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^ (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