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* CHRONICLE AND SENTINEL. AUGUSTA. SATURDAY MORNING, V RIL 18. (Tj’No maii north of Charlertoji last night. Extract from the Washington, Correspondent of the Charleston Courier, under (Into of April 13. Letters from Richmond state t le ascertained amount of Mr. Dabney’s peculation * at <539,000. A severe gust suddenly arose h( re, la>t e%cu ing, attended with thunder, light* mg, and tor rents of rain, a Church near the Capitol was struck, and one of the congrcgalic a, a coloured woman, instantly killed. The m? it of one of the vessels at Alexandria was stn. ck, and shiv ered and one of the hands killed. A Doubt Removed. —In the tal alar statement of the probabilities as to the Presid ntial election, as given in the Albany Argus, and which was so arranged as to re-elect Can Burenf Connecticut was put down as 44 doubtful.” T lit doubt, as the Evening Journal well remari s, is now re moved I There is no “doubt” at 11, as to Con necticut. The Philadelphia Inquirer of tl a 11th instant says:—“We learn that the late Philadelphia Methodist Conference refused, by a nearly unani mous vote, to petition the Genera! Conference to make a change in the rules regard ag slavery, so as to interdict members from hoi ing slwfes.— The subject was brought before t at body in a communication from the New En 'land Confer ence.” Coxxecticct. —The New Ha en Palladium gives returns for Governor from a 1 the towns in ‘the Stale, (Bethlem, in Litchfield ounty, had no meeting,) and the result is : for Elh vorth, 30,030; Niles, 25.464. Whig raajoirty 4 566. In the 16th Senate district, cor prising a part of Litchfield county, the vote is so close that it is impossible to say which candidate has succeeded. There also appears to be some dou »t in regard to the sth district, (part of New I aven county,) which was at first conceded to the r anites. They have one Senator certain, viz : Slid lan K. Wight man, of Middletown; probably 2, nd possibly 3. Whole number 21. The New Haven Herald says; “Out of 214 representatives who comprise the Jiver branch of our Legislature, the Locos hav.j 41. Whig ma jority 126!” From the Charleston Patriot oj Thursday. Destructive Conflagr. tion. Between the hours of 2 and 3 o dock Wednes day morning, a fire broke out it the block of B|ick Buildings called the Victoria Range, on the West side of King between Princ ss and Market street, owned by Major Alex. Clac It origina ted in the tenement occupied by I ailer & Jones, Gilders. The four tenements for ling the block were in the occupation respective j of Lambert and Brothers, Carpet store; Bullet and Jones, Gil ders; O. M. Roberts & Co., Drug fists; and Geo. Oates, Music store. The tenerne .ts occupied by Messrs. Lambert & Brothers, anc, Butler & Jones were entirely consumed. Those n the occupa tion of Messrs. O. M. Roberts Sc ( 0., and George Oates, partially so, the latter o which being much damaged only in the thii 1 story. —The Victoria Hotel was. with difficult , and by exer tions, saved, with only a little injury. Great credit is due to all connected will our Fire De partment, for their active efforts Fortunately there was an abundant supply o water, or the conflagration might have been, in spite of all ex ertions to arrest it, far more destru live. Wheth er it originated from accident, or d sign there are no means of ascertaining. The loss Messrs. Butler Sc Jon s, in stock, is about S9OO0 —Insurance S6OOO. Lambert & Brothers, loss $ I 8,( 00—Insurance SIO,OOO. O. M. Roberts & Co., loss s7(oo—lnsurance SSOOO. Mr. Oates’ loss is trifling—lnsu ar.ee S2OOO. Twelve thousand dollars (three diousand each) are insured on the four tenement in the Charles ton Insurance and Trust Compa iv, and twenty three thousand dollars on the s!.oc t of Goods, in the Augusta and Columbus Office ,of which there are agencies in this city. From tht Charleston Mercury f yesterday. Late from England Greet. By the arrival of the ship Tl vnas Bennett, Capl. H vug k, we have received _,ondon papers to the 17ih March, and Liverpoo to the 18th in clusive. The late hour at which we rec ived the papers prevents us from making long e Uracts. In the markets there es no new feature. The arrival of 45,000 bales of cotton in Liverp ol in two days seemed likely to shock the coltor market, but the effect can only be known by the next arrival. Bitter words are flying across he channel be tween the London and Parisian ournalists as to the relative strength of the naval steam power of the two nations. It is stated in the Times, that t \e Paris press in the immediate keeping of Louis Miilippe was en gaged in writing down the nev ministry. No trial of the strength of M. Thier Cabinet had yet been made. The Rus lans are pursuing th ir successes in Kniva and their highway from >urope into the heart ot Asia is now considered is safely estab lished. The war in Spain seems aboil, to end. Es partero was about marching on (.' isteilote and his second in command, O’Donnell, m Aliago the Car lists were however removing from both these towns. The quarrel i.i the Church f Scotland had been noticed in the House of L rds—and it was asked if the Government intend J to interfere to settle it—*o which Lord Melt urue answered characteristically, that it was no yet determined. The overland Mail from India lad arrived, and the London papers of the 14th are in a great measure filled with its contents A portion of the British army in Cabul were nffering greatly from sickness. The difficulties . ith China were as unsettled as ever. It was rej orted that Gov ernor Lin—he of the stormy pro lamations—was about to be disgraced, and that the Emperor of China did not approve of his ex 'eme measures. I here was another report that th Governor Gen eral of India has received carte b incite fom the Baush Government to sett!® th. Chinese quar rel. Phis much is certain, that i strong disposi tion to lighting, auu a vast deal ■ f military bustle and preparation prevailed at C Icutta. Troops and vessels of war were gaiherii j at that point the object of which was, either o fight with or overawe the Chinese. We did not notice any tbinr ntcresting in re ference to our own relations wit England. Advices from Havre up to th I3th ulfi repre —*4 the Cotton market as rath< depressed, and or Jinny inferior qualities rom the United States, are quoted at i centime per half kilogr. lower than in the beginning of the week, though all other descriptions are said to remain unaltered. Loxdox, March 16. The English Funds continue neglected, scarce ly any business having been transacted in them tbro’out the day. Exchequer BilK however, have given way 2s, being last quoted 17s to 19sprem. Money in the English House is worth five per cent. March 17. T rape Report. —Commercial operations have to-day been on a very limited scale indeed. — Scarcely any business has been done, and tor -he | week we have not any great business advertised. , The imports continue light. i Judge Burrnett, an old associate of General j Harrison, residing in Cincinnati, who was re i cently addressed by Mr. Southgate, M. C„ upon this subject thus replies. The answer of the Judge, ts clear and unequivocal Ci vcisxati, Feb. 27, 1840. My Dear Sir—l remark, in reply to your letter of this morning, that, during the contest between Mr. Jefferson and the elder Adams. Gen. Harrison and myself were residing in the North Western Territory, and of course had not the privilege ol voting. At that time, I was in habits of great in timacy with General Harrison, although I was a Federalist (honestly so.) and he a Republican of the Jefferson school, I supported Adams warmly, and he, with equal warmth, supported Mr. Jef ferson. During that controversy, from 1796 to 1806, inclusive, I conversed and argued with him times without number —he sustaining Mr. Jes ferson and I Mr. Adams. You may assure your friends, that there was not a more consistent, deci ded supporter of Mr. Jefierson, in the North Wes tern Teiritory, than General H. For the truth of this declaration, I most willingly pledge my repu tation, I state to you what I saw, and heard and know. When the Alien and Sedition law passed, the General was not a member of Congress. He neither voted nor had an opportuniiy of voting on that law. Your friend, J. BURNET. Hon. Wm. W. Southgate. A late Natchez paper has published facts of some interest to the cotton planters in the United States. It appears that the British government last year appropriated sixty thousand dollars, for the purpose of obtaining the necessary informa tion, machinery, and operatives, for improving the cultivation of cotton in British India. An Eng lish agent sent to visit Mississippi and Louisia na. has succeeded in hiring eight Mississippians and one Louisianian, who are to proceed without delay to India and on their arrival there, take charge each one of a cotton plantation, which may serve as models for those of the natives. These Americans are to carry with them cotton gins, as well as plantation tools and husbandry, of the most approved patterns known or used in Southern States. John Bull appears willing to do every thing in his power to make his little Island less depen > dent on us; and were our statesmen to act on the same principle, perhaps it would be as well, for this country in the long run.—A. O. Courier Collision at Sea — Loss oftheßomax On Thursday a very distressing event occurred in sight of Holyhead, which terminated in the loss of the American ship Roman and the death of her commander, Capt. Salisbury. It appears from what we have been able to glean with res pect to this melancholy aii’uir that the American ship Richard Anderson and the Roman, both bound to this port, were standing on the same tack, and came in collision about twelve miles off Holyhead at half past three in the morning. The Roman, coming up with the Richard An derson, passed under the lee of the latter, luffed ahead and tacked; in coming with head to wind, her fore braces or pins parted, and this al lowing the yards to run square, she became for the time unmanageable. The Richard Ander son’s helm was put ahead, but not in time to pre vent the calamity that followed. The two ships struck with uncommon violence: the Roman went down in two hours after; the captain of the latter died in an hour after the ac cident; and the Richard Anderson lost her jib boom, head.cutwaler, stem, and larboard cat-head; the anch rr of the Richard Anderson falling on the other ship’s de> k, the chain had to be cut to get them disentangled. The crew of the sink ing ship were taken on board the Richard Ander son. Captain Salisbury as we have stated, died al most immediately alter leaving his own ship, from what cause is not known, probably from distress of mind, as he was personally uninjured. He was a very respectable, worthy man, an American by birth, and an experienced seaman. He was engaged upwards of twenty years in the trade between China and New York. About six years ago, we understand having re alized a handsome sum, he retired from a seafaring lie, and commenced business in New York, but proving unfortunate, he resumed his old profes sion. The present was his first voyage to Liver pool. In compliments to the memory of the de ceased, the American vessels in port displayed their colors half-mast. —English paper. Horrible Affray asd Loss of Life. —The St. Louis papers contain the particulars of a fatal affray, similar to and more bloody in its results than the lynching at Vicksburg. At Bell'ieu, I. T., there lived one Brown. He kept a tavern, and his house was the rendezvous of desperadoes, horse thieves, counterfeiters &c., and he was himself a party to their rascality.— Some stolen horses were traced to his possession ; they were demanded ; he refused to give them up ; a warrant was issued ; the sheriff went to arrest Brown ;* he resisted and with a party of some thirty men entrenched himself in his house which he fortified against attack. On the first of April the sheriffs party proceeded to attack the house; those within fired upon them, killing one man,' and a general firing and counterfiring followed! which resulted thus : Brown and three of his party were killed and several wounded, some severely; five of the sheriffs party were killed and many of them wounded, some of them mortally. After five or six fires from each party the sheriff's posse succeeded in forcing open the doors and capturing a n umber ot the m *n in the house, whom they were determined to punish by Lynch law that evening. Between two and three thousand of the citizens of the surrounding country had collected on the ground, neaily all armed and very much excited. The scene inside of Brown’s house, where the dead and wounded men were vet lying on the floor : and the exasperated crowd walking about among them, the floor covered with blood, is represented as being truly appalling. Extraordinary Petition. On Saturday the 11 th inst. Mr. Walker, of Miss, presented to the Senate, a petition from Jotm Scarborough and Nancy his wife, asking a grant of land on the ground of having raised 20 children for the benefit of the Republic. They state that they migrated from North Carolina about eight years ago to the far W’est; that they have reared 20 children, the oldest not 25, and the youngest not wearied. They tell Congress that by going to Texas they can have an immense grant of land, but that they prefer their own glo rious Republic. They express a hope that, with God’s power 44 and pci severance,” they may be further fruitful, as they have high health and un impaired constitutions, and conclude with the be lief that, as a future precedent, it will not be dan gerous, but would rather meet with the approba tion of the whole American People. It was re ferred to the Committee on Public Lands. Mr* King’s Sp€e<Jb-»»CcnG/udc<l. i To make this money power all-pervading and , irresistsble, it must exercise undisputed control over the currency. This was first attemp ed with the Bank of the United States, and then with the deposit banks. It was found that neither of , those instruments could be relied on ; conflicting interests and Stale legislation could not be brought to act in obedience to the will of the Federal Ex ecutive. It was therefore found necessary to ce stroy the State banks, and drive their currency , from circulation, to prepare the way for this new, and, thus far, irresistible combination of the Ex , ecutive with the money power of the country. — This money power is found in the revenue. The President has usurped his control over it, and, to consummate his designs, it is proposed to author i ize him to direct his Secretary of the Treasury to issue a paper currency in the form of Treasury notes and drafts, which must assume the charac ter and office of circulating bank notes or bills of credit. There has been no fact more clearly and fully established in the rise and progress of commerce, industry and wealth, in the commercial nations of modern Europe and in this country, than that gold and silver, although affording the least de * structives measures of value or industry, cannot he used, except to a very limited extent, as a gen eral currency and medium for the circulation of * commodities, with as much facility and advantage as hank notes and bills of exchange; and it will be found on examination, that the greater use a nation has made of those paper credits, as a mea sure of value or industry, instead of gold and silver, the more prosperous and commercial it has become, and hence the unparalleled progress of this country in all the great branches of na tional industry and wealth. Gold and silver are the actual representatives a; well as measure of value or industry, because they have always cost about the same amount of labor to produce them ; they are more malleable and less destructible than other metals, and are therefore used as currency. Paper credits are al so tiie measure of value, and, when actually ba sed on the productive industry of the country where they are issued, are as much its represen tatives as gold and silver. These paper credits are to commerce what the vital fluid is to the hu man system, and we can only cease the use of them by ceasing to be an intelligent, commercial and industrious people. At a very early period the commercial nations of continental Europe perceived the necessity of using paper credits as a medium of exchange, and resorted to the only plan the despotic nature of their governments would permit. That was hanks of deposite, in which capitalists and mer chants deposited the precious metals in the form of bullion or com, and received certificates of de posite, which were circulated from city to city, and sometimes from one country to another. As commerce increased, these certificates were found not to afford the necessary facilities, and bills of exchange were brought into use. In the progress of financial science, this country and Great Bri tain have adopted a credit system, founded on banks of discount, deposite and circulation, which supply a currency based on the precious metals and the productive industry of the people. — This system has sprung up under the fostering care and out of the very nature and spirit of our republican institutions, and the character of our people for integrity and enterprise. It is not a little remaikahle, Mr. Chairman, that while the more commercial nations of Europe are imitating our example as fast as the nature of their Governments will admit, and, their people are slowly advancing to power under the gradual extension and beneficial influences of the credit system, we have been thrown hack half a century by the power of the Executive. The power to coin money is granted in the Constitution. This is simply the power to divide the precious metals into certain small portions, as prescribed by law.and stamp their valueon them. This docs not create their value. That was done* by the labor that produced them from the earth. This power cannot be abused, or injuriously ex ercised, because nothing but. gold and silver can be made a legal tender in the payment of debts. The power to make and emil paper mony, or hills of credit, was, as we have seen, positively withheld from this Government. This power the Administration has usurped, and is now seeking to increase. It is well known that our present Chief Magistrate of the Jackson dynasty—l speak of him thus, sir, because he was appointed by his predecessor—controlled and governed the State of New York through the instrumentality of the Safety Fund Banks. That system was framed for the purpose of controlling the money power of the State, and with it the political pow er, As I have already observed, no combination of the hanks of the several States could be form ed to act in concert with the President for the purpose of giving to him a similar control over i the currency of the Union, and render it subser vient to the political power. To do this, it was found necessary to issue the currency under the supreme direction and unlimited control of the Federal Executive. Sir, when the measures now in progress shall ■ have been carried out, this tremendous, irresisti * hie power will not only be conferred-on the Prc ■ sident, but he will be authorized to demand all the revenues of the Government in specie. I hold in my hand the ominous concomitant measure to that now before the committee. I al ' lude to the bill called, par excellence, the Inde pendent Treasury bill. This bill provides that ’ the first year, from and after the 30th day of June next, one-fourth of all the revenue of the Govern ment shall he paid in gold and silver; the second * year one half; the third year, three-fourths ; and ’ the fourth year, which will terminate the 30th ‘ day of June, 1844, all the rev'nue shall be paid > in the precious metals. It is believed by very in ’ telligent financiers that the specie in the United States does not exceed fifty millions of dollars. The banks have in their vaults about thirty-two millions, and it is estimated that there are about eighteen millions in circulation. If the revenue shall amount to an average to twenty millions per annum, or come up annually to the estimates for the current year, the Government will receive five millions of specie the first year, ten the second, fifteen the third, and have in the vaults of the Treasury on the 30th day of June, 1843, thirty millions of dollars. It appears from the provi sions of this bill that the disbursing officers of Government will not be required to pay specie until the commencement of the fourth year; it is therefore to he understood that the specie collect ed the three firstyears will remain in the Treasury. This, as I have stated, will probably amount to about thirty millions of dollars. The Treasury note bill now under consideration author zes, as has been stated, the President to direct his Secre tary of the Treasury to issue, and keep in circu lation, Treasury notes to the araoun. of five mil lions of dollars. If, therefore, he can redeem twenty millions in the course of the year, the es timated amount of the revenue, he can issue f twenty-five millions, and leave five millions out at i the close of the year. These five millions will l | cover the amount of specie it is supposed will be 1 received the first year, and enable the President to retain it in his vaults. As the issue of these t Treasury notes is. beyond all doubt, a part of this 5 1 “Independent Treasury scheme,” various pre -3 j texts will be used to increase the amount from t 1 time to time. An emergency, a pressing nocessi -3 ty will be created, as an excuse for violating the - Constitution, and giving the President the pow i cr to issue paper money. This “Independent J Treasury bill” will, however, authorize the issue ■ of Treasury drafts, which may be made, if neces * sary, to serve the same purpose as Treasury - notes, and therefore the President will be inde * • pendent of Congress and the People, tic will * I have entire control over the revenue, can cause 1 all the gold and silver received throughout the Union to be deposited in the city of New York, v and, by issuing drafts payable only at that place, o and sending them to all parts of the country, o they will circulate as money, and be as seldom t presented for payment as the notes of the United t' States Bank were when it was a national institu- c tion. And I have no hesitation in giving it as c mv well-considered opinion that such is the de- c sign of the Administration, if any difficulty shall r be thrown in the way of issuing an unlimited c amount of Treasury notes. The most careless s observer cannot fail to perceive that, with the f power to issue a paper currency, and demand the £ revenue in gold and silver, the President can, in t a very short time, close the doors of all oar bank- 1 ing institutions. Such, sir, is the system which \ the Administration is exerting all its power to t fasten on the country. Its desolating effects are c seen and felt from one extreme of the Union to t j the other. Ou~ currency has been reduced since the commencement of this scheme more than two- i thirds. The value of property and all the pur ( suits of industry has fallen in a geometrical pro- i portion. In many sections of the country there j is no currency at all; property cannot be dispos- i ed of at private sale, and when offered by the sher- ( iff it goes for one-fifth, or perhaps one-tenth of \ its real or pioductive value. It such is the effect t of the commencement of these measures, who can i imag ne the distress and disaster that will attend r their progress and consummation 1 These are the \ measures that have been pompously called by the \ friends of the Administration throughout the t country “ the great measures of relief and re- J form.” They have been in actual operation i since October, 1837, and have produced more dis- i tress and bankruptcy, individual and national, r than has been witnessed in this country since the t formation of the Government. i This, sir, is the relief and reform which may t always be expected from the iron hand of despo- t tism, when it is necessary to sacrifice the interests r of the People to acquire power. t These measures will, and, in my opinion, are t intended to establish precisely such a system of f revenue, finance, and currency in this country as the Emperor Alexander established in Russia, t and which has given to the Autocrat a power ( more efficient and terrible than his imperial ar- i j mies. t That system is to receive the revenues of the r Government in gold and silver, and pay its debts I in paper money. The result has been that, the \ Treasury has swallowed up all the gold and s’lver i in the empire, and there is nothing in circulation, c from one extreme of it to the other, but these t Treasury notes, or Government paper currency, s The Emperor can increase or diminish it at plea- j sure, and thus holds in his hand, not only the | power to regulate the commerce and industry of the empire, but the value of the properly of every , individual in it is subject to his will. The meas- | vires now in progress here will give to the Presi- ( dent of the United States a power as absolute and <. despotic over the currency and interests of this j country as that which is exercised by the Empe- ; ror Nicholas over all the Russias. j I have said, Mr. Chairman, that the President | may, and I have no doubt he will, make New ( York the great depository of all the gold and sil- \ ver received for Government dues. It may be supposed, sir, that great benefits will thereby be | conferred on that city. It must be borne in < mind that New York exists on the commerce and i industry of the whole Union, ana that, if they j perish, she must go uown. Without them, she ; could he no more benefittedlby having all the , gold and silver of the universe in her vaults, than i the mountains of Potosi are by the rich ores they , contain. New Voi k owes much of her ascen- ( dancy to the credit system, and will be the great- ! est sufferer from it destruction. i The Administration has shown a perfect dis- j regard of all the interests of the country, and it < is not to he supposed that any measure not strict- 1 ; ly in accordance with its plans of self aggrandize- i j n.ent will be adopted for the benefit of any par- ! - * ticularcity or section. New York will be seloc- I < ted as the place of this Treasury deposite, because | j it is the creditor city of the whole Union, and | i drafts or exchange on it are more valuable in all < parts of the United States than on any other | place; and, as three-fourths of the revenue from | imports is received there, Treasury drafts will not | he presented for payment, except when specie is j wanted for exportation, because they will pass at > par. In all other sections of the Union they will sell at a premium, and, as they are more easily transported than specie, all persons dealing in ' exchange will be anxious to obtain them. The I consequence will be, that gold and silver will be sent from all quarters to he exchanged at par for Treasury drafts. It is perfectly clear, therefore, ( that New York must necessarily become the great recipient of the precious metals under this new order of things. Such has been the effect , thus far, and such must he the result of these mea- | sures. But, sir, what has already been the effect | of them on the prosperity of that great commer- j cial emporium 1 Is she not now sitting in sack- j cloth and ashes, and mourning the loss ot her \ commerce I Does she not feel that the sources i of tier prosperity are drying up. an l that the life- ; i blood no longer retu r ns from the extremities to j invigorate the pulsations of the heart of the com mercial system 1 Mr. Chairman, we are told that the South is to be benefited by this system; that the cotton growing Slates send abroad the great staple that commands gold and silver in the markets of Eu- : rope, and that when this measure shall lie in sue- | cessful operation, the precious metals will flow i into them from all quarters, and that, as they ex- i port seventy-five millions annually, they will be I able to pay the duties on their imports in specie, i and have an abundance of this blessed metallic j currency. S,r, it because we export so largely i we can demand gold and silver for our products, f why have we not done it heretofore 1 Why has i not the regular course of trade produced t*is re- } suit 1 Or, if it is so desirable, why cannot the t shippers and owners of this produce demand spe- i cie for it, without these coercive measures of the 1 Government ! Has it come to this, that we of \ the South, who have been such sticklers for free trade, are about to hiss the hand of power and I humbly pray to be driven, by force of law, into t the line of our duty and interests ! I am not i surprised that bad men should aspire to power, ; when they find those who have been reputed < wise can be gulled and led by such arguments. < We have a very recent example of the effect < „ produced on the cotton trade by the withdrawal < of a large amount of the precious metals from i ! Great Britain, which I should suppose would i ; teach the merest tyro in political economy that I the cotton-growing States of this Union are more ■ interested than any other portion of the world in , promoting the exchange of commodities among ( commercial nations, and that any cause which i shall so far disturb the balance of trade as to pro- 1 duce a drain ofspecieand bullion from our great i customer will materially affect the price of cotton, i The short crops in England in 1837 and 1838, i compelled her to throw opon her ports to the i grain of the continent. In a very short time the | balance of trade wa ; found to he against her, and i in less than twelve months near twenty millions I of dollars were drained from the vaults of the 1 Bank of England to meet it. In 1838 the opium 1 irade with China was stopped, ami the London i money market deprived of about ten millions of i dollars which it had been accustomed to receive . from that source. These events caused a defi ciency in the English money market of about , thirty millions of dollars, and came near compell ing the Bank of England to suspend specie nay- ( ment. To save itself from a step so prejudicial to its own interests and the fiscal operations of the Government, the bank resorted, as it will in all similar cases, to the most rigid res'rictions on the cotton trade—accommodations were positive ly refused to all persons engaged in it, and the consequence was that prices were reduced in a very few months nearly one half. The objects J i as the bank were to save itself from a suspension of cash payment by curtailing its liabilities, and ] to reduce the price of cotton; and consequently i the price of yarns and other manufactured arti- i cles, which are consumed by the grain-growing countries of Hie continent, so as to increase their consumption, raise the balance of trade in favor of Great Britain, and arrest the drain of the pre cious metals from her to the continent. If cau ses over which we could exercise no control have produced effects so prejudicial to the price es our great staple, could it be supposed by any well-in formed person that the People es the South can he duped into giving their support to measures which are intended to cause a much greater drain of bullion from England, than she suffered in consequence of two short ciops and the loss of the opium trade 1 Mr. Chairman, I have shown that paper cred its, in some form, must he used to facilitate the commercial and financial transactions of the age in which we live, and consequently it is perfectly absurd to suppose that this Government can, or intends to make its disbursements in specie. Can any one believe for a moment that specie will be shipped from one extreme of the Union to the other, and carted hundreds of miles into the interior to pay contractors, laborers, soldiers, sail ors, and all the employers of the Government, when Treasury drafts on New York would he worth more than specie to the receiver, and save the cost of transportation to the Government I Sir, the idea is absurd —the design of the Admin istration undoubtedly is to demand the revenue in specie,and make its disbursements in Treasu ry drafts or notes. We have been informed that the estimates for the expenditures of the Govern ment have been made with great care, and as they e brace no contemplated appropriations for the prosecution ot the Florida war, or other extra ordinary expenditure, it is reasonah e to presume that so long as the country shall suffer the rule of the present dynasty, the disbursements will not fall shoit of twenty millions of dollars per annum. The exports of the planting States are looked to to supply annually this enormous sum of the precious metals, which, in one year, would cause as grea; a drain from the English money market as the loss of two grain crops, and must necessa rily drive the Government and the Dank of Eng land to the adoption of measures similar to those which have during the last year affected us so injuriously; and if the Administration in this country shall be powerful enough to continue the system, it must, in the nature of things, re sult in the most disastrous consequences to the agricultural and commercial interests of the sta ple-growing States. Mr. Chairman, let us now look to the effects which this “ Independent Treasury’ scheme will produce on the other great sections and interests of the Union. The planting States export the great staples that support commerce a ith Europe, and supply our domestic manufactures; and they are the geat consumers of the products of the industry of all the other States. Any measures, therefore, which affect injuriously the interests of the former, must necessarily be felt from one ex treme to the other of the latter. The almost exclusive application of labor in the staple States to the production of articles lor exportation, prevents them from raising many ar ticles for domestic consumption, and from engag ing in manufactures. They consequently afford a most extensive market for the products and manufactures of the other States. Any cause, therefore, which shall injuriously affect the price of the exports of the former, wdl immediately deprive them of the power to purchese from the latter, and consequently their interests will suffer to an equal extent. Hence the price of cotton in Georgia influences the price of potatoes in Mas sachusetts, and the price of mules in Kentucky, and of wheat in Indiana. Sir, the price of our great Southern staple regulates the circulating value of Europe and this country. When it goes down, every interest at the North and West as well as the South, feels’ the shock. Tne cap italist who lives on his rental, and rolls in his coach, findi his income reduced. The manu facturer and the mechanic no longer find a mar ket for their wares and merchandise. The pro puctive industry of the United Slates is divided into three great branches. At the South it is ap- I Med to the rising of exportable products; at the North and East, to commerce and manufatures: at the W est, to the raising of stock and bread-stuffs. The two latter are much more dependent on the former than it is upon them; because, if by any means the foreign market for the exports of the Southern States should bede-troyed, the soil and climate which now produce cotton and tobacco would supply them with breadslufi's, and their surplus labor would be applied to manufactures. This state of things would injure and depress incalculably the commerce and manufactures of the North, and cut off the great market fur the productions of the West. It will therefore be perceived that the fiscal action of the Govern ment, under this Independent Treasury Scheme, if its affect, as I believe it will, the South more injuriously than the other great sections of the Union, will nevertheless produce the most disas trous consequences throughout the country Mr. Chairman, there is one piece of twaddle in the President’s message which I cannot pass in silence. It is in reference to the influence which the operations of the Bank of England have on our commerce and out of which he frames a most statesmanlike argument,as beseems to suppose, against our banking or credit system, and in favor of his Independent Tieasury. He labors to show that nothing but that measure can insure our safety against that foreign money power. As though desirous of proving his ig norance and his argument at the same time, he says: “It is thus that an introduuclion of a new bank into the most dis'.ant of our villages, places the business of that village within the in fluence of the money power of England.” Sir, if thar remote village produced more breadstuff?, horses, mules, or manufactuicd goods than were wanted for home consumption, or desired any articles which it did not produce for comfort or luxury, the price of its exports would be regula ted by the demand and supply in the market where it had intercourse, and that demand and supply would be regulated by the general state of trade in the country ; and if foreign commerce s.iould be suffering in consequence of a short crop in England, our home market must neces sarily feel the shock ; and although “ the busi ness of that village” would unquestionably be more or less inju r ed, it would not be because a bank had been “introduced.” The circum stance could exercise no influence on the foreign supply and demand ol its wants and commodi lies. The only influence the hank could exercise in the prudent management of its business, would be to aflbrd to the citizens the necessary facilities , or, in other words, the credit, in the form of bank notes, to enable them to convey their surplus pro duce to market. Sir, so long as England contin ue* to consume our great staple productions, their price will depend on her ability to pay for and manufacture them. If her grain crops shall be destroyed by providential circumstances, and her resources required to supply her people with bread, we may be injured, but the destruction of our own credit system, and demanding the reve nues of the Government in specie will only ag gravate the evil. Mr. Chairman, you are aware of my uniform opposition to a Bank of the United States. -I am of opinion Congress does not possess the constitutional power to create a corporation, and I also believe that the two hanks which have ex isted forty years since the adoption of the Feder al Constiution have oj era ted oppressively against the interests of the South. I was, and am, in favor of the separation of the fiscal action of the Government from the banks, because I thought it unjust to the South, which applies the com- merce that Doys the revenue, that the bank* r North should be permitted to make u- P f c revenue as bank capital, ami thereby be ih ter enabled to control our commerce p ne .Mi never gave in my adhesion to a Sub T l ' 8ir ’ 1 plan a priori, such as the Execuiiv choose to frame for the establishment oA •' power, ami the overthrow Q f oar * • 3 ° w n The question which has been presem!’!^' oo3 - People was simply a separation ot ib* n lo lhe ment Irom the banks, and not the oi a i reasury bank on the revetm* c lsh,n( -‘nt try. These measures. m Ilhe1 lhe '»”«■ brought forward under a pretext f® been the Government from tne hank< SCl ? rat ‘ r 'g opinion, a most unb/ushin" p-’j 33 are in my pie, and are designed to estahheh / J,, ° n the p fo- Administration has solemnly V' the eminent hank-in the , d , eno “"ced-a Go,, ous and possible form. As m U q US iin ? er * and am opposed to a bank i- * buve keen I consider the measure proposed States, fold more dangerous and objections \ tbousan( l So long as the revenue does noUxt bursements of the Government, a cotmex 6 the banks cannot be attended with much °\ to the former, or benefit to the latter, or U ' n ® er very unequally on the various interests atuT* B** 8 ** tions of the country. It is only wh en a J ec ' surplus accumulates in the Treasury, that ih * 0 evils arc to be apprehended. If, therefore o* Administration is sincere in its profession* t, i South, that no more is lo be collected than 6 economical expenditure will require, the dan 3 of a connexion with the banks has been » r ~'f r magnified. If, as the friends of the Administration aftr the operations of the Sub-treasury will r,. f’ stract more than five millions of dollars dilation, how can it be supposed that the P N dent, with this comparatively small sum his control, will have the power to establish metallic currency throughout the country, the character and regulate the business of ! hanks, and drive their notes from circulationt Y et, all this lie proposes to accomplish; and wf the real design and tendency of his measures ? shown, his friends in this House and out of affirm that a very small amount of specie will (>• requi-ed to accomplish this tremenduous rev 0 l u tion in the monetary system and political insti'V tions of the country. Mr Chairman, the dedai rations of the dynasty which'now reigns 0 v f " this country are characterized by all the duplicity that has ever marked the course and policy Q f usurpers. Sir, I have given my views of ti;ede stgn and tendency of the measures r* w in pro gress, and I believe as firmly as I do i n ano>f. ruling Providence, that unless the People of thii country shall rise in all the majesty of freemen and eject from power our oppressors, they w ii[ fasten upon us a despotism infinitely more intol erable than that from which the war of the Re volution delivered our fathers. , It is not my purpose to withhold from the Ail ministration the necessary means to meet the wants of the Government; I object to the issue of Treasury notes in the form proposed in (he hill under consideration, for all the reasons I have had the honor to present to the commit.ce; and as \ arn perfectly certain that Government stock, bear, ing an interest of four and a half per cent., will immediately command the sum asked for, and w ill, in fact, no more create a public debt than the issue of Tieasury notes, I have prepared a substitute for the bill on the table, which I beg leave to submit to the consideration of the com mittee. Da Tocqueville says:—'ll is impossible to consider the ordinary course of affairs in the United States, without perceiving that the desire ot being re-elected is the chief aim of the Presi dent ; that his whole administration, and even his most indifferent measures, tend to this object; and that, as the crisis approaches, his personal interest takes the place of his interest in the pub lic good. The principle of re-eligibility renders the corrupt influence of elective governments still more extensive and pernicious. Tuk suii.Thkasuni as it is understood bt ‘‘the Greatest and the Best.”—President Bm, in his Message of Gill December, 1836, o retain the public money in the Treasury ployed in any way is impracticable. L n s against the genius of our free ixstitc tioss to lockup in vaults the Treasure of the nation." It is a curious fact that thunder and lightning are very rare in Egypt, and never known in Li ma— Exchange paper. A right smart chance of business for Espy w those diggings. The Ladies (God bless’em) arc Whigs, to a man.— Buffalo Centinel. To this we suppose some Loco Foco paper will answer, “and the men (God help them) aw Whigs to a woman.” Medicinal.—The St. Louis Pennantsays,in speaking of Brandrelh’s pills ; “ They have been used in this section for the purpose of purging steamboat boilers, and it is said with complete success. Wonder how largo a dose of them it would take to purify the limes —reduce the rates of interest—make money ea sier—set the banks to discounting freely —and run the Mississippi clear?" A Queer Law.— About the year 1684. the Legislature of Pennsylvania passed a resolution that “no member thereof should come to the House barefoot, or eat his bread and cheese on the steps." In Germany, it is illegal for a young man to marry before he is 24, or any young woman be fore she is 18; a id a young man, at whatever age he wishes to marry must show to the police and priest of the commune, that he is able, and has the prospect to provide for a wife and family- These remarks (says Mr. Combe) apply more * especially to Wurtembu g. And here the peas antry are better off, more moral and refined fact, have a better taste, «&c. than in England of France. John Mugg has petitioned the Legislature of this State to change his name. Probably the folk s * alluding to his name and visage together, call h>® ; “ugly Mugg.” What do you want it changed to, Johnl Pitcher 1 Why, then theywould* 1 11* 1 | make a handle of it.— N. Y. Evening The Nightingale.— He that at mid- n when the very laborer sleeps securely, 8!l0U1 hear, as I have often, the clear airs, the descants, the natural rising and falling, the dou ling and redoubling of her voice, might wen - lifted above earff, and say, Lord, what music has f thou provided for the saints in heaven, when tho Mg, offerest bad men such music on earth ! Walton- The best “Bull” since Miss E® 6 * worth’s.— ln England postage has lately reduced to a penny a leler from Land’s John O’Groals. (Wisn Amos Keodw n /follow in the footsteps.”) An Irish Reason for not Robbing the (Bentlt.) “Let’s rob the Mail!” cried Pat to Ji^ “An 1 sae'e the hags before they reach -' Says Tina, “Be aisy ! that same spec won >) U• ’ For now a letter’s only worth a pcw>>*