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I>V V. S. JONES.
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-1 a,.:. JNO. SAMUEL.
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JOHN M 1U GT*NT
, ,>'i } dKA PUYMCT \\ ! {
V - ‘ • ‘ v vi’ : a.:c, n t far trx'm A:i£U*u*.
\ ;,vt . •': > v >th & • etaoMMi* |
j"* > • ‘ ‘* ‘■ •* - <>; ;:v a\d* by & j
~ a urr l'* \
1 ‘■ !> \\ ..’ y U "sui*.i'i* *'Ca; Br*x k* A Cisxp-
- .-r y direct*<i with eertificaUt at- i
4 SOI A 1,1. lei of OATS in store and (o: sale by
jf\ d.c-.. M W. WWUEI lT
ijmraidtr & JSknlindL
• ft I <•! OF IVII.LfA > GREGG
: her from DJceficlJ Dulrwl,in 0- Legit Mn re
■ i S CthnjM bet. )557, ou be bane
’ a .... ,Jer*d iy-Mr. Hit™
f/r- eon tie Bant , .
i Ttifc* to- of tlie country,
; .r* of ‘monetary
. w Vtj v I>B |‘- ra rr' frir ti.m Legislature to
-** n*i -* • hvizb* tke Bank. Gliarter*, wLiob
;j
u. T everywhere,
-v., ~ ~ M ‘ it ary
’ r ,, ? i th*ty tuny I>hv fr©eiktji of
• ♦> xti ► t> eo far i xp*zid as to give a
- rI: to trm prodaoe of ice country
J i .*■■.]: rr<L ** be sent to market.
i■ . TMI we kav* fall confidence in the
7o* our Bftcha, ?*nd iu their disposition to
r •- payments a- p*-edily as tireuiu-
That a crmm?tiee of seven be raided
• .* • > ‘ -n the wboie nnSject of
’ J ... ib i.- State. ami report a Bui for the ac
53.1 S’kAKFP. :~One of the srrenf objects of th*e
A i* to o'.rreot Uie imperfecLoas of our
j If i rrc.a of 1340 have made lavra ti-at are
v “ ‘lid r ; toai purpoer; in !8/>7, but are
i ‘*±'( if? of ruma eTubarraarUieot to every interest
tiLl‘ e v? airy, feLtJl we 7 tor too sake ot puactidoue
j c v eVii'y,
I t t i r-bastlse tbe baeks, while every blow we
t r''.kt- icti eta a wound upon • or selves / Do yon
I erp.ei t the uaukolo loan money to relieve tbecoua
j try us aiui pay tLe Slate tiveout of it?
i ILo ia abaurcL Tbe tael ie, that the
! t‘,r. <d t• .s fetUe and will not 40 forward.
.• ‘ a rer.oi vil of thw p-rtrietlon. Everyware
j r ir i: tiie trterior ;* fall of cotton, and thousands
! ijT#o.'i Ih'-n-aiiUs of baiei will remaL; in the country
j ir .ji ti.:- caUi.e, Uie in the interior rre
up b tlMsir roofa. The State may puts few
• hit ti her coffers, bat it will be at the ex
e of ten doUara a bale to the planter.
, 1 ,-t, tie br.i ks coind not loan for fear of bus
.. <. and, Uterthe t*u."peußif>n, you eay they
1 I* ti! i;rt I have been a daily witness, this
1 ¥ * of rti diffieuitfea with whicli every planter i>as
• a*ho bad to .-iel! otton, and 1 have seen ktold
; . 10 (j nd. when tie Liverpool advices warranted
Ii lt ia needles to talk hereabout things
! /ettir •* riglit of themselves; the banks nauat have
1 :,rii .jotmtry will be ruined. They mut-t be
ri I io penalty, freoa a public adv- r
: !j- 1 ero (■: Uifeir condition. Many a tfood financier
i- r ..••; ;.1 r.cd by hia affairs. If you
• He t-.iiika to pet np speedily, let them
| *.bn m ar, imatiou that no man can
, .. i # cii aOL-os One bank should not know
I *' l .-d r’ u(’ icr is donix- If they are let alone they
,11 . ■* ; i. :: the only hope for them and the
{ i.'.-j;.* v il money oat to purchase cotton,
I #. v * -> f *b<k v w;!l be able to pay their debts to the
! 1 . 1 w fen the ciiapended, I was a di
| and Chat leelort. ll.e bunk in vrliich Ia
-rio. had sobo f (rtlO circulation ? and spe
. /dll’ ban ht knew it, and were afraid of us.
I it v/.-ri !.')* ;< -rs to think of ever witlvout
j . . ct . We did expand, a.a nearly as I cun
I . . . about fdOO/XMJ, principally upon'‘otton
; . \Vi h*aned fr<iely to our mercantUv Cua
* .c ... \r ho were a#jon able to pay us back, three
} . ‘ a*id helped greatly to reduce our liabilities.
. Hu’ f->r t;.c cipa-.eiou c*f the banks at that time,
Ima i good merchant vVoukl have been ruined. I
’ irried Into a ooocm there. fnOOjDOO;
O: • , my partners had jiwt retimed from Europe
of perWi'ttbfe We bur
! . v.. 1 fiMiu the banku to make good the
I t ir; ffi't far snice, it waft soon returned. Our
j tiank, in a lew months, became strong, paid
bala:u es in r-pecie, and resumed to the aa
• • .l. meat w f nil U*e other bauki*, who folliiwed in
■ i k < vion. Thus CHme ab ut resumption
| < *m • r from whii h it was not expected, and
I . . c:ei months berbre anv bouy looked lor it. The
1 . dv.p .. ifed larrers r specie in the banks
| t : : hey c aid not sell, and nobody wanted hard
| i C| t .Vli. Speaker, tliat our bunks will have to
: o ! h, owmtry cun be relieved, and I
l t: iii mint• restrictions xnuy be’ removed.
\ i ,1, -uriiTl.-od to aeegentienMw hariring on
j In 1 ih.o.and Stwte securities form a
j !-r a buck circulation. Have we not seen
j Vj at ;, fy m; fliat it k all a fallacy? J^ook
! Xtr.t York, With her great Hysfein of stK-k securi
1 yock-* that wn*(3 wortli before anspen
i ;• i . li*ok lack atul eee where
1 Awanin IS 10. Georgia, one of the most eu
tcr; *..dng and Solvent State?, luid to ntand by and
’ r , pvx
* W h pub 1 works mi ha*ci, tha{ ar.: to n>st m a
, 4 , < .'{t.Otiil.tMMJ, how are our Sla’e boiw3 to pc
ifelieit on for a basin ? We had better come to the
r, . iny at mu e and provide io’a pnper
currency, with a .strong specie basis.
And I am still more surprised, Mr. Speaker, to
bear advtK*ated the restriction of banks to 7 pe,r
t *.'d divkieuda ; that is nothing short of offering in
ui’crmcnts Jo
per cent. ..fU r making good Mcjr surplus, they may
4 < ir?vneed to expenu the balance in et:avttgant
btiihlUigo and big aaturied. What we waul is % re
,l .••!! of ti* i.iiiiiOW ot banks, and less banking
i *!>;* . then, with propo* rs.t;j<4iob on the issues,
a . v have ru> good a banking systna fur opj‘ pur
-1 ;c Hswewftut. Hetustake time, and not do
tilings rashly. |
i \Vimt l w ant to impreed upon tiU Hou?e is, that
tfist i a£ Hocj atof restraining bank issues has not
yot hum oied. For the want of the proper
iT-*t riot ions, tko country lost unt<ld mdtioin.
1i C whale benk capi’ul Oi ;ha L’cjted States, in
I , . would L‘oi pay had what waa LiWi b j Hm sus
-1 : ,A. m <■’ is 37 and 1840. And what may be aai^*
4 i ti-'i sutpensioc ? Why, Mr. Speaker, H is my
... . .i op-u'iou, rhat if all the bai.k capital la tho
v. •■•... dry vr;u uivided out among the sufferers,
.■ would i ill sho' f of paying the lows.
Th. State of New Ycix JEW banks, with a
I C4.L ti of
I .N \\ Yoi k Lc;.-d! iius cufi* ltd that
~,.j >v . 11 cover ; and Ikjw is ii'with us ? fn all
pudn.bi ;'y Hr cotton drop wilt sd! for fiJO a bale
i, .. il.cn it w (.uld done but for the monetary
. .. vi.l -icn; biile, at JXO, the round
.mn 01'ibti WMI,OM>. The 111 hankP !he cottou
/ StwWa |H7,7tH),MOO of < apital. Manr
mdi vutuai® c: tuuate tost fHton will be aoid
aI- \ • than il w.t’vld bav bean, had this sus
i jjo( place; baic. ct #‘A>,
i. U p th j toiiisd biim ol With tf'ese
(- ore !*©lcj-> us, i think ‘>'e way cpmeto the con
-j. t .at >ve paid pretty dearly for our ex
|i**rc ‘'kh* .
VS c IVO -m an awful U-eon in the present moD
. . cns.s. li baa caueed wide spread ruin and
(I’M ...s U.r.iHgliout the lend, and bus reduced to
poverty *ome of tbe w> alt West “mercantile houses
ic :rcai otte of the Uuiou. But, however sad
?n and the ieiron, it nsy, and I trust will, re
sult in a b’.csPTDg to oar country it Ib, ic all proba
f ,11 v. a tiuneXy interflMww*ot to obegk
u- in .1 mad career of gperulatioa that ha.ve
; uitrd in r-tiil gveateir calamity. Such was the
s. 1 piirg Ha •-* with whieh money tould bu made by
.■ r>'-iicg pcciilaliene, that ail sources ot produo*
live iiiduvtry wa mi a piwOeai of rapid declension,
f r)(\st of production so increased, as to ren
S t a numerating profits aluu st hopeless. Ev*en
: nlOital productions, the value of
\ m i hi net affected by ptu infia:ed currency, but
1 i- ctr'.Kt. and by rtu* gold and sff,*..* of other
{ conrrvies, arc not exempt from the elibn*wed
J ot thtnr prtxiuction. All the .ipplianoes for husban
* dry n *w c#k-t three tiues more than the ourront
ji J (.•’ ISlo, whan negro fellows were worth
. males. s'” to $75, now $- f, 0 to ;
! n • . . 4 m.-r.a than uoubieti iu value. But for the
I ...iii pave j, ray ailed lor live years past,
jM r 1 utt3U. } tob?ux , c and ;tce / jgo ip the old
s c■ •. rn State? conk! nor have lived. It’ now rv
tiuit3 double ihv ra-'itat that w*>s fiormeily invest
ed, L*i a ^ r of cottony while we have no as
.uirauceof continued high prices.
I thrff this were aa it is, may be in
t tenth •■*, \shat all men must now be sat
iai*>, dhy.t tliM bank resirhitiou* throughout the
t United S*a*e.6 i^.omplete—and the people of
,v utt. I'atoiina c*nsarc£ly L-l to set that ours are
j ii cv ) worfttUsc as saieguaids against Suspemiofi.
j Tht penal v ot 5 par ctut, ou all issue* is a ineio
j ... i bery, for the bills in c irculation have been put
i f>rJi t many instances or. an interest of teu, and
j ku> raying toe h*ukst least 7 per coat; for it can
\ Sreupputtd tu. tue cigital which represents
i-• irredeemable bins *s lyiiu iu banks idle.
! 1 am, howrver, opposed to inflicting any polish -
{ uio* tut ttu Wok* It. would be extremely
1 .id -> i iLiso a i>HUk u**t had adliered throughout,
f ?. ip;;*,-., ut legitimate course of b&ukiug, equally
] v . ’.Lt eckieSa, that reetred to have a perfect
j hi.- ;,iwd of the quantity of ape cie, com
i . . ed wiib .La liabilities. 1 believe liotl many of
’ , . r boi kur as judiciously managed as any banks
’ i e. acd deserve no prtmshment for the past. It
% rotn iy for the most prudently man
ig *u i'riU- to avoid bein# urayu dih/sutu aewttp
’ ;u as pik-sedever our couatiy, jud pro
!. • > t n so-, •••tsion of nearly all our banks. sup
< . oue to be located in Charleston and famed *o r
1 and judicious iiiauagemeut; she may keep u
j uvw.: i* walls for every paper dollar out T his
i . u, [i oVrtffttsetl toYnake such an institution
1 • a*v*Ti. Umh, u r cotiec* ow and depositor : and,
’ mcou:Lu-y .*> tsj ue.gi boring banks, as well as
! , - -ir.vt* duty to her customer* ;hf is bound to
| tv.r i*e!veo;lon. and on deposite, as!STecig nay-
I c * batik bins ai.d, to refuse to take the bills of
*, , . vt ihe wi uiu.it bank* in the community in
’ ‘, w oressiun id exestiggent, would at once
i r - .fisfrost and ca*we a run for epafie. and a
TJU 2-ttap : rfjoo vwU hffiow. carrying with it
. .vk teal hah betni oi ail insiruinentui in
i 1. ■ J.vg * .if a necessity f* asnspeusipu, and uot
i • <i s some of tie banks who bad, fry
j i ■■, rs t been side to weather the storm.—
TV . ,n Octrees *i e-<miiiaiity in Use set of sua
. - ... - , ta pjaco almost every bank on a
••pa.'#”* s ,a distioc* footing. Spate barj Mpend
! td put. iy :r.-ma belief that a general anve of the
| fc... • yn- ...: relieve the pressure and enable the pro
■ tisr- ’ ■ (.. cerijtrjr g forward. All of oar old
| banks! which %and goer n<h high character to
! *-*f< l_cm* sank bills. Lave been, of recent
, %i drived by nw competition, 4 to abandon, in
” _i. .!• .... >. L,'. ’eglt.uiate mode of banktog .
a nd- ,* State bae fcaec —ramental in bringit g
g ; te ek meat* of suspension. we should be
1 , .nsu w-’W*euse lie rod oi correction, out, for
; ■ -a. eefesy. incorporate in their charters met re
•l- e*os as irl*i pcevect ■ fttfureoeenrreaee. Fire
r i iii ■ envulatk'a. curing tte
i ’ ie v -l, uto thelijuit ’.bul-k ’der. who
■a\ L deol/in uumev. and a heavy
. clo gei'it, sna.'sflHie from otter cooatdera
bunas icbfbt many liinos be so ctrcuai
. , 1 it wm'd be greatly to tlatir Ttrterestto
‘U'.pss and. ... paj- sink a ferteiUMW—ana. bat tor the
.u, sjnei e t,'i*e . otnmanity. it would be jMt
..’.a .m. per tooiacl Ute peiudtynvw.
l e suhtt st of bahkinj; and runrantyU so little
-••■eu. ; m-. it should be aparowelied witi the
p.’seible caation ; .and we ninst all bear in
1 ‘ ■ .c* any inda'ied on the bank- :
cp. ■’. oe;y t, -,d to create new dilSt.allies anti
-t.‘s tbrcupK at the cosnmnnrty. It is
i ai; imjaytant that the b.inlie sbottW be left free to
.as tr.ty tit.i.k beat. They are all anxious to rw
.K'mt, and n a do so a* socitas ciroum-tanoes will
. ;•• .tnit and any puniehmeat that we may inflict,
‘be purt'Oee t ftKeo a c a speedy reeamption. will
-■ to .’ - -u'-p is., tae ebteot, bring iroubte epon the
mttr.ity, and oiaable tne banks to tnake the re
; vjnfclte preparatiocs A>r areueiwlrestOnptloD. which
i .mtot be brougid. ab at in any other way than by
at! erp.ms JH of Lottie, tsswes, so a* to euahle tbit
i r:\eiuoe of tbe t> ’.:iAry to oorne forward, and also to
! plate tt.e toeaea in the hands of eve: y body to pay
tt-.-tr dent*. v.Viet is now the uppermost thought iu
i every man a mute. • ‘
However tnuas I am uiapoaed to commend the
t.. at;'.-o.tr Ucti.rai hr the ptvtnpt discharge oi
Lis duty ; executing the law. I believe it would be
■vise legislation to refund tbe money eoftected trot!
an Ottaawiae. it wiii cause a stringency in
the in. osy market mat oughi net to exist; for
jacks wit! net loan their biha when they have U>
: pay j per cent iuetset on item. The State is worse
off than ua Lack-. Situated as she is, 1 think ft is
i entirely beneath her dlgni.y to call upon the banks
to pay the forfeiture. The Mate is unable to pass
t her boner a! ;-rr. The sorpended bank paper is
, mere current than State credit: no man wiil give
j the su-penued batik biUs fitr Slate bonds at par. —
1 she is m a state Os suipensiou LentelL Her own
i auk led . ts. and was the tiret to suspend She is
paying tie mteirst on berpublk debt in her own
irredeemable bank bibs Her laborers on the State
| Capilol are paid in the nice wav; and, a-ides- >m
all this, she l:a- been instruinentafherself in br*igig
ihisetate of thing* upon Uie Imnks. by the creation \
vkDfcw banka when and where they were not need- ]
nd I led perfectly confident that if the Sta ? e had 1
net in'Teased the bank capital of Sotith Carolina ■
.-i? c * 184‘t, f*nf* banks wo*d now \>e paying ejn*rio j
for their bi io, and doing ad that anyrt of kuiks |
could do in . nch a calamitous I repeat that !
HI? not n matter fbr us now to how we are
t > get out of and fficulty, (by Legislation.) We
ean uo nouhng to relieve the country from a * ala
mity that a long of years has upon
us. The people and tie banks must work out their
own ea vatioh. The duty that we have to perform
;.>* to provuh-for the future. Our banking incti'u
xnurt be regubuod. ao that if any future legis
lature should create more, and too many lankr,
5-ome wholesome reetricthms w.f! confine theua to
legitimate laid ieave them zwj grosud to
act upon.
Every man nacst admit that this is a proper Hum
to consider the subject of restraining bank Bence
The Fnhject is now being agitated everywhere, and
the public mind tuuet be prepared to act ou it with
juotics to the‘.Twelves, and with a due regard to the
interests of the banks. We all know how easy it is
to forget leseonsof adverHfy, and to rim into luin-
OM extravagance. Only rive years alter the ead
revaLdiou of 1840, anew infiatiou commeuced, and
from that period to 1851, no leas Uian 214 new bauke
Lad been createdin the United States; and, as early
as 1847, trie people began again to ta-k about sus
pension, and euch was the general distrust of banks,
that suspension, with it* attenuaiit desolatioii atid
iuir, haunted the minds of all commercial men. At
the early period 0f!847, nuch was the state of things
tuatoneot the banks of the City of Charleston, if
is would have suspended, but fur large
and timely loans of specie funds from two other
banks.
{Since 1847, the wheel of speculation and inflation
has been steadily progressing, and up to January,
1857, embracing a period of only 10 years, no bss
tLan 678 new banks have been created in the Uni
ted States . and from 1848 to 1851, the bank cireu
ation was increased from fifty-eight millions, to one
hundred find fifty five millions ; and stiji further in
creased from one hundred and fifty-five Millions in
1851, to two hundred and four millions in 1854 ; and
such has been the danger, at all limes, of a general
uspension since 184'J, that we may be said to have
been all the time ou|the very brink of a precipice,
ready to be pushed over into bankruptcy and i uin.
by any wind that might create a want of confidence
in liie banks. There were periods, in the course of
any year since 18iy, in which the breaking of a tin
gle bank would have raided a storm; and, public
suspicion, once arou3ed. no human power couid
have allayed. Nothing but the consi.ant flood of
gold from California kept up confidence iu the
banks; and, although it went out of the country as
fast as it came in, and generally faster, yet it led the
people to believe that the country was fil'iue up with
gold. I think it must be plainly seen by all intelli
gent men, that the greatsecrethas yet to be solved,
by which we are to learn how to regulate the cur
rency and prevent excessive bank issues.
All of our restrictions have utterly failed. Our
banks, which have a million of capital, may issue
three millions in bills, aud not have ten thousand
dollars of specie in their vaults. The New Y'ork
Free Banks were required to deposit, in the hand3
of a Coiumi ssiouer appointed by the State, as many
doilais in good stock as the bank could issue of it 4 *
notes: that was supposed to be ample, and it was
thought that the New Yoik bank circulation was
betff-r fortified than any iu the Union. But what a
signal failure l The bunks all suspended, and what
would the stocks have sold for, m New York, for
hard money ? An effort to redeem the suspended
bank bills by the sale of such afcccka, would have
mined both the bank* and the bill holders.
iu 181 4 , it was my lot to in early life
to provide from myself: the five years after that,
was a period of great depression in money matters,
when the cl seat economy was necessary to the
successful development of any enterprise. About
the year 182 J, tlie country began to show signs ot
prosperity, and things continued to improve up 10
188#, when a period of bank inflation and specula
tion commenced, which in a few years run the peo
pie of our country mad. Negro f-llowe wont up, in
a short time, from $350 to .$ 1,50 b and $ 1,8(K)
everything else in proportion. Every man expected
to be a mJnonuire, aud there was scarcely a huc
ceasful merchant in the country that was not pre
paring to branch his concern, and spread his busi
ness to the winds. Blacksmiths and other trades
men became mercu.inta Soap and candle men had
bee.nne wheic&alc niercJiauis, and kicked forward
to the day when lliey would be ranked among the
UotliHohilus. The ladies in New Y r ork were llount
ing S3OO dresses, decorating their shoulders w ith
SI,OOO shawls. The brinks and speculators, which
latter embraced half the people of the count ry, had
so bloated up their affairs, that an explosion had to
Iftke place. It came like 2 whirlwind, to the sur
prise of everybody. With ljtle o< 110 specie in
circulation, it was found that the bank deposites
and bank circulation then amounted to two hun
dred and seventy eight Millions of dollars, with a
specie basis of bat thirty-eight millions, leaving a
surplus of indebtedness of the banks, of two hua
drt and and thirty eight millions, whicli had to be cur
tailed i_ speedily as possible. The efforts of the
banks to bring themselves interposition again, topread
rain and desolation broad cast o/er ogr country,
and, but for the b&uki apt laws, UlO country would
not have recovered in leu years.
I place the bank deposited and the notes in cir
culation together, for the reasou that everybody
knows that a deposite is nothing more than so much
paper money deposited, to be paid out in the same
kind ot curr-ncy, and all that, the banks have not
specie tc redeem, must be rated as irredeemable pa
per money.
Iu 1813, the bank deposited issues amounted
to one hundred apd fourteen mfifiono; specie in
banks, thirty thrpe million?; showing that there
was, at that timo, but eif. bty one miilious of irre
deemable bank bills in circulaUOM and on deposite,
ovei aud above the specie that was iu the banks—
showing a contraction, in five years, of one hun
dred and fifty seven millions of dollars, quite enough
to ruin any country. About this period the aouu
t,y had got, right again; money was comparatively
plenty aiia irii.epesf L**\ All legitimate channels of
seemeu to'oc fully with moans ; and
what i wish more mily to impress Upon the minds
of members Ib, iliac all branchc.. of industry were
particularly thrifty for several yeatd, aud until the
new inflation had got fairly under way; and. ?ingu
Jar onpugh to say, that for five years after 1843, the
Viuko tiuougliuUt the country could not get. out a
circulation the r ,HUbc ••* which was a subject of
anxious eutiuiip with the
Augusta. The truth is, that the uiinns of the people,
at that early day, bad not become Imbued With the
Boirit of speculation ; the day had not come when
efvtfy mzv r was in a burry to get rich or poor; the
whirlwind, whreb aoubUd eyery man's movement,
bad not commenced.
Now, follow me up, and let me picture farth the
cotrrre thai things have taken, that I may explain,
as far as I cau, the causo, the nature and the ox
♦ent, ot the present calamitous storm hi our mone
tary affair-.
4.8 t I.uve bafoye objerved, in 1843, we had, in
Bank deposit* and paper circulation, eighty one
millions (fBI,fIOO,tMW) of liauk paper.
Tliat. w ilii the email amount of ({old and silver then
in circulation, constituted our trading capital.—
Everything titled itself to that state of things, and
the trade of the country went on without any appa
rent deficiency of means, to carry on vigorously the
whose huemess of tin* coUi.l ry. Iu lSSljjust eight
yea.,. afterwards, we find a vtuy state of
lijiogs. and every indication of a cviting etorio. aud
another .ad revulsion. that time the italic cir
culation and depoeiis to two hundred and
seventy six millions specie in Banks
837,000,ti0t) ; allowing that our working capital of
irredeemable bills, without any augmentation of
bullion, had increased from $81,000,000, in 1843, to
< > :i'J,000 1 000, in 1851, or nearly 300 per cent, in 8
s’eas. , . erthing was then pushing forward with
the speed of steam, to aeep trade and speculation
up to the working capital Uiat Had oe'eu uuo./n nito
business channels. Every man felt that the Cali
fornia gold mines were emptying their treasures
upon us, aad each and every individual wae_ pre
paring himself for au extension of business. Every
Ljnd’ was imbi- and with the spirit of speculation. It
is not known eXa. by wu ‘u fn indatian commenced,
but it is certain, fiat tbs business Ot the country
iitled itself to it ail was well balanced, had the real
metallic umueg fisdis been rtalu.
In 1854, we find the oUoulatjoq arid banl: deposits
to be $ t0d,000.000, with sstt,ofXl,doo specie in the
banks, thus giving ns sUit:i,ooo,lMl of irredeemable
trading capital, againsts33o,ooo,ooo ill 1851. Things,
bv this time, had become top heavy, hut yet the
constant tioods of gold from California, induced us
tn'befigye fi,a; 41 was right. The circle of business
operations si.il* wid*.nee. ad'ustmg itself all the time
to the quantity of money at 4 command. Tilings went
oil swimmingly, aud every man who could throw
olf his homespun coat was a trader, and men of
Straw becaiu great merchants. In 1850, we find
the *h’*,*eits and circulation lo be $107,000,000, epe
cie in fmnks $73,000,000, thus giving us a trading
capital of $3-.r,OoU.ia>u of irredeemable paper,
against the sum of $333,000,000 in 1874. \\e find,
at this ;tag*i of affairs, that everything that ad
ministers to our wants had increased in value
thiee-fold . negro fellows,gl.oo*l t 051,300 ; moles
S3OO to $330 : carriage horses, SI,OOO to $1,500 , in
New York, single horsss $1,500, pairs $2,000 to
$3,000 . merchants building palaces to live in ; the
old Astor House, that was considered the wonder of
the age ill 183d, had to give way to the St. Nicholas,
and others, more extravagantly and luxuriously
Gtied and furnidkd ‘ I. r di— are dashing about the
streets and watering places again wirii their SSOO
.kisses aud SIU>U shawls merchants are seen pull
iug down princely buildings to vie with each other
in the erection ot'stores, at an expense of three to
five hundred thousand dollars ; men are seen run
mug., to and fro, to find employment for money that
kau ! sen borrowed at 10 to 15 per cent, premium;
eierv i abroad protect, however visionary, may
make bonds ami find purchasers for them, and get
nady mouev at some price or omer ; magnificent
cities are built in the west, and untold ruiilioiis are
ir.„4e and lost by such speculations. The same wild
... e . sh.s Urn 1 W 1 V
spirit of land speculation that was so rife in lift*,
and which rained so many men in lSd., prevailed
over our whole country again, and more land has
been entered and paid for by speculators, than can
be settled by increase of population in titty years.
Indeed every thing has been taken hold of with
avidity, except such investments as were necessary
to deveiope the Industrial resources of the country.
They have been thrown in the shade, and nothing
but dire necessity, growing out of the increased con
sumption of notion prompts the world to purchase
our staple, at prices that wiii .emt;aerate, In this
age ft extravagance.
Now I have given a sketch of the course of things
from l#4d to the fuuimer of ISoi, when, in a dead
calm, the storm of public distrust commences, and
the backs beinto contract their circulation. Men
hud it diiffeuft to procure money to meet com
monesL engagements, and make .erroua sacrifice* to
maintain credit It is soon found mat the banks
have contracted thirty millions of dollars of their
orcikaiioß. and wi i uot loan a dollar to men whose
iegiuaugc operations require largo sums e . ery day.
Very soon ■‘ome of the strougeat &naJbes4 houses in
;he country are driven to the will, break, and have
u> give up a business ticvt.h inir rniilkuwi spread
ouiover Uie whole United their all airs are
pat in comui.iun, with good a&etts to aljow a stu
phis of a mi’.lior.. they are wotmd up and ruined,
and reduced to bejjrary. from no other cause than a
euuuen koutracriou oi bank currency, the uination
of which Lad uidiicea ibcee xnUit&Juzirtsxfi the upper
ten thousand circle, wha-re the merchants were doing
a prosperott bbsmess, to expand into a larger cir
cle, with greater pun-poets of suoce^s.
oni slher anotr.et breaks, the banks draw
the cores tighter and tighter, until anally they buret,
and tbca comes a generai
worse, comes the reality that we have to retrace
our steps, and the sad picture ataies us in the face
that,in?lead of trading capital, we
have net a hundred mP-dons of real money in the
banks audioeirco!ati<ti. independent of the sub
'JW - .rx tr. haTTA fekxw
tres-aiv Tbus *t ure to have saddt-uly tk*n
a wav ituin a? of our Wacicg capita!,
aud we have to get back. Ike best way we can, to
Uic nappy position we occupied m lglbwcd l?-k I
, t Y, ’v.i for I aut quite stive that slur .t.t,
bOii of bank paper will uow serve tbe country quite
&* wel!ass*i,ooo.ootididiniai4, when tbe under
etrata of otir ctrcuiatioa was largely filled up with
euian bank bills wukiit, I uus .'wiii in future be su
perseded by gold.
I repeat that I will uot favor any measure which
look* towards pnr.isting oar suspended banks: but
i would throw suck guards ar- and them, by amend
rnents of their charactets. as will secure the cooc
try, at least South C&rsitna, from future bank sus
pWloß*.
The first step towards this object is the repeal of
the usury laws
•Jd. To require ad tbe banks to keep one dollar In
specie for every three of circulation, together with
ordinary depositee and other immediate liabilities.
ltd. A prospective Act. which shall secure the
AUGUSTA, GA., WEDNESDAY MOANING, JANUARY -27, 1858.
State against the issue or circuiati m of bank bifis
• under twenty dollars.
i 4th An Ar tto raise the limit of interest on bank
j discounts to.a per cent cn notes or bills of exchange,
’ payable either in or out of the State. Nothing
; should be charged, in the shape of exchange, above
the current rates ci'sight exchange^.
I stfa. That no bank in this State should be allowed
! to purchase the notes of icdividcals, nor to be con
cerned in such purchases.
tilh No bank in South Carolina shall be allowed
to have her capital, or any nortinn of it, loaned on
call to people out of South Carolina.
7th. Every bank in South Carolina which shall
hereafter suspend specie payment, before issuing
any more bills, shall procure new piatee and have
new paper struck off, to designate the new from
the old bills; that the bank shall pay to tie old bill
holders Ift per cent damages for the act of eu’pen
eion and its consequences to the bill holders, and at
the rate of S percent per annum on the bills, during
the period of suspension.
Bib. The cashier shell be required to state, on
oath, with the monthly return, that the bank had not
violated its charter.
Such laws would put our currency on a sound ba
sis, aud secure us against a superabundance of
banking capital in future.
Such reeuietiona may appear to many persons to
be unnecessarily stringent. But a little explana
tion may t emovt such impressions. Banks are char
tered with a view to benefit particular localities,
aud to add to the geL-ral prosperity. They are ex
jHiCted to consult the best interests of the commu
nity around, while, by a moment's reflection, if w-e
lake a general view of the subject, we will perceive
that their interest leads them in a diametrically op
posite direction. The country at large is interested
in a sound, aud, as nearly as possible, a hard money
currency. The banks are interested in flooding the
country with paper money, and. consequently, de
ranging the currency. It i a rheir interest to drive
out of circulation every hard dollar, and put in its
place three of paper money.
The first effort of a bank, after it is organized, is
to put out as large a circulation, as many bills as it
can put forth, and obtain in return, moans that seem
to be reliable, for the redemption of the same. This
■effort never ceases until the eouutry becomes over
whelmed with bank paper; a re-action necessarily
takes place i when a monetary convulsion follows,
aud the whole country is called on to participate in
the general embarrassment aud ruin that must inevi
tably follow. %
We have abundant aud pressing inducements to
gua and ourselves, in every wy we can, against ex
cessive bank issues. It demoralizes a country,
makes every mau a speculator, makes real money
scarce, and raises indefinitely the late of interest;
and the best shield that can be thrown around a peo
pie to protect them against exorbitant rates of in
terest, will be found to be proper restrictions on the
circulation of paper money, whieh will reach the
object indirectly, while direct laws against usury
will utterly tail.
We have for ten years past enjoyed apparently a
3tate of prosperity unprecedented; but is not much
of it fiction ? Have we uot bsen living on borrow
ed capital, that uow, iu our sober senses, we have
to pay ? Look at the hundreds of millions of bonds
that have been made among us, aud which hICVe
passed for real wealth! Look at the vast sums that
have been borrowed from foreign countries, and
which have been spent among us, and loug siuce re
turned by us to the countries from which they came,
to purchase extravagant luxuries! There can be
no doubts as to our 1 eal prosperity for the last seveu
years, for almost every agricultural article has com
manded high prices in foreign countries; but have
we not outlived that, aud spent the borrowed mo
ney ? Besides our real condition, covered all the
time under a paper currency, which has been so de
lusive, as to unhinge our most prudeut and discreet
men. It has deluded men ; it has deluded the whole
nation, aud put at defiance the usury laws of every
Stale, aud, I trust, convinced atl'sober-thiokiug
men, that laws made by men arc utterly inadequate
to regu ate the value of money any more than any
other commodity, and that supply and demand will
govern, as certainly as that water will find its level
It is well known that a sliding scale of interest in
the Bank of Englaud, is the great regulator of
monetary affairs in that country.
1 am satisfied that every State in this Union will
find its interest in abolishing the usury laws, for the
rate of interest is the only sure index to point out
periods of inflation and over-trading, and, if left uu
controlled by law, would serye to warn us of ap
proaching danger.
After the resumption iu 18411, interest was low for
several years, and money apparently more abun
dant than of recent years. The banks ot this State
and Georgia could list, for many years, get out a
circulation of their bills, for the good reason that the
country afforded no demand for it, and was full of
gold and Silver, which had to be displaced before
the paper would find its way out. Agricultural and
all public industrial enterprises went steadily- ahead
iu 1845 and’4G, when the bank circulation of the
United States tyas vary low. No man, who could
raise money,thought of giving over V per oeut. As
President of the Graniteville Company, I boi rowed
large sums of money for that company, at 5 per
cent, and that, from some of the best financiers of
the country. As paper money became more abun
dant. speculation commenced with it, so that in 1818
I had to raise my rate of interest to 6 per cent, in
1850 to 7 per cent. After 1850,1 was floating on
tho open sea, and when the Company required
temporary loans, the integer ranged from Bto 10
per cent.
Have you not noticed, that the rate < f interest in
New York and Boston has been quoted ill the news
papers for five years past, at from 10 lo 18 percent,
vibrating with the bank issues ? The usury laws
are set at nought in all the Northern cities. If it
were otherwise, the commerce of the country could
uot go on. l>o you uot know that the banks of this
State have shown a reluctance to loan money on
p per that dees not pay JO per cgnt ?
Have you not noticed, formqny months past, that
our banks have drswii the cords right around
lar business, and thrown almost out'of use Che off
system of making 4, u and and **,ontiis’ Joans, which
all business, except produce dealers and specula
tors, required I In short, do you not know that the
usury- laws are set at nought by the banks of this
State, and so it will be whenever the Banks can in
flate the eountry and fill it with speculators that
are always ready to give twice as much interest
money for lo,"ue as any regular business cau afford
to pay I ‘
Do you know how the New York Bangs evade
the usury laws 7 A customer goes into a New York
Bank to borrow $12,000. The bank is ready to
loan, but requires the borrower to give a note for
$30,000, and pay interest on that amount. He Pays
the interest,sl,-1.9Q in advance, and receives $lO,-
600, leaving sß,ooo''of the i*ety p.oc .eds, on depos
ite, to be placed to the credit of the note, and loan
ed to some other customer. Now, this Is a down
right dodge of the law, which a Northern man will
unblushingly make, bat such as would be entirely
repugnant Jo the nice’- feelings of a Southern man.
But only change the nature of ,ko transaction, and
make the note, a bill of exchange, a kite, ir needs
be, (for there is a charm in the words, biil of ex
change, which is music to the ear of a Southern
banker.) On tliat irind of piper the borrower can
be as decently shaved in South L'ar w ii*m j in New
York, or anywhere else. Notwithstanding the high
rate of interest that every transaction was based
upon, three montlw ago. one dollar would not pur
chase more than 33 cents of what it would have
doue iu 1846 Negroes, mules, bacon, and all the
appliauces for agriculture, have risen in that pvopor
tion, and you find a man as willing now to borrow
money at 10 per cent, to purchase a negro for $1,200
as he would have*been to give 7 per cent, ten years
ago tor capo to pufClutsp a negro at SSOO. This is
not the result of a superabunaguep qf money, but
the effect of the prevailing spirit of specula’ion.—
Money is like every olhpr mercantile commodity,
it follows with great ease and rapidity the channels
that lead to the best, markets. The demand has
been great iu New York for several years pasi, and
merchants at distant poiuts have been offered 10 to
12 per cent, premium, for advanced payments. Ke
centiy such offers have been raised to twenty per
cent, kousie what an inducement here is, for
sending money away. Banks a,o ;ippcrtt'ned to
loan, and have loaned hundreds of thousands against
thir will for such purposes, to customers that they
could not refuse. Every dollar that could be drawn
into our mercantile channels has been sent off to
meet that extraordinary demand, and were our
Banks not laboring unde* the pressure of suspension,
their capital wonld go in floods in that qireoliou.
I would abolish the usury laws, not to make mo
ney plenty, or scarce, but to protect the poor from
the rich, to putfiurcapitalists on afooting withthe
banks to render it unnecessary so. our banks or
large capitalists, to transmit their funds to other
Slates where the customary rate of interest ranges
above the limits of our legal rates.
When the rate of interest is high all over our
oouutry, our commercial emporiums will be quite
as much in need of all our money capital, as when
interest is |ow I would, therefore, repeal the usury
laws, to give money capita) a permanent and profi
table home in Charleston ; that would tran-fer much
of our capital, now in Wall street, New York, to
locate itself in our commercial emporium, to be
employed m purchasing the mercantile paper re
ceived by jobbing houses from the country trade.
In short, I would repeal our usury- laws to make
legiiiinate business for banking, that Charleston may
become the commercial outlet and inlet tor Southern
trade, and thus enable us to disenthral cun-el ves of
a childish dependence on that ever-inflated, bloated
aud speculative city, New York, where we goto
purchase more than half of our supplies, and where
the best merchant’s paper is often eold at from 12 to
It) per cent, discount. Some months ago, long be
fore the suspension, I was conversing with some
gentlemen iu Augusta, when one of them, a Presi
dent of a bank, said he knew o! the sale of a first
rate Georgia note in New Ycrkat e*i pgr cent, dis
rouut; that toe gentleman who made tue note was
as good aud solvent a customer as the State of
Georgia could produce—so good, that if his bank
were lending money, he would not ask him for an
endorser on a loan of ten thousand dollars. This
earns man went to New Y'ork aid purchased eight
thousand d-llars worth of goods, gave his notes at 3
and 6 months, which paper was sold at a discount
of pvr cent, per annum. I received the impres
sion from the way the bank President talked about
it, that his bank was the purchaser.
Now, let me ask you of what avail are our usury
laws ? Are they not in the way of fair legitimate
barking, a positive evil and a clog upon the free
dom of wade 1 Who paid this 30 per cent ? Can
any body doubt that it came out of the consumer s
pocket ’ It does seem to me like straining at a
naf and swallowing a caviei. to refuse to permit a
bank to lend her money at 8 per cent, or an indi
vidual capitalist at 10, that a merchant, by so bor
rowing, may go to foreign Countries, far beyond
where his credi’ would reach, to purchase hie goods
on the best terms that cash would procure, while it
is perfectly legitimate and fair, in the eyes of every
body, to follow him to New York, where he can buy
on credit, aud there purchase his note at Jfi per cent
discount.
You legalize certain capit&ldl* to associate in cor
poratione to deal in usury, by wholesale, while a ,
poor fellow, who hat to hide behind the door, is
watched thro ugh the key hole, and made to suffer
for his pettv violation of the law While the rich
banking institutions are allowed to take 10 and 12
per cent, interest at their counters, and escape cen
sure r.r punishment, a poor fellow, who has, by hard
labor, earned fhOO, is not allowed to take 50 or |6O
a year tor it, although it may be offered to him by a
dozen men. who are able and Willing to pay that
much for the use of sootl for one year. The law says
he shall not reeeive more than s3o, althoueh it may
be a poor man loaning to the rich, and this is the
class of men who don’t know how to evade the law.
A man is negotiating tor a plantation. The terms
are i12,000 on a credit of 12 mouths, with interest
from date, or SIO,OOO cash. If the long price be
given for the sake of the credit, it is all right in the
eves of the law. but should a neighbor step forward
with $1 u.GuO mat he wouid be triad to loan at 10 per
cent, the law stops in and pronounces judgment
against it, and will not allow the loan, although tbe
borrower would be gainer by the loan and case pur-
chase to the amount of $1,840. And eo it is with
trade and traffic everywhere in oar country. There
is not one man in five hundred, that would not have
made, for the last five years, more titan 10 pee cent
aifferetice betwoeen ea=hand i‘J 111. -nth- credit.—
With this simple fact before us, is it not strange
that our statute books should be encumbered with
laws that wouid stigmatize any man to attempt to
en’orc-e ? Such is our rente of its injustice, that a
man who wouid take advantage of it for seinsh gain,
would be hissed out of decent society. They are so
opposed tv* customary usage, that they are openly
and uabiushingiy violated, a thousand times every
day, in our State, by men of tbe most unimpeacha
ble integrity.
Now. for my second proposition of requiring one
bard dollar for every three of liability. There is no
subioct about which the peepie are so ranch mis
taken as the use of hank bilis. ‘ Banks can add noth
ing to ihe areahn oi a community by the issue of
paper money, but may frequently, if improperly lo
cated, do more harm than good; in fact, we may
Conclude that they have always a mischievous ten-
deary, when the of the c inntry is not suffi
cient to employ,their capital in intimate banking,
which cannot be extended much bey facilitating
the export of the produce, both an ■'cultural ana
mechanical, from the country, and then to aid mer
chants to import into the country, and distribute the
mercantile products which we receive iu return.—
Backs ought robe eciffined to mercantile cities; all
the banks located otherwise in New Y'ork. .Maesa
• husetts, Penneylrania, and in all the other States,
have done h&nr and worked out mischief to the
country a? lar/e. What does a planter or mechamo
want wit j bank paper, that they should clamor for
Banks? While all the appliances for carrying on
the different branches of productive labor have in
creased so enormously in cost, how have the pro
ducts of labor beet affected ? Ask iEe-meshaiiic, -
the manufacturer, or the planter, and you will re
ceive but oue answer. The manufacturer, and me
chanic have experienced a change for the worse
since the inflation commenced, and the following
figures will show whether the planter has gained or
lost.
From 1837 to 1855,1 will divide into three pe
riods of six years each. The .first period will em
brace the suspension of 1837, with the six following
years of nearly a hard money currency; the second
from 1843 to 1849, during which time the present
inflation commenced : the third period, from 1849
to 1855, during which time the inflation was nearly
all the time up to a .-'Uspension point
From De Bow’s Review of January, 1856,1
gather tliat during the first period, from 1837 to
1843, cotton sold in Liverpool as follows, which in
dicates the extreme:
Pence. j 2d period. Pence.
la 1837 71 to 11 1843 61 to 6j
1838 81 to id I 1814 ;3i to
1*39 74 to 1011 1845 5 to 5*
I*4o 6 - to 71 1846 5 to 7*
141 7 to 7 ! I 1847 sitoei
184* 63 to 7 j 1848 43 to 6
3d period. Pence.
1349 4i to 71 6
1851 .......53 toß| expansion began to haunt
1853 61 to 7f
1854 to 7
1 do not think the people generally understand
how little use there is tor banks in country villages,
and what a limited Held for legitimate bunking such
localises afford. They necessarily become mere
brokers’ offices, using the privilege of issuing bills
as a means of returning .large prolits to the stock
holder. To illustrate the subject, 1 will suppose
that 1 am the banker, with a South Carolina char
ter for a half million, bound hand uDd foot, as you
have all the banks. We will suppose that I locate
iu Sumter. The tirst thing would be to have some
two millions of dollars of bank bills struck off. a
large portion of them s’s ; the next move would be
to get them iu circu'ation. I would get my neigh
bors to swap off enough of them for Charleston bills,
to bring me specie funds. My next object would
be to appoint agents in Lexington and Louisville,
Kentucky, to supply horse dealers and jet drafts on
Charleston; then in Nashville and Memphis;
Huntsville, New Orleans, Mobile, Montjornery ; in
fact, in all the towns where money is paid for cotton.
At these points, my bills should be freely put out
for drafts.on New Orleans ; when collected, to be
invested in Northern exchange. When the North
ern funds matured, I would purchase, through an
agent, the notes of aN the men in South Carolina
that 1 knew to be good, as well as those of Georgia,
and other States of similar character. I would
shave as deep as possible, and get, I suppose in
quiet times, nom 10*to 18 per cent; iu tight limes,
from 15 to 30 per cent. During the dull months ot
the ypar, when my funds could not be so employed,
I would loan to New-York bankers, on carl, at r
per cent, and take good stocks for collateral. The
shaved notes I would cail domestic exchange—my
call-loans, reserved .specie fifhds.
Do you suppose that I would be so patriotic as lo
consider the good of the country, aud loan money it
home af 6 per cent., the limit prescribed by thj
charter 7 if you do, you are very much mistaken.
I might, togratily private friendships, or to silence
a noisy politican, occasionally make such loans ; but
such instances would be exceptions. My great ob
ject would be to deal in domestic exchange. When
a customer came in, who I knew was obliged or de
termined to borrow, I would begin by stating that, I
had no money to loan on ordinary paper, t hat the
bank was dealing entirely in exchange “ (‘an you
not give us some New York exchange /” The par
ty has no correspondent there. “ Then you can
purely draw on Charleston ?” The customer has no
acquaintance there, and cannot draw. “ Well t hen,
if you will draw q. draff on yopiself, payable in Co
lumbia, aud that. I know you cau do ; l will discount
it at 6 per cent, interest and £ per. cent, exchange,
per mouth, which amounts, interest and exchange,
to just 12 per cent per annum.”
In crisis, like the oue just passed through, I would
use all the appliances in my power to prevent the
uecesaity of a suspension, and when I found such a
result inevitable, I would act like a General besieged
in a strong fortress, hold out until the merchants
and peoplp around gent me i|) strong netions to
suspend and relieve tho community. 1 would then
close the vaults and refuse to pay the bank’s debts,
in order to “ save the people and country at large,
from bankiuptcy and ruin,” which J had helped to
bring upon them. This may be considered an ex
treme picture, but I think some slight shades of al
lowance will make it fit some of our new banks.
Is it not manifest that such a bank would be of
little or no service to Sumter village, it is plainly
to be seen that it would not be the interest of the
bank to loan to tradesmen aud others, who would
make the money useful to the town and immediate
country around; and having no other‘field of ac
tion, it weuld uecessariiy lend its power to the mis
chievous purpose of inflating the currency, to the
serious injury of the whole country.
Every man who is conversant with the operations
of the banks, must be aware that it is a struggle
with them, to avail themselves of every operation
which will be likely so extend their circulation in
distant sections of country. Legitimate business
has to stand back speculation is promoted.—
The merchant wliu wauts to borrow 10 or $20,000 to
purchase in biuropc, stands but a poor
chance by the side of a speculator who is purchas
ing negroes in North Carolina and Virginia, horses
and mules in Kentucky, wheat, corn or cotton, in
Georgia and Tennessee. Such men can readily ob
tain $30,000, and get ample time, on the kind of se
curities that would not borrow ten thousand for the
regular merchant. Speculation is the order of the
day, and to such an extent has that spirit seised the
minds pf all classes,’ thai dreams oi speculation
haunt the minds of half our people. So much so,
that a young man growing up can scarcely fix his
mind on following a regular pursuit, but is dream
ing of the golden results of the brilliant speculations
that are the theme of conversation everywhere
And eu ;< h ;s the clamor about the overgrown for
tunes made in a tew years, tti#t od betted, rpfired
men, who had accumulated fortunes, and had re
tired to enjoy the elegant luxuries of the day, find
themselves behind the age, not able to cope with
their neighbors, and in many ina’ances have been
draiyn out again to loose a handsome fortune.—
Such was the’ case with hundreds just before the
suspension of 1837. People are no longer content
ed to wait for produce. to come to market, but we
see men, not at all connected with trade, quitting
regular occupations, and rushing headlong to the
West, with fchei? full of ; Qsupd banjf
bills, to purchase wheat—all resulting in no good tc
any but The banks. Nearly every such case that
comes within my knowledge, resulted in loss and
in inevitable ruin to some cf the parties, and in one
instance, a loss of $40,000. Such speculations would
not exist, but for the facilities of procuring bank
bills, and such loans would seldom be made, if the
banks had to place in their vaults ten thousand dol
lars in gold for every thirty so loaued. Nor would
we so rrequentiy hear of hundreds of thousands of
dollars of hew bank bills being tferft to the West, co
be distributed through agents, were the banks com
gelled to provide one third of the ainoi;nt so sept
away to be deposited in their vaulia. Ann were
the banks under euch a specie restraint, it would
preclude the possibility of one speculator holding
sixty-thousand bales of cotton on borrowed capital.
And were the banks of So ith Carolina restrained to
legitimate banking, a large portion of the capital
now so invented would oc oyge:*,
to be employed in forwarding the operations of pro
ductive industry, and add to our prosperity.
I beg that it De expressly understood that I do
not wish to Bring the banks of South Carolina or
their managers, into discredit. I know personally
every bank President in South Carolina, and near
ly all the Directors. Every body believes the banks
lo be sound. Ido not believe th sre is a better set
of banka, or a better managed afet of institutions, to
be found anywhere; but we have too many banks.
I doubt whether thp State ought to Lave ever char
tered a bank out of Charleston and Columbia, or
any one bank, for more than a million of capital. —
Previous to 1830, we had reason to be proud of our
banks. The new banks that were created between
1830 and 1840, gave ua an over-stock of bank capi
tal, and helped to bring us into the suspension of
18 -.7. The far-away banks, remote from our com
merciai emporium, that were then chartered, com
menced uie* worn of inflation, twmu of them wesc
so located as to be difficult of access, aud were con
sequently seldom called on for specie. They were,
in some measure, unbridled, and issued their bills
without limit The profits derived from such a
course of banking raised the expectations of all
bank stockholders, and eventually led all bank
managers to look arovud aud see if they could not
grasp new sources of profit. Then came m the new
banks, chartered siuce 1850. Their competition has
nearly uprooted all our old modes of doing busit ess,
and tue idea has become prevalent thnt to sit down
and do nothing more than the legitimate business of
the country, iajdowm ight fogyism. Accommodations
at 4, 6 and 8 months’ loans to merchants, are now
going into disrepute, although they are indispeoea
ble to an importing business, and a tu&lly ne'-essa
ry to the prosperity of Charleston, and our eouutry;
and if the managers of banks were governed and
moved but by such considerp.ticns, thu gs would be
very different. But such is the pressure on the
banks for high profits, and consequently a rapid bu
siness, that the most prudent managers have been
driven and drawn into the general current. Whai
is the remedy for this terrible state cf things ? The
exchanges and monetary affairs of a country are
dangerous subjects to legislate upon—dangerous for
the reason, that there are so few who understand
them. The subject is so complicated, that the wisest
financiers of the world, if congregated together
here, would widely differ as to the necessary meas
ures of reform.
Taking this view of the subject, I doubt whether
my four first propositions will not cover the whole
ground, and make all the restri tions which will be
necessary or profitable. That is, to abolish tiie
usury laws, raise tiie rate of interest for the banks,
require them to keep one dollar in specie for every
three of immediate liability, and to rseue no bill of a
smaHer denomination than S3O, and damages for
suspension. If the three latter were adopted by all
the banks in the United States, there wouid be an
end to excessive bank capital, to bank paper iniia
tmns. and to bank suspensions. Drive out the
small bills and you wiil work a wonderful change,
that will at once remove the banker's objection to
so large & specie basis; for a large rlepoeite account
would seem to render it a difficult matter to have
the necessary amount of specie, if we have no
bank bill* smaller titan S2O the n nder-itlrata of our
currency would be gold and silver, and tbe banks
wouid. in oil probability, reeeive onjdepoeite so large
a portion of gold and silver, as to relieve tbe diffi
culty.
Now, ail must admit that Banks are necessary.
Without them, our extensive country, and wide
spread commercial operations, c- uld not get along.
Banks are actually necessary as intermediate agents
between the far-way interior producer, and the slip
ping merchant and foreign purchaser as well as the
manufacturer and importer. What, we have to
guard against, i*, the excess of bans capital, and
their mixing up with the local business of the coun
try If ever there were a bank-ridden people, they
may be found here. There is scarcely an individual
in the Unit*! States, however humble, that is net a
bank credit*, and forced to be so by public opin
ion. If he hs* a dollar in bis pocket, a hundred to
one if it b not the indebtedness of a bank. There
is not a tradesman on a Luxter-woman in the coun
try, who is not forced to become the creditor of the
banks The popularity of banks, and bank paper
nas led cur country into extravagant expenditures
on borrowed capital, that fifty years will not
nay Works of the most gigantic nature have
been erected where they were not needed, and
where it will lake-V jeers to make a population
that wiii make them profitable to the owners. We
have more railroads in the united States, than will
be nr rrnsnn’ for one hundred and fifty millions of
people. More ri*n three-fourths of the railroad
capital is credit—first, second, third, and fourth
ciMS mortgage bonds with coupons, so that a clip
of the scissore may fill the holder s pocket with what
-> i .11 s— . Il.„ v.Ama flirt
Oi vee scbaetJi s uuxy un .- -
he regards to be golden treasure; then come tbe
(what is termed) “floatingrailroad debt,” that is, a
debt made by excessive expenditures over income,
alias good as gold dnst as long as inflations last
But when a crisis comes, woe be onto the holders
that have invested their fortune in such paper. The
excessive bank issues of the United States are at
the bottom of ali this wild extravagance in public
works in the land and real estate speculations, and
of the general extravagance of our people. Where
are the millions of gold, which we have received
fnnu California ? \\ here are the immense trea
sures, that we ought to have laid aride during the
Crimean war ? When there was a golden demand
for everything we had to export, we frittered it
away, and have nothing to show for it, but useless
public works that have cost hundreds of millions,
aud the very small amount of gold in the banks and
thesub-tfaagury, while every State and city in the
Union is deeply in debt. In 1546 our imports were
One hundred nod twenty-one millions of dollars. In
1856 three hundred and fourteen millions. From
1849t0 185f, we exported one hundred and eighty
• su.,quUi<.aß of dollars, in cc-ia and bullion, more
than we im pot ed. Hsd we commenced with pro
per bank restrictions in 1840. we would row be
the richest people on earth, with a solid specie basis
for our paper circulation, and the country would
have saved millions that have been expended in use
less public works, and an indebtedness that a quar
ter of a century of close econmnony will not afford
the meai .s to pay. The State of South Carolina may
not flatter herself that she has escaped the mania for
speculation. Let every man who feels he has grown
richer, put his hands into his pockets, and cast up
his account a year or two hence, and see how the
account will compare with the summer of 1857.
Let the State cast up her accounts, and see where
she stands, where she was in 1852. and where she
will be in 1802, with her mountain railroad that is
to cost millions of debt, and a State House that
would be a heavy tax upon the revenue of the Gen
eral Government, aud a house tine enough for a
capital for the nation, to cost millions, and all on
credit. Let us look ahead and see how enormously
our taxes are to be raised. Can any man believe
tor a moment tliat such works would have been
commenced in sueh times as we had in 1843 to 1815,
alter the country had recovered from the suspension
and bankruptcy of 1837 and 1840? It is manifest
to my mind that the inflated bank currency is at the
bottom of the whole of these unfortunate undertak
ings, aud these works stand forth in bold relief, to
prefigure what may be found every where among
private individuals who have engaged in undertak
ings comparatively quite as impracticable and ex
travagant.
Now, Mr. Speaker, let Sooth Cardins set the ex
ample with proper restrictions on her banks, and
call on all the States to join in sneh measures, and a
revolution will soon be brought about, and if no
other State but South Carolina acts in the matter,
she will place her citizens beyond the reach of mone
tary convulsions, wlrch every ten years may be
expected to bring about with our present system in
operation. I hope to see a petition going forth
from every State hi the Union to Congress, for
such an alteration of the Constitution as will make
it obligatory on the States to restrain their banks
from issuing biils under twenty dollars. I trust that
the New England people will have learned by two
sad lessons of revulsion, that Mr. Calhoun and Pre
sident Buchanan were l .ght in the doctrine that a
hard money currency s the best tariff of protection
that could he given them. New England is in a
worse condition than auy pai lof the country. Her
bank circulation and deposites amounted in Janua
ry, 1536, to seventy-nine millions, while the banks
had but six millions even hundred thousand dol
lars in specie. If the great men of New England
had viewed the eubjeot of protection to domestic in
dustry, as Mr. Calhoun aid President Buchanan
did twenty live years ago, they would have stood
on a very different footing from what they do now.
Their machinery would have been doubled since
1 Sic, and they would now’ be consuming profitably
twelve hundred thousand bales of our cotton per
annum, in place of seven hundred thousand last
year, and possibly four hundred thousand this year.
They had, however, fixed their hearts on the pro
tective tariff'system, which had brought into exis
tence and had reared a great branch of industry in
to maturity, but whjoh was po iouyer needed for
its support. The tariff of 1846 they regaided to be
an unkind cut from the South—an insult they were
determi ed not to swallow without an attempt at
revenge. From that period many of their leading
men turned over to the abolitionists, and com
menced ati agitation and a storm that many have
been most heartily tired of; but such w r as the mag
nitude of the raging whirlwind, that no power could
allay it, save the exhaustion of its own elements,
which, thank God, has burst it asunder, and we
new have peace and ijuiet. “ Bleeding Kansas”
will no longer bo heard of; the suffering, down
trodden negro of the South will bs found to be in a
better average condition than the peasantry of na
tions generally, and infinitoly better off’ than the
free negroes of this or any oilier country.
I trust that this revolution in the cuirency will
be the finishing stroke to the warfare betw-een
North and South, that all will be convinced that the
best lariff of protection will be found in a hard
money or restricted bank currency. It protects all
alike. No one section is taxed to support the in
dustry of another. The planter, manufacturer and
mechanic, all bear the burden equally, and all are
equally interested in steady ana cheap labor, and
all appliances for llio advancement of productive
industry. It is confidently hoped that this second
sad revulsion will bring the several States in the
Union ail on the same platform, and that we will
be able to make a simultaneous effort to establish a
uniform and permanent currency.
Nature has worked for the Southern people, and
kept them blind as to the efieots of an inflated cur
rency. k'rosts, droughts and storms, have brought
about a succession of short crops, which had main
tained high prices. The West has also reaped a
ricli harvest, from the wars and famines on the con
tinent of Europe, and consequently obtained high
prices for grain, while an intlated currency has car
ried desolation and ruin over every other branch of
industry. It has passed over our whole country
like a meteor, blighting every thing it touched. It
has spread ruin; and desolation among the manu
factures of the Middle and Eastern States, and cast
a withering blight on ail manufacturing industry at
the South.
I have felt personally and sorely, the evil, in the
management of a cotton manufacturing estab
lishment, which, by the dint of close economy and
good management, has paid ltt per cent, per annum,
while, all our advantages considered, lam confident
that in such times as we had from 184” to 18)G, that
establishment would have returned its cost, $331), -
900, to its owners every five years.
It has paid agood interest to its proprietors, while
many similar establishments in the Northern and
Eastern States have been aolhpeUeff to stop, and
n„w Grand u tax us ilia owners ‘; and I feel a confi
dent hope that Graniteville will ride the storm,
and be a beacon light to the whole South, and nu
cleus around which a great branch ot industry is to
grow.
“If the present distress and embarrassment be not
caused by an inflated currency, to what can it be
fairly attributed t Where does there exist a cause of
sufficient magnitude i Admit that we have over
traded, and, in consequence, there is an uncommon
demand for money. Why should that cause all the
banks to suspend ? If, instead of using paper mo
ney, and filling all the channels of circulation, we
had jxept one-half part of thg gold from California,
which we have supplied to England since I<4lß, and
wefe'tbat gold in the banks,'where it ought to be,
we woulff, at this moment,havp a currency which
we could fall back upon—a currency which no
panjc could destroy.” Can any one doubt that the
present revulsion has been brought upon us by a
diminished supply of gold, and an excessive supply
of paper money ?
“It came upon us by no extraneous force; no war,
pestilence, or famine; no interference of govern
ment ;no obstruction of commerce ; no adverse ba
lance of trade. In broad day light, and ip fair
weather, the blast came, in obedience to its own
laws of existence and motion.” — Mini's Magazine.
| am satisfied that there are few who can realize
lioW much our country has suffered from our bank
ing system, and flow much better would be our con
ditioy had we enjoyed a limited banking system
since 1810. In all probability, millions that have
been wasted on unprofitable and useless railroads
would have been expended in promoting useful en
terprises, in developing our agricultural resources,
in opening our mountain iron mines, and in making
the iron to equip the more useful roads. Millions
ot capital, now in franks, woulj also have been in
vested iu similar enterprises, ihus pushing forward
our progress iu industrial wealth, instead of shaving,
stock jobbing, and infusing speculation into the
minds of men whom nature had fitted for productive
laborers. How much better off'would South Caro
lina be row, had her excessive bank capital been em-
Dloyed iu improving the agriculture of our State, or
pushing tor ward enterprises. The
class ot intelligent men who conduct our banks
would, by the same application, make any branch
of industry succeed.
Now, Mr, Speak er, no bank in South Carolina
ever expects to suspen l again, and none would
consider it a grievous matter to fix a heavy penalty
for future suspension. I have, therefore, proposed
ill per eeut. damages to the holder, and 8 per cent,
interest as long as payment is withheld.
In 1810, when the banks suspended, current bank
bills were at a discount of 10 per cent . which people
had to pay who held the bills and owed money
abroad.
Now, the current rate in Charleston 2 to 5 per
cent. Would it not be more equitable to indemnify
the bill holder than for the State to exact the small
pittance, as she is now doing ? Would it not be
better to place the penalty in the hands of those who
have to suffer by the suspension, so that no relief
could be asked for at the haudsof the Legislature?
Now, Mr. Speaker, compare the mede here pro
posed with the present restrictions. This plan
makes a plain and irretrievable forfeiture. A bank
that has $300,000 of bills iu circulation al the time
of suspension, knows that she has lost $30,000. ble
at. once charge* that suin tp profit and loss, just as
a merchant would do, and goes to work, with re
newed energy and economy, to make up the loss.
If she has to pay interest on the old bids,’ the field
is still open for the issue of new bills, to expand and
reinstate on. The new issue does harm to nobody,
for they are paid as suspended bank paper.
But how is it with our present rule ? We require
a p er cent, per annum on all suspended bills, which
amounts, in plain English, to this: that you do not
intend thattbey shall do new business, but that they
shall press forward, to tiie great detriment of the
country, to contract circulation.
There is, probably, nothing 90 prolific of evil to
oor country as the centralization of capital in New
York. The concentration of money capital there,
for the purpose of purchasing mercantile paper,
gives that city a controlling power over the whole
Union, and when the banks of tbe different States
lend themselves and their capital to stimulate that
evil, (and it is believed that many of them have,)
they lend their power to another great evil and
source of stimulat'Dg speculation, next in point of
magnitude toinfiaiing tbe currency. It stimulates
overtrading; it enters into awl promotes the wild
est speculations. There is scarcely a shopkeeper or
trader in the United States, however remote liemay
be from t-be great centre of cc rnmeroe, whose pa
per is not current at some price in New York.
A distant trader, A, who ia wholly inexperienced
and not worth SSOO, goes to New York, it matters
not from where he hails, provided it be on the map
of the United States. lie makes application to a
merchant to purchase gives his references and
place of abode ; is requested to call next day; the
merchant immediately consult* a broker to aecer
lain on what terms Mr. A a paper can be cashed
without recourse on the merchant, the note being
payable to blank. Through the mercantile agency
and telegraph, it is soon ascertained that Mr. A is
an honest man, worth but very little, but has al
ways paid his debts, that a* there is some risk to
run. tbe paper will be cashed at 40 per cent., per
annum, discount. Everybody about the mercan
tile establishment is advised of tne discount that u
to be made on Mr. A'a paper, and prices are ai rang
ed accordingly.
Mr. A is informed that hie credit is good, and pro
ceeds under the conviction that be is dealing with
men who have unbounded confidence in him, pur
chases as many goods as can be pressed upon him
returns home, with a large and badly purchased
stock of goods, in debt ten time* more than he is
worth, and five times as much as he can pay.
I could name many instances where men have
started in trade without a dollar of capital, with some
two, three, or five thousand dollars in ready money,
loaned by friends who were to be preferred credit
ors I have known such men, through the agency
of that system of credit m New York, contract
debt* to the amount of thirty to fifty thousand dol
lars, do a reckleae business, live high, and in two
or three years wind up, with assets in some in
stance* not sufficient to pay the preferred creditors.
We have instances among ns where men have,
by gambling speculation and adroit management,
in drawing and re-drawing drafts, become indebted
to the community a million of dollars, suddenly fail,
refuse to make an assignment, threaten every body
that speaks of sueing, with preferred creditors that
will cut them entirely oat, and, finally, settle with
banks and everybody for twenty-live cents in the
dollar, or anything that they may choose to give.
There are others, again, good and solvent mer
chants, who have over traded, and cannot me
their engagements. Such men are, in many
stance*, forced to the reeort of making mercantile
paper, which has mo real basis, to.be eokl in New
i ork to raise money.
Then, again, there is a class of men who are sup
posed to have capital, who are traders iu produce
? nt * , e j er * n £- They draw bills of exchange,
fouuded ou ao business transact ion—a mere kite.
La ge sums of money are raised iu that way, at ex
orbitant rates of interest. If the transaction be so
barefaced as to make it manifest that, tho second
until is a kite, the party has only to make a note,
send it to New York, to be sold to realize the money
necessary to meet ttie draft. When that note ma
tures. the party may go. w.th a good face, to have
another kite cashed here by the bank, to nay the
note which was sold in New York. And so the mat
ter goes ou, uutil the speculator finds that interest
and exchange have eaten profits and capital up,
when he fails, and compromises with his creditors.
Speculators may seem to contribute to the pros
perity of a oouuLy. but there can be no greater
curse to any eountry than a set of gambling pro
duce speculators. Cotton is said to be king of the
world, but when the inflated banks of this country
and thespeeu ators link their destiny together, they
create a power which is king of kings, capable of
ra sing a whirlwind that may sweep over the mone
tary affairs ot the whole world, and biing ruiu and
desolation to the doors of the great merchants ol
every nation.
Banks under proper restraints, and well iv&naged,
may be a great blessing to our countzy ; but wlien
we see what mischief may be engendered by them
collectively, have we not good reason to throw safe
guards around them ? Will not every State iu the
Uuiou feel the same necessity ?
We have had many sad lessons of the ruinous
results ot cotton speculations. They generally be
gin iu tLe spring aud summer, so that a great por
tiou ot the ootten planters are outsiders, the crop
having passed out ot their hands ; pr ces are run up
to ruinous rates to manufacturing customers. The
consumption of cotton goods is checked all over
the world; cotton factories are stopped or coin■
pelled to run short time. The speculators hold, and
many spinners stop for the Want of cotton, and are
so crippled with high prices and stoppages that
they are unable to purchase from the new crop, uu
less it goes forward at very low prices; down cot
ton goes, as is the case this fall. The cotton held iu
England by American speculators will add much to
our embarrassments iu the present crisis.
Had monetary affairs remained right, aud specu
lators kept out of the way, the coming crop would
m all probability have gone forward, aud been con
sumed at 14 or 13 cents. As it is, no human fore
sight can approximate the result. If we get off
willi a loss of twenty dollai s a bale, we shall be for
tunate.
Now, Mr. Speaker, let me in conclusion observe,
that the rule of action which 1 have laid down for
the banks may be considered a hard regimen to act
under.
I have not the slightest doubt but we will be ad
vised by those who are interested in banks, either
as managers or owners, that the restrictions cannot
be carried out without serious injury to all our bank
ing institutions.
I am quite as well convinced that such opinions
are founded in error.
It may, and I trust will, induce some of out
backs to wind up and return the capital to their
owuei's. The ordeal that they have to pass through
is inevitable ; leaving them to themselves will not
screen them from the embarrassments that must
follow the working out of a restoration.
The restrictions proposed are intended to prevent
such an expansion as followed the economical pros
perity of the 5 years from 1841 to 1816. Is it not at
least prudent to form our conclusions from the his
tory of the past. It points to a state of things that
ought to alarm every man, aud admonish him to
prepare to meet again what we had to encounter in
1838, and up to 1841. Every prudeut man will
prepare. Banks did suffer then, as they will have
to do now. All indebted men had to suffer, aud
they cannot escape the same state of things now.
I was then actively engaged iu business, and pass
ed through an ordeal that is now to be met by all
business men.
Such was the pressure upon the banks, that
slocks remained under par for many years. The
Bank of Charleston Btock went down from sUiil a
share to $78 —thus traveling down from 56 per cent
above par to 22 per oent below par, and it did not
rise to its par value for several years after.
Merchants, who were engaged largely iu business,
thonghl themselves well off at tiie end of two years
to find t hat they had not retograded.
Indeed, every class of men tliaf were engaged in
trade, or that, were in debt, were two years in re-in
staling themselves.
It will be time enough for the banks to complain
whon their business becomes so spread again as to
make them feel the cords we now propose to throw
around them.
The banks are no worse off than all business men,
who owe largely, and have to make payments when
they can collect in their debts. The banks will ne
cessarily have to curtail their business, and thus
come far within the circle that I propose to draw
around them.
Speculation will cease and men will be more can
tioua in future, and not be in haste to go in debt
again. Interest will settle do irn'aguin to real a busi
ness standard.
The wheel of progress, which carried up our infla
ted paper currency to $400,000,01)0, has taken a ret
rograde move, and will not stop until $200,000,000
to $250,000,000 of paper money is drawn out of cir
culation.
The banks may look for hard times, and so may
all indebted men.
Important front t liiim.
A correspondent of the New York Times, writing
from Hong Kong under date ol November 10th,
says :
“We are again on the eve of another struggle
After so long a delay, active operations are once
more to be commenced. On the 17th of this month
the tragedy which was enacted about one year since,
is to be again brought on the stage in splendid style.
Canton is to be bombarded on the 17th, prior to the
taking of it by the combined English and French
forces. Numerous and immense mines have been
laid in the city by the Chinese for the destruction
of the assailants, to avoid the effects of the explo
sion of which, Admiral Seymour has determined to
s bject the city to ase vere bombardment previous
to entering it. The French are going to co operate
actively aud freely with the English in this matter.
“They will land a force ot about 1,3U0 men at
Canton. All the available force of the Allies will
assist at tiie attack. Lord Elgin has boen up the
river to take a final survey of the river, city and
fleet before tiie recommencement of hostilities. The
Chinese have about 14,000 troops inside of the city,
and some 50,000 in the suburbs and immediate vi
cinity of the city, who are employed fighting the
rebels, who are near Canton at tins time.
“Since the departure of the last mail there has
arrived at this port another steamer, having on
board 500 troops from England. There are 500 mure
daily expected, and also 250 from Calcutta. There
is a vast amount of sickness among Ihe troops here.
Qne regiment—the 50th —has scarcely 150 men fit
for duty. I must also record the faot, that there is
far more siokness in the American squadron than
usual; the whole of which (the squadron) is now
lying in this harbor.
“My next will be a record, no doubt, of bloodshed
and wholesale slaughter.”
The overland China mail of the 14th says :
“Beyond what is already known at home about
the peaceful intention:; of the Americans with re
gard to China, nothing has transpired to give us an
inkling of the peculiar policy to be pursued by their
plenipotentiary.”
From other sources we learn that at Ilong Kong
every preparation is being made for hastening on
the investment of Canton. It is uncertain, howev
er) whether the French intend to lend any aotive
assistance. Commissioner Yeh has work cut out
for him in another quarter. The China Mail says i
“Various rumors reach us from Canton; some
say that Yeh has left the city to proceed against the
rebels in the north of the Province, aud others that
he is about to go. The rebels are Yen aad
trouble. He has memorialized the Emperor, re
questing that no more troops be drafted from
Kwailgtung into the other Provinces ; and troops
have been sent from the northern Provinces in for
eign vessels to Swato, whence they will probqbly
be sent against the rebels. Some think that these
internal troubles will make tbe city yield to us with
out any qghtiug; but we anticipate aehort struggle,
and look anxiously beyond it to the state in which
the Province will be when, much more than now, at
the mercy of the rebels.”
The principal incident in tho north has been a no
tification at ShaDghae from the Chinese Govern
ment prohibiting foreigners from going beyond
treaty limits in their excursions into the interior.—
In the proclamation the offensive term of “barba
rians” iB used, much to the disgust of the Europe
ans.”
“ With respect to foreign merchants purchasing
and transporting eoeaons out of the country, the
Superintendent of Customs formally took the mat
ter under consideration, and decided that a duty, in
accordance with the spirit of the treaties, should be
levied on cocoons; and explained distinctly that the
laws prohibited, and did not allow foreigners to se
cretly proceed into the interior. On the 16th Sep
tember, 1857,1, in concert with the Governor Gen
eral, respectfully memoralized His Imperial Majes
ty, for the second time, on this subject. Besides
waiting to receive his Majesty's commands, when I
will respectfully make a copy of them for transmis
sion to my subordinates for their guidance, it is pro
per that I should now, however, make a copy of
my memorial, and send it to you, the .Superinten
dent of Customs, for your iriforiqatiqn and guidance.
I have, therefore, not to explain to you the prohibi
tory taws that yftu may continually bear them in
mind, and take heed that they are strictly carried
out; at the same time you will rigorously order the
prefects to transmit your instructions to the Beveral
magistrates to issue proclamation to the people of
their districts, that should any evil-disposed Chi
nese league themselves with barbarians, and to
gether dare to proceed into the interior, p,o matter
whether they have caused any diafnrbar.ee or not,
they will be immediately arrested and punished
with the utmost rigorousness, while the barbarians
will be taken into custody, and handed over to their
consols, to be kept under rigorous control, and be
punished, as laid down by treaties.”
Letters from China, published in the Paris paper
Pays, state that the persecution of the Christians
was going on in that country to an extent never sur
passed. In October eleven executions took place in
the capital of a province. The individuals sentenc
ed to death for their adhesion to the Catholic faith
belong dto the beßt families in the country. In
one province wholesale arrests were being made. —
The successor of The martyred Bishop had escaped
by a miracle, by one of bis converts. In Cochin
China persecution was equally virulent, and execu
tions continually taking place.
Marine Disasters in the Florida Strait. —
We learn from a Key West letter to the Journal of
Commerce that the nnrnber of vessel* meeting with
disasters within that wrecking district during 1857,
was 09—of which nifie were totally lost; (three of
these were destroyed by fire :> one condemned and
burned, bemg unworthy of repair, four dismasted
in gales of wind, and brought to this port and refit
ted . one blown from the latitude of Cape Henry to
this place, the first port she could make ; one shifted
cargo, one with a mutinous crew; sixteen leaking
ana unable to proceed , one leaking, supplied with
steam pumps, and proceeded without repairs : nine
teen received assistance from the wreckers, and
paid pilotage or ea vage—and five got ashore, and
succeeded in getting afioat without aid ; one foun
dered at sea, and one (steamer; arrived with machi
nery out of order and needing new boilere.
The value of these vessels was $825,500 and that
of their cargoes $1,837,050. The repairs of the ve*
eel* arriving in distre*e and the expenses attending
these brought in by the wreck ere amounting to
$79,882.35. The sales of damaged cargoes, and
condemned materials and store* amounted to
$56,002.51. The salvage paid by the Admiralty
Court was $99,657.43; the total salvage paid by
Court by mutual agreement, and by arbitration
amounted to $101,890.57. The Balvagee and ex
penses were $172,984.44 The classification of ves
sel* is as follows:—Steamers 1; ships 10 ; bark*
7 ; brigs 9; schooners 32. Total 59.
Tbe value of property jeopardised last year was
nearly four-fold that of 1844, and that of 1856 and
’57, equal to that of the year 44,5,6,7,8 and 9 togeth
er—showing conclusively that the Florida wrecker is
still an important assistant to the commerce of the
great gulf. The increase in tbe number of beacons,
reef signals, buoys and lighthouses, and the adop
tion of expensive illuminating apparatus, dodb not
seem to lessen the number of accidents to vessels
passing through the Florida Strait*. But there is no
doubt but that the average number of accident* U>
the amount of shipping now passing, is less than in
formers years—when lights and signals did not exist.
Pittsburg, Jan. 17.—Captain John F. Cole, who
was sentenced yesterday to the penitentiary for
aseulting hi* wife with intent to kill, committed
suicide this morning by hanging.
VOL. LXXIL—NEW SERIES VOL. XXII. NO. 4.
Terrible Hurricane nnd Loss of Life.
At about 2 o’clock yesterday afternoon a young
tornado burst upon the city, accompanied by rain
which fell in torrents, doing, for the time it lasted,
an immensity of damage. Ships and steamboats
were torn from their moorings; signs, slates and
awnings w re hurled from their positions and sent
waltzing through space; trees and horses were
blown down, and in several instance? which have
c une to our knowledge, the tornado was fatal to hu
man life. One man was blown bodily from the hur
ricane deck of the steamboat Lacon and drowned.
His body has not been recovered. In another ci se
a man named Mu phy was killed on board the
steamboat W. W. Farmer, by the fail of her chim
neys duriDg the Storm. He was a native of Ireland
and 35 years of age A Swedish sailor, named John
Anderson, during the tornado, was blown from the
maintopaail yard of the ship Rattler, when furling
the sail, and was killed forthwith. Also, the son of
Oapt. Forrester, acting third mate of the Rattler,
was b. ‘wn overboa and and was downed. We also
loam that tlisee men were capsized in a skill', oppo
site No. 27, and drowned. We could not ascertain
their uames or further particulars.
The ship Julias tore away the check posts to which
she was attached, opposite to the Saraparu Maiket,
and drifted down the stream. A horse and cart
passing along Water street, were caught up and
thrown completely over. The steamboats Farmer
Messenger and others had their chimneys blown
down aud were otherwise damaged. The Messen
ger is now lying dismantled on the opposite side of
the river. Down town there was quite a smash
among the shipping, no less than eight or teu hav
ing been blown from their moorings. At the resi
dence of Dr. Hull, No. 133 Baroune street, a tall
chimney was blown down, damaging the roof by
the failing brick, and producing quite a consterna
tion among the inmates. Mrs. Hall was particularly
frightened, as she had good reasou to be, having
had an almost fatal experience_<tf tha vreat atehez
tornado. Ou that occasion she was taken out from
the ruins of a house as dead, and it was not till eigh
teen hours afterwards that signs of life were dis
covered It is uo wonder that she dreads torna
does.
A bouse on Rampart street, near Toulouse, was
thrown down and two of the inmates were somewhat
injured. The house was occupied by Mr. A. Loez.
Two chimneys in the same neighborhood were
blown down. We also learn that a kitchen at the
corner of Frenchmen and Victory streets were blown
down but the persons who had been in it ran out be
fore it fell.
A life-boat was blown from the hurricane deck of
the steamer Virginia. The car shed of the l’ont■
chartrain railroad depot at the lake end was blown
across the track and lances aud sheds were scatter
ed in all directions.—.V. O. Picayune of Saturday.
The State Itoad—Letter from Gov. Brown.
Executive Dkpaktment, )
MiUedgeville, Jau. 11th, 1858.
Dr. John W. Lewis, So pi. IK ,)■ A. It. it. :
Btn—ln tho management of the Western A At
lantic Kailroad, you are hereby ordered to out off
every expense winch is not in your judgment necee
sary to safety and success. You will keep the Koad
in good repair. You will dismiss every person con■
uected with the Road who is a supernumerary,
keeping no one in the pay of the Road whoso ser
vices are not absolutely necessary in the manage
ment of the Road. If the salaries of any of the
Clerks, Agents or other persons employed upon the
Koad, are higher than the salaries paid to officers
for doing the like sen-ice upon other Railroads, you
will reduce the salaries until they are reasonable.—
As harmony and concert of action among your
employees is indispensible to success Vat will re
quire absolute subordination, and prompt obedience
to orders from every person employed upon the
Road. As many innocent persons might lose their
lives, and much valuable property be destroyed by
neglect growing out of the dissipated habits of those
in cliarge of the trains, you are ordered promptly to
discharge every Conductor, Engineer, or other per
sons employed in running the trains, who shall lie
known to use as a beverage intoxicating liquors of
any kind, or who shall visit gaining houses of
any character, or engage iii gaming, or bo gttiliy
of any other dissipation or immorality. You
wilt observe strict economy iu everything con
nected with tho lead, from the largest to the small
est transaction. You will require every Conductor
upon the road to settle promptly at the end of each
trip, and every Depot Agent te pay over all monies
in his possession once every week. So soon as you
shall have been able to pay the debts which you
find hanging over the road, you will older all the
nett earnings of the road, whether it be much or lit
tie, to be paid into the State Treasury at tins place
once every month. Prompt obedience to these or
ders will be required. Tliat they may not be mis
understood by any, you will have them printed and
a copy delivered to each officer and employee upon
the road. Joseph E Brown.
By the Governor.
M. D. McComb, Sec'y. Ex. Department.
Washington Items.— Despatches have been re
ceived at the Navy Department from Commodore
Paulding, dated Aspiuwall, January 3, relative to
the capture of Anderson aud the filibusters. The
Commodore says: “On the Jttth ult. the United
States steamer Fulton arrived herefrom San Juan
del Norte, conveying to this placa, by order of Cap
tain Sands, forty five of Walker's men, captured
by Sands on the San Juan river on the 24th ult.—
These men composed the party that ascended the
Colorado river to Castillo. It would appear that
the filibusters had abandoned Furl Castillo after
destroying everything they could, and had taken to
marauding upon the river in the steamer Ogden.—
About one-third of them are under medical treat
ment I have, tnerefore, ordered the prisoners to
tiie Wabash, aud intend to sail for San Juan as soon
as the passengers arrive from California, leaving the
Fulton here, where I shall have communication with
Captain Sands. I will sail with the prisoners for
Key West, and await the orders of the department
as to their disposition. The steamer will arrive iu
New York on the 15th, affording time for the depart
rnent to communicate with me by the steamer tliat
sails from New York, and also by the steamer that,
sails from Charleston for Key West.” The Com
modore also sends a detailed account of affairs, all
of which appeared in the papers. The Commodore
also states that he will leave at once for the United
States.
Speaker Orr will appoint an able committee to
investigate the Lawrence eighty-seven thousand
dollar transaction, and a thorough investigation will
be had. Mr. I,etcher's duties on the Ways and
Means Committee will probably preclude Ids being
on the committee. Messrs. Stanton, of Ohio, and
Winter Davis, of Maryland, will be on it. The
pamphlet for which it is alleged eight thousand dol
lars was paid was made up of editorials from a New
York paper.
A committee of Marine Underwriters are at
Washington recommending the passage of a law
requiring that within five years after a sea going
vessel is launched, she shall be opened her entire
length by taking olf a plank outside and inside, so
that her frame may be carefully examined, to see
whether it is sound. The Underwriters state that it
frequently happens that a vessel which to external
appearances is perfectly sound, ami which is com
paratively new, is, in fact, so rotten as to drop to
pieces in a moderate gale. This decay, as a gene
ral thing, is consequent upon some defect iu the
timber, which shows itself within five years after a
vessel is launched ; aud if it does not occur wit hin
that time, it never does. The object of the pro
posed law is to secure suitable ant thorough in
epection of hulls during the first year of their use.
Nothing, it is stated) has been received by the
administration relative to the Yrisarri treaty, as to
whether ifhas been ratified by Nicaragua.
W. Blair Lord, of New York city, has been ap
pointed stenographer to the Cullom Investigating
Committee of the House of Representatives
Washington Items. —The Territorial Committee
it is stated, has not peached a conclusion in refer
ence to the Minnesota Constitution, it was resolv
ed io request Gov. Sam. Medary, now here, to pre
sent officially the Constitution signed by the RopHb
iican members of the Convention. There are but
fifty one names, Democrats, appended to that pre
sented, tlius defeating the terms of the Enabling
Act, which required a double Legislature, or one
hundred and eight members, to form a Constitution
al Convention, if he consents, that difficulty will
be removed. Another authority states tliat the dif
ficulty will be arranged by having the copy signed
by the Republican branch of the Convention also
certified and placed ou the records of Congress.—
The two original instruments are identical. The
committee will probably report the bill for the ad
mission of Minnesota on to day.
It was found upon examining the aggregate of
vetei returned, and estimating seven counties, not
reported tfi the Secretary of the Interior, at the
same ratio with the others, that that State was enti
tled to only one member of Congress aud a fraction
—fifty-one thousand—giving them two members,
while three are elected and at Washington. If the
State is admitted, the House will have to settle the
point, and the probability is that anew election will
be ordered, in consequence of the embarrassment of
discriminating between the respective claimants.
The official Leeompton Constitution is not at
Washington, but is expected daily by the hands of
Gen. Calhoun. The copy already publia.ied was re
ceived from him by the President.
The Secretary of the Treasury has issued a circu
lar to collectors, receivers of public money, deposi
taries and other officers authorized to receive dues,
debts and sales of public lands, payable to the Uni
ted States, directing attention to the following :
“Should treasury Dotes bearing interest be sent to
disbursing officers or agents of the United States
for payment of public creditors, such officers or
agents will be directed to date their endorsements.
The date so endorsed by an officer or agent of the
United States is legally regarded as tb true date of
tiie issue of such notes, from which tho interest
thereon is to be computed.
Mr Ciingman, from the Committee on Foreign
Atrturs in the House, will report in favor of sustain
ing the views and policy of the president's Message
upon filibustering. Mr. Mason from the Senate
Committee will do the same thing.
The action ot the Senate has left tbe nominations
of the Naval Courts of Inquiry in a position which
may give rise to a curious question. No business
of tbe Senate is considered complete while an op
portunity remains for reconsideration. The vote
on tiie noioinations were not reconsidered on Thurs
day, but the whole subject continues open, and was
purposely left so, to admit of a separate vote on
several cases reported ad versely upon by the Naval
Committee. The Senate may lay the whole subject
on the table, thus rejecting the whole list, or may
confirm some and reject others. Whatever is legal
ly done could only be done under the law of Janua
ry 16th, 1857, and that law will expire by self limita
tion on Saturday. Therefore if tiie action of Tours
day was not conclusive there has been nothing
done, and there have been and van be no restora
tions tothe Navy under the act of January last.
Lord Napier's ball, in honor of tbe marriage of
tbe Princess Koyal of Eugiand, takes place on tbe
25th inet. Tlie cards are out.
The Senate have couifirmed the following appoint
ments :
John Appleton, of Maine, Assistant Secretary of
State.
John Bigler, of California, Envoy Extraordinary
and Minister Plenipotentiary to Chili.
Henry C. Murphy, of New York, as Minister Re
aident to the Netherlands.
James Williams, of Tennessee, Minister Hesident
at Constantinople.
William It. Calhoun, of South Carolina, Secretary
of Legation at Pari*.
William G. L. Smith, of Buffalo, has been appoint
ed Consul of Shanghae; and Mr. Miller, of Utica,
Consul at ltio Janeiro. Mr Vail, of New Jersey,
has received a first clase consulate.
A Great Park in New York. —The Central.
Park of New York promise* to be a grand affair.
Tbe whole amount allowed by the Legislature to be
expended in laying it out is $1,500,000. It will con
tain 770'acres, 150 ot which will be set apart for a
Croton reservoir, in anticipation of the rapid growth
of the city, and tne consequence necessity for an in
exhaustible supply of water. The commissioners
have already decided that there shall be four or
more crowing from east to west, across the park; that
it shall contain a parade gound of from twenty to
forty acres, three play ground* of from three to ten
acres each, a hall for exhibitions and concerts, an
observatory, a skating ground, and an indefinite num
ber of fountains, towers, entrance*, arches, statuary
and flower garden*.—One thousand one hundred
and twenty men are engaged in breaking stone and
laying the stone wall that i* to enclose the grounds.
This wall is to be about six feet in height, built of
rough stone but very evenly laid, and ia principally
intended to keep oattle from entering the park.—
A considerable portion of it ia already constructed.
It is estimated that the park wilt be entirely laid
out and in every way complete for the use of tbe
public iu three years, but it* value will, of course,
increase with time.
Os the *14,498,693 specie shipped from New
York, during the year, $35,277,567 went to Europe
Meeting of Planter**.
Perry, Jan. 5,18.48.
According to previous notice, a portion of the
Cotton Planters of H< us ton county, met this clay
for the purpose ot forming an organization, which,
for tho future would give system, so far as they are
concerned, to a common interest.
The present condition of the Cotton Market, both
foreign and domestic, is unnatural, such oircumstan
ces being unusual, must be left to work out their
own remedy. The commercial world, like every
thing else, is subject to such revul ions, which are
produced by a combination of circumstances that
can neither be foreseen or avoided. We need not
undertake to specify what we suppose to be the
causes, or any of them, for that is only incidental to
our organization—we venture, however, to make
this suggestion: that it will best promote the inter
ests ot Planters, if they will dispose of no more cot
ton on hand, than will discharge their obligations to
merchants and othero to whom they may be indebt
ed ; for it seems reasonable to suppose that things
will soon begin to settle back into their accustomed
channel, and regularity be finally restored in the
commercial world. Demand and supply will always
fix the price of every merchantable article; that is,
if the demand for an article in market be limited
and the supply large, the price ot the article must
rule low, and on the other baud, if the demand is
large aud the supply limited, the article must rule
high. This is nut only true, as to cotton—it is also
true as to every other commodity brought to mar
ket for sale. Now it is known that the supply of
cotton under ordinary circumstances, cannot by
any means exceed the demand, (if the demand can
be met) aud therefore cotton should command a
high price. It is known that the crop of 1856 was a
short one, and that of 1857 will not much exceed it.
This shows that the demand which is constantly in
creasing, cannot more than be met; and tho in
creased price which plauters were realizing before the
revulsion, was nothing more than reasonable. A
few years ago cotton at eight cents per pound, was
quite as good as cotton now at thirteen cents per
pound, for it is well known that the high price of
cotton, lands and laborers now, show as large a per
cent to exist, as there is between cotton at eight
ceuts iu 1850, and cotton at thirteen in 1858; per
haps the per cent is much laiger.
Whatever may have been the causes of the pie
sent revulsion, direct or incidental, it is clear, the
Cotton Plauters will have to bear the most serious
lueses of any portion of the community. This is
wrong, and that this and other wrongs, may be pre
vented for the future, is the main reason for our
organization.
The following Articles will express the nature and
objects of our Association:
Article Ist. This Association shall be known and
designated as the Cotton Plauters Association of
Houston County.
Art ‘-2d. There shall be a President and two Vice
Presidents ; one of the Vice Presidents shall preside,
in the absence of the President.
Art. lid. There shall be a Secretary, who shall re
cord in a book, (procured at the expense of the Asao
ciation,) all the proceedings he may be directed to
record.
Art. Ith. The Officers of the Society shall be elec
ted at the first meeting of the Association in each
year.
A~t. sth. There shall be two regular meetings of
the Association in each year, to-wit: on the Ist Tuee
day in January, and on the Ist Tuesday iu July.—
Hut the President, or last presiding officer, may call
meetings of tiie Association whenever, in his judg
ment, lie shall thiuk proper. There may also, be ad
journed meetings.
Art. 6th. This Association shall be auxiliary to
any general Association that may be formed in this
State, having the same or similar objects in view.
Art. 7th. None but Cotton Planters shall be mem
hers of ttus Association.
Art. Bth. The President, or last presiding Officer
may, either during the session of the Association,
or at any other time, appoint iu the respective dis
tricts, such committees as the interest of the Asso
ciation may require.
Art. 9th. It, shall bo necessary to membership in
this Association, that each member subscribe his
name to these Articles.
Art. 1 0th. All elections made by the Association,
shall lie by ballot, unless otherwise ordered by the
Association.
Art. 11th. The single object of this Association
shall be to promote the interests of Cotton Planters,
by adopting such measures and making such sug
gestions, as may appeal to present the most rea
sonable mode of action.
Art. li2. This Constitution, and no Article thereof,
shall be altered but at a regular meeting, and by
two thirds of the members present.
B. F. Tharp, President
J. D. If avis, Secretary.
At the above meeting a resolution was passed re
questing tiie Cotton Planters of the respective oouu
lies in the State, to form County Associations with
out delay, and elect delegates to a General Conven
lion, to be convened in the city of Macon on Tues
day after the third Monday in February next. —
Robert W. Haskin and Howell Cobb were appoint
ed delegates on the part of the Houston County As
sociatiou.
2d. It is hereby recommended to the State Con
vention, that they designate such newspapers as
they may advise the members of the Convention,
and member* of County Associations to support.
3d. Our delegates are authorized and required to
adept such measures, as in their judgment, will best,
subserve the interests of those they represent and
Cotton Planters at large
4th. We approve of direct trade with foreign
ports, and will use our best exertions to promote that
object.
sth. Resolv'd , That the editors of the Macon pa
pers be requested to publish the above proceedings,
and editors generally will please copy.
American Trade with England. —An inter
esting document has been issued by the English
Board of Trade, which gives the declared value of
British and Irish produce and manufactures expor
ted from the United Kingdom, in the first nine
months of 1857. During this period, British expor
tations to the United States (California included)
amounted to the immense value of £16,911,197. —
The next greatest aggregate value, are to the Hansc
Towns, £7,750,607; to France, £4,987,260; to
Holland, £4,968,816; to Brazil, £4,247,750; to
Turkey, £2,548,458 ; to foreign West Indies, £2,
338,94(1; to Kust-ia, £2,320,258; to Belgium, £l,
878,801. Several of the items will suprise cominer
cial men ; thus, while tho exports to Chili are £l,
135,775, Peru has got only £765,389. Buenos
Ayres hao received to the value of £901,278. To
the Eastern coast of Africa, tbe value of the exports
was only £391, while to the Western coast (foreign)
it was £613,685. The little Kingdom of Hanover
has received nearly as much as the much greater
and wealthier Kingdom of Prussia—the amount be
ing £1,268,511 against £ 1,428678.
The exportations to British Colonies are much
greater than would have teen expected—the amount
lor the nine month? being a few thousands over
twenty-eight million pounds sterling. The East in
dies, iuolueive of Ceylon and Singapore, received
to the value of £9,550,227 ; Australia, £8,500,704 ,
British North America, £4,107,920 ; Capo of Good
Hope. £1,246,666. and the British West India
Islands £ l ,140,763.
The entire amount is £95,735,592. Os this £67,
781,910 went to foreign countries, and £28,003,682
to British Possessions. This is only for nine months,
but, estimating it on the same proportion, the re
turn for the year would be, to foreign countries,
£90,379,213; to British Possessions £37,338,243,
making the whole declared value amount to £127,-
717,466.
Estimating, on a similar basis, the value of ou
own imports of British and Irish produce and manu
factures, the result would show £22,548,263 (equiva
leqt to $112,741,315,) as tho probable amount.
That is, it would have been so, but for the opera
tion, during the last three months of the panic and
the crisis. Even with this drawback, the probable
value of British produce and goods imported into
the United ktat.es in 1857, o&nnot be much less than
$100,000,060. — Balt. Amer.
Steam L*k to Brazil.—lion. Mr. Bigler, in the
United States Senate, has introduced a resolution
which was adopted, instructing the Committee on
the Post Office to inquire into “the expediency of
establishing mail lines between the United States
and the Empire of Brasil amt the Republics of
South America; and also into tiie best mode of os
tabliching and maintaining such mail facilities, il
found necessary aud expedient.” Dr. Thomas Rai
ney, formerly Consul General to Bolivia, and since
engaged in exploring the Amazon, traveling through
the Brazilian Empire, and visiting the West India
Islands for the advancement of his private enter
prise of organizing a ;,Uain line, says, in his new
work on the Ocean Post, —“ the capacity of these
great fields for development and expansion is indefi
nite and almost boundless. There is no doubt that
an American trade could be developed in these re
gions within the next thirty years whose opulence
and magnificence would rival and far surpass our
entire commerce of the world at the present time,
and give to our nation a riches and a power which
would enable it to shape the destinies of the entire
civilized world.” Apparently, this trade only re
quires to be fostered, to ensure its rapid increase ,
and yet so deficient are wo in facilities for intercourse
with Brazil, that a letter destined for that country,
four thousand miles distant, must needs be sent to
England, Portugal, the Coast of Africa, Madeira,
and the Cape de Verdes, a distance of eight thou
sand miles, in a British packet. In a paper pre
pared for the New York, Historical Society, relative
to the trade of Great Britain, Dr. Rainey remarks
as follows:
“From 1840 to 1860 her total import* from Brazil
made no increase. In 1863, they had advanced on©
hundred and fifty per cent on 1818 ; and in 1856,
they had advanced over 1818—or the average of
the ten years noticed—about three hundred per
cent. This, however, it must be recollected, was
in coffee, for re-exportation; a trade which was lost
to our merchants and to our shipping. Her total ex
porta to Brazil from 1810 to 1800 were stationary at
about two and a half million pounds sterling anna
ally. In 1861—the first year after steam by the
Koyal Mad Company—they advanced forty pei
cent.; and in 1864, they had advanced one hundred
and two per cent on iB6O. Thus, her exports have
doubled in five yean, from ast ationary point be
fore the establishment of steam mail facilities,
whereas ours have been thirteen years in making
the same increase. The total trade between Brazil
and Great Britain has increased in an unprecedent
ed ratio. The combined British imports and ex
ports, up to 1860, averaged £3,616,833 annually,
but, in 1866, these had reached £8,1G2,454. Thus,
the British trade increased two hundred and twen
ty-five per cent in five years after the first line of
steamers was established to Brazil.”
Matrimonial Festivities in Vermont.— Bran
don, Vermont, on the 29t h ult., witnessed the
matrimonial alliance of ason ol Tennessee with cue
of the fair daughters of Vermont. The marriage
ceremony was performed in the Congregational
Church by the Kev. Mr. Kingsbury, the pastor
thereof, in the presence of a large concourse of the
most, distinguished villagers. The bridesmaids,
four in number, were Miss ltossiter, Miss Jackson,
Miss Hoes, and Miss Jackson, all of Brandon , and
tbe groomsmen were Hon John V. Wright, M. C. of
Tennessee, Dr. 8. V. Hunter, of Kentucky, su
perintendent of the document-room, House of Ke
presenjativea, H. C. Looring, ol Virginia, clerk in
the Land Office, and M. W. Cluskey, of Georgia,
postmaster of the House ot Representatives.
The parties most interested in the nuptial festivi
ties were the bride. Miss Ella A. Harrington, a
beautiful and accomplished lady, daughter of Frank
Harrington, esq., of Brandon, and James K. Polk
Campbell, of Tennessee, corresponding clerk for the
Western States, in the department of the First
Assistant Postmaster General.
When the bridal party left the church, a band
saluted them with eloquent strains ot music. A
sleigh-ride to the residence of Mr. Harrington, and
a wedding eupper, where the tables were laden with
the substantial!* and delicacies of lankee land,
made a distinguishing mark in the annals of Bran
don. The bridal party returned to this city withau
addition of one happy beart to it* number, lie
newlvwedded couple make the N stional Hotel their
home for tbe present. The Southern gentlemen
unite iu warm praise of the hospitality, intelligence,
and beauty, with which the Green Mountain State
abounds. — IVathingloH stales.
Women’s Rights. —Mrs. Lucy Stone, (Blackwell)
of Orange, N. Y., refused to pay her taxes upon the
old revolutionary principle of “no taxation without
representation.’ ’ The collector has levied |upon her
.fr, n.rtv bv laving an attachment npon some arti
cle/* o??ou#eholdfurniture, which will be sold in a
few days. Mrs. Lucy intends calling a public meet
ing in Older to express her views to the residents of
Orange on this and other subjects connected with
the woman’s right* movement.
U TAH . A Salt Lake correspondent of the New
York Hera'd says that the Mormons have no idea
of abandon ng the territory and going to British
America next spring, a* reported.