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* > WTayi>iv‘L i f. t« j-?--
JIJC. M HIISTtU'S second Speech on thu
Sub-Treasury Mill.—l'uvmi'jcD
The gei eral doctrine of political economy is,
that wealth consists in Whatever it useful nr con
\ anient to mao, aiuJ that labor in the producing
cauto of all this wealth. Thu it very true. Dm,
then, what it labor? In the aeiite of political
writer*, ami in common language, it meant ho
wan industry; hut, in a philosophical view, it may
receives much more cuinprahentive meaning. It
m not, in that view, human toil only—iho mere
action ol thews and muscles; but it ia any active I
agency which, working upon the rnolerinlt with [
which the world it supplied, bring* forth product*
tteeful or convotnenl to man. Tho rnatoriali of
wealth are in the earth, in tho tout, unci in their
Katurel and unaided production*. Labor otitaina
them, work* upon them, and bullion* thorn to hu
man use. .Now, it hat been tho olrjucl ofsorenlltic
art, or of the application of science to on, to in.
citate tin* active agency, to augment ita power,
by creating millions ot laborer* in the form of am
lomalic machines, all to be diligently employed,
and kept at Woik by tho lorco of natural power*.
To thi* end theta natural power*, principally
those of steam and fulling water, aro subsidised
nnd taken into human employment. Spinning
machine*, power loomt, and all the mechanical
device*, acting, among other operative*, in the
fucloriea and workshop*, *ro hut so many labo
rer*. They mo usually denominated Uhor-sa.
ving machines, hut it would bn inore.juat to call
th*ui Uhur doing machine*. They utu made to
l>o active agents; to have morion, mid to produc*
sllrct; and though williout intelligence, they ate
guided by those laws of science, which are exact
and perfect, and they prsduc* results, therefor*,
iu general, more accurate than Iho human hand
I* capable of producing. When we look upon
one ul theta, u c behold a mute fellow laboier, of
ilium n.o power, nr mathematical exactness, and
of ever during aid unwearied ellort. And while
hs is thus a most skilful and prod relive laborer,
h* ie a iion-consuinei—at least, beyond the want*
of In* mechanical being, lie is not clamorous
forgfsod, raiment, or aholtor, and makes no dir
demands lor the expenses of education Tho
•eating ngj drinking, the reading and writing and
elolhos wcuring world, ato hmiullttad by the is
hor* ot than- co-riperalivcs, in thu samo way as
if Providence had provided for their service mil
lions ol beings, like ourselves in external appear
ance, able to labor and to 1011, and yet requiting
little or nothing for their own consumption or
subsistence; or rather, ns if Providence had ctca
lad a iace ol giants, each of whom, demanding
no naoio for Ins support and consumption than a
‘connJon laborer, should yfct be oblo to perform
the woik ol u hundred.
Now. sir, turn hack to tho .Massachusetts ta
hies of production, aiufydt; will sec that it ;j
thesu automatic allies and co-operators, and thr»u
powers of JNaturo, thus eaiployed and placed un.
dor human directions, which have come, with sui h
prodigious effect, lonian’s aid, in (lie great husi
nass of procuring ihe moans of living, of comfort,
nnrl of wealth, and which have *o swollen iho '
products ol her skilful industry. Look at thuso |
tables ones more, sir, and you will sco the cll'ects
of labor, united with and acting upon capital.
Look yat again, and ynu will sco that ciedit, mu
tual trust, prompt and punctual dealing*, and
commercial confidence, are all mixed up n* in- 1
dispensable elements in Iho general system. 1 1
will avk you to look yet once more, air, and you
will psreoivo that general competence, great equa*
hly in human condition, a degree ol popular 1
knowledge and intelligence, nowhere surpassed,
if any where equalled, and Ilia prevalence of 1
good moral sentiment, and extrsordiimry general 1
prosperity, is the icaull of Ihe whole. Sir, I have
dona with Massscliusmls. fdo not praise (lie old
•'Buy Slate” of tho Involution; 1 only piescnt
Jour ax she ix.
Mr. I‘residciil, such i* lire stain of thing* actu
ally existing lu iho country, and of which I have
Dow given you a sample. Ami yet there aie per
sons who constantly clamor against this Slate of
thing*. They cull it aristocracy. They beseech
the poor to make war upon tho rich, while, in
truth, they know not who mo either rich or poor.
They complain of oppression, speculation, and
the pernicious influence of accumulated wealth.
They cry out loudly against all li.ndts uiulcotpi
ralions, mid all lire means by which small capitals
be come united, in order to produce important
and beneficial results. They carry en a mud hos
tility against all established institutions. They
would choke up the fountains of industry, and ;
dry all its streams. In a country ol unbounded
liberty, they clamor against oppression. In a i
country of | cried equality, they would move | I
heaven ami caitli against privilege and monopoly.
In a country where property is moreruu.,,Vty ilivi,
dtd than anywhere else, they rend ;’ne ait with the
shouting of agrarian doglr'.nos. In a country
where the wages ol labor are high beyond all pa
rallel, and where lands aro cheap, mid the moans
of living low, they would leach the laborer that
be is but air oppressed slave. Bit, what can such
melt wanll What do they mean! They can
want nothing, sir, hut to enjoy the fruits of other
men’s labor. They can mean nothing, but ilia,
tuibauce and disorder: tho dillusioa of corrupt
principles, and the destruction of the moral south
incuts and moral habits of society, A licentious
ness of feeling mid of action is sometimes produ.
cod by prosperity itself. Men cannot always ie
sist tho temptation to which they are exposed liy
tho very abundance of the bounties of Providence
and lira very happiness of their own condition; as
ihe steed, full of the pasture, will, sometimes,
throw bim-ell against its enclosures, break away
from its confinement, ami, feeling now free from
needless restraint, betake himsclt to the moms and
barrens, whore want, ere long, brings him to hi*
sensus, and starvation and death close hly career.
Having taikl *o much, sir. on the gcm*nil con*
<li(ion of tho country, and cxplnined what % l un
derstand by credit, I proceed to consider the pre
sent actual stale of the currency,
Pho most recent I reasury estimate, which 1
have secti, supposes (bat there aie eighty mil -
lions of metallic money now in tho country.—
This I believe, however, to be a good deal 100
high; 1 cannot believe it exceeds sixty, ai most;
and supposing one half ibis sum to be in the
banks, thirty millions are iu circulation, or in pri,
vale bands, Wo have seen hundred banks and
branches, with capitals assigned for the security
of their note* and hills, amounting to two hun.
drod and eighty millions. The amount of bank
notes in actual circulation is supposed to b* one
hundred millions; so that our whole circulation ia
about one hundred and thirty millions. The
amount ol debts due to the banks, or lire amount
of their loans and discounts, may bo liken at four
hundred and fifty millions.
Now, sir, this vciy short statement exhibits at
onee a general outline of our existing system of
currency and credit. Wo sec a great amount of
money or pioperty in banks, ns their a-signeJ
1 and appropriate capital, and w« see a great
amount due to these banks. These bank debt
ors generally belong to the classes of active Im
sincss, or ate such as have taken up credits for
for purposes of investment iu lands nr mrrehan*
dire, looking to future proceed* os Ihe menus of
repayment. It we compare this state of ritcula
lion, ol hank capital and bank debt, with tho
Mime things in England, important differences
will not fail to strike us.
The whole paper circulation of England, by
tb« latest accounts, i. twenty eight millions stcr-
I'J'S —made up of eighteen millions of Bunk ol
England notes, and ten millions of the notes of
private hankers and joint stock companies; bul
lion in the bunk, nine and a half millions. The
amount ol loans Mid discounts by private hank
i is and joint stock companies i- not usually sta
ted, 1 believe, in the public account*. 1 it bear
’ | the same (jropartiou to (heir bolm in drcu'.viun, 1
l ft« in llio cane of tile bunk of England, il w mid
extort] twslio millions. We may, lliero.ors,
lake the amount of bank debts in England to be
\ ! thirty five millions. Uul I suppose that, of the
, securities held by the bank of England exchequer
| notes constitute a largo part; in oilier words, llml
; a largo part of the bank debt is due by the
Government. The amount of coin in actual cir
culation it asliinaled to be thirty and a hall mil
lion*. The whole amount of circulation in
England, metallic and paper, i» usually slated, in
round number*, at sixty millions; which, rating
the pound alerling at $4 80, in equal to two hull
-1 dred and eighty million* of dollars.
It will bn seen, sir, that our paper circulation
I is one half lew than that of England, but our
i bank debt is, nevertheless much greater; since
j thirty live millions nturling amount to only one
i hum-lied and sixty eight millions of dollars; and
thin bum, too, includon the amount of exchequer
bills, or Government debt in the form of such
bills, which the bank holds. Those facts are
very material to any just comparison of the state
of things, in the two countries. The whole or
nearly the whole capital ollho Dank of England,
is lent to Government, not by means of exchequer
notes, hut on a permanent loan. And as to the
private banks and joint slock companies, though
they issue bills for circulation, they have no
ostigned or appropriated capital whatever. The
bills circulate on the private credit of the indi ,
virtual banker, hr (If those who compose the ,
joint stodk companies. In the United Slates, on
amount of capital, supposed to be sufficient to
sustain llio credit of tbs paper and secure the
public against loss, is provided fry law, in the act |
of incorporation for each bank, and is assigned
a« n trust fund fertile payment of the liabilities
of the bank. And if this capital be fairly and
substantially advanced, it is a proper security; 1
ami in most cases no doubt it is substantially, 1
advanced. The directors nru trustees of this
fund, and they are liable, both civilly and critni- 1
nally, for mismanagement, embezzlement, or i
breach of trust. 1
Thix amount of capital, thus secured, is the i
basis of loans and discounts; and ibis is the i
reason why permanent, or at least, long loans j
arc nut considered so inappropriate (o banking <
operations, with us, as they are in England.— 1
With ns, it is evident that the directors are ,
ngenm, bolding a Ainu inlc. ,, dcd to be loaned, |
and acting between lender an,. 1 borrower; and I c
this form of loan bss been found cxc>cding!y 1 |
convenient oni useful in the country. '
r r, J
in some fMutos, it is generally preferred to g
mortgages, though there arc others in which j
mortgages are useful. Whether exactly con
formable to the tine notion of banking or not,
the truth is, ihgl the object mid operation of our |
banks is to loan money; and this is mostly on
personal security. The system, no doubt, is 1
liable to abuse, in particular instances. There 1
may bo directors who will loan too freely to
themselves and their friends. Gloss cases of f
this kind have recently been delected and ex- I
posed, and 1 hope, will be suitably treated; but, c
considering 'be great number of banks, these [
instances, I think, arc remarkably few. In 1
general the banks have been well conducted, and (
arc believed to be solvent and sale. v
We have heard much, sir, in tile eburse of t
this debate, of excess in the issue of bunk notes I
tin- circulation. 1 have no doubt, sir, that there \
was a very imprupet expansion some years ago. I
When President Jackson, in 1832, had nega- i
lived the lull for continuing the bank of the (
United Stales, (which act I ealeuni ns the true |
original source of all the disorders ol the turren- I t
cy.) a vast addition was immediately made to the < t
numliur of Mate Hunks. In 1833, the public (
deposited were actually removed from the Hank (
of the United Slates, and placed in selected |
Stale Hunks. And, for the purpose of showing (
how much bolter the Public would be accommo- j
dated without, than with a Hunk of tbu United |
Slate*, those bunks were not only encouraged,
but admonished, to bo free and liberal iu loans '
and discounts, made on the strength ol the pub
lic moneys, to merchants and other individuals. 1
Ihe circular loiter from the Treasury departi I
mont, addressed to the new deposits bunks, 1
under the date of September 23, 1333, has this
significant clause, which could nut have been c
misunderstood: ;i
“The deposilrs of public money will en.Uuie
you to afford increased facilities to commerce, ft
and to extend your nccoir.mod.ation to individuals; c
and as the duties wliie'., arc payable to the Go- i
vemtneni arise horn the business and enterprise d
o! the merchants engaged iu foreign trade, it is i
hut reasonable dial they should bo preferred in {
the additional accommodation which the public | ,
dcposilcs will enable your institution to e'.ve, 1
whenever it caw be done without in.i'dsiie* l 0
claims of othci classes of 'Ko comr.iunity.”
Having read this letter, sir, 1 ask leave to
refer the Senate to the 20lh section of the bill
now before ns. There \vc find that, “if any
officer, charged with the safe keeping’of the
public money, shall loan tbe same, or any por
tion thereof, with or without interest, such act
shall he deemed tin embezzlement and a high
misdemeanor, and the party convicted there,
of shall be sentenced to imprisonment. Sir,
what a pretty piece of consistency is here !
In 1833 the depositories of the public money
were not even left to their own desire for gain
or their wishi s to aceoinmod itc others, as be
ing sufficient incentives to lend it out ; the*;
were admonished and directed to :
creased facilines,to Commerce, av,d |o c J * j
I their accommodation toV.’.;Vivid ( , a a s , suico'tl.e
p.tbhc money. ihc.r vaults would enable
. ".. to give such additional accommodation I
1 Now, sir, under this hill, any officer who shall
do any one of the same things, instead of he.
mg praised, is to be punished : lie is to he ad
judged guilty of embezzlement, and of a high
misdemeanor, and is to he confined for aught
I know, in cells as dark and dismal as the
vaults and safes which are to contain our me
tallic currency. Hut, although 1 think, sir,
that the acts of Government created this ex
pansion, yet 1 am certinlx of opinion that there
was a very undue expansion created. A con
traction, however, had begun; and I am of
opinion, that had it not been fur the specie or
tier ol July, 18 Iff, ami for the manner in which
thej deposite law was executed the banks
would have gone through the crisis without
suspension. This is my full and firm belief.
1 cannot, however, discuss these points hero.
They were treated with very great ability last
, year, by a gentleman who then occupied one
of the seals of Georgia on this floor. Whom
soever he d ; d not satisfy, I cannot convince.
Still, sir, the question is, whether there was an
excess in the general amount of our circttla
-1 lion, in May last, or whether there be now
* B uch excess,
! By what standard Is this to be judged ? If
the question he, whether there be too much
paper in circulation, it may he answered by
’ t clerence to the amount of coin in the hanks
from which the paper issues; because 1 am
r unquestionable of opinion—an opinion which
• believe nothing can ever shake—that the
true criterion by which to decide the question
’ of excess in a convertible paper currency, is
L ’ the amount ol that paper, compared vvi.h the
s gold and silver in the banks. Such excess
would not he proved, absolutely and certainly,
! in every case, by the mere fact of the suspen
sion of specie payments; because such an
if event might he produced by panic, or oth
-1 **r sudden cause, having power to disturb the
best regulated system of paper circulition.
c | But the immediate question now is, whether
- ■ taking the whole circulation together, both
• : metallic and paper, there was an excess exist,
r ing in May, or i- an excess now existing ’
(one hundred i.rul thirty million* an excessive <
or undue amount-of circulation for the United I
States > Seeing that one part of this clrcula-. c
lion is coin, and the other part paper, resting r
upon coin, and intended to be convertible, is r
the whole mass more than may be fairly judg- I
cd necessary to represent Hie property, the ■
transactions, and the business of the country ? I
Or in order to suaiain such an amount of circu- ■
lalion, and to keep that part of it which is 1
composed of paper in a safe state, should we i
be obliged to attempt to draw to ourselves [
more than our just proportion of that metallic t
money, which is in the use of all the cominer- i
cial nations f These questions appear to me j
to be but different modes of staling the same (
inquiry. 1
Upon this subject we may, perhaps, form <
some general idea, by comparing nnrselvc, *
with others. Various things, no doubt, exists
in different pi,aces and countries, to modify, i
either by enlarging,or diminishing the demand <
(or currency i.i the transactions of bnsincss; <
the amount of traJe and commerce may sum- i
ish a general clemo.it of comparison between I
different .States or n - itt° ,ls - 4’h*; afii/regatu *
of American imports am.' exports in 1836 was 1
three hundred mid eighteen' millions; that of J
England, reckoning the pom.’d sterling at
84 80, again, was am'* eighty
millions, as near as I cun ascertain! llitr cur- f
rency of England being, as already sta 'ed,
sixty millions sterling, or two hundred an.‘< j,
eighty eight millions of dollars. If wo work u
out a result from these proportions, /lie cur
rcncy of the United Stales, it will be found, C)
should be one hundred and ninety millions, c |
in order to be equal to that of England; but, w
according to the eslimtes of the Treasury it
did not,even in that year .exceed one hundred st
and eighty millions. pi
Our propulalion is about equal to that of ri
England and Wales. The amount of our ; <'t
iiicicmlilc tonnage, perhaps. One fifth less, i In
Hut then we are to consider that our count ry j w
is vastly wider; and our facilities of internal | re
exchange, by means of bills of exchange, , pi
greatly less- Indeed, there are branches of. tv
our intcrcouae in which remittances cannot r 'l
be well made, except in currency. Take one I l '
example: The ugri-cnlturul products of Ken- i w
tucky are sold to the South; h r purchases of
coHiinodilics made at the North. There can Vl
be, therefore, very little of direct exchange ’*
uCtween her and the places of purchase and
sale. Tin.' trade goes round in a circle. There
fore, while the flank of the United Stales ex
isted; payments were made to a vast amount J
in the North and East by citizens of Kentuc
ky, and of the Stales similarly situated, not
m hillsot exchange, but in the notes of the
Hank. (
These considerations augment the demand p
fur currency. More than all, the country is q
new, sir; almost the entire amount of our
capital active; and thu whole amount of pro
perty, in the aggregate, rapidly increasing.
In the last three years thirty seven millions of ci
acres of land have been separated from the it
wilderness, parchascd, paid for, and become Vl
subject to private individual ownership, to
transfer and sale, and all other dispositions to 1
witch other real estate is subject. It has thus H
become property, to bu bought and sold for st
money; whereas, wliiie in the hands of the d
(iovarnmtnt, it called for no expenditure
formed the basis of no transactions, ami eroa- ..
ted no demand tor currency. Within that 1
short period onr people have bought (rom b'
Government a territory os large as the whole pi
of England and Wales, and, taken together, <j
far more fertile by Nature. This seems in
credible, yet the returns show it. Suppose all
this to have been bought at the minimum pr, cc 11
of a dollar and a quarter per acre; a l ;,u sup- 1 ‘
pose the value to be increased , n the com- ri
men ratio in which vve know the value of land li
is increased by s*’.cli purchase, and by the
preliminary stepa and beginnings of cultiva
tion; an im.'.nvnsc augmentation, it will readily w
he percc.ved, is made, even in so short a time a '
°1 the aggregate of property, in nominal price, li
ar.d, to a great extent, in real value also.
On thn whole, sir, t confess I kno ~
standard by which I can decide th>’* , , 8
, . J •" '-or cir- j
dilation is at present in exco-q. J d 0 ., 10t ( )e , 1
,h VC it is so. Nor was {l|ljnk #nv I
depreciation in Urn, va '; lC of money , up to the I
moment ol I '.o Suspension of specie payments (
by the our currency with
".’.ner Nations. An American paper dollar .
would buy asilvcr dollar iuEngland,deducting 1
only the charge of transporting it here, -
because it commanded a silver dollar here, i
There may be excess, however, I admit, ■
where there is no present depreciation,in the l
sense in which I now use the term.
It is hardly necessary to dwell, Mr. President,
on the evils ot u suddenly depreciated circulation.
It arrests business, puts an end to it. and over
whelms all debtors, by depression and downfall of
prices. And even if wo reduce circulation—not
suddenly, but still reduce it farther than is neces- 1
sary to keep it within just and reasonable limits— i
we produce many mischiefs; wo augment the
necessity of foreign loans; we contract business,
'bsc’V.ragc enterprise, slacken the activity of ca,
pital, and restrain the commercial spirit of the
country. It is very important to he remembered,
sir, that in our iiUerciißr*Ms ilh o, bcr nations, we
are acting on a principle ol equably, ihat is to
say, we do not protect our own shipping interest
by peculiar piivileges; we ask a clear field, and
seek no favor. Vet, the materials for ship buil
ding are high with us, and the wages of ship
builders and seamen are high a'so. We have to
contend against these unfavorable circumstances
and, it in addition to these, we arc to culler fur
ther by unnecessary restraints on currency, and
by a cramped cicdit, who can tell what may he
the effect! Money is abundant in England, very 1
abundant; die rate of interest, therefore, is low
and capital will he seeking its investment where.- i
ever it can hope to find it. I we derange our ,
j own currency, compulsory curtail circulation, and j.
break up credit, how arc the commerce and navi. '
otion of the United Siaies to maintain themselves !
against foreign competition! ,
lie fore leaving, altogether, this subject of an i
excessive circulation, Mr. President, I will say a
few words upon a topic which, if time would per.
mit, 1 should be glad to consider at more length.
1 mean, sir. the proper guards and securities sot
a paper circulation, I have occasionally addres.
sed the Senate on this subject before, especially
in ihe debate on the specie circular, in December,
18UG, but I wish to recur to it again, because 1
hold It to be of the utmost importance to prove, if
( ii can f»e proved, to the satisfaction Os the coliniry,
hat a convertible paper currency may be so guar
ded as to be secuie against probable' dangers. I
say, sir, a converlible paper currency, for I h»y it
down us an unquestionable truth, that no paper
■an bo made equal, and kepi equal to gold and
silver, but such as is convertible into gold and sil«
ver. on demand, but. I have gone farther, and
, still go farther than Ibis; and I contend that even
convertibility, though itself indispensable, is not
a certain and unfailing ground of reliance. There
is a liability to excessive issues of paper, even
while paper is convertible at will. Os this, there
can be no doubt. Where, then, shall a regulator
bo found! W hat principle of prevention may we
inly on!
New 1 think, sir, it is too common with banks,
>n judging of their condition, to set off all the ir
liabilities against all their resources. They look
to Ihe quantity of specie in their vaults, and tu
(hr no'os and hills becoming payable, as means
or n»»cU; and, with lhe*o, they expect to be able
to meet their returning notea, and to answer the
claims of depositors. So far as the bank is to be
regarded as a mere bank of discount, all this is ve
ry well. Hut banks of circulation exercise arm*
thei function. Dy the very act of issuing their
own paper, they affect the amount of currency.
In England, the flunk of England, and in the
(jiiitcd Slates, all the harks, expand or contract
the amount of circulation, of course, as they in*
crease or curtail the general amount of their own
paper. And this renders it necessary that they
should he legulaleil and controlled. The ques
tion is, by what rule? To this I answer, by subs
jetting all bank* to the rule which the most dis*
creel of them always follow—hy compelling them
to maintain a certain fixed proportion between
specie and circulation; Without regarding depoo
sites on one hand, or notes payable on the other.
There will always occur occasional fluctuations
in trade, and a demand for specie, by one country
on another, will arise. It is too much the prac*
tice, when such occurrences lake place, and specie
is leaving Ihocountiy, for banks to issue more pa*
per. in order to prevent a scarcity of money. Hut
exactly the opposite course should be adopted. A
demand for specie to go abroad should be regar*
ded as conclusive evidence of the necessity of con»
trading circulation. If, indeed, in such cases, it
could be certainly known that the demand would
boos short duration, the temporary pressure
might he relieved by an issue of paper to fill (ho
place of departing specie. Hut this never can bo
known. There is no safety, therefore, hut in
u.'ceting the case at the moment, and in conform.
,;o it; the infallible index of the exchanges. Giro
-ula.ing paper is thus kept always nearer to the
•haraciv'fi lO t * lc circumstances of that, of
which it K unsigned to ho the representative—
he metallic nm/my, This subject might be pur*
mod, I think, ai.d "lenrly illustrated; but,for the
irescnl, f only express m y belief thal, with expe
iencc before us, and wii.' l^ le lights which re
mit discussions, both in X/ llro P e ar) d America,
leld out, a national bank mt£ '*t lie established,
with moie rugard to its function o. f regulating cur
ency, than to its function of disco.'i on prior!*
lies, and subject to regulations, such as should
ender ‘ls operations extremely useful; an( l I
ibould hope that, with an example before them of
dain and eminent advantage, rttate insti'tu ,lons
would conform to the same rules and princi,' l -®' 1 *
md that, in this way, all the advantages of con*
mrtiblo paper might be enjoyed, with just security
igainst its dangers.
[TO HP. COWTINUF.T).]
BY EXPBESS MAIL*
[FBUM (IUR COniIPSPONnEMT.']
WASHINGTON, April 9, 1838.
In Senate a memorial was presented from
Gharlrs Bullfinch and others from Massachusetts,
praying confirmation of certain purchases made
ay them in the Territory of Oregon.
Referred to a select Committee.
Mr. CLAY of Ky., presented a memorial from
rertain citizens of Desmomios Illinois, praying for
ho erection of a bridge actoss the Mississippi Hi
rer at that point. The memorialist represent that
his bridge will he necessary to preserve the sel
lers on the public lands (squatter* as tbiy are
loinctiines called ) from the irtcursion.s of ihe In*
liana.
Mr. WALKER front the Committee on Pub
ic Lands reported a bill making a grant of land
ying in the Territory of Wisconsin for the pur
pose of aiding tho Milwaukee and Rock River
-mtial Co.
After some unimportant business ofa miscella
neous character, the bill foi suppressing the prac
;ice of Duelling in this District was taken up and
■ead a third time, and the question being on the
inal passage of the Dill.
Mr. CLAY rose and expressed l nis i n te^, |on to
mtc for this measure, in *‘ lC u
lid if not entirety 6UCCC ,,j in producing that en-
6 - >atc 0 f public opinions, which alone
--tn eradicate a practice condemned by reason ,
adverse to religion, and contrary to humanity.
He said the great object, after all at present should
be to correct public opinion on this subject. Pub
lic opinion in certain sections of the country exacts
from a man of gicut sensibility and nice feelings
of honor, a resort to that very «ourse from which
in other quarters public opinion restrains men.
No man would be happier than he to perceive
such a state of Society and of public opinion, as
would entirely suppiess the practice which it is
now proposed to discountenance and put down.
The Rill was then passed, ayes 34 nays 1.
(Mr. Sevier of Atkansasj and sent down to the
House for concurrence.
The Senate then resumed the consideration ol
the Dili for reducing and graduating the price of
the puhlh lands. It was expected thal Mr. Clay
would give his views on the subject and the galle
ries were full.
Mr GRUNDY had a modification to propose
hut said he would not interfere with the Sena
tor from Kentucky if he wished to speak.
Mr CLAY said he had the greatest wish not
to say a word, but he feared be would be coin*
pelted by his duly. He however had no preemp
tion right nor any other right to the floor, and
therefore hoped the Senator from Tennessee
would go on.
Mr GRUNDY—"Then I have the preemption
tight.”
Mr Grundy then went at length into an ex
amination ol the provisions of the bill, and ths
discussion was continued by Messrs. Walker
Sevier, CWy, of Ala., and G- undy. The bill wai
finally laid aside; and the Senate proceeded tojllu
consideration of the bill making appiopr.'alion
for roads in Michigan, without coming to an*
decision thereon, adjourned.
I communicated to you in my last letter tin
resolution of Mr HAMER, of Ohio, as it wa:
laid before the House, and ordered to he printed
Wkat was my astonishment to find it reporloi
in the daily papers, and printed for the use of th
House with words added which materially allc
its character and import. The form it was tker
made to hssunni is as follows.
Resolved, Ac., That if the Banks or any por
tion of them do thus resume, it will be the dul
of the general government within the limits t
i s constitutional authority to aid such hank
fas the present .Administration design to do
in regaining public confidence, and to sustai
them in tbeir laudable ellbrts to fulfil their ohligi
lions Ac. Ac.
The words added are “as Ihe present admit
is;ration design to do.”
Mr HAMER felt it incumbent on him to mat
! some explanation of his extraordinary conjo
in altering the resolution after he had presentc
it. Some of hi* friends had suggested that
might l*e understood to convey cn imputation c
i censure oo the administration. He did not mo\ti
! to impute any thing of the kind, and therefore he
had inserted that clause. But ha never wished
, to older it in its original shape.
Thi s motion required a suspension of the rules
• which requires a vote of two thirds. The vote
| for suspending was ayes 110 nays 04—not the
number necessary. So he could not offer the
i resolution. All the most rabid Loco Foco’a
' headed by Carabreling and Eli Moore, voted
against Mr Hamer.
This was petition day. A great many were
, presented on the ever vexed questions of Aboli*
i lion, Texas, and Duelling, and appropriately
’ disposed of.
The House then took up the bill making
, appropriations for the Naval Service, and were
, engaged in the consideration of it until tho
: adjournment without coming to any decision.
: - *•
From the N. Y, Herald.
Money Market.
, Sunday, April 8.
Wail street waa on the qui vice yesterday
1 for the Letter of Mr. Biddle on tho Currency,
i which will be found in another column. In
> the early part of the day, it was expected by
i the initiated. Its effects will bo indicated to
morrow or next day. Money affairs have now
> reached their crisis, and great events are in
1 embryo.
Foreign exchange closed at 104 to 105—
1 and very flat at these prices. From Albany
the accounts ate that the General Bank
' Law will pass.
Monday, April 9.
The business at the Board to-day bas been
very encouraging, Stocks having advanced
' considerably, with the exception of United
' States Bank, which it will be perceived, lias
declined a shade. There were no sales of
j tlie Pliomix bank, but it is quoted at 107. —
• Farmer’s Trust has advanced tJjt on the sales
C ofSaturday, Delaware and Hudson, ndvanc
j cd 1 percent, Ilariem S percent. This fa
; voroble appearance of the stocks is ascribed
, to the expected action of the Government.
.Specie sold at par s. 00 days. Treasury
Noses have declined 3 per cent.
H AND
~~ AllfetiSTA.
Saturday Morning. Al>riM4-
Specie.
The schooner Creole arrived at New Orleans
on the 9th from Tampico, bringing $131,95' t j n
specie.
The brig AD is expected from tl jC aame p[ aco
with $ 70,000.
It appears that all troe, b i rl on t h e Wester
1 rentier, in tho vicinit y of Buffalo, have ceased;
j and quiet, if not go jj fetijng, is again restored.
Indictments have been returned into tVie Mu
niciplo Court of Boston, by the grand jury .against
Parker H I’iorco and Joseph Andrews, late Pre
sident and Cashier of the Ccirttfnercial Bank, It
is said lh«y bate both absconded,
Ihe msnufaeturers of Cincinatli are said to
produce more lh»n twelve million of dollars per
annum.
Texas,
The Mai&gorda Bulletin of tho 7th March,
1 •»: ‘•Several of our citizens have just returned
from, ine up country and the far West, where
, they have been engaged since the opening of tho
1 Land office, in locating their lands. They bring
lire most flattering accounts of the emigration
a which is now pouring into the interior, with a
, rapidily altogether unparalleled in the settlement
. of any country. The new comers, we understand
.1 ar« nearly all farmers, and are now making
- extensive preparations to cullnato the soil.—
, The Colorado, up to the base of the mountains,
, is alive with the opening of new plantations,
t and towns and villages seem to bo springing up
spontaneously along its banks.”
e
3 More Murders. —The Jacksonville Conr.
s ier of the stli inst. Bays: —“By a letter to
our excellent mayor. Col. Dell, from his
brother in Alachua county, dated April 1, and
0 from the bearer of the letter, Mr. Brooks, our
wor--t apprehensions of further —indeed of
j. continued Indian murders are confirmed. —
j. “They killed two Irishmen on the place that
y Brush cleared on the Micanopy pond.” Signs
near Camp Fanning are spoken of. ‘God
Only knows what we arc to do ; but s'ill hope
e Jesup will be able to relieve us.” Hope de
ferred; and still further to be deferred, tin may
be seen by the general s own showing.
Mr. Brooks gives the further information
• that two volunteers were fired upon at Su
-1 wannee, Old Town, and severely wounded;
j that Indians have been seen at the Eceetoka.
ma Spring®, and signs about I'ort \\ like, and
° near Ncwnansvillc.
11 Fine.—The N. O. Bee of the 5 inst. says:—
A fire broke out last night between 9 and 10
o’clock in the lower Cotton Press, supposed tc
C be the work of an incendiary. About COOO bald
r ’ of cotton were consumed, besides two thirds oftbr
buildings ; loss estimalcd at about 300,000 doll
1C
ars. A fire was discovered a few weeks since, ir
15 a shed belonging to the same establishment.”
V
J—" " ‘
VinoutiA Disk Law.—Tho bill lately pass
ic ed by fi' c Legislature of Virginia, concerning lln
Banks of that Commonwealth, relieves them fron
the disaliiliiies caused by their suspension of spe
cic payments, and protects them against damage
id tnal may ha ’e been incurred. It provides ilia
io the noles heretofuie receivable at I lie Banks o
er Virginia in payment oflaxes, shall conlinue tub
received, and that the public revenues be deposi
ie led as heretofore, unless the Treasurer by and will
the consent of the Executive shall order other
r - wise.
The Bill authorizes dividends to bo made no
exceeding six per cent, per annum by all Banki
up to the Ist of August next, but not thereafter
ks If any Bank shall fail or refuse to redeem hi
o ) notes in specie, every such Bank is to pay ter
( j per cent per annum, to be recoverable in the way.
at present authorized for the recovery of sau
! a “ notes. It also provides that every Bank availing
itse.fof the provisions of (he law shall so reculali
in- its business that on the Ist of January, 1839, tin
amount of its outstanding debt shall not exceei
the amount doe on the Ist of January 1838, ex
cept in case of resumption of specie payments, ii
lct which event no such restriction shall exist. Thi
ed Banks arc required during suspension to lurnis!
j t to the Executive statements of their affairs ever;
two months, which statements arc to be publish
of ed.
* 1 Permission is granted to issu® on® and tw®
s dollar notes to an amount nolle®* than two or
j more than four per cent, on their capital, until
April Ist, 1839, at which time such liberty shall
cease, these notes to he signed by snch clerics a®
s the Directors may designate, provided that this
0 law he regarded as suspending and not repealing
e | present restrictions,and provided also that the
notes so issued he redeemable on demand in »pe
e cie under a penally cf twenty five per cent; and
* that within 120 days after a general resumption
d ot'specio pay merits, lire power here granted shall '
terminate. The statements of the Banks are to
c contain specifications, of the different denomina
lions of their notes in circulation, and it is require
r cd that annual statements shall he prepared for th®
y inspection of the General Assembly, showing
their condition on the first Monday in December
t jn each year. The may law of June 22d, 1837,
’ is continued in force until April Ist, 1839, unless
in the meantime the Banks shall resume spec!®
8 payments.— Unit. Jim.
__ COMMERCIAL. SBBS^
CHARLESTON MARKET, APRIL 13.
Colton. —Received since our last to yeslerduy
morning inclusive, 113 hales Sea Island and 53ii/
hales Upland Cotton Cleared in the same tim®
f 101 hales ofSea Island and 4821 liales Upland Cotl
1 ton. On ship hoard, not cleared, 1408 hales Sea "*■
1 Island and 0551 hales ol Uplands The sales amount
, lo . r )33(5 bales ot Uplands, at from 7to Hi rente.
In Long Cottons, 91 bales Bea Island from 30
1 45 cents and upwards; 10 Maines, 30 a 42; 90 San
> lees, 30, 33 ami 48; Stained, 10 a 20. Our market
1 closes with a fair demand, at full prices, for all de
scription of Colton at present rates, and had w®
. shipping, the principal part of the remaining stock
would most probably, from the demand, bo out at
' the market.
t Exchange. —The Charleston Batiks are not op®N
aline. tsaleS out doors, hills on Kngland, fi per ct;
on France, nominal. Checks on N York, sparct.
Treasury notes arc worth from 3 to 4 per root.; wfc
heard r.f a sale ns high ns 5 per e< nt This des
‘ criplicn of paper is belter calculated to furnish ei.
1 change on the North than any thnt fiovV presenr*.
, itself lo the commercial community, and there li
(• but a small amount in our Market.
Freights —Remain steady, without alteration.
! Marini: intelligence.
GH A RI.KSTO.N. A pri 1 13.-Arrived t
brip Planter, New York, U L brip CouHer,
Herbert, New YOrk, scl r Groton, Yates, Baltimore* sebr
Canovn, Lemifli), Baltimore:
Cloerecl. flremeii bris: Meta, Halenbotk, Antwerp,"tchr
Gov Arnold, Lilicu, Marks, (Fa.) schr Waldo* Carle
Matiinzas. 9
Went (o sea yesterday, hrlff Lancet, Hanpi, Havana
br J Cohen, Jr Moore, Key West and ApalachicoTa, schr
Georpe Washington, Miller, Mobile, schr Agnes, Hunzt,
St Augustine, schr Pe u. Place, Jacksonville, »»hr Co*
Imnhia Bonis, Garry's F«*rr* #
SAVANNAH, April i2—Arrived brig Larina, Si- J
cholson, ilavo*;.,,
( I cared Trenton, Bennett, Liverpool.
~ liM) HKXT, a desirable residence on the Sand
A Hills. For terms apply to ( -HAS. C A KTEH,
npril 14 rvv2vV or Mm. ANNA MeCAR/V^.
W 1 ANTED TO HIKE, a good Cook, for
which liberal hire will be paid. Apply a
I this office. lt_ «pril li t
stovall a hamlin,
WHOLES ALE Dry Goods Merchant*, and
General Grocers, Augusta, Ga.
Dry Goods Sale Boom over the Grocery itore.
' npril 14
ON CONSIGNMENT, 200 pieces heavy
Hemp Bagging, sa ln j ow hv
npril 4 STOVALL & HAMLIN.
t sale, in Mambnrg.
rpr, I', suhseriher offers lor sale n lot of valuable
■ 1 Jt Virginia Negroes, consisting of house servants,
t coaehmen, &c. which he will ael’ low for cash,a»
he is desirous o( returning home. His residence i»
on the street leading from the Bridge to the Kail
Road Depot. Japl 14 7t] THOS M. JONES.
) To Angnsta Merchants and Auctioneer*.
fg'liJE subscriber having established himself per
r JL mancnily in the town of Alliens, Ga. as as
Auction and Commission Merchant,
solicits the patronage of those who have consign
ments lo make to that place. It is his opinion, as
well as that of most of the citizens of that p nca,
’ acquainted with its growing pmsoerity, that raer
-1 chants, and especially Grocers, who have goods
which they are desirous of converting readily into
3 C n S h, will find it vety much lo their imprest to send
3 many of them to that irarsct. All business in that
r hne, intrusted to the nmlersigned, vvnl meet wi.n
* prompt attention. K. ROGERS, Auctioneer.
1 REFERENCES:
a Ashury Hull, James Cnnmk, Steven* Thomas,
Thomas Hamilton. Athens; John Phinizy, Sameo.
‘ Halo. Clark, MoTier & Co. Wm. Bos.lvwck, A J.
J Huntington & Son, L Gibson, Avgusta.
apnl 14 12m ,
5 "COGNAC BRANDY,' H.GIN, &c.
- {t pipes 4lh proof Cognac Brandy
10 i pipes do do
’ 4 i ifo ofd Champaign do
J 2 do' Holland Gin
n 2 hhds 4th proof Jama ca Rut*
1 1 do Irish Whiskey
30 bbls Monongahcla do
75 do Ist proof slof
70 do N Gin •-4
00 do Nl2 Bum ... ~i
0 10 do Peach Brandy
25 do Peppermint Cordial
50 do Malaga Wine
d 12 do Cherry Brandy
.. 25 qr casks Tmcriffo Win# L « *
40 do !Sic:ly Madeira
if 25 do Marseilles do
~3 pipes sweet Catalonia Win#
25 1 casks Muscat do
1 2 pipe old .Madeira do
„ 1 butt superior old Port
For sale low by CLARKE, MtTEIR <k Co.
“ npril 14
e TmrocERIES The suhscrihera having re-
H. A cerved a large lot ol goods, offer for aal«, o*
reasonable terms, the following:
y 40 birds prime ;>l Croix Sugar
10 hhds Porto Rico do
12 birds New Orleans do
fi 100 hags prime GrcCn Coffee
• 175 hags Rio do
. 75 bags Java do
» 35 boxes double refined loaf Sugar
l, 10 Mils single do do
, 10 hhls lump do
u 25 hhls soil shell Almonds
25 boxes Sperm Candles
20 boxes Hull & Sons mould Candl®*
20 boxes Soap So 1—
10 boxes Hyson Tea
q 12 boxes Gunpowder ana Imperial d®
0 eases 2ib caddies
lo 40 whole and hall bids butter Cracker®
1 5 tierces copperas
20 bids No. 1 .Mackerel
'# | 15 idoNo 1 do
[„ j 25 Mils and half bids No 2do
50 bids Nil 3 do
m 30 hags Pepper, Spice, and Gmg»r
200 reams wrapping Paper
1(7000 host Spanish Negara
7000 best Principe do
'• 10000 half Spanish do
ie CI.ARKE, MrTEIR & Co.
m On hand a large assortment of castings, iron and
e , nails. npril 14
es TATOTICE.—John K. llora having taken his
at i® brother Henry Horainto co-pnnner.hip, in the
0 f Clothing and lint business in tics <i y, they will
continue it under the firm of J Horn.
7 .It)! IN K. HORA,
april >0 rvlw it.. <RY HORA. ‘
Asthinn,{three Years standing.
Mr ROIiKRT MONROE, Schuylkill, afflicted
I with llie above distressing malady. Symptoms
°l Great languor, flatulency, disturbed rest, nervous
is head ache, difficulty & hrca'lh.ng, tightness and
!r . stricture across the l.icosl. dizziness, nervous irnta
„ uilily ami restlessness, could not lie in a horizontal
' position without the sensation cl impending sutio.
111 cation, palpitation of the heart, distressing congrt,
I s costiveness, pain in the stomach, drowsiness, greet
id debility and deficiency of the nervous energy. Mr. V
ig Monroe gave up every thought ol recovery, and
1,, dire despair set on the countenance «f every P« r -» )n
interested in his existence or happiness, till by ac
m. cidont he noticed tn a public |M|ier some cures es
!d lec.tsd hv Dr Wm Evans Medicine in his comp'aint
<- which induced him to purchase a |>nckage of Hie
iu pills, which resulted in completely removing every
ie symptom ol his disease. He w ishes to say Ins mo
,h lives lor this declaration is, that those afflicted with
Pv . the game or any symptoms similar to those irorn
/ which he is happily restored, may hkewiscreceiv®
’’ the same inestimable benefit.
For sale by ANTONY & HAINES.