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Vol. 3.
~ T IIE* © !!' rTs I? 15 N SPY
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Vla&th. h't-s-y ' * f
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Notice to the debtors and creditors of an es
tate, must be published for forty days.
Notice that appli alion wdl.bg made to the
■Court of Ordinary for lew, a> sell land or
negroes, must he published Jor Four Months.
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Letters of Administration, must be publish'd
‘Thirty days, and of Litters of Dismission,
•Six Months
fSISCELL INE©_SLJS._
From the T xas Telegraph.
Summary
<Of the most remarkable events of Texas, du
ring her struggle for Independence, since the
year 1827.
In Nacogdoches, 1827, the premature at
tempt was made by Ook. Edwards and a lew
followers, to convert Texas into an indepen
dent nation, under the name of Fredonia
Republic, which not receiving the support of
'citizens in general, was soon put down by the
united Mexican and Texian authorities.
In Nacogdoches, 2d, August, 1827. Rat
tle of that name between the Mexican Col.
Bon Je de las Piedrat, iu which the latter
was defeated. Object, the removal ol the
military, by whom tli-e inhabitants consider
ed themselves aggrieved. Number of the
Mexicans 375, of tlie Texiaris2so.
In June 26tb, 1832, the Curt ot \ alasco,
'commanded tty t ot. Don Domingo i garte
chea, was taken by the Texians under John
Austin. Number of the Mexican garrison
173, of the besiegers 183.
In June, 1835, the Mexican garrison of
Anahuac, under Capt. Tetioria, with 30
men, surrendered to the Texians under Col.
Travis.
October the Ist, 1835. Rout at Gonzales
<of a detachment of cavalry from the Mexican
garrison at Bexar.
October 9th, 1835. Surprise and capture
Ttf Goliad, by Capt. Collinswortlt, with fifty
men, the Mexican garrison under Lieut. Col*
•Sandoval.
October the 23th, 1835. Battle of Concep
tion, near Bexar, in which the Mexicans, 400
strong, were defeated with considerable "toss
l>y Colonels Bowie and Fannin, with 92
men.
Nov. the 3d. Capture of Lapantitlan ou
"the river Neuce-s, by Adjutant Westover.
Nov. Bth, 1835. The Grass fight near
Bexar, where the Mexicans were compelled
to retire under cover of the attillety of the
town. Mexicans numbered from 300 to 400;
the Texians about 200.
December the 9th, 1835. Termination of
the first campaign, by the assault of San
Antonio de Bexar, when 1,300 Mexicans sur
rendered to the Texians; two days previous,
Col. Ugnrteehea had introduced into the fort,
Alamo, 600 men as reinforcement to Gen.
Coss, commander of the Mexican forces.
Second Campaign.
January, 1836. Expedition against Meta
tiloras, which proved a total failute on the
part of the Texians in the capture and de
struction of the small parties engaged iu it,
•commanded by Johnson, Grant, &c.
February 21, 1836. The town of Bexar
taken by the Texians, when the Mexican
garrison retired into the Alamo.
March 6th, 1836. Assault and storming
the Alamo by Santa Anna and a numerous
tarmy of Mexicans, when the garrison of that
ffort was p'tft to the sword.
March the 9lh, 1836. First of the “.Mis
sion del Refugio,” between Capt. King and
20 tnen, and a superior force of the enemy,
when the former gained the advantage.
March 10th, 1836. Retreat of Gen. Sam
uel Houston from Gonzales at the time of the
burning of that (won.
March 10th, 1836. Second fight of the
Mission del Refugio, when Col. Ward at
tacked and drove back a large foice of .Mexi
cans.
March 11th (at night.) 1836. Retreat of
Col. Ward, and his detachment from the Re
fugio. being surrounded by an overwhelming
force of the enemy; his final surrender [24th]
and [2Btb] massacre with Col. Fannin and
his division.
March 19th, 1836. Defeat of Col. Fannin
by the Mexicans, under Gen. Urrca; their
surrender on terms of capitulation, which
Were perfidiously violated, and Fauniu and
Li Z EBFIS Tl* .I.VD r.V/ ©wY, .V 0 IS* -Y kI IS M2l’ 12 IS , ©.VF.I .V II I .l* &F I * .1 11 o-i —t* F.”
-Ifiiv ■ wtfj j
; on that occasion made their escape.
March 27th, 1833. Retreat of Gen. Satn- j
tie! Houston from the Colorado.
March 31. IS3G. The town of San Felipe
de Austin burned by the Texians.
April 16th, 1636. Harrisburg burned;
Xpw Washington, on the 20th by the Mexi
cans.
April 21st, IB3G. The decisive battle of
: San Jacinto, when the division of the Mexi- |
can army commanded by Santa Anna in
petson, was completely discomfited and him
self made prisoner, notwithstanding Gen. ;
Cos had brought to his aid, the previous
night, a reinfoicetnentof 500 men. General
Houston commanded the Texians.
April 21$t, 183 i. Retreat ofall the Mexi
can forces beyond the lioutier of'iVxas.
The victory of San Jacinto concludes the
A w ) J . * *
anew epoch in he.- history may be dated.—
After that the turmoil and ravages of the war
weie succeeded by a disposition to establish a
government, and by the return of the families
to their homes.
The names of Aaron Burr and Heyden
Edwards, Sen., deserve a place in the his
tory of our country, because they were the
original, though unsuccessful projectors of
Mexican Independence.
The capture of Cornwallis and his army in
the IT.l T . States, put the seal to the political
emancipation of that Republic; and from that
of Santa Anna by the Texians, vve confident
ly expect the like result.
Dr. Sleigh vs. Bifidelity.
At a crowded meeting, held m Boyleston
Dali, in this city, on the 19lh December,
i when Dr. Sleigh concluded his defence of the
| truth of Divine Revelation, N lhe foliowing res
j olulions were carried with enthusiastic ap-
I plattse:—
1. Unsolved, As the sense of this meeting,
> that Dr. SI eigh, of Philadelphia, who has
this evening concluded his sixth Lecture on
, the evidences of the Christian religion, is eu-
J titled to the heart}’ thanks of the friends of
i the Bible, for the able and triumphant man
ner in which he has presented the claims of
that sacred volume to our belief, as contain
ing a revelation from God ; and also, for the
consummate ability with which he has vin
dicated the holy character of our Heavenly
Father, from the foul aspersions east on it by
aiicientand modern Infidels. Carried unan
imously.
2. llesotved. As the sense of this meeting,
that we consider the character of Dr. Sleigh
has been most grossly slandered by the Jufi
| dels of New York, arid that we perceive no
reason to doubt the .ample testimonials in his
possession, which prove him at once an hon
orable man and an exemplary Christian.—
Carried unanimously.
3. Resolved, That we view, with unquali
fied indignation, the attempt of Sylvester
| Graham, on the last evening, to tarnish the
{ honor of Dr. Sleigh, as a gentleman and a
'Christian; and that he (Graham,) owes an
apology to Dr. Sleigh and the audience, for
I his interruption of the regular exercises of
j t hut occasion. Carried almost unanimously.
4. Resolved, i hat too manner in which
! Dr. Sleigh has presented himself before this
[ community, entitles him to the notice of the
leading Infidels of Boston, anti that, if they
refuse to comply with his resjtectful invita
tion to meet him in debate, vve can consider
such refusal in no other light than an ac
[ knowledges fearfttlness, on their part, to sub
! mit their opinions to the lest of fair and hon
j orable discussion. Carried unanimously.
5. Resolved, That a committee of the fol
lowing clergymen and gentlemen be appoint
ed to sign, and present these resolutions to
Dr. Sleigh, viz:—The Rev. Thomas Whil
temore; the Hon. Seth Sprague; Rev. Lu
cius R. Paige; Rev. Paul Dean; Rev. E. T.
Taylor; Rev. Jotltam Horton; Rev. Abe!
Stevens; Rev. ThomasF. King; Rev. VVm.
Hague; Rev. S. Streeter; Rev. Wm. C. Ro
gers; Rev. Benj. Whiltemore; Rev. D. S.
King. Carried unanimously.
6. Resolved, That the thanks of this meet
ing be presented to the Hon. Seth Sprague,
and the Rev. Thomas Whittemore, for their
able and impartial conduct as the chairmen
of these meetings. Carried unanimously.
(Signed)
1 liOS. \V HI ITEM ORE, Chairman.
N. B. The Editors of those papers through
out the 1. nion, who are friendly to the cause
of Christianity, are earnestly requested to
publish the above.
Boston, Nov. 19, 1836.
Married in Winusborougb, on the 6ih ult., 1
by J. Z. Hammond, Esq., Mr. Mosely, aged j
17, to Mrs. Paul, aged 77, both of Fairfield '
District. The buxom young widow, a few i
moments before she presented herself to the :
altar, made her will, leaving her husband an j
equal share of property with her other two t
children at her death, which amounted to a
bout 500 dollars.
Such a getting up stairs,
I never did see—
From such a getting up stairs,
Oh Lord! deliver me.
Charleston Patriot. \
Most men have opinions just as they have
favorites; the latter they will not have bla
med, nor the former disputed.
WASHINGTON, (UVlkcs £#»•> TUESDAY, JANS ARY ! ?, 1837.
is, ~ , .'-l , ■ AN
Os the Secretary of the Treasury on the Slot
of the Finances.
[concluded.]
7. Os the Mint and the Currency. ;
On the subject of the Mint and the new j
coinage, the Department is gratified to st tie ,
that, by means of additional appropriate ns,
ofimprovcinents in maciliuery, and of an am
ple supply of metal for coining, through the j
fortunate remittances to this country of the
Fiench, Spanish, and Neapolitan intfemni- |
ties, in gold, more money lias been, and will i
be, coined during the present, than any pre- j
vious year since the fundaiion ol the Govern
ment. The whole amount, from the Ist of j
January, 183 G, to the Ist of November, 183 G, ,
has been in gold, $3,619,4-10; in silver, f2,-
i
877,000, and in copper, $22,631. The sums ,
transferred to the Mint in aid qf the to (age
o.; 11 au . —oe mto oep’.sit a’cij"*.
amounted to $/00,000. When the annual’
report of the Director is made on the Ist of
January next, a more minute account of all
his operations, with his views on these trans
fers. will be presented, accompanied by such
suggestions for further legislation on the sub
ject as his experience may lead him to consid
er useful.
The Mint and its branches would in my
opinion, be more effciently assisted by means
of appropriations, rather thau mere transfers,
to supply fully and promptly the additional
coinage, which the additional wants of the
community may from time to time require.—
The Department is still convinced, for rea
sons formerly urged on the consideration of
Congress, that a gold coin of one dollar in
value might be very convenient and useful
to the public iu many of the ordinary tTansT"
actions of society. The branch mints are all
in progress, and will probably be completed
by June next, and their machinery at a still
earlier day. The coinage in them can cont
inence immediately after their completion, if
the proper appropriations are in the mean
time made, and the proper officers appointed.
The greatly increased quantity of gold now
existing in the country, amounts, probably,
to upwards of $15,000,000. For this, vveare
chiefly indebted to the new valuation of our
coin, though some influence, must be ascrib
ed to the efforts made by the General Gov
ernment, and most of the States, to suppress
the circulation of small bills, as well as the
favorable condition of our foreign exchanges
sifibc It'o-i, ami the policy oi'onltjfuig oTTie"
the foreign indemnities in gold, and encoura
ging public payments to be, in part, made
with this kind of coin. At this time, the
abundance of gold here is such as to have
produced increased facility in distant specie
operations, it is becoming more widely and
beneficially cfili’used over the different sec
tions of the Union, to the greater accommoda
tion of most classes of people, particularly in
travelling and exchanges, and to the perma
nent improvementofouircirculating medium.
The amount of gold coined since the new
valuation in 183 J, has been near $10,000,060,
and has exceeded by one or two millions the
whole amount coined in the thirty-one years
which had elapsed, after the mint went into
opt atlou. The arot.i.ut-:o:nt(i >.je*
past twelve months alone is greater than that
during the whole of the first sixteen years af
ter its establishment. Another important and
gratifying consequence which has resulted
principally from the present policy and sys
tem as to the currency, has been, that, of all
the gold coined before August, 1834, amount
ing to about $12,000,000, probably not sl,-
000,000 then remained in the country; of
that small amount only a very diminutive
portion was in active circulation.
Indeed before 1834 our coinage of gold was
of little benefit except to purify and prepare
tiie bullion lor exportaiion and for the use of
Ibreign mints.
But the great mass of near $10,000,000,
since coined,undoubtedly remains in the coun
try, and an increased and increasing propor
tion of it, is in active and convenient i
tion. To promote this desirable end, -. lar
ger porti' n than usual of quarter eaglss has
been recently struck, and the whole l umber
of gold pieces of every kind made since the
beginning of the last year, is about, 1,000,-
( *OO, and almost equals the entire number
! coined during the whole forty v-ars previous
to the new coinage. The change iri the a
mount of specie ofall kinds in the country,
duiirig the last ihree years, is highly gratify
ing, as an earnest of a more solid basis to a
paper circulation already too large in propor
tion, and as a security not only to those class
es who are most safe in the employment of a
metalic currency for all common piirjmses,
but to the banking institutions themselves in
periods of panic and unfavorable balances in
foreign trade. The whole specie in the
country in October, 1833, when the.,roih'ic.
deposites were removed from the I". 8. Bank,
did not probably exceed $30,000,000, and the
portion of this in banks is not supposed to
have exceeded $26,000,000; while now the
whole specie irj the country probably exceeds
$45,000,000, leaving $28,000,000 in active
circulation.
The paper circulation within the above
period has also been greatly and unfortunate
ly enlarged. From about $80,000,000, which
was then the supposed aggregate after de
ducting the large a.:iouut of $20,000,000 for
w > g- - —-i, ■ - —i -
Holes iielJin utfieretil ’oinks, it uaa prof a uly |
risen, and chiefly within eighteen months
|Mist, to about $120,000,4)00. But this in
crease, though great, it will be seeu is not
halfso great a relative increase as lias taken
tflace in the whole specie in the country, nor
quite ns great as has happened iu the specie
in the banks alone. Computing that the pa
per iu active circulation iu the l . Slates has
averaged about two to one of specie
oil band in the banks, and was, in October,
1833, about three to one, or near 50 percent,
over the usual proportion, the comparative a
lnounts of specie at the several returns, from
1633 to 1636, presented a very favorable
change, had become greater than the ostial
proportion, and even now, in all the banks,
taken as a whole, are somewhat improved
since 1833. But they have much deteriura
. .si year and Again: Vidnle
afHouuT, ‘iiTweil i% proportion of
. pecie in the country, is much greater than it
was two years ago, and the proportion is am
ple for the paper circulation in several of the
banks and Stales; yet it is manifest that ma
ny institutions in other States have of late
departed more widely from the proper and
safe proportions than their peculiar location
or advantages for business, however favora
ble, might warrant on sound banking piinei
jiles. As some illustration of the general
changes on those points since 1833, the fol
lowing briefexhibit in round numbers, and in
a tabular form, prepared partly from actual
returns, and partly from estimates, may be
useful:
Paper in ac- Specie iu S|«cie in;
Dates. tivecircuia- active cir- banks.
tion. cu'ation. ]
i\ear.
Oct. 1833, 80,000,000 4,000,000 25,000.000;
Jan. 1,1834. 76,000,000 12.000,000 27,000,000
Jan. 1,1335, 82.000,000 18,000,000 43.000,000,
Jan. 1.1836, 108.000,000 23,000,000 40,000,000
Dec. 1,1836, 120,000,000 28,000,000 45,000,000i
%Ai all these periods, except the Ist of Jan-
K. ciity mihior'S of pnptr have been
ci .’’.pitted as issued, but not in active circu
h.tji ti among the people, being held by the
other banks, & so far considered as equivalent
to tl e deduction of a like amount from their
own circulation, liable to be redeemed in spo
ok On the first of January last, the amount
shield was about thirty two millions; and in
J. !y hist the active paper circulation was al
so arobably some millions larger than it now
is. This exhibit makes the whole active cir
culation ofbolh paper and specie, about $6 50
per head of our whole estimated population
in October, 1833; about $6 50 in January,
J •;!; about $7 in January, 1835; about
■: T 50 in January, 1836 ; and near $lO at the
j -cut tim.e Though this is a less propor-
i*»| 'infill <‘ny mediu'ii than is now usual
in tiie couniries-of Europe, which are mostly
commercial, and where specie is more used
than bills, yet it is a larger ratio than has ever
been supposed to he necessary in the United
States, considering the character of 2 or 3
millions of out southern population. The
average here has usually been about $6 per
head. Nor has the amount ever before 1811
been supposed much to exceed $5, and at no
time since has exceeded about $7 per head,
except under the excessive paper issue to
wards the close of the late war, by which, in
1816, it was estimated to have reached sll
per head.
While our Country has, of late years, be
come more commercial and wealthy, and has
a-iarger portion of specie in use, which cir
cumstances would somewhat increase the ue
■yJL;i M ii , 'oi. l-propcr amount of circulation per
head, it has, as counteracting causes to these,
greatly increased in the ease and quickness
of communication whether by mail or other
wise, and iu the use of bills of exchange and
drafts, instead of money, for distant opera
tions. Hence our circulation, during the past
twelve months, at $8 50 and $lO per head,
as deemed excessive, and as in 1816, one
great cause of the exorbitant prices which
have prevailed in relation to almost every
article, as well as of the extraordinary pro
pensity to overtrading and speculation which
has pervaded almost every section of tin
country. It is true that during a few months
past the paper portion of our circulation has,
as before suggested, been considerably re
duced ; but till that, with our present large a
mourn us specie in circulation added, fails as
bout $7 per head, or the bank notes,
to atioi H - ''* 01)0,000, in lead of $120,000,000,
the currency may be considered as too redun
dant, and in an unnatural and inflated con
dition. The credit system has not only un
dergone an unusual expansion an.ong imli
vidouls and .States, but it lias, by means ol
these inordinate paper issues, penetrated
m ire deeply thau is safe into ihe whole cur
rency ofthecountry, and rendered that whir l ,
as money, is and should e deemed the sub- :
utiiute or antagonist of credit, dependent too !
maril on credit itself, and subject to many ol j
tt.e umfgt’is aao iluctua. 'os in value insup
erable from mere credit, rather than posses
sing the intrinsic and uniform value attached
to specie.
This condition is believed to have been
produced eh hit v by numerous incorporations
of new batiks, without suitable legal restric
tions, iu many States, on the amount either
of discounts or of paper issued, iu proportion
to the specie on hand; and by the exteessive
demands for money, thus templed and stim
ulated, to aid an unusual number of extrava
gant adventurers iu lands, stocks and trade.
Those, acting together, and, in some de
gree, influencing and exciting each other,
have induced many banks to haz.ard urtrea-
I sonable and indiscreet issues, as well as loans,
j to supply the wants of such au extraordinary
i crisis, and which there is good reason to be
: lie ve, thowever large n ( proportion njjsprcie
: tbrfunotely exists in the country, and which
may tend sooner to avert the usual evil con
sequences from the above state of things,)
will produce much distress, embarrassment,
and ruin, before this specie can be duly e
quali/.Cil, the excesses of paper sufficiently
curtailed, and the exorbitant discounts grad
ually lessened to theit safe and proper limits,
j This increase us about forty millions or olc
thi id of the paper circulation in a year u nil a
j half, is a sudden and great fluctuation, which
never could occur in a currency entirely me
j talic, and which would probably, during the
past year, ns in 1811, have been much great
j or, had not the larger proportion of specie now
iu the country, and the increasing disuse o!
small bills, operated strongly as preventive
checks.
But even now the excess has been suffi
cient to constitute the chief cause for the arti
ficial augmentation in prices, au unnatural
stimulus to speculation, and a rapid vnscilla
tion iu the regular modes of doing business,
which cannot, undei sound views of political
economy, be too greatly deprecated, or their
recurrence too carefully guarded against.—
These sudden and great vibrations in the val
ue of property, labor and debts, however pro
duced, or however fluttering to many n» first,
ate, in the end, dangerous to all classes, us
well as ruinous to commerce, and every spe
cies of regular industry.
But should paper issues, according to anti
cipation, continue to be reduced, as during
the four months past, by the natural and con
servative re-aclion of commercial cause:,, at
home anil abroad, and by the general, wise,
and increasing discontinuance of the use of
small bank notes, through State legislation,
and provisions, of a similar character and
tendency, by Congress, as tit the late session,
in the general appropriation act, and iu the
depo.-sitc law, and by the diminished receipt
ofall batik notes, the luxtNfevv months, at the
different land offices, for the sales of the pub
lic domain, a sounder and less nrtilicial state
of tilings will ere long return.
The prospect on the subject of the curren
cy is, therefore, on the whole, becoming more
satisfactory,even without further legislation.
But, if till the States would unite in tepress
ing entirely the circulation of small notes, and
in rigidly restricting all paper issues, so as
not in miy case, to exceed three to one of
specie on hand, which would be about two of
paper in active circulation toonc of specie on
hand, and would add a few judicious limita
tions on the amount of discounts as compared
with the capital and depositee, and on the.
safe kind of security to be taken fur them, with
the requirement of frequent publicity of their
condition in detail, and of rigid accountabili
ty to periodical examinations, by legislative
authority, the time is not distant when our
currency would become quite stable. In
deed, it deserves consideration, whether, tin
der such circumstances, the whole monopo
lies of hanking might not, with public advan
tage, be entirely abolished, and the banking
privilege under the above general restraints,
securities, limitations, requirements, might
not, particularly if the personal liability of
the stockholders is superadded, safely be
thrown open to all.
A larger amount of tax or bonus to the
States, would probably be thus collected,
without any increase in the usual rate; nnd,
it is believed, that the interest now paid by
borrowers, would, by these changes, become,
iat an early day, fcensildy reduced* But,
| without the most careful and rigid restric
tions, such a measure in this country, what
j ever may have been its operations elsewhere,
! would, under our different institution, and
habits, probably increase, rather than dintin
j tih, any existing evils in the currency.
It is conceded, that these disproportionate
issues by banking institutions, are, in fact,
much more frequent in regions vvhete the
number of banks is small, than where it is
large, provided their charters be similar, in
omitting prudent limitations. I’ecausc, in
the former tase, there is less vigilance, can
lion, and correction, produced by the jealous
ies and interests of rival institutions to pre
vent exc» ssivo issues, and irregular and dan
gerous discounts.
Hut the tendency to excessive trading, ex
cessive credits, and rash enterprise,, is so
strong, and sometimes ungovernable, irt indi
viduals, and in some respects, equally, or
more so in corporations, as to endanger the
stability of both batik and business, unless
the power to manufacluie paper m >ney is^
No. 20.
cafc.udy iesUMAcg
The present amount of bank ci.pilal, as Veil
as its increase for some years past, is aoolhetr
kindred topic of some interest. But spaed
does nut exist on this occasion, flirt’s ftiltex
position, and, at the same time, it is not ve«y
alarming, except where it lias been author!
zed without proper limitation ou paper issues}
and without other prudent bank resttictions.
The whole hank capital in active opera
tion, is computed to have been o- .
$200,000,000 in 1833-1;
231,000,000 iu 1834-5;
250,000,000 in 1835-6;
And nearly fifty millions more has LieeA
authorized, most of which is supposed hot yet
to be iu lull Operation.
More facts will he exhibited on these points*
and particularly on the amount of bank capi*
la! ’ t each Stale, in a •j.i.’rial report, soon 10
be presented from this Department so Con
gress, concerning the detailed condition of
the State bank, near the Ist of January, 1836,
Had it not been for large sales of Amer)*
can stock abroad, and the very high prices
given the ic for our principal staples, a demand
for specie, for export, would doubtless have
arisen ere this from our overtrading, and
have greatly exhanced die present difficulties
which some of the banks now experience,
chiefly from the great excess of paper in cir
culation. The comparative value ofspecio
being reduced by such excesses, the evil
would have been still more aggravated, if
those excesses had not become somewhat di
minished, and specie had not become in
greater demand here, in consequence of the
circular, as to the kind of money receivable
for the public lands, issued by the direction
of the President, of July last. The demand
has contributed to retain and diffuse it wider,
and to make its great and early export less
probable, than H otherwise would have been.
The other objects of that circular \vcre grad
ually to bring back the practice in those pay
ments to vvliat was deemed to be the true
spirit, as well as tho letter, of our existing
laws, arid to what the safely of the public
money in the deposits banks, and the desira
ble improvement of our currency, seemed, St
that time, to unite in rendering judicious.—
I he reasons more iu detail, for the measure,
are contained in the document itself, of which
a copy is annexed, (G.) Our money opera
lions have also been somewhat cflccled by u
! few difficulties ahtoad, in tin, uatioin with
which our commercial intercourse is greatest,
nnd whose momentary system of late years,
often heating with n pulse like our own, i.4
under influences nearly corresponding.
Since 1833, the paper circulation in Eng
land, is sit),posed )o have increased over six
teen millions of dollars, while the specie pos
sessed by the banks; has diminished ovef
twenty-three millions. The whole circula
tion cif private banks, joint stock banks, arid
tho Batik of England, is now probably about
152,000,000, of paper to less than 26,000,000
of specie ou band; whereas in 1833 it wa!
only about 237,000,000 to 50.000,000 of spe
cie, or now from five and six to one, hut
then only two and three to one. Consequent
ly, an alarm and pressure have arisen there*
which are operating unfavorably here, though
they have arisen not so much from an ex
cessive amount of both the paper and specie
currency united, as from the greatly iuetcas
ed disproportion, being quite doubled, be
tween the paper issues arid the Specie ou
hand by all the banks. W’liat portion ofiheit
paper was, or is now, held by each oilier is
not known; but, as the bills of the Bank of
England arc a tender by all the private and
joint stock banks, the atiiobnl is probably
large. 'I heir banking system, as a whole,
with every supposed benefit to be derived
from a national bank, is believed lobe undef
much more defective regulations, as to exces
sive issues, excessive discounts, and secrecy
of condition and proceedings, than Is our own
in most of the States of the Uuioh. Indeed,
so unsatisfactory has been its operations, that
they have recently become the subject of
parliamentary inquiry, which is, it proposed
td” res little and push much further at a suhse.-
qtient session.
8. Land Office.
Immediately after the passage of the law of
the last session, re-organizing the General
Land Office, some doubts arose, whether it
still remained attached tti the Treasury De
partment, and the opinion of (lie Attorney-
General was taken on the question. In con*
sequence of his opinion, that the supervisiort
over its concerns remained here, and of thd
direction ol the President of the II: State®,
under whose control that law now places all
the afliiirs of the General Land Office, stfcpS
were taken by tne to carry it into immediate
t fleet.
The result thus far has been a sensible di
minution in the pressure of the business of’
(hat office; a better system of supervision and
despatch for most of it, and much less delay
iu completing titles to the public domain.—
Should the sales not continue very large du
ring the few ensuing years, it is believed that
the whole arrearages of business can be dis
posed of, ahd the promptitude iu fill its futurtl
operations secured, whic h is immediately im
portant to the great western and south-west
ern sections of the country, and more or less
beneficial to all, as well as creditable (u the
adriiitiistiaiion of the Government. There*
