Newspaper Page Text
the
Judge Clayton's Speech on
Bank Report.
Mr. Clayton said, on presenting the report
ol u.e Honk Committee, I Mpwled the course
of p-weeding which i« usual on inch <>rca.
i-imnf. but it »eem* that every Hung relating to
tut question is to be treated differently from
oilier subjects which generally fall under the
imticn ot this House. I have always under-
siund that, when the minority of a committee
were dissatisfied with n report, made by the
in .j irily. they possessed the privilege to pro-
sent a counter report, but never before, and 1
shall bo safo in ussurling the fact llmt it is un
precedented, has it been known that a mein
her of the committee was permitted to answer
a report by commenting upon its facts or rea
soning, bofore it is read to the House, or even
those tacts or reasonings is known to n single
ineintier. If this bo the usago of the House,
und if tlieeo remarks are intended to break the
force of the report when it comes to bo known,
then I have tho right to claim, and do claim,
of every member who has heard these remarks,
to * i-pend bis opinion until be obtains a full
knowledge of the report. I feel ns if 1 usk
nothing unreasonable, and sure 1 nm there is
untiling in the roquest which liberality, disiu-
tenisiodiicss, and a highminded sense of honor
of this i louse will nnt readily accord. I would
nmcli rather the gentleman should have taken
time to nave made his counter report. This I
expected, but the course pursued, I must say,
is not only unheard of before, but is unfair.—
If, hi future, reports are to bo answered by
discossions of their merits by the minority, be
fore thoy are known to the House, then, is it
perfectly idle for committees to make those
reports. Who does not perceive tho obvious
futility of such a course on the part of tl.c ma
jority. This discussion 1 expected to meet
when (ho question camn fairly before ihe
House, and when it should bo fully possessed
of all the facts of tho report.
I am, therefore, driven to tho necessity of
answering tho gentleman’s exceptions. I owe
it.aiot less to tho committee of which 1 havo
been the chairman, than to this House, to ex
plain all the points to which objections has
been made, promising, that, in my opinion, it
will require ail the ingenuity of the gentleman,
as wull as that of the friends of tho lianlt, to
relieve it from the stubborness of tho fuels
wli ich will soon come to light from the doeu
men) just submitted.
The first objection to the report is, that it
has been submitted for inquiry, wl,other the
selling of American com, by tho bank, is a vio
latino of tho charter, tho 9th fundamental rule
of which forbidding it to deal in any thing
“ except bills of exchange, gold and silver
bullion, or tho snlo of goods really and Iriilij
pledged lor money lent, or goods tho proceeds
of its lands.” The gentleman says that the
Lank obtained Ihe advice of counsol, who gave
it as their opinion that foreign coin was bul
lion, and therefore the subject of traffic. And
lie infers thut, as foreign coin is bullion, in
which they can lawfully trade, he sees no rea
son why they mny not trade in Amcrtenn coin
iu this way, viz«as the government Ima at
tempted to fix tho value of gold nt fifteen limes
that ol silver, when in truth it is 16 to 17, the
bank may fairly buy and sell under this lultor
estimate.
The subject was brought to the considera
tion of tho committee by tho following circum
stance : They ascertained thnt tho bank had
nmdo the Gene'iil Government pay two per
cent, upon 10,000 Spanish dollars, though it
had miliums on deposilo, which it wanted for
tho use of the navy on u cruise to f outh Ame
rica. They uskud tho President why this was
done 1 Hu answered, becauso Spanish dol
lars were considered bullion, and tho bunk
could trudo in bullion; that they were only
compelled to pay in legalized coin, American
coin, thereby virtually acknowledging that
American com was not bullion, and if not bul
lion, the bunk, under tho rule just quoted, had
no right to traffic in that article. Nothing can
be plainer; sod, Mr. Speaker, who docs nut
perceive the inosi dangerous consequences
that must result from such a practice. Is it to
be put in Ihe power of tho bunk to alter the
value of the coin established by law T IVlioi,
Ihe Government has suid, for purposes best
suited to Ihe w.mts ond rendition of tho coun
try, that the coin shall bo worth so much, tho
bank shall say we will defeat that regulation
and give another value to it t Shull it bo said
that the metullic currency of the eounlry. es
tablished for the express purpose of giving
rerium and fixed value to property, may be
changed by the speculations of a monied cor
poration I Shill it be considered that there
is a Government within this Government
whose power extends to the alteration of the
value of the lawful coio of the country I A
Government, tho morn powerful becauso its
whole energy consists in the use of its money,
and which wields annually more thun three
hundred million* of money 1 What monstrous
consequences must flow from such a power I
How unsettled and fluctuating must be tho
value of properly, if a monied institution shall
be allowed to raise and depress the established
coin of the government at pleasure! And
this they can do el Iheir pleasure by moans of
its vast influenco over the currcucy of the
country.
1 put *l to the House to consider well this
matter. I 1 a former committee, investigating
the affairs of this same bank, reported to Con
gress that the buying and selling of Ihe bills
ot Stale bunks »as in spirit if not in terms n
viol snot; of ihe 0th fundamtntal rule before
mentioned, how murh more so must it be to
barter in the legal com of the country t Let
me ask what use is there for that provision of
Ihe Conslilulion which gives to Congress tho
right to regulate ihe coin of the Government,
and the vnludbf foreign coio, if such its r^u-
wcakness by legislating on this subject, if (hat
legislation is nol regarded, and may be con
trolled by a great monied mstiiulion I There
is such an absurdity in tho very idea of tins
inefficiency of Ihe Government, to give a fixed
value to its coin, that it would seem barely
enough to mention lire fact to havo it most
universally reprehended. Then it is a fact,
ns one of tho statements will show, appended
to the report on your table, that the bank has
sold $84,000 of American gold coin at differ,
cm times, and for different premiums.
The second objection to the report, is, that
it complains of the bunks having sold Govern
ment stock, and it is asserted that such privi
lege belongs to that institution. The com
mittee have not affirmed that this is a violation
of the charter, but they believe it it subject
well worthy of Ihe consideration ofthe House,
and tho cuse is this : In the years 1821 and
’24, the Government obtained two loans from
the llank, one of$4,000,000 at five percent.,
nnd the other at $5,000,000, railed tho Flori
da loan, at 4 1-2 per cent. When these loans
were proposed by tho Government, there were
other bidders for them busides tho bank, who
offered the Government a premium for them,
but tho Government preferred lolling the bank
lake them at par, upon thu alleged ground,
that inasmuch a* it was a holder of slock in
tho bunk, to thu amount of one-fifth of ils capi
tal, it would no more in its advnntngo to parti
cipate ns a partner in tho profits ofthe loans,
by which it would lie partly enabled to pay tho
interest of the slock, than it would bo by lot
ting individuals have it nt a premium. (Jpon
this condition, then, and upon the distinct un
derstanding, that the hank laid the means of
inking it and holding it, as will lie seen by a
letter on your lubte, it was prefered, and other
ladders rejected. The bank had no sooner
obtained tho stock, than it commenced selling
it. Now who does not porceivn the violation
of good faith in this transaction! Tho bank,
nnd certain individuals present themselves as
bidders for the slock, tho latter offering a pre
mium, the former urges its claim to tho Go
vernment to bo prefurred, because, of tho in
terest which the Government holds in Ihe
bank ; it succucds in its competition, and then
turns round and sells the stock to the very per
sons who Imd been contending with her, and
pockets tho premium which hud just lioen of
fered to t ho Government. Such a proceeding
cannot bo sanctioned by any principle of com
mon honesty. Tho churter has prohibited
ihe bank from dculing in stocks, unless posi
tively permitted by law. In tho charier, it is
true, a part of its capital was authorised to ho
subscribed for in tho funded debt of tho Go
vernment, which, by llmt snmo law, they were
allowed again to dispose ol; hut not so, with
regard to tho stock I have before described,
and ought not to be so for tho reasons I Imvo
before mentioned. It would destroy all com
petition for thu Government loans, and place
it completely in the power of tho hank, to spe
culate upon its necessities in times of difficulty.
The third ground of objection to the report
is, thut it complains of tho bank’s having made
largo donations towards promoting internal im
provements. Hero the gentleman has the
candor to admit thut it has no right to make
such donations, hut he supposes, for llicro is
no proof of the fact, thut it has boen done to
increase the value of some largo real estate in
tho neighborhood of Ihe improvements bo-
linigiiig to the hank. Cun it be possible llmt
one who cuniptids for strict construction of
powers—one who beliuvos that constitutions,
cr written authorities, by which given agents
are to uet must bn strictly pursued—can admit
that such uguuls inay derive powers not gran
ted on the score of either convonience, inter
est, or even necessity itself! Such a person
has no longer a right to complain of the tariff
or any other cxerciso of power drawn from
tho Consiituliun by virtue of ilia construction
that it promotes tho genoral welfare. The
charter gives no such power to tho bank,
nothing like it can bo found in that instrument,
and if that is tho grunt of it* powers, beyond
which it is not to uet, it lias as cleurly violated
it* charter as if it had made donations for
internal improvoinem* where it was not inter
ested, which tho gentleman virtually admits
would be the case.
It appear* by a statement on your table, llmt
the hank has made two appropriations of $1,-
500 euch to turnpike roads ; one in Kentucky
aud one in Ohio. And, Sir, this wus after the
General Government had refused to grant
such aid* to similar object*. Who does not
perceive tho purpose of such generosity!
The President had pm his veto upon such ap
propriations for itmuy reasons, but especially
because ho could fiud no authority for it in tho
Constitution of Ins country. He chose to act
strictly up to the charter of the Government.
Thu doubtless produced considerable feeling
m thut quarter ol Ihe country where the aid
was sought, aad the bank profiting by this ex
citement, with a view to make friends for itself
and enemies to its political adversaries, put
forth its liberality under all tho advantages of i
stroug contrast, nnd designed it to speak a
language like this,the President has disappoint
ed you, hut wo will come to your relief. Sir,
even it* tho bank could give uway tho money
of tho other slock holders, whet right has it to
appropriate the money of tho Government to
such objects, when the Government itself will
not do it, nay, dare not do it, if it reguards its
written Consiituliun! The bonk has been
established, and holds it* charter under the
express admission that it is a part of the Gov.
eminent, that it is connected with the Treasu
ry Department lor the purpuse of collecting
end disbursing the public moneys. Thet but
for its necessity for currying into effect certain
expreseed powers of the Constitution, it could
not legally exist. Now, Sir, if this be true,
how dure this subordinate branch of the Go
vernment to take from the public the money
of the people, aud apply it to object* which
their immediate representatives have positive
ly refused.
latton depends upon the mere will of a corpo- v
ration 1 Why does Congress so expose he Mr. Speaker, who dees not perceive the dan
ger of such a power! What I a great roonoy-
ed insiuu’ion donlmg in untold millions, and
cuoirolmg tho whole currency of thin vast
country from one end of it to the oilier, so as
to be able to change even the value of the reg
ulated coio of the Government, shall take the
subject of internal improvement under its di
rection ! What city, or even country, is safo
where n shall choose to exercise this powerful
influence ? Between contending commercial
towns and rivul cities, for the trade of the
country, is it not plain to every one that
wherever it throw* its weight, the antagonist
interest must immediately full ? Nay, Sir,
whole States could not withstand its power ;
and they may he robbed of their lawful and
natural trade for some more favorite state, by
the intervention of this irresislable and all-
commanding influenre.
These were Ihe objeclions'tn tho report rela
tive to the violations of the charter. There
are three others in llmt document, against
which, 1 presume nothing can be said. The
gentleman then proceeds to mention other ob
jections to certain charges of mismanage
ment, and the first is in reference to what is
suid concerning the branches of the bank—
Upon tins point, 1 will refer to the report itself,
and patiently wmt until it can be read and rely
confidently upon such examination for a refu
tation of the argument jn»t advanced. The
second objection is, that the report has drawn
a comparison betweon the situation of the bank
now und in the yenr 1819, when it nearly
failed, calculated, as lie thinks, to do great
mischief to the bank.
This, I cannot help, and if tho comparison
be true, and like causes produce like effects, it
is lime for the Government and the country
to lake care of the consequences and to be
prepared for any event. The bank, like all
oilier commercial establishments, is subject to
direct demands that cannot be postponed,and it
must have immediate means to meet these de
mands. The first, the direct demands, are its
circulation, by which is meant its bills afloat—
tho doposites which Ihe gentleman forgot to
mention in his calculation und its debts in Eu-
ropo. The last—its immediate means, are its
specie, tho bills of other banks and its funded
debt. The report will show, that in 1819, its
circulation, deposites, and debt, amounted to
14 millions, and its specie, Stale bunk bills,
and funded debt amounted to 10; the proper,
lion being only os 10 to 14 ; and yet, under
this difference, it produced a panic in Ihe
country which will be long recollected.
At the present time, its immediate means
are $0,800,000 in specie—about $700,000
in State hills, and funded dept none! making
an aggregate of $9,500,000, to meet—what!
$23,000,000 of circulation,17,000,000 of de.
pushes, and 2,000,000 of foreign debt, ma
king, in' round numbers, au aggregate of 42,-
000,0001 I forbonr to make any comment
upon a condition like this. There is a terrible
suspension of discounts and a sudden with
drawal of accommodation now going on
throughout the whole country, to tho great
disircss of the community, which is wholly n
sufficient commentary for me. Tho gentle
man says, I ought to placo within tho list of
tho immediate means of tho bank, its domestic
lulls of exchange, running nt 90 days, differ
ing, he says, from notes discounted. This,
I might safely do, and then leave a dispropor-
tii ii between tho demands and the means
greatly beyond that of 1619. Hut I contend,
Sir, thnt such paper cannot pay off demands,
it must be money or that which represents
money, to meet momentary demands, such as
cannot wait an hour, without involving the
consequences of bankruptcy. But.Sir.ifl were
to admit, for Ihe sake of argument, that this
20 millions of domestic bills should represent
money, I presume the gentleman would let me
go back and include the same item in the
statement made for the year 1819; and if he
does, there will remain the same correspon
ding difference botweeu its condition then and
uotv. Sir, this picture cannot Gs turned aside;
look upon it we must, and Ihe operations now
going on in Ihe commercial community, are
enough to make us tremble for tho conse
quences.
Under the objection, Ihe gentleman men
tinned a fact which, he said, he would take oc
casion to explain. He says, a charge was
made by me, whan this question was first agi
tated, llmt Ihe bunk Imd employed brokers to
job in stocks; and when tho mailer came to
be investigated, it turned out that the hank
was employed by the Government to purchase
up, secretly, the 3 per cents ; and some secret
informer Imd communicated the fact to me.
Now, Sir, nothing could so well have justified
the charge which I made, and which so pro
voked tho gentleman’* surprise at the lime, as
the very transaction which he says has beeu
triumphantly refuted. The Government, in a
confidential manner, authorizes the bank to
purchase its own stocks; the bank keeps the
secret, ond employs a broker to do it; this is
going on unknown to the surrounding commu
nity ; and because, forsooth, they talk of it,
and want to know by what authority Ihe bank
jobs in slocks, it is considered os an improper
prying into the affairs of Ihe hank. For my
self, Mir, when it was explained, I fell rejoi
ced that I had so good a ground for the accu
sation.
The gentleman objects, further, to the re
port’s noticing that branch of business which
for it, end, also, the rate of exchange between
this country and London, upon which it is
drawn, when it falls due; und if he returns it,
lie pays one percent. This bill is drawn pay
able six months after sight; and by the terms
ofthe bond is not to go direct to the placo of
payment, but to go round the Cape of Good
Hope, and through the Indies to London.
Instead therefore, of the specie, which was
usually carried by the merchant to the Indies,
going to that quarter, its destination is chan,
ged to England, and the bank becomes Ihe
shipper of it, to meet its bills by the time they
get’ from China. There is not a dollar less
carried away than before ; but there is every
probability that there is much more ; for this
credit plan will enable more persons to engage
in this trade than if they had to carry the spe
cie themselves; and they will obtain credit to
a larger amount than any amount of spocie
which they could possibly command. This is
dealing without capital, ahd leads inevitably to
overtrading-the curse of any country-and under
which it is now experiencing very heavy suf
ferings. They depend upon tho success of
the voyage for the moans of paying for their
bills, and is, therefore, a gambling species of
trade, resembling respondentia bonds, the
most pernicious of all commercial specula
tions.
The Inst objection to tho report is its noti
cing the indulgence which the bank has lately
obtained from the Government in reference to
the threo per cent, stocks. This, sir, is con
sidered one of the most important subjects in
that report, because it is a painful omen of the
dangerous stress which now presses upon the
bank, and which bears so heavy that it is gra
dually crushing its helpless customers to
death. Sir, the President of the bank says he
sought no indulgence from the Government
he asked none; he was ready to pay off its
debt, and yet, Sir, tho bank hns agreed to pay
the interest on this stock rather than part with
the Government’s deposites at this lime; and
says it does this to favor the commercial com
munity. What credulity is ready to swallow
such an idea ! What! a bank burrowing mo-
ney and paying an interest for it to favor indi
viduals 1 A bank running tho risk of having
its own credit suspected—its president leaving
Philadelphia at a critical moment, when its af
fairs were just about to be examined, and
comes off to this city—a bank that had by n
previous resolution on its minutes authorised
a committee to pay the stockholders any
amount of interest they might ask, rather than
part with the Government money at this time.
A bank borrowing 7,000,000 from the Govern
ment at an interest of three per cent., and nil
merely for the sake of the commercial com
munity—name it not in Gath—such a bank
would be a prodigy, and all creation would
flock to see it. Mir, this is tho story of the
bank, let us hear from the Government. One
story is good till another is told. Can it be
possible thnt the Government has no merit in
this unusual benevolence f Thnt it has thrust
its money, unasked, unsought for, upon the
bank, to enable them to perform this wonder
ful feat of generosity, while thu creditors of
the Government, under Iheso hard times, when
money is worth from 12 to 16 per cent., are
compelled to take but three per cent. Is it
an act of good fuith, seeing how long the Go
vernment has had tho uso of this money at
three per cent., when all its other stocks,
some of which were created long since, havo
been paid off, becauso they bore a higher in
terest, now to postpone the payment of its
righteous debts merely to enable the bank, un
solicited too, to perform an act of liberality!
If it be true, I hope the Government has the
credit for tho act. From the Government I
would expect such generosity, because it is
not a heartless speculating institution, and
doubtless feels, and feels doeply, for the situa
tion of its distressed citizens, brought about
by tho operations of tho bank itself. Mr.
Speaker, nothing but a most urgent caso of
necessity could justify the Government, with
ample means in its power, to withhold from its
long.waiting creditors the payment of this
debt. Sir, I will mention a fact which exhi
bits the crying injustice of such a delay. The
State of Maryland hold against the Govern
ment $330,000 worth of this stock, for which
it only receives 3 per cent., and hus been
compelled to borrow, to carry on her works of
internal improvement, two hundred thousand
dollars from this very same bank, at an interest
of six per cent., the consequence of which is
the bank is holding her very means of paying
to it the debt which she owes at 3 per cent.,
while it demands of Murylund six per cent,
far the same money. This cannut bo just,
and nothing, as I said before, but the necessi
ty of saving the bonk and the community from
i general ruin, could possibly justify it. Sir, it
s subjects like these that have produced such
a consternation in the minority of the commit
tee, and all 1 ask is for this House to suspend
its opiuion until they read the report.
"Inwhat manner, madam 1” "I will arise
ii has lately persuod, in selling biiis to go cir^ and go unto my father.” She left the house
ruitously, as it is called. This subject has
been presented to the House and Ihe commer
cial community, not so much as a complaint
against Ihe bank, but as a proper matter for
grave inquiry, whether there is not something
delusive in it, and whether it "economises”
the specie of the country, as staled by the
Bank. The practice is this: when a person
who wishes to trade to China, or India, ta
without immediate funds, ho goes to the bank
and purchases a bill of exchange. What
does he give for it t Not cash, as usual; but
gives a bond io pay for it in twelve months;
and agrees, if he uses it, to pay 2 1-2 per cool.
A fair fashonable, lately united to oue of tho
most dashing dandies of tho day having cause
to complain of neglectful behaviour, the bride
groom teplted, "Have patience, my dear, I
am like the prodigal son, ond will reform by-
aod-by.” And 1, sir replied the spirited
bride, "will also be like the prodigal son”
the eamo morning.
A gentlen.nn accidentally intruded himself
into a room where eighteen tailors were hold
ing a meeting. " Good morning to both of
jrou,” he observed and Immediately retreated.
A sailor was lately at a certain Chapel in
Boston, the parson observing that he looked
rather, .sprious asked him, if he felt any
"change!” The sailor put his hand in his
pocket, and said, ho was very sorry, but he
had not one cent.
PROPOSALS
FOR THE
Southern Banner,
A WEEKLY NEWSPAPER PUBLISHED IN
THE TOWN OF ATHENS, GEORGIA.
ALBON CHASE AND ALFRED M. NISBET,
EDITORS.
o
N assuming the duties and responsibilities of tho
publication of the Southern Banner, the Editors
feol themselves bound by erery sense of duty, bodi | 0
the former patrons of Ihe Athenian, and Ihoae of their
friend* whose aid they confidently anticipate—in older
to retain the one and merit the olher-to lay before th. ni
a fair and candid, but succinct exposition of theprin.
ciples by which they are to be governed and directed
in the prosecution of their arduous and responsible un
dertaking, They do not think it necessary at Ihia late
day—a day which la shedding ils light ana glory, with
such general and invigr>;-j<ing power over our whole
body politic, to enter elaborately and minutely into a
detail of their political viewa and opinions. Indeed, io
do so, would be virtually offering an insult to Ihe good
sense ofthe community. To profess the name of the
blessed founder of our holy religion, is in itself a suffi.
eient guarantee of the principle* ofthe genuine Chris
tian; to do they hold it only necessary to own and pros
less the nanus of the three great apostles of correct
principles, in order to satisfy an enlightened commu
nity ofthe nature of their political/oUA, and the inevi
table tendency oftlieir future practice. The Southern
Banner,then, will rest hereafter for support and patron
age, on the broad, firm, and immutable rock nritcpiib.
lienniam. All those pure and hallowed doctrines which
originally flashed upon the world from tho pen of a
./efferent—which have been cherishod an handed down
to us by our venerated Crawford, soI i'ulessed so in
flexibly, and so triumphantly practised, in many res
pects, by our farorito Troup, will in it find a champion,
however humble, yet of stern and uncompromising in
tegrity.
Various causes will, they believe, tend to render tho
Banner herenficr, (and they say it without intending
ihe least reflection on the course pursued by their wor
thy predecessor, the late proprietor of tho Atlionian,)
of more general interest and of greater value to tho
party, than it has been oflate, and none of which seems
to them, so well calculated io produco this result, as
the opposition which will be shortly, exerted, in Ibis
place, to their press, and to their principles. This idea
they do not deprecate, but rather cherish, knowing
that an honorable and liberal opposition,will tend to stim
ulate them to the performance of Iheir duly, whilst they
hope it will rally to their support, their mends, and thu
friends of the party, for whose interest and prosperity
they are determined to devote erery honorable exertioo.
The editors have engaged among the r correspon
dents, several gentlemen of established Lilersrv and
Political character, whose communications will hereaf
ter serve to enrich and adorn the columns of the
Southern Banner. And with regard to the other de
partment* ofthe paper, they can but add, that iheir
best exertions will be devoted to render thoni useful
and amusing to their patrons and readers.
Great promises arc, however, at best, but cheap
commodities, and of course they feel themselves hound
to aay as little, and promise as charily a* possible; but
in launching forth their little barque upon the
stormy waves of public "pinion, they must trust ulonu
to their skillful pilotage for meriting, and winning for
it, moorings safe and snug in the hearts of their fellow-
cilixons.
CONDITIONS.
Tho Southern Banker is published erery Tuesday
morning, at Three DoUart per annum, payable in ad
vance, or Four Doliare alter the expiratioo of the year.
Advertisements inserted on the usual terms.
**♦ Letters on the business of the office, post paid,
addressed to tho Editors, or to Albun Chase, Proprie
tor, will be promptly attended to.
Mens, March 22,1832.
♦«* Editors of papers in Georgia will confer an ol,
ligation by giving the above a few insertion?.
PROSPECTUS
GEORGIA GAZETTE,
A rxrER TO BE PUBLISHED WEEKLT, AT ATUEKS, CA.
I N issuing proposals for publishing a new paper in
this section of the country, reason and duly would
seem to combine, to invitefromus some exposilion of
the circumstances which have urged us to the attempt,
as well as a brief outline of ihe principles hy which wo
will be governed in our course. Thi« task we perf >rm
cheerfully.
Tho population oi tho State is rapidly inertasing; bet
system of Internal Improvement at ita nascent period
of existence; her jurisdictional limits actually and pros
pectively extending; her chartered rights and Indian
relationships assuming new and deeply interesting as
pects; and her financial resources presenting Io her
sons the appalling alternative ofoppression in future by
burthenaome taxes, or bankruptcy without somo salu
tary change in hor representative apportionment, all
combine to rendor an additional Herald of intelligeneo
to Ihe present number altogether proper.
But these by no means constitute the whole -ats-
jogue of inducements. Ours it palpably a government
in experiment. The principle* ana terms upon which
it was based, were professedly novel, and by const-
qitenco it would be fair to aaaert that they were not al
together understood. The progress of events hts de
monstrated this (ruth. The constitutionality of a na
tional Bank; a system of Internal Improvement by
Congress; the power to tax foreign imports for thu
protection of domestic industry; in short the whole fa
bric of implication, remiinsyet to undergo ita final and
legitimate analysis. They are topics which must sgi»
late, arid that deeply, every patriotic bosom inthe con
federacy. To maintain Ihe honor and rights of tho
State under her constitutional reservation ; to remon
strate with promptitude and firmness of purpose against
all infractions of tho compact, and to preserve tho
Union by enlightened discussion or rational compro
mise, according to the plan of Jefferson and Jackson,
shall be our constant aim. Our columns shall also
contain at far as practicable, important item* of intel
ligence in tho departments of morals, literature, and
science. In our Stale politic* it would be impossible
under our present impressions, to adopt the principles
ofthe Troup parly in most of its measures.
CONDITIONS.
The Georgia Gazette will be issued about the first
of July next, on a largo super-royal sheet, with typo
entirely new, and we hopo splendid, at $3 00 per an
num, payable within six months alter the receipt of
tho first numbor, or 84 00 if not paid within the year.
Advertisement* will be inserted at the usual rates.
Athens, March 20.—12—
Other Georgia papers will be pleased to insert the
above.
The New Line of Stages
FROM
MACON TO SAVANNAH,
BY MARION AND DUBLIN,
W ILL run THREE TIMES a week-leaving
Macon and Savannah on Mondays, Wednes
day* and Fridays, at three o’clock in tho morning—and
arriving at Macon aad Savannah on Tuesdays, Thurs
days and Saturdays, at eight o’clock in the evening.—
Rates as usual. G. LONGSTKEET.
ICF’Perions wishing seats will apply at tho Wash
ington Hall, Macon.
Fob. *1.—8— m4m/-