at any general election, when any other law or any bill or any amendment to the constitution, shall be submitted to be voted for or against.

13. Every law which imposes, continues or revives a tax, shall distinctly state the tax, and the object to which it is to be applied, and it shall not be sufficient to refer to any other law to fix such tax or object.

14. On the final passage in either House of the legislature, of every act which imposes, continues or revives a tax, or creates a debt or charge, or makes, continues or revives any appropriation of public or trust-money or property, or releases, discharges or commutes any claim or demand of the state, the question shall be taken by ayes and noes, which shall be duly entered on the journals, and three-fifths of all the members elected to either House, shall, in all such cases, be necessary to constitute a quorum therein.

ARTICLE VIII.-CORPORATIONS.

Sec. 1. Corporations may be formed under general laws; but shall not be created by special act, except for municipal purposes, and in cases where, in the judgment of the legislature, the objects of the corporation cannot be attained under general laws. All general laws and special acts passed pursuant to this section, may be altered from time to time, or repealed. 2. Dues from the corporations shall be secured by such individual liability of the corporators and other means as may be prescribed by law.

3. The term corporations, as used in this article, shall be construed to include all associations and joint-stock companies having any of the powers or privileges of corporations not possessed by individuals or partnerships. And all corporations shall have the right to sue, and shall be subject to be sued, in all courts, in like cases as natural persons.

4. The legislature shall have no power to pass any act granting any special charter for banking purposes; but corporations or associations may be formed for such purposes under general laws.

5. The legislature shall have no power to pass any law sanctioning in any manner, directly or indirectly, the suspension of specie payments by any person, association or corporation issuing bank-notes of any description.

6. The legislature shall provide by law for the registry of all bills or notes, issued or put in circulation as money, and shall require ample security for the redemption of the same in specie.

7. The stockholders in every corporation and joint-stock association for banking purposes, issuing bank-notes or any kind of paper credits to circulate as money, after the 1st day of January, 1850, shall be individually responsible to the amount of their respective share or shares of stock in any such corporation or association, for all its debts and liabilities of every kind, contracted after the said 1st day of January, 1850.

8. In case of the insolvency of any bank or banking association, the bill-holders thereof shall be entitled to preference in payment, over all other creditors of such bank or association.

9. It shall be the duty of the legislature to provide for the organization of cities and incorporated villages, and especially to restrict their power of taxation, assessment, borrowing money, contracting debts and loaning their credit, so as to prevent abuses in assessments and in contracting debt by such municipal corporations.

PRICES OF STOCKS AT PHILADELPHIA, IN 1836 AND 1846. The Philadelphia Ledger publishes the following comparative table, showing the prices of stocks in that city ten years ago, and at the present time. We frequently hear of the mutability of human affairs, and we place this table on record as an illustration of the "mutability" of commercial matters :

MERCANTILE MISCELLANIES.

THE PROCESS OF UNDERWRITING IN GREAT BRITAIN.

WE give below some interesting particulars of the process of underwriting in the United Kingdom, derived from a late number of the "Liverpool Albion."

"To render the process of underwriting (in England) as intelligible as possible, we may suppose a case for the purpose of illustration. Suppose a vessel of the class A 1, registered for seven or ten years, be valued at £20,000 or £30,000, a policy is effected upon her, and the owners or their brokers go among their friends at Lloyd's, and see at what rate she can be insured. If the voyage be a distant one, or the season of the year be considered dangerous, the rate will most materially vary. Thus, at one time, a premium of £1 18. or £2 2s. per cent might be taken, and at another time the underwriter would perhaps not be inclined to do business under £3 3s. or £4 4s. per cent, it not only depending on the class of the ship, but the cargo she is likely to carry, and the port for which she is bound. These are all considerations which the underwriter most carefully weighs in his mind before he takes any part or risk in an adventure of the sort. On a vessel of £20,000 or £30,000 value, the policy of insurance might be divided among a dozen of underwriters, including some at Liverpool and Glasgow; and it very often happens that the Liverpool and Glasgow people will insure their ships at London, and vice versa. This will account for the statement occasionally to be seen in the papers that "notwithstanding the vessel was a London trader, the greater part of the loss will fall upon the underwriters of Liverpool and Glasgow." When a vessel continues absent after the expected date of arrival, and no news has been received of her, the premium of insurance will advance considerably, and then the business resolves itself into a mere speculative transaction.

"Some of the members of the room snap at this business, but it does not often prove profitable. The ill-fated President was "done" at a very high premium in the room, and up to the latest moment of hope persons were found willing enough " to take a few thousand pounds of her at a long price." When bad weather has occurred, either on the coast or abroad, the underwriters at Lloyd's make the most anxious investigation of the books and the lists received, to trace, by every possible means, the result of their risks. The remark of "a good book," or "a bad book," among the subscribers, is a sure index to the prospects of the day,-the one being indicative of premiums to be received, the other of losses to be paid. The life of the underwriter (like the stock speculator) is one of vast anxiety; the events of the day often raising his expectations to the highest, or depressing them to the lowest pitch; and years are often spent in the hoped-for acquisition of that which he never obtains. Among the old stagers of the room, there is often strong antipathy expressed against the insurance of certain ships, but we never recollect it being followed out to such an extent as in the case of one vessel. She was a steady trader, named after one of the most venerable members of the room, and it was a most curious coincidence that he invariably refused to "write her" for "a single line." Often he was joked upon the subject, and pressed" to do a little" on his namesake, but he as frequently declined, shaking his head in a doubtful manner. One morning, the subscribers were reading the "double lines," or the losses, and among them was this identical ship, which had gone to pieces, and become a total wreck."

EMIGRATION FROM GREAT BRITAIN AND IRELAND.

The total number of emigrants in 1845, was 93,501; in 1844, it was 70,686. The emigration of 1845 exceeded that of 1844, by 22,815. The amount of emigration in 1845 exceeded the amount in any one year since 1825, (inclusive,) except 1832 (103,140 emigrants;) 1840 (90,743;) 1841 (118,592;) and 1842 (128,344.) In 1843, the yearly total sunk from the last mentioned enormous sum to 57,212, but has since been steadily increasing again. The increase in 1845 over 1844, is principally in the emigrants to the United States and the British North American colonies. To the former there emigrated, in 1841, 43,660 persons; in 1845, 58,538 persons; the emigrants to the latter amounted in 1844, to 22,926; in 1845, to 31,803. The emigration to the Australian colonies decreased; in 1844, it was 2,229; in 1845, only 830. To the Cape of Good Hope there is an increase from 161 in 1844, to 496 in 1845. Emigration from the United Kingdom to the West Indies has also increased, from 596 in 1844, to 854 in 1845. Of these emigrants, only 5,604 were cabin passengers.

COMMERCE AND THE OPIUM TRADE AT HONG KONG.

George Davidson, the author of "Trade and Travel in the East," spent twelve months in Hong Kong, and thus speaks of its advantages as a place of trade. The morality of his remarks as to the opium trade, are rather questionable :

"A decisive proof of the eligibility of Hong Kong as a place of trade, and of its importance in the eyes of the Chinese themselves, is afforded by the immense sums paid by some of them for ground on which to build Hongs, where they can deposit their goods with safety, beyond the reach of their grasping mandarins. This advantage to a Chinaman is something so new, and so far beyond anything he ever dreamed of enjoying, that I conceive the benefits likely to accrue from it to Hong Kong to be incalculable.

"Goods stored in Canton or Macao, the property of a Chinaman, were never safe in the event of their owner getting into trouble with the Chinese authorities; and, if the property of foreigners, they could not be insured against fire, the risk arising from the universal carelessness of the Chinese, and the consequent very frequent occurrence of extensive conflagrations, being considered too great by the underwriters. Both these difficulties are completely obviated in Hong Kong, and every substantially built house and warehouse, together with the property in them, were insured against fire, previously to my quitting the island. One Chinaman had, in March last, completed buildings for the storage of property collected from the different ports on the coast, on which upwards of $40,000 had been laid out, and what is more, they were already well filled.

"At a convenient and safe depot for opium, (a trade, in my opinion, as quite legitimate and honorable as that in brandy, gin, and other spirits,) Hong Kong is admirably situated. The purchaser from the western ports as well as from the northeastern, finds the distance he has to travel moderate, and, on his arrival, has no one to dread, no mandarin daring to show his face on shore. The ships that bring the drug from India here find a safe and commodious harbor, where they can unload their cargoes in open day, without hindrance or molestation, and where they are not driven to the necessity of carrying on their operations in the dark. Were the opium trade actually one of mere smuggling, I would be as ready as any one to condemn it, and to raise my voice against those concerned in it; but when one considers that not a hundredth part of the quantity sold annually is really smuggled that ninety-nine chests out of every hundred pay a heavy duty (miscalled a bribe,)—that the Chinese government derives from it, indirectly, but not the less certainly, a very considerable revenue-and finally, that large quantities of it are known to be consumed within the walls of the imperial palace at Pekin, I confess I see no reason for the clamorous indignation with which the traffic has of late been assailed by European moralists."

IMPORT OF CURED PROVISIONS INTO ENGLAND.

Mr. Grogan (Dublin) has obtained a Parliamentary return showing the quantities of cured provisions imported into the United Kingdom from foreign countries for the half year ended the 5th of January, 1846. It appears that the total import of salted beef was 38,201 cwt.; of salted pork, 15,709 cwt.; of hams, 3,006 cwt.; and of bacon, 38 cwt. The largest import was from the United States of America-31,000 cwt. of salted beef, and 5,720 cwt. of salted pork, in the half year. The quantities retained for home consumption were 1,106 cwt. of salted beef, on which a duty of £300 was paid; 266 cwt. of salted pork, the duty on which was £102; 1,134 cwt. of hams, on which the duty was £761; and 39 cwt. of bacon, at £8 duty. The quantities re-exported from the United Kingdom as merchandise, were-salted beef, 2,486 cwt.; of salted pork, 2,265 cwt.; and of hams, 468 cwt. The quantities taken for ships were respectively 47,724, 13,246, and 951 cwt. No bacon was taken for ship stores.

DUTIES ON BOOKS AND ENGRAVINGS IN ENGLAND. • Power is given to Her Majesty, by act of Parliament passed on the 18th ult., to reduce the duties on books, prints, and drawings published in, and imported from, any foreign country. On works originally produced in the United Kingdom, and republished in the country of export, the duty may be reduced by order in council to £2 10s. the cwt.; on the works not originally produced, to 15s. the cwt.; and on prints and drawings (plain or colored,) to d. each, or 14d. the dozen, bound or sewn.

THE BOOK TRADE.

1.-Views Afoot; or, Europe Seen with Knapsack and Staff. By J. BAYARD TAYLOR. With a Preface, by N. P. WILLIS. New York: Wiley & Putnam's Library of American Books.

"This book," says Mr. Willis, "requires no introduction. It tells its own story, and tells it well." The author, a printer's apprentice, left this country with about one hundred dollars in his pocket, advanced by two editors, for twelve letters to be sent from Europe for the United States Gazette and the Saturday Evening Post, and succeeded in earning enough by his pen to defray the expenses of a two years' residence and travel in Europe; travelling in that time, on foot, upwards of three thousand miles, in Germany, Switzerland, Italy, and France, where he visited the principal places of interest, enjoying the grandest scenery of the continent, as well as the marvels of ancient and modern art, and becoming familiar with other languages, other customs, and other institutions. He returned home, says his noble-hearted and appreciating friend, Mr. Willis, "with a large knowledge of the world, of men and manners; with a pure, invigorated, and healthy mind; having seen and accomplished more than most travellers, at a cost of only five hundred dollars, and this sum earned on the road." The book is in the highest degree interesting, not only on account of its graphic descriptions of men and things, and its natural and faithful narrative of the incidents of travel, but as recording the difficulties and struggles of a printer's apprentice achieving so much, with such limited means. It is the most interesting book of the "American" series of "books," of which it forms one, yet published. We hope its sale will be commensurate with its intrinsic excellence, and the high desert of the author. 2-A Treatise on Diseases of the Air Passages; comprising an Inquiry into the History, Pathology, Causes, and Treatment of those Affections of the Throat called Bronchitis, Chronic Laryngitis, Clergyman's Sore Throat, etc., etc. By HORACE GREEN, A. M., M. D., formerly President and Professor of the Theory and Practice of Medicine in Castleton Medical College; Vice-President of the New York Medical and Surgical Society, etc. New York: Wiley & Putnam.

The author of this treatise enjoys the reputation of treating the diseases named in the title-page with a remarkable degree of success, by the introduction of a strong solution of the crystals of nitrate of silver into the cavity of the larynx. The essay embodies a series of observations and facts, with regard to the phenomena of disease, and the effects of remedies upon that disease; which, we are assured by the author, it is in the power of every practical man to verify or disprove. A great number of cases in the practice of Dr. Green are cited in proof of the success of his method of treating these diseases. The work will be read by medical men, and doubtless attract the attention of those suffering from bronchitis, and other disorders of the air passages.

3.-Works of the Puritan Divines.-Baxter. New York: Wiley & Putnam.

This is the fourth of a series of volumes reprinted by the American publishers from the English edition, devoted to the works of the most eminent of the old Puritan divines. The present volume contains an elaborate essay on the life and writings of Richard Baxter, and several of his most celebrated religious works, viz.: “ Making Light of Christ and Salvation," ," "A Call to the Unconverted to Turn and Live," "The Last Work of a Believer," "Of the Shedding Abroad of God's Love in the Heart by the Holy Ghost."

4.-Dealings with the firm of Dombey & Son, Wholesale, Retail, and for Exportation. By CHARGES DICKENS. With Illustrations by H. K. BROWNE. New York: Wiley & Putnam.

The three first numbers of this serial story give abundant indication of the power of its author in his peculiar department of literature, and thus far it equals, if not surpasses those early efforts of his genius, which gave him a world-wide fame. As everybody will read it, we commend the edition of Wiley & Putnam's, with their series of "Choice Reading," as the best we have seen. 5.-Mesmer and Swedenborg; or the Relation of the Developments of Mesmerism to the Doctrines and Disclosures of Swedenborg. By GEORGE BUSH. New York: John Allen.

The object aimed at in this work, we quote from the learned author's preface, is to elevate the phenomena of Mesmerism to a higher plane than that on which they have been wont to be contemplated. The fundamental ground assumed by Mr. Bush, is, that the most important facts disclosed in the Mesmeric state are of a spiritual nature, and can only receive an adequate solution by being viewed in connection with the state of disembodied spirits and the laws of their intercourse with each other. This able work of Professor Bush covers nearly three hundred duodecimo pages, and it is written in that spirit of honest sincerity and candor, that cannot fail of commanding the respect of the most sceptical. The case of A. J. Davis, whose clairvoyant power, a case altogether unique and unprecedented, is fully described in the appendix; the great learning and eminent ability, connected with moral qualities, far above reproach, give an importance to the statements and arguments of Dr. Bush, that few who read will be inclined to slight. We earnestly commend the book to all sects, in the full conviction that it will enlarge the range of thought, if it do not secure the assent of the understanding, to the author's facts and speculations.

6.-Dr. Hooper's Physician's Vade Mecum; or, A Manual of the Principles and Practice of Physic. Considerably enlarged and improved, with an Outline of General Pathology and Therapeutics. By WILLIAM AUGUSTUS GUY, M. B. CONTAB, &c., author of " Medical Jurisprudence," etc. With Additions, by JAMES STEWART, A. M., M. D., Fellow of the College of Physicians and Surgeons, author of "A Practical Treatise on the Diseases of Children," etc. New York: Harper & Brothers. This work, as will be seen by the title, quoted in full, is designed for the medical practitioner. The many editions of it which have been published in England, are considered by the editor as furnishing the best evidence that can exist of its great practical utility. It brings together, in a small compass, and in a form easy of reference, those items of information which the doctor desires to possess, as well when he stands beside the sick-bed, as when he studies an individual case.

7.-Eclectic Moral Philosophy. Prepared for Literary Institutions and General Use. By Rev. J. R. BOYD, A. M., Principal of Jefferson County Institute, New York, and author of "Elements of Rhetoric and Literary Criticism." New York: Harper & Brothers.

The author of this treatise on moral philosophy lays no claim to what might be denominated an original work, but he furnishes us with one that combines, in a connected form, what he considers the best thoughts of the most gifted moral writers of the present century, not of those only who have written a systematic essay on moral philosophy, but of others. Although the writer goes to the Bible as the best of the sources of information with respect to moral duty, his work cannot be considered theological or sectarian. The morals found in the scriptures are exhibited, while the doctrines deduced from it are left to the province of the theologian. Not only is the theory of morals expounded in a full and explicit manner, but the greater and lesser moralities of life are exhibited in detail, and illustrated by appropriate anecdotes.

8.-The Beauties of French History. By the author of "The Beauties of English History," "American History," etc. New York: Harper & Brothers.

The object of this little volume is to afford, accompanied by historical data, a correct idea of the most remarkable circumstances that have taken place, and the most extraordinary men who have flourished in the kingdom of France, from the earliest period of history to the times in which we live. Embodying the most illustrious characters, and the most instructive events of French history, it cannot fail of interesting the young, for whose use it seems eminently adapted.

9.-Parental Instruction, or Guide to Wisdom and Virtue; Designed for Young Persons of Either Sex. Selected mainly from the Writings of an Eminent Physician. New York: Harper & Brothers. The selections embraced in this little work, chiefly from the posthumous writings of Dr. Percival, convey lessons of truth and virtue, in symbolic language, which is so happily adapted to the design of the compiler, as expressed in the title he has affixed to the volume.

10.-The Use of the Body in Relation to the Mind. By GEORGE MOORE, M. D., Member of the Royal College of Physicians, etc., etc. New York: Harper & Brothers' New Miscellany, Vol. XX. This is an interesting and valuable work, designed to promote the study of a subject, than which, as there is none more important, so there ought not to be any of greater interest; for the right use of the body involves the whole doctrine of human economy, in regard both to society and to self, not only in relation to the present, but the future mode of existence. The topics are presented as they were felt by the author in the study and practice of his profession, and much of the work consists of moral deductions from physiological facts. It is one of the most valuable works in the series. 11-Beauties of English History. Edited by JOHN FROST, LL. D., author of "Pictorial History of the United States,' etc. New York: Harper & Brothers.

This little volume presents a connected view of some of the most striking points of English history, in a style of studied plainness and simplicity. It will create a taste for history, which, with all its uncertainties, is often stranger than fiction, and far more instructive.

12.-A Memorial of Egypt, the Red Sea. the Wilderness of Sin and Paran, Mount Sinai, Jerusalem, and other Principal Localities of the Holy Land, visited in 1842; with Brief Notes of a Route through France, Rome, Naples, Constantinople, and up the Danube. By the Rev. GEORGE FISH, LL. B., Prebendary of Litchfield, and Minister of Christ Chapel, Saint John's Wood, London. New York: Robert Carter.

The religious and classic associations of the countries and places visited by the reverend author of the present volume, will impart an interest to its pages, notwithstanding the many books that have been written by former travellers who have gone over the same ground. This unpretending volume, "a sketch, and nothing more,"-we quote from the author's preface-“just what its title indicates; and primarily written to give my flock some instructive idea of the way in which the interval of my absence from them was spent." The writer's journey occupied about eight months, which seem to have been well improved, judging from the volume before us, which contains nearly five hundred pages, descriptive of the scenes visited, and interspersed with incidents of travel. As a preacher of the gospel, it was natural that his mind should frequently recur to the historical events and characters who figure in the scriptures, and gather from the manners, customs, etc., of the people, fresh evidence of the veracity of the sacred records. The volume will be particularly interesting to the Christian reader; furnishing, as it does, so many illustrations of passages of scripture, that without the light cast upon them by the intelligent traveller, would appear meaningless and obscure.