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the amount of their capital; which renders banking a profitable business, as the stockholders draw interest on a sum much greater than they have invested. Every six months the profits are divided among the stockholders. The sums thus divided are called dividends. If a bank cannot redeem all the bills it has issued, it is said to have failed, or to be broken. In this state, a fund is provided to indemnify the holders of bank bills against losses by the failure of banks. This fund is raised under an act pased in 1830, imposing a yearly tax of one half of one per cent. on the capital stock of the several banks, until such tax should amount to three per cent.; and whenever this fund shall become exhausted, taxation shall be again resorted to to replenish it. In some states the property, personal and real, of the stockholders, is pledged to the redemption of the notes of the banks.

Insurance Companies. These are corporations created for the purpose of insuring persons against losses by fire, or at sea, and sometimes on the risk of the duration of persons' lives; and they sometimes have the same powers and privileges as banks have, in regard to the issuing of bills. If a person wishes to be insured against fire, he applies to an agent of the company, who takes a survey of the building and property to be insured. The rate of insurance is then agreed on, which is a certain sum, say 50, 75, or 100 cents for every $100 insured. The money paid for insurance is called premium; and the writing given by the agent, in behalf of the company, to the person insured, expressing the terms of insurance, is called a policy.

Companies for the assurance of lives, are less com

To what amount may they issue bills and discount notes? What are meant by dividends? What provision is made in this state, to indemnify bill holders against bank failures? What are insurance

mon. Their purpose is to provide a fund for creditors, or family connexions, in case of death. The insurer, either for a sum in gross, or in yearly payments, agrees to pay a certain sum, or an annuity, upon the death of the person whose life is insured. Such contracts are well calculated to secure relief to the members of a family whose only dependence rests upon the life of a single person.

companies? How are insurances effected on property? lives?

How on

OBSERVATIONS ON THE DUTIES OF

CITIZENS.

IT has been asserted by the advocates of monarchy, that man is not capable of self-government. Because all' former experiments at free government have failed, it is predicted that the free institutions of this country will be of short duration. And, from the fallibility of man, and the presumed imperfection of all human governments, not a few of the friends of liberty have been led to indulge in apprehensions of the inevitable dissolution of our political system.

But it should be remembered, that our government differs essentially, in its nature and formation, from any that has preceded it. Whereas others have been the result of mere chance, or of unavoidable necessity, ours is the contrivance of an assembly of men, not surpassed, perhaps, in point of wisdom and exalted patriotism, by any political body ever assembled. These men, aided by the light of their own experience, and of the history of other governments, deliberately planned that system of government, under which those comparatively feeble states have, in less than half a century, become a most powerful and increasingly prosperous nation-a system which commands the admiration of the friends of freedom throughout the world.

As with other institutions, so with governments, none can long endure that is not founded upon the imperishable principles of JUSTICE and TRUth. It was the grand sentiment of those who first asserted our independence, that all just power in any government, is derived from the governed and this sentiment has been carried out in the form of government which they subsequently adopted. The leading principles of our political institutions are,

that the proper object of all government ought to be, to promote, in the highest degree, the happiness of the people; and that the people are the only source whence political power can be justly derived.

One of the excellencies of our system, consists in a proper division and distribution of power among the several branches of the government, legislative, executive and judicial; and in the effectual guards provided by the constitution, to protect each from the encroachments of the other.

Another distinguishing characteristic of our constitution, is the extreme care with which it guards the rights of the people against infringement by official power. The ruler is made accountable to the people for his acts, and holds his power at their pleasure. But perhaps the only sure and unerring test of the value of our political institutions, lies in the happiness and prosperity which have been enjoyed under them.

No

But the excellence of our plan of goverment affords, of itself, no effectual security for its permanency. institution, whatever may be its perfections, contains within itself, the principle of self-preservation. It would then be unwise to rest our government on its intrinsic excellence. It is the duty of every citizen to watch the approaches of danger, and to apply the means necessary to the preservation of our liberties,

Among the dangers to which our government is exposed, are the indifference and apathy of the people. Wherever political power is exercised, it is liable to abuse. The people have the power to apply the corrective. But the provision for a remedy is of no avail, if there be no disposition to apply it. Power is given to the people to be used; and he who neglects to do so, is guilty of a

violation of an important trust. Bad laws cannot long exist in a free government, but by consent of the people themselves.

Another source of danger is the spirit of party. The opinion is often expressed, that parties hold a salutary check upon each other, and that their existence gives security to our political institutions. But it must be evident to any one who has observed the effects of party spirit among us, that the evils flowing from it, overbalance all the good which it can produce. Where freedom of opinion and of speech is tolerated, parties must necessarily exist to some extent; but their existence should be founded upon difference of opinion merely. But party spirit, when unrestrained, becomes intemperate and revengeful; and it is then that its pernicious effects are seen. Parties, contending for power, forget right, and lose sight of the public good. The rights of the minority are disregarded. Men, for difference of opinion, are made the subjects of proscription and persecution. In this state of things the strife is for men, without regard to principle; and candidates for public favor, who can hold out the greatest inducements, are most certain of success. And our periodical elections, instead of enabling the people to correct abuses, will prove a fruitful source of difficulty and confusion.

The only effectual security against these and other dangers to which our country is liable, is an enlightened and virtuous public sentiment. Free governments can be sustained only by an intelligent and virtuous community. Equality of rights and privileges cannot long exist, where the people have not the necessary knowledge to understand and maintain their rights. Education in free governments is indispensable; and it should always include a knowledge of the principles of government. The very idea of self-government implies a knowledge necessary to govern. Though all are not required to make and administer the lows, all should know their nature and their operation upon the general weithre, Mea

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