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* CHRONICLE AND SENTINEL.
AUGUSTA.
SATURDAY MORNING, V RIL 18.
(Tj’No maii north of Charlertoji last night.
Extract from the Washington, Correspondent
of the Charleston Courier, under (Into of April 13.
Letters from Richmond state t le ascertained
amount of Mr. Dabney’s peculation * at <539,000.
A severe gust suddenly arose h( re, la>t e%cu
ing, attended with thunder, light* mg, and tor
rents of rain, a Church near the Capitol was
struck, and one of the congrcgalic a, a coloured
woman, instantly killed. The m? it of one of
the vessels at Alexandria was stn. ck, and shiv
ered and one of the hands killed.
A Doubt Removed. —In the tal alar statement
of the probabilities as to the Presid ntial election,
as given in the Albany Argus, and which was so
arranged as to re-elect Can Burenf Connecticut
was put down as 44 doubtful.” T lit doubt, as
the Evening Journal well remari s, is now re
moved I There is no “doubt” at 11, as to Con
necticut.
The Philadelphia Inquirer of tl a 11th instant
says:—“We learn that the late Philadelphia
Methodist Conference refused, by a nearly unani
mous vote, to petition the Genera! Conference to
make a change in the rules regard ag slavery, so
as to interdict members from hoi ing slwfes.—
The subject was brought before t at body in a
communication from the New En 'land Confer
ence.”
Coxxecticct. —The New Ha en Palladium
gives returns for Governor from a 1 the towns in
‘the Stale, (Bethlem, in Litchfield ounty, had no
meeting,) and the result is : for Elh vorth, 30,030;
Niles, 25.464. Whig raajoirty 4 566.
In the 16th Senate district, cor prising a part
of Litchfield county, the vote is so close that it is
impossible to say which candidate has succeeded.
There also appears to be some dou »t in regard to
the sth district, (part of New I aven county,)
which was at first conceded to the r anites. They
have one Senator certain, viz : Slid lan K. Wight
man, of Middletown; probably 2, nd possibly 3.
Whole number 21.
The New Haven Herald says; “Out of 214
representatives who comprise the Jiver branch of
our Legislature, the Locos hav.j 41. Whig ma
jority 126!”
From the Charleston Patriot oj Thursday.
Destructive Conflagr. tion.
Between the hours of 2 and 3 o dock Wednes
day morning, a fire broke out it the block of
B|ick Buildings called the Victoria Range, on the
West side of King between Princ ss and Market
street, owned by Major Alex. Clac It origina
ted in the tenement occupied by I ailer & Jones,
Gilders. The four tenements for ling the block
were in the occupation respective j of Lambert
and Brothers, Carpet store; Bullet and Jones, Gil
ders; O. M. Roberts & Co., Drug fists; and Geo.
Oates, Music store. The tenerne .ts occupied by
Messrs. Lambert & Brothers, anc, Butler & Jones
were entirely consumed. Those n the occupa
tion of Messrs. O. M. Roberts Sc ( 0., and George
Oates, partially so, the latter o which being
much damaged only in the thii 1 story. —The
Victoria Hotel was. with difficult , and by exer
tions, saved, with only a little injury. Great
credit is due to all connected will our Fire De
partment, for their active efforts Fortunately
there was an abundant supply o water, or the
conflagration might have been, in spite of all ex
ertions to arrest it, far more destru live. Wheth
er it originated from accident, or d sign there are
no means of ascertaining.
The loss Messrs. Butler Sc Jon s, in stock, is
about S9OO0 —Insurance S6OOO.
Lambert & Brothers, loss $ I 8,( 00—Insurance
SIO,OOO.
O. M. Roberts & Co., loss s7(oo—lnsurance
SSOOO.
Mr. Oates’ loss is trifling—lnsu ar.ee S2OOO.
Twelve thousand dollars (three diousand each)
are insured on the four tenement in the Charles
ton Insurance and Trust Compa iv, and twenty
three thousand dollars on the s!.oc t of Goods, in
the Augusta and Columbus Office ,of which there
are agencies in this city.
From tht Charleston Mercury f yesterday.
Late from England Greet.
By the arrival of the ship Tl vnas Bennett,
Capl. H vug k, we have received _,ondon papers
to the 17ih March, and Liverpoo to the 18th in
clusive.
The late hour at which we rec ived the papers
prevents us from making long e Uracts. In the
markets there es no new feature. The arrival of
45,000 bales of cotton in Liverp ol in two days
seemed likely to shock the coltor market, but the
effect can only be known by the next arrival.
Bitter words are flying across he channel be
tween the London and Parisian ournalists as to
the relative strength of the naval steam power of
the two nations.
It is stated in the Times, that t \e Paris press in
the immediate keeping of Louis Miilippe was en
gaged in writing down the nev ministry. No
trial of the strength of M. Thier Cabinet had
yet been made.
The Rus lans are pursuing th ir successes in
Kniva and their highway from >urope into the
heart ot Asia is now considered is safely estab
lished.
The war in Spain seems aboil, to end. Es
partero was about marching on (.' isteilote and his
second in command, O’Donnell, m Aliago the
Car lists were however removing from both these
towns.
The quarrel i.i the Church f Scotland had
been noticed in the House of L rds—and it was
asked if the Government intend J to interfere to
settle it—*o which Lord Melt urue answered
characteristically, that it was no yet determined.
The overland Mail from India lad arrived, and
the London papers of the 14th are in a great
measure filled with its contents A portion of
the British army in Cabul were nffering greatly
from sickness. The difficulties . ith China were
as unsettled as ever. It was rej orted that Gov
ernor Lin—he of the stormy pro lamations—was
about to be disgraced, and that the Emperor of
China did not approve of his ex 'eme measures.
I here was another report that th Governor Gen
eral of India has received carte b incite fom the
Baush Government to sett!® th. Chinese quar
rel. Phis much is certain, that i strong disposi
tion to lighting, auu a vast deal ■ f military bustle
and preparation prevailed at C Icutta. Troops
and vessels of war were gaiherii j at that point
the object of which was, either o fight with or
overawe the Chinese.
We did not notice any tbinr ntcresting in re
ference to our own relations wit England.
Advices from Havre up to th I3th ulfi repre
—*4 the Cotton market as rath< depressed, and
or Jinny inferior qualities rom the United
States, are quoted at i centime per half kilogr.
lower than in the beginning of the week, though
all other descriptions are said to remain unaltered.
Loxdox, March 16.
The English Funds continue neglected, scarce
ly any business having been transacted in them
tbro’out the day. Exchequer BilK however, have
given way 2s, being last quoted 17s to 19sprem.
Money in the English House is worth five per
cent.
March 17.
T rape Report. —Commercial operations have
to-day been on a very limited scale indeed. —
Scarcely any business has been done, and tor -he
| week we have not any great business advertised.
, The imports continue light.
i Judge Burrnett, an old associate of General
j Harrison, residing in Cincinnati, who was re
i cently addressed by Mr. Southgate, M. C„ upon
this subject thus replies. The answer of the
Judge, ts clear and unequivocal
Ci vcisxati, Feb. 27, 1840.
My Dear Sir—l remark, in reply to your letter
of this morning, that, during the contest between
Mr. Jefferson and the elder Adams. Gen. Harrison
and myself were residing in the North Western
Territory, and of course had not the privilege ol
voting. At that time, I was in habits of great in
timacy with General Harrison, although I was a
Federalist (honestly so.) and he a Republican of
the Jefferson school, I supported Adams warmly,
and he, with equal warmth, supported Mr. Jef
ferson. During that controversy, from 1796 to
1806, inclusive, I conversed and argued with him
times without number —he sustaining Mr. Jes
ferson and I Mr. Adams. You may assure your
friends, that there was not a more consistent, deci
ded supporter of Mr. Jefierson, in the North Wes
tern Teiritory, than General H. For the truth of
this declaration, I most willingly pledge my repu
tation,
I state to you what I saw, and heard and know.
When the Alien and Sedition law passed, the
General was not a member of Congress. He
neither voted nor had an opportuniiy of voting on
that law. Your friend,
J. BURNET.
Hon. Wm. W. Southgate.
A late Natchez paper has published facts of
some interest to the cotton planters in the United
States. It appears that the British government
last year appropriated sixty thousand dollars, for
the purpose of obtaining the necessary informa
tion, machinery, and operatives, for improving the
cultivation of cotton in British India. An Eng
lish agent sent to visit Mississippi and Louisia
na. has succeeded in hiring eight Mississippians
and one Louisianian, who are to proceed without
delay to India and on their arrival there, take
charge each one of a cotton plantation, which
may serve as models for those of the natives.
These Americans are to carry with them cotton
gins, as well as plantation tools and husbandry,
of the most approved patterns known or used in
Southern States.
John Bull appears willing to do every thing
in his power to make his little Island less depen
> dent on us; and were our statesmen to act on
the same principle, perhaps it would be as well,
for this country in the long run.—A. O. Courier
Collision at Sea — Loss oftheßomax
On Thursday a very distressing event occurred in
sight of Holyhead, which terminated in the
loss of the American ship Roman and the death
of her commander, Capt. Salisbury. It appears
from what we have been able to glean with res
pect to this melancholy aii’uir that the American
ship Richard Anderson and the Roman, both
bound to this port, were standing on the same
tack, and came in collision about twelve miles off
Holyhead at half past three in the morning.
The Roman, coming up with the Richard An
derson, passed under the lee of the latter, luffed
ahead and tacked; in coming with head to
wind, her fore braces or pins parted, and this al
lowing the yards to run square, she became for
the time unmanageable. The Richard Ander
son’s helm was put ahead, but not in time to pre
vent the calamity that followed.
The two ships struck with uncommon violence:
the Roman went down in two hours after; the
captain of the latter died in an hour after the ac
cident; and the Richard Anderson lost her jib
boom, head.cutwaler, stem, and larboard cat-head;
the anch rr of the Richard Anderson falling on
the other ship’s de> k, the chain had to be cut to
get them disentangled. The crew of the sink
ing ship were taken on board the Richard Ander
son.
Captain Salisbury as we have stated, died al
most immediately alter leaving his own ship, from
what cause is not known, probably from distress
of mind, as he was personally uninjured. He
was a very respectable, worthy man, an American
by birth, and an experienced seaman. He was
engaged upwards of twenty years in the trade
between China and New York.
About six years ago, we understand having re
alized a handsome sum, he retired from a seafaring
lie, and commenced business in New York, but
proving unfortunate, he resumed his old profes
sion. The present was his first voyage to Liver
pool. In compliments to the memory of the de
ceased, the American vessels in port displayed
their colors half-mast. —English paper.
Horrible Affray asd Loss of Life. —The
St. Louis papers contain the particulars of a fatal
affray, similar to and more bloody in its results
than the lynching at Vicksburg.
At Bell'ieu, I. T., there lived one Brown. He
kept a tavern, and his house was the rendezvous
of desperadoes, horse thieves, counterfeiters &c.,
and he was himself a party to their rascality.—
Some stolen horses were traced to his possession ;
they were demanded ; he refused to give them up ;
a warrant was issued ; the sheriff went to arrest
Brown ;* he resisted and with a party of some
thirty men entrenched himself in his house which
he fortified against attack. On the first of April
the sheriffs party proceeded to attack the house;
those within fired upon them, killing one man,'
and a general firing and counterfiring followed!
which resulted thus : Brown and three of his party
were killed and several wounded, some severely;
five of the sheriffs party were killed and many of
them wounded, some of them mortally. After
five or six fires from each party the sheriff's posse
succeeded in forcing open the doors and capturing
a n umber ot the m *n in the house, whom they were
determined to punish by Lynch law that evening.
Between two and three thousand of the citizens of
the surrounding country had collected on the
ground, neaily all armed and very much excited.
The scene inside of Brown’s house, where the
dead and wounded men were vet lying on the floor
: and the exasperated crowd walking about among
them, the floor covered with blood, is represented
as being truly appalling.
Extraordinary Petition.
On Saturday the 11 th inst. Mr. Walker, of
Miss, presented to the Senate, a petition from
Jotm Scarborough and Nancy his wife, asking a
grant of land on the ground of having raised 20
children for the benefit of the Republic. They
state that they migrated from North Carolina about
eight years ago to the far W’est; that they have
reared 20 children, the oldest not 25, and the
youngest not wearied. They tell Congress that
by going to Texas they can have an immense
grant of land, but that they prefer their own glo
rious Republic. They express a hope that, with
God’s power 44 and pci severance,” they may be
further fruitful, as they have high health and un
impaired constitutions, and conclude with the be
lief that, as a future precedent, it will not be dan
gerous, but would rather meet with the approba
tion of the whole American People. It was re
ferred to the Committee on Public Lands.
Mr* King’s Sp€e<Jb-»»CcnG/udc<l.
i To make this money power all-pervading and
, irresistsble, it must exercise undisputed control
over the currency. This was first attemp ed with
the Bank of the United States, and then with
the deposit banks. It was found that neither of
, those instruments could be relied on ; conflicting
interests and Stale legislation could not be brought
to act in obedience to the will of the Federal Ex
ecutive. It was therefore found necessary to ce
stroy the State banks, and drive their currency
, from circulation, to prepare the way for this new,
and, thus far, irresistible combination of the Ex
, ecutive with the money power of the country. —
This money power is found in the revenue. The
President has usurped his control over it, and, to
consummate his designs, it is proposed to author
i ize him to direct his Secretary of the Treasury to
issue a paper currency in the form of Treasury
notes and drafts, which must assume the charac
ter and office of circulating bank notes or bills of
credit.
There has been no fact more clearly and fully
established in the rise and progress of commerce,
industry and wealth, in the commercial nations
of modern Europe and in this country, than that
gold and silver, although affording the least de
* structives measures of value or industry, cannot
he used, except to a very limited extent, as a gen
eral currency and medium for the circulation of
* commodities, with as much facility and advantage
as hank notes and bills of exchange; and it will
be found on examination, that the greater use a
nation has made of those paper credits, as a mea
sure of value or industry, instead of gold and
silver, the more prosperous and commercial it
has become, and hence the unparalleled progress
of this country in all the great branches of na
tional industry and wealth.
Gold and silver are the actual representatives
a; well as measure of value or industry, because
they have always cost about the same amount of
labor to produce them ; they are more malleable
and less destructible than other metals, and are
therefore used as currency. Paper credits are al
so tiie measure of value, and, when actually ba
sed on the productive industry of the country
where they are issued, are as much its represen
tatives as gold and silver. These paper credits
are to commerce what the vital fluid is to the hu
man system, and we can only cease the use of
them by ceasing to be an intelligent, commercial
and industrious people.
At a very early period the commercial nations
of continental Europe perceived the necessity of
using paper credits as a medium of exchange,
and resorted to the only plan the despotic nature
of their governments would permit. That was
hanks of deposite, in which capitalists and mer
chants deposited the precious metals in the form
of bullion or com, and received certificates of de
posite, which were circulated from city to city,
and sometimes from one country to another. As
commerce increased, these certificates were found
not to afford the necessary facilities, and bills of
exchange were brought into use. In the progress
of financial science, this country and Great Bri
tain have adopted a credit system, founded on
banks of discount, deposite and circulation, which
supply a currency based on the precious metals
and the productive industry of the people. —
This system has sprung up under the fostering
care and out of the very nature and spirit of our
republican institutions, and the character of our
people for integrity and enterprise.
It is not a little remaikahle, Mr. Chairman, that
while the more commercial nations of Europe are
imitating our example as fast as the nature of
their Governments will admit, and, their people
are slowly advancing to power under the gradual
extension and beneficial influences of the credit
system, we have been thrown hack half a century
by the power of the Executive.
The power to coin money is granted in the
Constitution. This is simply the power to divide
the precious metals into certain small portions, as
prescribed by law.and stamp their valueon them.
This docs not create their value. That was done*
by the labor that produced them from the earth.
This power cannot be abused, or injuriously ex
ercised, because nothing but. gold and silver can
be made a legal tender in the payment of debts.
The power to make and emil paper mony, or
hills of credit, was, as we have seen, positively
withheld from this Government. This power the
Administration has usurped, and is now seeking
to increase. It is well known that our present
Chief Magistrate of the Jackson dynasty—l
speak of him thus, sir, because he was appointed
by his predecessor—controlled and governed the
State of New York through the instrumentality
of the Safety Fund Banks. That system was
framed for the purpose of controlling the money
power of the State, and with it the political pow
er, As I have already observed, no combination
of the hanks of the several States could be form
ed to act in concert with the President for the
purpose of giving to him a similar control over
i the currency of the Union, and render it subser
vient to the political power. To do this, it was
found necessary to issue the currency under the
supreme direction and unlimited control of the
Federal Executive.
Sir, when the measures now in progress shall
■ have been carried out, this tremendous, irresisti
* hie power will not only be conferred-on the Prc
■ sident, but he will be authorized to demand all the
revenues of the Government in specie.
I hold in my hand the ominous concomitant
measure to that now before the committee. I al
' lude to the bill called, par excellence, the Inde
pendent Treasury bill. This bill provides that
’ the first year, from and after the 30th day of June
next, one-fourth of all the revenue of the Govern
ment shall he paid in gold and silver; the second
* year one half; the third year, three-fourths ; and
’ the fourth year, which will terminate the 30th
‘ day of June, 1844, all the rev'nue shall be paid
> in the precious metals. It is believed by very in
’ telligent financiers that the specie in the United
States does not exceed fifty millions of dollars.
The banks have in their vaults about thirty-two
millions, and it is estimated that there are about
eighteen millions in circulation. If the revenue
shall amount to an average to twenty millions per
annum, or come up annually to the estimates for
the current year, the Government will receive five
millions of specie the first year, ten the second,
fifteen the third, and have in the vaults of the
Treasury on the 30th day of June, 1843, thirty
millions of dollars. It appears from the provi
sions of this bill that the disbursing officers of
Government will not be required to pay specie
until the commencement of the fourth year; it is
therefore to he understood that the specie collect
ed the three firstyears will remain in the Treasury.
This, as I have stated, will probably amount to
about thirty millions of dollars. The Treasury
note bill now under consideration author zes, as
has been stated, the President to direct his Secre
tary of the Treasury to issue, and keep in circu
lation, Treasury notes to the araoun. of five mil
lions of dollars. If, therefore, he can redeem
twenty millions in the course of the year, the es
timated amount of the revenue, he can issue
f twenty-five millions, and leave five millions out at
i the close of the year. These five millions will
l | cover the amount of specie it is supposed will be
1 received the first year, and enable the President
to retain it in his vaults. As the issue of these
t Treasury notes is. beyond all doubt, a part of this
5 1 “Independent Treasury scheme,” various pre
-3 j texts will be used to increase the amount from
t 1 time to time. An emergency, a pressing nocessi
-3 ty will be created, as an excuse for violating the
- Constitution, and giving the President the pow
i cr to issue paper money. This “Independent
J Treasury bill” will, however, authorize the issue
■ of Treasury drafts, which may be made, if neces
* sary, to serve the same purpose as Treasury
- notes, and therefore the President will be inde
* • pendent of Congress and the People, tic will
* I have entire control over the revenue, can cause
1 all the gold and silver received throughout the
Union to be deposited in the city of New York, v
and, by issuing drafts payable only at that place, o
and sending them to all parts of the country, o
they will circulate as money, and be as seldom t
presented for payment as the notes of the United t'
States Bank were when it was a national institu- c
tion. And I have no hesitation in giving it as c
mv well-considered opinion that such is the de- c
sign of the Administration, if any difficulty shall r
be thrown in the way of issuing an unlimited c
amount of Treasury notes. The most careless s
observer cannot fail to perceive that, with the f
power to issue a paper currency, and demand the £
revenue in gold and silver, the President can, in t
a very short time, close the doors of all oar bank- 1
ing institutions. Such, sir, is the system which \
the Administration is exerting all its power to t
fasten on the country. Its desolating effects are c
seen and felt from one extreme of the Union to t
j the other. Ou~ currency has been reduced since
the commencement of this scheme more than two- i
thirds. The value of property and all the pur (
suits of industry has fallen in a geometrical pro- i
portion. In many sections of the country there j
is no currency at all; property cannot be dispos- i
ed of at private sale, and when offered by the sher- (
iff it goes for one-fifth, or perhaps one-tenth of \
its real or pioductive value. It such is the effect t
of the commencement of these measures, who can i
imag ne the distress and disaster that will attend r
their progress and consummation 1 These are the \
measures that have been pompously called by the \
friends of the Administration throughout the t
country “ the great measures of relief and re- J
form.” They have been in actual operation i
since October, 1837, and have produced more dis- i
tress and bankruptcy, individual and national, r
than has been witnessed in this country since the t
formation of the Government. i
This, sir, is the relief and reform which may t
always be expected from the iron hand of despo- t
tism, when it is necessary to sacrifice the interests r
of the People to acquire power. t
These measures will, and, in my opinion, are t
intended to establish precisely such a system of f
revenue, finance, and currency in this country as
the Emperor Alexander established in Russia, t
and which has given to the Autocrat a power (
more efficient and terrible than his imperial ar- i
j mies. t
That system is to receive the revenues of the r
Government in gold and silver, and pay its debts I
in paper money. The result has been that, the \
Treasury has swallowed up all the gold and s’lver i
in the empire, and there is nothing in circulation, c
from one extreme of it to the other, but these t
Treasury notes, or Government paper currency, s
The Emperor can increase or diminish it at plea- j
sure, and thus holds in his hand, not only the |
power to regulate the commerce and industry of
the empire, but the value of the properly of every ,
individual in it is subject to his will. The meas- |
vires now in progress here will give to the Presi- (
dent of the United States a power as absolute and <.
despotic over the currency and interests of this j
country as that which is exercised by the Empe- ;
ror Nicholas over all the Russias. j
I have said, Mr. Chairman, that the President |
may, and I have no doubt he will, make New (
York the great depository of all the gold and sil- \
ver received for Government dues. It may be
supposed, sir, that great benefits will thereby be |
conferred on that city. It must be borne in <
mind that New York exists on the commerce and i
industry of the whole Union, ana that, if they j
perish, she must go uown. Without them, she ;
could he no more benefittedlby having all the ,
gold and silver of the universe in her vaults, than i
the mountains of Potosi are by the rich ores they ,
contain. New Voi k owes much of her ascen- (
dancy to the credit system, and will be the great- !
est sufferer from it destruction. i
The Administration has shown a perfect dis- j
regard of all the interests of the country, and it <
is not to he supposed that any measure not strict- 1 ;
ly in accordance with its plans of self aggrandize- i j
n.ent will be adopted for the benefit of any par- ! -
* ticularcity or section. New York will be seloc- I <
ted as the place of this Treasury deposite, because | j
it is the creditor city of the whole Union, and | i
drafts or exchange on it are more valuable in all <
parts of the United States than on any other |
place; and, as three-fourths of the revenue from |
imports is received there, Treasury drafts will not |
he presented for payment, except when specie is j
wanted for exportation, because they will pass at >
par. In all other sections of the Union they will
sell at a premium, and, as they are more easily
transported than specie, all persons dealing in '
exchange will be anxious to obtain them. The I
consequence will be, that gold and silver will be
sent from all quarters to he exchanged at par for
Treasury drafts. It is perfectly clear, therefore, (
that New York must necessarily become the
great recipient of the precious metals under this
new order of things. Such has been the effect ,
thus far, and such must he the result of these mea- |
sures. But, sir, what has already been the effect |
of them on the prosperity of that great commer- j
cial emporium 1 Is she not now sitting in sack- j
cloth and ashes, and mourning the loss ot her \
commerce I Does she not feel that the sources i
of tier prosperity are drying up. an l that the life- ; i
blood no longer retu r ns from the extremities to j
invigorate the pulsations of the heart of the com
mercial system 1
Mr. Chairman, we are told that the South is
to be benefited by this system; that the cotton
growing Slates send abroad the great staple that
commands gold and silver in the markets of Eu- :
rope, and that when this measure shall lie in sue- |
cessful operation, the precious metals will flow i
into them from all quarters, and that, as they ex- i
port seventy-five millions annually, they will be I
able to pay the duties on their imports in specie, i
and have an abundance of this blessed metallic j
currency. S,r, it because we export so largely i
we can demand gold and silver for our products, f
why have we not done it heretofore 1 Why has i
not the regular course of trade produced t*is re- }
suit 1 Or, if it is so desirable, why cannot the t
shippers and owners of this produce demand spe- i
cie for it, without these coercive measures of the 1
Government ! Has it come to this, that we of \
the South, who have been such sticklers for free
trade, are about to hiss the hand of power and I
humbly pray to be driven, by force of law, into t
the line of our duty and interests ! I am not i
surprised that bad men should aspire to power, ;
when they find those who have been reputed <
wise can be gulled and led by such arguments. <
We have a very recent example of the effect <
„ produced on the cotton trade by the withdrawal <
of a large amount of the precious metals from i
! Great Britain, which I should suppose would i
; teach the merest tyro in political economy that I
the cotton-growing States of this Union are more ■
interested than any other portion of the world in ,
promoting the exchange of commodities among (
commercial nations, and that any cause which i
shall so far disturb the balance of trade as to pro- 1
duce a drain ofspecieand bullion from our great i
customer will materially affect the price of cotton, i
The short crops in England in 1837 and 1838, i
compelled her to throw opon her ports to the i
grain of the continent. In a very short time the |
balance of trade wa ; found to he against her, and i
in less than twelve months near twenty millions I
of dollars were drained from the vaults of the 1
Bank of England to meet it. In 1838 the opium 1
irade with China was stopped, ami the London i
money market deprived of about ten millions of i
dollars which it had been accustomed to receive .
from that source. These events caused a defi
ciency in the English money market of about ,
thirty millions of dollars, and came near compell
ing the Bank of England to suspend specie nay- (
ment. To save itself from a step so prejudicial
to its own interests and the fiscal operations of
the Government, the bank resorted, as it will in
all similar cases, to the most rigid res'rictions on
the cotton trade—accommodations were positive
ly refused to all persons engaged in it, and the
consequence was that prices were reduced in a
very few months nearly one half. The objects J i
as the bank were to save itself from a suspension
of cash payment by curtailing its liabilities, and ]
to reduce the price of cotton; and consequently i
the price of yarns and other manufactured arti- i
cles, which are consumed by the grain-growing
countries of Hie continent, so as to increase their
consumption, raise the balance of trade in favor
of Great Britain, and arrest the drain of the pre
cious metals from her to the continent. If cau
ses over which we could exercise no control have
produced effects so prejudicial to the price es our
great staple, could it be supposed by any well-in
formed person that the People es the South can
he duped into giving their support to measures
which are intended to cause a much greater drain
of bullion from England, than she suffered in
consequence of two short ciops and the loss of
the opium trade 1
Mr. Chairman, I have shown that paper cred
its, in some form, must he used to facilitate the
commercial and financial transactions of the age
in which we live, and consequently it is perfectly
absurd to suppose that this Government can, or
intends to make its disbursements in specie.
Can any one believe for a moment that specie
will be shipped from one extreme of the Union to
the other, and carted hundreds of miles into the
interior to pay contractors, laborers, soldiers, sail
ors, and all the employers of the Government,
when Treasury drafts on New York would he
worth more than specie to the receiver, and save
the cost of transportation to the Government I
Sir, the idea is absurd —the design of the Admin
istration undoubtedly is to demand the revenue
in specie,and make its disbursements in Treasu
ry drafts or notes. We have been informed that
the estimates for the expenditures of the Govern
ment have been made with great care, and as
they e brace no contemplated appropriations for
the prosecution ot the Florida war, or other extra
ordinary expenditure, it is reasonah e to presume
that so long as the country shall suffer the rule of
the present dynasty, the disbursements will not
fall shoit of twenty millions of dollars per annum.
The exports of the planting States are looked to
to supply annually this enormous sum of the
precious metals, which, in one year, would cause
as grea; a drain from the English money market
as the loss of two grain crops, and must necessa
rily drive the Government and the Dank of Eng
land to the adoption of measures similar to those
which have during the last year affected us so
injuriously; and if the Administration in this
country shall be powerful enough to continue
the system, it must, in the nature of things, re
sult in the most disastrous consequences to the
agricultural and commercial interests of the sta
ple-growing States.
Mr. Chairman, let us now look to the effects
which this “ Independent Treasury’ scheme will
produce on the other great sections and interests
of the Union. The planting States export the
great staples that support commerce a ith Europe,
and supply our domestic manufactures; and they
are the geat consumers of the products of the
industry of all the other States. Any measures,
therefore, which affect injuriously the interests of
the former, must necessarily be felt from one ex
treme to the other of the latter.
The almost exclusive application of labor in
the staple States to the production of articles lor
exportation, prevents them from raising many ar
ticles for domestic consumption, and from engag
ing in manufactures. They consequently afford
a most extensive market for the products and
manufactures of the other States. Any cause,
therefore, which shall injuriously affect the price
of the exports of the former, wdl immediately
deprive them of the power to purchese from the
latter, and consequently their interests will suffer
to an equal extent. Hence the price of cotton
in Georgia influences the price of potatoes in Mas
sachusetts, and the price of mules in Kentucky,
and of wheat in Indiana. Sir, the price of our
great Southern staple regulates the circulating
value of Europe and this country. When it
goes down, every interest at the North and West
as well as the South, feels’ the shock. Tne cap
italist who lives on his rental, and rolls in his
coach, findi his income reduced. The manu
facturer and the mechanic no longer find a mar
ket for their wares and merchandise. The pro
puctive industry of the United Slates is divided
into three great branches. At the South it is ap-
I Med to the rising of exportable products; at the
North and East, to commerce and manufatures:
at the W est, to the raising of stock and bread-stuffs.
The two latter are much more dependent on the
former than it is upon them; because, if by any
means the foreign market for the exports of the
Southern States should bede-troyed, the soil and
climate which now produce cotton and tobacco
would supply them with breadslufi's, and their
surplus labor would be applied to manufactures.
This state of things would injure and depress
incalculably the commerce and manufactures of
the North, and cut off the great market fur the
productions of the West. It will therefore be
perceived that the fiscal action of the Govern
ment, under this Independent Treasury Scheme,
if its affect, as I believe it will, the South more
injuriously than the other great sections of the
Union, will nevertheless produce the most disas
trous consequences throughout the country
Mr. Chairman, there is one piece of twaddle
in the President’s message which I cannot pass
in silence. It is in reference to the influence
which the operations of the Bank of England
have on our commerce and out of which he
frames a most statesmanlike argument,as beseems
to suppose, against our banking or credit system,
and in favor of his Independent Tieasury. He
labors to show that nothing but that measure can
insure our safety against that foreign money
power. As though desirous of proving his ig
norance and his argument at the same time, he
says: “It is thus that an introduuclion of a
new bank into the most dis'.ant of our villages,
places the business of that village within the in
fluence of the money power of England.” Sir,
if thar remote village produced more breadstuff?,
horses, mules, or manufactuicd goods than were
wanted for home consumption, or desired any
articles which it did not produce for comfort or
luxury, the price of its exports would be regula
ted by the demand and supply in the market
where it had intercourse, and that demand and
supply would be regulated by the general state
of trade in the country ; and if foreign commerce
s.iould be suffering in consequence of a short
crop in England, our home market must neces
sarily feel the shock ; and although “ the busi
ness of that village” would unquestionably be
more or less inju r ed, it would not be because a
bank had been “introduced.” The circum
stance could exercise no influence on the foreign
supply and demand ol its wants and commodi
lies. The only influence the hank could exercise
in the prudent management of its business, would
be to aflbrd to the citizens the necessary facilities ,
or, in other words, the credit, in the form of bank
notes, to enable them to convey their surplus pro
duce to market. Sir, so long as England contin
ue* to consume our great staple productions,
their price will depend on her ability to pay for
and manufacture them. If her grain crops shall
be destroyed by providential circumstances, and
her resources required to supply her people with
bread, we may be injured, but the destruction of
our own credit system, and demanding the reve
nues of the Government in specie will only ag
gravate the evil.
Mr. Chairman, you are aware of my uniform
opposition to a Bank of the United States. -I
am of opinion Congress does not possess the
constitutional power to create a corporation, and
I also believe that the two hanks which have ex
isted forty years since the adoption of the Feder
al Constiution have oj era ted oppressively against
the interests of the South. I was, and am, in
favor of the separation of the fiscal action of the
Government from the banks, because I thought
it unjust to the South, which applies the com-
merce that Doys the revenue, that the bank* r
North should be permitted to make u- P f c
revenue as bank capital, ami thereby be ih
ter enabled to control our commerce p ne .Mi
never gave in my adhesion to a Sub T l ' 8ir ’ 1
plan a priori, such as the Execuiiv
choose to frame for the establishment oA •'
power, ami the overthrow Q f oar * • 3 ° w n
The question which has been presem!’!^' oo3 -
People was simply a separation ot ib* n lo lhe
ment Irom the banks, and not the
oi a i reasury bank on the revetm* c lsh,n( -‘nt
try. These measures. m Ilhe1 lhe '»”«■
brought forward under a pretext f® been
the Government from tne hank< SCl ? rat ‘ r 'g
opinion, a most unb/ushin" p-’j 33 are in my
pie, and are designed to estahheh / J,, ° n the p fo-
Administration has solemnly V' the
eminent hank-in the , d , eno “"ced-a Go,,
ous and possible form. As m U q US iin ? er *
and am opposed to a bank i- * buve keen
I consider the measure proposed States,
fold more dangerous and objections \ tbousan( l
So long as the revenue does noUxt
bursements of the Government, a cotmex 6
the banks cannot be attended with much °\
to the former, or benefit to the latter, or U ' n ® er
very unequally on the various interests atuT* B** 8 **
tions of the country. It is only wh en a J ec '
surplus accumulates in the Treasury, that ih * 0
evils arc to be apprehended. If, therefore o*
Administration is sincere in its profession* t, i
South, that no more is lo be collected than 6
economical expenditure will require, the dan 3
of a connexion with the banks has been » r ~'f r
magnified.
If, as the friends of the Administration aftr
the operations of the Sub-treasury will r,. f’
stract more than five millions of dollars
dilation, how can it be supposed that the P N
dent, with this comparatively small sum
his control, will have the power to establish
metallic currency throughout the country,
the character and regulate the business of !
hanks, and drive their notes from circulationt
Y et, all this lie proposes to accomplish; and wf
the real design and tendency of his measures ?
shown, his friends in this House and out of
affirm that a very small amount of specie will (>•
requi-ed to accomplish this tremenduous rev 0 l u
tion in the monetary system and political insti'V
tions of the country. Mr Chairman, the dedai
rations of the dynasty which'now reigns 0 v f "
this country are characterized by all the duplicity
that has ever marked the course and policy Q f
usurpers. Sir, I have given my views of ti;ede
stgn and tendency of the measures r* w in pro
gress, and I believe as firmly as I do i n ano>f.
ruling Providence, that unless the People of thii
country shall rise in all the majesty of freemen
and eject from power our oppressors, they w ii[
fasten upon us a despotism infinitely more intol
erable than that from which the war of the Re
volution delivered our fathers.
, It is not my purpose to withhold from the Ail
ministration the necessary means to meet the
wants of the Government; I object to the issue
of Treasury notes in the form proposed in (he hill
under consideration, for all the reasons I have had
the honor to present to the commit.ce; and as \
arn perfectly certain that Government stock, bear,
ing an interest of four and a half per cent., will
immediately command the sum asked for, and
w ill, in fact, no more create a public debt than
the issue of Tieasury notes, I have prepared a
substitute for the bill on the table, which I beg
leave to submit to the consideration of the com
mittee.
Da Tocqueville says:—'ll is impossible to
consider the ordinary course of affairs in the
United States, without perceiving that the desire
ot being re-elected is the chief aim of the Presi
dent ; that his whole administration, and even
his most indifferent measures, tend to this object;
and that, as the crisis approaches, his personal
interest takes the place of his interest in the pub
lic good. The principle of re-eligibility renders
the corrupt influence of elective governments still
more extensive and pernicious.
Tuk suii.Thkasuni as it is understood bt
‘‘the Greatest and the Best.”—President
Bm, in his Message of Gill December, 1836,
o retain the public money in the Treasury
ployed in any way is impracticable. L n
s against the genius of our free ixstitc
tioss to lockup in vaults the Treasure of the
nation."
It is a curious fact that thunder and lightning
are very rare in Egypt, and never known in Li
ma— Exchange paper.
A right smart chance of business for Espy w
those diggings.
The Ladies (God bless’em) arc Whigs, to a
man.— Buffalo Centinel.
To this we suppose some Loco Foco paper will
answer, “and the men (God help them) aw
Whigs to a woman.”
Medicinal.—The St. Louis Pennantsays,in
speaking of Brandrelh’s pills ;
“ They have been used in this section for the
purpose of purging steamboat boilers, and it is
said with complete success. Wonder how largo
a dose of them it would take to purify the limes
—reduce the rates of interest—make money ea
sier—set the banks to discounting freely —and
run the Mississippi clear?"
A Queer Law.— About the year 1684. the
Legislature of Pennsylvania passed a resolution
that “no member thereof should come to the
House barefoot, or eat his bread and cheese on
the steps."
In Germany, it is illegal for a young man to
marry before he is 24, or any young woman be
fore she is 18; a id a young man, at whatever
age he wishes to marry must show to the police
and priest of the commune, that he is able, and
has the prospect to provide for a wife and family-
These remarks (says Mr. Combe) apply more *
especially to Wurtembu g. And here the peas
antry are better off, more moral and refined
fact, have a better taste, «&c. than in England of
France.
John Mugg has petitioned the Legislature of
this State to change his name. Probably the folk s *
alluding to his name and visage together, call h>® ;
“ugly Mugg.” What do you want it changed
to, Johnl Pitcher 1 Why, then theywould* 1 11* 1 |
make a handle of it.— N. Y. Evening
The Nightingale.— He that at mid- n
when the very laborer sleeps securely, 8!l0U1
hear, as I have often, the clear airs, the
descants, the natural rising and falling, the dou
ling and redoubling of her voice, might wen -
lifted above earff, and say, Lord, what music has f
thou provided for the saints in heaven, when tho Mg,
offerest bad men such music on earth ! Walton-
The best “Bull” since Miss E® 6 *
worth’s.— ln England postage has lately
reduced to a penny a leler from Land’s
John O’Groals. (Wisn Amos Keodw n
/follow in the footsteps.”)
An Irish Reason for not Robbing the
(Bentlt.)
“Let’s rob the Mail!” cried Pat to Ji^
“An 1 sae'e the hags before they reach -'
Says Tina, “Be aisy ! that same spec won >) U• ’
For now a letter’s only worth a pcw>>*