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I CHRONICLE AND SENTINEL. AUGUSTA. I 1 FRIDAY MORNING, APRIL I7j The June Convention. The appointment of delegates to this < onvcn tion, of the State Rights paity of Geor ;ia, be gins to attract the attention of the advc :ates of reform, in various parts of the State, and already have several counties nominated their delegates. Richmond should also be represented, a id ably represented in that body, and we trust hat our friends will at once agitate the matter nd look around to see upon whom this import;] it trust shall bc j conferred. The objects of the conven tion are %)f no secondary character ini mi ortance, involving as they do, the nomination 01 a con* jressional ticket, and another high and i nposing duty, that of determining for whom the* opposi tion to the present administration of the;’ General Government, shall cast their suffrage at] the ap pealing contest, in November.—Theda are no minor questions, and should command! for their adjudication men of the highest integrity and tal ents—men marked for their disci imina lion, pru dence and sound judgement. That th ! services of such can be procured, no one can do ibt, who reflects a moment upon the character c four city and county, and the questions which a c to be settled. What should be done by R chmond, should lie vigorously adopted by every ;ounty in the State, that feels an interest in theseg eat ques tions. Let the convention be compose lof such men as we have suggested, and a bod will be convened, which while it will secure th« adoption of the most prudent measures, will stri ce dismay throughout the entire ranks of the "V an Buren party. We therefore call upon the friends of State Rights and the opponents of Lnj-.ofocolsm, to enter upon this important appointing duty with that deliberation and spirit of patriotism which its importance demands, —send your best and most talented men to this convents n, —select them from among those whom you h av > tried and found faithful, and you will have the conscious ness of having done yon duty, and coi [tided your business to such hands as will not abu .e or tram ple upon the high confidence you rep ise in their integrity and patriotism. Speech of Hon. T. B. Ki ig. We commence to-day, the publica ion of the admirable Speech of this gentleman, i elivered on the Treasury Note Bill, for which »;< ask an at tentive reading. We shall endeavor* :o complete it to-morrow, so as to furnish it entire to our Trl- Weekly subscribers in one paper. uch as we have seen and heard said of this sple;i did Speech of our representative, we confess it lj s more than realised our highest anticipations. [No man can get up from its perusal without lia% mg been in terested, instructed and enlightener on this im portant question. We are requested to say that, he Monthly Meeting of the Total Abstinence Spciety, takes place This Evening, in the Lecture Room of the Presbyterian Church. i Fire in Charleston. The passengers who arrived in the cars yester day evening from Charleston, brought intelli gence of another destructive fire in that city, on M ednesday night. We were unable to ascer tain any of the particulars, or the amount of loss, except that it occurred in the beautiful block of 5 story new brick tenements, on Sjictoria range, several of which were destroyed. | A Sign from Ciucimis iti. r I he National Intelligencer of he 11th inst. says : There was an election on ;] londay last in the city of Cincinnati for Corporation Officers* in which the Whigs carried their tucket L. every ward in the city by a majority lailjer in the ag gregate (by over four hundred viltesj than ever before obtained. The vote for T|»wnship Trus tees is considered as forming the fist. The aver age vote for the Harrison ticket iL 2,906 ; for the Van Buren ticket 1,303. Majority for the former, 1,663 votes. The majoiiy for the Har i ison candidate for Township C'lfik over his Van Buren competitor was 1,749 ] I Defalcation of th- Hank If Virginia. The Richmond Whig of thejllth inst. says —“The Proclamation of the Giivernor, and the advertisement of the President, .1 the Bank, have officially apprised the country otlthe existence of a defalcation in the Department If the first Tel ler of that institution to a very large amount. An official expose will probably,| in a day or so, as soon as all the facts are asceiiiiiied, place the country in possession of all llialcan be known at present. We believe thedefijitis now known to be between 400 and Ssoo.o<|). Never was a community less I.repared for such a development! No hint, no Suspicion appears in any quarter to have precedld the astounding annunciation. No shadow wal cast before, that the most wise, ofur the event! pretend to have seen before it. Had a mine Kim sprung in the the city, when no eiLxny was encom passing it, the surprise could fit have been great er. Atfir.it, public sympath I was strongly ex cited for the unhappy defuilli Jg Teller, who had been a universal favorite, and teas believed to be the dupe of others. This serliment, of course has surrendered to successive lliscoveries, and to the now certain fact, that he Imusi have taken with him an unknown but I very large sum of money belonging to the Bank. Sympa thy ends where deliberate gui) is ascertained to begin. W e pause here tor ,iat official disclo sure, which will doubtless be vade to the Com monwealth. From the Globe of \e llth. Destructive 'ire, A fire broke out between and 2 o’clock this morning, in the building c cupied by Messrs. Langtree and O’Sullivan, m, 1 Thomas Allen, as printing offices for the Den >cratic Review and the Madisonian. Before he fire companies reached there, the fire had m de such progress as to leave no hope o c saving t o building, or any considerable portion of the ffmting materials in it. Messrs. Langtree and O’Sullivan saved most of the stereotype plates of the Madison papers, and about 1,000 copies of the first volume of the work; the other two volumes, we believe, were entirely destroyed. The edition was 1,800 co pies, three volumes to each, valued at from $lO,- 000 to $12,000. They were insured for $G,000; and their property destroyed is estimated at from $15,000 to $ 18,000. The materials of the Mad isonian office were all destroyed, and no insurance jon them. They were worth, \vc suppose, from ! $6,000 lo SB,OOO. The roof and the upper floor of the Medical College were burnt: insured for $3,000, and it will require that sum, it is suppo sed, to repair it. The Baptist Church was inju red to the amount of SSOO or SBOO. A frame soap factory was entirely destroyed, worth, prob ably, between SBOO and SIOOO. It is not ascertained how the fire originated. Some of the hands in the Madisonian office were at work until after 12 o’clock; and the fire had made great progress when discovered, about half after 1 o’clock. But the prevailing opinion is, that it occur.ed in Messrs. Langtree and O’Sulli van’s office. From the N. Y. Courier 4* Enquirer of Saturday. Late from England. By the ship Memphis, (Japt. Nichols, arrived this afteroon from Liverpool, vve have received Liverpool papers to the 16th, and London dates of the day preceding. We annex from the jour nals all that we find of commercial interest. And we have to add. that the second edition of the London Sun of 11th says, that the Governor Gen eral of India had positively declared war against China. Liverpool, March 13. Great Import of Cotton.— Yesterday not less than 14 vessels laden with cotton to the a mount of about 25,000 bales, entered the Mersey. Os these 12 were from N. Orleans, one from Charleston, and one from Natchez.—At least a score of cotton ships are now due. From the London Globe, March 14. The foreign exchanges, yesterday, looked more favorable again. The doubts, so long entertain ed, about the reflux of bullion lo England, may be laid aside for the present: the Mexican pack et arrived this week with $450,000, and other vessels are on their way home, are known to have together, about $3,000,000 on board ; all of which will arrive during the spring. France. —ln France the disposition of the Chamber of Deputies regarding the new Minis try will soon be ascertained. On Wednesday M. Remusat, Minister of the Interior, moved for a grant of one million of francs for secret service money; being half a million less than the sum demanded in 1838. The Chamber fixed this day for the discussion on the motion. It is said that Thiers will have a majority of 50; but this is mere conjecture. London Monet Market, Stock Exchange, Friday afternoon —The motion of the Chan cellor of the Exchequer for a Committee upon the subject of banking has given rise to all sorts of reports as to the future intentions of Govern ment; among which may be cited the establish ment of a silver currency, and a limitation of the issue of Bank notes, for the future, to the Bank of England only. From the New Orleans Sun of the B th. From Texas. The steamer New York, Wright arrived yes terday from Galveston. A terrible slaughter had taken place at San Antonio. It appears that the Cumiaanche Indi ans, who had 13 Tcxian prisoners in their posses ' sion, had consented to meet the Texan commis sioners at Sin Antonio, and make arrangements for the restoration of the prisoners and the ma king of a treaty of peace. The 15th of March was the appointed day. When the meeting look place, 65 Indians, including women and chil dren, being present, the commissioners demand ed the prisoners. The head chief produced only one, a young girl, saying the rest were in posses- other tribes. This was known to*bc false, as the girl had seen several at the principal camp of the Indians, for whom they expectad, as she said, to extort heavy ransoms from the Texans. A pause in the council took place at this stage of the proceedings; and ti e Texans stationed their soldiers in the council room. The Chiefs were then tol 1 that they must consider the nselves prisoners until they restored the promised cap tives. This was the immediate signal for a fight. The Chiefs drew their knives or their bows and arrows, and a general battle ensued, in which 36 of the enemy were killed, and 29 made prisoners —comprising their entire force, with the excep tion of one man, a renegade Mexican. The Texans had 8 killed and 7 wounded, viz. Killed—Lieut. W. M.Dunnington ; private Ka minski, ot A company; private Whitney, of E company; Judges Thompson, of Houston, and Hook, of Bexar; Mr. Carey, of Matagorda coun ty ; and a Mexican. Wounded—Captain George T. Howard, Ist inf ntry ; Matthew Caldwell, Ist infantry ; Lieut. Edw. A. Thompson; private Kelley, comoany 1; Judge Robison, Mr. Higginbotham, Mr. Morgan, and Mr. Carson. An expedition is to be organized against the Cummanchcs immediately, under Col. Burleson. No trace had yet been discovered of the In dians who n de the descent on Austin. On the advance of the Centralists under Arista towards Guerero, the provisional government ap pointed the Lake Espantoso, on the Nueces river, as the temporary seat of the n«w republic of Rio Grande. The Morning Star thinks this an inva sion of Texan territory. A Whig Gain. —The Picayune says: The town of Society Land, New-Harnpshire, at the recent election, gave one Whig vote—all told which is one more than it gave last year. An editorial wag remaiks thereon that the Whig party was perfectly united and well organized ! We have been in this same Society Land and a more rough, rugged, uneven spot does not exist in these United States. As there is not a foot of level ground in the place the inhabitants all have one leg about two inches shorter than the other to run on side hills to advantage. Expedition to Santa Fe. —A company is forming in Houston for the purpose of opening a trade between Santa Fe and that place. We learn from the Star, that the association consists chiefly ot persons of capital. No man is to be interested unless he is willing to endure the trial, and brave the danger of being the pioneer of a route never before trodden by a white man—of making a w iy through an unknown, and it may be. almost inaccessible region. The number to constitute the company will be one hundred. The enter prise promises to be important in its results; and it crowned with success, will open a new and vastly lucrative trade lo Texas.—iV. O, Bulletin. A Letter of Recommendation. — A lady at the North, on dispensing with the services of a faithful servant girl, gave her the following letter of recommendation : “Madam, Suky Day lived with me won yer an leven months cookin b.ikin an bruin an is a husc ful kind ot body she is werry onest and I newer now her to be in lickher an she was noe sweet arts.’’ Limited Ideas of tiim United States. A fresh caught cockney in New York, looking ove»- the City Directory, was recently heard to ask whe ther it really contained the name of every man in America. This chap does not know even as much as the fellow who after having travelled from Maine to Louisiana, concluded that this was a “ pretty extensive country.” Speech of .Hr. Thomas |Buttar King, > OF GEORGIA, ! On the “ Bill additional to the act on the sub s ject of Treasury notes." ■ House of Representatives, March 18, 1840. The House being in Committee of the Whole ' on the state of the Union, (Mr. Dawson in the 1 chair,) Mr. Kino, who was entitled to the floor, rose and addressed the committee as follows: Mr. Chairman : The bill now under consider tion proposes to renew the act passed the 12th day of October, 1837, authorizing the issue of Treasury notes, and the subsequent acts in addi tion thereto, excepting the limitations concerning the times within which such notes may be issu ed, and restricting the amount thereof, so as to authorise the President of the United States to cause the Secretary of the Treasury to Issue and keep in circulation Treasury notes to the amount of five millions of dollars. That there may be no mistake in regard to this important feature of the measure, I ask that the bill may be read. [The bill was read by the Clerk.] It will be perceived (said Mr. King) that, un der the second section of the bill, “ Treasury notes may be issued in lieu of others hereafter or heretofore redeemed, but not to exceed in the amount of notes outsanding at any one time the aggregate of five millions of dollars." The limitations contained in the act of Octo ber, 1837, which was renewed by the subsequent acts of January, 1838, and March, 1839, prohi bited the re-issuing of Treasury notes in lieu of others received in Government dues or redeemed at the Treasury, and limited the amount to one issue of ten millions of dollars. These provi sions of the act were doubtless inserted to take from it, as far as practicable, the odious character of a Government bank charter, to prevent the Treasury from becoming a bank of issue and cir culation, and these Treasury notes from entering into the circulating medium of the country as currency. If the bill now before the committee shall become a law, as I doubt not it will, the sal utary limitations in the act of 1837 will be re pealed, and a Government bank of issue and cir culation to the amount of five millions of dollars will, in fact, be established, of which the Presi dent of the United States will be the president and director, and the Secretary of the Treasury merely the cashier. It appears (said Mr. K.) that these limitations have been found by the Secretary of the Treasu ry to be a most inconvenient check on his evident desire to issue paper money. In his report bear ing date December 24, 1839, speaking of the au thority to issue Treasury notes, he says; “That authority expired in June last, and while in force contained requisitions immediately to receive those notes in payment when offered, and at the same time preventing the reissue of them, which proved to be exceedingly inconvenient.” Sever al hints may be found in this report of the Secre tary’s strong desire to he authorized to issue this paper currency whenever he wants money. It is known to al! that the Treasury notes which have been used as currency, and especially those bear ing an interest of but one mill, have become a portion of the circulating medium of the coun try, and that they have in fact assumed the char acter of bills of credit. They have been pur chased at the South for the purpose of being re mitted to the North, and used throughout the country as currency and a medium of exchange. This is too notorious to admit of doubt or cavil, I have no hesitation in giving it as my opinion tnat such was the object of the Administration in issuing them. But gentlemen say they are short ly to he redeemed—they are only required to meet a temporary deficiency in the Treasury. This lis no new argument in favor of the policy—it has been used by the advocates of it for nearly three years, and yet the necessity exists, and, if the Secretary of the Treasury is to he believed, is likely to continue. He says in the report I have referred to, “ The Department is without resort, temporary or permanent, in case of material de ficiencies, and. considering all the circumstances before mentioned, with the dangerous liability in law to have the whole of the oustanding Treasu ry notes paid in at any moment for public dues, without a power remaining to issue others in their stead.” Does not every one know there will be a material deficiency in the revenue] And does not the Secretary acknowledge that he has no means, temporary or per moment , to meet the expenses of Government, and pay the Treasury notes now in circulation ] How can it then be contended that this is a temporary measure, and only intended to meet a present and pressing emergency 1 The Secreta ry complains piteously of the “dangerous liabili ty in law to have the whole of the outstand ing Treasury notes paid in at any moment fur public dues.” Very dangerous and inconveni ent, doubtless to be liable in law to pay these notes, to pay the debts of the Government, in any thing but by giving new notes for old ones This, then, is the system which the Secretary’s great financial skill has enabled him to recom mend to Congress. It has been in operation near three years, and I hesitate not to say is to become the permanent policy of this Adminis tration. 'The Secretary recommends no measure by which the Treasury may be supplied with means to pay these notes. 'They will be reissued on the credit of the Government, leaving a mere nominal rate of interest, not more, I venture to say, than one mill. They will go into circulation as currency. Not being issued on funds of the Treasury, they will be bills of credit, and the power to reissue them will make this measure a bank of issue and circulation. Who will attempt to deny it ] Who can be so simple, so stupid, so wilfully blind, as not to perceive it ] There caii be no mistake, and, in fact, the leasons given by the Secretary amount to an admission that such is the design of the Administration. The great and intricate question of Government pa per credits was most anxiously and critically con sidered in the Connvention that framed the Con stitution of the United States; and it is not ne cessary for me to say that the power to emit bills of credit cannot be found in that admirable in strument. It may be proper, Mr. Chairman, to refer to the Madison Papers, recently published, to ascertain precisely what the opinion and intention of th? Convention was in regard to the power to issue bills of credit. lam aware, sir, that this question has been argued with unsurpassed ability by my honorable friend from South Carolina (Mr. W. Thompson) in his unanswered and unanswerable speech, delivered on this floor in May, 1838. Since that time, however, the publication of the debates in the Convention places beyond doubt 1 what was the intention of that body in regard to the power to issue lulls of credit. It appears that on the 6th of August the committee of de tail reported the draught of the Constitution. 'I he seventh article, which enumerates the pow ■ ers of Congress, contained this clause: “To bor ! row money and emit bills on the credit of the United States.” On the 16th of August, this ar ticle being under consideration— “Gouverneur Morris moved to strike out the | words l and emit bills on the credit of the United . States' If the United States had credit, such bills would he unnecessary; if they had not, un just and useless. ‘ Mr. Butler seconds the motion. ‘ Mr. Madison. Wiil it not be sufficient to prohibit the making them a lender ] This will remove the temptation to emit them with unjust views. And promissory notes in that shape may, in some emergencies, be best. ‘Mr. Gouverneur Morris. Striking out the . words will leave room still for notes of a respon -1 sible minister, which will do all the good without i the mischief. The moneyed inteiest will oppose 1 the plan of government if paper emissions be not 1 prohibited. “ Mr. Gorham was for striking out without in- serting any prohibition. If the words stand, they may suggest and lead to the measure. Mr. Mason had doubts on the subject. Con gress, he thought, would not have the power un less it were expressed. Though he had a mor tal hatred to paper money, yet, as he could not foresee all emergencies, he was unwilling to lie the hands of the Legislature. He observed that the late war could not have been carried on had such a prohibition existed. Mr. Gorham. The power, as far as it will be necessary or safe, is involved in that of oorrow ing. “Mr. Mercer was a friend to paper money, though in the present state and temper of Amer ica he should neither propose nor approve of such a measure. He was consequently opposed to a prohibition of it altogether. It will stamp suspi cion on the Government to deny it a discretion on this point. It was impossible, also, to excite the opposition of all those who were friends to paper money. The people of property would be sure to be on the side of the plan, and it was im politic to purchase their further attachment with the loss of the opposite class of citizens. “Mr. Ellsworth thou/ht this a favorable mo ment to shut and bar the door against paper mo ney. The mischiefs of the various experiments which had been made were now fresh in the pub lic mind, and had excited the disgust of all the respectable part of America. By withholding the power from the new Government, more friends of influence would be gained to it than by almost any thing else. Paper money ran in no case be necessary. Give the Government credit, and other resources will offer. The power may do harm, never good. “ Mr. Randolph, notwithstanding his antipathy to paper money, could not agree to strike out the words, as he could not foresee all the occasions that might arise. “Mr. Wilson. It will have a most salutary in fluence on the credit of the United States to re move the possibility of paper money. This ex pedient can never succeed whilst its mischiefs are remembered. And as long as it can be re sorted to, it will be a bar to other resources. “ Mr. Butler remarked that paper was a legal tender in no country in Europe. Hew'as urgent for disarming the Government of such a power. 1 “ Mr. Mason was still averse to tying the hands lof the Legislature altogether. If there was no l example in Europe, as just remarked, it might be observed, on the other side, that there was none in which the Government was restrained on this head. “Mr. Read thought the words, if not struck out. ! would be as alarming as the mark of the beast in Revelations. “ Mr. Langdon had rather reject the whole plan than retain the three words, l and emit bills' “ On the motion for striking out —New Hamp shire, Massachusetts, Connecticut, Pennsylvania, Delaware, Virginia,* North Carolina, South Car olina, Georgia—ayes 9; New Jersey, Maryland —noes 2. “ The clause for borrowing money was agreed to nem. cun." Thus we perceive, sir, that the power was withheld by a vote of nine States to two. Who can say, after reading this debate, that it was not the intention of the framers of the Constitution to withhold the power from Congress to emit “bills of credit” to circulate as currency ] We have, in addition to the evidence of the journal of the Convention, the testimony of a dis tinguished member of that body, who voted a gainst striking out- I allude to Luther Martin, one of the members from the State of Maryland; who says, in his address to the Housfc of Dele gates of his State on the subject of the proposed new form of government. “ By our original articles of confederation, the Congress have power to borrow money and emit bills of credit on the credit of the United Stales; agreeably to which was the rep irt on this system ;as made by the committee of detail. When we 1 came to this part of the report, a motion was j made to strike out the words “to emit hills of credit;" against the motion we urged, that it | would be improper to deprive Congress of that j power ; it would be a novelty unprecedented to j establish a Government which should not have j such authority; that it was impossible to look ' forward into futurity so far as to decide that i events might not happen that should render the 1 exercise of such a power absolutely necessary ; and that we doubted whether, if a war should take place, it would he possible for this country to defend itself, without having recourse to pa per credit, in which case there would be a neces sity of becoming a prey to our enemies, or vio lating the Constitution of our Government; and that, considering the administration of the Gov ernment would be principally in the hands, of the wealthy, there could be little reason to fear an abuse of the powers by an unnecessary or injurious exercise of it. But, sir, a majority of the Convention, being wise beyond every event, and being willing to risk any political evil rather than admit the idea of a paper emission, in any possible case, refused to trust this authority to a Government to which they were lavishing the most unlimited powers of taxation, and to the mercy of which they were willing blindly to trust the liberty and property of the citizens of every State in the Union ; and they erased that clause from the system.” I now ask gentleman, in all candor, where this Government finds authority in the Constitution or by implication, to issue bills of credit under the name of Treasury notes hearing a mere nominal interest, or perhaps, no interest at all, and to is sue them in the form, and for all the purposis, of bank notes as currency ] Is the Constitution no barrier to the attainment of their object] Is the power of party-drill in this House so irresistible that, in obedience to this mandate, gentlemen will be found ready to trample on the Constitu tion of our country ] Will they revive the mis erable and condemned system of Government paper money ] That system which was so loud ly and universally complained of, and was one of the principal causes that led to the adoption of our present form of government. That Government bills have been issued to a large amount as currency, ne have the authority of the Secretary of the Treasury hirnse'f for as serting. The admission is to be found in his communication to the Commute of Ways and Means, by which it appears that Treasury notes to the amount of nearly two millions of dollars have been issued, bearing an interest of but one mill. Does any one suppose that this trifling in terest ever has been or will be computed] Can it he pretended that it was stipulated on the face of the notes for any other purpose than to evade the law and violate the Constitution ] My own opinion is, that this bill will author ize the issue of Treasury notes without interest. Be that as it may, every one must admit that one mill interest is a most flimsy and degrading pre text to deceive the People and cheat the law. The Secretary says : “ Most of the first issue, yet unredeemed, are supposed to bear the lowest rate of interest, one mill, and most of the second issue not over two percent. None of either of these issues, how ever, bear any interest on the face or otherwise after the expiration of one year from the time of their issue, and those bearing a large interest be ing usual y held by capitalists will doubtless be paid in for duties and lands, or presented for re demption as soon as they fall due.” It appears from tiiis statement that a large a * This vote in the affirmative by Virginia was occasioned by the acquiescence of Mr. Madison who became satisfied that striking out the words,’ would not disable the Government from the use of public notes, as far as they could be safe and proper; and would only cut off the pretext for a paper currency, and particularly for making the hills a tender, either for public or private debts. mount of note* issue.! in Octol>er, 1837, and bearing an interest ot but one mill, which ceased at the expiration of one year from the time of their issue, are yet outstanding, and must have been in circulation near eight months without in terest, and being in character and effect precisely similar to what was called Continental money or bills of credit. Mr. Chairman, I do not deny to this Govern ment the authority to issue Treasury notes, bear ing the legal or such rate of interest as will induce capitalists to receive thorn at par as security for a loan. This would make them nothing more nor less than one form of scrii for Government stock. What I contend for, sir, is, that w r e have no con stitutional power to authorize the issuing of them in such form as will throw them into the curren cy of the country, and cause them to circulate as money. This, I assert, has been the effect of a large amount of the issues made by the Secretary of the Treasury, according to his own admission, under the several acts since October, 1837, and such, I believe, is the intention and will he the re sult of the issue which will be authorized by the passage of the hill now before the committee. Sir, what are bills of credit? Various concur ring authorities might be cited to show what is a hill of credit, hut I shall only refer to one. The late Chief Justice of the United States defines hills of credit to be “ paper issued by the sovereign authority, and intended to circulate as money.” Let me asit ge'ntlemen whether the issue of two millions ot Treasury notes, bearing a nominal in terest of one mill per annum, w-as not so intend ed ? And is it not known that such was the re sult ? The policy which has been pursued by the Ad ministration to lead to the issue of this Govern ment paper money has been most insidious and deceptive. It was necessary, in the outset, to create the necessity. This was done by the most extravagant appropriations and wasteful expendi ture of the public treasure, and cornciencing a war of extermination against the banks and cieuit system of the country, by which the revenue from all sources was greatly diminished and the expenditures of the Government vastly increased. This led. of course, to the bankruptcy of the Trea sury, and the necessity of relief. This necessity was as well known to exist when Mr. Van Buren entered on toe discharge of his duties in March, 1837, as when he issued his proclamation to convene Congress the September following ; and if he was ignorant of it, he is not fit for the high station he occupies. If he knew it, he was bound, by every consideration of duty and patriotism, to have convened Congress the very day after his inauguration, that timely and efficient measures might have been adopted to re lieve the I reasury and preserve the Constitution and credit of the country. It did not suit his purposes to pursue a course so obviously neces sary and expedient. He preferred that the ma chinery of Government should work its own des truction and the ruin of the country, and, con sequently, Congress was not called until the Treasury was found to be without means to meet the demands against it. Congress was then call ed, as the same sudden disaster had created an unexpected emergency. The President, in his Message, bearing date 4th September, 1837, says : “Until the amount can be collected from the banks, Treasury notes may he temporarily issued, to be gradually redeemed as it is received.” Si milar language was used by the Secretary of the Treasury and the advocates of the measure in both Houses of Congress. It was urged as a tem porary expedient to meet a pressing emergency. It w'as said then, as it has been in the passage of every bill since to authorize the issue of Treasury notes, that there was not lime to make a loan in the ordinary way, and that it was absolutely ne cessary to issue these notes to meet the pressing demands against the Treasury. From October, 1837, until the 1 ist quarter of 1839, the Govern ment has had an outstanding public debt, in the form of T reasury notes, to the amount of ten mill ions of dollars, has collected ail but a very small amount from the banks, besides expending all the revenue; and yet we are informed that the ne cessity is so pressing that unless we authorize ;he issue of these Treasury notes, the country will be disgraced. No plan has been presented for our consideration to relieve the Treasury perma nently, and I am persuaded it is not the intention of the Administration to present any, except that now before us for the issue of Government paper money. Mr. Chairman, (said Mr. K.) what a commen tary this course of policy is on the boastful profes sions of the Administration, and every political demagogue, from the President to the tide-waiter, that this is to boa hard-money Government. I shall endeavor, sir, to show before I sit down, what sort of a hard-money Government it is lb» purpose of those in power to inflict on this coun try. For this purpose, I beg leave to refer the committee to the Message of Gen. Jackson, then President of the United Slates, dated December 7, 1830. Speaking of the re-charter of the Bank of the United States, he says: “ In the spirit of improvement and compromise which distingushes our country and its institu tions, it becomes us to inquire whether it be not possible to secure the advantages afforded by the present bank, through the agency of a Bank of the United States, so modified in its principles and structure as to obviate constitutional and other objections. It is thought practicable to or ganize such a hank, with the necessary officers, as a branch of the Treasury Department, based on the public and individual deposiles, without power to make loans or purchase prope;ty, which shall remit the funds of the Government, and the expense of which may be paid, if thought desirable, by allowing its officers to sell bills of exchange to private individuals at a moderate pre mium.” Here, sir, is the plan of a Treasury hank; and I have no hesitat-on in saying that it can he traced in the acts and the policy of the former and present Administrations from that time to the present. It has been, and is, in rny opinion, the deliberate, unwavering, never-sleeping pur- i pose of this Jackson-Van Buren dynasty to es- / lablish a bank on the revenues of the Govern- i' ment, and the acts authorizing the issue ofTreaaf ury notes are among the preliminary steps to thf r accomplishment of that design. The war agaij/ the credit system has been for no other that/ s bring into disrepute and destroy our local in tions, distress and distract the people, and/ e out ot circulation the currency to which w/\ e been so long accustomed, and make way jr* 1 ' 5 j Government paper money. I could refaf u most every Executive message and r |b sur y s report since 1830 in support of my a/ 11001 ’ but, not being disposed to dwell on/* u^ject n which has attracted so much public aIUF on > been discussed in almost every newiP or ’ atR I | in every portion of our country, I only ■ call the attention of the committee/p ar pS ra or two of that very extraordinary enigmati cal document sent tons in Decei# * ast by Mr. 1 Van Buren as his message. Ojf ie subject of Banks he saj’s: m P “In a country so comnaprc# B ours, banks, in some form, will, probably^’ 3 )’ B ex ‘ st » hut this serves only to render it JT nore incumbent on us, "notwithstanding \\\jkco\iragemei)ts of the past, to strive in ourJr ec ** ve stations to mitigate the evils they proJp to take from them, as rapidly as the public faith and a careful consideration of (•mmediate interests of the community will p eM unjust character of monopolies; tochtw° as ma y he practi cable, by prudent le»* on ’ those temptations I 1 of interest and thosew ortun hies for their dan- C gerous indulgencebeset them on every Y side, and to confimP cm strictly to the perform ance of their duly, that ot aiding the operations of cojP rce > rather than consulting D their own excliMp l^van tag e * These and other g ( salutary reforMf*} 7 ’ it is believed, be accom- 0 plished without the violation of any ot the great principles of the social compact, the observance of which is indispensable to its existence or in terfermg in any way with the useful and profita ble employment of real capital. Institutions so framed have existed and still exist elsew here, giv. ing to commercial intercourse all necessary facil ities, without inflating or depreciating the curren cy, or stimulating speculation. Thus accom plishing their legitimate ends, they have gained the surest guaranty for their protection and en couragement in the good-will of the community ” Permit me. Mr. Chairman, to interpret these dark and mysterious sentences, and state what I understand them to mean in plain English. The President first proposes to take from the banks by prudent legislation their -unjust character of monopolies, and confine them to the performance of their duty. It might he asked, if the charac ter of monopolies is unjust, as applied to the banks, why take it away ? He next proposes to confine their operations to the employment, of real capital; which means that they shall not i,. n 1 their credit in the form of a circulating medium In other w-ords, if they have gold and silver they may loan it out, or, if they prefer to deposite u iu the Treasury, they may receive Treasury notes or drafts, turn brokers, and sell them at such pre mium as the wants of the country will enable them to demand. He says, “That institutions so Iramod have existed and still exist elsewhere.” He alludes, of course, to the banks of discount and deposite in continental Europe, where coin or bullion is placed on deposite, and a certificate issued to the depositor; and the President gravely asserts that such banks will give “to commercial intercourse all necessary facilities, without infla ting oi depreciating the currency or stimulating speculation.” His intimation is too plain to be mistaken that they are not to issue hills as currency. And this intimation, coming, as it does, from the great depositary of power in this Government, the President, deserves the most serious consideration of every reflecting man in the United States. We have known, it is true, Mr. Chairman that the Administration has been warring against the banks, but I do not suppose, it has entered in to the mind of any man who has not been aclose observer of the progress of this Government, that it has been the intention, or is in the power of the President, to destroy our State corporations. We are all aware that no power is to he four, dn the Constitution to uproot and prostrate tliose in stitutions under w hich we have prospered hevend any people that ever before existed. No one could have supposed that all the powers of this Government combined could affect peacefully a revolution so tremendous and destructive. Vet. sir, so far has this revolution progressed, that not only our State institutions, but our whole coun try lays prostrate at the feet of the Executive, and he is enabled to send to the Congress of the United States his plan for the regulation and man agement of the new order of things which he proposes to establish, and I venture to say, so far as his parly here is concerned, that it has all the authority of an imperial ukase in the dominions of the Russian Autocrat. Sir, the power which I the President has exercised, and will continue to exercise, to consummate the plan which is in progress, is peculiar to modern times—it is the power which controls the yill, through the wants of the People—it is the, money power. This power, which has been by the Jackson- Van Buren dynasty, ha/already proved itself su perior to the Constitution, and, in the true des potism, seeks to destfoy whatever impedes its progress or endangeryits success; and hence this war on our currency and banking system, or, in other words, the credit system. (Conclusion to-morrowJ “Do Bur Me,”— Ths is an expression used by the Georgian girls wio are offered for sale in the Constantinople slae market when they hap pen to see the face of <■ man that pleases them. A correspondent of lb Boston Post writes thus upon the subject; It is a scene that made a deep impression upo me ; there are seen our fel low creatures, like brses or other cattle exposed for sale, and yet lh» merriest looking set of crea tures I ever beheld. The greater portion of them come from Abyssiia and Nub’a, and are blacks. In the house whic surround the yard of the slave market, are the Gorgian slaves, and among them are some really bautiful; they have the advan tage over the CirAssianfi, in complexion. They looked at me in iassinf, with a good humored smile, and somejf them said u few words which I understood to ie, ‘ buy me.—They would like European naste<> but the Franks are not permitted to purchasi The price of a beautiful, accomplished and vu'hful Georgian slave is £600.” j Pohk ASH Mol/*f.s. —A goo.l story of the last war, is contaigl in the Baltimore Clipper. Some enterprising' l ' 26oß Marblehead fitted out a trim schoof. armed and manned as a pri vateer. She wJ 10 sea > all hands brave and fp true, ready to xh into John Bull in any way i that would besr l ' l him. At length a fine large f inerchantmant/ ve sight, and the Yankee craft r bore down up j her. “No mis» e about her.” said the captain, “ she’s a wh*’ er » and we’ll make a tarnation good haul of l •' ’ But the/ icr ' 1 h»n fman proved too much for her, and s/h at I t 0 sheer off. “I pu cr’ ve rnat^e a discovery,” said the ma'e to the ■ who was pacing the deck, consid erably jpdallcn. ‘‘that feller’s got molasses on hoard-/® • lon’t say so ? ’ ejaculated the captain. - 'ain, we don’t meet w ith such custom <%•”. were given, and the privateer again pre >old broadside to the merchantman. Old pod at the ro ir of her pieces; but it > avail, and the captain concluding that ao much of a monster to be upset by » cored off again. f “You aint a gwoin to give her up ?” asked the mate, “she’s a whopper, but then she’s got aboard, as well as molasses.” “Is that a fact?” asked the captain, looking rather doubtful. “It’s a fact, I swow!” replied the mate, 1,1 f smelt it.” | “Helm hard a lee!” shouted the captain. “Aye, aye, sir,” replied the man at the helm. . “Damn her,” continued the captain, address-1| ing the men, “she’s a momtrsus tough cr * tltr, M nen, but she’s got pork and molasses aboard-""® At her again !” The little craft again crept along side the man l ® noth, and again her guns spoke vengeance, rib® lling her wood-work and rigging so that in •K® ipace of twenty minutes she lay at the mercy Li! l he privateer. “What’s your cargo ?” asked the Yankee cap-1| :ain, as he stepped on board. “Coffee, log-wood and mahogany,” # wastb ere* * 3ly. “Nothin’ more ?” “Some bullion.” . “No pork ?” “None.” “No Molasses?” '•None.” “Scuttle her, men, and throw the mate o' e ‘ )oard, he don’t know how to smell!” A Wife Wasted.— A white man, n New York, advertises in the Son a or “a colored lady,” between 18 - k< vise. The editor of the New Orleans^" 11 ie must be fond of gingerbread. Such is the law of divorce in h|u |ia >ermits a man to put away his wife far se ' ra l»er ses, one of which is loquacity. What a n )f divorces there must be in them digg u, *» s ‘