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H. £IXi!iXS & CO., Proprietors. Volume XVIII. COLI HBH, Tl KMtAI. XOVEMBKR S. IKS'*. The Staton. Summer has passed with its dust find heat and we are fast bordering onto old winter. The sighing wiud no longer produces a grateful, eooling sensa tion, but is invigorating and will soon become chilling in its effects. These are the saddest days of the year. The sun hides itself beneath hafcy clouds—the trees are loosing leaf by leaf thoir graceful foliage and all nature is being robbed of its holiday’ ay pearanec. While the winter is looked forward to W ith’ vis ions of gayety stud eosji, comfortable fireside en joyments at home by many ; there are those who dread its approach as a season of destitution and distress. Thtfn, in Uje midst of our own coip-fyrt and happiness, let Christian charity and benevo lence work deep into pur heari.-. and let there be no Invites of wealth and pride to pass by unheed ed the erics of suffering humanity. The Fair at Klchmond, Va., a Failure. ‘•lt is a fact whieh cannot be denied,” says the Richmond South of Wednesday lat, 4< that the grand National Fair now in progress i* a In men ta ble and unmitigated failure. The exhibit ion of machinery-and stock nrinferiftr te any previously ma.le in this city. Melancholy looking people wander about the desolate grounds, with fin es which indicate any thing but approbation. In con sideration of the sum of fifty cents, the curious arc allowed to enjoy the luxury of inhaling an atmosphere laden with dust, and to exerciae their ingenuity in finding objects to examine. 1 hisex orbitant charge,'<f which \re have already spofecn in terms of just reprobation, has operated to the exdiudon of many who vv*wbl have virited the grounds had tin* admittance fee been at its former standard. Rut. while it has injures! the National Fair, it has lienefitted large class of the commu nity who are entitled to congratulation on the re sult. Very many have absented tbentselves on this account, and by *o doing have eeonoiWKNl time, money and comfort, to say nothing of hav ing avoided a bore of the first magnitude. The amiable visage of BarnnmMs ahnu* wanting nrttve gate-way to give the hist touch to the affaiv. I? it not possible to secure the services of that pater famitias of the humbug generation? or, if it be too late for his actual, bodily presence to Ik* obtained, cannot an effigy of the great thimble-rigger, be erec ted Over the main entrance? It only lacks this last embellishment, and we “respectfully submit \ that the omission should ut once be supplied. Run. Joint 11. f mirrwood. The Afhui ta fyelliy'uccr of the 30 th uL.. upon the ui‘ an intimate friend ol tile above named gentleman, contradicts the rumor ot his in tention to resign the speaker’s Chair at the ap proaching session of our Legislature. As the name of Hon. John Mi Hedge, ot Augusta, has been repeatedly mentioned in connexion with the con templated vacancy, that gentleman has enjoyed a fair opportunity to ascertain.Jthe regard in which, j he is held by the Democratic press. Mr. Breckinridge's Letter. Iu another column, we give the letter of Mr. Breckinridge to the Illinois Committee in relation j to the re-election bf Mr. Douglas. It is cautiously J worded and only prefers the election of Hr* Doug- j las to a Republican. JSir“A western publisher gave notice that he | intended to spetfd fifty dollars for the purpose of getting up anew head for the paper. Next day ouo of his subscribers sent him the following note: j -Don't do it. Better keep the money and buy a j ‘new head’ for the editor,” The Richmond Enquirer, comes to us much en- j larged and improved in its general appearance. . The Enquirer is now in the 54th year of its exis- ■ tence. ‘ Mr. Walsh, in one of his late letters to the Jour- ! nal of Commerce, says: “We may suppose the j Moslem pilgrimage to Mecca and Medina to be a : prodigious physical as well as moral'nuisance. 01 ! the 200,000 devotees of the present yea*, a third at ‘ least have perished by maladies, not epidemic, but : simply incident to their observances and modes of j living during their sojourn in the holy cities. The ; appearance of such of the survivors as returned by Egypt is described in letters from Alexandria as wretched in the extreme.” Wm. F. S4MF*OJRI>. —The Enquirer j contains the able letter of the lion. Wm. F. Sam- i ford of Alabama to Him. Henry W. Hilliard. It j is the best argument wo have ever read m favor of re-opening the African Slave Trade* Our views on this subject differ with the writer’s, but we cannot withhold an expression of our admira tion at the ability with which he discusses - the question. * Death- op a IV S. Officer. —The Charleston papers record the death of Geo. S. \X heeler, of the D. S. Revenue Service, cutter Wm. Aiken, in > that city, Tuesday last. Lieut. ML was a native | of Pennsylvania, and was attached to the late j Japan Expedition. Chess— Morphy and Staunton. —A letter has been published from Mr. Morphy to Mr. Staunton, iu which the young American repeats hisehallenge to the English champion. “ Permit me.” he says —anticipating certain objections—V* to repeat what I have invariably declared in every chess community I have hail the honor ot entering, that I am not a professional player—that I never wished to make any skill I possess the means ol pe cuniary advancement—and that my earnest desire is never to play for any stake but honor. My friends in New Orleans, however, subscribed a certain sum, without any countenance from me, and that sum has been ready for you to meet a con siderable time past. Since my arrival in Paris I have been assured by numberous gentlemen that the value of those stakes can he immediately in creased to any amount: but, for myself personal - ly, reputation is the only incentive J recognize.— The matter of seconds cannot, certainly, offer any difficulty, r had the pleasure of being first received in London by the St. George’s Chess Club, of which you are so distinguished a member; and of those gentlemen ! request the honor of appoint ing my second, to whom I give full authority in settling all preliminaries.” The Washington correspondent at’ U*e New York Herald says that the Hon. John E. Ward will probably be offered the Mission to China, which is now vacant. It is easy enough to prove anything when you have, willing witnesses. An advocate in Balti more recently opened for the defence by stating. *• Wc expect to prove, may it please the Court, that our client was not present wheif the murder-was committed, but was in a distant part of the city. If the prosecution proves his presence, wc shaft prove that the deed was done in self-defence and after gross provocation.” That defence should be sufficient. 1 After a marriage ceremony had been per formed in one of the churches in Alrien, Michi gan, the bride, when receiving the congratulations of her friends, shed tears, according to tfhe-estab lished ridiculous custom; at sight of which the groom followed suit with a copious shower of the briny fluid. After his friends succeeded in calm ing him, he said he couldn't help it, for he felt as bad about it m ht did* © v “ , WaSHinotom, Oct. 27, 1858. There is no d6ubt but that- Admiral Kellett has instructions from the British government to pre vent filibustering expeditions into Central Ameri ca. The indications are that the President will shortly issue a proclamation with a view to prevent the yidtalion of die neutrality laws. The Secretary of “War Ims received a despatch from Gen. Twiggs, confirming the heretofore pub lished accounts of afigbt with the Indians in Tex as. and will take immediate measures for increas ing the militity force in that State. The California mails via Tehuantepec were to have left New Orleans to-day. The com pan}’ ex pect’ to deliver them in San Francisco in sixteen • lays. The General Superintendent of the Pacific ‘wagon roads says the entire road from El Paso to Fort Yuma has been greatly improved and short ened during the postseason ; that the road through Nebraska is probably completed, and that the Fort j Kearney. South Pass and Honey Lake road is fin ished from the South Pass to City Rooks. Correspondence of the Baltimore Sun. Washington,-Oct. 27. —The despatch from Wnshingtonconeerning cabinet changes, Ac., is utterly without foundation. No change is in con templation. Neither is it true that Mr. Clay has been recall**?! from Peru. Some other Washington rumors sent through by agents and correspondents ower tire telegraph wires of late, ure also erroneous. The President’s views and intentions on the subject of the tariff, the Pacific Railroad, and Mexico, Central Ameri ca, Ac., are not to he looked for in the daily “des pat dies” from this city. The British government hiss given formal notice to.the United States government that they will in- j terfero to prevent any further filibustering enter- j prises, front the United States upon Nicaragua, C'oi-ta Rica or any of the Central America States. I This is no empty .declaration, but u positive and j grave determination. To enforce it, the British j government are about to send a strong fiect to thp i port of Greytown, and alsoto San Juan del Bur. \ It is probable that some enterprises, of a character j similar to that imputed to General Walker, are on j foot,in regard to Nicaragua. Some mysterious i movements from New York in the direction of I Nicaragua can only be accounted for on this suik position; and hence the interference of Great Britan at this time. lon. The Indian War in Oregon- Bailie n! Four Lake* anu Defeat of (lit- Savage*, We. St. Louis, Oct. 27, 1858. The overland mail, which arrived last night, brought letters to October 1, but no San Francisco papers. The Los Angeles 1 t unyard, of the 2d iust. is, hand. It contains an account of a battle at Four Lakes, Oregon, on the Ist of Sept., between three hundred troops, under Col. Wright, uudfive hundred Indiana, iu which the Indians were completely routed, with t.lie loss of seventeen killed’and many wounded. The troops sustained i no loss whatever. The Oregon Si ale Legislature met at Salem on the iJth of September, and adjourned sine die, thus giviiig up the Siate organization until the regular admission of Oregon into the Union by Delasou Smith and L. F. Grover, who have been elected to represent the State in the United States Senate, were about leaving Portland for Washing ton. Several at tempts had been made to set fire to Holland. There is no California news of interest iu the Los Angeles paper. The Minnesota Election. Chicago, Oct. 27, 1858. | Tile Ft. Paul (Minnesota) Pioneer, of the 25th j iust., states that definite returns from every part of the State, excepting-one district, indicate that I the Legislature will stand thus :—House, deuio j crats. thirty-nine: republicans, forty. Senate, re ! publicans, fifteen ; democrats, twenty-one. California Flection. Official returns of the California election, held Sept. 7th. areas follows : | The entire vote cast for Judge of Sup. Ct. 80,797 | For A, 0. Baldwin idem.) .... 44,597 For J. Curry (anti-Leeomp. and rep.) 86,200 : Majority for Baldwin 8,397 j The entire vote east for Comptroller 79,518 | For A. R. Molongy 44.280 j For 1. 11. Daw ley- 27.761 ; For L. C. Gunn. 7,477 Majority for Moloney over Dawley . 10,519 i Majority for Melonev over Gunn. . 5C,80.3 j Majority for Meloney over both . . 9.042 j From the counties of Colusa. Marin. Placer, j San Bernardino, San Diego* Tulare ami \ 010, no i returns have been made to the office of Secretary ! of State, of the votes cast for Members of Con \ gross, owing it is presumed, to the refusal of the i Boards of Canvassers of these counties to recog j nize the legality thereof. This vote, however, is, | with the exception of that east in Placer .and Yolo, I unimportant : and in order to arrive at an approxi- I nifttion of the entire vote of the State for Mem- I bers of Coygrea#, we hero include the returns of those counties for Comptroller ( Dawley and G unn:) The votecofltforJ. C; McKibben, as per table 32,098 The vote cast for Dawley in Coun ties not returned 1,877 j Total for J. C. McKibben 33,975 j The vote east for Tracy 9,381 1 The vote cast for Gunn in Coun ties not returned 420 9,801 Majority for McKibben over Tracy. 21,174 The entire vote cast for President in 1856 110,223 The entire vote cast for Governor in 1857. 93,363 The entire vote cast for Judge of the Su preme Court in 1858 80,797 The Niearauga Question—A War Cloud. It will be seen by extracts which we give else where Irani the French and English journals, that j a strong feeling of excitement has been awakened j in France and England by informrtion received there, to the effect that the United States had sent i vessels of war to the waters of Nicarauga, to eo | eree the government of that republic into a refusal | to ratify the contract made with Mr. Felix Belly j tor the opening of an interoceanic ship canal. — That intelligence was also aggravated by a report of anew filliHtistoring expedition being fitted out by Walker against the Slates of Central America. While entire faith scorns not to have been given to this intelligence, the papers, nevertheless, improve the occasion to read lectures to the United States upon its national characteristic of annexation, and to notify us that we need not take any open or se cret means to possess ourselves of the Isthmus of Nicaragua, inasmuch as the maritime nations of Europe* would not for a moment tolerate such an assumption on our part. In connection with this subject we also find in the French papers translations of the letters that missed between our Minister, Mr. Lamar, and the Nicaraguan Minister of Foreign Affairs, in relation to the Belly contract. We give translations of these documents. In the reply of Senor Cortez. the Nicaraguan Minister, it is declared that that government regards as null and void the two con tracts made with American citizens for opening the Isthmus route, and that the mission of Gen. Jerez to Washington was to cause the principle of justice to prevail with our government. We are likewise informed that Mr. Lamar has demanded from Nicaragua the sum of six millions of dollars, As indemnification for loss of American lives and property during the fillihusier war: that he has formulated against Cpsta Rica a further de mand of two millions on the like ground, and that he purpose? making similar demands upon Salva- dor and G uatomula. Ifrherc be truth in these statements and mean ing in these threats,the sooner we brush up our mil itary and naval resources the better. We must either withdraw *ur pretensions or prepawe to sus tain them.—A. 1. Herald. Central American Affair*. Washington, Oct. 30.—Private intelligence re ceived here states that <lcn. Lamar has succeeded in getting suitable acknowledgements from Costa Rica* in relation to ‘vexed questions which have been pending. The steamers which were destined for Lake Ni caragua have gone up the ri\ er unmolested. Washington, Oct. 30. —The usual proclama tion of thf President against filibusters will be promptly issued. Marcz presented an apology to Cass from Martinez for offensive allegations against the Union, in the date manifesto. Our government have no controversy with I’ ranee in re lation to Central America, but in relation to Eng land, that subject is of a delicate nature. The Kentucky and Indiana Imbroglio. Lorisviu.*, Oct. 30.—. The difficulty growing THK UNION OF THE STATES, AND THE SOVEREIGNTY OF THE STATES. out of the arrest of Horace Bell, at New Albany, Ind., has beeifinnicably settled, by the assurance on the part wl'jhe Bradenbergers, that Bell could j be released on bail. Nicaragua—Gen. Lamar. The French and Engßsh papers have been dis cussing, iu a tone not very friendly or complimen tary to this country, the present state of our re lations with Nicaragua. The Paris Presse of the 7h October says— We received yesterday, under the soul of the Consulate General of Nicaragua, a document pre senting a rough view of the facts that have just transpired in Nicaragua. We think it our duty to publish the text of the correspondence which took place between Mr. Mira beau Lamar, United States j Minister and General Martinez. These tw o docu ments have been sent to Paris by the governments of Nicaragua and of Costa Rica. They demon strate that the pretensions attributed to Mr. La mar are far from buviug the violent and imperative character which the London correspondence at tributed to them. Still that does not prevent us from considering that these pretensions deserve in ail respects, the attention and surveillance of European governments, which ought no longer to lose sight of the extra diplomatic projects of the American filibusters. The Pres-;e then publishes the following corres pondence: The United States Minister to the Xucaraguun Vi ulster of Foreign Affairs. Uxitej* States Legation, Managua, j August 11. 1858. [ ’ To His Excellency the Minister of Foreign Affairs | of the Republic of Nicaragua: Sir —Assuming that’the annexed “publication j made by the New York Herald of the 18th June , last is llie true and authentic copy of a contract concluded between Nicaragua and Mr. Felix Bel- I !y, 1 must inform you that any public or private ! arrangement of your government with that gen ! tieman will not be recognised or assented to, so far j us it contravenes the just rights which American i citizens have acquired iu this country, and that the liberal policy flowing from the treaty of Nov ember last, in respect to the transit across the Isth mus. will be constantly sustained. The interests of Nicaragua, as well as those of all commercial nations, evidently demand the maintenance of that policy. As to the measures that my government may deem it proper to take in this matter, 1 can not say. The contract of Mr. Belly is followed by a docu ment sigyed hv President Mora, of Costa Iticu, anil President Martinez, of Nicaragua, who appeal to the European Powers against the United States of America. 1 regret (“admit,” in the French translation) that these two chief magistrates should have seen fit to perform an act of distrust towards my government, and towards its agents in this country. But the gratuitous recriminations contained iu that document, and the degree of at tention to their insolent character, are matters for the consideration of my government, not for mine. I have the honor to be vour verv obedient serv’t Ml U A BEAU LAMAR. The Xiearaynan Minister if Foreign Affairs to Mr. Lamar. National Palace. Managua, 1 October i2, 1858. j The Minister of Foreign Affairs of Nicaragua to Hi? Excellency Mr. Mirabeati Lamar, Resident Minister of the United States to Nicarguu: Mr. Minister—-llis Excellency the General Pre sident of the republic has taken note of the senti ment* expressed in your communication of the 11th iust., and im? directed me to answer you in the following terms: The principle of the policy of Nicaragua, inter nal a* well as external, is justice; and that justice my government Stipulates for all, desires for all and requires for the people whose destinies arc* confided to it. Consequently, it cannot in any way alienate the exercise of its rights. On the contrary, it is determined to maintain inviolably those right* that belong to the republic, with ail the dignity that it possesses, and with all the means at its disposal! From this his Excellency the United States Minister ought to conclude that my government has never then git t and does not think to-day of interfering with the rights of the citizens of North America, whose republic is at peace with ours: and to give him a pledge of the good relations which ought to subsist between these two republics, I must inform him that the treaties made with his countrymen in'reference to the transit ure null and void—that of .Stebins, because the transit has not been opened within the time stipulated, the company being notorious ly unable to fulfil its engagements. And as that company has raised some litigious questions, my government has sent General Jerez to Washing ton that he may there obtain the triumph of that principle of justice from which my government has never departed. I have the honor to be your Excellency’s verv humble servant. ROSA LI 0 CORTEZ, Minister of Foreign A Hairs of Nicaragua. From Costa Klca. We have the Cronica de Costa Rica to Sept. 25. The National Congress was in session, and the pa per? are filled with the usual annual documents. The report of the Minister of the Treasury, Ac., states that the revenue last year amounted to $506,- 010, besides a forced loan of $49,212, which is a falling off of $212,227 from the revenue of 1856. The national debt now amounts to $300,000. Com plete peace has reigned ?inec the expulsion of the filibuster?. The Minister says that thus far, the revenue of ISSS shows an improvement. The ar my has been put upon a very firm footing in ex pectation of another filibuster invasion ; and a de cree has been approved declaring, that all future invaders shall be treated a? pirates, i. e., shot as soon as caught. The Minister of Foreign Rela tions pays a high eulogium to Com. Paulding, and says that the relations of the United States are sat isfactory. A contract ha>* been made with a French company to lay a submarine cable. The contract was signed Aug. 6, the day after the land ing at Trinity Bay. There had been recently many audacious rob beries in Costa Rica. Gen. Mirabcau B. Lamar, the American Minis ter. was formally received by tlie President of Cos ta Rica on the 13th Sept. The Cronica says eve ry facility will be given to him to treat if he so de sires. Herr Roodenbek, the Belgian Minister to Cen tral America, hail concluded a treaty of commerce, friendship. Ac., which was immediately ratified by Congress. Senor Zambrano, the Spanish Minister, had com menced negotiations for a treaty ; but it being con sidered desirable to negotiate a common treaty be tween Spain and the Central American Union, Senor Zambrano had retired to Madrid, whither perhaps plenipotentiaries would be sent from all the States. Punta Arenas had, by decree, been raised to the dignity of a city. In order to promote the Union of the Central American States under one government, the Costa Rican Congress had authorized President Mora to agree to a uniform system of currency, weights, measures, <fcc., and to adopt a uniform tariff for toll and other systems. Nn iiiAoi a.—We have El Nacional dc Leon to Sept. 18. The fifteenth of September, a general national holiday, was celebrated with much spirit. The new Constitution had been adopted with many rejoicings. The National Assembly’ had authorized Presi dent Martinez to take steps to perfect the Central American Union. The Ministry bad been reconstructed as follows: Foreign Affairs: I>. Pedro Zcladon. Treasury: Dr. D. Jesus de la lloclia. Government and War: D. Eduardo Castillo. The Fair. —The exhibitors at the Fair Grounds were busily engaged yesterday in arjjpnging their articles so as they can present the best possible ap pearance. Stock was being received all day. Ev erything will be in readiness for exhibition to-day, and we will endeavor to give a description of the exhibition in to-morrow’s Advertiser. The 12 o’clock train yesterday brought about- four hun dred visitors to town. The hotels and private boarding houses ‘are filling rapidly. Everything betokens a “stirring” week—provided the weather is favorable. At this writing, however, (5 p. m.) it betokens rain. We hope the “ signs” will fail in this regard.— Monty. Advcrtfocr . Good Sale or Negroes.—The Greensboro (Ala.) Beacon, says: Mr. John B. Williams, agent, sold a few days ago. to Mr. Gideon E. Nelson, a lot of twenty four negroes for $26,500 cash. The lot consisted of one man and his wife and two children, and 10 boys and 10 girls—the ages of the boys and girls ranging from 12 to 20. The age of the man about 22 years. One of the children is 9 years old, the other 4 months. TJeath > Hon. Robert RANtouL.— Hon. Robert Rautoul died at his residence, in Bevarly, Massachusetts, on Sunday, after a byief iUness, iu tht 80th year of hi* COLUMBUS, GEORGIA, MONDAY, NOVEMBER 8, 1858. COLUMBUS, WEDNESDAY. NOVEMBER 3, Is,>B. Texas. A correspondent of the Journal of Commerce estimates that, by the census of 1860, Texas will be found t.o have a population closely approxima ting one million. By the same authority we arc informed that the people of that flourishing com mon wealth are all astir with extensive projects of internal improvement, and that within a very few years, the facilities for transportation and inter course w ill be possessed by her in an equal degree with many of her older sisters. She has caught, too. a full share of that spirit which, more tlmir any other, is destined to distinguish American civ ilization. in the latter half of the nineteenth centu ry, from all the civilizations which have risen and flourished in the ages which are passed—that of providing instruction for the masses. She has laid ‘the foundation for a State University on ;i large scale. She has, already,Three denomina tional colleges in flourishing operation, and her fund of public instruction is nearly adequate to paying the tuition of every poor child in the State. Wu rejoice in these flattering indications of her future prosperity. With an extensive Gulf coast —with rivers and railroads running thence into the interior of the country, affording appropriate means of exit for her productions to the markets of the world, —with an immense area of soil of inex haustible fertility, which, iu conjunction with her climate, presents conditions more advantageous for.the joint production of the cotton and cereal crops than arc possessed by any portion of the earth's surface, —with a population, hardy', adven turous. brave, enlightened, we regard her present progress and her future growth with intense in terest. The relation which, by reason of her rap id development, she is destined soon to sustain to the institution of slavery, renders her an object of especial regard to the Southern people. In the articles of annexation, by which she became a member of the confederacy, it was stipulated that new States might be formed out of her territory to the number of four, whenever, from the census re turns, it should be ascertained that the population of each entitled it to a representation in Congress, in all probability we shall soon have an opportuni ty of putting the sincerity of this pledge to a prac tical test. In 1850, the great Webster declared tha t such was the contract,and that he was prepared to adhere to it. Abolitionism, however, has achieved many triumphs and made much perma nent advancement since his day, and unless the experience of the recent past be a deceptive guide to reason, we may confidently look for a repudia tion of it by- the northern people. The new States thus to be formed and admitted will naturally and necessarily adopt the domestic polity and institu tions of the South. If, as Mr. Webster affirmed, slavery had been originally and perpetually ex cluded from California by a decree of the Almighty; if he could interpret the Divine Mind from the ge- j ological formation of that country, and could de duce the fiat of abolition from her mountain snows, her deserts and her book of stone, with how much more confidence can we adopt the conclusion that } the same Supreme Authority has dedicated the torn- ! penile climate, the rich prairies, and the broad | and fertile savannahs of Texas to the empire*of slavery. Whatever use she may make of her po sition, Texas undoubtedly holds in undeveloped and embryonic existence the balance of power be tween the abolition and slave interests. Her rapid growth gives promise of the speedy trial of the question whether another slave State shall ever be admitted into the Union. If an affirmative decis ion be pronounced, the South may yet regain her lost strength in the national Legislature. If a ‘ negative response be given, perhaps, as an alter nate to utter degradation, the South may do something. English Interference In Nicaragua. In our article on the “Monroe Doctrine” (says the Philadelphia we urged the im perative necessity of our Government adopting and applying this principle to the letter and spirit with reference to the constant interference of France and England in the affairs of Central Amer icq. That such interference is being practised is no longer a matter of doubt, nor con the motives which prompt it be longer concealed. The Wash ington States of the 27th, lias an article on this subject, which affords the following important in formation as to the doings of Great Britain in Cen tral America. The States says; We understand the State Department has receiv es! official information that the British Government will interfere with any emigration movement made not only on the part of Americans towards Cen tral America, but any attempt to colonize that re gion. The British squadron has been ordered from the West Indies to the Central American coast, and Sir William Gore Oueley will start iu a few days for the same scene of action. #***** If we allow any foreign influence or self-ap pointed foreign protectorate, on any portion of this North American continent, much more that Isthmus which is to be the highway of the world, do we not outrage the Monroe doctrine, whieh has been accepted as one of the most important arti cles of Democratic faith ? This Monroe doctrine has been echoed and re-echoed time and again in Democratic resolutions, from one end of the land to the other, as embodying the best and most con servative doctrine bv which the dignity of the na tion can be preserved. Now is the time to act on it. *?***s***- Experience shows us that the more we delay in this matter the more danger do we carelessly sur round it with. Let the South—let the North take hold of the subject, grapple with it, and not let it go until they have shaken the very life out of the shams, pretexts, and dodgeries by which the Eng lish and French are* seeking to hold Central Amer ica. What will those who are clamoring against an American protectorate over Mexico and the Cen tral American States say to such a protectorate as that indicated by the States, will be likely to result from British interference in the Isthmus States ? American emigration is to be prohibited by British guns, and all attempts to quietly and legitimately colonize any portion of Central America, will meet with the active and hostile prohibition of this for eign protectorate. To the maturing of this plau, Sir Wm. Gore Ousley has been devoting his time iu this country: and now. when all ready, ho departs for the scene of action, clothed with full power to interfere with the affairs of Central Amer ica in the way most damaging to the interests of the United States in that quarter of the New World. Is this not a ease for the prompt and decided application of the Monroe doctrine ? It certainly is, if England is to be thwarted in her designs upon the ]>eeoe aud prosperity of this Nation. We hare said that no such interference should be tolerated. Let this position be kept at all hazards, and the country will respond with an unanimity that will silenee all croaking upon the subject. England must be checked in her designs upon the Central American States, aud this can only be done by ap plying the Monroe doctrine. Will that be done ? Walker and Nicaragua Affairs. Washington City, Oct. 27.—Gen. Wm. Wal ker’s movementsisjattracting serious diplomatic [at tention here. It is well known that he is well sup plied with money and men: and it is equally well known that officers in the British West India Squadron have emphatic orders to intercept all filbustcr movements or expeditions against Cen tral America. It is feared that in case Gen. Walker attempts to laud any forces in Nicaragua he will be repul sed by the British cruisers; and international ques tions will then* arise between England and the United State*. Cotton Bales.—On a visit to the Cotton Press- j os, Saturday, (says the Savannah RepuLliean,) j we could but remark the inconvenience, danger j and loss of time incurred by securing cotton bales with hoop iron. It is more difficult to unloose than rope; a hatchet is used to knock it loose and the sparks occasionally fly off iu such profusion that an iff flam able material like cotton is in great danger of igniting. After the hoops are taken off they are of very trifling value anil the owner of the cotton is charged 48 cents for new ropes. This must operate materially I against the introduction of hoop iron for baling, i and without these difficulties can be overcome we j see uo other result but a return to the old plan of I roping. If the bales were packed in the same j screw, and all the same size, a serious obstacle would be avoided, as the iron could then be cut in proper lengths, and the claps placed readily upon one end; but as at present, a bale of four hundred pounds follows into the Press one of six hundred pounds, or vice versa, and everything has to stop, and ten or twelve hands be kept wai ting until the iron is clipped to the right length.— After the pressure is removed, and the strain comes on the iron, there is great danger in stand ing near, as it is frequently weak and flies apart with such violence as would cause serious injury to any one that may be within reach. Thismay | appear incredible, but when doubters reflect that the bale is reduced by the Press to one half the | bulk given to it by the planter, it will not appear so vfcry unreasonable. We noticed at. one Press | that galvanized wire had been used, but hardly i to any extent sufficient to test it. Sydney Smith on Sunday Observances.—The eccentric and sutyrical Sydney Smith was never charged with being “unco-righteous.” Hut there are veins of deep and noble luought in his papers, which it were well ii'some who are quite ready to command hi- wit and laxity of opinion on a few subjects would resort to. Take the following im pressive utterance as to the value and importance of the Sabbath : ” 1 must suspect the virtue and suspect the reli gion of that man who imagines he can attaiu-the quality or the excellence, without submitting to the rule? and practices by which the excellence I ami the quality are found to be attained—who be lieves he can be a good Christian without Sab baths and without prayer, and reach the end with- ; out submitting to the means: and means, remem ber, not only sanctioned by the experience of men, j but emanating from the will of God, reduced to a ! positive commandment, —one of the laws of the , pillar on which all Christian nations have found- : cd their religious usages : and if we did not under- I stand the reason of the law, what matter, if it is j the law ? But who does not feel the reason of the ; law ? Who would hesitate one moment for an 1 answer, if I were to ask him why the Sabbath was j instituted? To stop that thoughtless, oblivious i creature, man, in his headlong pursuit of pleasure \ and of wealth to tell him that his soul is immortal, j that Christ came down upon earth for his redemp- j lion, that the heavens above are spread out to re- j ccive him : to stop him when he is acquiring, and i lo tell him to look into his own soul ; to stop him 1 when he is enjoying, and to warn him of iris salva tion ; to suspend his contracts, to arrest his j schemes, to calm his emotions, to quell his ha- j treds. to burst into his soul with the splendor of j God’s truth; aud while he is making paltry ac- j quisitions and panting after foolish pleasures, to 1 open to him the heavens and to show him the j throne of God, aud to open to him the earth and ! to show him the depths of hell, and to broach to him temperance, and righteousness, and judgment ! to come. ’ False Packing—Claims on Factors. The New Orleans Crescent , of the 27th nit.. We alluded last week to the talk of false pack- ! ing nil pi airing of cotton. We bear of many com- j plaints and many remarks that the swindlingand t cheating is becoming a system. It is time that it j should be checked. W give below an extract of! a letter from the executive officer of the Merrimae Manufacturing Company, one of the largest ami best associations in New England. The letter and complaint come through a resident house here of the first character and respectability. From what we learn, the invoice of cotton which turned out these nineteen bales was purchased from five or six different factors. There is no question but what these parties are in honor bound to make good the deficiency. It becomes the duty of every factor to promptly meet this question, pay the re clamation. and kick the swindling planters who committed the frauds. Though the direct question of false packing and fraud cannot be brought di rectly home yet, where it can be proven that a buyer has suffered, a factor is bound to make the loss good, though he could not be com]wiled by law. Law is one thing, justice and good faith another, By reference to our financial column of yester day morning, a decision given by the Chamber of Commerce of this city, so long as twenty years since, establises the correctness of the views in which we indulge. MoreovcP, it behooves every factor to nse his influence to check the infamous system of plaiting at its threshold: We have suffered much from false packing by sand and water this last season, quite beyond any former experience, also by plaiting cotton in a most unusual and extraordinary degree. I suspect foul play ot the presses. However that may be, there is enough to show that unusual attention is neces sary in sampling : for although water in the mid dle may be difficult to ascertain, sand carefully sifted in, and poor cotton, with a thin cover of ex cellent quality outside, must certainly be discover ed by a drawing of samples when one is forewarn ed. You may be sure Ido not say too much of these frauds, the evil is mostserious and is rapidly on the increase i our waste is constantly increasing j and will be especially large this year. I hear the | same complaints in all quarters. If you can de-J tect any frauds, I should wish the most stringent , example to be made of the offender, at all cost, on m}* account. The Vice-President for Douglas. mr. Breckinridge’s letter. •Versailles, Ivy., Oct. 4, 1858. Dear Sir —l received this morning your letters of the 28th and 29th ult., written as chairman of ; the Democratic State committee of Illinois, also j one from Mr. \\ Hickox, who informs me that he j is a member of the same committee. My absence j from home will account for the delay of this an- j swer. In these letters it is said that I am reported to ! have expressed a desire that Mr. Douglas shall de- | feat Mr. Lincoln in their politest for a seat in the Senate of the United States, and a willingness to j visit Illinois and make public speeches in aid of such result: and.if these reports are true. Jam i invited to deliver addresses at certain points in the < State. The rumor of my readiness to visit Illinois and j address the people in the present canvass is with- ! out foundation. 1 do not propose to leave Ken tucky for the purpose of mingling m the political j discussions in other States. The two or three ! speeches which I delivered recently in this State ‘ rested on peculiar grounds, which I need not now ! discuss. The other rumor to which you refer is true. I I have often, in conversation, expressed a wish that j Mr. Douglas may succeed over his Republican j competitor. .But it is due to candor to say, that j this preference is not founded on his course at the j late session of Congress, and would not exist if I j supposed it would be construed as an indorsement of the attitude whieh he then chose to assume to- ; wards his party, or of all the positions he has ta- j ken in the present canvass. It is hot necessary to i enlarge on these things. I will only add. that my j preference rests mainly on these considerations: j that the Kansas question is practically ended— j that Mr. Douglas, in recent speeches, has explicit- J ly declared his adherence to the regular Demo- | cratic party organization—that he seems to be the ! candidate of the Illinois Democracy, and the most | formidable opponent in that State of the Republi- ; can party, and that on more than one occasion du- ; ring his public life he has defended the Union of I the States and the rights of the States with fideli- j ty, courage and great ability. I have not desired to say anything upon this or | any other subject about whieh a difference may be j supposed to exist in our political family, but I did not feel at liberty to decline an answer to the cour teous letter of your committee. With cordial wishes for the harmony of the Illi nois Democracy, and the hope that your great and growing State, which bus never yet given a sec tional vote, may continue true to our constitution al Union, I am, very respectfully, Your obedient servarft, John C. Breckinridge. Hon. John Moore, Chairman of the Committee. j2S?f*Morrissey says that his wife’s connections are opposed to his continuing in the “profession.” he intends to open a grog-shop and lead a respec table and moral life in future 1 ( OLI 4, 1858. GOVE R NO R’SJd ESSAG E. EXECUTIVE - DEPAT!TMEXT, T Milleik*evij.i.e, i> Nov. - 3, - ISSB. J FdJow-Citizens of the Senate and House of Representatives: It affords me much pleasure to be able to itate that the financial conditiou of the coun try is groatlyjmproved since the adjournment of your last session. Previous to that time, the commercial crisis, aggravated by a general suspension of specie payment by the banks of ! many of the States, including most of the , banks of this State, attended by distrust and ’ loss of confidence, had depressed the spirits ’ of our people, and seriously affected all the j great interests of our State. Banks and Banking. On the 22d day of December last, both branches of the General Assembly, passed, by a constitutional majority, without Executive sanction, an act entitled “an act to provide against the forfeiture of the several bank char ters in this State, on account of non-specie payment for a given time, and for other pur poses therein named.” This act made it the duty of the Governor to withhold proceedings under the act of 1640, lor the forfeiture of the charters of such banks in this State as had violated the law. and were in a state of sus pension, until the 15th day of this present month, or till the happening of certain contin ; gencies mentioned in the act. In view, doubtless, of the great imposition ; practiced upon the people by the banks, in taking from them usury under the name of ex change, and otherwise, the usury laws of this j State, so far as applicable to banks, were , changed by the eighth and ninth sections of said act; by which it is made illegal for any | bank or bank agency, by itself, its officers or agents, directly or indirectly, to loan money at j a greater rate of interest than seven per cent. | per annum, and at that rate only for a longer |or shorter time; or to discount or purchase i notes, papers, or evidences of debt, at a greater discount than seven per cent, per annum.— i And all notes, bills, drafts and contracts, of ‘ every sort whatever, taken for money loaned I at a greater rate of interest than seven per .tent M as well as all notes, papers, and evi dences ot’ debt, discountedor purchased in vi olation of said act, are declared to be utterly j null and void, and irrecoverable in law. The tenth section oi the act regulates the per cent, which a bank may receive for ex i change, when its ow n bills are tendered at its j counter in payment therefor, by a citizen of • this State. ; The sections containing these provisions were doubtless inserted in the act for the pur- pose of protecting the people against the usu j rious and exorbitant exactions of the banks. ! And to prevent, as far as possible, violations ! of the act, in the particulars above referred to, ! it is enacted by the eleventh section, that. | “The affidavit of bank officers to their annual | and semi-annual reports, shall, in all cases, j state that the bank of which they are officers i has not, by itself, its officers or agents, in any j particular, violated the provisions of this act.” j And the twelfth section makes the offence per j jury, should bank officers swear falsely in ma i king their reports. By requiring of bank offi ’ vers the solemn guaranty of an oath, under heavy penal sanctions, that the law has not | been violated by them, the Legislature no | doubt believed they had protected the people | against such illegal practices in future. I Although I withheld my sanction from the act on account of other objectionable features i in it, and on account of the doubts 1 entertain i ed as to the constitutionality of portions of it, I have no doubt but that such portions of the as prohibit the taking of usury by the banks, aud regulate the manner of making their an nual and semi-annual reports, which apply alike to all banks in the State, are both consti tutional and expedient. Entertaining these 1 views, on the Ist day of June last I issued my proclamation, calling on the banks to make their returns according to law, and to comply with said eleventh section of the act of ‘2*2d December, 1357. As this act had been passed by the Legislature mainly for the relief of the suspended Imuks, and at the earnest solieita tionsof their friends, I had reason, iu common with all law-abiding citizens of the State, to suppose that they would render cheerful obe dience to all its requirements. It is with much regret, however, that 1 have to state to the Le gislature. that by far the greater number of the banks whose suspension had been thus legal ized, and whose charters had been so recently relieved from liability lo forfeiture, in open vi- I oiation of the statute passed for their relief, as well as all the banks in the State which had not suspended, either neglected, or openly re fused to obey the law, and make their returns as directed by the positive mandate of the statute; thereby placing themselves in a posi tion of defiance to the constitutional authori ties of the State. In this state of things I issued my proclama tion, as required bylaw, publishing the names of such delinquent banks, and notifying the Treasurer of this State that their bills would not be received in payment of taxes, or of any debt due the State or the Central bank, until they should comply with the laws and make their returns as directed by the statutes; and this they have hitherto neglected to do. It is evident therefore, that the penalty of exclud ing their bills from the Treasury, which is the only penalty now’ prescribed by law lor a fail ure to make their returns, is not sufficient to compel obedience to the requirements of the statutes. Doubtless some of the banks have made more by taking usury, and by disregard ing in other respects the act of 22d December last, than they have lost by suffering the pres ent penalty for not making returns in accord ance with existing laws. For the purpose of compelling these corpo rations to yield obedience to the law in future, I respectfully recommend that the penalty for disobedience be increased, and in addition to the penalty already prescribed, that a tax of two per cent, a month upon the whole amount of the capital stock mentioned in the charter of each delinquent bank, be levied and col lected in gold and silver, for the entire time during which any such bank may in future re main in a state of disobedience, and fail to make its returns as directed by the statutes. There can be no just reasons why wealthy corporations should be permitted at their plea sure to set ibe law at defiance, while individ uals are compelled to suffer rigorous penalties for its violation. The mandates of the law should be obeyed as promplyand implicitly by the most influential and wealthy as by the poorest and most needy. This is republican equality*and our people should be content with nothing less. No sooner had the act of 22d December. 1557, been passed, than the banks, forgetful of their promises to expand their circulation, to discount freely and relieve the country, re fused to discount notes, however good, when offered to them in a legitimate course of bank ing business, or to extend accommodations to any except perhaps to a favored few, such as cotton buyers and other speculators. Mer | chants and others, compelled to have Northern : exchange, were generally unable to obtain it | foi less than three percent. The price of cot ton declined, and monetary distress became ; general throughout the State. The banks having thus abused the generous ! confidence reposed in them by the Legislature, ’ continued to enjoy the benefits of the suspen sion long alter the banks of the great cities of the North and West had resumed specie pay ; raent, and until the just indignation of an in ; jured people, expressed through the public press, by public meetings and otherwise, be | came so prevalent that they felt compelled by ; fear of future consequences, to retrace their i steps and curtail the speculation they other ! wise would have made out of the suspension. ‘■ They therefore prepared to resume on the Ist ! day of May last; thus admitting, by their re ! sumption six months in advance of the time v fixed by the statute, that no such necessity as j they represented to the Legislature ever did exist for the passage of the act. A gentleman I of great ability and worth, who is at the head of one of the most important and influential banks in the State, in his report of May last, whale apologising for the suspension, ‘and re ; ferring to the fact that the Legislature had given time till the 10th November, says: “Our banks, impatient under the supposed odium of suspension, resolved to resume on the Ist of | the present month,” (May.) It is a fair infer ence, therefore, that the banks would have | continued the suspension till the time fixed by | the act for them to resume, but for the pres j .sure of public opinion, and their impatience i “under the supposed odium of suspension i Public opinion hating thus* compelled the j banks to resume before the time fixed by the ] statute, and the crisis having passed, we, as : rational men, should learn wisdom by experi -1 once, and try to provide ag far as possible against abuses of their privileges by these cor porations in future. • 1 presume it will not be denied by any one, I that we have erred by a too liberal and un guarded grant of corporate powers and privi leges to moneyed monopolies. And it is be lieved that a future extension of this policy would soon enable these monopolies to con trol the government of Georgia, and make the people the subjects of their power. It is al ready claimed by some, that they now* have the power, by combinations and the free use j of large sums of money, to control the politi- ! cal conventions and elections of our State, and in this way to crush those who may have j the independence to stand by the rights of the people, in opposition to their aggressive power. I trust tiiat the bold, independent and patriotic people of Georgia may never be compelled to bow the neck in subjection to the yoke thus intended to be imposed by the corporate pow ers of the Slate. Let it not be forgotten, how ever, by those who have watched with anxi ety the growing power of corporate influence that the price of republican liberty is perpet ual vigilance. The monetary and commercial affairs of the country must necessarily remain subject to panics, under heavy pressures, at certain, if not frequent intervals, as long as our present bankiug system is continued with its enormous powers and privileges, which have been en larged and extended by legislative enactment, chartering new banks from year to year. The people should take this sebject into serious consideration, and pronounce upon it a calm and deliberate judgment. Every intelligent person must admit that it is impossible for a bank having a paper circulation three times as large as the amount of its specie, to redeem all its bills m specie on demand. Should all its bills be presented for payment at any one time, and the specie be demanded, it can then redeem but one third of them. In that ease, if the bank has sufficient assets, or property, the other two-thirds may possibly not be an ultimate loss, but payment must be delayed till the money can be realized by a disposition of those assets and property, which may not he till the end of a lengthy and uncertain liti gation. Jt is clear, therefore, that our present paper currency is not a currency convertible, at all times, into gold and silver upon presen tation ; and that only one-third of it. should payment be demanded on all at one time, can, in the nature of things, be so convertible, so long as the banks issue three dollars in paper for one in coin. In my judgment no paper currency is safe whieh is not so regulated as to he at all times readily con vertible into gold and silver. It is true, our peo ple, by a sort of common consent, receive the bills of the banks and use them as money though in re ality they rest upon no solid specie basis. But sad experience has taught us that such a circula ting medium subjects the country to panic at the first breath of distrust or suspicion, which may be produced by the failure of u siugle bank having a large circulation and extensive connections with other banks, and may widen and extend to the prostration of the credit of the whole country.— Such a currency, having no solid specie basis, can be available only so long as the community will consent to receive promises to pay money in place of money itself. The people take from the bank their bills as mo ney. The banks receive interest, aud often ex change, upon them. When required to redeem their bills in specie, they suspend, if they choose to do so : and then, if an attempt is made to coerce payment in specie, they resist it, holding a rod over the people by threatening to make them pay upon a specie basis debts contracted by them for the bills of the bunks : notwithstanding those bills, when they received them, rested on a basis of only ) one third specie. The high perogative of exercis ing banking privileges, and of issuing their own notes or bill? to be circulated as money, not rest ing upon any solid specie basis, is secured to the banks under our present system of legislation as an exclusive right, while the exercise of similar priv ileges upon like terms is denied to all individual citizens of the State by stringent penal enact ments. The privilege of using their own notes as money, gives to the favored few who enjoy it, immense ad vantages over their fellow citizens, aud may often enable tin* managers of these corporations to amass great wealth by their high salaries and large prof its. It may, however, be said, that many of the stockholders are widows and orphans ; that the stock is in the market for all, and at the divi dends are not greater than the profits realized from other investments. This may be admitted. In deed, it seems in practice to be generally true, that the corporate privileges do not result so much to the benefit of the mass of stockholders as to the benefit of the few who manage the corporation.— To estimate correctly the profits made out of the people by those engaged in banking, we must not only count the dividends of seven, eight or ten per cent distributed among the stockholders, but we must also take into the account the banking houses, real estate and other property purchased out of j the profits of the bunk and held by the corporation, j Besides, we should consider a reserved fund of 2, j 3 or 4 hundred thousand dollars, made up of ac cumulated profits, and often kept back by our lar- | ger banks and not distributed among the stock- ! holders, together with the high salaries of all the ; officers of the bank, which must be paid before any dividends are distributed. These sums though made out of the people by the banks, are not semi-annually divided among the stockholders.— To these add all sums paid to attorneys, agents, Ac., and all amounts lost by defaulting agents, which, wile they cannot be set down as profits of the corporation, since neither its officers proper nor its stockholder? are benefit ted thereby, are still sums of money, which under the workings of the system, are drawn by the corporation from the pockets of the people. To all this add the large sums lost almost every year, on account of broken banks, whose bills are left worthless in the hands of the people, who have paid full price for them as money. And take into the account the further fact that the State,in 1848 and 1849, issued $515,000 of her bonds to meet her liabilities on account of the Central Bank. $240,000 of which are still outstanding.— And that in 1855, she issued $48,500 of bonds to pay her indebtedness on account of the Darien bank, which arc still unpaid, making $288,500 of bends on account of these two I. inks whi- h still remain a portion of the public debt, the interest upon which i? paid annually out of the taxes of the people—and we may form some estimate of the amounts which the people of Georgia have paid and continue to pay in taxes, and suffer in losses, to sustain the banking system. Again, in many instances, those who control the corporation may have great advantages in being I able, if they choose, to obtain such accomraoda- i tions as they may desire, by the use of its funds, when a favorable opportunity for speculation oc curs. The dividends paid to stockholders are there fore no proper criterion by which to judge of the advantages of the corporation to those who hold its offices, and control aud manage its capital and its operations : or of the sums lost by the people on account of the workings of the system. Thus far I have discussed this question upon the supposition that the liabilities do not exceed three dollars for every one of specie actually on hand in the banks to meet and satisfy them. This suppo sition is more favorable to many of the banks than facts will justify. The law of their charters only re* pi ires that their liabilities shall not exceed three dollars for every one of capital stock actually paid in. and not three dollars for every one of specie on hand to meet those liabilities. As an illustration of the error of our present legislation in incorpo rating banks. suppose the amount of the capital stock of the bank be limited by the charter to $500,000, which is to he paid in, in gold and sil ver, by the stockholders. The charter then pro vides that the liabilities of the hank shall at no time exceed three times the amount of the capital stock actually paid in. The stockholders pay in the $500,000 in gold and silver. The directors of the bank may then, without any violation of the letter of the charter, incur liabilities against the bank to any amount that does not exceed $1,500, - 000 ; and that too, without any obligation on their part to keep in their vaults the $500,000 actually paid in. or a like sum. If they should take out $400,000 of their specie and invest it in real estate or other property, leaving but SIOO,OOO of specie in the vaults, they may still contract debts to the amount of a million and a half, and may point in triumph to the language of their charter, and to the fact that the $500,000 of capital stock was once actually paid in, as their authority for so doing. This bank legislation of our State does not seem to have been well understood by our people.— They have generally believed that our banks, by the letter of their charters, were required to have on hand at all times an amount of specie one third as large as the entire amount of their liabilities. The banks have understood the matter very differ ently, and have not only claimed, but exercised the right when they regarded it their interest, to ex tend their liabilities far beyond three dollars for every one of specie actually on hand to meet those liabilities. By examination of their returns made to this Department in October, 1857, it will be seen that at the time of the late suspension of our banks in Augusta and Savannah, the liabilities of one of them for bills in circulation and individual PEYTON H. COLaUITT, I VlUtnrQ JAMES W. WARREN, \ Edltors > Number 44 deposits exceed thirteen dollars for every one dol lar of both specie and bills of other banks which it then had on hand. Another had only one dol lar in specie in its vaults for every fifteen dollars of its liabilities for bills in circulation and depos its. Another had not one dollar in specie for every seven ot liability for bills in circulation and de posits. And another had only cute dollar in specie for every eleven dollars of its liabilities of the charac ter mentioned above. It is true these banks had other assets, but those assets were not money. ! The question naturally suggests itself, how can j s, tch a currency he convertible into gold and sil | ver —the mmicy of the constitution—on demand |or presentation ? How can a bank with fifteen dollars of cash liabilities for every one dollar in specie, or even of live dollars for one, pay its lia bilities promptly on demand ? It is impossible. Arid how can its bills bejustly considered safe as a circulating medium, or as money, if it cannot re deem them promptly on demand? In considerat ion of all the imperfections and abuses of our present banking system. I am of opinion that we should do all in our power to bring about its complete reformation, and if this be not possible, wc should abandon it entirely. I am the advocate of no harsh measure that would either violate the legal rights of the present corporations, (however unwisely they were granted,) or that would bring distress upon the people, by a sudden return from a paper to a specie currency. A re formation so radical, if attempted, must be the work of years. If the legislature would continu ually refuse to charter any new bank, or to en large the capita! stock of, or re-charter any bank now in existence, the system would gradually work itself out by efiiux of time; and we might, with out any sudden -uock, return safely to the curren cy of the cousiiiution, plant ourselves upon a firm specie basis, and rid ourselves of a system against which the great and good men who conducted the revolution and i rmed our constitution intended to guard tin ir posterity, when they declared in the Constitution, that nothing but gold and silver coin should be made a legal tender. In two **t the States of this Union banks are prohibited by c< institutional provision ; two others have no bank- and another had but two small banks, whose charters, it is said, have been forfeit- ed by the late suspension. And 1 am informed upon what l c* nsider reliable authority, that the late commercial pressure was comparatively hut little felt within the limits of those States. Should our people determine, however, to con tinue the present banking system, and to charter new banks, in* reusing their number and thereby increasing their power in the State, I wonld re spectfully urge the importance of guarding ull charters with much greater stringency in the fu ture. Let the charter of each provide that the entire liabilities of the bank shall, at no time, ex ceed three dollars for every one of specie actually in it- vaults aud bona fide the property of the bank. >u pain of immediate forfeiture. Let the simp), fact ol suspension of specie payment render the charter absolutely null and void. Tills would deter them from engaging in such wild specula tions an over issues as compel them to suspend iu case of pressure. Let provision be made that all executions issued against the corporation may he levied upon the property of any stockholder until the - r. ditor he satisfied, leaving the stockholder to his !e* ;il remedies against the rest of the stock holders io enforce contribution among themselves. Le. the bills of the banks in the hands of the peo ple at the time ol suspension, bear interest from that time till paid. And let the Legislature re tain the right*, by express reservation in the char ter, to alter, modify or repeal it at pleasure. In my opinion it would be best for the Legislature to refuse to grant a charter to any corporation for any purpose whatever without retaining a similar pow”- er. should its exercise be required by the interests ot the .State or the public good. If the corporation is unwilling to trust the people with this repealing power, how much more should the people be un willing to trust the corporation without it. Prohibition of Small Bills. Several of the States have already parsed laws prohibiting the emission by their banks of small Bills. I once entertained doubts whether our Le gislature could do this without a violation of the chartered privileges of the banks; but on more mature reflection and careful examination, those doubts arc- entirely removed from my wiud. I therefore recommend the passage of a law prohib iting the emission of small bills by the banks of this State, and forbidding, under heavy penalties, the circulation within this State of bills of a like denomination issued by banks of other States.— Such an act might prohibit the circulation of all bills of a denomination under ten dollars, after twelve months after the passage of the act, and those of a denomination under twenty dollars in six months thereafter, or at such other stated times as might he thought best, so as not to embarrass the business transactions of the country. The ef fect of such a law would be to cause small bills to he withdrawn from circulation, and as they must be redeemed by the banks with specie, the specie would go into circulation in their stead. This | would ( arise gold and silver to take the place of | hank bills in all the smaller business transactions. | The laborer would then receive the price of his la ! bor in gold and silver, the farmer of small means i would generally receive the price of his produce in ) gold and silver, which would remain goodhowev | or much bank bills might depreciate. Sab- Treasury System. I also beg leave to call the attention of the Gen eral Assembly to the propriety of establishing by law a system for our State similar to the Sub-trea sury system of the United States, the wisdom of which has been fully demonstrated by the benefi cial results of its practical operation. I earnestly recommend the adoption of such a system. Let all payments into the treasury, after a reasonable time to l>e fixed by the Legislature, be made in gold and silver, and let the State pay the interest upon her public debt, the salaries of her officers, the per diem of her Legislators, the money duethc several counties for school purposes, together with all her other liabilities, in gold and silver. 0- course the system should go into operation graduf ally. This, in connection with the prohibition of the circulation of small bills, would keep out of the hanks and in circulation among the people a large amount of coin, placing the currency upon a much more solid specie basis, making the people more independent of banks, and enabling them to withstand the shock with much less injury in case of a commercial crisis and bank suspension. It is believed that no serious inconvenience could result to the tax payer from such a law, as the gold and silver paid into the Treasury by those indebted to the State, would be returned by the State in the payment of her debts due to her creditors, and would again go into circulation among the people. Should any inconvenience be apprehended in the I transportation of specie from the treasury to the 1 creditor, provision might be made authorizing cer tificates of deposit to be issued, which might be paid to the creditor, at his request, in place of the coin. These certificates of deposit might be of such denominations as the Legislature may pre scribe, handsomely engraved upon steel plates, which plates should be deposited in the Treasury for safe keeping. Each certificate might be signed by the Treasurer and countersigned by the Secre tary of State, with the impression of the great seal of the State stamped upon it, and a register of the issue of each kept in the Treasury to prevent coun terfeit. These certificates might be made payable to the persou to whom they first issued, or to bear er. They would supply the place of bank bills so far as the conveniences of u paper currency are concerned, while they would be subject to none of the fluctuations of value and the uncertainties of hank bills. They would be taken at the option only of the creditor in place of gold and silver.— The gold and silver, dollar for dollar, would, when they were in circulation, remain in the vaults of the Treasury to redeem them when returned to it. These certificates, thus predicated upon coin in the Treasury, dollar for dollar, would be receiva ble in payment of taxes or of any debt due the State. They would be a safe medium of exchange, and would, to the amount of their issue, be a pa per currency at all times convertible into gold aud silver upon presentation at the Treasury. Each dollar of paper would have for its basis a* dollar of specie in the Treasury, and as the faith of the State would be pledged for their redemption, it would be impossible for any citizen to’sustain loss upon them. They would boa currency at all times and under all circumstances of uniform par value. This would render the government of the State en tirely independent of all banks and bank agencies, and would in a very great degree destroy 4ke pow er of the banks over the people, while it would give the people gold and silver change in all their small transactions, anil a paper curreuey perfectly secure in many of their larger ones. The suggestions made by the Secretary of the Treasury of the United States. (Mr. Cobb.) hi his late report to Cougress upon the subject of the es tablishment of a Sub-Trcasnry system by the States, similar to that of the United States, and the prohibition of the circulation of bank bills un der the denomination of twenty dollars, are, in my judgment r fbunde*lin wisdom, and commend them selves to the serious consideration of the Legisla ture. The State of Ohio has already shown her appreciation of the wisdom of these suggestions, by transferring much of their substance to her statute book, allowing sufficient time for the grad ual inaugurationvf the system into practical ope ration.