Using jQuery toggle() to Show and Hide Text

HTML

<div id="content">

<a class="showhide" href="#">Read more...</a>
<div class="morearticle">The human brain is a mysterious little ball of gray matter. After all these years, researchers are still baffled by many aspects of how and why it operates like it does.</div>

</div><!-- #content -->

JavaScript

//Anonymous Function Below for Private variables
(function(){ 
    $(".morearticle").hide();

    $(".showhide").click(function(event){
        event.preventDefault();
        $(this).next(".morearticle").toggle("slow");

        $(this).next(".morearticle").toggleClass("show");

        if($(this).next(".morearticle").hasClass("show"))
        {      
            $(this).text("Hide");   
        }
        else
        {
            $(this).text("Read more...");              
        }

    });    

})();