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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.