ciples from a society would exercise a less control over the moral feelings of the assured party than does a private guarantee. On this point Mr. Saunderson is still more explicit, and we extract his observation in full. The only consideration,' he says, 'which remains worthy of notice, is the effect that the introduction of this principle will have upon other general interests of the community, especially with regard to morality. The rarity of a prosecution by sureties sufficiently attests the weakness of the moral control that private suretiship exercises in the relations between the employed and their bondsmen. It is sufficient for the surety that he has incurred a heavy penalty; and it would evince great ignorance of the world to suppose relatives would further expose their family honor by public proceedings against the offender. Under such feelings, the worthless servant escapes punishment: he may form other acquaintance and other friendships; he possibly may obtain another employer and other sureties, and run a similar round of folly and vice, and eventually plunge into greater delinquencies. The proceedings of the Guarantee Society, on the contrary, appear well calculated to arrest such a course of events. Upon the first defalcation, if it oe not a case of gross fraud, the individual may be called upon to protect the society from pecuniary loss, his employer still having the right to prosecute. If this can be accomplished, when a secono application for the guarantee is made, the answer of the society to the proposed n aster would be, 'We will not guarantee A. B. a second time; we believe he can be employed more usefully than in offices of pecuniary trust.'

"The individual is by such means most probably saved from the temptation that would constantly beset him. If the circumstances attending the defalcation afford evidence of serious criminality prosecution will certainly follow. The society have their personal interests to protect, and will in such a case exert the only real check upon the positively dishonest-namely, the certainty of exposure and punishment. Upon this subject no doubt can exist: t'he appointment of the solicitors to the Association of London Bankers for the Prevention of Fraud, as the society's solicitors for the prosecution of defaulters, is positive proof of the society's determination that punishment shall follow a violation of laws instituted for the protection of the community at large.

"The success of the Guarantee Society must therefore lead to a diminution of fraud and dishonesty.* In further proof it may be stated, that of parties whose default the society have had to make good, some are now undergoing the penalty awarded by the law as a punishment for dishonesty, while other delinquents have absconded to avoid the consequences of a prosecution.'

*The experience of the society has already shown to the directors that fraud by servants, under private sureties, is committed to a serious extent in the commercial world. Cases daily arise to prove how totally inadequate and defective the system of private security is as a preventive of crime. Under the present system, with the exception of certain of the bankers, whose excellent association is a safeguard to the best principles of civil society, and one or two other prosecuting associations, the punishment for such crimes falls upon the surety, who is altogether unprotected; and the worthless delinquent is left to continue his depredation upon the unwary public.

We are, upon the whole, impressed with a strong sense of the soundness of the principle involved in the establishment of this society, and believe we are only doing an acceptable duty to a large portion of our readers in making them aware of its existence.

NEW BOOKS.

THE PAST, THE PRESENT, AND THE FUTURE. By H. C. Carey, Philad. Carey and Hart, 1848. The author enters into an elaborate argument to enforce his views of Labour, Capital, Wealth, and other topics. Our readers will find in this No. a few pages taken from Mr. Carey's volume: and these few will enable our realers to form a tolerable estimate of the peculiar notions of the writer. He stands forward as a champion of the interests and welfare of the masses of the people: and we hope his work will find a general circulation, and every copy a thousand readers.

EWBANK'S HYDRAULICS AND MECHANICS-8vo. 1848. Published by Greely & McElrath, New York. This may be considered the most complete work issued upon the subject in this country. It contains valuable details for engineers, mechanics and men of science. The engraved illustrations are well executed, and add much to the value of the volume.

JOURNAL OF THE FRANKLIN INSTITUTE, Philadelphia, 1848. Published by the Franklin Institute for the promotion of the mechanic arts. This work has hitherto been under the editorial supervision of Dr. Thomas P. Jones, one of the ablest chemists of the age and for several years superintendant of the Patent Office. Published monthly, at $5 per annum.

VINDICATION OF THE FREE BANKING SYSTEM: an investigation of the true principles which ought to be the basis of paper money. By L. Bonnefaux-New York, 1848. (Extracts in our next.)

LETTER to the people of New Jersey on the Frauds, Extortions and Oppressions of the Rail Road Monopoly. By a Citizen of Burlington— 8vo: pp. 64. Philadelphia, Carey and Hart.

BANK LOCKS.-The importance of having the best locks upon bank vaults is exemplified daily. Messrs. Day and Newell, New York, have recently supplied four of the Baltimore banks with locks for vault doors, which deserve a critical examination. They seem to be incapable of being picked.

DEATHS.

AT WHEELING, in May last, John List, Esq., Cashier of the North Western Bank of Virginia, at that place.

AT BRIDGEPORT, Connecticut, on the 11th June, Sylvanus Sterling, Esq., President of the Bridgeport Bank, aged 61 years.

Notes on the Money Market.

NEW YORK, JUNE 30, 1848.

Shipments of specie have been very active since 1st June. The steamers and packet ships have carried out large amounts, but we may say that the demand has ceased. Exchange on England has ruled as high as 10 a 11, but the rates may now be quoted at 109 a 110. The shipments of coin to Europe since the 1st January last, from N. York, may be estimated at eight millions of dollars.

Some relief to the money market is already felt in consequence of the negotiation of the Government loan of sixteen millions. A large proportion of this, it is generally believed, has been subscribed for foreign account: and the tendency of bills on England has been since downward. The premium realized, over three per cent, is a strong indication of the abundance of capital Capitalists are willing to embark in loans for the U. S. at 3 per cent premium, while money is in demand in State street and Wall street at 1 or 11 per cent per month.

In 1842 the Government negotiated a loan of eight millions at par. The sudden influx of private capital into the United States from Europe since March last, added to the information that peace was secured with Mexico, has created a disposition to invest in Government securities, and presents a favorable contrast with the operations of Government for former years. The following is a schedule of the successful bids:

It is remarkable to what seemingly trivial circumstances mankind frequently owes the most important inventions in mechanics. Who at the time could have imagined that two such small events as the witnessing of the drawing out of a heated bar of iron between rollers, by Arkwright, and the assemblage of a small company of cotton planters at the residence of a lady, under whose kind patronage Whitney, a young and ardent adventurer upon the sea of human life, then was, would have established an era in the cultivation and manufacture of cotton, and have furnished the world with one of the most extraordinary exhibitions of mechanical development known in the entire history of the industrial arts. Yet to these very circumstances England and the United States are indebted for the present extensive culture and manufacture of that article which has worked so important a revolution in their labor, and contributed so greatly to the prosperity of both. There is a striking parallel in the youthful portion of the lives of the two great men whose names stand out thus prominently in the early history of the growth and manufacture of cotton, who, sprung from the same humble condition in society, and endowed with the same mechanical genius, were prosecuting successfully in different hemispheres, those reciprocal inventions which bear so intimate a relation as to make both necessary for the perfection of either, which it would be pleasing to prosecute. But our business at present is with the American inventor, and we shall therefore leave his English prototype, to enter into some of the details of his highly useful life.

Eli Whitney, the subject of these remarks, furnishes an illustration of the truth, that a man may possess great genius, be an inventor of the highest order, and yet never write a book. Indeed his early occupations were far from favorable to literary pursuits, and even when at a later period he entered Yale College, as a student, we are unable to perceive that he evinced any great anxiety to excel as a literary man. On the contrary, his heart seems to have been centred in his favorite pursuit of mechanics, and his studies were prosecuted with avidity only when they tended to this point. He is said to have been an excellent mathematician, but was not remarkable for his attainments as a classical scholar.

His father, who resided at Westborough, in Massachusetts, at which place Eli Whitney was born, 8th December, 1765, was a small farmer, and managed by dint of industry to rear an increasing family, frugally yet respectably, for the most part to pursue the same quiet occupation with their ancestor. Whitney's early years were spent in assisting his father and brothers in their agricultural pursuits; but even at this early period of his life he evinced a great fondness for mechanic subjects, and exhibited unmistakable evidences of a high order of inventive genius. As might naturally be supposed, these first attempts were expended in childish inventions. He was always glad to retreat from the labors of the farm, for which he does not appear to have had any great predeliction, to his father's workshop, to busy himself in his favorite occupation. Some amusing incidents are related of this portion of his life: among others it is said that his father having had occasion to absent himself from home for a few days, enquired on his return, as was his custom, into the occupation of his sons during his absence. He received a good account of all of them, except Eli, who, the housekeeper was reluctantly obliged to confess had been engaged in making a fiddle. "Alas," said the father with a sight and an ominous shake of the head, "I fear that Eli will have to take out his portion in fiddles." Nor can we marvel much at the parent's forebodings, when we remember how frequent a shift this is with idle and worthless boys. It is not every lad who sets his miniature water wheel at work beneath the little stream of water, that becomes a Newton in after life, or that deduces the same philosophic reasons from this apparently trifling amusement which inspired the soul of the great philosopher. It may be well to observe by the way, that this fiddle proved to be a very good one, and made passable music.

Another incident connected with this portion of his life, is that his stepmother (who had recently become so) possessed a set of table knives, which she highly prized, as a superior article of cutlery. Eli informed her that they were well made, but that if he had proper tools he thought he could equal them, with his own manufacture. The step-mother became offended, thinking that he meant to underrate their value, but it so chanced that not long after one of them became broken, and he supplied its place so perfectly that it could not be told from the others, except that it wanted a stamp, which he had not the requisite tools to impart to it. Although but twelve or fourteen years of age, his reputation as a skilful mechanic had now become so general in his father's neighborhood, that the surrounding country people were in the habit of bringing to him mechanical jobs to execute, which he performed with such skill and neat