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By A : A. GAULDING & CO. “ERROR CEASES TO BE DANGEROUS, WHEN REASON IS LEFT TO COMBAT IT.”—JEFFERSON. PROPRIETORS. NEW SERIES, YOL. 2. ATLANTA, GEO., THURSDAY, NOVEMBER 11, 1858. NO. 3. Ctie JntfUigfltcfr. THURSDAY, NOVEMBER 11, 1858. r the State Road. We are happy to learn that $25,000 for Month of October has been sent to the State I’reasury, at Milledgeville, by Col. May, the worthy Treasurer of the State Road, as the iett earnings of the Road for the month jetober. Who can fall out with or object state Road under such management ? The “SSmplre State.” We find in the last issue of the Empire State, h o salutatory of R. A. Crawford, Esq., who nts ltecome joint proprietor and associate alitor of that paper. We know Mr. Crawford Fell, and congratulate the editorial fraternity ipon so valuable an acquisition to onr ranks. Vs a gentleman and an ablo writer, Mr. C. will *. an honor to the profession, and under the uint management of himself and Maj. Steele, he Empire Slate will be well sustained. They mve our best wishes for their success. Judge Warner’* Address. We have before us “An Address delivered icfore the Thalian and Phi Delta Societies of Iglethorpe University by Hon. Hiram Wav er an honorary member of the Plii Delta So- iety.” The subject chosen by the able si>ea- er was “The Battle of Life.” No man in ieorgia, from actual experience, is better Hialilied to make a practical elaboration of life interesting and inqiortant subject. The Milder of his own worldly fortune, the arclii- ;ct of his own fame as a jurist and a 6tates- uin, he is peculiarly fitted for the task of istnicting the young and inexperienced in in- art of fighting successfully “The Battle of if,.for in the language of the learned ora- “disguise it as we may, it is a warfare in hicli some are successful, but many are de- ,lied.” How important then to the young leu of our country, to learn wisdom from the aehings of those who have been engaged in liis “warfare,” and who have borne off the aim of victory. We advise all our young fends to endeavor to procure a copy of Judge Earner’s able address and read it carefully, ml ponder well its teachings. Premium List. We publish to-day, what we suppose to lie e ton elusion of the List of premiums, which ■re awarded at the late Agricultural hair Id in this city. The tale day at which we nent our readers with this information may L-d a word of explanation at our hands.— e made an effort to procure a copy of the ■mium list immediately after the close of c Fair, which we failed to do. Some days erwards we found in the National American this city a part of the list, with a notice at it was to bo continued. Wo contented i selves with following the lead of our At- ita cotemporary, in this instance, and inten- 1 to copy the listas it might appear in that er, from time to time. But it seems our glilH»rhas failed to procure a full copy yet; judging from the non appear- e in that print of the promised con- nition of the list. Whether he was re fortunate than ourselves in pro- ing a copy from the Secretary we know not; we do know that there was no copy offer- is from any quarter. Nearly two weeks r the close of the fair, we are reduced to necessity of completing our list from the mins of the “Augusta Chronicle & Senti- “ a pajier published 170 miles from the «where the Fair was held. How tliis it should have been more fortunate than Atlanta papers we are at a loss to deter- e. Courtesy at least demanded that the otary of the Society should have tendered Press of this csty, each with a certified co- f the premium list. We charge nothing lie publication, and wo think it was as ; as the Secretary could have done to fur- us and our Atlanta cotemporary with a • over his official signature. Why the usta i»ai>er should have been preferred to re will not undertake to say. Slate Rond—Dr. Lewis. i; have frequently taken occasion of to speak of the State Road and its igement. It however, needs no praise us. In its present prosperous condition Is its own talc. Wo must lie allowed in connection, to say, that Governor n has been peculiarly fortunate in the tion of a Superintendent who so perfectly tliorouglily understands tlio practical itions of the road, as to make it pay into State Treasury handsome dividends every th. As a general rule, he who under lie management of his own affairs,— does it profitably—is capable of discliarg- hoseliigh functions to the public in a su- r degree, which result to the benefit of tncerned. Dr. Lewis is that man. Long he live to enjoy the benefits arising from thful discharge of duty imposed upon by the law and the chief Executive of the When 6ucli opposition prints as tho them Recorder,” sjicak ..favorably of the audits management, we feel that we ot say too much for it. Read below the “Recorder” of the 2nd inst., has to ate Road—Dr. Lewis.—While at the at Atlanta, a few days since, we had the uro of a first interview with Dr. Lewis, hie and courteous Superintendent of the Road. In manners, he is of tho old Vir- Scliool—affable, free from affectation, liguified. In the course of abricfcon- tion touching matters of the road, he po- ■ invited ns with other editors present, to a trip over the road to Chattanooga with mber of members of the Legislature on y last, that we might for ourselves judge condition, &c. We regret very much business, engagements did not permit our g so, bu^t we arc none the less thankful r. L. foy his polite offer. Dr. L. seems to general satisfaction to all parties in his dement of the road and shuns not the ^investigation. ,, , hilev hi Atlanta, speaking aboat the road a Gentleman whose position would au- 20 him to know the facts, we we»e grati- te hear that the cutting off of ’’dead »” and other “sponges” upon the State, ■ sufficient to defray the running expense* e road ! So much for having a man at ead, who knows his duty and dares lion- do it, regardless of party politics, or the plaints of such as would be less scrupu- about the public good.—Southern Record- flT’ The Hon. John E. Ward, of Savannah, at present President of the Senate of the State of Georgia, we understand has been tendered, by the President of the United States, the Mis sion to China. It is thought he will accept. No man in the State is more worthy or lietter capable of filling the post. Eclectic Magazine. D. C. Ramsaur, agent for the above Maga zine, is in the city soliciting subscriptions for the same. It is a good Periodical—contains a large quantity of reading matter from the pens of some of the best writers in the country. He is also agent for “The National Preacher” and “Halls Journal of Health,”—both good Jour* nals. He will remain in the city a few days. If you wish to subscribe call on him. Medical Card. We invite attention to the Card of Dr. H. W. Brown, which appears in our columns this morning. Dr. B. has been connected with the Atlanta Medical College from its first organi zation. He has recently removed to this City intending to make it his permanent residence^ From an intimate acquaintance of ten years, we can safely recommend him as a man and a physician to the good graces and kind offices of all men. Cobb on Slavery* The Law of Negro Slavery in the United States of America ; to which is prefixed An Historical Sketch of Slavery. By Thomas It. R. Cobb, of Georgia. Philadelphia; T. & J. W. Johnson. Savannah, W. Thorne Wil liams, 1858. We have been favored by the author with a copy of the above work. From a hasty glance at its pages we are constrained to the opinion that it is just the work for the times. The Sa vannah Republican justly pays the following compliment to the author, which we heartily endorse; “Our purjiose, at this time, is simply to an nounce the appearance of this valuable work, and to offer our sincere thanks to the Author for a copy. We design at an early day, to re view it at length, and to show how far Mr. Cobh, by his genius and research, has made himself the creditor of the lawyers and states men of his time. Much has been written on Slavery, but it was reserved for Georgia to produce the only thorough historical, philosophical and legal treatise on the subject. The work, as indicated in the above trans cript of the title page, is before us in the form of a single volume ; though the “Historical Sketch” is also issued separately, in a volume to itself, for general circulation ; and we may add, the library of no gentleman can lie com plete without it. Price $1 50. Either volume, or both bound in one, may be had in this city, at the bookstores of Col. Williams and Jno. M. Cooper & Co. Part Second in the volume lieforc us, con tains a view of the negro slave as a person. An- itlier volume will be issued at an early day, setting forth the rules of law to which ax prop er!y, he is subject.” For sale by Win. Kay, Atlanta. Ga- Bueak-bone and Yellow Fever the Same.— The Savannah Republican says, “in the intro duction to an able article in the Savannah Journal of Medicine for the present month, the writer, Dr. Richard D. Arnold, of this city, advances the following opinion “For myself, my belief lias been fixed to one point, since the yellow fever epidemic of* 1854, and the epidemic of the present season has merely accumulated proof to my mind, not furnished any new proof; and that point is the identity of Dengue or Break-bone with Yel low Fever.” There has been a violent outbreak tig the students of the North Carolina ersity at Chapel Hill, the principal fea- of which are ; the burning of one of the ers in effigy, assaulting the Faculty, ng the benches, and attacking a private nee. ' Edward Houghton, cashier of the Litch- Conn.) Bank, was arrested in New York, iday, on the charge of embezzling $10,- Tlie Montgomery and We6t Point Rail- "oinpany have declared a dividend of Lollars per share. Another Wheel-barrow Man.—The Kan sas City Journal of Commerce states that A. 0. McGrow, of Pittsburgh Pa., left Kansas City on the Kite, solitary and alone, for Pike Peak diggings, taking his provisions, blankets, pick and shovel, gun and ammunition in a wheel- harrrow ! When he left Pittsburgh he had just five cents in money, and no outfit save what he had on his back. Pitkins, hardware dealer of Kansas City, who has known Mc Grow, for some years, filled his wlieel-barrow with an outfit, and McG. started on his soli tary pilgrimage of six hundred miles through an uninhabited country save with Indians and Buffalos, determined to fill his single-wheeled coach with shining dust as soon as -anybody. In passing a train before reaching Westport, McGrew was offered a place in the company, but returned thanks for the proffered kindness, adding that he could not consistently accept the offer, as he was in great haste, and fear ed that he might he delayed, and perhaps caught in the snow, if he travelled with oxen Our Affairs with Central America.—The Washington Union, apparently speaking by authority, says the policy of the United States is not to acquire Central America, or any part of it, but to open the Isthmus routes and have them free to all the world. Meanwhile it is but fair to claim that the. covenants made with our people shall be enforced. Not only lias Costa Rica made ample apology to our Govern ment, but received Gen. Lamar with great cor diality. He will attend the convention of the Central American States about to be held, with a view to effect the Confederation thereof. Massachusetts Politics.—Ex-Gov. Gardner made a speech in Faneuil Hall, Boston, on Thursday, October 28th, in favor of the elect ion of Heard, Democrat, to Congress, over Burlingame. Yet low Fever.—There have been 4.429 yellow fever deaths in New Orleans this sea son, and 236 in Galveston, Texas. The dis ease still prevails at Vicksburg, Miss., and the mayo cautions strangers to keep away for the presenr. flf“ The London Star says a bill is being prepared there by which no couple will lie permitted to many- without finding two secu rities to keep the peace towards each other.— The sum requ ired willfbo from fifty dollars to one thousand dollars, according to the wealth of the parties. |f7“ The Bank of Athens, on the 1st inst., declared a dividend of two dollars and a half per share. Not True.—The rumor that Mr. Preston, of Kentucky, has declined the mission to .Spain, is untrue. He accepted the appoint ment. and is preparing for his departure. ‘Well, Alick, how’s your brother Ike get- ir.g on these times V 'Oil, first-rate. Got a start in the world— married a widow with nine children ! A pret ty sizable start, that.’ It was a remark of Themistocles, that he preferred marrying his daughter to a man who lacked wealth, rather than to one who lacked sense. Punch abb Crinoline.—Punch gives no quarters to crinoline, having been engaged for the past year or two in a crusade against it.— His last shot is entitled the “New Crinoline Regulator,” representing an oinnilras strung round with skeleton crinolines, while tho dri ver stationed at the dooi, remarks to an ap proaching lady in full dress, ‘ Werry sorry’m but jKr’ l have to leave yer krinerline out side. Arrivals** Coin.—The peculiar condition of our exchafw on northern cities renders it an economical n^yement u> bring out (x)in for the purpose o By the steamship Ala bama, irom New * “\arriv«d at this port yes terday, we notice theY^i pt ((f a quarter „ fa million in specie, of $200,000 is for Messrs. A. Low & Co., afii $60,000 for the Marine Bank.—Stw. Repub, Southern Pacific Railroad. We publish to-day the authorized account of the negotiations recently pending in Mar shall, Texas, for the settlement of the diffi culties between the two contending parties claiming the ownership of the Southern Par cific Railroad. If these negotiations shall be consummated in the propel spirit by all par ties by which the great materia] point of go ing on with the Railroad, shall be immediate ly pushed onwards, then the country may rejoice. We see in the future, vast benefit to the South in this great work, and for Atlanta, we recognize material benefits, by the comple tion of the intermediate links from this point to Vicksburg and thence to Texas. But it is particularly Tgratifying that the difficulties have been so harmonised as to bring this mat ter to a safe conclusion. Col. L. P. Grant the head of the Road will he in town in a few days when we shall he able to present to our readers a fuller account of the proceedings and the prospects of the great enterprize. mb. \ 1 a An’s s heart, but Love may slumber in it always dreams. Cabinet Rumors.—Die Wasbfw^, pj, JCB says there is not the least ground V ^j )( . j a ^ e rumors of changes in the Cabinet. V e p res . plent and his official advisers are a ui “You seem to walk more erect til uftRiny friend.” “Yes, I have been straightened by cirt^j. stances.” The Pacific Railroad. AWARD OF THE ARBITRATORS—ADJUSTMENT OF tue Difficulties between the old and new SOTTHERN PACIFIC RAILROAD COMPANIES. Marshall, Texas, October 18,1858. Messrs. Editors: As a matter of news that will doubtless he interesting to a large number of our readers, I send yon the inclosed slip from the Harrison Flag, and also a copy of the “award” of the arbitrators selected to settle the difficulty between the old and new South ern Pacific Railroad Companies. It will be seen that the new Company have succeeded in lopping off all stock that is not genuine, and that all stock is required to be sent to Marshall within six months, for ap proval and that, if found good, it is approved otherwise it is rejected. This saves the enter prise, and insures the speedy construction of the road. When the stock books have been purged, the Bona fide stockholders are to elect new officers, and the present ones, both old and new, are to retire. The Texas movement has therefore, succeeded in freeing this great en terprise from its embarrassment. Harrison award. Whereas, Jeptha Fowlkes, President of the Southern Pacific Railroad Company, chartered by the State of Texas, in behalf of the Direc tors and stockholders of said Company, being fully authorized thereto, have submited to L. P. Grant, President of Southern Pacific Rail road Company, organized under the act of toe Legislature of the State of Texas approved the 19th of December, 1857, certain points of difference between their respective organiza tions, to toe undersigned for final adjustment, determination and award-each party, as afore said, in behalf of their respective organizations as aforesaid, having entered into a bond to the other in the sum of five hundred thousand dollars, condition to abide their own agree ment, and the award of the undersigned or a majority of the same in toe premises: And whereas, the party of toe first part has proposed to toe party of the second part that all bona fide debts against the Company in the hands of the new Company shall be paid off one-fourtli in three months, one-fourth in ffve months,fane-fourth in seven months,! and the remainder in nine months, in cash, or with sueli negotiable paper as shall be good and ap proved by a majority of the Committee. To pay the moneyed demand .held against the Company, and merged in the stock of toe Company, to receive and take as payment be made a transfer of the stock with the debt; Amd where the’party of toe second partagre* that the bona fide stockholders of the “sold- out Company” maybe permitted to pay all the debts recognized and contracted by the said S. P. R. R. Company, provided the same shall be paid by the expiration of three months. But the party of the second part, in consider ation of such payment, agree that all the stock held by the corporators of said Company repre senting said debts shall at the time of said pay ment, in full, he transfered to the liona fide stockholders. And wheras both parties agree that the un designed, shall settle and determine who are bona fide stockholders. Now therefore, touching the points of differ ence in the forgoing proposition between the parties, undersigned award and determine that the said party of the first part shall pay and satisfy in cash or good negotiable paper, to be approved by the undesigned, all the bona fide debts held by the party of the second part, merged in or represented by their stock injthree equal payments, at intervals of three, five and seven months from this date. It is further awarded and determined, That on the final payment as aforesaid, the said par ty of the second part shall assign and deliver over to such parties of the first part as may be determined to be bona fide stockholders in the Compauy of the party first aforsaid all the stock in the Company of the second part, rep resenting the debts originally due from the par ty of the first part, and converted into stock in toe Company of the party of the second parti as aferesaid. The party of the second part proposes that on executing the agreement proposed for pay ment and transfer of stock as aforesaid, that the party of the first part dismiss a certain suit now pending in the District Court of Har rison county, Texas, wherein the 8. P. R. R. Company is plaintiff, and J. M. Saunders and others, are defendants. The party of toe first part agrees that the undersigned shall be in vested with full power to direct the institu tion, or dismissal of suits between the two companies, and against others, jointly or sev erally, and make such orders and requirements from time to time, as it may deem best to fur ther the objects of the agreements. It is therefore awarded and determined, touching the matters last aforesaid, that if the party of the first part shall make default in their said several payments, as herein before awarded to be paid, or any one thereof, then and in that case the said suit shall stand dis missed at his cost and all the rights claimed by the parties therein shall be and remain forfeited, and henceforth of no avail whatev er. It is further awarded and determined, That should the party of the first part make default and forfeit as last aforesaid, that then and in that ease the said party of the second part shall succeed to all their rights aud privileges. And the undersigned regarding the assets or property of such a corporation as a trust es tate—equitably liable in whatsoever hands it may lie, for all tho just and bona fide debts, created for its benefit alike without discrimin ation, doth award aud determine that in case of a forfeiture of the rights of the parties of the first part, as aforesaid, then and in that case the said party of the second shall pay and satisfy all the just and bona - fide debts of the right due anil owing on account of said South ern Pacific Railroad Company in three equal payments at three, five and seven months from such a forfeiture, such debts to be exam ined and appro ved by the undersigned. The undersigned being fully authorized thereto by the parties aforesaid, doth award, order, and determine that all the stock claim ed, held or owned in the company of the par ty of the first part and each and every memlier thereof be transmitted to G. G. Gregg, at Marshall, Harrison county Texas, within six months from this date. It is futher ordered and determined that in default hereof the said stock be held and considered barred and forev er forfeited. That all stock surrendered and transmitted as herein provided and approved as bona fide stock shall be entered upon the hooks of the Company to the credit of the owner, and a reissue made and returned to the same in lieu of the stock now outstanding. It isjfurtherl awarded that so soon as the said stock to he returned shall be examined and approved as hereinbefore provided, that a meeting of such stockholders be held for reor ganization and transaction of business of the Company. It is further awarded that on the final pay ment as heretofore provided by the parity of the first part and the assignment of stock by the party of the second part, then the party of the second part shall deliver possession of said road-bed property and appurtenances belong ing to the same. It is further ordered, That all the other matters submitted to the undersigned for con- gidertion be reserved for future action. Done at Committee Rooms in the city of Marshall, Texas. October 15th, 1858. G. G. Gregg, J. Marshall, . J. M. Woskom, H. P. Perry, Benjamin Long, Committee. I have examined the foregoing award and declare the same meets my approbation. (Signed,) L. P. Grant, President. J. Fowlkes, President We certify that the above and foregoing a- ward of five pages is & correct copy of the ori ginal on file with us. G- G. Gregg, [l. s.] J. Marshall, [l. s.j Governor’s Message. EXECUTIVE DEPARTMENT, | 358. j MrLLEDGEviLL, Ga., Nov. 3d, 1858 Fellow Citizens of the Senate ' and House of Representatives : It affords me much pleasure to be able .to state that the financial condition of the coun try is greatly improved since the adjournment of your last session. Previous to that time, the commercial crisis, aggravated by a gener al suspension of specie payment by the banks of many of the States, including most of the banks of this State, attended by distrust and loss of confidence, had, depressed the spirits of our people, and seriously affected all the great interests of our State. BANKS AND BANKING. On the 22d day of December last, both bran ches of the General Assembly passed, by a constitutional majority, without Executive sanction, an act entitled “an act to provide against the forfeiture of the several bank char ters in this State, on account of non-specie payment for a given time, and for other pur poses therein named.” This act made it the duty of the Governor to withhold proceedings under the act of 1840, for the forfeiture of the chartes of such banks in this State as had vio lated the law, and were in a state of suspension until the 15th day of this present month, or till the happening of certain contingencies mentioned in the act. In view, doubtless, of the great imposition practiced upon the people by the banks, in taking from them usury under the name of ex change, and otherwise, the usury laws of this State, so far as applicable to banks, were changed by the eighth and ninth sections of said act; by wliich it is made illegal for any bank or bank agency, by itself, its officers or agents, directly or indirectly, to loan money at a greater rate of interest than seven per cent per annum, and at that rate only for a longer or shorter time ; or to discount or pur chase notes, papers, or evidences of debt at a greater discount than seven per cent per an num. And all notes, bills, drafts and con tracts of everj' sort whatever, taken for money loaned at a greater rate of interest than seven per cent., as well as all notes, papers and evi dences of debt discounted or purchased in vio lation of said act, are declared to be utterly null and void, and irrecoverable in law. The tenth section of the act regulates the per cent which a bank may receive for ex change, when its own bills are tendered at its counter in payment therefor, by a citizen of this State. The sections containing these provisions were doubtless inserted in the act for the pur pose of protecting the people against the usu rious and exorbitant exactions of the banks. And to prevent, as lar as possible, violations of the act, in the particular above referred to it is enacted by the eleventh section, that, “The affidavit of bank officers to their annual reports, shall, in all cases, state that the bank of which they are officers, has not, by itself* its officers or agents, in any particular, viola ted the provisions of this act. ’ ’ And the 12th section makes the offence perjury, should bank officers swear falsely in making their reports. By requiring of bank officers the solemn guar anty of an oath, under heavy penal sanctions, that the law has not been violated bv them, the Legislature no doubt believed they had protected the people against such illegal prac tices in future. Although I withheld my sanction from the act on account of other objectionable features in it, and on account of the doubts I enter tained as to the constitutionality of portions of it, I have no doubt hut that such portions of the act as prohibit the taking of usury by the banks, and regulate the manner of making their annual and semi-annual reports, which apply alike to all banks in the State, are both constitutional and expedient. Entertaining these views, on the 1st day of June last I is sued my proclamation, calling on the banks to make their returns according to law, and to comply with said eleventh section of the act of 22d December, 1857. As this act had been passed l>y the Legislature mainly for the relief of suspended banks, and at the earnest solicitations of their friends, I liad reason, in common with all law abiding citizens of the State, to suppose that they would render cheer ful obedience to all its requirements. It is with much regret, however, that I have to state to the Legislature, that by far the greater num ber of the banks whose suspension had been thus legalized, and whose charters had been so recently relieved from liability to forfeiture, in open violation of the statute passed for their relief, as well as all the banks in the State which had not suspended, either neglected or openly refused to obey the law and make their returns as directed by the positive mandate of the statute ; thereby placing themselves in a position of defiance to the constitutional au thorities of the State. In this state of things I issued my proclama tion as required by law, publishing the names of such delinquent banks, and notifying the Treasurer of this State that their hills would not lie received in payment of taxes, or of any debt due the State or the Central bank, until they should comply with the laws and make their returns as directed by the stat utes ; and this theyj have hitherto neglected to do. It is evident, therefore, that the pen alty of excluding their hills from the Treasury which Is the only penalty now prescribed by law for a failure to make their returns, is not sufficient to compel obedience to the require ments of the statutes. Doubtless some of the hanks have made more by taking usury, and hv disregarding in other respects the act of 22d December last, than they have lost by suffering the present penalty for not making returns in accordance with existing laws. For the purposes of compelling these corpor ations to yield obedience to the law in future 11 respectfully recommend that the penalty for disobedience be increased, and in addition to the penalty already prescribed, that a tax of two per cent a month upon the whole amount of the capital stock mentioned in the charter of each delinquent bank, be levied and collec ted in gold and silver, for the entire time dur ing which any such bank may in future remain in a state of disobedience, and fail to make its returns as directed by the statutes. There can be no just reasons why wealthy corporations should be permitted at their pleasure to set the law at defiance, while individuals are compell ed to suffer rigorous penalties for its violation. Die mandates of the law should be obeyed as promptly and implicity by the most influential and weaithy as by the poorest and most needy. This is republican equality, and our people should lie content with nothing less. No sooner had tho act of 22d December, 1857, been passed, than the banks, forgetful of their promises to expand their circulation, to discount freely and relieve the country, re fused to discount notes, however good, when offered to them in a legitimate course of bank ing business, or extend accomodations to any, except perhaps a favored few, such as cotton buyers and other speculators. Merchants and others compelled to have Northern exchange were generally unable to obtain it for less than three per cent. Die price of cotton de clined, and monetary distress became gener al throughout the State. The banks having thus abused the generous confidence reposed in them by the Legislature continued to enjoy the benefits of the suspen sion long after the banks of the groat dries of the North and West had resumed spede pay ment, and until the just indignation of an in jured people, expressed through the public meetings and otndrwise, became prevalent that they felt compelled by the fear of future consequences, to retrace their steps and curtail the speculation they otherwise would have made out of the suspension. Diey therefore prepared to resume on the 1st day of May last; thus admitting, by their resumption six months in advance of the time fixed by the statute, that no such necessity as they repre sented to the Legislature ever did exist for the passage of the act. A gentleman of great abil ity and worth, who is at the head of one of the most important and influential banks in the State, in his report of May last, while apol ogizing for the suspension, and referring to the fact that the Legislature had given time till the 15th of November, says : “Our hanks, impatient under the supposed odium of sus pension, resolved to resume on the 1st of the present month,” (May.) It is a fair inference, therefore, that the banks would have contin ued the suspension till the time fixed liy the act for them to resume, hut for the pressure of public opinion, and their impatience “under the odium of suspension.” Public opinion having thus compelled the banks to resume before the time fixed by the statute, and the crisis having passed, we rational men, should learn wisdom by the experience, and tiy to provide as far as possible against abuses of their privileges by these corporations in future. I presume it will not be denied by any one that we have erred by a too liberal and un guarded grant of corporate powers and privi leges to moneyed monopolies. And it is be lieved that a future extensu n of this policy would soon enable these monopolies to control the government of Georgia and make the peo ple the subjects of their power. It is already claimed by some, that they now have the pow er, by combinations and the free use of large sums of money, to control the political con ventions and elections of our State, and in tliis way to crush those who may have the inde pendence to stand by the rights of the people in opposition to their aggressive power. I trust that the bold, independent and patriotic of Georgia may never be compelled to bow the neck in subjection to the yoke thus intended to be imposed by the corporate influence, that the price of republican liberty as perpetual vig ilance. Die monetary and commercial affairs of the country must necessarily remain subject to panics, and heavy pressures, at certain, if not frequent intervals, as long as our present bank ing system is continued with its enormous powers and privileges, which have been en larged and extended by legislative enactment chartering new banks from year to year. The people should take this subject into serious consideration and pronounce upon it a calm and deliberate judgement. Every intelligent person must admit that it is impossible for a bank having a paper circulation three times as large as the amount of its specie, to redeem all its bills in spede on demand. Should all its bills be presented for payment at any one time, and the specie be demanded, it can then redeem but one third of them. In that ease, if the bank has sufficient assets, or property, the other two-thirds may possibly not be .an ultimate loss, but payment must be delayed till the money can be realized by a disposition of those assets and property, which may not he till the end of a lengthy and uncertain liti gation. It is clear, therefore, that our pres ent imper currency is not a currency convert! ble, at all times into gold and silver upon pre sentation ; and that only one-third of it, should payment be demanded on all at one time, can, in the nature of tilings, be so conver tible!, so long as the banks issue.three dollars in paper for one in coin. In my judgment no paper currency in sale which is not so regulated as to be at all times readily convertible into gold aud silver. It is true, our people, by a sort of common consent , receiveTlie bills of the banks and use them as money, though in reality they rest upon no solid spede basis. But sad experience has taught us that sueli a circulating medium subjects the country topanicat the first breath of distrust or suspicion, which may be pro duced l»y tlie failure of a single bank having a large circulation and extensive connections with other banks and may widen and extend to the prostration of the credit of the whole country. Such a currency, having no solid specie basis, can be available only so long as the community will consent to receive promises to pay money in place of money itself. The people take from tlie bauks their bills as money. The banks receive interest, and often exchange, upon them. When required to redeem their bills in specie, they suspend, if they choose to do so : and then, if an at tempt is made to coerce payment in specie, they resist it, holding a rod over the people by threatening to make them pay upon a specie basis, is secured to the banks under our paesent system of legislation as an exclusive right, while the exercise of similar privileges upon like terms is deuieil to all individual citizens of the State by stringent penal enact ments. The privilege of using their] own notes as money gives to the favored few who enjoy it, immense advantages over their fellow citizens and may often enable the managers of these corporations to amass great wealth by their high salaries and large profits. It may how ever he siad, that many of the stockholders are widows and orphans ; that the stock is in the market for all, and that the dividends are not greater than the profits realized from other investments. This may bo admitted. Indeed, it seems in practice to be gene ally true, that corporate privileges do not result so much to the benefit of the mass of stock holders as to tlie benefit of the few who man age tlie corporation. To estimate correctly the profits made out of the people by those engaged in banking, we must not only count the dividends of seven, eight or ten per cent distributed among the stockholders, but we must also take into the account the banking houses, real estate and other property purcha sed out of the profits of the hank and held by the corporatioiT. Besides, we should consider a reserved fund of two, three or four hundred thousand dollars, made up of accumulated profits, and often kept back by our larger banks and not distributed among thi stockhol ders , together with the high salaries of all the officers of the bank, which must lie before any dividends are distributed. These sums though then, without any violation of the letter of the charter, incur liabilities against the bank to any amount that does not exceed $1,600,000; and that too, without any obligation on their part to leeep in their vaults the $500,000 actual ly paid in, or a like sum. If they should take out $400,000 of their specie and invest it in real estate or other property, leaving but $100,- 000 of specie in the vaults, they may still con tract debts to the amount of a million and a half, and may point in triumph to the lan guage of their charter, and to the fact that the $500,000 of capital stock was once actually paid in, as their authority for so doing. This bank legislation of our State does not seem to have been well understood by onr peo ple. They have generally believed that our banks, by the letter of their charters, were re quired to have on hand at all times an amount of specie one third as large as the entire amount of their liabilities.—The banks have under stood the matter very differently, and have not only claimed, but exercised the right when they regarded it their interest, to extend their liabilities far beyond three dollars for every one of specie actually on hand to meet those liabilities. By examination of their returns made to this Department in October, 1857, it will be seen that at the time of the late sus pension of our banks in Augusta and Savannah, the liabilities of one of them for hills in circu lation and individual deposits, exceeded thir teen dollars for every one dollar of both specie and bills of other banks which it then had on hand. Another had only one dollar in specie in its vaults for every fifteen dollars of its liabili ties for bills in circulation and deposits. An other had not one dollar in specie for every seven of liabilities for bills in circulation and depos its ; and another hail only one dollar in specie for every eleven dollars of its liabilities of the character mentioned above. It is true these banks had other assets, but those assets were not money. The question naturally suggests itself, how can such a currency be convertible into gold and silver—the money of the consti tution—on demand or presentation ? How can a bank with fifteen dollars of cash liabilities for every one dollar in specie, or even of five dol lars for one, pay its liabilities promptly on de mand ? It is impossible. And how can its bills be justly considered safe as a circulating medium, or as money, if it cannot redeem them promptly on demand ? In consideration of all the imperfections and abuses of our present banking system, I am of opinion that we should do all in our power to bring about its complete reformation, imd if this be not possible, we should abandon it en tirely. I am the advocate of no harsh meas ure that would either violate the legal rights of the present corporations, (however unwise ly they were granted,) or that would bring dis tress upon the people, by a sudden return from a paper to a specie currency. A reformation so radical, if attempted, must be the work of years. If the legislature would continually refuse to charter any new bank, or to enlarge the capital stock of, or re-charter nny bank now in existence, the system would gradually work Itself out by efflux of time ; air l we might without any sudden shock, return safely to the cuirency of the constitution, plant ourselves upon a firm specie basis, and rid ourselves of a system against which the great are 1 good men who conducted the revolution and formed our constitution intended to guard thei r posterity, when they declared in the constitution that nothing but gold and silver coin should be made a legal tender. In two of the States of this Union banks are prohibited by constitutional provision; two others have no banks, and another had but two small banks, whose charters, it is said, have been forfeited by the late suspension. And J am informed upon what I consider reli able authority, that the late commercial pres sure was comparatively but little felt within the limits of those States. Should our people determine, however, to continue tlie present banking system, and to •charter new banks, increasing their number and there by increasing tlieir power in the State I would respectfully urge the importance o guarding all charters with much greater strin-f gency in tlie future. Let the charter of each provide that tlie entire liabilities of the bank shall, at no time, exceed three dollars for ev ery one of specie actually in its vaults and bo na fide the property of tlie hank, on pain of immediate forfeiture. Let the simple fact of suspension of specie payment render the char ter absolutely, null and void. This would de ter them from'engaging in such wild specula tions and over issues as compel them to sus pend in case of pressure. Let provision also be made that all executions issued against tho corporation may be levied upon the property of any stockholder until the creditor be satis fied, leaving the stockholder to his legal rem edies against the rest of the stockholders to enforce contribution among themselves. Let the bills of the banks in the hands of the peo ple at the time of suspension, hear interest from that time till paid. And let the Legislature retain the right,- by express reservation in the charter, to alter, modify or repeal it at pleas- In my opinion it would be ltest for the ed by the Treasurer and countersigned by the Secretary of State, with the impression of the great seal of the State stamped upon it, and a register or the issue of each kept in the Treas ury to prevent counterfeit. These certificates might be made payable to the person to whom they were first issued or to bearer. They would supply the place of bank bills so far as the con veniences of a paper currency are concerned, while they would be subject to none of the fluctuations of value and the mirerfaiintiga of bank bills.—They would be taken at the op tion only of the creditor in place of gold and silver. The gold and silver, dollar for dollar, would, when they were in-circulation, remain in the vaults of the Treasury to redeem them when returned to it. These certificates, thus predicated upon coin in the Treasury, dollar for dollar, would be receivable in payment of taxes or of any debt due the State. They would be a safe medium of exchange, and would, to the amount of their issue, he a paper currency at all times convertible into gold and silver upon presentation at the Treasury. Each dol lar of paper would have for its basis a dollar of specie in the Treasury, and as the faith of the State would be pledged for their redemption, it would bo impossible for any citizen to sus tain loss upon them. They would be a cur rency at all times and under all circumstances of uniform par value. This would render the government of the State entirely independent of all banks and bank agencies, and would in a very great degree destroy the power of the banks over the people, while it would give the people gold and silver change in all their small transactions, and a paper currency per fectly secure in many of their larger ones. The suggestions made by the Secretary of the Treasury of the United States, (Mr. Cobb,) in his late report to Congress upon the subject of the establishment of a Sub-Treasury system by the States, similar to that of the United States, and the prohibition of the circulation of bank bills under the denomination of twen ty dollars, are, in my judgment, founded in wisdom, and commend themselves to the seri ous consideration of the Legislature. The State of Ohio has already shown her appreciation of the wisdom of these suggestions, by transfer ring much of their substance to her statute book, allowing sufficient time for the gradual inauguration of the system into practical oper ation. Legislature to refuse to grant a charter to any corporation for any purpose whatever without retaining a similar power, should its exercise be required by ihe interests of the State or the public good. If the corporation is unwilling to trust the people with this repealing power, how much more should the people be unwil ling to trust the corporation without it. PROHIBITION OF SMALL BILLS. Several of the States lie ve already passed laws prohibiting the emission by their banks of small bills. I once entertained doubts whether our Legislature could do this without a violation of the chartered privileges of the hanks; hut on more mature reflection and careful examination, those doubts are entire ly removed from my mind. I therefore recom mend the passage of a law prohibiting the emission of small hills by the banks of this State, and forbidding, under heavy penalties, the circulation within this State of bills of a like denomination issued by banks of other States. Such an act might prohibit the circu lation of all bills of a denomination under ten made out of the people by the banks, are not semi-annually divide damong the stockholders. , ,, - .. ,, To these add all sums paid to attorneys, agents f ter *™ lve m f ont , hs after Slc., ana all amounts lost by defaulting agents which, while they cannot be set down as pro fits of the corporation, since neither its offi cers propernor its stockholders are benefited thereby, are still sums of money which, under the workings of the system, are drawn by the corporation from the pockets of the people. To all this add the large sums lost almost every year, on account of broken banks, whose bills are left worthless in the hands of the people, who have paid full price for them as money. And take into the account the further fact that the State, in 1848 and 1849, issued $515,000 of her bonds to meet her lia bilities on account of the Central Bank, $240,000 of wliich are still outstanding. And that in 1855, she issued $48,500 of bonds to pay her indebtedness on account of the Darien bank, which are still unpaid, making $288,500 of bonds on account of these two banks which still remain a portion of the public debt, the interest upon which is paid annually out of the taxes 'of the people—and we may form some estimate of the amounts which the peo ple of Georgia have paid and continue to pay in taxes, and suffer in losses, to sustain the banking system. Again, in many instances, those who con trol the corporation may have great advanta ges in being able, if t;:cy choose, to obtain such accommodations as they may desire, by the use of its funds, when a favorable oppor tunity for speculation occurs. The dividends paid to stockholders are therefore no proper, criterion by which to judge of advantages of the corporation to those who hold its offices, and control and manage its capital and its op erations ; or of the sums lost by the people on account of the workings of the system. Dins far I have discussed this question up on the supposition that tlie liabilities do not exceed three dollars for every one of sjiecie ac tually on hand in the banks to meet and satis fy them. This supposition is more favorable to many of the banks than facts will justify. The law of their charters only requires that their liabilities shall not exceed three dollars for every one of capital stock actually paid in, and not three dollars for every one of specie on hand to meet those liabilities. As an illustra tion of the error of our present legislation in incorporating banks, suppose the amount of the capital stock of the bank be limited by the charter to $500,000, which is to lie paid in, in gold and si ver, by the stockholders. The char ter then provides that the liabilities of the bank shall at no time exceed three times the amount of the capital stock actually paid in. The stockholders pay in the $500,000 in gold aijd silver. The directors of the bank may of the act, aud those of a denomination under twenty dollars in six months thereafter, or at such other stated times as might lie thought best, so as not to embarrass the business trans actions of the country. Die effect of such a law would be to cause small bills to be with drawn from circulation, and as they must be redeemed by the banks with specie, the specie would go into cii culation in their stead. This would cause gold and silver to take the place of bank bills in all the smaller business trans actions. The laborer would then receive the price of liis labor in gold and silver, the farm er of small means would generally receive the price of his produce in gold and silver, which would remain good however much bank bills might depreciate. SUB-TREASURY SYSTEM. I also beg leave to call the attention of the General Assembly to the propriety of establish ing by law a system for our State similar to the Sub-treasury system of the United States, the wisdom of which has been fully demonstra ted by the beneficial results of its practical op eration. I earnestly recommend the adoption of such a system- Let all payments into the treasury, after a rejisonable time to be fixed by the Legislature, be made hi gold and silver, and let the State pay the interest upon her public debt, the salaries of her officers, the per diem of her Legislators, the money due the several counties for school purposes, together with all her other liabilities, in gold and sil ver. Of course the system should go into op eration gradually. Tliis, in connection with the prohibition of the circulation of small bills, would keep out of the banks and in circulation among the people a large amount of coin, pla cing the currency upon a much m< re solid spe cie basis, making the people more independent of banks, and enabling them to withstand the shock with much less injury in case of a com mercial crisis and hank suspension.—It is be lieved that no serious inconvenience could re sult to the tax payer from such a law, as the gold and silver paid into the Treasury by those indebted to the State, would be returned by tho State in the payment of her debts due to her creditors, and would again go into circula tion among the people. Shouldany inconven ience be apprehended in the trans[)ortation of specie from tlie treasury to the creditor, pro vision might he made authorizing certificates of deposit to be issued, which might he paid to the creditor at Ids request in place of the coin. These certificates of deposit might be of such denomination as the Legislature m iy prescribe, handsomely engraved upon steel plates, which plates should lie deposited in the Treasury for safe keeping. Each certificate might he sign- WESTERN & ATLANTIC RAIL ROAD. For a statement of the present condition of the Western & Atlantic Railroad, its opera tions and incomes for the fiscal year ending 30th September last, I beg leave to refer you to the report of Dr. John W. Lewis, its able and efficient Superintendent, who has shown him self to be a most vigilant, active, and valua ble public servant. In passing this well mer ited compliment upon the faithful Superin tendent, I would do injustice to his associate officers, and the othor agents and employees of the Road, were I to fail to express my entire confidence in their integrity and business qual ifications, and to commend the zeal and ener gy with which they have exerted themselves for the success of the Road and the advance ment of the best interests of the State. For their efficiency, fidelity and integrity they have my sincere thanks, and are, in my opin ion, entitled to the thanks of the whole peo ple of Georgia. Owing to the commercial pressure, and the consequent stagnation of trade and business, the gross incomes of the Road during the pres ent year, from freights and travel, have been less than they were for the previous year, which was one of unusual prosperity. The low price of corn, wheat and other kinds of grain during the present year, has in a great degree, prevented their shipment. Not only were the prices of wheat much lower than they were the year previous, but the quantity made in all that section of country which supplies the Road with freight, was much less. Merchants limited their purchases of goods to the limited demand for them in the country; hence, the diminution of incomes to the Road on account of freights on merchan dize. That portion of the Road track between Tunnel Hill and Chattanooga, (seven miles excepted) was in a very bad condition when Dr. Lewis took charge of the Road, and it has required a great deal of costly repairs. A con siderable portion of the track between those points has been taken np and thoroughly re paired, and small stones pounded into the earth under the new cross ties at several places where in wet weather the earth is so soft that the Road-bed could not otherwise be made firm. This kind of repairs is quite expensive, but is believed to be cheapest in the end, as the track in these soft places will remain firm when once bedded in stone. The entire track is believed to be in better condition than it has been for several years, (a force of about three hundred hnnds having been employed in its repair most of the summer,) and all the rolling stock is in good order. Repairs have also beena Itely made at Alatoona, Petit’s Creek and the Tunnel. Since your last meeting one thousand tons of new T iron have been purchased, which has all been paid for since the 1st day of January last- Diis will lay about eleven miles of the track with new, heavy bar. Part of this iron has already been laid down upon the track, and the remainder, now being received, will soon be laid down. Other new iron will be purchased as fast as it is needed, It is a matter of great importance that the Road lie kept in good order. For this purpose it is proper that several miles of the track at different places should be laid with new iron every year ; otherwise the iron on a large por tion of the track might wear out at the same time, requiring a very heavy outlay to replace it- I hold that no administration, for the purpose of paying money into the Treasury or otherwise has a right to let the Road run down. He who does it deserves to be condemned; and I'am willing that my administration, so far as the management of the Road is concerned, shall be judged by this standard. According to the report of the Senate Com mittee, the present Superintendant, when he took charge of the Road, 1st January last, was chargeable with assetts amounting to about $56,324 15, due from connecting Roads and solvent agents, with a balance in the Treasu ry of $15,907 43. And ho paid according to the report, from 1st January to 1st July the sum of $157,773 23 to creditors of the road, on account of indebtedness contracted prior to 1st January, 1858, and had in the treasury of the Road 1st July a balance of $35,010 95. It will he seen therefore, that the amount in the treasury was much smaller 1st January than it was 1st July ; and that the amount of debts contracted by former administrations of the Road, and paid by the present Superinten dent, from 1st January to 1st July. 1858, was $100,44908 larger than theamouut of solvent assets turned over to him. The Present Su- peritendent would seem therefore to be enti tled to this sum, pud out of his net comings as a cash credit. In this sum is included the price of400 tons of the new iron above men tioned, which was ordered l>y the former Su perintendent prior to 1st January last, and has been paid for and laid down by the present Superintendant since that time ; who has also, through the Treasurer of the Road, paid into the State Treasury, commencing with the month of March last, $200,000. Of this sum $25,000 had been paid in at the date of his re port of 30th September and $25,000 since that time for the month of October. The cur rent expenses of the Road have been paid.— No new debts are permitted to accumulate which are not promptly paid, if the creditor can be found, at the end of each month. The new passenger depot at Chattanooga is in process rf construction under the superin- tendeuce of the Chief Engineer of the Road, with wookmen hired by the general Superin tendent. Die building is 101 feet wide and 303 feet long, and is a very solid and well built structure. It is built of stone to the spriug of the arches,, which are turned with brick. It is expected to be completed and ready for use in a few weeks. All expenses of this structure have been paid mothly. It is intended that the depot be used by all the Roads connecting at that place. As some of these Roads were not in a condition to incur the expense at the time the work was commenced of contributing to its erection, it was thought best as there was great need of the depot, for our Road to go on and build it, and take the obligations of connecting Roads for their proportion of the expense. The Nashville & Chattaaooga Road takes one fonrth interest in the depot, and pays $10,000. The East Tennessee and Geor gia Railroad Company agrees to take another fourth, and to pay a like sum, at two or three years from the time they arc ready toflae it, with semi-annual interest at the rate of seven per cent per annum; and it is believed that the Memphis and Charleston Road will also take a fourth interest. Dr. Lewis took charge of the Road the 1st day of Janniuy last, and was under the neces sity of applying the net earnings of the months of January and February in payment of debts against the Road which existed prior to that time, and for necessary repairs on the Road, including payment for iron previously order ed. It will be seen that the payments made into theState Treasury from the 1st of March last to the present time, have averaged $25,- 000 per month. It is believed in future that all necessary repairs can be made, all' current expenses promptly paid, every department of the Road kept in first rate order and that an av erage of $25,000 a month can be paid into the State Treasury, from year to year, This may be regarded by some as an over estimate of the legitimate uet earnings to be realized in future from the road. As an evi dence, however, of my confidence in its cor rectness, I have no hesitation in saying that I would risk my personal fortune on the result. Were I satisfied that it were the desire of the Legislature and people of Georgia I would bind myself as an individual to take the road for a term of ten years commencing 1st Janu ary next; and I would give bond in any reas onable sum which might be required, with ample security, to return it in as good order as it was 1st January last. I would lay down ten miles of new Tiron on the track every year, the old iron taken up, or the price of it, being mine. I would take the benefits and the bur thens of all contracts made by the authorities of the road since the 1st of January last, recei ving all sums owing to the road and paying all debts owing by the road on contracts made since that time. I would bind myself that the present price of freights should at no time be increased, if such increase would make the freights higher than the average price charg ed for freights by the other roads in Georgia ; and I would pay into the Treasury of the State; $25,000 per month for the use of the road, its equipments and appurtenances, to be paid monthly in cash or bonds of the State, or in the bonds which now constitute the funded debt of the Road ; for the payment of which, the faith of the State has been pledged for years. And every time a payment should he delayed twenty-five days after it was due, 1 would forfeit and pay to the State $10,000 for the delay. Diis would be $400,000 pel- annum principal besides interest, And a term of ten years at these rates, counting sim ple interest at seven per cent per annum on each monthly payment from the time it was paid into the Treasury till the end of the lease, would yield the sum of $4,041,250, for the use of the road for that time. Regarding the question as s ettled, there fore, that the road with proper management will pay into the Treasury $25,000 per month or three hundred thousand dollars annually clear of all expenses and repairs, the inquiry naturally arises, what disposition shall be made of the money. PAYMENTS OF THB PUBLIC DEBT—COMMON SCHOOL The public debt of the State amounts at present to $2,630,500, payable at different times during the next twenty years. A largo portion of this debt has been contracted from time to time on account of the State Road. This debt it will be remembered, is subject by legislation, already liad, to be increased $900,- 000, on account of the State’s subsciiption for stock in the Atlantic and Gulf Railroad Co. This would make the whole debt $3,530,500 should no part of it bo redeemed before the bonds of the State for the above mentioned $900,000, shall have been iusued. By tho terms of the contract with the bond holders, $289, 200 of this debt is now subject to be paid at the option of the Shite, though payment cannot be demanded till 1863 and 1868. The central Bank bonds are also falling due in considerable sums annually. Good faith requires that the debt of the State be promply met when due. And sound policy dictates that such bonds as are due or not, at the op tion of the State, be taken up as fast as she has the means. The net earnings of the Western and Atlan tic Railroad are already pledged for the pay ment of a large portion of this debt. I there fore recommend the passage of an act setting apart $200,000 per annum of the net enmings of the Road, to be applied in payment and pur- flhase of the public debt. And, in view of the great and acknowledged necessity existing for the education of the children of the State, and of the immence advantage which would result from the establishment of a practical Common School system, I farther recommend that asumas large as the entire amount of the public debt - be set apart as a perminent Com mon School Fund for Georgia, to be increased as fast as the public debt is diminished, am.1 that the faith of the State be solemnly pledged that so no part of this sum shall ever be ap plied to, or appropriated for auy other pur pose than that of education. Let the act make it the duty of the Govorner each year as soon as he shall have taken up the $200,- 000 or the State’s bonds, to issue $200,000 of new bonds, payable at some distant period to be fixed by the Legislature, to the Secretary of State, as trustee of 'the Commou School Fund of the State, with semi-annual interest at six per cent per annum. The bonds to be deposited in the office of the Secretary of State. As the public debt is thus annually diminish ed the School Fund will be annually increas ed, until the whole debt is paid to the credi tors of the State, and the amount paid conver ted into a School Fund. And as the fund is increased from year to year, the amount of in terest to be used for school! purposes will be likewise increased. Should this plan be adopted, in a few years the school fund of Georgia, including the pres ent fund for that purpose, would be in rouni I numbers $4,000,000. Die amount of interest accruing from this fund, to he expended in erecting school houses and paying teachers, would be $240,000, per annum. I am aware of the difficulties which have been encountered by those who have attempted heretofore to devise a practical and equal school system for the State, owing in a great degree, it is believed, to the fact that portions of our State are very densly, while others are quite sparsely populated- But the fact of our ina bility to accomplish all we may desire is no sufficient reason why we should neglect to do that which is in our power. Probably the principle causef o onr failure in the past is at tributable to a lack of funds and of competent teachers. Withthegradualincrea.se of the fund pro posed, it is not doubted that the wisdom of our State would, from time to time, improve our present defective system till it would be so perfected as to afford the advantage of an education to all or nerarly all the children of the State. Let the teachers lie paid by the State, and let every free white child in the State have an equal right to attend and re ceive instruction in the public schools. Let it be a Common School, not a Poor School Sys tem. Let the children of the richest and tin- poorest parents in the State, meet in the school room on terms of perfect equality of right. Let there be no aristocracy there but an aris tocracy of color and of conduct, In other words, let every free white •hild in Georgia whose conduct is good, stand upon an equali ty of right with any and every other one in the school room. In this way the advantages of education might lie gradually diffused among the people; and many of the noblest in tellects in Georgia, now bedimed by poverty and not developed for want of education, might be made toshino forth in all their splenJJ dor, blessing both church and State by their noble deeds. Should $4,000,000 lie insufficient to raise annually the sum required, the fund might lie increased from the incomes of the road, to any amount necessary to accomplish the object. The interest on this fund should be semi-an nually distributed equally, among the coun ties, in proportion to the whole number of free white children in each between 6 and six teen, or of such other age as the legislature may designate. Authority should also be left with each county to tax itself, at its own pleasure to increase its school fund, as at pres ent. And it should be left to the Inferior Court, or school commissioners of each coun ty to lay off the county into such school Dis tricts, as will be most convenient to its popu lation, having due regard totheir number and condition. [CONCLUDED IN THE INSIDE.]