Newspaper Page Text
^ (rAVAlU.r. IX AhVAXCK.)
SD, City a>» Covxty Prixtf.u.
OVEMBER 83, '1838- ~~
Annum ? for lj months, ’
Of the Commitiionon ' appointed hy fl, f Ao . r ^
Legislature, on tie subject of the Note finances,
[COXTIMJED.'I
the central bank.
Fora targo portion of the period <ju<ing which
Georgia has exuded a. a State, supplies ot money
mor?than adequate to tlie stauiduvomgo want,
of all tho branches of public expenditure, flow
ed into the Treasury, flfoni a variety ofsour-
M jit From the confiscation* and amercements of
which the revolutionary war gave rise. ’
3d From the disposition made of the vast
tern of vacant lands belonging to the State, in the
process of converting thesame ftom mere public
domain to private proporty. . , .. .
3d.F rotn the payments received from the Uni
ed States on tho debt of one million, two linn-
dred and fifty thousand dollars, under the articles
•f agreement and cession of eighteen hundred
and ®wo—which payments fell dispersedly along
a series of years. I
4th. From taxation. _ ,
. By the operation oftheso several sourcos of
supply, and their great producliyeiioa boyond
the contemporaneous necessities oftlm 1 rcasury,
„ 'o n .idsr,S.lo surplus of money gradually grow
up in the coflew oftlie Slate, anil-tho attention of
the Legislature was drown to tho policy of re
torting to some means for permanently preserving
die fund thus accumulated, and lor making it
also productive both of fiscal income, and gener
al commercial benefit. The system which, (hr
this purpose, the Legislative authorities of that
day, upon mature consideration determined to
adopt, may now in the fnce oftlie full lights which
a lengthened experience has thrown on its menu,
bo with great confidence pronounced the wisest
and best that could have been devised. It com
bines the important advantages of simplicity end
eafety—ofccrtainland easily realised income to the
Slate,with» large and permanent utility to the
***' pie
That system was none eue. Uinn the invest
ment of this surplus public money in the stocks
of tho then exisiiug chartered Banks of Geor-
HM
over ot the some time, strong grounds for calcniat-
ng, that it was destined to great and progrestye
i tcreaso/ For lliero was nothing to proVeMWe
two 'oioufees oftaxatiffli and Uonk Stoclu from
pr. ducing their ordinary mcbino, nml tho vait
quontity of the publio domain then recently diren-
eumherod and loon to bo’tfMnettmbaredofIhe
’udiaii claim, rendered it -probable that tho land
fund wuu'd bo liuusimlly productive hir a num
ber of enuring years. These circumstauccs
slrougiv ensured the continued flow ol y early ex-
Cessna hfrecoipte into the Treasury, and author
ised theexpeclation font tin:‘surplus already groat
wouhTtoou ho much greater. .
Ill tills exuberance, ot the finances, wo behold
travelled the grand and potent cause to which
Georgia owes tho system of the Central Hank.
The lienvv surplus, hath present and prospective,
which stared flic Legislature of lc23 in the taco ,
was the indubitable pnrent of that Institution. It
gave riso, during tho session oftltM year, to the
interesting question, what should ho dona with
this already large and still augmenting hoard qt
idle moneyed wealth in the Treks illy. ius.d
ought not to ho siifferodto lio there utterly uncut-
ployed, sntdunusefttl, Whs manifest eiiouph. liicn
Ivlint best disposition could bo made of it, with a
view at once to tho secure prescryahon of the
fund itself, and to the tendering of it n source ot
revenue to tho State, and of general pecuniary
Utility to the people, was the important problem,
which, though it had been long previously settled
by Legislative precedent and practice, was now
r vived and thrown open to fresh controvctsy and
a now determination. The result was, a depar
ture from the tried system ofinvcsting in Bank
Stocks, which had obtained so long and worked
so successfully, both for the fiscal and commercial
interests oftlie Slate, and the adoption ortho
scheme oftlie existing Central Bank. ]
Touching this Institution, tho first remark |
which presents itaelfis, that the main, and indeed
it would bo more accurate to say, that the sole Ob
ject of it* creation, was to serve as an agency lor
distributing aniopg the people, under prcscritieu
restrictions, loans of tho public money at interest.
It is believed that the whole argument in vtnd-
catiou oftlie policy iu which it originated, may
be lairly condensed in the following proposition:
—Tliat the lurgo surplus which tho State po«ess-
eil at the period of its establishment, nnd the fu
ture largo surpiiisscs which it was then torcseon,
must soon coino to her possession coiihl not,with
reference to tho three great objects of fiscal gain,
goueral piiblicutility.andtho salety and integrity ot
I flio fund itself, receive a better disposition, Uian
b V being made the subject ol i-wns, in the manner
uild througli the agency prescribed tav the law*,
which create and regulate th*‘- Central Bank.
Ill order to a just opinion upon tho menu ol
this proposition, it is nevessary, in the first place,
to token succinct review of those operations ol
the Bank from which a fiscal gain to tile Slate tvas
contemplated, and to seo to what extent, the re
sult liaa been realiaed. , ,
At the date of the first organization of the Bank)
to wit, on the *30th January, it came into
lossessiou of specie and tho bills of chartered
tanks to the amount of $513,101 77
Of Bonds, Notes, &c. to the amount
of $355,697 90, of which at the
period of the first annual report,
ou 2d Nov. 1829, $117,340 W had
been converted into accommoda
tion paper running in the Bank,
according to the provisions of the
2d section of the charter • • 117,340 92
Interest and tho periods of renewal, and reduction,
cap Ik? regarded in no pther light* than as sacrifices
^Accordingly, as far backas the year 1811, * Ibe
ginning was made by the subscription of fifty tiuro-
“ . iTh *_ n.«t/ <>r A it >riicirt which was
630,442 69
Mnd dollars to the bank of Augusta which was
subsequently raised to one hundred thousand dol
lars, all of which Juts been paid. 1 n the next sue-
deeding year, the State subscribed one hundred
thousand dollars to tho stock of the Planters
Bank of Savannah, of which no more than eighty
thousand has ever been paid. And in a few
years afterwards, npon the chartering ofthe Bank
of tho State of Georgia, and the Bank of Darien,
the State became a largo stockholder In each of
these institutions—in the former, to the amount of
half a million of dollars—in the letter, to the a-
xaount of three hundred and twenty-five thousand
The aggregate offthese investments con-
the sum of one million and five thousand
>f tho State’s money converted into com-
Bank capital, in which form it has stood
,M>ing with the subscription to .
of Augusta, in 1811, and ending wiih
that ofthe Bank of Darien, iu 1818, opened In the
State a new fiscal resource, namely, that aririug
from dividend* periodically declared to her on
her several Bank stock*. And the rich' fruits
which hare resulted from this policy, considering
merely with e view to revenue, have more than
justified the wisdom ofthe counreb iu which it
originated.—These investments became at once
and have ever continuedamostprosperous source
of finance, the value of which is nbundnnfly
evinced by the supplies which it has yielded to the
Treasury.
Thus, in the ten Tears from die beginning of
1629to tho close of 1838, on the one hundred
thousand dollars of slock owned by the State, in
tho Bank of Angusta, die dividends received a-
amonnted to 9101,310 90. On the eighty dura-
sand dollars of stock in the Planters’ Bank of
Savannah, the dividends were $56,800. On the
half million of stock in the. Bank of tho State
of Georgia the dividends reached the sum
of $410,000; and on the three hundred & twenty-
five thousand dollars iitthe stock of the Bank of
Darien the dividends in the same period of time
amounted to $178750, making in the whole, an
income of $745,800,90,received by the Slate in
ten years fromherproperty in tho aforementioned
Bunk stocks.
This system of investing in Bank Stocks, had
necessarily the effect ofabsorbing, os it was intend
ed to do, all the State’ssiuplusses a* fast as they
accrued^-so that when iir 1819 the investments
reached the maximum at which they have ever
since stood, nothing which deserves the name
ofasurplus was left on hand iu the public fisc. The
germ, however of a steadily accumulating future
surplus was contained in the system itself. For
upon the then existing scale of the average annual
expondituro ofthe 8tatc, it was very, obvious that
the bringing of so powerful an auxiliary as a
million and apwaraof Bank Stock into tho field,
in aid of such ofthe old accustomed resources of
revenue, as still remained in activity, would inevi
tably give rise every year to excesses of receipts
beyond the outgoings of the Treasury.—And in
in point of fact, so considerable did these annual
excesses of receipts at once become, and so rapid,
consequently was the process of accumulation
which immediately commenced, that notwith
standing tho supplies from confiscations and
amercements and from payments on the Federal
debt of 1802, were all at an end, and of- the
ancient resources of the -State for reveiriie,
were left save the land fund and tuxation,
and notwithsandiug also the subsequent be
stowal by the Acts of 1823, and the succeeding
jfan-of one-half of the taxes on the several
Counties, still it required not more than the space
often years to fill the Treasury with a larger sur
plus than it had ever before possessed at any single
time. We find accordingly, tliat at the close of
the year 18*28, there was on hand au idle, unin
vested hoard of more than half a million, $513,-
10177) cash funds. Besides which there was also
on amount of $355,599 90 in liquidated debts due
to the State, and a considerable tho’ unascertained
amount of unliquidated demands. Of this entire
mass ofdiies, liquidated and unliquidated, a large
portion was undoubtedly worudess;—tliat an
other largo portiou however, warf good and col
lectable is proved by the fact that, out ofthe whole
a balance ffttot more than $181,22110 remained
outstanding on tho 5th of November, 18.J8, of
which balance as raiich as $34,940 55 was pro
nounced to be ut that date, good by a Committee
of Investigation acting under the authority of the
Legislature of the preceding year.
We have thus certain duta on which to con
clude,that atthe end oftlie yew 1828, the State was
possessed of outstanding dues that were good and
collectable to the amount at the lowest calculation,
nf»..«««*.••.....»♦• $209,317,35
The cash surplus then on hand, was 513,101 77
Making the entire surplus of cash —
o»
Whereby it appears that. 630,442 69
tvps tho amount of tho discounts
and meins of discounting for the
first year of its operations. The ac
tual amount of discounts In Nov’r
of that year, was 678,835 63
Nett profits for the jrear, were 11,846 20
The sum total of discounts in Nor.
1830, wos
Nett profits for Ihst year
Discount, in Nov. 1831, were-
Nett profits for that year
720,533 29
33,933 63
872,464 02
46,948 97
963,864 04
62,114 75
Discounts iu Nov. 1832, were.
Nett profits for that year
nucuuiiMiu nv7.100.1, were*
Nett profits for that year
Discount, in Nov. 1834,were.1,161,752 37
Nett profits for that year 53,971 05
^IvSy SlSber svho are%o fortunate as
to obtain lorn*, of tho public .money, ntufcvM
would bo still favored uud fortunate beyond most
of their equally meritorious fellow-citizens, even
if these loiuri wore lhade at eight per cent, inter
est and at shorter period* of renewal and reauc-
The consequence is, that tho whole people
must now iihiko good, by taxes imposed on their
persons nnd property, tho loss of more man three
hundred nnd twenty thousand .dollars, which tho
Suite has, in ten years suffered by fronting tho
public monev, more ns ivfnnd for individual ben
efit, than fiscal emolument.
Then ns regards this greafnml cherished object
of extending to tho people, in their individual pur
suits, aid and encouragement through tho nistni-
incut Uity ofthe public money, an object to winch
,iu k Ircovr fiscal sacrifice*have been proteiseaty
made for the last ten years, how.stands the com-
pori son-lie tween tho system of tho Contra! BanK,
and that of investments in the commercial joint
Stock Bank* oftlie State T Certainly, it is a coin
patisan decisive against tho former, both as re
gnnls the amount, and the effectiveness of the pe
cuniary help afforded, ns a little examination will
clearly show. It has been soon that the Central
Bank lias, for tho lost ten years preceding the pre
sent, made loans of actual capital belonging to tho
Slate,averaging$1,197,599 67 (breach year.—
Had all this capital been invested as fast os it ac
crued, in the Stocks of chartered commercial
Banks, it would have been cahivalcut to $1,197-,•
; 598 57 orcapital employed during the whole ot
these ten years, in Commercial Banking.
1 Tho Centrd Bank, on this capital, made loans
no more tl.an equal in amount to the sum of the
capital it-elf. Uurordiiinry commercial Banks
would, upon the same capital have kept out, du
ring the \\ hole ton years, on average amount ot
loans equal to double tliat capital, r or .lt will not
be questioned that, In such times as prevailed
from 18*9 in 1838, a well managed joint stock
chartered Bank, for every million of capital which
it possessed, might, by means of its faculty of
coiubioiiur Issue of credit with loans of capital,
have safely furnished to the Couiierjr, standing
pecuniary facilities to tho amount of two mil
lions of dollars. From this feet it follows, that
the all which tho Stato has, in tlio last ten years,
extended to her citizens, in their individual pur
suits, by means of tho monied capital oftlie Cen
tral Bank, has fallen more than one million per
annum, short of what might mid would havo been
extended through tho instrumentality of tho same
capital, if it had been invested in ordinary Bank
Stocks. This conclusion is incontrovertible and
it demonstrates how little tho people have, iu their
individual capacities, been gainers, or rather how
much they have boon looser* by the adoption of a
policy, which went on tho avowed ground 'that
any detriment which it might inflict on the fiscal
prosperity ofthe State, would bo more than com
pensated!!)'the benefit it would bring to the pri
vate interests nnd pursuits of her citizens.
But another important view yet remains to be
taken oil this branch ofthe subject; namely, the
greater efficiency for good, which a given amount
of loans exerts when made in aid of tho important
commercial exclinngcs of the country, than when
dispensed for mere accommodation, and upon
long time. Loans oftlie former character upon
being analysed, turn out to be nothing olso than an
instrumentality, through which every roan rapid
ly, and easily realizes the fruits or hit industry
and enterprise. It is by means of such loons
made by Commercial Bonks to the merchants,
that the crop ofthe laborious husbandman is con
verted into money at a fair price as soon as it en
ter* the streets of our commercial cities. The
merchant having gone in debt to buy tlie cotton,
makes that very cottofl pay tho debt, by shipping
it to be sold atthe sea-port where the bill discount
ed for him by the Bank is made payable. So by
like means, the wholosulo dealer in every species
of merchandize, obtains a discount of the note on
time, given him by his customer, for the purchase
of goods, and is thus enabled at once, to give a
convenient credit to that customer, and to realize
also the money necessary to puy the debts created
by his own purchasers as they full due. And as
their, estates, as relates to suits ngnhiri oxecutor*
m Tocom"molnrnreB thoM action n .^;
ESSa'ssis™!*
to sell Of tense tho lauds belonging t» and »ot »l mrt
^ To oxtenS the time (hr fnrtunntei ilrawnra in the
counties of Early, twin and Appling. (n>«nmjr
of lands there,) to tako ont grants. Tins bill
was amended os as to include' the eomtlte* of
originallg GwitmiU, Walton, Hall, Habersham
ana Rabun. . , . -..
The bill to niter nnd amend a part of Uw first
section of the third article of tho Constitution,
tvas made Ilia special^ardor Ibr Thursday-
There tvas much desultory debate, bnt chiefly
upon strictly local measures, uono of them affect
ing your oily or county.
In House of Rrprcuntnlirct—Some animated dis
cussion wns'had upon n hill to “’»•
ncy to tho orphans and widows of soldiers in tlie
Creek war. It was reftised, as I think, very corj
roctly—for these, and sindlnr nppllenuotts would
if SS^ocrn»S;o the office, of Tax
Collector and Receiver ofTxx Returns In certain
counties therein mentioned.
A hill amendatory of an act assented to Jlst
December, 1838, so Ikr a; respects Dado county
Academy, and to udd additional trustees to, the
" "bWs introiiucrJ.—By Mr. Woolley, to repeal
alllaws end parts of tatvs now in foreo, regula
ting and requiring licence for tlie retail of liquors
■nd to removo all limitations, Ac.
Mr. Glascock—To regulate tho omission or pa-
per of Banks, under certain elrciinulaiicoa, anil to
compel the resumption of specie payments, Ac.
Mr. Seward—To impose ond lay a MX rortlio
support of Government, for tlie political yoar
18 >ir. Nenl, of Pike—To alter and amend tho
several acts in relation to taxes.
Mr. Cleveland—To authorise,tho Governor to
have compiled the Militia Laws, Ac.
JliIII, laid on ttolMe for Jane.—To define tho
duties of Grauil Jurors in this Stato, Ac.
To Olid n part oftlie county of Marion to tho
conuty of Macon- , , . v ,
To repoaltho act prohihlting-tho circulation or
bills loss than fivo dollars, Ac.
Mil com mil ltd HU June.—'To organise a now
enmity from Carroll, Paulding, Cobb and Camp
bell, Ac. .
The hill to appropriate money to ent a canal
througli the Aitamaha Swamp, Ac., was com-
mitten tn JnV
. £ «'
should tax our remittances twclvo per cent I Out
Merchants litrire lo.it.on the last year’s cotton spe
culations, and arc indebted to Now-York. Gram
It—hut tholr credit Is not yet impnirod—not a sin
gle lionso ita, failed to moot its ongagemonts, or
are likely to do so,'so far ns wo know. Why then
do tltoy distrust us, or Our money't .Wo oonlbss
wo cannot seo-into this apparently arbitrary pro-
comjjngnftiio Broken had HankeraofNew-York.
It would about to usi nnaophiaticatod oa'wo are
in the mystories of Wall-atroot, that it would bo to
tlio Interest or the New-York Banka to support
those Banks and places that maintained specie
payments, mid our domestic trade is almost wholly
with Now-York.
It is true, we believe (in some pleasure) diat
our Banks rolliso to colloct debts bore for North
ern Morchuuts,-but this Is more owing, we pre
sume, to tlie eumlilibn of the country money atul
country Banks that issued it, than thoir owu, and
should not plnco ns exuetly on tlie saute footing
with them. If Uio'Savnnnali Banks could In safe
ty take inland notes in payment of debts, most of
the difficulty would probably be surmounted, but
how can llioy do so ?
W e throw out these candid hints more to elicit
aueluculation ofthe tungiod web, than with any
view or prelonco, on our part, toporformlhatdif-
ficult task.
In tho meantime wo invito our Bankers and
Brokers to itoBind themsolves through our paper.
The Merchants complain loudly, and justly we
think. .
•peale paying hanks
-of.ft4i I
8 AVAN If A Hi
, 1,U11,.WU *s»
. 50,465 17
1,222,042 07
-56,530 88
Discounts in Nov. 1835, were
Nett profits for that year
DiscouuU in Nov. 1836, were 1,192,045 00
Nett profits for that year 57,105 05
Discounts in Nov 1837, were..... 2,303,457 48
Nett profits for that year, 136,225 04
Discounts iu Nov. 1838, were..... 1,951,621 51
Nett profits for that year 65,992 57
SATURDAY EVENING, NOV. 83, 1839.
$
Whilst this large surplus thus existed in the
Treasury atthe close of 1828 there were, tnore-
The foregoing statement shows that foT the ten
years which it embraces, the sum total of tho dis
counts of the Bank, was $11,975,985 73, and
tliut the sum total of tlie profits for tliat time, was
$565,131 21. To determine the rate* of profit
which these results show to have been made on
the Capital employed by the Bank, it must be
borne in mind that tlie discounts are based on ca
pital only, and represent nothing but cupital, and
that consequently, whatever amount of discount
ed paper appears at any time to have bceu held
by the Bank, it is certain that on equal amount of
capital had come to die hands of Uie Bank, and
was used in those discounts. Then, inas much as
nil the discounts for ten years amounted to $11,-
975,985 73, which mokes an average for each year
of 1,197,598 57, it follows that tlie average n-
tiiount of tlie State’s monied capita), which the
Bank each year employed in discounts was also
the sum of $l,197,5i» 57. And tho average
profit thereon for each year was $56,513 42,which
is equal to an interest of 4 7-lOths per cent, per
annum.
Whether this be a good or bad business for the
State, in a mere financial view of tiie matter de
pends on the question, whether the Stato might
not, with as much cuse,and us little peri), have re
alized a better profit in some other known mode of
employing tho public money. And here the afore
mentioned results of her investments in tho stocks
of certain of our joint-stock Bunking Companies
are at hand, and mrni«h a decisive answer. For
it has already been shown tliat on her capital of
$1,005,000 vested in these Banks, she has realized
in the ten years just above mentioned,a clear profit
of $745,660 92, which gives au average for each
year of 74,586 09, and is equal to au interest of
7 4-lOths per cent, per annum,on tlie whole capi-
tul stock tnus invested.
If the capital employed by tho Central Bank,
during these same ten years, had yielded an cquul
rate of profit, to wit, an interest of 7 4-10 per ct.
iustcad of an interest of 4 7-10 per cent., then tlie
sum total of its profits for that time, would have
been $886,222 50, instead of $505,134 21, where
by the Stato would have been the gainer to the a*
mount of $321,088 29; which sum must conse
quently he set down os so much loss in ten years,
chargeable to the policy of having discarded tlie
old and well triea system of investing iu ordina
ry Bunk Stocks, for the new and questionable ex
periment of the Central Bank.
The very unfavorable comparison, in a fiscal
point of view, which it is thus shown, the public
money employed through the Central Bunk sus
tains with that invested in other Bank stocks, is
attributable to inherent and ineradicable vices of
the former system—a system at tlie vefy root of
which lies the principle of sacrificing in a large
measure, the general interests of tlie Troa»ury,to
tlie benefit of borrowers.
Hence fill loans on accommodation paper are
made at six per cent, interest, when tlie legal rate
in all other coses is eight per cent., and when evc-
ty.body knows that money in Georgia has always
beonwdrth even a higher rale. Hence, too, pa
per of tli is sort, which, at tlie first institution of the
Bank, was required to he renewed every six
months, and reduced at the raU often per cent, at
each renewal, was afterwards subjected to but
one renewal in every twelve months, with a re
duction of twenty per cent. at each renewal.—
These regulations, both in regard to the rate of
prenlum
UrS; Columbia
raw par j 'Oum-.il^au Wik tX?^ ,0 " n fci)ii
Planters mid-MeahanW OVS®
lull Ho;,. Iff,
es 30 « 31) I Ilomo 53, no .slo.offfuff
. NEW.pftLEANa.TJovT,, ' . '
slnoo 8th Inst. 10,186 Ijslo,,
7,188 bales, limiting on iS* k .i
kfles. nail lowing ou Imnd, 1,1,1,,,;,'’
^eot-elenredonflmi^jUk
tlmingl, Saturday sad MnS/'W'-J
ou Bnuttdtv ttmanmod to ,3m
variable prises,butgonendty nt sd,., 1 ' 1 ''*,
com (Vora previous rate., nnd
mndo a corresponding reductionu"'•'I '
od, n. far as wo could loarn, to a t«.^ l>c i|
parcels, Utivere generally, in.i.,i„, n *
ooncoastona as anitidttoeniwntoo„,5?*»i{
Tlio salon for liio ihroo dnvs r2l ?
bnlnn, of which wo giro dm following^
f*9 bald Loalsiana an l MUsImIdih
■an nt 93, 83 at 11 {, 993 al 101,
91 at to}, 181 at lot, 118 atlof 135*5*
44 at 10,33 nt 10, 195m 101,93 a i 101
m 9j a 10}, 33lnl,l) at 8), tot nj)®f,«i
3M at 10 130 at 10}. 00 'a, 0}, ttdWfll
tricts at 9 to 91 cents. * w
Liverpool Olartlflattlon, La. nnd \r,. * r
a 0, Middling 0} It 0J, falrlOj
Wr# «*tS? W> * 13 ' *«*Sf
laoo.Om.l.MocfrCll!?'' .
Uorclpu Iasi throe dnvi. ‘ "‘U'Z'W
“ prerion.^r,„:::;j^j*
( Commmiicnltd.)
Mr. Editor'.—Will you have the goodness to
let mo knosv svliat our wliolo hog Loco Foco
Governor and Legislature moan to do wilfi tlio
Banks iu tills Slate, who have, or wlio may sus
pend specio payments—As 1 am a real Specie Chncs
man, I export they will he true to wltnt they pro
fess, nnd take away the chnrlera of tliono who do
suspetid, whotl We may calculate on Me better cur
rency. Our Bank* in davamiah ore,of course safe,
as they ore nearly ail managed by Loco Focoa, aud
of course will not impend, happen what may.
Yours-truly,
A BUTT-F.ENDER.
B3*MajorW.P.Wbitr Uauthorized to re
eeivo the account, due the Republican Offico, In
the counties of Camden, Glynn, Wayne, Mcln<
tosh and Liberty, and receipt for the somo.
TIIE BRITISH QUEEN.
This steamer liod not arrived at Now York at
4o'clock on Monday afternoon. She hue been
out 18 day*.
FINANCE COMMISSIONERS REPORT.
We have commenced tho republication ofthb
able Report, and earnestly invito an attentive pe
rusal ofit,u it from limo to time eppoare in our
columns. It will strike tho Publie with astonish-
monk, that the defective system laid bare by the
Commissioners, has been so long suffered to en
dure. It especially mterosti the commercial part
of our communities to make themselves familiar
with this Report! Ibr, upon them has hitherto,
fallen the greateet burden ofthe unequal end par
tial system nose informs—ond upon them miy rest
tho important duty of rising in defence of thoir
right* as one man—net rising with arms in their
hands, but exerting their influence at the ballot
box and deexhen.
bo promptly mot in full. at maturity, it is obvious
that the same money comes, iu the course of a
year, lu the Siciti of a great number of persons and
transactions. Thus it acquiree a redoubled pow
er for good, by the rapidity and regularity with
which it is moaato act. Radiating tram ita cen
tral home in tlie reipeptive Ranks to which it be
longs, and returning at quick intervals again to
issue forth, like the Ufe blood ofthe human framo,
it is kept running in a ceaseless and invigorating
round, through ail tho channels of commerce am
business, dispensing its generous aliment in all
directions anil over every interest. Surely, it
IUUV he safely said ol a system under which ihe
money let forth by the Banka, comes thus actively
to tlie aid ofthe various transactions of trade, and
conics too, to die hands of those who haro pro
duce or niercliandizo,or some other valuable com
modity to offer in return—tiint it is greatly more
assistant and encouraging to tho industry, pros
perity and improvement of individuals and the
community, than a system under which the same
monev should be dispensed to those who havo not
earned it, who want it for a loug time, who liavo
nothing tn oflerfor it hut their promissory notes,
nnd who, in fine, ask for it as a matter of accom
modation, nnd not as tlio price of tome actual
toil, or useful commodity, Which they offer in ex
change.—This latter is the system or die Central
Bank, a system under which the pnldic money is
set apart for tlie special benefit of those whose on
ly claim to it consists in tlie strength and respec
tability oftlie names on the accommodation pa
per which they present.
And flint the large captiul which tliat lunik lias
hceu for ten years distributing over tlio Stato un
der this system has been thereby prevented from
having a useful ofticiancy proportionate to tho ac
tual amount ofloans made by means of it, is open
lo as little doubt a* is the diet, that the amount it
self nftlinsc loans lias been on un average one half
less per annum, than would have beenautliorized
and sustained by the same mass of capital, had it
been vested in the Stock of Commercial Banking
institutions. '
Such has been tho working—such tho results of
the system ofthe Control Bank, so fur os the two
great objecto of income to tho treasury, and assis
tance to the commercial interests ofthe communi
ty are concernod-
(Tu he continual.)
INCENDIARYISM IN SAVANNAH.
It ia a very remarkable tiling, that not a single
fire (so far as we now recollect) has occurred in
our favored city, tdneo the Mayor ecoured the
streets and lanes and hauled up all dm loafers, and
made them tell their whereabouts—where they
hailed from, what was thoir occupation, Ac.
Now, we snggeet the propriety of repeating
the operation, instantly, upon the occurrenco or
the very first fire. Whether auspicien attaches or
not, enquire into it rigidly and minutely—haul up
the whole crow, tog rag uud hob tail, and regiMer
them forthwith. There ie an unusual number of
men out of employ now in this city, who have not
a particle of responsibility, aud not an iota of in
terest in tho preservation of our city. No honest
man can object to give an account cfhintself, and
havo his name registered. Then, let dm Mayor
secure the safety of those who havo.
There are hundreds here wo are told, who can
not get employment, and who ore anxious to re
turn to New York. Would it not bo well for tlio
City Council to charter vessels to rc-convey them
hack ogam. Tho snbjcct is worthy consideration
at ieoat, and we hope die proper audiorities will
entertain it at their very first sitting.
MONEY MATTERS.
PHILADEI.HII*.—’The Sentinel and Herald of
he I9dt instant, has the following:
ft The transactions at die Stock Exchango yet-
terdny, were limited in extenlnnd without materi
al variation in prices,with dte exception of Schuyl
kill Navigation,which liaa experienced quito o
tumble, several lots having boon sold ut 90, a de
cline of$5 per share since Saturday. U. 8.
Bank was lower for cosh and closed at 82 J. Af
ter the board, 60 chares were sold at 82, seller JO
days, and 15 share* at 82, seller 15 days. Girard
Bank was more in demand and closed linn at 38
bid.
" Money is getting easier daily- U. S. Bank post
notes were in request yesterday atlO p?r cent, per
annum discount, and wo henrd of some sales be
ing made al9. Exchango on New-York sold at
113, and may bo quotedet 113a 1131.
New-Your. Tho Courier and Enquirer of tho
18th insL pat tho following:
Stocks advanced on-.Saturday, and tho opera
tions in them were to a fair extent. At tho second
board tlioy wont rattier higher. Delaware and
Httdeon were sold at fllf, 10 days; and Harlem at
40. -
The demand for foreign Exchanges confined
yesterday morning unrn the departure oftlie
Great Western, aud the rates on Loudoa closed
at 8.4 a 9 per cent, premium—109J wos paid for
00 day* Sterling Bill*, and 109 for 6 daye alight.
Franco closed at 5f374 a5f35, aud there were
few hills left.
At tho Board of Brokers 94,700 exchange on
Philadelphia was sold at 87 a 871. Subsequent
ly a demand fordrafts sprang un on Philadelphia
and Baltimore and sales on Philadelphia wore
made at 12 a 12J ou the former, and 1‘2 a !2j au
th« latter
The amount offeriuf was not larffe. We sin
cerely hope tliat this may be followed up by a fur
ther improvement in tlio Exchange cn sou.hcrn
cities, as this must precede their resumption.
Bank notes of the a'yove States are selling nt
an increased discount of one per cent. $200,000
in specie arrived here on Saturday from Philadel
phia, of which $ 1.51,000 were for the Bank of
the . United States in this city.
QUINCY. (FA.) Nov. 15.
Afore Indian Murders /—Last Wednesday night,
about8o’clock, Mr. Oliver, Jr., was killed bye
Exports last three days.... •>•%
“ previously.
Stock on hand H
Sugar, La.-—Tho stock of newSuVw ll'HS
ting, and, there borng, as yet, little J no £1
the upper country, factor, find it
sal®* except in small parcels for the city S;1
prevailing rates are 5 a but a cholc«^J
•small lots, will still command 6 com. Vom
bio sales, however, could he eGticUxf
and the market lias a decidedly downinrikL
Havana Sugars contmuo very dull at forme!!
Afofasss*.— 1 The market is well mppliei *
big the limited demand, and wo quote»f
clme for parcels ou tho LeVco, «ay 4$ ^ y
We have heard of noaolvsonplantttioi '
Met.—There ia only a small .apply fo .
the demand is extremely limited, and ogr<t»
cmi only be obtained for email parrel*
called for.
Exchange.—As heretofore, there U butty*
derate demand for either foreign or ilomfiteaL
unless it is for short sight bills on the north,3
continue ditllcuU to procure, and our ntei J
nueutly, are again advanced. In the ort**J
tied state of exchanges, however, it it imvyJ
3 note with positive correctness, u Acts #
iversity in the rates asked.
Freights—We notice no change inEarowuK
severed having been taken it the rates cuteai
lost publication. Coastwise freight, utri
without any material alteration in the nin „
V lb to Liverpool, |d{ to Havre, 11 a lilt
New-York, Jc.j to Boston, ) a |c.
PASSENGERS
Per ship Newark, from New Yor
mono, lady, child nnd servant, Mn W»J
children, Mrs Catlin and child, MissTi
Bulloch, Hall, Russell, Gordon, Ruth
ncy, Benedict, Pickard, Herman, Alaage,^
port, KitchunvDaniels, Emmons, aadSfc
age. ~
Shipping Intelligence. 1
PORT OF SAVARRAU,... .ROVimihi
" * 1
Correspondence of the Augusta Chronicle Sf Sentinel.
M1LLEDOEVIL1.B, November 18,1839
In Senate.—Mr. Joiirdan reported a bill to re
gulate tlie emission oftlie paper of Banks* under
certain circumstance*, anti to compel tlie resump
tion of Bpccie payments within a given time,
under certain pcmiltie* nnd conditions.
Mr. Miller reported a bill to pointout tlie mode
of creating certain corporations, to define their
rights, nnd privileges, and to provide a mode, of
clinngingtlie name of individuals.
The resolution of Mr. Payne was made the
special order for Wednesday; it was in relation
to the suspensions of operations on the main trunk
ofthe Western and Atlantic Rail Road. It will
elicit, it is believed, much interesting discussion;
for, under existing circumstance*, it is certainly
a measure of much moment.
hills passed.—To alter nnd amend on net, en
titled “An Act more effectually to sdcure the
solvency of ail the Banking institutions of this
State,.” pns*ed.24th December, 1832. This bill
is not an important one, and only relates to n
change in tiie publication by tlio Executive of
the list of stockholders in each Bank,
To change tho place of holding the precinct
election in the 235tU D Utrict, G. M . (iu Oglethorpe
comity.)
To alter cud amend an act, entitled “An Act
to appoint additional Commissioners on the
Ohoopic and Canbocliee river in tlie county of
Tattnall, pascxid in 1833, so far a* relate* to tho
Commissioners - of the OUoopie, and for other
* '/o alter and explain the second section of an
act, passed ou the 22d December, 1828, entitled
“An Act for tlie better protection of orphans and
THE BANKS OF SAVANNAH.
It ia very remarkable, that our Banks rccoivo
tlie cold shoulder a* they do, both from the North
und tlie South. No mention is made of them
whatever, except under the sweeping clause,
“the Georgia Banks have suspended specio pay-
ment.” Ntfvv, tho Philadelphia papers and peo
ple, uud all south of them, know very well that
tlie Savannah Banks have not suspended specie
payments. If this was a mere matter of city pride
and vanity, it would not so much matter, but it
has a very important bearing upon tho interests of
our Merchants, especially those of them who are
not engaged in the Cotton trade, and who have
remittances to make to tlie North.
If any one will cast his eye over a list of Ex
change rates, ho will see, tliat a greater rate is
charged between Savannnh and New-York, than
between Charleston and Now-York. It may be
answered that it is our greater indebtedness to
New-York than Charleston, makestiie rate of Ex
change greater against us. It is certainly true that
tho standing of tho Bonk* of a place do not regu
late entirely tiie commercial Exchanges of that
place, hut they havo a very important bearing up.
on tho matter, inasmuch os most of tlie abovo
mentioned debts are collected through these Banks.
But wc deny the justice of the present rates of
Exchange, upon any ground* whatevor—we deny
tliat wo are as much indebted to New-York, as
Charleston. Why then in one hundred dollars of
Georgia money twelve dollars worse than ono
hundred of New-York money, or why shall we
pay twelve dollars boot in an exchango, or swop
of a hundred ? Oju Banks is in os good, nay bet
tor condition, than tno Now-York Banks; because,
first—they have a» much specio in proportion to
their circulation as tho New-York Banka—and,
secondly—they are in a groat measure oxenipt
from the drain of tho Philadelphia rivalry. Then,
if6ur Banks are in equal condition with thoir
Bunks, the rate of Exchange ought to bo regulated
by tbe'cost of tho transportation of specio from
one place to the other. This is leaving out of the
consideration, the great commercial relations of
tho two places u carried on independent of our
Banks. What then are thofc relation?, that they
party of Indians, atthe residence of his fatherfaear
tho Ocklockuee river, about four miles below the
miinroad leading from Quincy to Tallahassee.—
Half a dozen rifles wero simultaneously fired at
him, four of which took effect in the body. He
ruxhod across the room, fell in hi* mothers arms,
exclaiming. “mother I am killed l" and died in
stantly. The doors were closed by the family,
and a young man living iu the Iioiiro fired twice,
in one iustancu mortally wounding an Indian.
The Indians, feuringto approach the house, set
fire to an out-building, and fled. The wounded
Indian wus token off on horseback, and could be
traced some distance by the blood. The Indians
were seen (about 12 or 15 in number) near {(un
set, on the afternoon of tho, murder, and were all
mounted. A party have started in pursuit of them,
and we hope they may be successlhl in finding
the miscreants. When will bleeding Florida be
saved from this savage butchery 1—Scntinei.
Massachusetts.—We are still in a state ofpcrfect
uncertainty as to the result of the Guberna
torial election in Massachusetts. The Boston At
las of Satuaday contains the following statement.
VOTES FOR GOVERNOR,
Suffolk,
Essex,
Middlesex,
Worcester,
Plymouth,
Natucket,
Dukes,
Bristol,
Norfolk,
Franklin,
Hampshire
Hampden,
Barnstable,
Berkshire,
300 towns,
Everett. Morton.
2 towns,
5036
3873
2fl ft
0798
5975
45 ft
5400
8177
65 »
8250
7030
21 !<
3988
3918
1 “
520
265
3 «
199
289
19 ft
3103
4134
22 ••
3671
4238
23
2133
2121
, 22 “
2605
1907
19 ft
2536
3327
13 ••
1002
1195
29 “
3133
2292
ARRIVED SINCE OURIAST.
' Ship Newark, Soullard, NowYoik, to!
hum, Lewis & Co. Mdzo to G H May, Li
win, E Euimous, Hamilton, Houston 4l
Canipfield ilk. Neylo, Clughom Si Wood, C
&, Mills, E S Sibley, E BUM &Co, J JW
C Nicoll.N B &H Weed,N Wallace,! R81
F Sorrel & Co, J E Spear, W1! SiniM
Wight, P VViUbcrgar,PHalta, TMM
A Champion, II Roberts, WH Dclairuxtcr.H
W King, F Shcils, Hazard, Bcr^ow
Phinizy, J Wagner, U XV’Andcrwn, NA9
doe, F W Ileiumnimn, R T Webb, Haatiid
go Holcombe, J Shaffer, J McDonald, Ay*
SOI,port, J F hell., W Nichols, J B G‘“
Taoinpfio'n, J W Anderson, J H Bunou
0l fiRearaboatI«is, Cliace,Charleston,taC!
Sc. Wood. Mdze to J Clelaml.
Steamboat Gen Clioch, Brooks, BlitkCl
SAILED.
Ship Now Jersey, Dickson, Liverpool.
CHARLESTON, Nor. 22—Anr. stoM
etiles, Grogerson, Foil River 7 Jsjj * (
Catharine,*Berry, N York 4 4* bra AlhA
ker, Fhiludelphia5ds;schrs.PennijW
do 5 da; Elizabeth, BarstOW.BoitonSgy
Martin, Baltimore, and Ah. 1 ' 0 "" r
steam packet North Carohoo, Dam, 1
10 CW. ship Fortitude, Libby, Havre;bo|N
Webster, Adams, Now Orleans
PHILADELPHIA, Nor. W.-Ar.wJ
ra, Warner, fin Maracaibo,Oct.MW
Ames, fiu StJago . e Cubai BrbnJ^
ton, Richardson, 31 to B!«* R • gM
Emily Davis, Steel,3b ®jji
Cli Aus. brig Prince Me#****, lw ”
^BALTIMORE, Nov. 19.-An-
Bailey, fin Rio do J
Opelousas, Forrest, 5 d» fm So was t
NEW-YORK,Nov. 8.-Mt.S^
Emerald, Howe, Havre, W
Urquuhart, 19 da fin Pcnsacota, 1
ris, Braderiip, 48 ds fin jjHffiin RiiW
London Paoheb Kerokew,
neirnt brigs Aslily, Pike, 6 ds
Taylor, irooy,6dsftn SownnA L
sett, 5 ds I'm do. n„nker, Cba ,,
Old. sliips St Lawrence,
Tuskinn, Spencer, Mobile, Echo, U^'jl
Orleans; brigs New York, Bak.r, w J
gusts, Sherwood, do. ■ «
- Sid. steam sliig Gr “ l ,"'““ ra ’
Havre; Catherine, Charleston. j„ E «J
BOSTON, Nov.
drod, Havana, 20tliult.| Balk>».
50,11X1
60,331
Morton, majority 195. There arc throe towns
in Franklin, one in Middlesex, and one in Berk
shire to be heard frdni. Them towns will about
balutiee eatli other. Thero is certaiuly. In our
opinion, no choice. Wo have heard already of
about 300 scattering vote*. We shall savo the
Stato from the spoilers all. Their huzzas have
all been to no purpose.
Commercial Journal.
LATEST OATES.
From Liverpool, Oct. 19 I From Mobile,.,, .Nov. 2.
From Havre, Oct. 15,| From N. Orleans, Nov.13.
zus, 31st ult.
Cld. barque Talent, Jones,
more, Davis, Havana.
Genoa; W*
J OSEPH LAWliasopcae4'“® b(I ,^*
Bay, in Burroughs
he found during b M®©l*5*r
tend to any Imamcss winch “I
ilis professional management.
nov23 . 2:l2»l
AUGUSTA, NOV. 21.—Cotton—Continue* to
come iu freely, but present price* are not aatisftictory
to pi an tor h, and what is now arriving is generally ac
companied with orders to *torc. The demand lias
increased since our last, but purchasers do not scorn
disposed to givo present quotations. The sales thin
week from ware-houses reach about 1,200 bales,which
wero disposed of n» follows \ 88 at 8$, 05 at 753 at
8j, 70 nt 8|; 80 at 8j{, and 83 at 9 cents; principal
sales at 8J. Wo quote as extremes for new cOttoq.8,
a 9c.; the Inttcr price could not bo obtained yestor-’
day, nnd our only reason forgiving thin quotation is
because holders refuse to sell strictly prime for less.
Old cotton may he quoted from 7 to 9 cents.
Exchange—continues scarce and 4s only to be bad
of brokoru, who are selling night checks on N. York
at 11 a 12 per cent, prom.} 30 days sight 5, for current
money \ checks on Charleston 3 a 4 *, Savannah par a
1. City money is worth a premium of 1 per cent.;
ForAew- hiuu'.vj*
Tho fast sailing 300 tolaCjl
_ ammond,can ? or pmiipi a ? pI l
il'ollbredsoon. Forwlnob P
For BvnnswldtiS». &
ESTER.
depart for tlio “ l,0 p“ ( Si o'l” 5 ,’baJl
NING, at 6 o’clock. For >' b , y onto-'I
ing excellent accommodations, i |
Hunter’s wharf,^orto^ f vV 00D ,■«
AH freight payable by ’
nov 23
I
wc-isfias-ssja
nov 23
aim
inL