The Chinese New Year comes in February, and is an occasion of rare festivities. It began at midnight on the 4th that year, and was ushered in with a lavish discharge of fire-crackers and rockets, to which our usual Fourth of July bears about the same comparison as a minnow to a whale. The fusilade of crackers continued, more or less, for a day or two, until the whole Chinese quarter was littered with their remains. It takes them three days to celebrate this holiday, and during all this period there was a general suspension of business, and every Chinaman kept open house. Their leading merchants welcomed all "Melican" men who called upon them, and the Celestials themselves were constantly passing from house to house, exchanging the compliments of the season. I dropped in upon several, whom I had met at the Banquet, and now have lying before me the unique cards of Mr. Hop Kee, Mr. Chy Lung, Mr. Fung Tang, Messrs. Tung Fu and Co., Messrs. Kwoy Hing and Co., Messrs. Sun Chung Kee and Co., etc. Several of these understood and spoke English very well, and all bore themselves becomingly, like well-to-do gentlemen. Like the majority of their countrymen, many were small; but some were full-sized, athletic men, scarcely inferior, if at all, to our average American. Their residences were usually back of their stores, and here we everywhere found refreshments set out, and all invited to partake, with a truly Knickerbocker hospitality. Tea, sherry, champagne, cakes, sweetmeats, cigars, all were offered without stint, but never pressed unduly. For three days the whole Chinese quarter was thus given up to wholesale rejoicing, and hundreds of Americans flocked thither, to witness the festivity and fun. John everywhere appeared in his best bib and tucker, if not with a smile on his face, yet with a look of satisfaction and content; for this was the end of his debts, as well as the beginning of a new year. At this period, by Chinese custom or law, a general settlement takes place among them, a balance is struck between debtor and creditor, and everybody starts afresh. If unable to pay up, the debtor surrenders his assets for the equal benefit of his creditors, his debts are sponged out, and then with a new ledger and a clean conscience he "picks his flint and tries it again." This is the merciful, if not sensible, Bankrupt Law of the Chinese, in force among these heathen for thousands of years--"for a time whereof the memory of man runneth not to the contrary"--and its humane and wise provisions suggest, whether our Christian legislators, after all, may not have something to learn, even from Pagan codes.