A paper currency, which the maker is not able and legally bound to redeem in coin at the will of the holder, whether issued by the government, by incorporated or joint banks, or by individual bankers, is one of the greatest evils which can afflict any country. But notwithstanding the numerous frauds, losses and evils, resulting from paper-money, the conveniences and advantages arising from well-managed banks are very great; and banking is so interwoven with our system of doing business, that it is difficult and perhaps not advisable to attempt to dispense with bank-notes, as a part of the circulating medium of our country. Something, however, should be done to secure the public, and to prevent, as well as to punish fraud. The individual liability of bankers, without more speedy and efficient remedies to enforce such liabilities than the common law affords, and different judges from some we have in the United States, proves to be almost worthless. I entertain no doubt, however, that remedies may be devised which would make the individual liability of bankers available to promote the security of the public.

The public mind seems to be tending towards the following points, as necessary safeguards in our system of banking :First, that government stocks in good credit should be deposited with some government officer, in pledge to redeem their outstanding notes; secondly, that such officer should keep the bank-plates, have all the notes struck off, countersigned and registered in his office, and delivered to the bankers, and that uniformity, as far as practicable, should be preserved, in the plates of all the notes of the same denomination in the State; thirdly, that every bank should keep on hand in specie, and in specie funds subject to draft at sight, an amount equal to from 30 to 50 per cent. of all their liabilities to the public, and to enable them to pay their debts in coin, or its equivalent, whenever called on; fourthly, that none but those who have capital to lend, and do not wish to borrow money, should become bankers, and to secure this object that no bank should be allowed to make loans to its directors, officers, or stockholders, either directly or indirectly; fifthly, that the directors, or other managing officers, should be personally liable for all the debts of the institution, and that the private property of the stockholders should also be holden to an amount equal to their stock; sixthly, that the power to alter and amend the charter, in order to correct abuses, should be reserved; and seventhly, that all violations of law, by the stockholders, as well as the officers, should be declared and punished as crimes; and that neither the bank nor any stockholder, director, or other officer thereof, should be allowed to set up any violation of law as a defense to a suit on any contract of such bank, bank-officer or stockholder.

The first point stated is substantially the basis on which the Bank of England (the first bank which ever issued notes) has always done business, and the same principle of banking is now in operation in the States of New York and Ohio. The second point is important to secure the stockholders of banks, as well as the public, against fraudulent and excessive issues; and also, to guard against counterfeits. This provision also, is in operation in New York and Ohio, under their general banking laws. The third point seems absolutely necessary to secure at all times the redemption of bank notes in gold and silver; and notwithstanding the opposition of bankers, it appears to be increasing in importance in the public mind. As

to the fourth point, the case of the late United States Bank of Pennsylvania, as well as of numerous others, has created a very general impression in this country, that the payment of the capital stock of a bank in coin, to any amount whatever, affords but little security to the public, if the directors and officers of the bank can take it half or all out again in the shape of loans to themselves; that when the directors, managing stockholders, and officers, have thus loaned to themselves perhaps two or three times as much as the amount of their stock, it is often for their interest to have the bank fail, and its notes depreciated, to enable them to buy them up at half price, or less, and apply them in payment of their own obligations; their indirect gains by such failure being much greater than the loss of their stock. To allow speculators, as well as business men who want money, to manufacture paper money at pleasure and loan it to themselves, presents too many and too great temptations for over-issues and improper loans, to be consistent with a sound currency, and the security and safety of the public. The fifth and seventh are also important, to deter selfish and cunning men from attempting to make bank paper an instrument to defraud the public; and also to prevent them from setting up their own violations of law, to defeat the honest claims of their innocent, confiding, and deluded creditors. But what appears to me equally as important, and perhaps more so, than any of the points above named, is a radical change in the mode of electing directors, so as to give all the stockholders a fair voice in the election of directors, and the management of the bank, and not allow a few, who own a majority of the stock, to combine together and control the whole, for their own private advantage, regardless of the safety of the public, and of the rights of the other stockholders.

It is very difficult to sustain banks in agricultural States, against which there is a constant balance of trade; but very easy to sustain them, with ordinary prudence and good management, in manufacturing States, in whose favor there are generally heavy debts, as well as balance of trade. Hence

the necessity of greater checks and greater prudence, in the former than in the latter.

ART. III.-SWAMP LANDS OF MISSOURI.

The act of Congress, relinquishing the Swamp Lands to the respective States in which they lie, gives to Missouri 1,517,287 acres much the largest part, and indeed nearly all of which is situate in the south-eastern part of the State.

Commencing in the neighborhood of Cape Girardeau, they extend southwardly, nearly in the direction of the Mississippi river, into the State of Arkansas. Their length in Missouri, in a direct line, is estimated at one hundred and eight miles : constituting throughout this entire distance a barrier between the river and the southern part of Missouri, and the northern part of Arkansas which may be regarded as impassable for all practical purposes. And hence, the country west of the these swamps, though destined to become one of the most interesting districts west of the Mississippi, has remained almost in a state of nature to the present time.

The General Assembly of Missouri will, doubtless, adopt some plan at its next session, to remove this impediment to the settlement and improvement of this interesting part of our State for we can imagine no sound reason why the work should not be entered upon without delay. The Lands can be appropriated to no other purpose until the improvement is complete and, whether they prove sufficient for that or not, the sooner the experiment is made the better. The only important question that can arise in the Legislature, is that touching the policy to be pursued in carrying on the workwhether the State shall undertake the improvement on its own account; or, whether it will contract with individuals to drain the submerged lands, construct levees, &c., for a portion of the land to be reclaimed. We have seen estimates, and heard many opinions expressed in regard to the probable cost: but no complete survey having been made, such opinions should have but little influence on the Legislature; but be the plan of carrying on the improvement whatever it may, a thorough survey should be regarded as an indispensable preliminary.

The lands to be reclaimed are regarded by those who are acquainted with the country, as being equal in fertility to any on the Continent; and, owing to their peculiar location, must become as valuable for farming purposes as any land in the Valley of the Mississippi, of equal distance from a large city, But to render these lands valuable, and to insure their settle.

ment and improvement, the obstructions to the outflowing of the water must be completely removed, and levees constructed te prevent inundation from high floods in the Mississippi

river.

Consequently, if the improvement be undertaken by the State, she would be under the necessity of advancing the amount necessary to complete it before any means can be realised for that purpose by a sale of the land; and if it should turn out in the end that the land reclaimed would not pay the cost of draining &c., the State would be compelled to bear the deficit. For the purpose, therefore, of guarding against this and other contingencies, it is prudent, at least, to inquire whether the end cannot be attained through the agency of individual enterprise, without incurring any other obligation on the part of the State than that of making the necessary surveys and contracts.

It is probable that if a complete survey were made by skilengineers, individuals or companies might be found who would undertake to drain the submerged lands, construct the necessary dikes, levees &c., for one-half, or perhaps threefourths of the land to be reclaimed. Bnt if the primary object can be effected by an appropriation of all the lands to be reclaimed, the State ought to be highly satisfied. If, however, the subject can be so managed as to have something left after the contemplated improvement shall have been completed, such overplus should not be disregarded.

Were the work let out to the lowest bidder to be paid for in land when reclaimed, the State would incur little risk of imposition on the part of the contractors: for their own interest would operate as a sufficient guaranty for the fulfilment of their contracts.

But it may be found upon examination that a portion of the submerged land in this State cannot be reclaimed without the co-operation of Arkansas; and, compelled to wait on the movements of that State, the work in Missouri may be delayed for many years. To guard against such hindrance, we trust that the Legislatures of these States will endeavor to act in concert, and adopt a plan that will promote their mutual interest.

The following Table, copied from the report of the Commissioner of the General Land Office, shows the quantity of swamp lands reported by the Surveyor General up to the year 1849:

There is, doubtless, a large quantity of swamp lands in Florida and other new States, not embraced in the Commissioners' Report.

The following is a copy of the law relinquishing these lands to the States :

"AN ACT to enable the State of Arkansas and other States to reclaim the 'swamp lands' within their limits.

"Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That to enable the State of Arkansas to construct the necessary levees and drains to reclaim the swamp and overflowed lands therein, the whole of those swamp and overflowed lands, made unfit thereby for cultivation, which shall remain unsold at the passage of this Act, shall be, and the same are hereby granted to said State.

SEC. 2. And be it further enacted, That it shall be the duty of the Secretary of the Interior, as soon as may be practicable after the passage of this Act, to make out an accurate list and plats of the lands described as aforesaid, and transmit the same to the Governor of the State of Arkansas; and at the request of said Governor, cause a patent to be issued to the State therefor; and on that patent the fee simple to said lands shall vest in the said State of Arkansas; subject to the disposal of the legislature thereof: Provided, however, That the proceeds of said lands, whether from sale or by direct appropriation in kind, shall be applied, exclusively, as far as necessary, to the purpose of reclaiming said lands by means of the levees and drains aforesaid.

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SEC. 3. And be it further enacted, That in making out a list and plats of the land aforesaid, all legal subdivisions, the greater part of which is wet and unfit for cultivation,' shall be included in said list and plats; but when the greater part of the sub-division is not of that character, the whole of it shall be excluded therefrom.

SEC. 4. And be it further enacted, That the provisions of this Act be extended to, and their benefits be conferred upon,