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what hastily and hurriedly passed near the'duced into the, service, and the abuses of
close of the'late session of Coneress. That past years greatly reformed. T he. fortifica
tions on our ranritjme.frontier have been
prosecuted with much vigor, and at many
points our defences ure in a very considera
ble state of forwardness. The suggestions
it should have defects, can, therefore, be
surprising to no one. To'remedy such de
fect* as-may he found to exist in many of
its numerous provisions, will not fail to
claim your serious attention. It may well
merit inquiry, whether the exaction of all
duties'll! cash does not call for-the introduc
tion ofn system which has proved highly
beneficial in countries where i: has been
adopted. I refer to the warehousing sys
tem. The first und most prominent effect
which it would produce, would be to pro
tect the market- alike against redundant or
deficient supplies of foreign fabrics; botji of
which, in the long run,* are injurious as welt
to the manufacturer as to the importer.—
The quantity of goods in store being at all
rimes readily known, it would enable tho
importer, with an approach to accuracy, to
ascertain the actual Wants of the market,
and to regulate himself accordingly. If,
however, lie should fall info, error, by im
porting an excess above the public wants,
he could readily correct its evils by avail-
in reference to thfe establishment of means
of communication with our territories on
die Pacific, and to the surveys so essential
to n knowledge of the resources of the itt-
tertfiediate country, are entitled to the most
favorable conrideraliou,. While I would
propose nothing inconsistent-with friendly
negotiations to settle the extent of.our claims
in that region, yet a prudent forecast points
out the necessity of -such measures as may
enable ns to maintain our rights. The ar
rangements made for preserving our neutral
relations on the boundary between ns and
Texas, and keeping in check the Indians in,
that qua’rtcr, will be maintained so long as
Circumstances -may require
For several years angry contentions have
grown out of the disposition directed by law
to be made of the mineral lands held by the
| Government in several of the States. The
ing himself of the !>enefits and advantages Government is constituted the landlord, and
of thesystem !hus£.?tahlished. In the store
house, the goods imported would await the
demands of the market; mid their issues
would be governed by the fixed principles
of demand and supply. Thus an approxi
mation would l>e made to a steadiness and
ntitfarmify of price, which, if attainable,
would conduce to the decided advantage of
mercantile and mechanical operations.
The apprehension may be* well enter
tained, that, without something to amelio
rate the rigor of cash payments, tlie entire
iinporl I ratio may foil into tho hands Of a
few wealthy capitalists in this country and
in Europe. The small importer, who re
quires all the money lie can raise for in
vestments abroad, and who can but ill af
ford to pay the lowest duty, would have to
subduct in advance a portion of his funds,
in order to pay the duties, and would lose
the interest upon the amount thus paid for
nil the time the goods might remain unsold;.
which might absorb his profits. The rich
capitalist nhrotd, ns well as at home, would
lints possess, after a short time, an almost
exclusive monopoly of the import trade;
and IJIws designed for the benefit of all.,
would thus operate for the benefit of the
few,—a result wholly uncongenial with the
spirit of our institutions, nmllutli-republicaty
in all its tendencies. The warehonstn ‘
the citizens of the States v^herein lie the
lands are its tenants. .The relation is an
unwise one; and it would be much more
conducive of the public interest that a sale
of the lands should be made, than that they
should remain in their present condition.
The supply of the ore would he moreabrini
dantly and certainly furnished when to be
drawn from the enterprise and the industry
of the proprietor, than under the present
system
The recommendation of the Secretary in
regard to the improvements of the Western
waters, and certain prominent harbors on
the lakes, merits, and l doubt not will re
ceive, your serious attention. The great
importance of these subjects to the prosperity
of the extensive region referred to, and the
security of the whole country in tjrne of war,
cannot escape observation. The losses of
life and property which annually occur in
the navigation of the Mississippi alone, be
cause of the dangerous obstructions in the
river, make a loud demand upon Congress
for the adoption of efficient measures for
their removal.
The report of the Secretary of the Navy
will bring yon acquainted with that impor
tant branch of the public defences. Con
sidering the already vast .and daily increas
ing commerce of the country, apart from the
system would enable the importer to watch exposure to hostile, inroad of an extended
the market, and to select his own time for
offmng lii» goods"for sale. A profitable
portion-of the carrying trade in articles en
tered fot the benefit of drawback, must also
be"most seriously affected, without the adop
tion of some expedient to relieve the cash
system. The warehousing system would
nfTord that relief, since the carrier would
have a safe recourse to the public storehou
ses, and might, without advancing the duty
seaboard, all that relates to (lie navy is caU.
culnted to excite pirticulnr attention.—
Whatever tends to add to its efficiency,
without entailing unnecessary charges upon
the treasury, is well worthy of your serious
consideration. It will be seen, flint while
an appropriation exceeding by more than a
million the appropriations of the present
year, is asked by the Secretary, yet that, in
this sum, is proposed to be induced §100,000
wlia’t was called money—since, (or tit
being, it answered the purposes of moi
was thrown upon 4tte country; ,an o
site which was attended, as a neCessarycori-
sequence, by an extravagant increase rf the
prices of all articles of property, tlie' sjread
of a speculative mania all over the c-wintry,
and has finally eiided in a general indebted-,
ness on the part of States and individuals,-
the prostration of public and private ofedit,
a depreciation in the market value/ off-real
and personal estate, and has left largd’dis-
tricts of country almost entirely without $89
circulating medium. In view of the-facT
that, in 1830, the whole hank notertj^wb* 1
tion within the United States amounted to
but $61,323,893. according to tlie Treasury
statements, and that- an addition had been
made thereto of the enormous sum of $88,-
000.000 in seven years, (the circulation on
the 1st January, 1S37, being stated at$149,-
1S5,890,) aided by tlie great faoiliuesafford-
ed in. obtaining loans from European capi
talists, who were seized with the same spec
ulative mania which prevailed in the United
States—and the large importations of funds
from abroad, the result of stock sides and
loans—no one can be surprised at the appa
rent, but' unsubstantial, state of prosperity
which everywhere prevailed over the laud;
nr.d while little cause of surprise should lie
felt at the present prostration of every thing,
and the ruin which has befallen so many of
onr fellow-citizens in the sudden withdrew
al from circulation of so large an amount of
bank issues since 1837—exceeding, as is
believed, the amount added to tho ^aper
currency for a similar period antecedent to
1837—it censes to be a matter of astonish 1
ment that such extensive shipwreck should
have been made of private fortunes, or'that
difficulties should exist in meeting their en
gagements on the part of tho debtor States.
Apart from which, if there be. taken into ac
count the immense losses sustained in the
dishonor of numerous banks, it is less a
matter of surprise that insolvency should
have visited many of our fellow-citizens,
than that so many should have escaped the
blighting influences of the times. *
In the solemn conviction of these truths,
and with an ardent desire to meet the pres
sing necessities of the country. I felt it to he
my duty to cause to lie submitted to you^ntr
ihe commencement of your late session', (he 1
plan of an Exchequer; the whole power
and duty of maintaining which, in purity
and vigor, was to be exercised by theRen?,
y ...pic aim oi me States,
and, therefore, virtually by the people then)?
and business of the whole country.- Enter
taining this opinion, it becomes my- duty to
prge its adoption upon Congress, by refer
ence to the- strongest considerations of .the
public interests, with such alterations in its
details as Congress may in its wisdom see
fit to make.
-1 am well aware that this proposed alter
ation and amendment of the laws establish-
(tig the Treasury Department has encoun
tered ^various objections; and that, among
others, it has been proclaimed a Govern
raeht bank of fearful and dangeYons import
It is proposed to confer upon it noextraordi
nary powers. It purports to do no more than
pay the debts of the Government with the
redeemable paper of the Government; in
wfcjch respect, it accomplishes precisely
wh»t the Treasury does daily at this time—
in ismiug to the public creditors the treasu
ry notes, whidh, under law, it is authorized
to issie. It-has no jesemblance lo att ordi
nary Innk, as it furnishes no profits to pri
vate stockholders, and lends no capital* to
individuals. If it he objected to as a Gov
ernment bank, and the objection ho availa
ble, then should all the laws in relation to
tlie Treasury be repealed, and the capacity
of the Government lo collect what is due to
it, or pay wiiat it owes, be abrogated.
This is the chief purpose of the proposed
Exchequer; and surely, if, in the accom
plishment of a purpose so essential, it af
fords a sound circulating medium to the
country and facilities to trade, it should he
regarded as no slight recommendation of it
tp public consideration. Properly guarded
hy the provisions of law, it c«u run into no
political organization, and of our actual res
ponsibilities. It was the anxious desire ot
the Executive that, in ihe'efforl to negotiate
rlTe-loan abroad, tlie American negotiator
might be able to point the mofiey-letider to
tlie fund mortgaged for the redemption of
the principal and interest of any loan he
might contract, and thereby vindicate the
Government from all suspicion of bad faith,
or inability to meet its engagements. Con
gress differed from the Executive in this
view of the subject. ' It became, neverthel
ess, the duty of the Executive to resort to
every.expedient in its power to negotiate'the
authorized loan. After a failure to do so
in the American market, a citizen of high
character and talent was sent to Europe—
with no better success ; and thus the morti
fying spectacle has been presented, of the in
ability of this Government to obtain a loan
so small ns not in the whole to amount to
more than one fourth of its ordinary annual
income; at a time when the Governments of
Europe, although; involved in debt, and
with their subjects heavily burdened with
GEORGIA LEGISLATURE.’
taxation, readily obtain loans of any amount
at a greatly reduced rate of interest. It
would be unprofitable to look further into
this anomalous state of things, but 1 cannot
conclude without adding, that, for a Gov
ernment which has paid off its debts'of two
wars with the largest- maritime power of
Europe, and now owing a debt which is al
most next to nothing, when compared with
its boundless resources—a Government tlie
strongest in the world, because emanating
from the popular will, and tirrnly rooted in
tlie afiectinna of a gn-at and fr«« pooplo
dangerous evil; nor can any abuse arise land whose fidelity to its engagements has
under it, but such as the Legislature itself) never been questioned ; — for sucha Govern
will be answerable for, if it he tolerated
since it is hut the creature of the law, and
ment to have tendered to the capitalists of
other countries an opportunity for a small
is susceptible at all times , of modification, j mvestment of its stock, and yet to have
amendment, or repeal, at the pleasure of ( failed, implies either the most unfounded
Congress. 1 knotv that it has hern objected
that the system would he liable to he abused
by the Legislature—by whom alone it could
be abused—in the party conflicts of the day;
that such abuse would manifest itself in a
change of the law, which would authorize
an excessive issue of paper for the purpose
of inflating prices and winning popular fa
vor. To that it may be answered, that the
ascription of such a motive to Congress is
altogether gratuitous and .inadmissible.—
The theory of our institutions would lead
us to a different conclusion. But a perfect
security against- a proceeding so reckless
wonjd be fotind to exist in the very nature
oiflrtingw. rptn=. j^-iuJod |,«i ty which should
be sq blind to the true interests of the coun
sel ves. It was proposed to place it under riry ns to resort to such an expedient, would
reship within some reasonable period to for- j for the purchase of clothing, which, when
eign ports. A further effect of the measure j once expended, will be annually reimbursed
would he to supersede the system of draw
backs, thereby effectually
the control and direction of a treasury
board, to consist of three commissioners,
whose duty it should be to see that the law
of its creation was faithfully executed; and
that the great cud of supplying a paper me
dium of exchange, at all times convertible
into gold and silver, should he attained.—
The board, thus constituted, was given as
much permanency as could he imparted to !
inevitably meet with a final overthrow, in
the fact'that, the moment the paper censed
to he convertible into specie, or otherwise
promfrtly redeemed, it would become Worth
less, and would, itt the end, dishonor the
Government, involve the people in ruin, and
such political party in hopeless disgrace.—
At the same time, such a view involves the
utter impossibility of furnishing any cur-
distrust in its good faith, or a purpose, to
obtain which the course pursued is the most
fatal which cottlJ have been adopted. It
lias r.ow become obvious toal! men that the
Government must look to its own means for
Correspondence of the Constitutionalist.
Millkdgeville, Dec. 8th, 1842.
Tho bill, of the House to amend an act
to compel the several banks of this state to
redeem their liabilities in specie, and to pio.
vide a forfeiture of such as may refuse a 8 .
settled to 18th December, 1840; and an act
entitled art act for the relief of certain batiks
against which judicial proceedings huveboe n
instituted for the forfeiture ot their charters
assented to, 10th December, 1841, was sent
in from the Senate, that body having rece.
ded front oneof their amendments—and nol ^
»ng remains now but ihe Governor’s si<n l9 .
ture to.make it a law.
The House then took tip tjie-special or-
tier ot the day, which was Mr. Barclay’s
hill, known as the relief bill. Mr. Barclay
itas labored throughout the progress ot t| ie
bill with a zeal and perseverance rarely met
with, and certainly worthy of a better cause.
He grappled with fits opponents to save luj
offspring, but all would nob do. It
lost hv the following vote, yeas 51, nays
120. The House then adjourned until 3
o’clock, P. M.
The bill to prohibit the banks of this state
from establishing agencies at points distant
from the place of their location, and indi
viduals from acting as agents for l auks of
other states, was passed—yeas 104, nays 53.
The bill to authorize a redticjion of the
capital stock of the Bank of MilJedgeville,
was lost.
The bill to repeal the charters of the sev
eral banks or ibis state, that are refusing or
may hereafter refuse to redeem their liabili
ties in specie, was Jest—yeas 43, nays 119.
Mr. Gray, of Jones, then formally an
nounced the death of William Martin, Esq.
representative from the county of Decatur,
and the House adjourned till 9 o’clock this
morning.
House of Representatives, Dec. 9—The
hill to repeal the charters of the several
hanks of this State that are refusing, or may
hereafter refuse, to redeem their liabilities
in specie, was reconsidered this- morning,
supplying its want 1 !; and it is consoling lo
know that these means are altogether ade- yeas jgg navs 65
qnate for the object. _ The Exchequer, if ‘ The ,,j„ i!t ' Q arranse and settle the affairs
adopted, will greatly aid in bringing about
this result. Upon wlrat-i regard as a well-
founded supposition, that its hills would be
readily sought for by the public creditors,
and that the issue would, in a short time,
reach the maximnm of $15,000,000, it is ob
vious that $10,000,000 would thereby he
added to the available means of the treasu
ry, without cost or charge. Nor can 1 fail
to urge the great and beneficial effects which
would he produced in aid of all the active
pursuits of life. Its effects upon the solvent
State batiks, while it would force into liqui
dation those of nil opposite character through
of the Central Bank” was read a second
time, and made the special order for Tues
day next.
Mr. Cohen introduced a resolution, re
quiring the Centra! Bank to prepare a table
showing the amount of money received fr< m
the sale of any stock, debts, or other assets,
transferred by the State ; also, all money re.
reived by the Bank for taxes, discounts, nr
from any other source whatever, belonging
to the State, since its formution to the pres
ent time ; also, a statement showing the
amount paid out by said bank, during each
. .. ... ■* ,,, | year, for appropriations made by the iCgisla-
its weekly settlements, would be highly hen-! tnrei or iu f der * order ofthe legislature—
efictnl; and, with the advantages of a sound i w hich was adopted.
currency, tlie restoration of confidence.and
credit would follow, with a numerous train
of blessings. My convictions are most i
stropg that these benefits would flow from
tho adoption of this measure; blit, if the re-
hy the sale of the clothes, and will thus con- • it, without endangering the proper share of. reucy other than that of the precious m»t-
protecting the stitute a perpetual fund, without any new; responsibility which should attach to all' als ; for, if the Government itself cannot
Government against fraud, as the right of appropriation to the same object. To this j public agents. In order to insure all tho
debenture would not attach to goods after j may also he added $50,000 asked to cover j advantages of a well-matured experience,!
I the arrearages of past years, and $250,000 the commissioners were to hold iheir offices I rations, upon whom the temptations of indi-! ting it may be repealed at the pleasure of the
their withdrawal front the public stores.
1 noir-tin/# Ctl null
, forego the temptation of excessive paper is- j suit should he adverse, there is this secu-ri-
| sues, what reliance can be placed in corpo-: ty in connexion with it—that the law crea-
dopted.
In the House of Representatives, 9th Dec.
1842. On motion ttf Mr. McDuffie, Re
solved, That a Committee of one front
each Judicial Circuit be appointed by the
Chair to take into consideration some meas
ure of sound, practical and wholesome re
lief lo the people—and to devise some cer-
tYiP.nnc ulmrntinrr flm plmranior
year. While, however, tlie expenditures! them in a condition to exercise perfect indc-,
will thus remain very nearly the same as of! pendence of mind and action, it was provi-
the antecedent year, it is proposed to add 1 ded that their removal should only take
greatly to the operations of.the marine, and, [place for actual incapacity or infidelity to
in the mere forms of Government—form's) in lieu of only twenty-five ships in cnnmiis- j tlie tni't, and to be followed by the Presi-
which may be broken—but union founded siou, and but little in the way of building, to ^ dent with an exposition ofthe causes of such
several occasions, 1 have heretofore felt it to
be my duty to offei to Congress. The great
primary and controlling interest .of the
American people is union ; union, not only fi
their agents would he the wrongdoers, and
they the passive spectators.
There can he but three kinds of pnhlic
currency: 1st. Gold and silver, 2d
in an attachment of States and individuals
for eaclt other. This union in sentiment
mid feeling can only be preserved by the
adoption of that course of policy, which,
.neither giving exclusive beuefits to sonje,
nor imposing unnecessary burdens upon
'others, shall consult the interests of all, by
pursuing a course of moderation, and there
by seeking to harmonize public opinion, and
causing the people every where lo feel and
to know that (fie Government is careful of
the interests or all alike. Nor is there any
subject in regard to which moderation, con
nected with a wise discrimination, is more
necessary than' in the imposition of duties
on imports. Whether reference he had to
revenue—the primary object in the imposi
tion of taxes—or to the incidents which
necessarily flow from their imposition, this
is entirely true Extravagant<1 uties defeat
their end and object, uol only by exciting
in the public mind an hostility to tlie manu
facturing interests, hut by inducing a system
of.smuggling on an extensive scale, and ihe
practice of every manner of fraud upon the
revenue, wtiich the utmost vigilance of
Government cannot effectually suppress.—
An opposite course of policy would be at
tended by results essentially different, of
which every interest of society—and none
more than those of tlie manufacturer—would
(cap important advantages. Among the
most striking of its benefits would be that
derived from the general acquiescence of
the country in its support, and the conse
quent permanency and stability which
would be giveu to all the operations of in-
du$trj(. It cannot be too often repeated,
that no system of legislation can he wise,
which is fluctuating and uncertain. No
interest can thrive under it. The prudent
capitalist will never adventure his capital in
manufacturing establishments, or in any
other leading pursuit of life, if there exists
a state of uncertainty as* to whether the
Government will repeal to-morrow what it
has enacted to-day. Fitful profits, however
high, if threatened with a ruinous reduction
by a vacillating policy on the part of Gov
ernment, will scarcely tempt him to trust
the money which he has acquired by a life
of labor upon the uncertain adventure. I, a
therefore, in the spirit of conciliation, and*
influenced by no other desire than to rescue
the great interests of the country from the
vortex of political contention, and in the
discharge of the high and solemn duties of
the place which 1 how occupy, recommend
moderate duties, imposed with a wise dis
crimination os to their several objects, as
being not only most likely to be durable,
but most‘advantageous to every interest of
society*
The report ofthe Secretary of the War
Department exhibits a very full and satis
factory account of the various and impor
tant interests committed to the charge of
that officer. It is particularly gratifying to
find that the expenditures for the military
service hre greatly reduced in amouitt; that
keep, with the same expenditure, forty one
vessels afloat, and to build twelve ships of a
small class. • t
A strict system of accountability is estab
lished, and great pains are taken to insure
industry, fidelity and ceonomv, in every de
partment of duly. Experiments have heen
instituted to test the quality of various ma
terials, particularly copper, iron and coal, so
as to prevent fraud and imposition.
It will appear by the report of the Post
master General, that the great point which,
for several years, Isas been so much desired,
has, during the current year, been fully nc-
eomplislicd. The expenditures of the de
partment for the current year have beem
brought within its income, without lessening
its general usefulness. There has been an
increase of revenue equal to $166/000 for
the year 1842 over that of 1841, without, ns
it is believed, any addition having been
made to the number of letters and newspa
pers transmitted through the mails. The
Post Office laws have been honestly admin
istered, and fidelity has been observed in
accounting for, and paying over by the sub
ordinates "of die department, the moneys
which have been received. For the details
of tlie service, I refer you to the report.
1 flatter myself that the exhibition thus
made of the condition of the public adminis
tration will serve to convince you that every
proper attention has been paid to the inter
ests of the country by those who have been
called to the heads of ihe different depart
ments. The reduction in the. annual ex
penditures of the Government already ac
complished, furnishes a sure evidence that
economy in the application of the public
moneys is regarded as a paramount duty.
At peace with all tlie world—the personal
liberty of the citizen sacredly maintained,
and bis rights secured under political insti
tutions der'iviug all their authority from the
direct sanction of the people—with a soil
fertile almost beyond example, and a coun
try blessed witlrevqry diversity of climate
and production, what remains to be done in
brder to advance the happiness and prosper
iiy of such a people 1 Under ordinary cir
cumstances, this inquiry could be readily
answered. The best that probably could
be done for a people inhabiting such a conn
try, would be to fortify their peace and se
curity in the prosecution of their various
pursuits, by guarding them against invasion
from without, and violence from within.—
The rest, for the greater part, might be left
.to their own energy and enterprise. The
chief embarrassments which, at ihempment,
exhibit themselves, have arisen from over
action ; and the most difficult task which
remains to be accomplished is that of cor
recting and overcoming its effects. Be
tween the years IS33 and .1838, additions
were made*to bank capital and bank issues,
in the for lit hi notes designed for circulation,
.to an extent enormously great. The ques
tion seemed to be, nqj how the best currency
could be provided, but in whqt manner the
removal, should it occur. It was proposed j by the General Government, or tinder its
to establish subordinate boards in each of
the States, under the same restrictions aitd
, ?, general Jackson at New Or-! Circuit, Mr. McDuffie ; from the Flint, Mr
leans, at the time of the attack and defence j Green ; from the Chattahoochee, Mr. Wil-
of that city, and paid by him. Without | ianis of RJaroti; from the Eastern, Mr.
. . The ! designing any reflection on the judicial tri- Lelih • from the South-western Cirmit
paper of State institutions ; or, 3d. A . rep-jbnnal which impose d the fine, the remis-j M r. Leary; from the Ocmul-ee Mr Via’
s.on at tins day may be regarded as not lce „,; from the Northern, Mr.
unjust or inexpedient.. The voice of the 1 -
resentative of the precious metals, provided
authority. The sub-treasury system rejec
ted the last, in any form ; arid, as it was be-
limitations of the power of removal, which, lieved that no reliance could be placed on
with the central board, should receive, safe- i the issues of local institutions, for the pur-
ly keep, and disburse the public moneys;
and in order to furnish a sound paper medi
um of exchange, the Exchequer should re
tain of the revenues of the Government a
sum not to exceed $5,000,000 in specie, to
be set apart ns required by its operations,
and to pay the public creditor, at his own
option, either in specie or treasury .notes, of
denominations not loss than live, nor *x-'
ccedinsr one hundred dollars ; which notes
should be redeemed at the several places of
issue, and to be receivable at all times and
everywhere in payment of Government
dues; with a restraint upon such issue of
bills, that the same should not exceed the
maximum of $15,000,000. In order to
guard against all the hazards incident to
fluctuations in trade, the Secretary of the
Treasury was invested with authority lo is
sue $5,000,000 of Government stock, should
the same at any time he regarded as neces
sary. in order to place beyond hazard tin*
prompt redemption of the bills which might
he thrown-into circulation: thus, in fact,
making the issue of $15,000,000 of Excheq
uer bills rest substantially on $10,000,000;
and keeping in circulation never more than
one and one-half dollar for every dollar in
specie.*. When to this it is added that the
Iritis are not only everywhere receivable in
poses of general circulation, it necessarily
and unavoidably adopted specie as the ex
clusive currency for its own use. And this
must ever be the case, unless one of the
Thomas,
• . , . ... \.— i from the Coweta, Mr. Watson; from (lie
civil authority was heard amidst the glitter | Cherokee, Mr. Hiberts; from tlie Middle,
of arms, and obeved hv thns« <vhn t.oi,t ihr> >
other kinds be used. The choice, in the
of arms, and obeyed by those who held the
Sword—thereby giving additional lustre to
a memorable military achievement. If the
laws were offended, their majesty was fully
vindicated; and, although the penally in
curred and paid L worthy of little regard in
a pecuniary point of view, it can hardly be
aud from the Western, Mr.
present state of public sentiment, lies be
tween an exclusive specie currency on the
qhe hand, and Government issues of some
kind on tlie other. That these issues can-
«>bt be made by a chartered institution, is
supposed to he conclusively settled. They
must be made, then, directly by Government
agents. For several years past, they have
been thus made in the form of treasury notes,
and have answered a valuable purpose.—
Their usefulness has been limited by their
being transient and temporary; their ceasing
to bear interest at given periods, necessarily
causes their speedy return, and thus res
tricts their range of circulation ; and being
used only in the disbursements of Govern
ment, they cannot reach those points where
they are most required. By rendering their
use permanent, to the moderate extent al
ready mentioned, by offering no inducement
for their return, and by exchanging them
for coin and other values, they will consti
tute, to a certain extent, the general enr-
repey so much needed to maintain the in
ternal trade of the country. And this tsthe
Government dues, but that tlie Government. Exchequer plan, so far «s tt may opurate In
a otriiLtpwn Gf«a>ntwty*lun fcoen iuiro- .greatest amount of bnnk soVd be pnt
itself would be bound for their ultimate re
demption, no rational doubt can exist that
the paper which tlie Exchequer would furn
ish would readily enter into general circula
tion, and be maintained at all times at or
above par with gold and silver; thereby re
alizing the great want of the age, and fulfill
ing the wishes of the people. In order to
reimburse the Government tlie expenses of
the plan, it wns proposed to invest the Ex
chequer with the limited authority to deal
in bills of exchange, unless prohibited by
the State in which an agency might he situ
ated, having only thirty days to run, and
resting on o fair and bona fide basis. The
legislative will on this poiut might be so
plainly announced, as to avoid all pretext
for partiality or favoritism. It was further
more proposed to invest this treasury agent
with authority to receive on deposite, to a
limited amount, the specie funds of indivjd- vyjUt
uals, and to grant certificates therefor, to be $** "
redeemed on presentation, nnder the idea 1
(which is believed to he well founded) that
snch certificates would come in aid of the
Exchequer bills in supplying a safe and
ample paper circulation. * Or, if in place of
the contemplated dealings in exchange, Up.
Exchequer should be authorized not only fo
exchange its bills for actual deposites ofspg-
cie, hut for specie or its equivalents," to sell,
draffs, charging therefor a small but-reason
able premium, I cannot \donbt but tlikt
the benefits pf tlie'law would be speedily
Rwbifestcd.iri the revivalof ^hecredit, trade,
furnishing a currency,
1 cannot forego the.occasion to urge its
importance to tlie credit of the Government
in a financial point of view. The tr.reat
necessity of resorting to every proper and
becoming expedient, in, order to place the
treasury on a footing of the highest respec
tability, is entirely obvious. Tlie credit of
the Government may be regarded as the
very soul of the Government itself—a prin
ciple of vitality, without which all its move
ments are languid, and all its operations
embarrassed. In this spirit the Executive
felt itself boand, by the most imperative
sense of duly, to submit to Congress, at Its
Inst session; the propriety of making a spe
cific plcdfl& of the laud fund, as the basis for
the negotiation of the loans authorized to be
contract^* I then thought that £uch an
applicaifon of the public domain would,
A doubt, have.placed at the command
Government ample lunds to relieve
•astiry from the temporary erabarrass-
under which it labored. American
il has suffered a considerable shock in
, from the large indebtedness of the
States, and the temporary inability of some
of tbegi to meet the interest on their debts,
ter and disastrous prostration of the
State* Batik of Pennsylvania had
OTtttilited largely to increase the sentiment
of distvst, by reason of the loss and ruin
suataiad by* the holders of its stock—a
large pjttfd of whom were foreigner*, and
were alike ignorant of .-our
doubted that it would be gratifying to the
war-worn veteran, now in retirement and
in the winter of his days, to be relieved from
the circumstances in which that judgment
placed him. There are cases in which pub
lic-functionaries may be called on to weigh
the public interest against their own per
sonal hazards; and, if the civil law be vio
lated from praiseworthy motives, or an
overruling sense of public danger and pub
lic necessity, punishment may well be res
trained within that limit which asserts and
maintains the authbrity of the law, and the
subjection of the military to the civil pow
er. The defence of New Orleans, while it
saved a city from tlie hands of the enemy,
placed the name of General Jackson among
those of the greatest captains of the age, and
illustrated one ofthe brightest pages of our
history. Now that the causes of excitement
existing at the time have ceased to operate,
it is believed that ihe remission of this fine,
and whatevetof gratification that remission
might cause the eminent man who incurred
and paid it, would be in accordance with the
general feeling and wishes, ofthe American
people.
I have thus, fellow-citizens, acquitted my
self of my duly under the Constitution, by
laying before you. ns succinctly as 1 have
re*:n able, the state of the Union, and by invi
ting your attention to measures of much im
portance to the country. Tne Executive will
most zealously unite its'efforts with those of
the Legislative Department in the accom.
plishment ol all that is required to relieve
the wants of n common constituency, or el
evate the destinies of a beloved country
-JOHN TYLER.
Washington, December, 1842.
Congress'.
A quorum was formed in the House on
the first day, but in-, the Senate it was not
formed until Wednesday, the;third day of
the Session. In the House, several bill3 of
national importance have already been in
troduced—among them, one from Mr. W.
Cost Johnston, “for the relief of the several
StHies and Territories of the United States,
and the District of Columbia.” This, we
presume,-is the great assumption bill.
Mr. Adams, old Johnny Q,., is out again
upon, the 21st Rule. A motion was made-
to lay his resolution, in relation -thereto, up
on the table for the balance of the session'.—
This motion was lost, yeas 85, nays 93.
In the Senate, Mr. Benton has introduced
a bill to repeal the Batik rapt Law.
A resolution has been, brought forward;
by Mr. Bayard for expunging'the expung
ing resolution of fite Senate. .'.. ;'.
Mr. Lawton
Barclay.
'The House took up tiie special order of
the day, to wit: The bill to define the bn-
sinesss of brokerage, &c. Mr. Clack offered
a substitute, when Mr. Philips moved to lay
the bill and substitute on the table, yens 03,
nays 96; and on receiving the substitute,
yeas 36, nays 110. The report on the orig
inal bill was then agreed to, aud after an an
imated discussion the bill was lost, yeas 79,
nays 80.
The House then adjourned.
In Senate, Dec. 9. The Senate took up
and agreed to the report ofthe committee on
finance.
The Senate took up Mr. Miller’s resolu
tion proposing an amendment to the consti
tution of the United States, relative to cur
rency, (the same published heretofore) when
on motion of Mr. Means it was laid on the
table for the balance of the session--yeas
43, nays 38-.
The* Senate took up the bill of the joint
standing committee to lay oft’the state into
congressional districts. The 1st section be
ing read, Mr. Philips offered a substitute for
t! e 1st section, [the same proposed in the ed
itorial columns ofthe Banner on the 2d inst.l
which was adopted. J
Mr. McDougald moved to amend the 2d
section by providing that each voter in the
several districts shall voto.for the whole
number of members to be elected instead of
of the one belonging to the district. Rejec
ted—yeas 33, nays 49. . -
The 6th section providing for the elec
tion by districts in the event of the mem
bers elected to the next Congress should be
refused their seats, was on motion cf Mr.
McDongald stricken ont.
An additional section wns agreed to, pro
viding that in the event of a vacancy previ
ous to the 3d March, 1845, it shall be filled
.by an election to be conducted as at present,
by general ballot.
, The bill as amended was passed by yeas
46, nays 37, as follows.: Those who voted
in the affirmative are Messrs. Anderson, Ar
nold, Beall, Berry, Bishop, Blarkwell, Bry
ant of Macon, Carter, Crawford, Daniel,
Dhnagan, Foster, Freeman, Gann, God
dard, Harrison, Hines, Jarrett, Johnson of
Heard, Jones, Knowles, McAfee, McConnell
of Liberty, Miller, McMiflran,' Minfer,
Moore of Glynn, Moore of Lincoln, Miir-
phey, Philips, Pittman, Powers, Reynolds,
Ridley, Sayre, Smith of Floyd, Snrlling
Spalding, Stephens, Stocks, Storey, Tnn-
kersley,.Tumlin, Vincent, Warthett arid
Wright---46. ■
Those who voted in the negative are
Messrs. Andrews, Banks, Blackshear, Bri
ers, Rroddnf, Brvan of Wayne, Camp, Can
dler, Clyqttj Coffee, Colley, Cone, Culbert
son, Dupree, Fprnall, Fulwood, Glass, Hall,
Hicksj .Johnson of Early, Kelly,: Lawson,
M’Cnmi^ffaCprmick, McDongald, Means,
Reid, Render,' Rivers, Rogers, Rutherford,