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CHRONICLE ANO S ENTIp El - AI«UBTA. I TUESDAY MORNING JANUARY liS. , « —■— V ~~~” ~*“ ' '***’ A detere to public in this days’ paper the en ure Speech of the Hon. W. Thompson, pf S. C., has excluded any remark* of our ow». M a cannot do less, however, than solicit for it a care ful perusal, for which the reader will l£ amply compensated. S Salk of Bloom Stock.—At a sale it Mootl ed Horse? which took place yesterday at the Lafayette Course, G»o, the property o| the late J. Leverich, of this city, was bid off by Thomas Walton & Co., at $ 10.100; Ajarah larrison, well known as a fine racer, mile heats, i irce best |p five, was bid off at $560. Tiutee.—Circumstances have prev filed üb, for some days past, from noticing as de sired to do, the meritorious exertion gos Mr. Forbes in endeavoring to make the jAugusla Theatre what afl lovers of the drama |ould de sire to have. Many of the best pla;| in the language have been presented in the style, and daring the past week the charmiri Operas of La Bayadere and La Sylphide been brought forward in a style we could |ot bare expected. The company is a good lae, and finely seconded the efforts of Miss Barn S' during her iday, in the performance of tragf|'cs and genteel comedies, and the little fairy Wells, in the beautiful Operas, of which she p*;isonated the most important characters. j Virginia Senator.—The election ,;as been again postponed, from the 23d to the 2|lh inst., at which time it is expected certainl yto take place. The postponement waa in consequence of the absence and indisposition of tbrd or four members. <9 i Tux Lexington.—We cut from t.ie N. Y. Evening Star, of the 2ist inst., the {■ ilowtng item of intelligence: j Two Mom:. —A letter dated Stoney Brook, Jan. 20, says it is reported that two mon persons have come ashore alive from the Lexingt j. We hear no further particulars. 4 1 Virginia.—The Yan Buren membe sos the Virginia Legislature, have selected James. M’Dow ell, of Rockbridge, for the office of Gove mr. Correspondence of the Baltimore Ame cam. Washington, Ja i. 21. HOUSE OF R KPRE.'i EXTATIV ES. FLU Kill A WAR. Mr. Proffit asked Mr. tiarland of V I —who was entitled to the floor,—to yield it for die pur pose of oftenng a resolution upon a vei impor tant subject connected with the Flor: la War. Mr. G. yielding the floor, Mr. Proffit sa 1 that if his resolution was objected to he would v ithdraw it. Mr. P. then read the following resol tion : Resolved , That the Secretary of W r be di rected to inform the House, at his eariie t conve nience. whether he has or has not autllrised or ordered the use of Blood-hrmnils in the /ar with the Indians in Florida; also if such ore >r or au thority has been given, whether any im ortation of blood-hounds has been ordered, and f- m what country: also the name of the agent era joyed to purchase and select said blood-hounds; dso, the number of blood-hounds ordered: also whether any blood-hounds have actually arrived; nd also it the use of blood-hounds is determined »n. The Secretary of War is also further mthori zed and directed, to state the name of tl • officer in the American Army under whose ii, mediate charge and command said blood-hounds re to be used. j Cries of “No”—“No"—‘ I object.” were heard in the Hall, as soon as Mr. Proffit, lad read it. The resolution was therefore with * awn for the present. J AHourrox of slavery. Mr. Garland then commenced the a, tmdk ex ® pected fio.n him upon the subject of t © Aboli tion of Slavery in the District of Colum iu. Mr. G. said he had pledged himself four y ars since not to discuss the moral question of SI /ery.but he would discuss the Constitutional que tion’ on ly* Mr. G. then went into an examinalt n of the arg i ment offered in defence of the rigl of peti tion, and contended that as it would be! hviously improper to petition Congress to aboli.-i t a right granted by the Constitution, so it wou 1 be im proper to hear the prayer of the Aboi ion peti tioners asking for the violation of a righfa which the Constitution of the United States .rotecled the Slates and their citizens. Mr. Ga and en larged upon all the topics involved in tl Consti tutional question and spoke for an hou or more. He was followed by Mr. BuUei, of South Carolina, w .o spoke briefly in defence of his position, which was *hat the petitions should be rejected. Th» moment the prayer ot the petitioners should I granted, that moment would come the dissolut « of the Union. Mr, Dromgoolc, ofVa. then moved . i amend ment to Mr. Thompson’s resolutions, v rich was that instead of raising the question ofjreception in regard to the petitions, they should « laid on the table as they were at the‘last sess m under Rpi* Atherton's resolutions. The last hour of the session has bee? employ ,v! in discussing the question whether ti ; motion of Mr. Drorngoole i, in order. Upon m point qui.e a spirited debate has been going oi between Mr and Messrs. Adams. Everett, Black, Thompson. Briggs and others. UNITE® STATES SENATE. ,Mr. Clay addressed the Senate ver ?rday for two hours. Ihe conclusion of his rer i ks'was m reference to some of the provisions « the Sub- I reasury bill, and the immense power \ hich the Executive received under it. Those w a formed Hu- Sub-Treasury bill, he contended, vould be glad to remove the restrictions it contaii *] The hard money clause by and bv woul. cease to have the charm it now has. Mr. Claj contend ed that the Administration had destroy* I the on ; U currency we had. They had spread onfusion j through the land, and they designed no to make confusion, worse confounded, by the stablish nient of the Sub-T reasury bill. Supposing the revenue of the cou try t. - be twenty millions of dollars, Mr. Clay intended nal much of it would be unavailable si le end of ? a f f y *V‘ Receivers General w aid have ia o ic specie 0 f the country locked ip in ten years. Government drafts would be fly ,g about and remain in market. The gold and silver of v the country, necessary f or r.r • , - aWbeWkeJup. j r h“’! ° mmx ment would go to Europe and be ° "‘ nor ‘ 1 ’ .he Rothschild*, „,a r by greedily th»n paper of the United Si* fj*. was when the National Bank protef* measure the credit of the country. | Mr. Clay further contended, in an foment * of *» mc lengU., that paper would be issi d upon the specie of the Government hereafter to be in 1 deposite. In condus <m, bespoke of the P 0" " | which would be given to the Executive under the bill, if the people of the country demmd * mev sure to augment their burdens, they couldßevise no scheme which would as effectually do it as th bill l>efore the Senate. Their burdens wouhloo viously be increased under it. To the Adminw tration members, Mr. Clay said, that deceive themselves as they might, the scheme would in crease the power of the President to an alarming »extent. The combined powers ot the govern ment would be united to oppre?' the peop e un dcr the bill. . . nf Mr. Clay said that the Executive branch o. the government now overshadowed t e The occupant of the White House had now a tremendous influence in Congress, ana thr <£g h the land. He had a power to expel from office, and a power to create office, and against t power he made wa . The President had the , power to prevent a hill of revenue from original- , ing in the House, where of right it ought to originate. He had a power to prevent Us post- | ponement here in the Senate, and a power to drive the bill through the Senate m indecent baste. , Mr. Clay then argued that the bill was to place the President at the head of a great Government Bank, of which he was to be the President, Cash ier, Teller, and hoard of Directers. In closing, he said, if Godin his infinite providence design to abandon the country, he could not make use of a more effective instrument than this same Sub-Treasury Bill. Mr. Clay was followed by Mr. Walker, of Miss, who commenced the debate this morning in reply to Mr. Clay. Mr. Walker commenced his speech before one o’clock. He paid a high compliment to the Senator from Kentucky. He was aware, he of the talent of the Senator —of his influence in the Senate —of his distin guished ability and long experience. He wield ed the broad sword of Richard, and the scimetar of Saladin. An antagonist like the Senator must expect to be dealt with blow by blow. Mr. Walker then went into a partial examina tion of the arguments adduced by Mr. Clay in opposition to the Sub-Treasury bill. He stated in his speech that two-thirds of the States had declared for the Sub-Treasury bill, and that it was now the people’s measure. Further he contended that Mr. Clay’s predictions were of a character unlike the auguries of the trades of ol den times. They were dubious. Mr. Clay was frank and open. Yau could not misunderstand him, and in one sense he was really prophetic. Since 1828. he had been accustomed to under stand jswery prediction as bringing about a remit directly unlike the cne foretold. Mr. Walker then entered upon an examina tion of Mr. Clay’s aiguments and in defence of the position assumec! r hy him in the sketch of the proceedings published in the American of this morning. Mr. Walker addressed the Senate more than an hour. No member upon the Whig side of the Senate speaking. Mr. Bocuaxax remarked that he thoughtTsorae of the opposition might follow. Some ofthe Whig; members inti mated that tney shot Id await a speech from him in order to reply to it. Soon after two o’clock, Mr. Buchaxan, therefore not wishing to speak at the tail end of the day, moved the postponement of the question until to-morrow. After some unimportant matters, the Senate went into Executive session, and then adjourn ed. The following was a part of the morning business. NEWSPAPER POSTAGE. Mr. Strange, of North Carolina, during the morning, introduce! a resolution desiring that all newspaper propr.etsrs who would print the laws of the United States should have the privi lege of circulating them in the States where they were printed free from postage. Mr. Strange moved the reference of the resolution to the Committee on the J adiciary. Mr. Grundy opposed the reference to the Judi ciary committee for .he reason that the resolu tion ought to go to the Committee on Post Offi ces and Post Roads. Mr. Strange wished to speak upon the proposi tion, and therefore moved the reference he had made, as he was a member of the Committee. Mr. Davis advoc *.ed the reference to the Com mittee on Post Offices and Post Roads. The res olution went to the Committee, and Mr. Strange by and by designs to speak in defence of the pro position. The other morning business was not important. From the H ouston Morning Star, Jan. \lth. Col. Burleson, in command of a corps of Texi an volunteers, fell in with and attacked a party of Cherokee Indian s, on the 22d December, on the upper waters of the Colorado river. After a brisk engagement, the Indians were defeated and fled, leaving six of their number dead upon the field ; all their camp epuipage horses and cattle, one man, five women and nineteen chil dren, fell into the hands of the Texians. The Texian loss was one killed, (Captain Lynch) and one wounded. From the Galveston Civilian, Jan. 15. Capt. Ross, whose recent connection with the Federalists ol Mexico has made him somewhat conspicuous, was shot in a quarrel a few days ago at Gonzales, by a man named M’Coullough, brother to the man of the same name killed by Ross in a duel. At last accounts the Federal array was before Mutamoras hut had not made an attack, consider ing itself too weak until reinforced. The miserable Whig fraction may now dis band. The Democrats are coming. Look they are upon the road,— Southern Democrat. We were aware from the extraordinary num ber of recent mail-robberies, that a good ma ny of the loco focus had taken to the road. Prentice. Hoh, John C. Calhoun. The following extract is from the Speech of the Hon. Senator, ia 1834, on the removal ofthe deposites. “ Times change &c.” “ I might say, with truth, that the Bank owes as much to me, as to any other individual in the country ; and I might even add that had it not been for my efforts.it would not have been char tered. It is said that the Bank had no agency, or at least no efficient agency, in the restoration of specie payments in 1817, and that it had railed to furnish the country with a uniform and sound currency, as had been promised at its creation Both of these allegations I pronunce to be without just foundation. To enter into a minute exami nation of them would carry me too far from the subject, and I must content myself with saying, that 1 aving been on the political stage without interruption, from that day to this—having been an attentive observer of the question of the cur rency thioughout die whole period—that the Bank uas been an indispensable agent in the res lorution oi specie payments ; that without it the restoration could not have been effected, short of the utter prostration of all the monied institutions or the country, and an entire depreciation of Bank paper ; and t hat it has not only restored specie payment, bit has given a currency far more uniform between the extremes of the coun try. than was anticipated or even dreamed of at the time of its creation.” Mount Vesuvius, the volcano, was growling at the last dates; a derice smoke covered the top, and a terrible irruption vras expected. SPEECH OF WADDY THOMPSON, OF SOOTH CAROLINA, On the President's Annual Message to Congress- Delivered in the House of Representatives, December 30, 1839. The House having under consideration a mo tion lo reconsider the vote by which 20,000 cope ■ ol the President’s Message was ordered lo be pnu- Mr. Waddy Thompson, of South Carolina, ad dressed the House as follows; I am not willing lo allow this message to go forth to the country wiihoi t commentary or dis cussion. The annual message of the President is always a document p; ssessiug great interest, as t ie chan of the annual progress of the Government. This claims mor* than ordinary attention, from the importance, the Vital importance,of the topics which it discusses, and from the unquestionable ability wnh which they are discussed. Some oi these topics involve the most thorough and deeply interesting charges which have occurred iu our i country, ifnor in modem times—changes amounting | to a commercial and social revolution. They are \ discussed with more than usual ability. The mes sage presents an argument upon the great “ nai ** cial measure, which it vindicates —beyond all mea sure the most able, artful, -u.d seductive of any heretofore made upon that side. In saying inis, I shall not be suspected of any disposition lo conciliate. No, sir, my position will in all human probability, continue, as it has been, in opposition, whatever may be the result of the present contest for power. I am oj posed to the {general political tenets and opinions on the one side, and stid more opposed to the universal practices of the other —to its extrava gance aud profligacy, and faithlessness to all its professions. But, sir, if I were disposed to go over every one knows that no atonement, not ?ven a repetitence for past sins, however flagrant; for past vitupera tion, however scornful or severe, is required, i is a must easy service ; no sacrifices whatever aie required except of once’s conscience ; and one o the rules I understand to be, that no questions are tu be asked of applicants for admission. The message, on,its face and in its general state ments of political doctrines, is fair enough. It is Slate rights throughout; as much so, sir. as if it had been written by you, who were brought up at the feet ofGaraali 1, and are of the straitest sect. \\ bikt reading it, I was forcibly reminded of that noble paper, i eneral Jackson’s message of 183- ; that most masterly compendium of the State rights doctrines. I had, but a few days before the appear ance of that paper, been apppointed an elector ol President; a position by no mequs a desirable one. Th** moral malaria of Jacksomsm was then pervading ihe land in its wildest fury ; not only the strongest safeguards of the Constitution, but the virtue and courage of the country, were destroyed in its progress. The charm of a great name wa< not then broken nor attempted to be broken, in South Carolina. I gave Ihe vote» and a very few days brought us the message. I felt that J was done up for life; that no man could stand in oppo eition to so good a State rights President as that. But, sir, it was only nine days, nine little days, when the Proclamation followed ; a most consis tent commentary on the lext of the message ; ju»t such commentaries as we have always had from the same quarter upon like professions of such princi ples ; just such as I again anticipate. I mast sin cerely pray that it may not be so- I shall be grati fied if the necessities of their position shall drive the Administration upon our principles State rights principles ; the principles of the Constitution ; but I have not even a hope that it will be so. I want confidence, and I adopt the language us indig nant scorn heretofore used by a distinguished gentle man in remarking upon similar professions from tin same quarter; “I can but admire the audacity o the authors of the Proclamation and Foice Bill claiming lo be the guardians of State rights.” The currency question is of course the engros sing subject of the message. But, sir, there is anoth er which is first touched, and which is not less im portant ; more important, as it should be regarded by every Southern man; yes, sir, by every mm who has ihe heart of an America.! beating in bis bosom. I allude to the savage and in every way disgraceful war now raging in Florida Is that war lo rage forever ? Is its further prosecution abandoned ? 'lave the Scrninoles reconquered their country ? If so, aeknowedge it—yield it to them by ireaty, and give them the honor and the fruits oltheir victory. Do not keep up a miserable show offeree there, lulling the People us t lie Terri tory into a false reliance upon a power perfectly im potent lo atlord any real protection, and exposing, for no possible good, a few of the must gallant men ofyour Army to all the dangers of climate and ol sav age war, and, what to such men is infinitely worse, to the certainty of constant failures and defeats. I arraign this Administration lor its worse tfian imbecile and impotent management of ihe Florida war. If there was no other cause lor opposition to those iu power, this itself is all sufficient. Cannot the Administration with all the resources of this* great country conquer the miserable band of siva< ges ? If so, lei them surrender their powers t« those who can. Ifthey cannot, why have they no; done it ? Every drop of blood that has been cries to Heaven against them. Individual atroci ties and massacres, horrible as they are, I lo** sight of altogether, when I look at the pressin importance of dislodging so dangerous an enem\ from ih ir fastnesses in the vicinity of the West In dies , aud in the very centre of the South. Are gen tlemen aware that the Maine boundary question i fur very far, from yet being even in a tram of adjust ment,and that the utmost discretion w ill be requit ed on the part of both Governments to avoid war at the end of that question ? With even a pos sibdity of that, is there any man who can look with out indignation at so formidable an enemv bein; embodied in the very heart of the South, or at th miserable farce of a treaty which stipulated to yieh lotheraa portion of the Temtory ? Sir, it is no the land that we want ; we have too much of tha already. It is the removal of the Indians, and th;. only, which will satisfy us. And what has bee done lo this end by this President of ours ? th Northern man with Southern principles, and hi Secretary of War, a Southern man with—(l am > b loss ro say w hat principles, except John Kan dolph’s celebrated “ seven ?”) Why, sir, we hav seen the larger part of the Army withdrawn frot the only point where they were really required, an engaged in an empty pageant at Trenton—an erupt pagement made s ill more ridiculous by a reviei and inspection of the discipline and tactics b the President and his Secretary. I wonder if the were in unlorm ? ] should like to have seen them if they were. Yes, sir the|army which should ha\ been in Florida was encamped a thousand miles, from the point where they were hourly require when every menang’s reveille Was the news of tl massacre ot their fellow-soldiers, and of the w. men and children of Florida. Was it to remot j lV. em / rora ‘L 16 P e *>f ilential miasma of the swamps t t londa. That climate was deemed good enoug for the gallant Taylor and Harney. Why was not so for all? lam sure that there was nor. amongst the officers who would not have preferre to remain at the post of duty and of honor, lit. such a thing ever before occurred ? Generally w have seen troops concentrated upon the point «. danger and of war—but here we see them r. po’ldT fr ° m ,? ’ Und th ° countrv lcft wliolly e: * When I saw that the President referred us at proyingly to the plan of the Secretary of Wa which he was pleased to characterize as calculate to bring that war to a successful issue,” althoa» I behaved that » nothing good could come out < I Nazareth, I eagerly turned to it to see what th • i plan was ; and what, sir, is this notable plan “ i I bnng this war to a successful issue?” Why m iit is this: 1. Depriving the Serainoles of ail' svn ' l P al "T- I kad not known before that lhe-e vv any such sympathy. I know of no one who h given any evidence of such a feeling, except tl ’ honorable Secretary. He certainly has been , no tenderly and compassionalely regardful of the - lives. His second suggestion is the passage of Cob nel Benton’s bill lor ihe selt'craenl of Florid which I understand to be a proposition to <»ive certain quantity of land to every man who wall L tie there, and m famish him rations and miUts* protection into the bargain ; the entering wed. (and 1 beg that the j redictiou may be remember* i to a system of grants for settlement, by which rl wholeof the Wester i lands are to begot Irotn m. The third suggestion ol the honorable Secrei,l ‘ is to raise a new regiment, and of course, to let hi appoint the officers. What has yet been „ comphshed by lho 2d Dragoons, a reeiment specially for this service ? Nothing thaU er heard oi. I would ü b,ec, l Z ■ more regiments it I knew who were to ■ hem ; ts I could have any assurance* tbatffie co" mand would be given to Gen. Floyd, ot Genre is 7 some other such man. I, however such. But will he glv’en .o to some palace pet or noisy politician The appointments have been, aud will be mad not with « view to military, but political bat ties ; not with a view to obtaining victories 0 7. Indians, but voles at elections. When tL I regiment of dragoon* was raised, many gentlotn- • ] in congress interest in procure an appointmen. *»r as gallant anofficei as any in the Arrmy, who been more or less engaged in Indian wars tor wie last twenty years, and who was then bleeding lr° n more than one wound from Indians. He had no 1 chance whatever. ’The appointment was gjvan one who, then or since, has never set a squadron in the field, and whose claims were not those ot mili tary talents, but. political parry services. ; o in create ofyour standing army is necessary; you ca >* not in crease your army to a force adequate lo service, and bei-tdes, regular troops are not i he troops lo fight Indians, and such has been our uniform ex ooricncc The only way to end that war is toestanlish abun- , dnnt depots of supplies, and to throw into r on ■ fifteen or twenty thousand men. I-et them act ».m --ultaneously and in concert, and the war wil ended in six weeks. 1 can tell toe President tha the present plan, or any that ever will be suggesle by Ids Secretary ot '.Var, never will bring that war to a succeessfnl issue, and that to rely on ary sue will be a criminal paltering with tlie lives of our people, and the character of the country. The first passage of the message on tha currency subject, which strikes me, is the following: “ I’ho nineteen millions of Treasury notes au thorized by the act ot Congress of 1837, and the modifications thereof, with a view to the mdu gence of merchants on their duty bonds, ami ol the e posito banks in the payment ot public moneys nei by them, have been so punctually redeeme d ° leave less than the original ten millions outstanding at one time, and the whole amount unredeemed no v falls short of three millions. Os these, the chtet portion is not due till next year; and the whole wou’d have been already extinguished could the '•’reasurv have realized the payraenls due to it Irom the Banks. If those due.lrora them during the next year shall be punctually paid, and if Congress shad keep the appropriations within the estimates, there is every reason to oelieve that all the outstanding Treasury notes can be redeemed, and the ordinary expenses defrayed, without imposing on the I duple any additional burden, either of loans or increasou taxes ” , , Now, sir, 1 must be allowed, without the slightest intentional personal disrespect to the President, to say, that not a single statement contained in the above extract is tiue Ido not insinuate, because I do not believe, flie President capable of an inten tional niistatement; but I d> say that these state nicnls are incorrect, and that he nrght have and ought to have known better. First: wore loose Treasury notes issued with a view to enable tie Government to indulge tha banks anil merchants • The debts from both these sources were less than six millions at the period of the lost issue often mil Pons of these Treasury notes. How, then, can a debt of six millions be the reason and the exease for issuing ten millions of notes- ? Although not so expressly stated, there are o her passages of the message as well as of the Treasury report, which imply, and no doubt are intended to imply, that in dulgence to the banks was the sole reison for this is tie of an unconstitutional currency How gross a misrepresenlaiion this is, will he seen irom the fact that, at ihe period of the last issue of ten mil lions, the banks owed less than tvyo millions. I would here take occasion to say, in passing, tha these deposit hanks, which have been habitually de nounced for their failures and frauds, have given evidence of a power to fulfil their engagements, and a noble fidelity in doing so absolutely unprecedent ed, and beyond the hopes of the most sanguine, and which throughout Europe is regarded with wonder and admiration. They have fulfilled, to a miracle, all their engagements, and, besides that, have sus tained thecountry undei circumstances of difficulty and distress where the boldest vnisht have dispel r ed. 1 know, sir, that these are unfashion tide opin ions ar.d truths, unwholesome to brawling politi cians—that despicable and pernicious class, whose only ambition is 1i rise from that obscurity to which a want of talent and all virtue has destined {them, by joining every popular clamor even against the best and most, sacred institutions of society. I am not one of those “whose thoughts ever keep the road way.” I cannot lend myself to injustice of any s< rt. What, sir, are the facts in relation to our connexion with the deposit©banks ? Ti.e year be fore the suspension, they held, on account of the Government, more than «ixty millions of money. It was contemplated by the distribution bill t > withdraw' this snm in eighteen mouths. That it self was regarded by most men who were best ;n --formed, as a trial which the banks could not stand; but they did. Yea sir, and more. The Secretary of the Treasury, ins ead of allowing eighteen months for this tremendous operation, actually executed it m six months 1 will not say as some of his pre sent friend* have that it was done to defeat the saluiary effects of the measure. But he did it, and to the astonishment of every one, the banks sus tained themselves under this trial, and paid over at once about forty millions No man would, a prio ri,ha.\e said that it was possible. This is not all. At the period of the suspension, in 1837, the bonks held on ai count of the Government, twenty-three millions. Congress granted them indulgence for 1 eighteen months. They paid all but two millions ! in less than six months—refusing to avail them selves of your indulgence—and have secured, as j the Secretary tells us, all the balance. If this be faithlessness and fraud, commend me to faithless ness and fraud for the balance of my life I have shown that indulgence t > the batiks and the mer chants was not the cause of the issue of these Treasury notes—an issue of a Government curren cy which, 1 have heretofore shown in an argument which no one has attempted to answer, was a gross and dangerous violation of the Constitution. The second statement is equally untrue, that the whole of the Treasury notes would have been extinguished if the Treasury could have realized the sums due from banks. The amount due from hinks is less than two millions ; the amount of Treasury notes out standing is two millions and three-fourths, besides interest The last instalment from the tin ted States Bank is not due until next September. The ; third and last, and much the most important,is, that the resources of the Government for the next year will he adequate to its wants, without any increas ed burdens of loans or taxes. We were told the same thing in the lasi annual message, almost m the same words. I said then that it was not true.— What was the result ? Why, air, a new issue of 1 Treasury notes So it will be now. Ihe President m-y not have known that this ■ statement was incorrect, but I am very sure that no man on this floor who regards his character will venture to endorse this opinion. Why, sir, every body knows that it is not true. The Secretary of the Treasury very well knows it. Although he does not directly ask for a iaw to authorize the*issue of ten millions more of Treasury notes, a whole col umn, and a separate subdivision of his report, is de- i voted to proving the necessity ol providing some ■ fund to meet a contingent deficiency VV hat funds i dots he mean 1 W hy, Treasuary noies, and no thing else; the expedient of the spendthrift who has wasted his patrimony— to give his no e. The President tells us t fiat the resources of ihe Govern ment will be adequate to its wants Ite I you they will not. The President has much belter oppo- tu riiues of judging than I have, ami is under the same obligations to disclose the truth 1 1 the country L°' v ’ s ! r » m:ir k the result, and see who is riojit Before six months we shall be asked to issue °ieii millions at least of Treasury notes, or to make a - °f? ,n ? ,n V® othl ‘ r form the truth rot now told us : tor no othei reason man the shame of th? avowal, on the part of the President, that, com mg into power in a timenf profound and gen eral prosperity, with a Treasury overflowing, lie has in three years expended thirty millions over and above tlie accruing revenue, and caused an almost universal rum and insolvency in the land. There was, when the President entered oa the duties of !| ls office, nine millions which wras deposited with the States, five millions surplus beside. , und up wards of five millions due and which has been pJd by the Bank o the United States, and there is now near three rnnlions of Treasury outstanding |ma kmg (wer.ly-three millions ■lO which add ,ffc, f ? r . ,hs pre ‘ ,em ye "' «-• hav' m three years of ihis economical Jeffersonian Adnon — e ' n eSS ° f e *P endiu;re over income of thirty-three mll ions As to the future, I look to it wuh absolute dismay; no eye can penematethe g oom of that future. \V e must pay^ ,o England alone next year, for excess of imports over exports on State debis,not less than sixty m.i fioua. ft e same produce cannot pay this debt and also pay for goods from which revenue is to be (re nted; and when our produce fails, the debt cm offiy be paid in specie, and the specie will be export" ed by laws of commerce,as fixed and ce tain tiny itself. *o certain, sir. am lot fhiSe rcsnli teat all other leehtigs are forgotten in a sympathV with the sufferings of the country ; and if \ hLd an enemy among ihe am Ufa of this measure, I w .. u ]j uesne for him no other punishment than that which awaits him in the wrath and indignation of an aims ed and deceived people. That day so is not far distant, and I shall have no olh™ if’x de J sire no other, considaiion than lo be ahfo 11 d °' those who have confided their interests* Bay . 10 ■.havccW all Uial I could lo av'T 1 see no human power now tn • productions —and then wc cannot make our us i importation*, and of ronxcquence, the .ifman <* oar cotton is cut off', and the article not only » al * still lower in price, hut cannot he sold at all o else litis debt must he paid in specie, and umi, the present condition of the country, will be rum at «nce; not to the banks, but to the People. N°L 1 repeal, to the bunks, hut to the People. U the hanks are forced to pay, the People, their debto s, mii't pav them The banks owe the People one hundred a;id fitly millions, the People owe them five hundred millions. On whom will the bolt fall m >si heavily. It will be a golden harvest for shivers and usurers thev will taiten and grow rich on tin suffering ai .d distress of the community. They, and they only, will bs benefited. And, if Imi not mista ken, it is this, lass, together with those who either owe no money, or, if they do, are beyond the reach of the law, and have no sympathy w ith those who do owe. who are the loudest •dvocates ol th s m vital and dangerous revolution in the monetary a fairs of the country ; men who have a most philo sophical and praiseworthy indifference to the sirtlor ings of every onee’se but themselves No (govern ment has the right to make suph an experiment up m the happiness es its people—to carry out any theo ry, however plausible. . 'l'he debts of the country were contracted upon the faith of and withreference to an exist.ng slate of things which no Government has the moral right to subvert at once, upon the authority of any argu ment a priori. One word more as to the nine millions yet to be deposited with the Stales. I like sometimes to look back as well as forward. It is ofienjprontablo to do so. We were told two years ago that the act was not repealed Oh no! The payment was on ly postponed. And it was vaunted in my own IState a*.a great achievement to postpone the pay ment instead of repealing the law . When are we to gel it, sir ? Not,sir, until lire day of jui gment. Or, what is the same thing, until your present Secretary sh ill put an end to the Florida war.— No, sir, I will freely forgive the balance of that debt ts the Government can only be k*'pt along, f repeat, sir, that no intelligent mar. will say ibat the resources for the next and succeeding years will meet our wants. Those resources are greatly ex aggerated, whil-t the demands on the Treasury are underrated. From the excessive importation ol the lasi year, aud the universal piesure tn the money market, added to our immense foreign debt, the re venue from imports for the ensuing year must bo very small—less, 1 venture to say, than any ono anticipates; very much less than the estimate ot the Secretary of the Treasury. From the public lands I look hereafter for little revenue; first, be cause so much of the public domain has gone into the hands of private speculators, who will super- ] cede the Government in tha market, because they own the best lands, and can sell on credit and for paper money; and, secondly, because these lands are like to be used by political speculators, as the corn in the public granaries was used in the days of the decline of the Roman empire. No, sir, in stead of reduced taxes, vve shall be forced to raise the tuxes, and, I believe, up to the t xlreme point fixed by the compromise of H 33. By the by, sir, as to this tariff question; I was told by more than one, who I think enjoy the Bre s dent's confidence, that the message would be up to the hub with the South on the tariff—that it j would oven be ultra. I was glad to hear it. I was glad to know that we were to get aid from so influ ential a quarter, from whatever motive; as I owe no such allegiance—party or personal—anywhere, and never will, as to prevent me from rallying to iho support of those who rally to the support of just principles. I looked for the passage, but I looked in vain. I saw exactly the place for it, but it was not there. N■, sir, it was not there; but in its place | 1 found ail those ad captandum arguments about rendering ourselves independent of the currency and commerce of England, which have heretofore been j and may be again, used in support of a protective 1 tariff, more appropriately than they are used in the j message tor another purpose, t-ir, it is degrading to ( the intelligence of onr age and country to la'k in tins way. We had as well talk of rendering our selves independent of the tides or the winds of Hea ven. Why, let mo ask, is this anti-tariff ground not taken in the message ? I vvi'l tell yon : sir I have been given to understand, that it is because a very important political event is to lake pi ice rvxt autumn, and that i ie thoroughly tariff States, Penn sylvania and Ohio—States now doubtful, to say i lie least—will have an important influence upon that event, and that it may not be very discreet, nt this particular lime,to take ground against the tariff; an I although he doubtless possesses .ill the other parts of valor, no one lias ever denied to the Presi dent that belter fart of it, “discretion ” Especial ly need he not do so when nothing is to he gamed by it. The South is clearly bis already, by deed and covenant duly executed; and it would be mere wantonness thus unnecessarily to risk Pennsylvania and Ohio. I have been told, however, lo wait, and that in due time this ground will be assumed In other word*, !am to aid in cheating the tariff States out of the r \otes V\ hat security have we that we shall not he deceived ourselves, as we have hoen already once on this very same subject, and by the very same person ? No, s : r: no great end was ever yet accomplished by such means If no power is left me t* resist the odious and dishonest opera tion of the tariff poli-y but fraud and trick. 1 have no confidence in them, and should not resort to them if i had. It is due to she country that the opinions of the Preside it should have been known upon a great and exciting question which must very soon come up. It is espec ally so, as he has set up the dangerous pretension ofbeing (as repealed usurpations, nut the Constitution, have really made him) “a compo nent part of the legislative power ” If he ha one half o( the confidence in the judgment and purio:- ism ol the People which he habitually professes he need not fear to disclose his true opinions. Let him take one side or the other. He has n > right to lake both. Ido not wish to cheat othar s nor to be again cheated myself, j. 1 have a word or two to siy upon the great sub ject of the message—the currency question. Our | worthy I resident seems to have a regular intermit tent upon I his suoject, At the extra sessio i the | hard money lever was upon him, but at the Irmt s-s- I stun there was a clear intermission of ijp s fo ver . ! even.sir, a cbill had supervened. He then s fid ; j Like otner fctate establishments,they (banks) rim ; be used or not, in conducting the affairs of the Governm nt ” “ When the Government ‘ can ae compbsh a financial operation better wiih the aid of the hanks than without it, it should beat liberty to see v t.iat aid, &c. The dangerous tendency of the connexion of the Government with banks was : then to be arrested, by giving to the Executive the undivided power and uncontrolled discretion loem pby them or not. It was dangerous, in other words to rust this power to the Executive and Congress, but perfectly safe to confide it altogether to the Ex ecutive. It is a melancholy truth that, whilst there w a party m this country who watch every encroaeh r-ico he hede-id Government upon tha rights of [if, ' aH stem to shuf our eyes lo the not - the other and co-ordinate departments of the FVder ilt°sor; n fT nt - A k more darin « encroach me-, tof tn.it sort has never been made than in this tl at it r bliC . llber * ‘•‘ ‘-"th.s n«-ents amt Q l>an^s T .° Confess—the immediate agents and Representatives of the People; but ihat he discretionary jwwer to use banks P or not shall c'Xnhe Rh n '’^ ,dfnl - BrOU C h ' “P.-.i" “ho creed ollhe Republican party—the old, the true SiMT??' ', iep ; ,Mi ™ n ~or.y J „n oof m W. f ft opinions has >een < 1 danger, and to resist the smallest beginnings of Executive encroachment 8 mgs ol \ e were also told in the last message of the ben eficial resuts from receiving the notes of pa -mg banks, and the hill Introduced as the Gov ernment measure did not contain the specie feeb r I I I had some hopes that it was abandoned I r " to see that it not only has b*en but that * re^r< f is n„„ thrown off. banks esn)u.j ve iy to offices of discount 5 J" ‘ hiS? , ‘ rejoice rum n i r fe4 h^ nnin « that such'wl the‘pur saving go I have °* <bsm » enunußneßs for tion tr.at I nnwllj re oj, o j ,e ' a Personal satisfac rejoioe that ZT * d still more do I h-biust in J „ ? SS s mi ,7>l>» it ion is now „. at 1,1680 Lmea. was to be wondered State riph » poHlinana should th 18 measure, not lor it<- direct financial effw. n, t° , he Fodernl Oovarnm-m, bu, forlu j". rea influence upon State institutions—the banks Al admit the right of the Slates to charter hank, none will assort the rght of the Federal Govern’ nent to destroy or even control these corporation*' by direct legislation; but the power redo claimed, and by State rights men, under’the indirect use of a power g.ven for a wholly different purp.^ legiffrtrp^pc,7 e . m why fr ° m nne power be U,es for’ tec ing manufacture. ? If y<> u m ay u s? a p power to c-lftwit, and with the view t> : f ‘‘‘ pise fur which it was uu< aid never won U* f ‘ lu«n granted, xxbnt is there to prevent ih* ,Uv ® of taxa ion f am being u*ad to effect ab dui,,,! L Wer tax say of fifty dolla.a Ibr werv person lie )* 4 Isjndage ? If you can control or destroy oru- s 1:1 institution —the banks, why may you not d. ?>taie same with another—domestic slavery ? j ( | '*_ t,le man io suggest the shado wof a reason f >r i|, ' anv which does not apply with equal force to the" ( f"‘» We are told that banks, in sotne form , w**) ’ w;.ys exist in this coutnrv, and are n ged' p, * * a *' those banks on a footing on which ipev ex :* e some other comntrirs —that is, hanks of dej.. ) ,.f t 111 discount, not of issue. “Credit currency and f '' 1 it commerce” are denounced as the sources our troubles. Now, what does iijftnean by currency? Nothing. He can mejn nothing? 11 bank notes over and aho*’e tha «>ecie in h Ut “dollar for dollar, and giidei for gilder ” jJ er(i an .** is a distinct avowal of a purpose to briter || lC V 111 • t ry lo an extensive metallic currency. „ to,,n ' . . . . ,a. J one uii say that ihcre is any i-raciicai difference b e(v ,. p 11 metallic currency and a paper currency reorp- a gold and silver, dollar for dollar jf l |, ere e ,i! 8 other words, fifty millions of specie in i| ie 0 18 111 we are to hare only fifty millions of it.jp er j IJ,l,r - v ’ and that not to be added to the .-pecte, but ,,eb ’ cietobe withdrawn and locked up, and thr. e ' ,e only lo circulate. Sot at,as teetheainu Uul()^ a^er rency, no one will pretend that \y * slnfi more than if that currency were; in g ,|,j an , ’' n y j only. Is tfie country prepared f*r ihu? s Ver But sir, is bank paper beyond the specie in r n vaults any more a credit currency' than that u-h ' there is specie, dollar for dollar ? Not a win*. none but very shallow tiunkers,or those who better, have said so. Is there no basi? 0 f civd"t but gold and silver ? Is nothing else of any C ' l value ? Is there no other property in the land Is not the note of John Jacob Astor for a thousaM dollars good, d.ud so regarded, although it may b known that he has not fifty in specie ? It i s tin, e that tills absurd slang about specie should ! e ed. Specie is not only not the *o!e foundation o 's the credit of bank paper —it is not even the princi. pal foundation, but the property of the debtors of the banks, and the stock itself'is the chief founds lion of that credit. Is it not so as to the credit of individuals ? Is credit given because of a known amount'of specie hr dby the debtor ? Certainly not; for in that case he would need no credit, but xvould use his specie. No, sir; I repeat, i’is pro oerty to xvliich credit is given—that property of which gold and silver is the mere yard-stick. i Is this not true ? After t'>e banks had suspend ed, and it was known that thay had no specie, have we not only seen their notes passing, bu\ passin-' at par for every thing else but specie ? And us to that, it is not the fall in the value of the note, but the rise in the market value of the specie. Yes, sir, when in that condition, every one is willing to exchange the very best individual notes, drawing interest, for those bank notes drawing none. Why is litis, if specie is the sole basis of their credit ? I do not intend to be misunderstood. lam no indis criminate advocate of the banking system, still j l e:!S of its excesses and vices. Igo further; I I know that reforms, vital and radical, are required; i and 1 believe that, if these reforms are not made' the system will be run down, I am no apologist for bank suspensions. I think the last one without excuse. Specie is necessary ; it is the only mea sure by which we are to know when bank issues are excessive ; but to bring the country, in its pre sent condition., and with the paper system now pre vailing almost throughout the world, to a metallic | currency, is a project absurd and impossible, I | have no apprehensions whatever of that; my fears : are of a different character. I do not doubt that j l>y the swing of the pendlum, as natural in themo ! ral as in the physical world, the reaction will be to j reinstate the paper system in its utmost excesses, i and most probably to establish a Government bank —an institution which Ido not hesitate to say the public liberty will not long survive. No such tre mendous revolution in the personal circumstances of men as that proposed exrer can be effected but by the iron hand of despotism It never will be done where the People have the power in their own hands. It is in the nature of man to disregard ul timate results in seeking present relief from press. | calamities, and there is no such calamity a< a rapidly diminishing currency. My life on it, the People will not bear it. Infinite as have been the losses, the sufferings, and misery xvhich have already resulted from this fa tad experiment, we have notyct seen the w< ist. There has been a general forbearance; it c innut be so always. Tire advocates of this hard money p Hey well know it. There is no single State in tiie Union that would not instantly crush the ex periment and the experimenters, if they were call ed on to pay direct taxes in specie. Is this denied 1 if it is to act beneficially on the banks by creating a practical drain for specie, that is a reason equally strong for demanding State taxes in specie. Why lias no one eve.; had the bo’dness to propose this in any State Legislature ? Why, sir, because these taxes are collected directly, and the People would not bear it; and yet we see anti-tariff' men, by the secret and unseen operation of tiiat law-, doing what luey would not dare openly to propose. Ihe State which I in part represent is regarded as almost unanimous in favor of this pecie policy. Its Legislature maybe said to be so. I have for the intelligence and purity and patriotism of that People a respect and deference which I cannot here express, and I allude to these things for no unworthy or disrespectful purpose, but it is a fair illustration of what will be the result of this hum bug every- where. A portion of our banks have suspended specie payments, some of them with twice as much spe cie on hand as they have bills out. A proposition was made to the last Legislature to coerce are sumption by- these banks of specie payments. And what do you think was the result? It was reject ed by a large majority. This was not all: we have a State bank, owned by the State exclusively It was proposed at a preceding session to receive nothing for taxes but specie or the bills of this State bank—a very reasonable proposition surely Did it pass the Legislature ?—this snb-treasun hard-money Legislature ? Oh no, sir, but the :ax collectors were ordered to receive the bills of ah the banks—-ion-specie paying bank rags and alb They- did more ; whilst inveighing against banks and the credit s\-stem,they doubled the chartered bank capital of the State, and have created a larger debt for the State than was done by all former Le gislatures from the beginning of the Government A case still more striking is furnished by the recent action of the Administration party, a hard money, sub-Treausury Legislature, with tne sanc tion of the hard-money Governor of the enlighten ed and patriotic State of Georgia, The Legisla ture of that State, which has just adjourned, has established a bank more thoroughly a paper bank than any that ever has existed in any- country— 11 bank, sir, which would amaze John Law himself) if he could be allowed to see what is now going on. He, sir, would be shocked at this wild excess of the paper system. The Central Bank of Geor gia, whose affairs at the last report stood thus— specie, $46,000; circulation, $86,000, and bonds and notes amounting to about $3,000,900— is or dered (not authorized, but ordered) to issue six millions of notes—double the currency of the State- and to loan the money in the respective counties according to population, on bonds due twelve months They issue six millions of pope* on forty-six thousand of specie, and promise to p 2 .' specie on demand, when the debts to the bank are not iue for a year. They cannot even notes for a year, and yet they promise to pa> in j specie on demand; and this, too, sir, when ot the Btate for three hundred thousand dol!a r ' , j li3 been recently protested, without any provisos whatever being made to meet it; but, on the con trary, stock which was hypothecated for its P ! j'” ment is ordered to be sold for other purposes, f* lls law was signed on Friday,, and the bank suspend ed the next Monday. These, sir, are characteris tic signs of what will be the general feeling inu the general results, in the end,of this mostdisa*' tious experiment upon the happiness, and fortune'* and business of the People. I rejoice, tberef that the purposes of the Administrrtion are 3 ‘ length avowod. If these objects are sanctioned any where, I shall be disappointed. If there is of man m South Carolina who is in favor of aboli 5 ' 1 ' ing bank paper as a currency, I have never * eell him. J ’ VV e were told, when this measure was brought forward, that it would especially h« u the South. That it was our staples which be exchanged for specie, and that additional v ’ a t) n would be given to those stap'es. Has this be* 1 so . Has indeed the amount of specie in the coon try increased for the last two years ? It has t'° ■ Why not ? We were told to drive out paper? specie would take its place. One- half of the b»o* notes have been driven out—has their placed filled ? No, sir ; that place is literally “an achm? void.” I thought at first—and was confirmed *“