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it of sun flowers i violences that lu» lather iitr-lied from the jnir with their broad | or , nnd just in time to grasp the robber.— allow fringes gathered round the 'flic fellow was taken to the police, where he he husbandman 1 ! sens instantly recognised as Jas. Armstrong, rued philosophers have stated that the | who had been acquitted of a felony the same f of familiarity is to deaden our feeling | dav. in the Court of Sessions. " * 1 ' • [.V. Y. Journal of Cam. andernnd surprise. From this principle | that bright eyes look and red lips speak, but admiration of the goodly flower ul uti. The taste and fashion of the time r things dearly bought nnd far bought, some adventurer furnished with a dozen 6 from some of the stately heads of the 3ns of the garden, provide a name which lot be spoken—and a price which few pay, nnd our honest fliends would walk parlors anil set on carpets and nflect to 1 delicate and gentl manly as favored ex- ’c like the consistent political course ol cafy friend, who turns Ins face alike to loolining nnd rising sun : who if he may sionnlly hill over the fence, does not here because he cannot stand alone, lie goodly plant unites ulility with ole ic. The oil extracted from the seed may urnt in the lamp of the student—spread pc plate of the epicure, ir bestowed on winter's canvass—the flower cups fur- nn esculent pleasant to the taste, and :y of delicious flavor—and the stalks nf- inatcrials for hemp to hang rogues and nli rses. MV know not hut its cultiva- for sugar would he as much an improve- t in New F.nglnnd husbandly , ns the vth of the beet for that invaluable pur- :, which has been recommended by the vs of France. [.Vo/. -J'.gis. litre w as once to bo a meeting of the Unw ind the judge was to aw ard a prize to tin pronounced the most beautiful. Who I take the prize ? said the Rose, stalking •ard in all the consciousness of beauty.™ 0 shall have the prize ( said Ihe other ers, advancing, each filled with conscious c, and imagining it would be herself.— II take a peep at those beauties, thought 1 lull t, us she lay in her. humble lied, not timing to attend the meeting---! will see v ns they pass. But as she inised her y bend to prep out of her hiding place, tva observed by the judge, w ho imrnedi- i pronounced her the most beautiful, bi le the most modest. MISCELLANEOUS. “ I’M SORRY.’’ fall the fulst l.oooils put forth in this ly- tvorld, mine is inure often told, or with n c hypocritical intent ihun the two words 10 bend of this article. To pity and to ro-the sufferings of our fellow creatures Inys a feeling so generous, so much hki ;rcat author of our being, that almost all covet the reputation of possessing such position ; hut us they are in general too di to exorcise it in reality, they endeavour punterfuit a similar feeling, though in ■ hearts they are conscious of not having just claims to the character. When wo pnre the language of those who nro often essing their grief at the miscarriage of rs, with their actual endeavors to tuiti the sufferings they pretend to deplore, t once see that they use the phrase, “ I orry,” either as a matter of course, or in tope of gaining n credit for sympathy to 11 they are by no means entitled. In f of this, look at that man who wishes to Dw a sum of money ; the man to whom pplies, knowing hint to lie a bail payinnv- letermines from the first to deny him, then lie applies tells him lie is very sor- i cannot accommodate him, nnd as soon 3 is gone congratulates himself on so ea- isenping from the prospect of loss by put- his cash in an unsafe place. In this no man can doubt that instead of feel- torrow (us Im >..i,l,j he rejoices that ho duel, or did not, comply with the re man loses his properly in consequence eing surety for u friend, who cither ^gli knavery or misfortune fails to per ; his engagements. All the neighbour- I arc professedly ntrrmily sorry ; w hile iart they rejoice at the opportunity thus ed them of placing their own foresight, ifusing to incur responsibility, in cou- wUh the pliancy of their weak ncigh- . It’s all a lie—they nre not sorry, but the disaster happened. ’hen a person is taken sick, though all tid prefc-s in be n rry sorry, not out t ill do any thing for his comfort or re- Their sorrow ends in words ; and if i! to afford assistance, they say they are / they cannot render it, consistently with oper attention to their own nffnirs. Their >w is nothing hut talk, nnd the only f they arc in truth sorry for is, that their s required. ' it a young la Ijrlm-c the object of her al ius, or he otherwise unfortunate, and will immediately hear all the eircutn- tes trumpeted forth to the world by those were either her rivals or her uusnecess- uitors ; they lo?o no opportunity of ‘ding the report, anil think to hide their nder the slight veil nnd contemptible rfugc of saying, I'm sorry. it is through the world ; professions oT w in most eases are more words, and lm thinks they are more will some tune ncr find himself grievously disappoint- l.ven tome of those who pretend tube ;d by the principles of religion, show '.heir words and their practice are two ii'its w hich can never harmonise : as Stance, w hen men profess to he sorrv l,temperance is making such fearful ra- l among us, while they do not them- s abstain ftom the use of ardent spirits. William stolen Ail. PRESENCE OF MINI), lido a lad, seven years of age, was in n Friday evening, in a house hi the up- urt of the city, he was o-lonished to per il strange man enter the room, nnd af- ving cautiously looked round and sur- . it, approach the bed. The hoy closed tes as the stranger came nearer, and on Tiling at the lied assumed the appear- of slumber. For some moments the ’ hovered around the lied, auJ mad,' ’various artifices to discover whi ther the e w as in reality a sleep. Having satisfi- nself of the apparent fact, lie left the side bed, and when the little trembler len to take a peep at the i illmn, he found , jolly removing from a bureau si vi ral a of wearing apparel, with which lie lie hud only got dowu a do- TEM DERANGE. A gentleman in New Haven Co. Conn, has recently ordered a fine apple orchard to be cut down—“ because the apples may he ground into cider, the cider may In: distilled into spiritous liquor, anil liquor if drunken will make a man drunk. A good reason in sooth ! It is like the girl who while bilking in an oven stopped and hurst into tears; being asked the reason she answered, “1 was thinking that if I shuultl get mmried, anil should have a pretty Imby, and the baby should get into a chair, andjliould chnili into the oven, and get burned to death, what should I do! oh! oh!” [live. Journal. Pedestrians—keep to the right /—Two or three years ago, a man was coming down Broadway and another was going up. They met, am! hotli moved to the tight to turn out-- a bnnip followed of course, and nothing gain ed by it. They then both moved to the left ---another hump, and a simultaneous groan.— Each wus anxious to pass, neither stood still and both were bothered. After repeated at tempts they turned and run, one doubling the corner of Leonard and the other of Franklin, so round into Church-street, when to their uitor horror they humped together again.— They sat down oil a stoop in despair, bewail ed their lamentable condition, and made a solemn compact that one should go south-east nnd the other north-east, so that they might never again come lu contact in this world. But thej met in the antipodes—neither Imdyet learned how to turn out, ami they blew out each other's brains by wny of settling the ques tion. Take warning, yo aw It ward pedestrians, and.w hen you meet, turn out to the right. [ N. Y. Cuur. dj' Etiq. Prom the United States Telegraph. Hydrophobia. --We are indepted to a highly valued medical friend, for the follow ing iuteii sting communication. The im portance of the subject on which it treats, will, no doubt, olmtnin for it an extensive circulation. The writer is n mail of science and worthy of every confidence. Gen. Green : At the present moment, our fellow citizens are considerably excited by the fear of mad dogs, by whom at least two children in this city have, within a fciv days, been bitten. The horrible nature of the dis ease consequent to the bite, n disease so ut terly beyond the reach of medical aid, ren ders it the imperious duty of every one, to communicate to the public, any thing he may know tending to mitigate or prevent the awful issue. By the late foreign medical Journals, we learn that M. Coster, a Flench surgeon of great eminence, has devoted his attention to the subject of animal poisons. He has dis covered thut chlorine has the wonderful power of decomposing and destroying the poison of several of the most deadly. The saliva of the mail dog has the pro perly, when inserted under the skin, of com municating hydrophobia to animals, ami to man. M. (Zoster has been able by the use of chlorine to decompose this deadly poison and render it hnruilcss, preventing the up- proncli of hydrophobia, iu animals bitten by dogs decidedly rabid. There can he no doubt of the accuracy of the experiments on which this statement is predicted. From this the most important practical re sults follow. Make a strong wash by dissolving two ta ble spoonfuls of the chloruct of Lunc, in a half a pint of water and instantly and repeat edly bathe the part bitten. The poison w ill in this wny he discomposed. It has proved ■succesiful when applied within six hours lif ter the animal has been bitten, I wish these facts generally known, ns they may he of service to our fellow citizens at large. Trom the Dnston Courier. COMPARATIVE I’llRENOLOGY-Dr. Spurzheiin lias ran ally delivered, in Liver pool, a Couiso oflertures on Phrenology, in one of which ho attempted to show that the disposi tions of the lower animals might he discovered from the form of the brain, lie showed an nn- tique hast ofu gladiator; the forehead, or in tel Icetiin] region, was very small, lint the breadth behind the ears wus enormous; ho then com pared.tills gladiator with the head of Cicero, whose mental talent was very great, hut whose head ivns very narrow ill the region of courage —which justified the general belief that Cice ro wns not remarkable for personal bravery.— Or. Spurzlieim remarked, iu order to show the prnriicnl use of phrenology ns to the knowledge of the tempers of animals, (Inn iluiso who want eil courageous animals, should learn to discover their tempers hy their heads. Compare the head of a brave hull-dog with that of a grey hound ; thn grey.hound lias less brain beliind tin- ear. Again, as to horses; some-horses nre shy, others courageous : this does not depend on the blood. If you wish to be certain as to tilt) temper of the horse, do not look merely at his body, bis legs, his hlligs, iyc, hut look also at his bruin ; if you want a bold horse, let him he broad behind the ear. l’RESBYTERI A N CHURCH. Extract from a smuniary view of the Statistical Reports ot the General Assembly nf the Pres byterian Church in the United States, for the year 1821). The General Assembly of the Presbyterian Church in the United States, has under its care .VintIten Synods; .Viiuty two l’rishy'eiieS : Idl'd ordained Ministers, nmi 205 Licentiates; making 1 .”08 Preachers nl'ihe Gospel ; 105 ran didntes for the sacred office ; 2070 ehutchns, or congregations, tinder the spiritual government ot so many Sessions ; and one hundred unit six ty two thousand tight hundred and sixtein enu- mvmcants. During the last year, T) net ecu Thousand Tight Hundred and Forty six Cum municauts ivtre added to our churches on ex animation nnd the profession oftheir faith : and di55 were added by certificate from foreign Churches, or weio translated from one Preshi - terinii Church to another. «The whole number ofi-omiiiuiih-ants thus added, nmuuutsto 1800J; • nil the actual increase of communicants, since last year, after deducting fur deaths, removals amt suspensions, has been ltijOS The addi tions of 1S29 have exceeded iliose of 1828, bv IlMlil: and tin actual increase of the year ending April 1st. 189!), lias exceeded that of the pre ceding year, by the number of 51-5 communi rants. Oar increase of ordained Minister* lust year, was IDS, hut as 20 Ministers deceased, and several removed to sister Churches, we may c-msuler the addition o r Ministers as having bcin bit). Of oor .Ministers, 40 are Presidents or Professors in Colleges or Theological Scini- lo heathen. Our increase of Licentiates has been 1), and of Candidates there lias been a decrease of -17- In our last statistical year, there were baptized witliin our churches, 111)82 adults, nnd 12171 infants ; making n total of 10152 baptisms ; which exceeded those of 1828, by 1974. The sums reported as having been col lected to defray the travelling expenses of the Commissioners to tbo Inst General Assembly, amount to $344207. The Commissioners and delegates who actually attended, were 170; and the distance which they travelled, III pas sing to anil from Philadelphia, a little exceeded 75,000 miles. The foods reported by our Presbyteries, ns having been collected during the Inst year for sundry charitable purposes, are the following, viz. For Foreign and Domestic Missions thirty l ine thousand one hundred and eighty dollars, Jifty three cents ; for the support of several Theo logical Seminaries ten thousand and fifty-four dollars and Jifty cents ; and for the education of peer and pious youths ; twenty thousand three hundred and ninety dollars, and fifty four cents. These two last sums maybe said to Ire for edu cational purposes, nnd amount to -824,415 00. The total of collections is .'871! 098 20 cents. FINANCIAL.. A substitute for Coffee hns recently been in-,, traduced, to some extent, in France, nnd is sold j i in Paris. As the Froncli are proverbially fond of coffee, nnd good judges of its quality, tin-j ndoption of any thing in its place affords I ground to presume that it must be good. The I new article is a kind of pen, called in tluueoon- try Lutier a quid re angles, whn-li does not run into branches like many of its species, nnd pre sents a leaf like that of clover, and a blossom with an agreeable smell, resembling in nppeur- unce the violet. The pod is four square, nnd grows to a considerable size on good land.— When ripe,the plant Is pulled up by the roots, arid dried 111 tbo sun, being kept carefully from dampness ; nnd then the grains or pease being kept in n very dry place, or putjiii a stove, are laid nsido for use. When two years old, and burnt and made like cofloe, (except that more must he allowed for a cup,) it was said In be little, if at all, inferior. er> l "_) ; f l V ! ‘‘" ful 'f ot his fears, j,i„i- narics ; 2 are Chaplains in the Navy of the jtnlu, t'C.k ard screamed with such United States ; ami 15 ere engaged In'missions From the Augusta Chronicle. Houtii C.inoi.iNi, Edgefield District. I.V EQUITY. The Dunk of the State j of Georgia, | M Chambers, vs. , .Yachtrry, July I8f/i, Henry Shultz, and I 1829. ollu-rs. J On application by petition of Henry Suit/, one of the parties in this suit, for the removal of the Rank of the Stale nf Georgia from the re ceivership of the tolls for emssinjf the Augus ta Bridge over the Savannah River, from the Carolina to the Georgia side of the said River, and on proof that notice of this application had been served,on the snid Rank ; and after hear ing the proofs and allegations in support there of. and in objection thereto, 11 is ordered and Decreed. That the order of the 18th July, 1828 appointing James Sliaw, receiver of the said tolls, and the subsequent order appointing the Rank ol the Slate of Georgia, receiver thereof, bn nnd the same nro hereby rescinded. And it is further Ordered, that the snid Rank do forth with amount for nnd pay over to the Commis sioner in Equity of Edgefield District, the tolls, which they shall have received up to the day which they deliver up possession of the Caroli na end of the snid Bridge, ns hereinafter direct ed, and from mid after that day the snid Rank shall cense to collect tolls for crossing the snid Bridge from the Carolina to the Georgia side of the Savannah River,—and it is further Order cd, that on service of a certified copy of this order on the Rank of the Slate of Georgia, by tlie delivery thereof to the Cashier nr 1'resident of the said Bnnlt, it shnl lie the duty of the snid Rank immediately to deliver (lie pos session of the South Carolina end of the snid Bridge to such person ns shall be appointed by the Commsssinnor in Equity for Edgefield District aforesaid, to receive the said posses sinn. .hid it is further Ordered and Decreed. That the Commissioner in Equity for Edgefield Dis- tric, do appoint a proper person to take posses sion of the Carolina end of the said Bridge, nnd to collect and receive nil tolls which may be legally demanded and receivable at the Caroli na end of tin-snid Bridge, for crossing from the Carolina to the Georgia side of the snid River, nnd the snid Commissioner have full power to remove nny collector bo may appoint and ano llior to bn substituted in his place. And from every collector so hy him appointed, ho shall take bond with good security for tbo faithful discharge of his duty, and for the payment over to the snid Commissioner, half yearly or of- tencr if required liy him, of all monies eollocted fur toll, nforesniil, deducting sucli wages for collecting ns by contract iu writing between him nnd the Commissioner, shall have been stipulated. The collector appointed shall keep and when required, exhibit to tbo Commission er nforesniil, a daily account of all bis colic lions, specifying tbo amount received by each species of travelling. .‘hid it is further Ordered, That the Commis sioner in Equity aforesaid, do nominate nnd up point three proper persons to examine nnd re port, whnt repairs nre necessary to lie mndo to the Bridge, nnd what work is necessary lo he done in filling the gull) that endangers the Eastern abutment of the Bridge, and ivlieth it is proper to repair the causeway leading from the Bridge to upper Hamburg ; nnd il proper, what repairs arc necessary. Thai upon such a report being received and npprov cd, the Commissioner ho authorised to i-mpoiv - the said persons, nr a majority of them, to make com,-1n fur thesaid work, and that the sail! ho paid Tor u!H of recoin’d And it is further Ordered. 1 nO th© C ollUins sionor in Equity l»o authorised, when he »‘5 n J llmJ it practicable t‘> invent the net proceeds of the tolls in his hands, of which ho may hereof tor receive, in South Carolina rive per cent Stock, or toApposite the same in any secure Hunk that will allow live percent annual inter est thereon— and that for his compensation therein, he ho allowed ten per cent on the divid ends or interest arising ft om such investment or deposites. IIKNUY \V. DESAUSSrilE. 18ih July, 1S&). The above is the result of a ten years unequal war, between the Hunk of the Stale nf Genigin and myself, i hat Hank was posses sod, ou their side, w ith the power of imuiey, with the power of men, and with the power of public opinion. 1 had oil my side, hut a hare one, w hicli was justice. I acknowledge their teti years success it) keeping that justice ob- scoio—yet, il would pro' ail in the end, which is a fair demonstration that Truth and Justice wilt remain, when nil the power of man and money must vanish. 1 am well aware that my contest with that Hunk was considered even absurd Ivy many, l may add by a host,— yet all that ! did not regard ; lining well satisfied that my conduct was founded on justice, nnd it life and health was permitted, that Justice would bear me out in I lie end, regardless of money and men. That Hank seems now wil ling to close this contest, so am I, and very heartily so; hut that close can l>e made on fair and honorable terms only. And that day will l»e when the Supremo deprives me of my be ing, or tSio Hank gives me that which belongs to me. IIENItV SHULTZ. Hamburg, «Jlst July, ItWH. From the Free Trade. Advocate. ON THE I’ltINCIPLES OF BANKING. When a community is in the full enjoyment of health, few persons nre to he found willing to listen to the warnings of the cautious ; and it is not until the destroying epidemic appears, and when relief would come almost too late, that the public mind is in a state capable of re ceiving the truths, a previous acquaintance with which might have saved them from disease.— What is true of physicial evils, is equally true of moral evils, and as we consider the present a favorable moment for attracting the attention of our fellow citizens to the existing state of the currency, the true causes of which are impor tant to be known, we embrace the occasion for advancing a few ideas on the subject, in addi tion to those which have already appeared in several of our city papers. In the able article on the subject, published in the National Ga zette of April 10, the operation of over hanking in producing over trading, nnd consequently commercial embnrrasmcntH, is analytically, Iu cidlv, and sitisfaeto;ily explained.* ^doed this matter is now so well understood^ that one scarcely doubt that the excessive importations of British goods which are now selling at a loss of *20 to o() per cent, to the great in jury of our importers and our manufacturer?, have been in n great degree ow ing to the unnat urally high prices, and to the speculating spir al resulting from a deprecated currency. But here all inquiry seems fo stop. .Mercantile dis tress is seen to he an effect, and the effect of an immediate cause, hut no one has undertaken to point out a preventive against the recurrence of that cause. If over banking he an evil, that evil ought to he eradicated. As far, however, as it results from a multiplicity of hanks, the task is not of easy accomplishment. When a whole commu nity in seized with a mania, it is fruitless to at tempt to change the public current. Experi ence has demonstrated, that the present gene ration will not profit hy thn sufferings of the past, for we have seen new charters granted to hanks, at a moment when the recollection of the awful ralamititi**s produced hy their mism i- ungemerit was fiesh in the memories of all who voted for them. This being the case, and the fate of thn country having been placed hy our law makers at the disposition of monied corporations, nothing remains for the people hut to exert their endeavours iu mitigating the evil, and in rendering it as light as it can be made lo fall. In making these remarks, we disclaim all hostile feelings against any of the individuals who are concerned in the manage ment of the hanks, or who derive their means of support from them. They hold their employ ments in the legitimate exercise of an honora ble calling, and nre not responsible for the nets of the legislature. They are not, however, on this account, entitled to nny exemption from the obligation of listening to the truth, when respectfully offered to their consideration ; and us wc consider them responsible to the public for the faithful, honest, and intelligent discharge of their duties, wc hold them hound to abstain from every net which can militate against the general welfare of society. If the profits of hanking nre diminished iu the ratio that new hanks are created, let no forced attempts lie made at the public expense, to secure profits, which, in the nature of things, can never he ob tained. Thai stockholder must indeed he re gardless of the interests nf his fellow citizens, w ho, for the snko of increasing a momentary dividend, that the price of his stock might rise, uud become saleable for more than it is worth, should urge upon n hank the expedient of inun dating the land with paper. The chief origin of the mania for banks, is to he found in the confused ideas entertained hy the mass of the people, in regard to their utility. To point out the real extent of this utility, is the main design of this essay. We think wc con present the subject in such a point of view ns will satisfy even the stockholders of banks, that their own true and permanent inter ests nre to he promoted hy a strict adherence to the legitimate operations of banking, nnd that every departure from these, sooner or la ter brings with it a loss quite equal to all that may be gained by an undue expansion of the system. In doing this, however, we must beg the indulgence nf the render, whilst we cull his attention to some elementary principles, which nre requisite to a full understanding of w hat wo purpose to say. Of hanks there are three distinct descriptions, w holly different from each other iu their con stitution, their operations, and their influence upon the public prosperity, viz : banks of deposit — banks of discount—and banks of circulation.— In the numerous hanks which exist throughout the United States, all the operations of these three distinct institutions are combined ; nnd it is owing to this combination, hy which dissiin lnr things nre confusedly mixed together, that the general impression has been favourable to the existence of banks Banks of deposit afford n secure place for tho safe keeping of coin nnd bullion—grant facilities for mercantile pay meats by transfers on their books, hy which the labour of counting large sums of coin is saved, and furnish a sound circulating medium of pa per, issued as the absolute representative of coin deposited iu their vaults. Banks of discount are those associations of individual capitalists which are instituted for the purpose of loaning money; nnd ns the amount of their loans is li mited to their actual capitals, they make no ad dition to tIio circulating medium, and conse quently produce by their operation?, no effect upon the currency, different from that which would result from the loaning of the same mon ey, by the same individual capitalists. Banks of circulation, are those institutions established expressly for tho lending of credit, w hich is performed hy cxclinugingtheir promissory notes lor u,C "romirwy notes of individuals, char ging the latter a i-t^mln p*r ccntnge per annum, for the advantages they arc c.’pnosed to g would be the course ol tilings in a country pos sessing a metalic currency, on the first intro dilution of such hanks ; And in doing this, we shall be obliged to extend ourselv»*s rather more widely than may per bays be agreeable to the render, in order to explain the principles upon which such a currency rests. All the gold and silver com and bullion in the commercial world, is in the constant course of distribution amongst the various trading na tions iu the proportions called for respectively hy the extent of their wealth —their commerce —& the state of confidence between individuals. A rich nation will require more gold and silver than a poor one ;—a nation carrying on much trade, more then one which carries on little; - and a nation wherein commercial credit is li mited, more than one in which confidence is tive employment, a capital capable of bringing back a profit to the country, or in other words, has substituted an expensive instrument of commerce, by one costing very little. And yet by this operation, so long as the issues of the bank and the exportation of coin are equal, no deprication of the currency takes place, because tlie total quantitj/ of coin and paper united, is on ly equal to the quantity of coin that would have circulated, had there been no bank. From this position, two conclusions nre self evident.— First, that circulating hanks nre only beneficial to the public, when they occasion the exporta tion of coin,—and secondly, that paper is only beneficial, when its quantity does not exceed the quantity of coin, which has been removed from the currency hy exportation. It wns un allusion to this immutable law of extensive. What proportions to tho numerical political cconiny, that the writer on “ the cur- ^JHUlUiAN County, Georgia.—Chandler A. Johnston of Cwpi. Lumpkin's tlist. G. M. tolls before Samuel U. Torbei, Ksq. one red brindled l ow nnd Calf, 12yenr> old. marked w ith a smooth crop in the rieht ear, ami n hall'under crop in the lelt ear; appraise,!by Je*»ell O’Neal and Hubbard Shaw to 6 dollar*. '"** * UHgtis’.l liy donling in the market, with the creJi* of the hanks instead of their own. From the roregi)i|)f> definition it will readily he seen, ,lint ihe operation ul' banks of deposit and hunks of discount nre of positive advantage to a nation. The one protects gold amt silver front the danger of hriug plundered, tho other keeps it inconstant activity, hy lending tonne borrower as fast as it is paid hy another But it will as readily he seen, that suedi institutions do nm hold out sufficient temptations for their frequent establishment. To maintain a bank of deposit, a fund must he provided by government or individuals to defray its expenses, inasmuch as no number of persons would assume, with out compensation, the responsibility of taking care of other people’s money, and of keeping their cash accounts ; ami iu regard to a hank of discount, it would scarcely he w orth while for a company to become incorporated, and pay the rent of a bunking house and tho salaries of a number ofagents, to do that which the individ uals themselves could do, hy the employment of brokers, at a much less expense. Dunks of circulation have therefore been resorted to, us presenting tho only prospects of emolument, nnd us the credit requisite to give confidence to their paper could not w ell lie established w ithout having for its basis a capital of coin, more or less extensive, they have embraced the fttneiions ofbanka of'discount. To secure the popular favour too, as well as to derive a profit from the lending ofthe money of others depos (ltd with them for safe keeping, they have also taken upon themselves, without charge to the public, the duties of banks of deposit. But bunks of circulation are themselves, when properly conducted, and when their operations are confined to the legitimate objects of hanking, capable of conferring benefits on a nation. \Ye will illustrate this position by showing wkr. population of curb country, these quantifies would respectively hear, it is neither possible nor material to ascertain. It is sufficient to know, that such ns they arc, these proportions, when attained, constitute what may be called, the general level of currencies, nnd it is to litis level, ns to a species nf standard, that reference is made, when we say, that money like water will find its level. It’is true, that owing to the constant production of the mines, which may at times occasion unequal ilisti ibulions, as well as to a urent variety of other circumstances which ilistuih the currencies of particular coun tries, this general level may never he a perfect one. It is sufficiently so, however, for nil pur poses of reasoning upon it, & perhaps as] much so as fully warrants the figure, by which n fluid like property is ascribed to the precious metals. The surface of the oceun is Hover free from undulation, and the daily operation ofthe titles is constantly intereforing with the level of streams. Moral causes which influence the movement of waters, operate upon gold and silver in driving them from otto place to ano ther, but it is easily lo lie seen, that wero the ex tent of wealth, commercial transactions ami confidence, in difterent countriesto remain the same for a long periotl together, gold and silver would assume such a uniformity of exchange able value in each, as to arrive at a perfect state of quiescence, indeed, as il is, gold and silver aro of nil commodities the least likely) to lie exported from any country, except from those where they nre produced,ami of consequence form a part of the produce of the laud and la hour of the people, or from those which desire to purchase foreign productions, which are not procurable with any other commodity that the exporting country possess. We may therefore conclude, that a level docs not exist, or at lenst tltnt there is a common centre, towards w hich the currencies of all countries have n perpetual tendency, nnd from which they do not greatly tlepnrt. Now we will suppose that in a given country enjoying a metolio medium, tho quantity of coin requisite to circulate its products and for eign commodities, and to maintain its currency upon a level with ihe currencies of other eotin- tries, is ten millions nf dollars. A hank of dis count nnd circulation is introduced witli n cap ital ol one million of dollars taken from the ten millions in circulation. If the w hole of this million be paid into the hank at once, the first effect will he a scarcity of money, because there will then he for n time, only nine millions in the hands of the public, instead often. This sear city of money will raise tlie standard ofthe cur rency above the general level. Gobi nntl silver will rise in value as exchangeable for all oilier commodities and properly. In other words, all other commodities and property will full in relation to gold and silver, retaining however the same exchangeable value as regards each oilier. A barrel of flour, for. example, can Ite exchanged for ns much coflec its before the fill in price, because coflec will have fallen in price in the same proportion ; but neither of them can 1)0 exchanged for as much gold nnd silver ns before, because there are only nine purcha sets in the market, where before there were ten, or, what is the same thing, the former ptircha sers would only he possessed of nine tenths of the means Which they formerly possessed. To what extent n diminution of ten per cent of the currency, would lower prices, wo shall not slop here to inquire, inasmuch as that would de pend upon tlie extent to which other cirrum stances might operate. Alt additional ton per cent might bo withdrawn from circulation by failure in confidence owing to tlie embarrass ments produced, innsinch ns lenders would be come more timid, and thus would the pressure be increased nnd prices he made to fall to a greater extent than whnt would lie occasioned hy the mere locking up of the hank capital. If this state ol things were to continue nny great length of time, it is very evident how the evil would ho remedied. Domestic productions from their fall in the price would becotno profit-' uble objects for exportation, nml as the low price offorcign commodities would hold out no inducements for their importation, gold anti silver would he brought back in payment until the currency should he restored to its pro per level. In showing the nature of this operation, we nre far from supposing that any number of in telligent individuals would commonce the ope rations of our supposed bunk, iu the way stated. They would no doubt see the propriety of col looting the capital of tlie bank by instalments, and of loaning nut the amount nf those instal ments us fast ns received, in order to avoid the loss of interest, as well us to avoid the evil of an artificial scarcity of money. But whether the payments he made in one way or the other, it is very manifest, that as far as loans to tlie amount of one million of dollars nre made by the hank, the operation is that ofu bank of ilis count, for it has only loaned the amount of its capita'. It may indeed have issued notes, or given credits on its hunks, instead of paying out tho identical gold and silver received from the stockholders ; hut such notes amt credits would, ill such case, he mere certificates that corresponding amounts of gold and silver w ere in the vaults ofthe hnnk, belonging to the hol- j ilers of sue!; notes or credits. From this view ofthe sttlije.:’. how c’iWu*!« to be seen that whnt the hank has performed, 13 u.ithing more titan whnt the individuals who own the capital 01" the hank, could themselves have performed, more cheaply, more safely, anil perhaps more advantageously to the public, seeing that loans In unskilful ami imprudent borrowers lead to a diminution of the wealth of the country, whe ther it lie hy injudicious voyages, or hy any species of enterprise which converts produc tive capital into property which is not pro ductive? Bnnks it is thought cannot, in the nature of things, exercise tito same discre tion in tho choice of its borrowers, us individ ual capitalists do. Tlie circulating principle is now put into op eration ; and tlie bank loans what it calls ano ther million of dollars, but which is, in fact, no- nothing but its credit m the form ol bank notes or credits on its books, equivalent in the public estimation to gold and silver. By this transac tion, tho level of the currency is disturbed.— There aro eleven millions of dollars in circula tion instead of ten. The currency is deprecia ted below the general level. Prices of com modities rise, and because money has been ren dered comparatively cheaper, that part of it, which alone is current in foreign countries is, sent abroad to lie exchanged for sotno of the foreign articles, which, hy thn rise of prices have been rendered profitable articles for im portation. This exportation of gold uud silver, wo will suppose, to keep on pari passu with the increased issues ofthe hnnk ; nnd provided the extent to which it is carried, is not so great as to drive out of the country too great a pot- lion ofthe ntetulir. currency, by which Ihe comer tibility of the paper into coin might be endanger ed, its operation is decidedly HPnelicial tu'the t'fttisu. It has disengaged from an tinproJuc- rency,” remarked, “This advantage has hy its side a great dnnger,” but Ito did not assert, what he might have done with great truth, that this danger urises chiefly from the want of knowledge on tho port of mntiy of those who have tin! management of banks, of the true principles of currency, without which i: is im possible that the hanking system cun ever bo other than n scourge to the nation. Some of these persons will tell you, that tho extent to which a hank may Ibou, without danger of re action depends entirely upon the extent of its capital, ami reason thus—tT a bank with ten millions capital, cun loun with safety fifteen millions, which is fifty percent, increase, one with thirty five millions capital, can loan lo the extent of fifty two millions nnd a half. Others fancy, that llte power of expansion in n bank, bears a certain proportion to the amount of its average deposits. However this may hold good as regards any individual institution more fa voured than its neighbours, yet as a general ride, it is absurd, ns is mnnilesl from this con sideration, that tho aggregate of deposits in all the hanks of a etly, increases with every new issue of bulk notes, and if that inciuuse wero to be the guide for further issues, there would he no limits to batik loans.' Some, too, have nn idea that it depends upon the quantity of coin there may he iu the vaults of tho hanks, and that if this he very considerable, there is hardly any hounds to their expansibility. Nei ther of those theories however is sound. ’I lie real truth is, that tlie channels of circulation will only hold without depreciation, a certain quantity of paper in addition to the quantity of coin, which must needs exist, ns the basis of the mixed currency. All attempts to increase that quantity permanently beyond the quantity requisite to preserve all equivalency with tho general level, must iu the nature ofthings bo futile. If the channels are made to overflow, depreciation of tlie whole mass, ami tt conse quent exportation of conf, must inevittih y fol low, as effects from a cause, and all redundant issues ol notes will return upon the banks tor payment, with the same unerring certainty, us the iuhled stone nf Sysiphus rolled buck upon tho wretched slrtiggler. If this he tho case, how clear is it to bo per ceived, that the profit to ho derived from sun plying die paper currency of a country, is a li mited amount, and tit at if it ho divided among a great number of banks, and distributed over the surface of many large capital-', its propor- tionale. rate, must ot necessity tie v tv small.-- To make this matter however more pl-tin, for we consider n correct view of this branch nf ottr subject as llie key to the whole science of bank ing, we will illustrate it, hy a reference to tho case of the country, which we have above sup posed to require a circulating itcdium often millions of dullurs. Without | mending to determine the precise extent to which its coin might he safely substituted hy paper, we will admit, for the sake of argument, that one-half of the former shall be exported, and that, con sequently, the currency consists of dec millions of coin, anil five millions of paper. Under this state ofthings, the hank would he drawing in terest on a sum five times ns large as its capi tal, allowing that it retained a million in its vaults in coin, to meot occasional demands. The profits of its business would therefore he very great on account of the small capital of which it was thn income, and the consequence would no doubt he, as soon ns tho sncrect was discover ed, that additional hanks would he projected.— None of the projectors, however, of these banks would believe tiiat the profits made hy the ori ginal hank, were the result of a monopoly, nnd tlint they would not liuve been any greater, in absolute amount, if its capital had "been ten millions instead of one, but under delusive no tions that the same per rentage of profit would attach to a largo capital as to a small one, they would probably introduce a new bank, with a capital we will suppose of two millions. Now to make n proportionate profit equal to that en joyed hy tlie original hank, paper to the amount ol ten millions must be issued. Rut tbo chan nels of circulation are already filled, and tlioro is no room for more paper. Issues lioweve aro commenced, and tlie currency becomes de preciated below the general level. Brices of all commodities rise. Domestic products be come too dear for exportation. Foreign mer chandize by its high price holds out induce ments for importations. Bills of exehnnge rise, because the demand for them to pay for foreign commodities increases faster titan the supply, am! as soon as their price in the market exceeds the amount of the expense and risk of transmit ting gold and siver abroad, n portion ofthe re maining five millions of coin will he exported. Then is the new hank for tho first time remind ed of its imprudence. Its notes return upon it for payment, and its neighbour too, which has also fivo millions of paper in Circulation, fools the effects of this reaction, and both tire obliged to retrace their steps, iu order to avoid a stop page of payment. The consequences arc a general scarcity of money, mid commercial embarrassments. If the remedy he applied in time, ruin to the banks may he avoided, hut if it has been left toodate, the contraction will bo followed hy.the failure of thoseborrowers who were led into overtrading, by the facilities af forded hy this system of ovorbanking, and tho losses resulting therefrom to tho banks will ulo5! probably he equal to the total amount gained Ijy tlieir extraordinary tiivi.io.i.1" here we will tukc occasion to observe, that by issues of paper, we do not mean merely the bank notes which are in the pockets of the people, hut also the amount standing to the credit of depositors, over and above the amount of coin in the vaults of the banks, for tho right 10 draw out hank notes at pleasure hy the depositors, is as much a part of tho circulating medium, and produces the same efforts upon the currency, as the bank notes themselves. But it may he asked, how are tlie hanks to ascertain tho precise limits beyond which they cannot proceed without depreciating the currency, amt of course injuring the public » We answer,jSrsf, hy carefully avoiding to throw obstructions in tho way ofu free exportation of coin ; nnd secondly, by confining themselves to the legitimate objects for which banks were in stituted. It they perform these duties to tho public, and if the public does not suffer itself to lie debarred of the rights which it possesses, of demanding tho fulfilment of their contracts, through a false &. mistaken tielicucy, or through the fear of offending hanks or hank debtors, we shall never hear of a genera] scarcity of money, or of n general distress. The overtrading of the banks of any particular place, would be pre vented by the demands made upon them by those of another place. If the currency of a particular city, Philadelphia, for example, bo depreciated by over issues, whilst that of New A ork is not so, the effect is immediately shown hy a rise in the price of stocks and bills of ex change at the former city, of which the conse quence is. that quantities of these aro scut to Philadelphia for sale, and hy tlint means tho batik* ofthat city urc brought iqto dcb'3 j