A NUT TO CRACK FOR ’49.—With, we think, a very just estimate of the position of Graham’s Magazine, in the eye of the American public, we _do_ flatter ourselves that the January number, will in no degree be equaled by any cotemporary, or that we will in the least lesson our own dignity, if we boast a little about it. There has been so much talking on the part of our would-be rivals about their books, and an effort so manifestly strained to catch our tone and look, that we shall let out a link or two—or, as the horsemen say, “shake out a step faster, if the mettle is in the other nag.” The truth is, that there is a very great mistake made in efforts to assimilate to Graham’s Magazine—for, in the first place, all competition must be distanced by our superior facilities, derived from circulation; and in the next, the effort ends in playing second fiddle, to the great loss of reputation and time. There is—there _ought to be_ at least—some unexplored field in which these rivals of ours may try their unfledged wing, where our own magnificent flight may not be seen in humiliating contrast, by these gentlemen and their friends. Suppose now, for instance—having tried a magazine _after_ Graham—they confess the “_distance_,” and give us a touch at a magazine made up exclusively of translations from the French, with such copies of the illustrations as may be picked up in Paris, or can be done here. We really think something could be done with this hint profitably, but this blundering and dodging along after another magazine, which crowds every avenue, and presents itself for contrast at every turn, must be most humiliating and vexatious, and cannot but be a losing concern in shoe-leather and temper. The stereotype promises of our friends, which appear with the “snow-birds” every January, have lost their value, and as a standing joke might be relished well enough, but it strikes us that it is a sort of eccentricity in amusement, harmless _only_ because nobody is deluded.