the common elements of a storm of rain; secondly, the thunder and lightning. Now, the winds, the clouds, and the rain, are to be accounted for here in the same manner as in other cases. Opposite winds of different temperatures, hot and cold, and largely charged with watery vapor, meet, and moisture is precipitated in the form of clouds and rain, in accordance with the general principle before assigned for their production. But whence is the electricity? Whenever water is rapidly turned to vapor, or vapor is condensed into water, electricity is rapidly evolved. Such is its origin in thunder storms. It is therefore a consequence, not the cause, of thunder storms.

Our thunder storms usually take place as follows:- After a hot morning, with the wind from the southwest, (the hottest quarter,) a northwesterly or westerly wind sets in, which is very cool. A thunder storm is the consequence, according to the principles above explained. Our morning thunder storms are produced in a different way, namely, by an easterly wind of very different temperature from that over the land, (being warmer in winter and colder in summer.) If the wind from the sea is hot, the elements of the storm will be precipitated from it by the influence of the colder air over the land; if the sea air is cold, it will precipitate the same elements from the hot and humid air then prevailing over the land. Hence a morning thunder storm, being caused by an easterly wind, is the precursor of foul weather; while an afternoon thunder storm, being caused by a northwesterly wind, is the precursor of fair weather.

On applying the preceding explanation of the cause of thunder storms, to the leading facts before mentioned, we may understand something of the nature of the various appearances. The clouds of a thunder storm being good conductors of electricity, and surrounded with air, which is a non-conductor, are analogous to the prime conductor of an electrical machine, only instead of a few feet of surface, as in the prime conductor, we have here a conductor of many thousand acres. The rapid evaporation which occurs on a hot summer day, and the sudden condensation of vapor in forming thunder clouds, evolve great quantities of electricity, which is accumulated in the clouds. As some clouds are found to be positively, and some negatively electrified, we easily account for the electrical discharges, which are nothing more than the passage of the fluid from one cloud to another, differently electrified. Every thing is here on a grand scale; for, instead of the spark of a few inches, which is all we can effect with our best machines, the flash produced by the apparatus of the skies, is sometimes three miles in length. Instead of discharging itself to a distant cloud, the electricity sometimes darts to the east, and then it tears asunder whatever comes in its way, and destroys the lives of men and animals. The flash of light accompanying an electric discharge, is no part of electricity itself, but is elicited from the air, which is suddenly and powerfully condensed before the fluid, and light is thus emitted, as in a little instrument called the air-mallet, in which a solid piston suddenly forced down upon a column of confined air in a cylinder, produces a spark sufficient to light tinder.

We occasionally observe a succession of phenomena, as follows: first, a vivid flash of lightning; shortly afterwards, a loud clap of thunder; and after a longer interval, comes a sudden fall of rain. This looks as though the electricity produced the rain; but were these events to occur

in the order required by our theory, namely, first, the condensation of the vapor into drops of rain, and secondly, the evolution of electricity in consequence of such condensation, the phenomena would reach us in the order observed. For the light being instantaneous in its passage, would reach the eye the moment the electricity was discharged; the sound being a slower traveller, would next reach the ear; and, finally, the rain, which travels much more slowly, would reach us after a considerable interval.

The lecturer closed with some practical directions for the construction of lightning rods, and for securing our safety during thunder storms. Lightning rods should be made of one continued rod of iron, the parts being secured into each other, and not broken by joints or links like a chain; it should ascend above the ridge of the house to a height equal to half the space to be protected on every side; (thus, a height of ten feet will protect a space of twenty feet in all directions from the rod ;) it must terminate above in three branches, tipped with gold leaf, or points of platina or silver, and enter below into the ground to the depth, where the ground is permanently moist, usually not less than six feet.

Professor Olmsted remarked, that when lightning rods were constructed on these principles, he had never known any injury done by lightning, and he entertained the most entire confidence in their efficacy. He urged the importance of every householder's availing himself of this easy protection, especially where a house stands separate from other buildings, as in the country. The numerous pointed objects in a city, have a tendency to dissipate the fluid, and to render it less liable to do injury, than in more secluded situations. The cases where life is destroyed by lightning, being usually much scattered, and involving but one or two individuals at a time, they attract little public notice; yet the entire amount of lives lost in this way every year, is greater (as has been ascertained by an accurate account kept by Mr. Redfield) than that occasioned by steamboat accidents.

EMBARRASSMENTS. -A man who has any feeling of honor, would rather die outright than become a bankrupt, and any reasonable sacrifice he would willingly consent to. Misfortune is one thing-imprudence another and knavery the climax. When a man is unfortunate, he is deservedly an object of sympathy. To such, I would say, the moment you find yourself in embarrassed circumstances, and perceive that you cannot extricate yourself, without speculating with what does not belong to you, call a private meeting of your creditors, and lay before them the entire state of your affairs. Make a proposition of what you think you will be able to pay, towards the liquidation of their claims, and trust to their generosity to accept it. You will then be taken by the hand by your creditors-get a release-and perhaps, with their kind assistance and advice, become a better man of business than ever you were,—but keep nothing back.-Foster.

ART. VI.-BANKS OF MASSACHUSETTS.

THE banks constitute a very important interest to the people of Massachusetts. There are about twenty thousand persons who are interested as stockholders, and there are several times as many others who are dependent upon these stockholders, and thus whose means of living are affected by the condition of these institutions. The whole mass of the people, in their capacity as bill-holders and in respect to their various employments, have an interest in the continuance and prudent management of the banks. In fact, it will be difficult to find an individual who is not directly nor indirectly interested in them. There is hardly any thing whose influence is so completely felt in all the ramified relations of society. We are scarcely aware of their importance till we experience a disturbance of the currency, of which they furnish by far the largest proportion. Every species of property depends for its value in some degree upon the banks. They in a great degree control the price of all kinds of property and of labor, regulate agriculture, trade, and manufactures, and, in a series of years, show their effects on the progress of civilization. The change which has taken place in the condition of the people of Massachusetts, in the last thirty or forty years, is plainly indicated by the bank issues, which have constituted the greater part of the circulating medium.

In the following article it is proposed to show the condition of the banks of Massachusetts for a series of years, in respect to the value of the stock as an investment; in respect to the amount of specie compared with the circulation, and with the sum of the circulation and deposits,— which is justly regarded as an important criterion of safety to the public; in respect to the increase of the capital stock; and in respect to the amount of the capital stock, and of the bills in circulation compared with the population, the bills in circulation having served as an important part of the circulating medium in the operations of trade, and as important means of changing the condition of the community. In preparing the tables, use has been made of the bank returns as published by the secretary of state.

Table showing the Average of the last semi-annual dividends per cent. of the Banks of Massachusetts, for thirty-two years, from 1808 to 1839.

$3.06 512 $6 16 255

245

Estimated average, per annum, for 32 years...

According to the foregoing table, the average of the last semi-annual dividends of all the banks, for five years, from 1808 to 1812, inclusive, was $3 72 per cent. on the capital stock; since the one half of one per cent. has been semi-annually paid under the name of a bank tax to the 269 and state, the average for 27 years from 1813 to 1839, has been $2 962 during these two periods, embracing 32 years, it has been $3 08215 Supposing the other semi-annual dividends to have been the same, (and it is reasonable to suppose they were not materially different,) the average annual dividends on the capital would be $7 45 per cent. in

434

512

245

53

216

the period of five years, and $5 93 per cent. in that of 27 years, and $6 16 256 per cent. in that of 32 years. Stockholders have, therefore, received on their stock, during the whole period of 32 years, over one sixth part of one per cent. per annum, more than six per cent. which in the whole time amounts to $5 42ğ per cent.

215

250

The aggregate of capital of all the banks in 32 years, from 1808 to 1839, has been $545,679,507 28, and the aggregate of dividends at the average rate of $6 16 per cent. per annum, has been $33,666,080 88, which is $925,310 44 more than $32,740,770 44, the interest at six per cent, per During these 32 years, the annual average of the capital has been $17,052,484 604.

annum.

It has been estimated that the loss to stockholders in the banks of Massachusetts, in 32 years, from 1808 to 1839 inclusive, or the amount which it is probable those banks which have wound up, and which are winding up, have failed, or will fail, of paying par on the stock, will be about $2,000,000,-scarcely a dollar of which loss had occurred till within the last three years. If we take from this sum the surplus of interest received over six per cent., which the banks have paid in dividends to stockholders during this time, $925,310 44, we shall have the sum of $1,074,689 56, as the remaining loss. This loss will reduce the average dividends during this period about three cents per annum, on $100, and make the annual average dividends to have been $5 97 per cent., half of which has been semi-annually received on the capital stock over and above the loss to stockholders. It should also be added in this connexion, that, according to the returns in November, 1839, the "amount of reserved profits at the time of declaring the last dividend," that is, on the 7th of October, 1839, was $1,516,325 34, which, after deducting $894,982 16 for "debts due, and not paid, and considered doubtful," on the supposition that these "debts" are worthless, will be $621,343 18, and will reduce the loss to $453,346 06, and make the profits to have amounted to over $6 08 per cent. per annum for the thirty-two years. This is indeed only an approximate result; but if we were to go through the labor of ascertaining the rate of dividends paid semi-annually, or the amount paid by each bank during this period, it is probable that the result would not be materially different. We have reference to the original par value of the stock, and not to what the shares may have cost individuals who afterwards purchased them. This result will bear a favorable comparison with the results of investments generally in other securities. We may suppose that other investments generally have not been so profitable, or at least have not been more profitable.

The loss to bill-holders and to depositors, though it may have pressed very heavily on a very few individuals, has not probably exceeded $650,000 in the aggregate, or about one third of the loss to stockholders. The fraud or folly which has brought on this loss to either, is deserving of public indignation. The mass of stockholders have been as innocent of the mismanagement as the confiding bill-holder and depositor. The billholder generally has it in his power to dispose of the bills for nearly their par value, and, with the depositor, must be fully paid before the stockholders can receive any thing on their stock. The loss of one hundred dollars on bank bills, is no greater than the loss of one hundred dollars on bank stock.