30,000, and they should all take this stock instead of the warrant, the amount would be $3,000,000 added to the above; making $67,000,000, which will be the sum total of the national debt. The proceeds of the new loan will probably more than meet the whole expense of closing up the war and paying the $3,000,000 down for the first instalment of the $15,000,000 to be paid to Mexico. In the future there is to be paid probably $3,500,000 for claims due to our citizens by Mexico, and assumed by the United States. To these claimants the war is a clear gain, as without war they never would have got their money. There will be in five years $12,000,000 more to pay for final settlement. The prospect is that the debt will not be increased by these payments. The soldiers, however, will not take stock for warrants, because the latter are worth more. They will now bring from $115 to $120 in the market, while the former will bring but $98, and the wisdom of the government in sending the regiments where they belong saves the warrants from depreciation; as thus: if all the regiments were sent to New Orleans, all the men might be compelled to sell the warrants upon a glutted market, and the price would be very small. As it is, the warrants fall upon all the markets, and have the benefits of the resources of each. We now have in the above figures the whole amount of debt, and the amounts compare with former dates as follows:

Thus it appears the increase of debt under the present administration has been $46,279,694 59. In March, 1845, the amount of money in the Treasury was $9,659,358, from which deduct $1,525,468 of debts paid, and there remains $8,133,890, and on the 1st June last there remained $1,780,471 80 still in the Treasury subject to draft, showing a sum equal to $6,353,419 to be added to the increase of debt, making $52,633,118 as the real expense of the war, up to and including the estimates for 1849.

The recovery of the American states from the condition of insolvency to which they were reduced through the overaction of paper money, is a gratifying instance of the recuperative energies of the country and its people. The state of Indiana is an admirable example of the manner in which a people may rise out of seemingly hopeless financial difficulties. Her debt was near $100 per head to every free white male over 20 years of age-nearly equal to the value of a farm of 100 acres, at government price. For this enormous debt they had nothing to show, and they hesitated about taxing themselves to pay their debt; but through the operation of the increase of population, and in the value of property, the burden is constantly becoming light.

The population of Indiana in 1830, was 343,031; in 1840 it was 685,866, an increase of 100 per cent., or 10 per cent. per annum. As the increase in the Western states for each succeeding decade is in a descending ratio, we may place that of the 10 years ending in 1850 at 80 per cent., which would give a population of 1,234,578 persons, being an increase at the rate of eight per cent. per annum. Now it appears from the official statements of the Auditor, that the taxable inhabitants increased in 1844, 4,274, and the number of acres subject to taxation, 558,381. In 1847, the taxable inhabitants increased 2,762. From these facts it appears, that simply from the number of tax payers and extent of land taxed, the weight of the debt must constantly decrease, even although the present property of the state should not increase in value, which, however, is not the case. The increase last year was as follows:

In addition to this large increase, the State works are rapidly becoming productive, particularly the Albany and Vincennes Road, and the Wabash and Erie Canal. A bill is before Congress to grant 800,000 acres of the finest land in Indiana for the completion of that portion of the Erie and Wabash Canal which connects with the White River. With this magnificent work completed, aud at the command of 1.234,578 inhabitants, possessing the finest soil in the world, the required taxes, 1,100.604, would be but a paltry sum for them to pay. This amount will, however, by that time, have been greatly diminished by the revenues of the public works, which last year amounted to near 40.000, and there is every possibility of their swelling sufficiently to pay half the interest. The people of Ohio in 1836, with a population of 1,000,000, and property assessed at $35 812,000, paid $965,310 taxes.

The assessments for the last two years in Indiana have been as follows:

With respect to taxation in general, it is a recognized principle that the burden rests upen a compound ratio of wealth and population; as, for instance, the Indiana population was in 1840, 685,686. and amonut of taxes required for her liabilities, say $685,000, or one dollar for each inhabitaut. In 1850 the population will have doubled, cousequently the taxes to produce the same amount will be but 50 cents each. If now, in 1840, the nett income of the inhabitants is put at $50 each, after paying their tax there remained $49 to each person. If their profits do not increase at all up to 1840, there will remain $49 50 to each inhabitant after paying taxes. If, however, the distribution of wealth should increase 20 per cent. in the course of ten years, a very lɔw estimate, then, in 1850, each inhabitant would have remaining $59 50, after paying his taxes. If the number of the inhabitants remains stationary, and the distribution of wealth increases, the burden of the tax will be diminished. If the wealth remains stationary, and the numbers increase, the same result is produced. If, as is the case in Indiana, and other Western states, to a remarkable degree, both wealth and numbers increase, the burden of taxation decreases in a double ratio. Herein consists the difference between the debt of a state and of an individual.

GOSSIP OF THE MONTII.

LYCEUM GALLERY.-It is little dreamt that we have in our midst several paintings whose extraordinary value may be measured at once by the redoubtable names of the great masters who have produced them-Titian, Rubens Murillo, Raphael. The pulse beats faster and the breath grows thicker of every true worshipper of art at bare mention of these High Priests, the divinity of whose genius has thrown over the temple where they administered a radiance which ages have not dimmed, and a halo which will fill the soul of the initiated for ages yet to come with awe and wonder. It is not to their technical skill alone, prodigious as it was, that such homage is due, nor to their handicraft which talent inspired and true taste guided. but rather to that revelation of soul which in the eloquence and intensity of its expression raises the mind of the spectator from the material work he regards up to spiritual contemplations; from "nature up to nature's God." And herein consists the merit, the ability, the purpose of great works of art, which assailing the senses make prisoner of the most careless and rudest fancy, and thus refine and spiritualise thousands dead to all other softening influences. The masses which consume their daily strength in heavy labors seek recreation in hours of repose, and to them at such moments books or discourses offer no charm; nay, repel them by their dry, uninteresting and laborious details. But are these masses to be given up; abandoned to the vulgar and debasing influence which in our country, unhappily, are the only resource for the poor when freed from their daily tasks and abroad for pleasure? Look to it, philanthropy legislate for it, patriotism! Endeavor to provide from motives of sympathy and safety such amusements for our laboring population as will draw them away from gross and corrupting habits and inspire them with pure and elevating aspirations.

Such reflectious as these animated us as we wandered delighted around and around the Ly ceum Gallery abounding in works of consummate merit. Our admiration and pleasure had only this drawback, that it was not shared by the thousands who passed it, debarred by the necessary obstacle of the price of admission? Why, we asked ourselves in wonder, does not our municipal government display its sagacity? Why does not one of our great parties manifest a politic interest in behalf of their constituents, by coming forward at once with a proposition to buy this rare collection of pictures and throw them open for public enjoyment? The shrewder governments of Europe have all over the Continent, as well as in Ergland, readily and wisely adopted these easy means to conciliate popular good-will, and have voted enormous sums of the public money for gorgeous galleries of art, which the peop'e have most cheerfully, nay with acclamation contributed, because they knew it was something, at least, for their own benefit. We repeat our surprise that some sharp-sighted tactician has not seized this simple chance of enhancing his reputation and doing a really sensible thing by bringing forward a proposition to buy the Lyceum Gallery, as the nucleus of a state gallery to be permanently established in the city of New York. Nay, we marvel that in a city famous for the tact and dexterity of its commercial "practitioners," that a society of merchants has not ere this been formed for the purchase of this collection, that New-York may thus offer one solid claim the more to the curiosity of travellers and customers. The additional voyagers that would for these reasons give New York a preference over all other rival markets, would, by the profit of these visits, pay for a dozen such collections. We care not what the motives are which are brought into requisition so the holy cause of art is advanced; that is all we seek; and in a country where utility is, happily, the primum mobile, we address it in the language of com

merce.

But is this collection of the old masters really worth our money? inquires the bargainer in the cautious spirit of the mart. That is just what we propose to treat of in the very few words we deem necessary to add on this point. To those who are conversant with the works of the great masters we have already named, no proof of the originality and beauty of their productions in the Lyceum Gallery whatever is wanting other than te sight of them. Incontestable evidence is there afforded of those master-touches which soar above imitation and defy the rust of time. There are few, however, who have made these glorious paintings the subject of their studies; and we are glad for the sake of art to have it in our power to quote the ripened judg

ment of an authority equally competent and respectable. They have been deliberately examined by the most accomplished amateur-artist and connaisseur who has ever visited this coun try, Capt. Payne, lately of the English service, and the confidence placed in his judgment both in France, Germany and Italy by various individuals of the highest rank, who make their collections under his guidance, warrant all in reposing the most complete faith in his opinions. He guarantees in the most absolute terms the originality of the paintings in the Lyceum Gallery of Raphael, Murillo, Titian, Vandyck. Rubens, not only from his profound knowledge of the style of these masters, but from his intimate acquaintance with these very works, whose history and previous ownership in Europe he perfectly knows. The only matter of astonishment with him, as it may well be with all others, is how it happens that such a collection, which even in times of disorder like the present in Europe would command exorbitant prices, should have found its way to this country This mystery we confess ourselves altogether unable to solve; but the entire respectability of its proprietor satisfies us that the means employed have been perfectly legitimate. We can only explain it by conjecturing that some sudden necessity has compelled its former owner to part with these rare gems of art, and it is possible that pride may have induced him to seek a secret sale and a foreign market. Be this as it may, we rejoice that such a gallery has found its way to our country; and the only ques tion now should be how it may be disposed of in a way to serve art, refine taste, and promote the public enjoyment. We hope sincerely that it is not the fixed intention of its present owner to preserve this gallery for his private use, and in that case we would urge it strenuously on our city councils to lose no time in ascertaining its value, and making it, as we have already suggested, a permanent object of attraction here. We are the more anxious and impatient on this point, as we have learnt that a movement is on foot to remove it to Washington; for we have lately been apprised on the best authority that a committee of Congress, composed of gentlemen of known taste and public spirit have, from the reputation of these paintings which is spreading rapidly over the country, determined on the propriety of suggesting their purchase to Congress, as the nucleus of a National Gallery of Art to be established at Washing ton. We are struck with the extreme fitness of this proceeding, and doubt not that Congress will deem it perfectly unobjectionable; on the contrary, a very popular measure to endorse, for its whole object would be clearly the gratification of our citizens from all parts of the United States who are in the habit of visiting Washington, and who would gladly see another and rarer attraction added to the "sights" of the "city of magnificent distances," which has really little else beside to attract. If, then, our rich and public-spirited community lose any time in seeking to retain this splendid collection of the great Masters, we shall probably hear at an early day of their transfer to Washington.

JULY has passed, or rather it will have passed ere these pages are seen by our readers; for in order that the Review may reach them by the first of the month, we are obliged, in our Gossip with them, to omit to notice matters which occur during the last few days of the preceding month. This may appear to some a very needless piece of information; but we assure them that great numbers of the reading public, remote from cities, consider that a periodical publication, particularly a newspaper, is not only printed but written upon the very day whose date it bears. This is, of course, in a great measure true with regard to daily newspapers; but in respect to the weeklies no idea could be more mistaken. The weekly paper bears the date of Saturday, but it is delivered to many city subscribers on Friday, and is always ready for the mail on Thursday morning, and is therefore necessarily prepared for the press on Tuesday or Wednesday. Indeed, many of the papers professing to be published on Saturday, are actually printed on the previous Monday. This is but the simple truth, although most, if not all of these papers contain notices of events, meetings, concerts, dramatic performances, and the like, which take place on the Thursday and Friday of the week of their publication. How can this be done?" Exactly in the same way as a certain notorious daily journal in this city has repeatedly published notices of performances which did not take place. "But why is it done?" Because of the absurd contempt so common among us for anything which is old. Events of a day's age added to a literary paper ruin it for the market. Country readers are eminently exacting on this point, and therefore it is that news-agents demand Saturday's paper on Thursday, that they may offer it to their customers on the day of its date; and the reader, by this contempt for that which is old, provides himself with that which is actually venerable, whereas, were he content to receive on Monday a paper dated on the previous Saturday, and

prepared for press on Friday night, he would not be reading on Saturday a paper printed on the previous Monday, fondly deluding himself the while with the idea that he has a paper fresh from the press. Besides, he then could rely on what he read, which now, if he know the way in which some of these weeklies are published, he cannot. If, then, somebody should actually "set the North River on fire" during the last four or five days of any month, our readers must not think, because we do not gossip about it, that we are ignorant of the fact, or that we deem the conflagration of small importance; but rather that having prepared our lucubrations, or as a travelled friend of ours has it, our "lubrications," before the occurrence of the event, we did not speak of that which we did not know; and this even though the incendiary gave notice of his intent and published a prograinme of his proceedings. Speaking of programmes, did any one who saw the renowned "Glance at New-York," or as the "b'hoys" call it," for short," and par excellence "The Glance," fail to laugh when "SIKESY," wishing the bill of fare at Vauxhall, asks for the "Programme with the wittles on it?"

July has not been without events of interest, even leaving out of consideration the leopard hunt and the dog massacre. The Mayor's idea of abolishing the office of dog killer, and leav ing its functions to be discharged by the community at large, is eminently in keeping with the democratic spirit of the age, and the event has shown how, even in the matter of dogs, private enterprise outstrips official duty. It only remains that the Common Council should, after the manner of the French National Assembly, resolve that the "b'hoys," the Anti-Hydrophobic Garde Mobile of New-York have "deserved well of their country." The one circumstance to be regretted as connected with this affair, is the fearful depression which must inevitably take place in the sausage market. No one with the statistics of recent canine slaughter before his eyes could be so fool-hardy as to purchase sausages. This reflection brings to mind the horrible revenge taken by a wag upon a pork seller who had offended him, and who was famed for the excellence of his sausages. Entering his shop on Saturday evening, when it was quite full of customers purchasing savory meat for the morrow's dinner, the ruthless man approached the counter, and with a matter of course, business-like air, threw down a dead cat, saying, "That makes nineteen. You're busy now, I'll call again for the money," and retired. In vain did the unhappy sausage-maker protest that he was utterly ignorant and innocent of the whole affair. Though to protest was "a very gentlemanlike offer" in the time of Juliet's Nurse, it was now unavailing; the shop was deserted, and its keeper ever after mewed at by all the ragged urchins of the neighborhood.

One event is always sure to happen in July-that is, the celebration of the Nation's Birthday, and we believe that never before has it been more generally or more joyfully commemorated than on this occasion. The brilliant success of our brave and magnanimous army in Mexico was a great and unwonted stimulus to rejoicing upon the recurrence of the day which more than all others brings to mind the victorious struggles of our first armies. Our continued prosperity during the past year left no sad memories to dampen our joy; and the sad and portentous state of all other portions of the civilized world, while it awakens our sympathy, tends not a little to quicken our ardent thankfulness for the reasonable liberty, the sound constitution, and the wisely-planned institutions bequeathed to us by our great forefathers of the last century. But do not be alarmed reader; we have no intent to serve up to you a dish of patriotism and glory upon the strength of the Fourth of July. We shall stop short of the stars and stripes and the heroes of '76; we shall only express our entire concurrence in the opinion of the gentleman-said to have been somewhat insane-who, being called upon for a sentiment upon a 4th of July dinner, rose and gave :-"The way to celebrate Independence day is to go to the tavern and have something and make a noise." This gentleman, as we said, is thought somewhat insane; but could a ten column speech express more completely the manner in which most reasonable people think it proper to occupy themselves on the National Anniversary? That noise must be made by some one, all acknowledge; and though one portion of the community goes out of town to get rid of the noise which another portion comes in town or stays in town to make, yet, were these last to keep away or remain quiet, the first would "have something and make a noise" to some purpose. And this going out of town to get rid of the noise is very often but a poor pretence. Few residences are so situated that the inmates cannot pass the 4th in perfect quiet if they will but keep in the house. But they will