was found with sails furled and yards braced, ready to encounter the fury of the blast. Of course, he lost many thousands and hundreds of thousands of dollars, through the failure of others and the depression of the markets; but yet, like a true sailor, he foresaw each storm, and when it reached him he could grasp the rudder with a firm hand and guide his ship with undaunted courage into calmer seas.

This same quickness of judgment and energy we also see illustrated in the readiness and earnestness with which he adopted the idea of a clearing-house for the banks when it was first suggested to him. We may think now that it was a very simple thing to foresee the usefulness and necessity of the Clearing-house. In fact, when any great work has been accomplished, the benefits of which are incalculable, we all wonder why it was not thought of and carried out before. And yet every such benefit we have received has been the work of far-sighted men, and has only been effected amid the bitter opposition of the unwise many. How easy it was to discover that the world was round, and that it revolves on its own axis every twenty-four hours! How simple men must have been, to have disbelieved so long the existence of this continent! How foolish not to have applied steam and electricity to their present purposes, long, long ago! And how weak to have lived and labored so many weary weeks and years without the cotton-gin! Yet each one of these, and every other step in the march of improvement, has only been taken amid strong opposition, many times amounting even to persecution. Still, now, we all wonder why the truth of such plain propositions should not sooner have been proved and adopted. So, too, it is with the establishment of the Clearing house. At the present time, it seems almost inpossible to believe that any one should have failed to favor it. What could the New York banks do to-day without it? Think of the millions in exchanges made there every day, all occupying only a few moments, and then fancy the same work being done in the slow, expensive (both in time and money), and unsafe routine of former days.

We should like to stop here, and give a history of the conception, birth, and growth of the New York Clearing-house, showing how the mind that has guided it ever since it was formed, labored long and earnestly, amid the opposition of very many good men, before the idea was adopted by those most interested; but we shall hope to do justice to that subject on some future occasion. Our only object now, in referring to this work, is simply to state the part Mr. TILESTON took, as it illustrates his quickness of judgment, his determined action, and that entire confi dence, which he has always shown, that what his judgment approves can be and must be accomplished. He was one of the very first of the bank officers to see the value of the plan proposed, and to become thoroughly enlisted in its behalf. It will be remembered that during the year or more the subject was agitated, many meetings were held, at which the matter was discussed and very great opposition was manifested. During all this time, Mr. TILESTON was recognized as a leader in the movement and was called to preside at each of these meetings. After one of them, in 1853, a bank president on the west side of the city, who was bitterly opposed to the measure, said to him, "You have always been successful, Mr. TILESTON, in everything you have undertaken, but now you will find you have undertaken more than you can manage; in this Clearing-house effort you will fail." Mr. TILESTON quietly replied, "My dear sir, I shall

not only not fail, but within five months you will see the Clearing-house established, and, more than that, you will then wonder how you could have done without it." About two months after that conversation, this prophecy was fulfilled, and the New York Clearing-house Association went into operation amid, we might almost say, the rejoicings of its op. ponents as well as of those who favored it. Of course, the same interest Mr. TILESTON took in this movement, when it was in its inception, he has always continued to feel, and we believe has never been absent but from one meeting during the ten years this organization has existed. For nine of those years, he was annually elected chairman. The duties that have devolved upon him in this connection have been, at some periods, and especially during financial troubles, very great; and when we remember that all these were in addition to the care and thought his extensive business required, and the close attention the affairs of the bank of which he is president received, and also the claims of other important trusts he holds (none of which he would ever slight), in addition to those of his family and friends, we cannot but wonder and be astonished at his present continued powers of mind and body, his clear eye and firm hand. Mr. TILESTON's interest in, and connection with, the Clearing-house arises, as our readers are aware, from the fact of his being President of the Phoenix Bank of New York. He was elected to this position in 1840, and it is a remarkable circumstance that, of the fourteen directors by whom he was then elected, only one, the Hon. MOSES H. GRINNELL, is now living. At that time, the credit of the Phoenix Bank had become seriously impaired and its business much deranged. When President JACKSON took away the Government deposits from the old United States Bank, he ordered them to be placed in several State institutions, and the Phoenix Bank was designated for that purpose. The fact of being in this manner connected with Government had the effect of bringing political influences into the management, and, as politics and finances are irreconcilable terms, the natural consequences followed. Then, too, the banks having these Government deposits were led to increase their loans injudiciously, and when, therefore, their deposits were taken away from them, the difficulty of suddenly contracting to meet the Government demands ruined their customers, and, in many cases, the banks themselves. From these causes, and others we might mention, the Phoenix Bank, in common with many other institutions, had suffered seriously, as we have already stated. At this crisis, however, in its history, Mr. TILESTON was called to the Presidency. Of course, it required tender nursing and careful attention, together with great executive ability, to restore the capital and put the bank upon a sound basis again. But the records of that institution show us that this was all done, and the following inscription, bearing date 1856, on a beautiful, large size, massive silver salver now in the possession of Mr. TILESTON tells us the whole story.

TO T. TILESTON, OF N. Y.

FROM HIS FRIENDS, STOCKHOLDERS OF THE PHOENIX BANK, IN TESTIMONY OF THEIR RESPECT
AND REGARD FOR THE SKILL, PERSEVERANCE, AND COURTESY WITH WHICH,
AS ITS PRESIDENT, HE HAS RE-ESTABLISHED THE CAPITAL AND
RESOURCES OF THAT INSTITUTION.

No words of ours could add to the force of this brief record. It only remains to say that he is still President of that institution, and now no bank in the city of New York stands on a firmer basis than the Phoenix.

As its President, and as Chairman of the Clearing-house Association, Mr. TILESTON has been prominent in all the joint arrangements of the banks in aid of the Government during the past three years, having been on almost every important committee; thus giving to his country what assistance he could during the period of her greatest need. And it is not out of place to add here, that when the record of the present time shall be made up, the truly honorable and patriotic course pursued by the banks and their officers of this and other cities will form a bright page in the history.

Our space will not allow us to refer to all the positions of trust Mr. TILESTON has filled during his long and useful life. His labors, counsel, and advice have always been freely given, and have left their mark upon the great institutions of our city. With the Atlantic Insurance Company he has been connected from its very first organization in 1829, at which time he was chosen one of its directors. In July, 1842, this old company was dissolved, and a new one organized to do business on the mutual plan. Ever since the re-organization he has been chairman of the finance committee, and our readers can readily imagine to what extent his mind has contributed to the success that company has met with. Organized in 1842, with a capital of one hundred thousand dollars, paying back that capital, with 43 per cent profit in eighteen months, and each year since declaring immense dividends, while at the same time the surplus has been increasing until now it has reached nearly ten millions of dollars--is in brief its glorious history. To no one man, of course, is the credit of this prosperity wholly due; for no company was ever more fortunate in the selection of all its officers. As underwriters, their balance-sheet proves their excellence; as financiers, the unimpaired and ever-increasing surplus speaks aloud in their praise.

The old Atlantic Insurance Company was many years passing through the slow and tedious process of liquidation. Lawsuit after lawsuit dragged its slow length along, so that year after year slipped by without any end being reached. Under these circumstances, Mr. TILESTON was appealed to to try his skill at smoothing over the troubled waters. At once applying himself to the work, he soon was able to make his report; and what his success was we may learn from the fact that he now has in possession two beautiful and massive silver pitchers which were presented to him with this inscription, dated March, 1859, the time when the labor he undertook was completed:

PESENTED TO

THOMAS TILESTON, Esq.,

A8 A TOKEN OF ESTEEM AND APPRECIATION OF HIS SERVICES IN AIDING THE SETTLEMENT AND CLOSING OF THE ACCOUNT OF THE ATLANTIC INSURANCE COMPANY OF NEW YORK.

Before closing this brief record of Mr. TILESTON's business and public life, it is fitting that we should refer to his success at self-cultivation. We have already seen how few advantages he had in his younger days, how early he began the business of life, and how extended his engagements have been since. Yet the same thirst for knowledge that animated him when he entered the printing establishment must have followed him ever since; for he has not only made himself a successful but a thoroughly educated business man. Few are better informed than he, and his familiarity with many authors is truly surprising, when we consider his extensive business engagements and other duties. In impromptu speaking he has also been able to excel, addressing an audience with ease and flu

ency, sometimes eloquently, and always with good, sound, common sense. H was a great friend and admirer of DANIEL WEBSTER--entertaining him frequently at his own house and visiting him at Marshfield in return. We have before us a short address made by Mr. TILESTON on the celebration at the Astor House, New York, of the seventy-second anniversary of WEBSTER'S birthday. The following extract from it contains one or two, interesting incidents, happening during a visit of Mr. TILESTON'S at Marshfield, and we therefore give it:

"We started, one morning, on a fishing excursion; on going out of the bay, the bony fish, as they are termed, were very numerous; the whole shore was lined with them; and his men were engaged, with their nets, in taking them, to fertilize the land. We, however, proceeded, and when two or three miles from the shore our boat was anchored, and we commenced fishing, and, as the fish were plenty, began to draw them in at a great rate, satisfied that we were doing a good business. Mr. WEBSTER caught none! he was seeking higher game; soaring, as was his usual practice, for something beyond his companions. Just at this time he said, 'I've got him!' and we all turned to see what it was. All was silence! Be still!' said Mr. WEBSTER. Not a word was spoken. Occasionally the fish was allowed to run with the line, and then he was drawn gently toward the boat. He called his men to him, and ordered them to have their boat hooks ready to secure him as soon as he should appear on the surface. It was a fine hallibut, weighing, it was judged, at least two hundred and fifty pounds. All was still as night, and the fish was now visible; the men, with their hooks, were ready, and just at the moment they were to secure their prize, the line parted, and off went this powerful stranger. I shall never forget the appearance of Mr. WEBSTER. If he had discovered that his mansion at Marshfield was on fire he would not have been so much excited. Oh!' exclaimed he, was he not a noble fellow !'

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"Returning from our fi-hing excursion, about noon, we noticed on the beach a farmer, with a wagon and horses. As we landed, the man approached Mr. WEBSTER, and taking from his pocket a long leather purse, handed him a half dollar, saying, Your men have been very successful to-day in taking bony fish, and I have loaded my wagon with them, and it is right that I should pay for them.' Mr. WEBSTER was taken by surprise; but dislike to refuse the half dollar, fearing it might give offence. The farmer then drove off, and Mr. WEBSTER, turning to his friends, said that this was the first money he had ever received from his Marshfield estate."

We have thus hastily and briefly noticed the main incidents in Mr. TILESTON'S life, and illustrated the leading charcteristics of his mind. The causes, humanly speaking, of his great prosperity are not far to seek: a judgment quick and cautious, clear and sound; a decided purpose, a firm will; energetic and persevering industry; punctuality and fidelity in every engagement; justice and honor controlling every transaction, and courtesy that true courtesy which springs from genuine kindness--presiding over all the intercourse of his life, may be said, in brief, to have been the stepping stones to his success; for they are the means which common sense dictates, and which Providence is wont to bless.

Clearly, however, it is not to these mercantile virtues, nor to his acknowledged success as a great merchant--possessed as these are in common with many others--that Mr. TILESTON Owes his present high standing among men. Those better qualities which alone can ennoble enterprise and dignify snccess have marked his whole career. The hard earnings of his boyhood were cheerfully devoted to the comfort of his mother, his brothers and sisters, and it is safe to say that the son and brother who has shown himself true to the claims of kindred will be found wanting in none of the relations of life.

In closing, therefore, let us earnestly commend to our younger readers the study of what we have written, and ever to remember the example of Mr. TILESTON--the Mechanic, the Merchant, the Banker, and the Man.

THE NATIONAL REVENUE.

BY HON. AMASA WALKER.

THE credit of a government, like that of an individual, depends upon its ability and fidelity. If it have the means and disposition to discharge its obligations, its promises are regarded as reliable, and its credit is good. It is not enough that a nation is rich; it must also be honest; not enough that it might pay, but that it will pay. Not only the honor, but the interests, of any people are best secured by maintaining its credit above all suspicion. The power of a government, like the power of an individual, is immensely increased by having an unimpeached credit.

From the year 1820 to 1860, the subject of national finances occasioned no anxiety whatever in this country. Our revenues were abundant, our expenditures small. In this regard we were the most favored people on the globe. The case is now entirely changed.

Hereafter, and doubtless for a long time, the demands upon our public treasury must be great, while the yearly income derived from our former ordinary sources of supply will be comparatively small.

It necessarily follows, that if we would meet our engagements and maintain the national credit, new taxes must be imposed, and of sufficient amount to meet our accruing liabilities.

This, Congress, with a commendable degree of promptness, have already, to some extent, endeavored to do. The customs have been increased since the war begun, and both direct taxes and excise duties have been imposed. Are these sufficient? If not, how shall they be adequately increased? These are the questions we propose to consider. And first, what are the wants of the Government now and prospectively?

At present, they are immense-some two millions per day; of course, so large that it is neither reasonable nor practicable to meet them with any revenue that could be derived from taxation alone. A large debt must, of necessity, be contracted. The Secretary of the Treasury estimates that, on the 30th of June next, it will amount to about $1,600,000,000. It is probably a moderate calculation that the debt which will exist at the end of 1864, should the war close by that time, will be $2,000,000,000. The interest on that sum, at six per cent, will be $120,000,000 annually. Besides this, the current expenses of Government, in time of peace, inust be met, and, unless we wish to imitate the example of some European governments, and make our public debt a never-ending tax upon the industry of unborn generations, we must provide for its liquidation. It should all be paid off within the lifetime of the generation which has contracted it; that is, within a period of about thirty years. No other principle is either honest, or just, or compatible with the best interests of any people.

In regard to our future expenditures, in time of peace, it is hardly probable that they will be less than eighty to one hundred millions per annum, even with the best economy; for we shall undoubtedly have a much larger army and navy than heretofore. The nations of Christendom are evidently about to enter upon a wider career of military and naval expenditure than ever before; the navies of the world are to be iron-cled, whether for harbor defences or ocean warfare, and will necessarily involve such enormous out