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!BY JAMES W. JOAES. Th© Southern Whig, PUBLISHED EVERY SATURDAY MORNING. TERMS. Three dollars per annum, payable within six months after the receipt of the fii st number, or ■ four dollars if not paid within the year. Sub- I scribers living out of the State, will be expect ed in all cases, to pay in advance. No subscription received for less than one year, unless the money is paid m advance; and no paper will be discontinued until all arrear ages are paid, except at the option of the pub lisher. Persons requesting a discontinuance, of their Papers, are requested to bear in mind, a settement of their accounts. Advertisements will be inserted at the usual rates; when the number of insertions is not specified, they will be continued until ordered out. All Letters to the Editor or Proprietor, on matters connected with the establishment, must be post paid in order to secure attention Notice of the sale of Land and Negroes, by Administrators, Executors, or Guardians, must be published sixty days previous to the day of sale. The sale of personal Property, in like manner, must be published forty days previous to the day of sale. Notice to debtors and creditors of an estate must be published forty days. Notice that Application will be made to the Court of Ordinary for Leave to sell Land or Ne groes, must be published four months. Notice that Application will be made for Letters of administration, must be published thirty days and Letters of Dismission, six months. For Advertising—Letters of Citation. $2 75 Notice to Debtors and Creditors, (40 days) 325 Four Months Notices, 4 00 Sales of Personal Property by Executors, Administrators, or Guardians, 3 25 Sales of Land or Negroes by do. 4 75 Application for Letters of Dismission, 4 50 Other Advertisements will be charged 75 cents for every thirteen lines of sin'll type, (or space equivalent,) first insertion, and 50 cents for each weekly continuance. If published every other week, 62 1-2 cents for each continuance. If published once a month, it will be charged each time as a new advertisement. For a single insertion, $1 00 per square. PROSPECTIS OF A NEW LITERARY JOURNAL, ENTITLED THE BACHELOR’S BUTTON. TITHE Second Number of this Periodical is J- now before the Public. The very kind fa vor with which it has been accepted prompts the Editor to make, renewed exertions to place the work on a firm foundation, and to make it worthy of the patronage it is likely to receive. No effort was made to obtain subscribers, no publicity was given to the design, until the first number was ready for distribution, —because the Editor was unwilling to make promises which he might 5e unable to fulfil; and he was anxious thafthe public, before it gave encour agement or approbation, should see the work, and have an opportunity to judge of its merits. A short notice of the Editor’s intentions and wishes accompanied the first number, and the approbation and indulgence with winch his friends and the public generally received it, gave, to him hopes which he had not previously in dulged. That Alabama would give a handsome sup port to such a publication was a matter <sf ex treme doubt; —owine more to her commercial and agricultural enterprise, than to* any want of liberality, or to the absence of a spirit for lit erary advancement. But the avidity with which fortune has been hunted down, has not taken away the taste ofher Scholars;— and the increase of wealth has produced the best of all results: the opening of the heart, and the gushing forth of the best of feelines: generosity, and a desire to promote every laudable enterprise. The Bachelor’s Button is the only period ical in the State devoted entirely to Original Li teratuie. It is printed in a handsome style— (not’inferior in that respect to the best in the country.) The very medium of publication is calculated to inspire young ambition to vigor ous exertion, and to make the old and experien ced writer happy in the privilege of sending thoughts into the world in such a garb. Alaba ma has talent—talent of an order calculated to command the admiration of her neighbors, however old their experience ; however celebra ted their Literati. It is the proudest wish of the Editor that he may call that talent into ac tive exercise; yet he cannot hope to be able to do that without the hearty approbation of his friends, and their earnest concurrence in promo ting a cause for whose success he is willing to I devote his entile time and attention. j A Liter.ry Advertiser will be attached to the Bachelor's Button, containing Notices which relate to Schools, Colleges, Books, Banks, Insu rance Companies, &c at the following rates: For one insertion, per page, $lO 00 “ “ “ 1-2 page. 600 “ “ “ 1-4 page, 400 By the year, per page, 60 00 “ “ “ 12 page, 30 00 “ “ “ 1-4 page, 15 00 This arrangement will not interfere with the literary department, as the advertising sheets will be entra. Persons wishing to advertise in the third Number, will send in their notices im mediately. Mr. W. W. McGuire is our City Agent, and is authorised to act for us. Any letter oi com munication left at his Book Store, will receive immediate attention. TERMS—“The Bachelor’s Button” will be published Monthly in the City of Mobile, in a pamphlet containing 64 large octavo pages of entirely original matter, on fine paper, and on ■new and clear type, at Five Dollars a year, payable in advance. Editors friendly to the work will please publish this circular. WM. R. SMITH, Editor and Proprietor W -34W1E 1 ;, IV °Dld inform his friends J**' 1 ’ * 'and the public, that he has just received a New and /'feN Splendid Assortment of i WATCHES JEWEtERV, Among which are every varietv of Gold and Silver Watches, Chains, Keys arid Seals, Gold and Silver Pencils, do do and steel spectacles, Gold Sleeve and Collar Buttons, Ear-Rings and Pins, Ladies’ neck and fob Chains, do Seals and Keys. —also— A very handsome assortment of Finger Rings, and all other articles usually called for in his line of business. and Clock repairing done as usu al, and warranted. Athens, July 15—11— ts. JL A is .A A S For Sale at this Office. Southern Whig =^==~-== = '— ..:.r--^.rz.-.-rr-^=== S .-a.-==r- - <j From the Charleston Mercury. i The following Ode was presented to the Char.'cston Whig Association, and was recited by a memberm the 1 Society, on the 4th instant. 1 O»E F«K THE 4TH JULY. Again the Glorious Day dawns on I The hallowed day of Freedom’s birth ! > The day o: • hich the flame first shone, That lights,akes, and warms the earth. t Land of the free, lift up your voice I ’ Hearts of the free, rejoice, rejoice I Away with all the strife that flows From party's reckless, rude turmoil — i It is the weed, rank weed, that grows On freedom’s rich, luxuriant soil. Drive each contentious thought away ; t We are but brothers here to-day. t < This sacred time our Country claims; And be it fully, freely given ; . To summon forth her patriot names; _ To speak the praise we owe to heaven ; To the bright hopes before us spread, ( And to the memory of the dead '. To him who first in combat waged 11 The cause of tyranny to stay ; Whose calm, majestic mind assuaged The rising tempest of that day; Who urged the fight, when freedom led, And quelled it, when her bounds were spread. 8 To him, from whose immortal pen I Flowed forth the Charter of the Free, — 1 The man who gave, his fellow men 1 The written law of liberty : j Their wrongs, touched by his graphic art; 1 Braced every nerve, and strung each heart. To them, who sat in Council then, i Who waved the sword in battle field; ) The high-souled and determined men, 1 Who planned and fought, but scorned to yield: t Who in the day of doubt and gloom, 4 Pledged all, to meet their country’s doom. 1 1 Ah'. in the tomb those patriots sleep ; ( I That hero race of men is gone ; I t A few lone relics, lingering keep, ( c Fast pressing to their destined bourne; j I Unneeded proofs that from the grave Wisdom and valor cannot save. i t [t High honor to the mightly dead ! I t This is the accepted hour to raise ( j Those who in Freedom's conflict led , i Up to the world’s admiring gaze : ! , Their fame shall live—deeds so sublime Grow brighter by the wear of time. j What holy, lofty thoughts belong ' To this all-consecrated day : Thoughts of the past, that as they throng Our warmest gratitude to pay ; j Thoughts of the future, that inspire ; The Son to emulate the Sire. I Oh ! may the God of Nature grant. That from the care the sons bestow, The fadiers’ young and thrifty plant, 1 A proud, firm-rooted tree may grow : j ; Its deep green foliage to expand, I ( And over-shadow every land. j ( From the Knickerbocker. The Escape : A Tale ©f the Sea. . ry the author of Jack Marlinspike’s yarn, j “ List ye Landsmen all to me.” The morning broke hazily upon the Atlantic, I with a ftt sh breeze from the eastward, attend- } ed by frequent squalls oflight rain. The sea ' had assumed that dead lead colour which al- I ways attests the absence of the sun ; and a dark curtain of clouds that were slowly heav. j ing up to wind ward, threatened an interval of) heavier weat'i r before the close of the day. About an hundred miles from that part of the I coast of South America situated between the I ' Brazil shoals and cape Frio, u large and beau tiful ship was dashing along under a press of canvass She had the wind abeam, and every thing that the weather would allow was p -.ek ed on below and aloft. On her quarter deck a group, consisting of the passengers and offi cers of the ship, had collected to observe a ' strange sail, which, since daylight, had been discovered two or three points leward of he beam. ‘Give me th« glass,’said a stout good-looking middle-aged man, whose countenance betrayed, or more properly indicated, a fondness so glasses, and whose authoritative tone at once I christened him skipper.—Taking the proffered j instrument, he adjusted it at the proper fijeus, and commenced studying the stranger, whose •hull, by the aid of the telescope, was but just visible, as she rose’upon the crest if the) waves. 4 He’s edging away for us,’ muttered Cap tain Bangem: just got a pull of his weather braces; devilish suspicious craft too.’ 4 A guineaman, from the coast perhaps,’ said Sky sail. ‘The fellow thinks it’s getting too black to windward for all his duck,’ res lined the cap tain : ‘he’s reefing his fore topsail; and we | must follow suit.’ ‘Passing the glass to a sailor al his elbow, he took up lhe trumpet, & looking at the mouth piece for a moment, applied it to his lips, and gave the order to take in the studding sails, royals and flyingjib.—When this movement had been executed, Bangem again thundered forth ; 4 Man the top gallant clewlines—clear away the sheets—clew up—man the topsail reef tackles and bunt lines—clear away the bow lines; round in the braces; settle away the haliards: clew down, haul out. the reef-tackles, and tip the bunt lines ; trice up the booms; lay out and take in the second reef!’ The ewr-ready seamen sprang upon the 1 yards, and extending themselves along either | extremity, caught up and secured to the spar J the canvass contained between the first and j second reef-bands. When all three of the top- ! sails had been reefed, the yards were again mast-headed and trimmed lhe top gallant sails sheeted home, and lhe Niagara once more freshened her speed through the water. In the meantime the stranger was fast corn mg down and so rapidly bad he overhauled lhe Niagara that those on board of the latter were able to distinguish her build and rig with the naked eye. She was a long, low clipper schoo ner, with spars that seemed much too light ai cl ’ square lor the liitleliull out of which they rose. J Capt. Bangem had been Watching her for . some moments with the utmost interest, when turning to Sky-sail, he ordered h m to hoist the ensign. ‘Now,’ said he, •we’llsee what bunt ing the fellow wears. Ah, there it goes 1 the stars and stripes.’ A rolling billow of smoke rose from the bows of the schooner, and tho • report of a gun thundered along the breeze. -WHERE POWERS ARE ASSUMED WHICH HAVE NOT BEEN DELEGATED, A NULLIFICATION OF THE ACT IS THE RIGHTFUL REMEDY.’’—Jejerson. Man the weather main-braces ; clear away the bowlines ; put the helm down ; ease oft the jib sheet!’ shouted Bangem; and in another moment the Niagara was lying to, with the main topsail to the mast The skipper again resumed the spy-glass: but scarcely had he raised it to his eye, when relinquishing it to another he seized the trumpet and in a voice that betrayed unusual excitement, he sang out. Haul aft the jib-sheet! —hard up, hard up! * Hard up!’ answered the man at the wheel, ai. ci the obedient ship fall rapidly off before the wind. * Lav aft to the braces!’ said Bangem ; ‘meet her now, boy.’ ‘She’s got the lee helm,’ was the immediate reply. ‘Steady as you go —steady so.’ Steady 6i», Sir,’ responded the steersman. The sullen report of a gun told how' the stran. g er had receive'd this manoeuvre; and when the smi.K 43 rolled off to lee.vard, an American ensign v>'v longer at his peak. Before the Niagara had been kept away, she was running alo g with th j wiv'd .nbeatn ; the stranger was oa her weather bow, aCU heading so as to near her ai cacb moment, and e,vt'dually cut her off- but ? ow the former had assn trie same position with regard to lhe wind as 11-“ and both vessels v' 4 -re running the breeZa. • ‘ on the quartei. Th<J ” were but lew ’ - asked on board the Niaga.’ :< ' tbe un.<>o.--.*d mr deviation from her proper course, antl tile suo ’ sequent manoeuvres of the schooner, 0! Ce told the real or suspected character of the ves sel in chase ; and the passengers gathered about [ the traffrail, regarding with fearful silence the little object oftheir fears, that come down clam bering and cutting lhe waves, like some hun . gry monster of the deep after its retreating prey. “Gentlemen.” said Bangem, it would be su perfluous for me to tell you the character of’the vessel: you all know' it, and you also know what mercy to expect if we fail into their hands, A stern chase is a long chase, and as the Ni agara sails better with the wind w'ell aft, I have given her. her fastest point: we are now bear ing for the coast of South America, and must keep out of his clutches as long as we can. If Providence does not send us deliverance in the meantime, why, it is even better to perish on the reefs, than die by the knives of you butchers.’ Another gun from the pirate boomed over i the water, but the shot fell harmless astern of the Niagara. 4 Ay, blaze away, you vagabon ! muttered an old veteran, who was assisting in running out of a stern port the only' gun on board ; 4 every shot you have is four fathoms off your log.’ ‘lf we w'ere eight hours later, we might be able to give her the slip during the night,’ said Bangem ; but if we coutiniue to move as long at this rate, we shall be high and dry on the coast of Brazil before the sun goes down.’ Still the scoorier kept overhauling tue ship, but his advantage was not as perceptible as be fore; every thing held out the prospect of a long chase; but so intently was the stranger bent on gainiug her, that he sei t aloft and bent his slight top-gallant sail, although the wind ' was blowing a perfect gale, and shortly aftcr . wards men were seen on his topsail-yard, turn- I ing out the reels. As soon as Bangem per ! ceived this, he gave the order to turn both reefs I out of the topsails, and get starboard fore-top i mast studding-sail ready for setting. In a i few moments, an additional quantity of can. j vass was spread along the beems of the Niaga j ra and the gallant vessel rushed like some wild j leviathan through the rolling sna, dashingaside ■ its angry waters and leaving broad streaks of i boiling foam behind. i ‘Give him a round shot. Skysail,’ said Ban i gem ; ‘we must try and cripple him, or it’s all ! | day with us.’ 4 Ay, ay, sir, muttered the tar, as ho squinted | along the sight, and elevated the gun for a long I shot; the match was applied, and away sped | the iron,’ I “ Well done old ’un ?” shouted Skysail, as l the splinters flew from the bulwarks of the piraU>. * Try it again, tny hearty !’ continued Bang, etn, ‘give him a stand of grape along with it this time,’ The schooner yawed and fired, but again its shut fell harmless along side of the chase. ‘There goes his stu’u’sail sa'd the mate, as two delicate epars glided out, as if by magic, from either extremity of his topsail-yard, while iu another moment a sheet of light canvass arose and was extended on either side of bis bellying lopsail. The pursuer had gained con. siderably on the pursued daring the last half hour; and Bangem who stood watching her progress with lhe eye of an eagle, now got down from the horse-block, and gave the order to set lhe starboard lower and all the top.gal lant-stu’nsail -. The seamen exchanged glan- I ces in amazement, but it was only tor a mo ; meat; and the next beheld them spread in dif fereut parts ofthe ringing, making preparation to heap an additional pile of canvass upon the spars of the trembling ship. ‘Haul taunt, rig out, and hoist away !’ But scarcely had lhe halliards been belayed, when snap went the booms ofthe topgallant and yard of the lower studdi g sail. 4 Lower away—haul down!' shouted B ngem ; 4 make those sails it] afresh, point the spare booms, and get them ready for , setting again.’ The two vessels continued to fly rapidly to ward the coast of Brazil, and the pirate still , continued to gain on the chase, ‘although’ he : yawed and fired at an interval of every half I hour. Had the Niagara hauled her wmd on either tack, she would have soon become the prey of’the schooner, as she sailed faster with the wind abeam. Bangem accordingly' ’bought ■ it much better to keep nearly before the breeze ■ as the pursuer would then have to deviate from . his course to bring his guns to bear, and con sequently deaden at intervals his advance, as mi escape was now almost hopeless. Thecm- i I lasses and fire-armis were got up on the quur •j deck, and every preparation made by the pas ' | sengers and crew of the vessel for a desperate I I defence. There were in all about twenty • I fighting men on board ofthe ship, and judging i bv the masses that blackened the schooner’s i deck, she must have had five times that number. ' For two hours longer the chase was kept up, and at iho expiration ot that time lhe pirate ■ was within about three quarters of a mile.— ■ Bangem hud drawn his men up, and exhorted • them to stand by him like Americans in the ’ i pproaching conflict, when lie was interrupted -by an approaching crash, and the mizcu top -1 mast, top gallaiit-mart, ai d all, went by lhe . J board. ■ r • Axes and knives here!’ shouted he, at the i top of his voice : ‘cut, men cut ! s’lr yourselves : my livelier! the villain is coming down like a - race-horse.’ ■ Instantly the lanyards arid stays were sev -3 ered, or carried away, the braces and bowlms j I unrove and the wreck floating far astern ; Lui the speed of the Niagara was by’ this ticciuv.it AT£lfclX*», GEORGIA, SATURDAY, JUIiY 1 537. considerably lessened, and the schooner, per ceiving this accident put down her helm, and threw a raking broad side among the rigging and soars of the unfortunate vessel. At this moment the cry of “ Breakers ?” was heard fioin the forecastle, and an exclamation ofhor ror burst from every lip—but one. Tnere was death on every hand, and the forms that peo pled the decks of the Niagara stood as mute as statues enveloped in lhe silent stupor of des pair. 4 Where away?’ asked Bangem; and the i 00l self-possession of that voice seemed to mock the dangers by which they were sur rounded. ‘ Righ' ahead,’ replied the look-out,’ and on both bows.’ ‘True,’ mused the commander, bending his eye in the given directiiu, 4 you may hear them roar above lhe howling of the wind and waves even at this distance.’ 4 Shall 1 bring her by the wind, Sir !’ asked th " steersman. ‘No!’ was the stern and determined reply, and another volley of iron crashed among the spars ofthe Niagara. So eagerly had the pi rate pursued the chase, that the danger ahead remai ed to him undiscovered. The day was u. usually dark and cloudy, and lhe smoke roll ing to leeward, perhaps screened the reef from '-is view. However, be saw it not, and now eamU ’’usking down upon the crippled ship, confident j" »i 3 «Dpen»rity. ‘Ease the r»? ni down ! said Bang m, keep -1,.., his eye’steam.';’ u P OI, n the Pursuer; ‘and % n ...do your duty .' Ihe Niagara yawed, "j th fit- jib-buo-m of .‘? e schooner hurst U i h about the through her bit . - j a( j s i a h o uted ba ffem, ‘ Lash hun there, ri.. , T ■ in a voice that was hearu every th.ug beside; ‘lash him there! and n p. tio blood-hounds shall keep us company. ‘Hard up again 1’ The obedient craft or.ee more fell off before the wind, and rushed onward toward the break ers. that roared and foamed not more than a holt mile in advance, dragging in her wake the light-built schooner, like some giant spirit of death urging an iguobl n being to the shades of darkness. A howl of frenzy, that broke from lhe deck of the corsair, told they had for the first time bexome acquainted with the peril that awaited them ; and twenty dark firms sprang out upon her bowsprit, armed with axes and knives, to free themselves from the hold of the ship. 4 Now, my lads, give it to the bloodhounds ! shouted Bangetr. A volley was the reply, and every soul with out the schooner’s cutwater perished ; as many more sprang to take their places, but again the fire from the Niagara’s quarter deck swept them away, like chaff before the wind of hea ven. In the meantime, both vessels wore rush ing madly toward the reef; (hey were not a hundred yards from the breakers, and both par ties ceased hostilities, to gaze upon lhe foam ing waters and iron rocks that in another mo ment threatened to dash them to eternity. Hope had left every bosom. The pirates uo longer endeavored to separate themselves from the Niagara, but stood pale and trembling, waiting with horror to pay the last dark Tor Ten of then lives. Both vessels were now within the in fluence of the reef, the long heavy rollers, in conjunction th) wild, wire Iri ing them rapidly upon the rocks, whan the schooner’s bowsprit, shrouds, bobst; ys and all gave wav ; the liberated vessel swung round and struck, uhiiethe Niagara forced by the ledge, un scathed. The next bill w dashed the pirate high: r upon the reef, where she was hid from view by the roaring and foaming seas that j broke over her devoted hull. The crash ot i her falling spars was then heard, and the shrieks and wails ofthe drownirg wretches rose, for one moment, above the thunder of ttic sun ; but it was only for a moment, and they were lost forever. ” Whim the Niagara passed the cluster of rocks upon which the schooner went to pieces, she was hurled along in the very centre of the principal reef, where the eddies and currents rendered her totally unmanagea ble. She no longer obeyed her helm, but drifted along a disabled thing, at he sport of the winds and waves, the sea roaring the while like thun der around her mid the spray breaking in dense musses over her. ' There were ten minutes of appalling anxie -1 ty, during which every ene expected to feel her strike against the rocks: yet for ten min utes more she continued to drift through them ’ in safety. The centre and principal ledge was passed, nnd she began to fall oft before the : wind. A beam of hope lighted up tl;e com te-, nance of Bungem. He sprang up<> > the bu). warks, and cast one quick, searching glance at the sea around hint. ‘.Starboard a little! ’ ! 4 Starboard a little,’ answered the man at the. ’ wheel. 4 Steady so. meet h r.’ 1 4 Meet her it is, sir,’ was the reply. ‘ For five minutes more she flew through the I intricacies of the reef without deviation. ‘Port, port I give her the port helm, quick!’ shouted Bangem. i 4 She’s got it all, sir,’ was the response ; and the gulla. t ship glided by the last rock that ’ threatened her destruction, and passed safely into the still water between the reef and lhe main. 11- B. ‘ A real gentleman.— He never dresses in the extreme of fashion, but avoids singularity iu ‘ his person or habits. Is affiible with his equals and pleasant and attentive to his inferiors. t i In conversation, he avoids hasty, ill-temper ed or insulting remarks. j Pays punctually for his newspapers. Never pries into another person’s affiurs. s Does never, under any circumstam s, speak ill of a woman. Never cuts an acipiaintance who has met . with a reverse of fortune; and. He alway pays his postage on his letter of ,■ business. r - s The human eye.—At the S ssioeson Satur- •. I day, a prisoner was acquitted on the ground of insanity. The District Attorney satisfied hitnseif of the L et by the v.-xaut eye of the - acct e d. The keepers of Lu atic Asylums i invariably judge of the return of reason, by e the eve. The human glance has been the d study of the visest philosophers, audits in . explicable phenomenon mortified their pride, c It is saici that the reason murd rers choose darkness forth.? commission of '.heir deeds, is, e because they cannot withstand th. look >f their s victims. It is a beauty and a mystery. a A. i . Times. Someone prerented an Indian Chief with a basket of s | Champaigne, and demanded his opinion of the strange _ | uhishey : ‘ Good 1’ said the Chief, 4 it iu the juice of wo- II | men’s tongues and lion’s hearts—for when I drink a d I bottle, 1 c«:; and fight the binjtelf I” Speech ©B." the Elon. H. Everett, Delivered before the -i hig Convention of Windsor county, Vermont. May 31, 1837. (CONCLUDED.) In relation to the Treasury Bank recom mended by the President, the Comrnit’ee after demonstrati g its inefficiency in iffording a uniform curre. cy presents a view of its polit ical effects. “The Bank ofthe United States now employs five hundred agents, in various parts of the Union, where its offices are estab lished. From this fact some idea may b formed of the very great addition which would be made to the patronage of the Executive Government, by the establishment of such a bank as the one under consideration.” “But the patronage resulting from the appointment of these agents, great, as it would doubtless be, would be insignificant and harmless, when compared to that which would Result from the dispensation of bank accommodations to the standing amount of at least fifty millions of dollars! The mind almost instinctively shrinks from the contemplation of an idea so ominous to the purity ofthe Government, and the liber ties of the People. No government of which the committee have any knowledge, exci pt, perhaps the despotism of Russia, was ever in vested with a patronage at once so prodigious in its influence, and so dangerous in its char acter. . In the most desperate financial ex tremities, no other European government has even ventured upon an experiment so perilous. If the whole patronage of the English Mon archy were concentrated in the hands of the American Executive, it may ba well doubted ■ wib.'her the public liberty would be so endan gered bv it, t xs **• would be by this vast pe< u mary machine, yvit.'oh -vould place in the hands of every administratm, !?!() millions of dollars, as a fu id for reward! ig pjiticai partisans.” i’ the Senate the report was presented by t h e v “teran and venerable republics.' 1 , — General*SanK’A 1 S " l,th ' lhe of :be Pre vS ident. Ofthe 'i Bank project the Committee say, that S IVI,, K , to . ,t a! ‘ the consideration they could bi s. tne, ‘ 'C’flec tioiis have resulted in a belief ths! -‘A such measure must resolve itself at last into nT re system of paper money issued by the Govern ment,” —“the inevitable co sequence would be lhe creation of a moneyed engine, of direct dependence on. the officers of the Government —at variance with the whole scheme of our institutions:” they add—“they are satisfied that the country is in the enjoyment of an uni form national currency not only sound and uni form iu itself and perfectly adapted to ail the purposes of the Government and of the com munity, but more sound and uniform than that possessed by any other country”—and close with this pointed remark, which may almost be construed into a sarcasm “under these cir cumstances they deem it prudent, to abide by the practical good the country enjoys, and to put nothing to hazard by doubtful experiments." Such was the message of the President in 1829 and such the opinions of his best friends in both Houses—and I may add, ofthe intelli gent part tlvtx c<AnaxTiL! i>*ty »» vury w.ll£trr»_ It would seem that the project of a Treasu ry Bank would have been put at rest. But you will find in the messages of 1830 a d 1831 re newed recommendations of the project, and a conti ued and increased hostility to the Bank of the United States. In 1831-2 a list ot charges, originating t’n>m a Governme. t Di rector, was brought before the House. It was committed to a select committee, consisting of a majority ofthe friends of the administration. Their report has been published. The result, however, was that at the same sessio , an ael passed renewing the charter of the Bunk, by <i majority of 22 in the House, and of 5 in the Senate. Such was lhe declared will of Con gress. It was vetoed by the President. The Bank which in the opinion of Mr. Gal latin was a common bond of interest and uni<> , and so beneficial to the community was de clared to be a Monster, endangering the vei v existence of the Governme t. The adminis tration press in every quarter opened upon it. and the office holders and office seekers joined in full chase. This ease presents one ofthe most extraordinary instances of the power of the executive patronage. The tenure of office is the will of the Executive—and that will re quires every other will to be subservient to it. That an institution—w hich hud redeemed the currency from Bankruptcy in ISl7—which had established and pre lerved a currency more uniform than specie—“perfectly adapted to all the purposes ot the Government and ot the community”—more sound and uniform than that possessed by any other nation —an institu tion u iversally popular; that such an insti tution should be blasted and destroyed by the denunciations of one man through the influence of official patronage, may well alattn the coun try at the extent of that powerful engine. Should we add to it the patronage ofthe money power, we may then surrender the ballot-box. The Republic will be at an end. The charter of 1816 had yet four years to run. The Executive seemed unwilling to wait its appointed time. The bank still re tained the public deposites, and was entitled to retain them during its charter term, unless removed bv lhe Secretary of the i reasury un der a power invested in him alone by lhe char ter. The removal of the Deposites was in con templation before the.meeting of Congress in Dec. 1832. The President in his message of that year suggested doubts as to the solvency ofthe Ba, k.and recommended an investigation of its situation to ascertain whether the public deposites were safe. The object was obvious, —that Congress should take the responsibility. The annunci ation of a doubt ofthe solvency of the Ba. k was calculated to shake the public confidence —to alarm the bill holders and depositors, and to produce a sudden ru. . that might, have em barrassed its >p< ratio is, if it had done no more. I hope we shall ever have a President whose simil .r dci.u ciatiou would not have that. Yet. such was the practical confidence i.> its cred it hat tin i jtirv was produced, that was not j repaired by the proce< dings ofthe House, i The M ssage was referred to the Committee i of Wavs amt Means, consisting of a majority !of the friends of the admi listratien. Mr. - Verpla ck. then also a supportei ofthe admin istration, reported a resolution from the com mittee, '■that the government deposites might in the opinion of lhe House be safely continued in the bank of the United States.'’ and which, on the i 1 March 1833, was adopted bv a vote of 108 to 46, (beside, 20 admioistrat ion men bolt. i"g the questio Thus Congress, by t his de. cided vote, had refused to take lhe responsibil. ity. Still the President p rsisted in his purpose. 'Congress rose uu the 8d cf March 1833- A new cabinet \vas appointed. In the selection of a Secretary of the Treasury, an eye must have been had to this work. On the announce ment ofthe appointment, the enquiry was al most universal, who is Mr. Duane? and all the information obtained was. that he was a Pennsylvanian, —a respectable and worthy cit izen of Philadelphia. He was appointed as the agent to take the responsibility which Congress had declined —A, roit policy! The bank had yet many advocates among the friends of the administration—it was yet the favorite of Pennsylvania, particularly of the city of Philadelphia. With whm sagacity was this appointment made/—Was it that the death would be less regretted if the execution er tvere a Pennsylvanian?—that the city would lay it less to heart if he were a Philadelphian! or was it in scorn to that state that one of her own citizens was selected for that service? No sooner was he inducted into office than the removal of the deoosites was put in train. A person was sent, not by the Secretary, but by the President, to select new depositories. As early as lhe Ist of August we find Mr. Kendall on his journey Eastward for that purpose. 1.. September Mr. Duane was called upon by (he President to perform the act for which he was appointed. To the utter astonishment of the President he also refused to take the res ponsibility ! —He was instantly dismissed. The President took the responsibility. Mr. Taney was appointed—he. by order of the President, removed the deposites—and ts now Chief Justice of the supreme Court of the Uni ted States. I would not say any th ng which should detract Irom the respect due to the tri bunal over which he presides Though he may be equal to the station, and, I believe, will execute its duties to the satisfaction of thR country, yet I cannot but deprecate the manner in which the appointment was obtained. The removal was the act of the President, do ie on his “I t. ke the responsibility,” in de fiance ofthe vote of the House of Represen tativeo and in le*s than three mouths before its a- sSioii. And, what were the reasons for the act which, ill rough the same Secretary of the Treasury,, he communicated to Congress? First, his doubt of the solvency of the Ba..k.— * Prufessii g to have great respect for the reso- Lition of the House, he thought the examina />on of the Committee bad not been sufficient ly Put wbat t,eW light had he ob- tained? I. "ohit of fact there was no reason able ground tiff “puht. On the winding up of the Bank, ithas ofieiC“ t 0 ,b e I nited Stutes, on its shares, 115 for the lu(? ; which I pre sume, under the resolution of the. las: Congress has been accepted. Second, that the Da.’‘k had become political—What had the bank done? VVhen attacked it had defended itself —« hen the President denounced it as uncen stitutional, as not having answered the end for w'hich it had been created, as insolvent, when the great question of recharter was pending, the bank made its appeal to the public—it pub lished and circulated, at its own expense, the Report of the Committees of the House and Senate—the Speeches of members, newspaper essays &x. die. And had it not a right so to do? Was it not a duty it owed to the Stock holders and to the people who were joint own ers, to protaenheir interest : zx ira3 xt.-ot--.~- niore than any corporation would do, and ought to do. If the Governor of this State should denounce even a petty Bridge Corpor ation, whose charter was about to expire, for the purpose of preventing its recharter, must it submit tn silence, or, may it not defend itself at the tribunal before whom it is denounced? And if in its defence, it should place the Gov ernor in the wrohg, if the people should be so far influenced by their arguments as to elect represe .talites unfavorable to his views, would the Corporation be justly ob. oxious to the ven geance of the people, however they might in tact be subjected to that of bis Excellency?— In mv judgment they did less tha their duty i i quin d. The interest of a great institution was i..trusted to the keeping of the Directors, they had been solicited to become the political age..t ofthe executive, they had refused, and on that account, were denounced before the people. The gravest charges were made, and persisti d in, even after they had been declared to be <>mu dless by Committees of both Hou ses. They ought to have furnished every vo t r with those reports. I n addition to this it should bo remarked that all the facts in relation to the political acts of the Bank were before Congress when they passed lhe resolution declaring that the public deposites might be safely permitted to remain in the Bank. The withdrawal of the depo sites was never approved by Congress. Eve ry attempt was made to bring the question of approval or disapproval before the House, but it was alwiivs evaded; and no House from that da\ to this has, or would have, by a direct vote, approved the act, saving and excepting the Senate of the last session. The Senate of 1834 disapproved of the removal, as an as sumption of power not authorized by the Con stitution. The Senate, of the last session drew’ black lines around that resolution and—around itself. Having withdrawn the deposites, and Con gress not having established a Treasury bank, the Executive proceeded to the work of legis lation by devising a plan as a substitute. This was the selection of batiks in each state, by contract placed under the direction, a,--, a~ far as practicable, under the control of the Treasury. It was first in contemplation that a Treasury Bureau should be established. Not having authority for that, it was concluded to place them under the direction of an agent, employed and paid by the banks, but resident i the Treasury buildings. Whether this was intended as a permanent, or only a temporary arrangement, un.il a more favorable opportuni ty for lhe establishment of a Treasury bank should occ.tr, has not been disclosed. This, though for political purposes, not as easily man aged er as powerful as a Treasury bank, was an immense engine of power. A Treasury bank cotfld directly limit its loans to political friends: —This engine, operating under an ex ecutive influence would, in a-measure, effect the same purpose. I will give you au i stance ofthe degradation to which partisans of high standing have descended in the scramble for the dejiosites, and anotherexamj'leofthepur jxjscs for which they have used them. I do not mean to say that all banks have descended, or conducted in the same manner: but such is the natural tendency of the Executive Experi ment. I read Irom the application of Seventh Ward bank fur a share of the deposites, of Oct. 2. 1833- “ The Directors feel much con fidence in this application, being (without ex ccption) as well as the stockholders, (with few exceptions) friends of the administration.” '■The Directors, having the highest personal consideration for General Jackson, respectful ly request the Secretary to lay this letter be lero thu President:” signed by order, by Wai-. Vol. V— Ift. ter Bowne, President-William O’Conner, Cashier These name s should be preserved. But, as if this was not enough, I find an addi tional, most loyai supplication. “New York, Dec. 16, 1833, “We the subscribers, officers and directors ofthe Seventh Ward bank iu the city of New York, friends of the administration, and of the revered chief at the head of the government, do solicit a portion ot the fiscal patronage of the United States Treasury, for the Seventh Ward bank. The terms are those most favorable to the gover ment. Signed, Walter. Bowne, President, Wm. O’Conner, cashier, and by twelve directors.” For the other example, I will come nearer home. I read from a letter of the Cashier, of the bank of Burlington, January 25. 1836, to Reuben M. Whitney. “Being located in the same place where a Branch of the United States bank was established, and, as we are a deposite bank, when the branch here discon tinued operations, the public seemed to expect that we could, at once, afford the same facilities and accommodations that were enjoyed when the branch was doing business. There was, «n the part of eur directors, a desire to meet this expectation; and the consequence has been that a very favorable change has taken place politically in favor o f the Government. And, as it is our desire to strengthen that sentiment, we feel that it isimpoitant to afford our far mers and merchants, the coming spring, a pretty extensive accommodation in anticipa, tion of the wool clip.” The immediate effects of the removal ofthe deposites were severe at the time; they are, however, forgotten in the sweeping destruc tion of the present day. It was but the be. ginnii g of the Experiment. 1 may as well here, as any where, notice what was called, and has proved the Tluir.bug, which, after the project of a Treasury bank was laid aside, was used as the catch-word of the day, until it assumed to be ostensibly the main object of the Expeiiment! The credit system was to be abolished—we were to huve a hard money Government, a hard money cur. teney. Was it expected by the projectors, tha'. we should have specie enough to keep up the price of commodities, as settled throughout the cu.mmerciul world? This would require three hu.idrt-.d millions. Our share of gold a d silver coins, ou a division, would not ex- Ceed thirty millions. How were we to obtain and retain ths requisite quantity? By Gold bills andTteusuiy Orders? It was utterly im. practicable. What then would be the effect of abolishing the credit system-—on debtors— on the industry and enlerprise of the countrv—. u.” the stability of our republican institutions? The price of labor and its products would fall to less than one bail’(and according to the the ory of many to less than one tenth) oi their pre. sent value. This, in itself, would be no injury if the price of every thing fell, every where, in the same proportion. But there is one im. portant article which never falls—the notes of hand of creditors; they must be paid in the number of dollars expressed on the face of them. A note for ten dollars, which under our long established credit system might be X ai --a y lation of debtor nnd creditor is over seven hun dred and fifty millions of dollars. The currcn. ci, (specie and bills,; may exceed half that a mount. It will be perceived that a diminution of the quantity increases its value of all pro. petty in the same nroportioti. Every such change is to the gam of the creditor and to the loss ot the debtor. It makes the rich richer and the poor poorer. I’he industry and eu. terpiise of lhe country depend o i the credit system —without it, the laborer must remain a day laborer tortile. The difference between the price of his personal labor and subsistence is all the capital he can hope to accumulate; and no o. e but the capitalist, who has hoarded th ear.ingsof years of himself and of his an. ccstors can employ him. The result will be. what it has been in every country where there is no credit that the price of labor will be lower in pioportiou than that of commodities. Under the credit system the i dustry and intelligence of a young man are his capital. He is enabled to commence bu siness twenty years in advance of the hard mo ey laborer. This country presents au illustration unparalleled in any age or nation. Look al the immense amount of property that has been created by labor within the last twenty years ; and at the same time, consider tl e condition ofthe laborers who have produ ced it. laborers are in a more elevated con dition than those of any other country. Tho gieat principle of all this is. that the credit system has enabled the industrious and the i .telligent, and the actual capitalist to call out th” whole labor ofthe country ; and the effect has been that the price oflabor has been in . advance ofthe price of commodities. What would have been our situation, if no houses— no ships—no steamboats—no sac cries—could have been built—no lands purchased—no en. terorise undertaken, until a sufficient amount if gold and silver were fit st amassed and laid aside for those purposes? And what would the labo'ets have been doing, in the mean time ? What are the hard money governments? No confidence—no credit—no enterprise;— a restricted int“rcourse—no public improve, meats —an indiff’renco to the ineasures’ofthe P”-»>jaal Turkey, are] hard money governments, and sui h, tn ths end J will all haid money governments become. Our currency has been such as seems natu rally to have arisen from our progress in im. provement. and peculiarly suited to our condi tion. Gold and Silver, —and Bills at all times c-nvertible into specie, increasing or diminish, i g according to the increase or diminution of business, without the expense attendant on the purchase of Specie. The prostration of the United State Bank, lhe substitution of State Banks, and the resort to a specie currency constitute what ie called the Experiment. Daring its progress thus far. and to the end, the Executive had the benefit of the lessons of experience, and the warning* of the ablest Statesmen of the country, la April 1834, Mr. Adams said:—“YourPresi dent ha« usurped legislative power. He has laid his hands upon vour treasure. He has seized it and now wields it as a weapon es pow. er to himselt, and an instrument of plunder to his partisans. Yet his Experiment has but just commenced ; its object is not merely io destroy but break the Bank. His chosen State Banks are to be his depositories, and engines To RE ’ STORE A METALLIC CURRENCY. With what intuitive sagacity are the means adapted to th* end ! Sir, his State Banks would land the na. tion—they are already hurling it into univer sal bankruptcy. His hand must be stayed or the nation is undone.” From numerous othe • warnings, I seL ct one from Mr. Binnay's in 1884. 11 is not the vague prediction of evil, ■ but rests uu the ueccss-iry couuecUou oi causj