,868,388 March 30, 1850 56,420,647 ...6.861,501.....6,725,688.....32,067,937 June 29, 1850. 59,888,176.... 10,650,290.....5.918,786.....35,861,139 September 28, 1850....... 62,788,151.....9,956,846.....6,692,063.....37,010,382 As well in Boston as in New York, have the banking credits been extended ; and the western institutions, particularly those of Ohio, have responded to the movement. Boston, the emporium of the manufacturing district, since the reduction of the beneficent tariff” and the formation of the destructive subtreasury,” has increased its bank capital three and a quarter millions, and its bank profits sixty-seven per cent. !--that is to say, the capital averages seven and a half per cent. annual dividends against five per cent. in 1844–a most remarkable instance of decaying trade ! That the markets have hitherto retained |