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gfcr SSIrtMs Krori(j>N. RCtORT Iff n. *,..<«♦-«• -t lit UtitUhm m rtf frt/«< V to ntartm to «m# J «■ «W* In f.«m- 4m M* »!•»»• I«V< hm* iMr Mil** if n •• • MhMMOflooM.ll.WMlw}. •»■««> I-—- tho Moptqr ud |*n«*«uy d iho ft-* Uwlf. '!’;•> wiatW In Imm, ti !• a r-anil whkh •*»• *1»'» I Mlkon d *hM. -f law dwaly tairwtwlwJIarT^awnrr InlM.Jv.'nl.tt’fy.tf'm h llaMa lo <ho .Iron, d^tika .if MM-to, lha taiipHy of ll* f«id w foudfulilo (will, from <*" • l lit* from encroachment* by l**8»«atUa imKofMl&llfMi*. Silly, from Hunlnuil'di* l»y »U from UA debts. In mdet W »just appreciation effiho first Nn»l daaget, it It »*nljr n®«**ary to n th® fact that nil th® nv*nl®d foml* at any Uma la lbs Central Hank, nr rxpectrd in be there ara always at the abt<dutedlsp**nl ofthe l«'**l*J f i* tere.fifthieto be diverted, attbe mlU «fthat body, from lhair niglealdestination m loans to thepeople, tod te be subjected in ntlier ■ruiroprisifons, eilliur for ordinary or sktranrdlnary object* nfevpendluira. Tbay eon*» twin In fact, aomonli money in hand, the temptation to raann bi which, enhnncnl by Its vety aeeeteiblenots, and UuMmiivenlcnc® with which ll may be used la nwetthe current exigencies aflbaflirarramenl. There was nu yielding h"*- ever to this tamptat nn nniil ihn anohm of 183.1. Up to that time, rite fund which tie* Bank waarna. bled »• employ in loan#, sofar from baring Ikmo di minished by diversions tn other putter*®*. had pro* fret slvely increased, until il reached, at the date uf tha Director*'report for that year, the ainiiuiit nf $1,222,04207. This progressive increase shows, not only thatlhe fund had not then hern tombed for the annual expense* of the State, but nlao, that for the six urereding year*. there had been uniform exoeasM ut revenue beyond the disbursement* of the Treasury, For it wa* from the addition «f thrae an* Huai excesses to the fund* previnn-ly po**ea«ed by H»e Bank, that the progressive bursas# of lit meana •fdUsMMtina resulted. Butin tlw year 1835, the Stale, enable (laaifp tressed or nearly a mtUton end • qsartarormoosy, for which It had no other use than to accommodate tlw |«v»ple wMth l<*n», we* Vd to diacard further reliance on tho general taaa* lion of her chiton*, and to aurrandcr the whole of ibe rerer.ua from that a*turee, tot ho respective Conn- liar, In which it thould be ralrod From tbit d»y, tlw annual fircal income* of the State have been In adequate to her annual expenditure, and ihn ha* been driven todubsirt by consumingevetyr vear.some portion of her eapital previously Moumuiated nnd lodged in the Central Bank. Theconsequence* that followed were natural and Inevitable. Tneineam in the Central Bsnk appllca- blato loanr, which had theretofore Iwen increasing by a rapid and uniform profraialon, Iwgan thenci*- forth progressively to decline in amount. In the frit year, (from November 1835, to November, 1136,) they aunk from $ 1.922,047. d .wn to $1,192,- 047. In anothertear, 1837,(aft< r deducting $ 1,051 ,- 422 09, United States deporit of sunOus revenue, and $230,000 horowed by the Bank to carry out the distribution* of that y«ar,)they were reduced to $ I,- td of the 022,034. And by the end n i* third year, 1838, (after deducting again the af uainid U< hod Stater depe«it,)they were reduced nr low as $908,199, with- out taking Inin the account the rum ol $25,000 l*or- rawed during that year, under an act uf the L-gU- lature, in order to meet tlw demandt upon the Tran- •ury, and which bofog taken into the ac -ount,demon- atrau-r that the joint eflectof the rurtondcr of taxer, ami of ih«anctoxdimfn rofa|i|iri'pnaiion»,hn» Iwcn in three yaarr, to radnoe the eUnr eararua>ber«d mettitd capilnl of the Stott, fa Ikt Control Honk, applicable to loam, from $1,222,100. at which it atari in November, 1035, to $475,100, at which it atood in November, 1838. It it true, that till* rapid diminution U mainly due to tlw noble part which Ocerain. nr a »lute, hnr taken to herrelt in the exectithm of >h'ttnnxnifti uiit and Invaluable ryitom of Internnl lnt|ir»vcmont, which contemplate*, and will rro long raulixn it thorough commercial connection betwruu tlm wa ters of {he Tenner**.', and her own navigable water* both interior and mAriliitie. But it ia alto true that tba whole of the diminution itbynunnanr clturgo- ahletu Util account. On tlm cuutraty, no mean fraction of it liaa proceeded from th*?dnaufF>oiency of thaannttal revenue, (rlnco the aforementioned iur- render of all thageneral tare*,) to mrat the y tatly atpenrer of the Slate, disconnected with that work, la that even if that great enterptUe had newt been ••poueed by the Stair, bvr monied wealth In thn Central Bank wee neverthelcir alteady dimmed to •attain, though rlowsr absorption, by the Heeling a*d leer worthy ohjanta of avery day exiHtiriituru. For the lund fund wa* drawing near to tlm perimi •f its Anal exhaustion, a* a tonree nf incomcl taxit* lion, ai already notided, had been furmally discar ded by law, consequently, an era war at hand, in which the whole rellaiwv for fresh receipts of tevo- nue would be thrown on the profits nt'idn by Die XJerral Bank, nnd the dividends on the Bank stock owned by tba State, which together, averaged hut $131,01/2 51, for the ten years ending November, 1636, and could not be aspected to {iroduce, at the utmost, more that $200,000 jter annum, even after tbemlditfoeefthe United States de|Mtbito thefunds •ftba Bank in 1837 bad nearly doubled iu means of bonnets, and of making p ofiu. Whereas the ex pansea of the State in 1838, of a permanent and or dinary character, includingih'wecoiini'c'ed w.th thn auldect uf education, amounted to $228,208 37. and were of » nature to be ennsfdarabiy augmented ky ine gradual enlargement of our population, and the coniw(ucnt incniaso of the espouse of sontoof tha branches of Government. Whilst an augnten- tatlon urannua|ex|N>uditure would llienbegulngnn, •very ywr would subtract something from the capi tal af the Central Bunk, and thereby cause a dimin ution of tlm future revenue bum that source. These facts all go conclusively, therefore, to show that so far from tba system nf the Central Bauk having any merit on the ground of Its tendency to preset vn and Mipetuato the surplus monied fund c infilled to lit ter the purpose of lending u> the pwpV, that sys tem, on the contrary, had been in operation but a vaiy few years, kel'oto it gave rise to a policy, that la the ouursaofaomo down or fifteen vents more, would have caused the whole fund previously ac. cumulated, to have vanished iu the ordinary annual disbursements of the Traasury. Fortunulo, indeed wm it for the lasting grandeur nnd prosperity of Georgia, that so soon after this process of petty evanescence commenced, the cteat project »f llm Western and AtUutlo Hiiilroadinlcrvumritu claim anil secure M a noble work nf p-rmnnent public utdity, a Urge proportion of« fund destined uthvv wise to have been lets worthily spent. Of tlm second great causo which expose* tlio . public moneyomploted by llinContrul Bank toitiso. curity and dtmlouiiun, namely, the dnager uf I.im. rs an dog from bad sod irrecoverable debts, nothing that it stall precise or satisfactory can be sstd. For h<tw It itposaibfe for tlm tncinlior* uf Die Finance Commission, ortho officer* oft ho Bank, or any oth. «r person or persons to whom such an enquiry should bo referred, to Mvotonooe, with even a mlcrsble ap proach to certainty, an the goodness and collecta bility of $1,817,199 30o.u of aec.amm.HltiUuti note* in small aums, dischaigeable in five years, end by five equal payments, from rim datoof the otlgiual discount, Ute makers and endorsers of which, atx dispersed over the whole State, «inl of whoso dim %suv sari eoodition ia the twain, nothing esu be known, except, what can bo glound from tho tax bo-iks and rei’ords of their rwtpeodue couuties. The meeas of judging possessed by Die Director* of the Bank en this bead oo tho 5th NorctnWr 1338, brought them to the coocluibm, that only $l,G|3 88 of tbedivcoooted paper thoa hold.oug.u then to Ihi set down as bad and lust debts. Whether thn Suio be* boee thus fortunate et a m *ney (coder, or to what extent she has been unfm tuna c, can never bo ' d tsnmoad with any prasHon, until tho chaif shall be sifted from the whssat, end the go.nl grain goth erad into the garner, upon the final winding up of Urn institution, end the collodion of b* available as sets. For (be present, the reflection cannot bo re pressed, that if tt shall turn out, that, in a busitiosa running through ten years, amoun/ing iu tlm aggn*. gate U$11,975,985.73 of discount*, thognut m»>» of which was up-n eccommo.lat>on |wper of five . yenrstime, a lossofoo more than $l.t>19 88 -hall besustaioed by rei-oaofbaldebu, it must forevor, . be regarded «« so-nothing quite mir-tcuhu* in tlso annals of money lending. Tint no such tutr-tclr, however, is destined tube recorded, is stitsoglvin dicated by the fact, that nf tin $1,317,133 QQufdU- • Minted notea held 1nr the Bank on Dm 5th Novem ber, 1338, the sum of $482 863, was then lying over, i .. .. . dishonored, sod $70,215 23 was in suit. Ami of wttabind $134,421 61 of Bills of Exchange discounted and ViC *' bdd!.y tlw Bank, there •'*« at the same data, $ 112 ,- 239 27 lying dishonored, and $12,432 31 in suit. This hum pm-Ktrii in ofdisboooivd paper U indeed ^»pattieg, and augur* n h-avy ultimate ins* to tlm 5u»e.—Under •<tc!i cireomstances, il ia conanlatory UaUog mil* ivtias hod out ax die date of the an- SiW-SPi ,ll *"* | y >1“ trMro, wm of - $MI9 98 wi|) bwoartainly tost. I-* Ueu wd okwwmtau which haw no. bron »l«o»w„ Georgio boeorn. of pohlio ,hlch (*** property in J whai warn the Uai freiu^f that mode of investtrosift bow tram after it was ran led •pin Die maximum at tsldrh It uBI ramalax, « »e. rood surp'iK ri a considerable amount rapidly grow npintb'Tn-a.uryt In what mannertW it stem «tf the present Central Bank sprang *wt of ibis lat- let surplus, and rail uf tite »•» j*eci»l4on, aftet wards na:ir<-d, tsf islmr sut|d'issw* to eotnej and what have been the winking* wild effects of that system, in rnlerenrti to tlm Utrae great objects of financial profit, general comm* trial utility, and thn safety stri ptr mm ration nf Urn fund Itself committed to •be management uf tlm Bankj and futilier—Die de ments id 1 thn said system, In its beating tm all three of these objects, have been demonstrated to bo of aoeh • nsttire es drcidrflly to rmiulr* the dis continuance of It, even tm tlm supprattion that the present ami ptospectivn condition of the finsnries, furuislie.lnlwtis on which it might still xtattd and •n* kept in iqienitiott. , But it furniilies no *tirii basis# Th« whole soft- tluUnm of /net, on which the Bank was, imho fiisi in*tanrc founded, and on which alone it has Iwvn at nny time, intended t«re«t, ha* liesm swept from under h by that cour*« of nvonts whh-hltns di*nble.l tho Slate lo be any longer n distributor uf surplus in ncy, in loans among tho people. For the Hunk was created solely bcciiuso them wus a surplus that might be used In that way, and the great fitiir.tiiin assigned toil wits, that nf n more loeo-oflice, t»* emplny the money, constituting Dmt •ur|diis nt interest, w tit n* equable n diffusion ns possijile among thcciiium* of the sever I coiliitic*, and under n strict limus'ion, »n» to exceed in tho s'Boont uf its liMtns, thn amount of n.-tn il money of whic.lt it should lie placed iu possea-bni. Nor is tM* luttimiion ntnlle-m'rav.oiud by the allow race given to it to Ison? it* U'Vli hill*. inn«intich ns ulong I with that allow nee, therei* an expr- ** rentibemeni that ft ahull, in ra*« nf i««iiilins s .ta*-lf of Dial privi b-ge, always main nit blind ntlor money eounlin amount tu t|u* wholeof it* own note* in eircuf itioft. By this resifiction, tlie Bunk I* constituted iu effect, n lender of capitnl merely, us coinrerllsiinguisli-tl from ersdit, and is cumtulled to cease enlitely from the busin-s* of louoine, the moment it no longer has, in the form of money, a surplus n"t ■ vssi-4 (■>, iliri||.lnt«,»ni-iio *f CSwwswnmento Well, a period lias arrived when it no longur p"* •eases, «if ha* the {•r«*pect of (Ktssessing, nny such surplus. A* rnpmly, and even more rapidly, than its meant l.ereiofiire distributed In ionn*,cnn lie re- alixed by eollecDon*, they nrn imp« riiliv<dy wanted for the r-aigenciasofthe Government, The treasu ry now, iu-tend of being as former’y npprea«ed with n financial plethora, is moneyless, nnd com pelled often to knock at tie* dour of the Bunk, w ithout being able to obtain > Itlicf •helsrgsums or Die pittances, which ll socks to relieve it* fiscal nr- cesslties. llndsii'h been the rondhion of the finances In 1028, the Idea of crontlna un Institution of the character of the Central Bank, con'd not have found entertainment in tin* wildest imagination The very suggestion would have struck all minds a* the offspring of fatuity itself. To have yielded to it, would have hron with elaborate folly, to erect it l-an-oflire, without hnvlnn, or hoping to hope to haieaiigh- to lend. Hot lliui very i d eof things, which, h id it then existed, would huvo rendered the oslAldishmrnt >f thn IJvnk n causelesannd nh*urd msasure, lias now taken place with every nppear- unco of perm tnence, nnd having so taken pin a, renders ilia p.dicy of keeping up that Institution, equally cans .lest and ubsitcd. ThuVholo ground work mi whirl) it wn* huili litis lirun supped nnd tnk'-n away within tho Inst tli.-ve years; tho only function fur w hich it wus ever doomed of nny woitli, has coast'd—ha* become practically dead from the failure of ii* proper pabulum} it eon no fangtr command nny money to lend It it in, Dioiofor*. iu {mint nf fact, renchod the full end and term nf tm- mg wliinli h 'longntl in iu niitutv, however U may rutainauunilnul exi-tonce, in print of law,audit ha* thus lioeoiiie a inure pi ofuinss and cns ly excre scence on nar finnnciul system, and no reason ran be assigned tu justify its retomion there, or turehut tho strong arguments by winch, « tcgnnl t » econo my, and Dio necessity uf sp-otlily tenlixing, and dilietenily applying tho resource* uf tin- .Suite,de mand its exutsinn. In ihn ml 1st of such fiiiaucml difficult lot us have recently liesrtiho State, ami which -oem* in hover also over our future oar er, difficulttos ue>si inop. porlune in the era on which they have fallen—uni era characicritctl by a mighty nail eonseiiliitiruus effort on thopurt nf oar iroople and fiuvoriiineiit, to pluon Georgia on that glmimis vantage groand of Commercial and I’olitlcnl greatness, to which her geographical rmsltiiinniido ipahililii-* demonstrably destine hot, it shn lie but true to lies self— n prnpn- ■Ulonfor winding up nn institution, wbiclt Insla-en, for mum than ten yours, the gicut tl pusitory nod manager'if h«r fiso dwanUlt.excuasa ro«*t interest- lug enqulryt—Namely, w lmt is the State worth, in a Strict lilnt'ichil leaser A satisfactory answer to till* enqttiiy. enn only he modehy stating and arravutg against .each other *11 tho nftitting nxsrt* A liabilities of the Siam—an attempt to do which, linscd apniitlindnln enniahied in an Informal staiemem furnished hy tlu IVnstdoni of the Central Bank to lid* Cmnniissinii, showing the condition of that Institution on the lOtlt uf Oc tober last, nnd npuu *nc)i other tlnio n- coiihl he ob- mined, nnd were Npidienldeto the sulijrcl, will ho round in a silhs-quent pmt of this report. At pro- l Bank Stock*} sent we will inuk in(o tho Fro-idcnt’a statement, simply with a view to aseeitainiut tlm mmuint <>f sound means available, f»r the fiscal wn»ts uf Dm State, existing in the Bank on that day. By the statement it appear*,that on tho t(ItIt day of Ocuiborlnst the whole amount of stuck*, debts, and eaili assets in the Central Bank, constituting it* Capilnl Sun k, uinouiited to tit 1 sum of $1,541,300 29t—fr-mi this nggn'cate tlm mud $198,194 53 is liable tu bo d duct'd on ncconnt wf uummlnble stocks iiml bad debts. Tho ttaaviti’n’de stock, is that nf tlio Brunswick Bail Bond nnd Canal Com pany $;>0,()tj0 00 Tlio laid debts, falling tituler Die bead uf Bond* ami Notes tece'ivcd from the State, amounted, on tlm 5th November, 10J8, according to tho re port of the Committee of Invosiiga- Don, to th>< sum nf 148,230 55 By the same icnurt.tbe bad debts, un der the head of Notes and Bills Dis counted, nmmmted to ............. 1,810 98 Bad debts, Under the head ol Noti-son •he Bank of Mncon, amounted to ....... 294 (10 Making tlio unavailable snicks and bad debts amount to ........ $198,194 53 Which being deducted from tin* nggrojiitn capital stock of the Bank, to wit, the above •lnl« , il sum nf $1,511.3011 29. leaves tlm sum of $1,353,105 7(1, ns the sound ami ipital owned by tlm the State, nnd oxi ting in the Central Bank, on Die 10th of October hi«t|uf which $1,0115,000 c-msisis of tlm Stain's shares oi stock in Die Bank of A»t> rusib, t!ie I'lnmers' Bank of Savannah, Dm Bank of the Sintonf Go. rgia, find llm Batik uf Ditrieti, wliieb. if il'xiuetcil, shows that the State post.'ssi il on tInn day, only a capital of 348,105 76, Imsitles iter Bauk Slacks.- But if we Ueat the United State* sureltl* revemm d. po.iteil with Georgia, ntnouming to $1,051,422 09, a* means available, for our pre sent and proqa>ciive Use'll t*x guticDs, viuy nendi in tlm same manner u« if it wn* tho capital of the B{Xt«-| (Hud there momuv tw-lwr nn ir>w«un why it alio'tbl uot be ro regarded,) and mid tu it tlm lust ktaicd sunt, it show s $1,399,527 85 n« the aggre gate of Dm available means Imld by tlm State in Dio Central Bank, indv|H'nilently of Imr ifoit>nicniiom‘d Back Stocks, amounting to $1,905,000, Auditors* ne nro at the end of all the fiscal •noire* which tbo State poaseued under existing law* and litci*. one., nt those which aro to ha sought f»r jn tho pocket* ol Imr citiseus. For as tberehasa'ready been occasion* to ro.naik, taxation and tlm land fund, which were, up to a re cant date, tlw most p.xriuvtivc branches of rvwmm, have esasad to l»e o|Mnutivp; the former having hevn out off and dU«inat«ri among the counties by I.v- gisU'ivnacl, with tho exception ol the tax on bauk atock, and uno or two worthless it> nis beside-; whiUt the Uttwr is lo*t and gone, irrx'cover.rbly, by tnoiv uxlmustion. Under the-e eircumstaneev, the whole weight uf every department of public expenditure, ht« iwcet- •arily fallen on the only remaining yotounn— the meant in the Central Bank. Such being tbo fuel, it i< of no groat moment to enquire tu wlmt -{rectal objects, certain {Mrtions of these fund* have been *«t npmt hy laws lountl.-ti on a by-gone state of things, but whiclt have sunk into a dead letter under the heavy piussute of present contending wants. . Nevertheless, a retrospect of hi* kind may not lieunn»efahowqrdrMen«loping tho ic*-s ol‘ our financial ir.nnag.-nmnt f-u th« last few years, nnd towards pi icing in a clear ligh-, Dm na ture of the financial difficulties in which tho State is nuw involved, together with the immedieto causes from which they have sprung, and the proper oiraas of extrication. As far back then at the year 1821, the policy of permanently appropriating particular luudt to do- signaled objects began. In that year a law waa posted sotting apart the dividends on half a million of bank stock, own<*d by the State, to tb« cause of public education; aud the dividends on another half million, to purposes of Internal Improvement. And so the letter of the Is* stand* to ibis day. N« o»h* r permanent ifoalf* nmlm nfparilralsr fond* tn peitMer ebjeet* took place ''III 1837, wlien It was enoruri that nn*» third #if the Interest atUmg from the United H'aies surplus tvveneetl«p«>*ite'l with Geor gia, should go into tlm IMtmation Food. And sub- seqinmily, in 1638, on the j»**Mg* uf a law for Imr- rowl*.g a million and • hall of •I dlai*, for ibo con- »tru«-• ion of the Western and AtUntle Bail Hnad, a provision waainroDiri in lb*t law, selling apart for the (■•) ment of lit* Interest on Dm nmrm) so to Im Iroffoweil, ell Uie Income*, prufiis and disidend* ac* rum< from the i>enk sto- li end i-ther fund* of •)*o Bute in Die Central Bank, such purDon* Divre- of excetded, e* were elroedy pl''dgvd lo the object of I'uUlia Friorotian. And, hy tlm same law, it wa« furtlmr provided, that until am h time as money enukl Im raised hy loan a* authorised, the Commis sioners of tlm Hail Bond should Im rqqdied from the Central Bank with tlm funds nece-sary for ibe prosecution of Dm work. The effort* to raise rn<mnyhy l»an ini'ler this law, remlted in failure, except to a limited ex'ent. Of courso the bank iMS'ime linhVto furnish* largo p-ri of tho money wanted during the year for disbursement on lb« i abroad. Upon mmpaiing the amount which, in this po*< tttra * f things Iwcume inevitably demandable 'hiring Die year from tint Bank, with tho amount winch Ii It'd auv likelvhoorl of mulixc, hy roller.tions ami other moans.from thn n sourco* in its possession, it is manifest that tho appro; rintion* ulwve mentioned in In-half of Kdncaiiun and Internal Improvements, wore more thnnnniiugh to overtask and exhaust thn ahdhi'M of the In-thution. Thu*, noilt nr would Im I* ft for oilier object*. Bin «nhi*r object* formed a large, iirfp -nsiive nnd indl*;M-n-aldo lininch of annual ex|H*nditura. For th« se other ohjerts wore none other than the nee*-*- »>ry xiqquirt of <4 ivcrnmuirt, and various Itemx t herewith mnnertal; nil of which, together, required io the year 1338 tlio disbursement of $188,795 53, nnd could not ho exp* r.t> cl to call lor it less sum in tin year 1839. I low w re these expenditures to Ik* provided tor I T he answer is, that no oth r provi sion wa- itcifiully mad.- f«r them than hy voting the needful npi.rfqirintiotia in the accustomed general form, which appropriation* being Dm* made, weia left to shift fin Dn*msoivps, and to take tho clianro of extorting, hy the greater imperiousness of their nnitiru, payment out nf the only resources (tho-n in the Central Bank.) which 'Ho State pos*ossed,ro sou'ces already overcharged, bysp-cilie pi dges, in iK'haif nf oth' r objocts. Tlm consequences wore Inevitable. The specific pledge* were compelled to give way lief re the strong uco«««Uy wltitiii claimed, for tho support of (invoniment, tile funds nu which those pli'dge* Imd h en laid. Thu*, thn IMucnti <n Fund has linen subjected lo thn loss of it* Itmgmiisoi'nned due*—lenders to the public to n delay of their sttpulntwi repnymuntt, uml llm cnnira unrs nil the p'tlibc work to thv indefinite poslpniiement of large nu lances of thoirjnsi rnmune rnti'in. I'u- hlmrmi. toils. This result is lint tlm first instnuce nf what must annually recur, with ag'.-r.ivutimi, »» long a- our fi nances urn conduced on tlio principle of saddling an insufficient mu** of fund* in llm Cumrul Bank, with tjio iieciiuml.il.d load id'till 'll- brunches ol public exiMiidilum/ .Such a rrinriplo.it I* trim.ran- nut l ixi bmg; lor rqiidly eating nut Dm r-iy luud mnvhich alonn it cun su sist.ituct* us tlio voracioti* agent of iu own ceituin and apwdy 'laxtlt. But whilst it d os Inst, an.I so Intig as uny portbm ofthe funtl on which it lives remains, it works a praciic.il oliliterarion of all designaii>ms made by luw of pur- licubir liiti'ls lo pari iciilir object*. For every cla*g of n proptlmlnti* i as, at iu«t, thn strong claim nf law on i's side; and rim cnnernl appropriation* lor llm siippoit of government must necessarily nttnrii mi Die binds io tho Central Bank so long u< there is no Other resource to wbiclt limy can look 5 and iiitnchini* there, limy must Im satisfied from tle m, oven though il ho lo Dm exclusion, io wdi-da nr in part,of o tter lus- urgent want* tu which lh"8u funds Imvo been xpnrifirully narigoud. Tlmiufbro until a mighty cliiiiigi- is wrought in our financial policy, stih-iitM iiig order f.<r chaos, and ample timaim iu tho place'll poveityo' rnsourcs, it Is vain tii'i liitilo to suppose unit in point of practic'd npor ition, we have uny fund -retired to tho grout objects ol Kdu- Cation ami Internnl Improvement,how murii soqver, oDmrwiso, the muUer may nppear on Dm stututo ho»k. A* Dili g* st itid, tlm only light in which Dm stubborn fact* of Dm r-utn p' lniil us to regard Dm mass tif public we Dili lodged in tlm Central Bank, is a* w luud turn Ivy tlm uvccssltius of the fisc f. om tint pormniionl olijects to wiiich it Its* been devoied by law, ami turned into an tmiversul. though iostilH- einni resort on which ©very c!a*s of approp inti "ns is iiiiliscrimiiial>'ly thrown. In llm •• l le .h-priqmi- tinn tint* produced between its nmmul abilities and liiifdliiies, wn liehold the immediatn cau-o of thut liminrial omli.irf.i*smcnt and bankruptcy which have h' lhlloojhe Stite. What measures slmll he adopted by wlfrh this most discred table mul ruinous posttitv ofottr affair- uny lie at once put in n course of reelificit!ion. nnd (m prevent'd from w;ui«\ («*.c.mriug, uud hy which tlm State slt dl Im nliced iu po-ses-ioii of nmuriH sulficieot not otilv for tlm disrliiMgc of piesrui pinning debt- and theonlilliuy expenses of govern ment, bui ample also for sustaining, as in tbo pre sent ttgtt they ought tn Iw susndacd. the gr»-nt im®- resi* of |Mildin<-dacation and internal improvement, is tlm vi'allv imp riant manor which Dm last Log is- la ure Imd in view in iasiittiDug tlm cimmis-ion, tho iexit.l <>f whose labors is umv *uhmit'e<l; u iti.it- t"r of which the present General As cuddy cannot deem otlmtwi-r that, ns having acquired an ung- tneiit' il tnagiiiitKli'. and n more inumsing orgetu-y from the events of Df current year, ir- m tlw actual slate of things ntiliis timment, nml from the nniure •f tlm prosp'-cts which, in consequence nf that state if thing-, impend over the future cine, r oft lie State: and it is tlwvefnrw & matter un which the under- I si;tied will seek to hen ow, in the st-iittnl ni'lhi-re port, the lie-t considernthin of which tit' y ute capo- ' iilo. Tlm stage of their inve-tication*, however, nt which they have now arrived seams opportune for pausing awhile, in order to smvuy ami develop® •me of tin* liin.bimoaial priaciples on which n per- 'incut lyttcm of linaoca for the Slate should lie has il. All the expna-rs uf whatsoever kind to whiclt government* uro liable, lull under two gieat Iwad-t 1. Such a- are ordinary, permanent mul ever re curring wilt gicut cqunMouess, from your to your, Diruaglmtil long and coutiumiii* noriods of time.—- To (Ins class belong all expendituru* incident to tlm maintenance of government,tlm making and the adntiidstv.iliwtt »»t laws, uud tho support of nil in stitutions Hill tlm advancement of nil object* which form a part of Die permanent poll-) of a country, nail ol which llm support nml advancement create a continual drain of tnnticy from the Treasury. 2. Those which lire in their nature exiruerdinnry, occasional and temporary, falling with great Weight on putiiculur and brief periods of time, and then leradimting forever. Of this kind uro 'he ex|mndi- tm us growing out of a slate of war, and out of the orei'llmt of gient nnd costly public work* of an en during character, such as fortresses, canal*, rail way*, «Stc. These uvo «li.'i-ioii* ubvioit-ly embrace oil the urigitiul und *rii tuntivo o.nist'» of expense Dial cun uceqr to » government. Bat out of tlm nec- s-iDo* to which tle y I'reqacnDy givo rise, th ro is sonic- lima* bwtuu third kind, entirely derivative m it* chnracei, und partaking of the nature of both the other-. Of tlii* *orl i« a large public debt, of wh'rit the in'err *t i* -tipalnted to bo paid at regular and!*bnrt inictv.is, and the principal at a remote Period. The paymenu of the interest nn such do't lire appropriately classed in Dm first of tlm Homo state I g "oral ilivi- on*; aa.l the uhim\te tw- detnpdoa of tlm capital, in the s-cond. Well, Georgia has actually contracted a debt of this de- script >oa to Dm amount of three quarters of u mil lion, borrowed upon her buud*. of which tb. rest is payable every »ix uwwlw wad the principal nt the end of every thirty year*; and her bunds lor another equal amount have already Imc . i-Micil.Hud only uw.dt u market to raise Die ilohr io u miomi and u halfuf dollar*. Morcovn, Georgia ha* f.i wear twenty years made tho patronage of youthful education an annual charge on the Ttva-urv. It lias liecome and will forever continue a pa t of her settled pujicy and a permanent branch «n fi*enl ex. pendit'ire. i kennitunry support of government is ri course to bi'act down a* a pi'nnanont expense, requiring antiUil and |;er|Mtual supplies. We have then, clearly, Diroo bram-het of expendi ture, namely, tkc interest oh tie public debt, the patronage of ynHt\t'nl Education and tie ordiu t- 'ry support of Government, which fall within the first uf iho above stated general iltvi-iant, and from demand* on the'fteesuiy, «*f a permanent, iimlbim and regular character, and which tlierofnro require that th-i Treasury should have supplies equally'per manently uniform ami regular. In ragnrd then, to making provision for these thrae brandies nf ex penditure, the course which financial wisdom incul cate* i* p| Dn. It it that Government should pro vide for tkem by a sytumof revenue *kitk shall vitk certainty and permanency bring into tke Treasury an annual iucome equal to tk'ir aggre gate amount. Not only it this cnur*e pointed out by mere financial wisdom—it is commanded by « stern fmwcixl necessity. For there are but two dress open lo the iqd.'lmi of Govern meat, Uksf *Wkh •reloihe.ras'a'abwUenqewsTjt.and most evetiioslly and im • it tidy end in Dial above titled. TIm first of Ilw*e is only applicable to the care of a Government iIrh lull* jaissetsloa of large fiscal wealth already acqu fed. fb» rlreu»»»*taae**l, it may for a Dma bkn an opulent iO'lividual •ulr-itt on its capital tei’koul boring any interne. Bui unlike tlw tndlv-dod.it* life i* almost sura tomnla*t, and Its necessities tu ith#u»t that capital, ho never large, which is dtdy connirnlng It I-*' this point, that Dm other el.rrnntite, ibat of borrowing fafd- talon which to enlsif, present* it«* If. But, Gov- ernmema as w« B a* indiridnsU will «wm ertre to be ahln to burrow, if they tH'xbct to provide the mean* of paying with punctuality both Interest ami p(irrr-tj.nl, a* Dtey r 'sp'-ciivcly luco 1 •• 'I'M. S-i Dint, in the raae of • Government so profligate, if *urh a ca*c could Im siijq»o#- «l, a* to borrow whtionl ex erting itself, that i*, w 'b ait roit ng retenuc in or- •h r tn |niv,—>upon thn consumption of tlw arwaint of the fir-t loan, sll shift* und exp- d'n-nt* would In al attend, no alternation would remHi.t-hut tojierish fur luck of *upplirt, «ir to iditain the ncceisa>y ali ment by lira wing on tbo tasalde reiouice* of the «'.«untry But if them Itc g-md faith, andan honest intention to fulfil its ubligiitioii*, this alternative comes sooner—comes at Die beginning »f Du- l--nn, and ma\»* it itr|ierative to raise anunal reventm lulfinirnt not only for its erdinnry support und mis- ce.laneuut ex|ien»e», hut also fur the periodical p'lVtiient of interest, nail tin- ultima.e reilemption of tbeenpitai «f ns debts; whch last 'dijeci is to Ini effected by raising annually r-venue emiiigli to •l-frav all rite currant charge- of . very kin I full ng on tho year, and to leave beside* such a »nrp)u« n< will, by gradual Hccomiilation li.on year to year, create at ImigDl a fund snfftcieu' to meet tho princi pal of the debt at maturity In accordance with those principles, the perma nent scheme uf raising revenue which will, in the sequel, ho prc-cnind, i* framed with a view of nb- turning, by InxAtinii ntni the profits nu Bank -lock* owned by tits* State, smiu D ite'oine u<leqoau-t 1-t, To the onliiiury support id’ Governin'm; 2d, To the maiiitvnnut of Dm sy-icm of I'obiic Kilucniion; 3d, To ill" periodical payments of Dm interest nn Die public di'luj and 4Di, To the leaving nn annual su>fdu«, uf er nil tbeso objcr.'s are satisfied, which shall, by constant accretion, become sulficient to pay the principal of llm public debt at Die time when it shall lie Knully due. In Dm second grand division of public expendi ture*, namely, those which nro extraordinary, oc casional and temporary, and which shall fall with great weight in pa-ticulnr short periods, and then termtiinie forever—no other enterprise or business iu wit ch th— StHte j* engaged.can claim to be class ed except Dm great system of Hail Knad improve ment now in pt ogrc-K, tor tlio connection nf out At lantic coa-t and rivets with the Tennessee Klver. and, through it. with the vn*t and productive re gions drained by tho Mississippi. TbeState.gov erned hy nn enlightened uud comprehensive view of the great intero-t* of hnr people, and of the admira ble advantages which by reason nf bar geographical position, she possessos for advancing those interests to tlio highest point, hu* stepped forward and ta ken upon herself tho execution of Dint portion of this sy-tuin which is common utility to nil other imris, und tu almost every part nf tier territory. From the moment nf Iter esnousul of Dm great en terprise, she has devoted Imrsalf to its completion with a spirit nnd energy worthy of its grandeur of design, and of tbo honor nnd blessings whb li it i* destined lo bring to her DtroNsh all coming timo. To the present gi'ittsrntion will belong the glory «f or giiiiiiing and accomplishing, within u few years, the magnificent woik— n glor> which her succes sor* will cotnieniplnto with ever-admiring gain, lint can never hope to excel or equal—for neither her own natural citpahiittmi, nor those of nny section of oor wide spread Union, |iros<'iit a practicable thea tre for any similar wotk titat could riaimcomparisoa wit'iit—in felji'iiy ol posni-'ti, extent ol connec tions, case nml cheapnoi* of oxoninimi. uud the vahtnessnnd variety nf its ugrtctil'iiral, cumnmrciul and political usefulness. It would be io harsh discord with reason, with justice, with eu'iu principle of sound i obey which Inis over characterized enlightened coinuiMMiic*, to hold thut the Cost nf this greut work, which is to descend n«n rich nnd enrol lug inheriaurr to nil. future Dnies, might to hel'vlcd hy tnx'ition, on the iicnji'n of Dio day of its exeenton and within the brief Rjum tif ^'ear* employed iu Us t'xvcuvlou. Such n principle, il r cognixi-d by G.ivtviimetils, woo'd dntcr mankind from all great and costly wmks, however useful or important; it would effectually dose tlm dour uguuist nil valuahle and |mrmanent Internal Improvements, nml doom tie* country to Inngnirii under the perpetual want of nil channels of cotniniin'rolioM between distant pans, nxcpi those which nature gave,or private . nterpiise might Imi simnd -teil iii supply. 11 the same principle lie cniried out to it* legitimate couseqiMices, it would end iu thu monstrous c .tiehtso.li, flint a free |ieo- j»le must Im o-topped from deleiulmg theiiiHelveR iign'ust conqili'st and <‘iis|:ivemmit by a fon'ign ene my. if, prrrh'iliee, they si mo bl he unal'lr or un- u tiling both lo fight tin* hniDes of lln-ir country, ami to defraj, hy taxation oil their pmpeily during tlw ^•r*lg^ *- of Dio War, the wbolo cost of its pro secution. Wo dwell with exulting piido on the memory of uiirnncesim* lieeniisi- limy fiaigli & Med A* won Indepeti'leiice und l.ila'riy for DieniseKe & lor us, although they did not lax them*' |«es during tin* c.'ttititt'cutceof th" stnuule, with tlio wlmlo of Is huge exp.'itso of moitoy, mid comoqueniiy, en- iuiled upon future years, anil n succeeding genera- Don, ti heavy pecuniary debt. A dent, how mall in comparison witli tlm inheritnnro it con tributed to purchase! Ami what infamy would they not have earned, in lieu 'if the glory whiriii* n itt their'* ami tlmir country's forever What debasement and slavery would thev not Imvc iraiiRiiiiiied to its, in place of tlio greatiicsr, the felicity and the liberty which we now enjoy at limit hands, IihiI they made tho dread of incurring nnd entailing a heavy pub ie debt, a pretext (,»r mlur.is- sloato tyranny. A like view is nppltciihlo to every war. The principle* bn w hich it i* founded is, Dint ('«»' the defence of the country acniast great evils or fornequiring for it great nnd permanent i.enefiu, it is proper and patriotic to 'nke measures necessary to these objects, even t Imngli limy involve nn ex- pen lit ore of money too heavy to he borne by tho p 1 'find of limit' execution, ami requiring 'here- ('•ie to he di-trihulcd between pre-ent and fu ture times; u rule most nquitnIOo a* well ns nectj*- »••>■* iiectniso hiidi<* times succeeii to Dm advnnin- ge* of such ntCHsures.i'i "ll thn fttUimss of fruition, whilst to those hy whom they are achieved, they mix* often oo.y fell iu prelusive drippings, and not uufreipmiitly eiipiyed merely in rnp uroti* prospect. And can it boargtind tliui this noblest and most henefieont pritwiple of Imman nnlttm, that by which each geiinintimiuf n country is prompted, whenever occasion arises, to draw to tlm aid of it* own ener gies t hose of iinboi ii million* by the Fimplo process of lineal ant eipntinn, und wield the whole in u mighty effort iur sumo gru.it slid enduring go at which cmild htjuootherwise accomplished, is a prin ciple which is to lie dormant in times of pence, nnd is nllowed dovclupemeut and action only on licldsof war and amidst Dunlin of arm-! Will tho people and Government of Georgia tio up their own hand* nnd refiisn to execute a great, though p.-aee- t'd work, mi Die groiimi that they nmv nut, in tbeso halcyon 'lays, attempt any high achievement of which they ore not propnred to pay the cost at every step, u* u is taken I .So have not thought our people or Government. T hoy embarked iii Die great undertaking of uni ting our Atlantic waters with those nf the Mi*si*«ip pi nnd its alt< ihmaries, under no such misconcep tion of the policy by which such a w ork should bo ncconqilislied, a* that Dm whole cost ofii shmi.d Iw extracted by luxation, from the pockoti of our citi- sens, during tlm process of its execution. 1'lmy vlcw.-d »t ns a wotk in which the future wa $ interested us much as tho present, nnd ntmo limit ,mc * Dm present,—m.d ilmrefnre, they regard it as a sound and patr-otic principle, to ilratv until-' pe cuniary resources of the future in aid of the piescnt, by rontmetiag n d. In w*i:ch thn futam mu-t c.intri* litre to discharge. In pur-nance of this principle, Die sequel of the presoni report tronts tliis work as mm not to lie completed, with means levied by taxa tion, hot hy hi-itiH nnd cri'dits, ba-ed on no antici pation of the resources of the future; and siigge*'* the manner in which such anticipation may be made certainly ••ffi-etive far th" pirpwMf, notwithstAudios Di" imp. s*ibi| ty of obtaining loan* in Dm great mo ney markets ofthe world, ut tin* present era of tin- p .nlb-ict) p. cuniury «mburnis«m. nt and 'lis'rust. Il re-ults Irom the view wiiirh lins (men taken, Dint Dm iutt ls.it the Stxt® are those only which mo tn hetound in thn Central Bunk, and in tlm pockets uf tlm tteople. ImM any should b-liew thatlhe un- expeuded iaiMncesofft>rmrr specific uppropriations would afford to «heirextent an available lund, the un»ier*i«m*d deemed it necessary to invest'gate there, -o far as to enable them to firm an opiaien upon that subject. Theyareeuuruly sa'isfied that no reliance can lie placed upon thi« resource, and advert to it nuw m ivly for Die purpose of off- ring some suggestions in relation to past and futre appro priations ofthe same nature. By the wet of 179'J, the CnmptrolW is requited to keep fair and accurate accounts, sltewing the sev eral appropriation* of moi.ey, &c., Ac.; and by tho same act, it is mnde his duty to report to the L* gis- letere, within the fit st werh of each annual session, an aeresiet tif sll balxnre* nf enproptlAioet remain ing tinei|Miidrd el Die c!o»« of oerh poliUrei year. Tint first pan of this requisition is mmolied with, by checking at tho Comptroller's ofti.-v, tlm warrant which is drawn for any specific appropriation, and wnmnrff it ln» hook kept for that purn-tse. Until Dm act* of 1838, to regulate tlm auditing of ar- c.mnt*,lie docs notMp(n-er to bate (tosse-ss'd lira means nf complying with the last, for went of any efficient provision tu secure tlm •ccoiiinuhiiity on thorn persons who ere immediately intrust* d with Dio es|M0«liture of moneys specifically appropriated. Kvrft tow, it it thought, es cunsiile.ittble sums of money probablv remain in the bands of #»• it per son*. 'ioap|i|nf«l, and unaccounted lor. that It would lmndvi«..nle to pas* an act, amendatory of those mi*, widen should ntiDmrira the de-ignition by Dm Governor of some om* of Dm present Siatn House officer*, or the appointment ofuno fur that specific purpiise, win* •hunld be amp 'wcrctl ami requiteil lo institute un enquiry into Die di*bursemont of past appropriations, with an authority to require ac counts from thosa person* w ho have been intrusted to disburse tlmm, ami in ca-o* which may require it, to institute action* ®t law, ur bills in equity, in the name ami iMlmlfof tlio State, against all such persons n* may fail to account satisfactorily, mak ing it tlm duty of such officer, annually, oil thu first Mm day in October, to report to the Comptroller his nciing* amt doings in the pramuai, und \'o pny inn, the Treasury any amount wliicii may have been collected hy him, up to that lin e. Instead of Die general requisition in the act of 1838; to make duo nnd p»rio4li' iil reports, a provision is recommended reqnir ng llinti he person* intrusted with tleexp'ii- diiiire *,f .pacific appropriations shall annually, on llm fir»t Monday m OcioU r, i odcr t«* the (rol.'er an account, Kusiaitmd liy proper vouchers, -bowing the aiiiouui which bus l.c< ii expemb d by them, and Dial which remain* in their liuinU, and upon llm requisition ofthe Governor,ami within a time by him to Iw proscribed, slmll pay into tbo Treasury, nny iionxpouiiuiJ balance remaining in their hand*. That it ho moreover made Die doty of Dm Comp- trolloi, upon Dm requisition of thu Govoriter, to sub mit to his inspection all accounts so rendered, whe ther tl ey relate to pastor future appropriations, and Dtat the Governor ho nit'hnrixed, from time to lime to give such directions in relation to thn whole sub ject o''specific appropriation*, past orfuture, as the public interest may in bis judgment require. It remains in tbo discharge ofthe duty assigned, to xuggast n sy-tem of finnticn in term* of tit® to- sulotion, w tth n viow to llm moans which ate neces sary to sustuin. 1. A system uf public education; 2. Thn ordinary expmisos of tho Government and the public works. The subject is pros-nted in this divided aspect from a bi-licf that various considerations concur to recommend n aeparatioli of tlie rum! which is appli cable to the purpose of public education, b urn all Dio miter funds or the Slate. Tlm Legi-latiire has heretofore made liberal pro vision fur tlw purpose* "fuducnuHti, by setting npnrt funds to Im exclusively duvnto l to that object; but intermingled us limy w>to with iho other fund* of the State, Dtey li'jvo failed to ho appropriated lo th ir legitimate piupoie. Fveitin tlmcour-o ofthe present yem.wehnve seen thut tho poor schouls have been cuoq.clii-d to yield their claim to a mod legitimately their own, too resources ol Die Contral Bunk, Which were applicable to tout object, having I Ktr-n applied to Die more pressing exigencies ofthe G tvorumrnt. 11 public education be, as we believe it is, among tlm fir-t duties of tt free p tqile, the ftn,d which is iii.plicnbleto itshuubi bo oeld sm-ied nnd invi.dnbli*. Wo leqie i his result will bo attained by the provi *■"" Again, common schools sustained hy tho unequal comriluitiuus »f tti® pour und the rich, ns in cn-es ,.f g.'tierd lixntiun, nppliculdo to tins object, are, how- cvi'i-unwise Die fueling, revoltiuglu thu prble of llm popiis. nod peihups still more so to that of tlm pa- rents, lo-liiuiiuus for this puipnse, which are-us tnineil hy the equal cuiitrihiiiionsof all the oiiixetts without regard to thou com,iantiivo poverty or weal'll, will place all tlm chtldreti ot the republic who may he vducuied in thorn, on that fo ting of perfect "quality, in w hmh tbo Constitution does. Hint the laws should place them. Those emsidenn ions connected with Dint of tlm facility with which tit® cotitrihntintt necessary for tit s pu> pose, small ns it wih b ■ for ouch individual, may from time to time be gindonted lo suit thu ac tual wants of the State, for tiie pnrposo to which it is applied, have influenced tho undersign.-d to recommend ritis separation, mid slid further to sug gest the propriety of applying th s separated fund exclusively to Die support of common school*. Tito time lias arrived when carrying out Die spir it ftl’Dm resolution under which wo aro acting, this appeal is to be imido to Die people, in the euii.-o nf eii'ictilinu, and mnplc and efficient iiieuns provided to viismiu it, a* in lint pre-ent ago it should be sus tained. Mdiioiiiinn is tho second grout obj'-rt for which tho Legi-lalua d-'siros to provide "ample and eilicieut nn uns.'* To enlarge itpun it* importanou would seem t»» lie (mtiec.es.'iuy. The vmy resolution by vvuicli tliis co ninisoioi was ciuntoil, is evid'-nco ol Die duo;- soliiTudo loll by the pnqde lor Dm piouioiion iifkii'iivledge ondviniai in Dioirclii.dteu. Igun ntiru and vice uccoinpany each nth t with ■dttv> >1 Die uniformity of causo and rff.-c ; and as vice rail lie rest ruined by ft nee alone, und by i be nun of l'"wer, vice and i b riy can never long c .-exist.— \Vill, this tnull, all experience concurs. The fnun- deis of imi- Kcptth'ic were seiisibb- *,f it and m ule eniL provi-ion foe the endowment .dan Uiiiv«r-iiv, nnd id Comity Acndoiid.-; hot unhappily the pro vision- ttuido U..m timujiu time litr tbvseohjurts.hnvK not produced a I tlm good that (night have been ex pected. This is cloudy attributable io tho hither- to un-etilcd slate of ottr intortial ultiurs and the consequent w*«iit of system, und economy, in i lie Duplication««f th® funds set apart for the purposes of public education. But tile University, nnd tlm comity naadomies, though worthy of all the nttooiion and -nppoit they it ive liitlmrto received from tlm State, nnd of yet much more,from only u pan, uni indeed u small part, iif n system nf public cdneniiiui, design' d to extend its enlightening influence to Dio wlmlu body of Dm people. Comm n scliooU are indispiuisab'e to tins end; and hitherto tho S'uie has not only b**eo without any system of common school-, but has actually neglected to provide adequate means for their sup port, should a system lie devised miiiu'do lo our condition. It is trim that this matter has uot bn-n entirely iieglertiui, but tlm ininb qnney of tlm provi- •ion Iii* in effect rendcieii mi our uffor.s iu this way inefficient. Hy exnminaliotrui the Treasury office, it is seen that there have been pvd in support ot' poor achonls for tlm lust live yems, but an annual average of sevenlcelt ihoiisand f.utr hondrctl and cight<-on «iu|* lars, and for the support uf c-oiutry academe's, Jim the same time, ho nveiuge of nineteen tlinnsuid. thro® hundred und fifty two dollars; which together amount to hut thirty-six thousand seven Join Ir. d »"d seventy dollnrs, a sum scarcely half equal U» tlm soppmt of common schools alonn. We also by the same means lenrn, that timro can bo no ceruin calculation mude upon tho sum, small us it is, appli cable to this pnrpi'se; nnd that in the short period above staled,,t bin twice varied move than two ninths of the whole. Tho same is true of Dio aca demic fund. Tliecffo'Ct of tliis irregularity in Dm amount re- e-irab.'o, aoperad led to its iividrqaucy to tlm pur- jiose du-igimd, has been the utmost total loss of the nppropriaimns, and so it must cominue to bi*. until the Stine shall provide amplw means, thvt may b® certainly depended upon, to siMaiii on enlmgcd system of public education, iu common schoois.— Tlm wi-«|om of that policy liy which tlm Stare de prived he;* df of such nj'tt.18 from her dmn in, is not n »w t>» l>e culled in question. The public do main has been di-triimted nnv>ng her citizens, to vvlimnlit rein tins to carry out the policy. Ir* prin ciple is, that capital itt the hands of tho people cun be iie-tu profitably employed, than in the hands of the Govern meat; that the public dom sin t- the com mon proper.y of the citizens, from whom no more should bo taken or wittud l by tbo Gov-rnment, tlmt is necessary for its wants; un i that to them a sac- cesstol appeal may always na made, for whatever shall be needed in a just and wise administration of Government. I’ublic education nny lie considered with refer ence, 1. Tu tb® Univer-ity nn l tit® Col'.vg a; 2. To tho County Acmi. mies; 3. To the Common School*. Eachot these, elthoiigii purls of the same great whole, have distinct operations, nnd should have di>ti» ct provision mnde for them; nil of which, in the opinion of the undersigned, should, us has been before intimated, bo separated from, nnd indcpcn- d'»ni of the other financial concern* of the State. OK THE UNIVERSITY AND TIIE COLLE GES. The undersign'-d are required by tbo resolution to recommend an ampio ami efficient provi-ion for •hose grant agents in tlio cause of pub ic education. They ouvc s en wish regnir Dm <1 lUcultus which the»e in*utiuions have been couitrame«i to encoun ter, and Dm rr«trine«lviigrs® of innnictliie,t*i whirl, front »Mr limbed m>-ens they are obliged to con fine themsrlres. I'nqitcstiettiibly they have done- end ere doing much good, A certain d®|re* of In- strue.tion Its* by their instrtimsnulity Iwen rommo- nlrated lo many who would otherwise have been without it: a ml there nro those In your honorable hmty, who will |»rnr willing testimony to their mer its, whimfford i» tluMT own {wtsous aWwwUmI evi dence of Dm Imni'fil* w his?I* Dips® inslitmi«*li* have c nfernd upon Dm* St»te. The good which iIm.v have done, with menus thu* limited, i* on vainrst oftlm grader good w hich (It y would eceompdsh, if there mean* were ml irgi d. As nt present coie stilntnd, limy occupy nn inirrmsMliite station be tween a -cIiimiI or academy of Die higher order, and n college; pu*ses»ing some mi no* of instruction which tno nut generally to Ik* found in tho fmtiter, bm nt thu samn time without many which lrgl lmme- ly belong to tho latter. If the course of pub ic edie cntlnn in (ieorgin is, at the res duiioti contemplates, to keep pare with llm spirit of tho age, this state ol thing- cannot be permitted tocontinuo. Tho Stales of this confederacy, cn'cliing tlm spirit which is rtfu among the nations of tho ourtb, and imparting to it tut small portion of their own, are eugvtly engaged in tlm pursuit "f science, und in th" cultivation id tlio liberal and useful arts. They aro our neighbors, and h«vo hitb rm been our compunion*; but their march i« onward, and with increasing rapidity. We, too, must quicken imr exertions, or im convent to contempt ite their nd»unce, while we linger io tlio rear. It is do-irab.u that --ur youth should bo edu cated wi hie tho limit* of tho State. It is desirable thu' within tlio-o limits Di y should bo enahrod to receive u cuiirec* ef instruction as extended as cm Im obtuuivd in nny other Slate of Die Union. They should ii® thut qualified f«« Die guunUttnahip uf our tl mmstic coii' ui ns, uud fitted lo compete with the fmomiist, in tho councils id'Dio nation. Tliis is es- pectiilly true of ..ur State University. More than Iif y y.-ars luvo piuscd away since tho wiso and beneficent net which cr mod ritis institution, tveeiv ed the Logislntive sanction. Tlio spirit in which it was conceived, us well as the language iii which it wn-expre-sed, wore mike worthy ofn free nnd on- I gh'etmil penplu. It will cooqiure ndvaiitugeously widi the -iniiiarjlegislation of any nation of the world. But w lint did Its fmtnern cement plat el— Must certainly, u University, in it* proper sense— **u universal school,in whico aiu tuoght all branch es of learning,'' for Dm in-trucDon of our youth, within tb® limits of nor own State. Against tlio practice of sending thorn to other c mimics for their education, limy appealed to our nrido, when they urged it as too humiliating nn ac knowledgement of tlm ignorance, or inferiority of our own. They appealed tn oor p irioiism. when they s od, "It will always bo Dm cause of an great foreign nitachmonis, that upon principles of policy, it is imidtni.'isiide.” If they -ould huvo extended tlmir view to the present day, and looking to our -.peculiar iustilm■ mi-, have witnessed Dm ceaseless and in-itluoiis efforts which uro mudo to destroy tiiom, w-ou d tie y not have found nil additiuttal, un irre-istibic niot.v,-. to cheri-h that University, whose f-iundii i-utsthay were laying, to tnuk® it indeed Die •i'eniry Alma Matter—the nourishing inothor of our y.iinh? That such was tho viow of tlm Legislate e, in tlm adoption of tlm re-olutiou under tliis Commis sion hits been ninstituted, isobviou- from it* terms. ‘Flint tbo presun eiidowmeutof tbo Univcisity doe* not meet litis reqoiroment, is nbundiuiDy mattifest from the embiirrussoiL'ii's which crump its opera- (ions, limit tlm number of its professors, and cir- enm-criheiu usefulness. If your Honorable l». dy -h ill bedisp-rod to entry out the jit-i and liliciiil view* of yuur predecessor*, which Urn uudcisigie'd do not peunit tbouiselvesto doubt, it only reomins ftn them to suggest and ovruuntiy recommend the furtlmr endowin- rit nt tliui lustituiion, tin ier such provisions for the accountability of tlio trustees. u» may be dei'iiv d neross ity. it is a dtt't woich Die undersigned perform with oli'usure, to bring m Din no.ice of your honorable body, Du* claims of the other principal literary ui- sliluti-ui- existing iu toe State. Th ure import* nut ag -ms iu tin* grd'it tuisiii. ss of iu-irnciion, and caiinol be overlooked io muking pr>i\isiou for u hie ut'.il uud uiUcienl system of puh-ic "<1110(1110", They tire iiiilt- il f aoided by private endowment, but •li< y Imvo tbo ptililtu conli emciiiid sane:ion. und give promise nf much ttsefullnuss Tliough origiu-itirig wi h, umI chiefly susliuned by the particular reli- gwtti* tw duttoiis. under wlmac direction tl» y 1 upuciive y are, sriii tlmir cli iracler is not H Cturim Ad arc alike emulous in Die cause of virtue aud sci- e.'iciyuid will iillexen-ise u sidutaiy influenru intlieii promotion. Out) of tlmm 1 nguged in llm ciiitivn. timi of the futn.du mind, present* strong nnd pi cit- liar claims to Die liheiubiy of Die Legislate c. A system of pubbu udutMiion, widch should leave Diem iiaprovi.lud for, wuuld no' iii the view of Dm uailoisigned, cousi-t with the spirit <d'tlio lesoln- Don, oii-ler wh eh they are acting. Th y mko ieuvi*, the ofore, to suggest the propri-iy of an oiulo.v- nu'iit to tltc several callcge* of tho State, (iropor- Dom'd 10 the lioimty of Dm I.eg'Fluture to the Statu Uuivoivily. Thus Fustnumil by too Legislulure, tituii suci'ess will be cr tain. Their hallowed in- fliionci) will im lint by nlluruiind, and our University fee ing Di® general mtptt.se, nml {noli ing by her in ert' ist'ii ability, will o.ovate yet big tier hor own stand- aid of lit' iMry and scientificolltiiiiineiii. OFTHE L'OUiN'l Y ACADEMIES. Tbo County Ac ith-mie* have h en bereti fore iilmra ly emtovved, and may. in tiie opinion ofthe un dersigned, be s <fdy left hcrunl cr to Dm manage ment • f thou own trustees, without further appro- prirmii ihun n (iistrilmtion of tho present ncademiu i'n- d, in sneli propiiitii.iis es may Im just. For thin interm, dial" c<iis» of scliools, this provision is deem- • d adequate, as experiencu tuts proved that they ate capable of «e,f rapport, und tint riv>sw of u pr.- v.ilo louad.i ion, uro ordinarily most siiccuxnful. OF THE CUM.YIUN -SCHOOLS. We are next to consider Dial cIhsf, which i- low* e.-t in tlio scale uf literary emiaeiice, l ot by tin lho in.'s, impoiunit. Common School instilution moat; tinder uny form of government, exert a decided and controlling iiillu- nee upon the character ofu people. Mu»t of all, is il felt in a bee and popul <rgovern- •J-. ; *V>i muni, in which the ndmiaMtrn'ton will geimrally ho Wieit the people ure. An ignorant nnd vicious peo ple will .-ei'lunt cIioofO for Dm.o.-e|fe«eulightened and virtuous iegi-laiius and tuU*r-. And whet® nil utouliao free to -oce.vo ned to bestow offices triis: ntni hnn»r, it is obviously the direct and im- m dime mteiest ufi very citizen, that every otlici citizen should im eidigbleued and vir,units. This itttet'vat Utw perfectly equal, a* our political rights. It is u personal interest entirely independent of pro- p rty, mid resting upon tho relation which exists between the citizen mid thn government ofi i*choice; chn-eti b.'t aosr'b-hi ciib uiato.l for bis protection. To sustain tins interest, ult me equally bound to c-'iitribuie; the poor, no less than the rich. And fori unit' ely tier* is no one having the faculties uf Ins b aly and mind itnimpareil, who cannot, with percci c ise, coati 'bu»e un much us can be required to support n system of comm mi -olio .Is, quite ade quate to ; he insti union of nil the children ofthe Sstut®, wh«s® parents would bo di-p.<Kcd to send thi-rn there for instruction. There can surely be no citizen who justly e-Dmates the privileges which he enjoys under o free government, who will not lie willing to contribute bis equal portion for an uhj. ct cssomiaito thvir pro>ctvat.on. In this u.uit, r, no less than in the mcrci-e nf tlmir civil rights, should tho whnic body of ciri^ns stu d upon u perfm level, nono giving a- hj coiupul-ion. none receiving as in charity; but belli giving und receiving us free- moa .-tedious to advance their own individual intur- cnIn, and to promote the general weal. By Die Inst vlvctinn v« terns, th re were about sixty five tlnujMind votes ensr, nnd thi re are nt this time, probably, seventy five thousand male cit zons in Georgia, above the age of twenty one years, und under that of sixty. It each of these should pay a capitation lax of one dollar, it would raise n fund, which Would exceed more 1 linn fi-m limes the amount of the average sunt anmtuby pwiit for poor schools .luring the lust lira yens; n tend, which it is believed, would be ndoqoute to lit® requiremonts of tlm roMilutiun.—The uml-r-ig.iod. riiercfore, tak«> leave torecominemi simh n mx, the proce-d- ot which shall b<i nppr"pri:it<*d exnlu-fvejy to Die support of common scuunl-. mid tfiey urge us ren- *0 is for ad'pting it its tho means to provide a fund for tliis purpose: 1. Tint it is certain, and may at all times be safely relied on. 2. Tint it mny easily he kept separate from, mid umifft'Clcd by, any other fiu.iacinl uuucerus tif the Slate. 3. That it muy bonlwuy-exactly ndju.-tc<l ut tho public wants. 4. Tliui increasing wants, will in this modo of providing tor them, n way* benueuded by im reus ed ability to meet them. 5. That un ample fund mny be thu* raised from the wh»|e body of citiz-n-, without pro-sure upon any particular portion ol them, to be returned inline- diatelyback, not inchiritios, bin in public institu. thins, in which all classes lia'O an equul interest; in which all can participate without n feeling of humiliation, and by which ti e general good wilt be mo«t effectually promoted. Th" capital ion tax which it is thus proposed to asses*, i* 11. itself .m ill; but when tlm object to which it i* I-* be applied, 1* considered; when it i- , reposed; aud tuui ly. iwaiUltf •* |wr. of a system wl Ich iiropo*e* that die poor wbeherafo Wyond the sum of beedrs^ mv%m jslnllpeynoothertaz, It brromee* mm trifle ev^, r .un tlw poorest. Vet small w U is, the greM re* suit wilt Im an nnnuri fund, adiquete to sustain m system of common school instruction; «tt soeeiarccd 4 scale, that all may be taught who can, aed are willing to leant. Tw giv® rfficietwy to th®*® benevolent provisions, it only r* m*ln* to require, that the amount ao col- (cried, shall he unnumly d * rilmted In etnode, end tn pro|Nirtions, to Im ptvrerilNHl liv law; wlti'e tb® colhetinn of tlm tax muy Iw rendered certain, by roteting that no prison shall be pi'imltted to vote at h.,> election, in Die county, city, town or village of Id* residence, who shall not have paid it; wf which, tbo only evidence to be received, shall be the book of tin* Collector, or his receipt. Thu system which is rocumtnended to yourhonor- Hide body, a* adequate to the purposes i.f public education, embrace* three provisions, which may be thus luii fly reenpituiuted: 1. The endowment uf Dio University of Georgia, nnd uf tho other principal sominarie* uf learning, by fixed appropriations, os recommended in the Proe-ding part uf this report. 2. The distribution among the county academies, of tho present academic fund. 3. The ds-si's-mcntof nn annual cnpitnDontax, fur the purpos- of raising 11 fund fur the aupport of common schools. 1 ( Continued on 3d page.) The Miciiioan Elect ion.—An artlrln from on® ^ of the Detroit jniiniuis, quoted in th® Albany Argus, uttempts to n-A'gn the “confidenceofthe dcm'ocratic P'irty" ns 11 reason fur the lata result in Michigan. H"r** i- another from that sterling democratic print, Die BaltimoreKopuMicnn, much mure to the point: “We C'intiot say that wn very much regret this result; for if Dio Democratic party or those who pro le-* to bo such, ever deserved to ho defeated, those of Michigan hnve richly merited it.! The Senator in Congress should have been chosen last winter, and having u mujm ity in thu iMgi-dntw®, th® Democrats might hnve made the election; lint in consequence of suffering private preference, to Imvo more weight Limn the lilting uf thu place with n man of sound po litical -entinient*. and one who would support mea sures cnlrulated to promote tho best interests of tho country, they divided on account of tlio individual to bo selected, nnd suffered their session to terminate without making uchoice. Thecon-uqiience is that a whig will ho elected, and they will be all disappuint- ed. But this is hy no m<-nns the wt'M. The spirit of wild and extravagant speculation, which husbrought so much evil upon th® coteDiy, has not prevailed to n greater or more mischievous extent in uny Stnto in tho Union, perhaps thnn in Mieiiigan; nnd we tire compelled to confess with mortification, the lending und prominent men in Dm Democratic party, have been as deeply engaged in it nny other*. The Statu bus been covered over with banks, anti tlm paper that bus been issued by them, is among tin worst, if not tho very worst trash that can bo found in the country. While tiie party throughout tho country have been condemning and Illumining Die existence of this wild spirit of specu lation, nnd the blunted credit system, which whs producing an much mischief, they Imvo been covered overhead and ears in tlmm. They bear no ulfinity to tho Democratic party in other States of thu Union.except in name; und the course thoy have pursued bus Iweii n source of mortification and re- proncli to tho party elsewhere. Tlm precepts of tke party and their practice were cniirel) at variance ; nnd n« w® desire th'* success of the party nn account of it* principles, we enre nothing about tho defeat of Dios,, who, while they profess these principles, show by their conduct that thoy are unw illing to art in accordance with Dins® priucple*. Had they acted in accordniice with th® principles of tho party and given ti firm a-d vigorous support to its measure, wo should have f It 11 stronger desire f**r their success, ami have net n doubt but tliattlmirsuccpss would have hetm equal tw Dint which has nttemied Di® labors uf lit* pnityelsewhere. Slu.tiM their defeat Imvo tho Hfi'ei to convince them oft beirirn-r, nnd indue® them so fm to eh'inge their course, as to net with tho party elsewhere, it will Im n fortunate circumstance both to them nml uiImrs; and in liiut ensn they will, w e are well persuaded, <*11011 recover the ground they have lost. Then we can hail their success with joy and delight. Dm until such it change is wrought in them, wo -hall consider it n matter nfvery little coo- sequence whether Dm management of the affairs of the Htn'e i- in tlmir uunds or tlmso nf the whig*. If whig measure* are tolmpuisued.it is indued better Dint thi* wings should he in power; fur then tlm democratic party ol-owher® will tint have to hear the reproach to which thoy have hitherto been subjected un account of their improper and ruinous course." “WHIG” TACTICS-NEW YORK. The manner in which the “Whigs" managed tho electioneering gnme to ensure success in New York, nmy ho seen in the following article from the Albany Argus. It is us"Ip.s.< to comment oil niicIi conduc EJ* Ifit bo fair to infer from th® means put into requisition by n political party to secure or retain the asi'iMid' ncy, to wha: ends the power thus acquin il may bediroetnd, whitt must he the public estimation of Die character of ih" present state dynasty tutd Dta party which upheld* it, w hen facts like those given in the art ich* from the Solmnecindy Democnnt, coma before the public? Here is ncu*e of fraud upon tho ballot-box beyond nil doubt. There can lie no mlstukn in thi- matter. Upwards of one hundred electors in thv S ciuid Ward «f the city of SShencctmly, hove made unlit that they voted for thu demuratic candi date fur the assembly, nt the wnrd noli, nnd saw their votes deposited in the box:'And yet, upon the cunvnis, eighty-seven only of those votes cumoout of 1 lie box a* they were put into it! No wonder that circumstance* ao suspicious, to Niiy the least of them, as these, should have astound ed the good people ofScheiivciody, 'and led to the iiivesiigaiion w hich bus bronchi Die moiter so fur to the light. Wo trust thoy will mu rest until the affair is prelied to the bottom, and we cannot doubt that the respcctabln committee charged with the investi gation ofthe matter, will do their whole duty, and present the farts in the br)u.senfossembly,'with whom the responsihili y of n thorough examinaiion end final deci-hm, of cuurs® rests. “nirdVof a feather,"&c. We do nut like to set our " Whig” friends Tailing mil. Wu take the following Horn the Columbus. Enquirer belabouring its brother “Whig.” One of the Millcdgeville Correspondents writes*. Dint no editors w«ro elrcto.l to the Legislature. Con it be possible thut ho Ims overlooked the editor of that able journul, the Sundersvill® Advocate, who, hi hi* anxiety to allow tho world thut ho had read ‘Chevely.’cnmo down upon us like ‘a duck (goose would perhaps bo mure appropriate) up a jun® bug’ in tlm following article, which we suppose is very witty, but fununutnly (like mnztof the member* when its onthai made bis bank speech,) cannot sea the point of hisremnrk*. Will he enlighten us? “VAUSTLY" IMPORTANT. The Editor of the Southern Whig informs his rra- d*T- that Di® Regiment in Clark county was reviewed byC"l. Taylor, and inspected by Gen. Newnnn. Stteh editorials ore creditable to the editor’s “head and hurt." Why did lie not nlso inform us, That in rainy weather thesireeti are muddy, But thn: in Hiy thoy are very dusty. In August the people are hot, But iu December they are not, Tho editor of the Springfield, (Mass.) Gazette, a^. Whig paper, thus good humorcdly notices tho late- election for Governor, &c , in this State: “ Wo hope our renders will excuse the lack of; news or editorial matter in our paper this week. ' } Tho factis wu got rowed so for up Sail River on. Mond ay by the Loco Foco party, that we have not. been able to gut back to attend to our paper.” The <muic piper contains tlm following : N Fon Salt River.—Thn splendid 5firj5Se53Tr£» Stoam-r “ Musduchusct's” will leave lor Salt River this morning. All tho Whigs ■>f ifo Uid Bay Slut® who wish tn i&ko pass*ge,ure required tobeou b<<ard as earlyn« possible, as there is a pr> sped of a full freight. Passage free, nnd every accommodation that the nature of tho caso will uDow. Ad hand* ab<n.rd. Aw Estate ur Search ok ax Owner.—A young man by tlio numo of John Co eman. who is a seaman on board some vudsul sailing between tliis country und England, ha* lately h emno entitled, by tho death of a relative, to considerable property in Eu- glnnd. It is not know n where he is at present. He i- about 2b* years old, nnd has a hare lip. Refer ence, Francis B, Ogden Liverpool democracy. Thn Concord (Mu—.) Fieemnn says,—“CON CORD LEXINGTON, nnd BUNKER HILL,” the scene* of tue earliest struggle uf Die Revolution, are now all throe on the side of political right, and Umg may thoy bo found side by >ida in the coramua 4uu«e. Tbo New York Signal states that Mr. Forrest ha* purchased a magnificent mansion, with exten- dive «rounds, in T*eniy'*.x.»i,d »Uvet, to which ho is now removing his family.