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IGIA TELEGRAPH. ICUTIVE DEPARTMENT, I Milletlgeville, Dec. 22, 3357- J entitled “ An act to provide against e several bank charters in Ibis State, . rpecie payment, for ft given time, .rposes therein named," without my institutions hare exclusive privileges contei.. them by law. which are very valuable, nnd which 1..0 laboring masses are prohibited, under a heavy penalty, from exercising, upon the same terms upon which the hanks exercise them. The banks are permitted by law, without bond or security, to loan their credit, or, in other words, their notes as money, and to charge interest upon them. The laboring man, whatever may bo his occupation, is denied this privi lege, and is subject to indictment and punishment ns a criminal if he attempts to exercise it. Ho can receivo interest only upon the capital which is tho income of bis labor ; and upon this he is permitted to cliargo on ly legal interest, or seven per cent, per annum. Tho laboring masses produco the capital. Indeed, all capi tal is the result of labor ; nnd that system of legisla tion which establishes a favored class, and confers up on them privileges denied to others, by which they are enabled to enrich themselves by taking from tho labor ing masses the iucome of their labor, is not only un just, hut contrary to the genius and spirit of our go vernment. I think it will not bo denied by any, that our present system gives to a favored class immenso advantages over the great body of the people. As an illustration of this principle, two men work with their bands, the primary mode of making capital, till each stakes a dol lar in gold or silver. One loans bis at interest. Tho law of our Stato permits him to receive only seven cents for the use of it one year; and if he charges More, tho law declares tho excess to be usurious nnd void. The other applies lo the Legislature, and obtains a charter, conferring upon him banking privileges. By Ibis charter, it is made lawful for him to pay bis dollar as capital stock into tho bank, and to issue upon it three paper dollars. The bank is permitted to loan these tbreo paper dollars nt interest, and to charge sev en per cent, upon each of them. If ho were to loan them for one year nt legal interest, he would receive lor them twenty-one cents. These three paper dollars aro based upon tho one dollar in gold or silver, and the banker in fact receives the twenty-ono cents interest upon his one dollar in specie, while tho person withont banking privileges receives only seven cents interest upon his dollar. Bat tho banker is not content with twenty-one per cents year, or three times the amount received by Lis neighbor, who is without,banking priv ileges. lie will not therefore loan bis three paper dol lars (bis own notes) aycarat seven percent.; but he will loan them at thirty days, first deducting interest out of the sum loaned, if the borrower will also pay one half, one, two or threo per cent, a month usury under tho name of exchange. And even this privilege, itinco the banks have suspended, as a general rule, is allowed only to cotton buyers or speculators, and is de nied to the merchant, farmer or mechanic. He cannot gctacoomicodatioo, it matters not how good a note ho can make. The debt to tho hanker must .bo paid promptly, or renewed at tho end of tho thirty days.— Jf permitted to be renewed, the interest must be again discounted and compounded, and the usury, under the name of exchange, added. If indulgence is given for a year, the note or bill must be renewed, tho interest compounded and the usury added twelve times du ring the year, or every thirty days. I speak of tho usual number of days allowed in bank. IV. mar be but sixty days, while it is sometimes ninety. This in creases the interest received on the banker’s tbreo pa per dollars, or one silver -foliar, to twenty-five, thirty • or thirtv-fivo per cent dependent on the amount of ex change or nsurv added each time the noto or bill is re newed. But tuo banker is still not satisfied with this K - cent, upon his dollar. Tho law of bis charter, as nk charters exist in Georgia, authorizes the bank to issuo three paper dollars, or incur three dollars of lia bility for every ono dollar of capital stock actually paid into the bank. Our people seem generally to under- stand the law of our bank cliartcrs to be that the bank must at all times have in its vaults one dollar in specie for every three dollars of its liabilities. This is a great error. The law of tho charters does reqmrc that the liabilities of the bank shall not exceed three dol lars for every ono of capital stock paid in, bat it docs not require that it shall be kept in tho bank. I refer to the nteral construction of the law, and tho ono prac ticed upon by tho banks. The stock may be paid in n specie, and the banker may issue three paper dollars i pon every silver dollar so paid in, and the next week be may tabs out the silver dollar so paid in, and may use it in shaving notes or iu other speculations; and while he is making twenty-five, thirty or thirty-five per cent, upon tho three paper dollars, based upon tho one silver dollar, supposed by the peoplo to bo in the vaults of the bank all the time for tho redemption of the bills, he has probably made ten or fifteen percent, upon tho silver dollar tatsn out of tho vaults, and used in specu lation ; making the wholo profits, which, without a violation of tho letter of his charter, tho banker may have received for tho uso of his dollar one year from thirty to fifty per cent., while the laboring man, with out banking privileges, is permitted by law to receive only seven per cent, for the nse of his dollar for a simi lar length of time. Is this justice? Is it right ? I deny that it is right to give to a honk, or to any other corporation, such unreasonable and almost unlimited privileges. It may bo said that the banks do not issue three for one, and that they do not oil make the profits above described. This may be true. I speak of their privileges, and what, under their charters, they may do, and what, it is believed, is often approximated if not exceeded in practice. He who will read their char ters and observe their practical operations, will, I doubt not, admit that the above is no exaggerated statement of the workings of that legalized system of speculation, oppression and wrong, dignified by our law with tho namo of banking. The question arises here, what consideration havo the banks given, or promised to give the people, for these valuable, exclusive privileges? Tho answer is, they have pledged themselves to fnrnish a paper cur rency, at all times sound and convortahle into specie on demand, without regard to the price the specie may cost them when needed, or the sacrifice which they may have to make to procure it. The privilege of loan ing their own notes as money at par, and of receiving interest— compound interest—nnd even usury, under the mine of exchange, upon them, often euablcs them in times of prosperity to amass largo fortunes; and in consideration of these advantages, is it not their imper ative duty, in times of adversity, to abide by their part of tho contract, and to procure specie to redeem their bills t.t par, and thereby afTord relief to tho people, no matter wbat it may cost them ? After having enjoyed these advantages, is it right that they lie permitted, when the pressure comes, to suspend, close their doors, retire into their splendid mansions, lock up their spe cie in their vaults, let their own bills depreciate, buy them up through their brokers at a heavy discount, causing distress and actual suffering to many a poor debtor's family ? nnd when the storm is past, step forth in the sunshine of their own prosperity, with enlarged wealth, while they cooly survey the ruin which, by tbeir speculations sod their bad faith, they have scat tered all around. I deny that this is right. Spccio is now worth a small premium in tho North ern mnrkct. Bv paying this, our banks can purchase ei:. I.gli will, which lo redeem all their hills, mid can resume specie payment immediately. This would re store public confidence, stop the decline in the price of cotton, which has already fallen trom seventeen cents down to ten or eleven cents per pound, since the banks have suspended, and which will continue to fall, unless they resume, and would also restore contentment, pros perity and happiness among our people. The banks refuse to do tins, because it tvonld cost them some sac rifice, nnd rather than mako this, they prefer to let their bills depreciate in tho market This causes our people, who livo remote from banks and cities, and who are occasionally forced, lo obtain specie, to pay as high as ten per cent discount on the bank bills to get the coin; but if tho banks are forced lo resume, this sacrifice on the part of the people will ho longer necessary. Why do the banks refuse to resume? Tho answer is, sim ply because it is to their intorest to keep up the panic, drive down tho price of cotton and every kind of prop erty to the lowest price, then grasp it into their own hands, and thus grow richer upon the misfortunes of others, produced by them for the purpose of specu lation. I nllirm that onr banka which havo suspended nnd ao continue, nro guilty of a high commercial, moral and legal crime, of a commercial crime, becauso they have brought the present crisis upon tho people, for selfish purposes, when there was no great necessity, and when by spending a few thousand dollars of their immenso profits in the purchaso of specie, the suspension could easily havo been avoided. By refusing to do this, they have destroyed public confidence, deranged commerce, caused cur great staplo to fall several cents in th pound, by which our planters linve sustained a loss of several millions of dollars, nnd tho value of property throughout tho State has greatly depreciated. Tho credit of tho State abroad lias been injured, while gen eral distrust nnd depression has been the result. They have boon guilty of a moral crime, by violating their contract with the people in refusing to meet their sol emn promises, when they acknowledge—nay, even b.msi of their ability to do so, thereby Going the gross est iiijustico to tho laboring masses who have confided m them and been deceived by them. They have been guilty °- 11 “g-d crime, by Wilfully and knowingly vio lating and soiling at open defiance a positive statute of the State, making the price of onr property, thopriceof labor, the happiness and welfare of the people and Ihe law of the Slate all bend to their interest. They ara governed solely by their interest and it is theiriniorest in times of prosperity to expand and extend their cir culation, raise the price of property, stimulate a spirit of * peculation, and involve ihe country iu the r debt as much as possible. In times of adversity when every man not a banker is obliged to redeem his promises, no matter how much sacrilice it may cost him, tho banks refuse to moot their obligations because specie is worth a premium in the mnrket, and they are not will ing to make a sacrifice of some of their large profits to get it to redeem their bills. They therefore impend till the pressure is over. They demand Gold ana Sil ver or its equivalent from those indebted to them, nnd sell their property no matter how groat a sacrifice if it is not paid. And if the property goes nt a milieus sac rifice, they will increase llieir speculation by appointing i'-li 10 k"y.it for them. Jn the mean time if the b 1 "holder, who is t.’itie creditor presents their depreciat ed bills at the counter and demands specie, stating that ho has labored for the bills und has received them at l ,ar i*s money. That^tho purchased property when property was high owing to the bank expansions, and in this way involved himself in debt. That owing now to the haute contractions property has falter, (ill it takes twice ns much to pay his debts, us it did a few months ngo. I lint his proiierty is about to be sacrific ed and that he cannot pay in bank bills without u sneri- bee ot five, ten nr twenty per cent discount upon them. The Banker refuses to redeem the bills, and turnin'” away calmly replies, H'e hare eu-ntnisi. The cons.? ouence is the hillheider bus to make the sacrifice which the Linker had premised to make, and ought to make hut will not make, and pay live, ten or twenty per cent! discount on the bills of the bank to get the specie. If any one proposes to compel the banker to comply with hta contract uud redeem tho bills or forfeit his charter, it is at once said that this course will ruin the country, as the banker w ill be offended and will refuse to let out any more of his depreciated bills if forced to keep his promise to redeem those now in circulalirn. bunco the establishment of onr banking system in Georgia tho country has already passed through two or three periods of distress of the character aboro de scribed. These havo been periods of (peculation by the Banks, and they have amassed fortunes, while the people, tho laboring masses, havo borne the loss. In each of those periods the apology has been mndo for tho Banks that they were obliged to suspend. This may have been true at tho time, but tho blnmo lay be hind this. They wero not obliged to havo indulged in those wild speculations, which caused them to ex pand their paper circulation beyond their ability to re deem their promises,and in this way to have produced the state of things which obliged them to suspend whenever payment was demanded. The Merchant by a course of hi<”h living nnd over-trading involves bim- sclfin debt beyond his ability to pay, and closes doors, or in bank pbraso suspends. IIo receives but little public sympathy. A!1 ngreo in condemning his courso of extravoganco nnd tolly. He is blamed not so much for closing doors, ns the courso of cxtravaganco which involved him In too necessity of closing doors. Our hanks in this caso were under no such necessity.— They suspended ns a speculation. In 1840 while tho peoplo were paying through ono of those periods of distress, above alluded to, they determined to protect themselves If possible against such a stato of things in future. And through their representativestbey passed a law requiring tho banks which had suspended to re sumo specie payment within less than two months nf- ter tho passago of the Act And requiring all the Banks of this State in future to redeem all their lia bilities in specie on demand or presentation ; while forfeiture of tho charter was provided as the penalty for a violation of tho law. The peoplo relying upon this plain statute as well as tho common law which takes away tho charter of a corporation which abuses tho trust rind palpably violates tho contract upon which tho charter was obtained, supposed they wero seenro against future bank suspensions. On account of the value of their corporate privileges, it was believed that motives of interest would prompt the Banks to make oat of their large gains a sacrifice, if need be, sufficient to enable them to procure the specie and redeem their bills to save their charters. It was not then believed that the banks would have the power to violate tho law with impunity, and to dictate the terms of their own pardon. Since the passage of the act of 1840 the num ber of banks and the amount of banking capital in the Stato havo greatly increased. As their number and capital have increased, their power in the State and their influence over the legislation of the country havo increased. Who has not observed within the lost few years the increasing influence of onr wealthy corpora tions over onr legislature ? When their interest is at stake, outside pressuro becomes very strong upon the law-making power and is too sensibly felt With this state of things existing in Georgia tho recent bank sus pension occurred in Now York. This naturally caused a pressure in Georgia, owing to our commercial con nections with New York, and made it necessary for onr banks to suspend, or make a considerable sacrifice to get the specie to meet the run likeiy to be made up on them. The banks at this time claimed and still claim to be entirely solvent, with large amounts of gold {in tbeir vaults. Several millions of gold have been shipped into the country during the present sus pension which could havo been purchased by our banks for a few per cent premium, ft is acknowledg ed that their profits for tho past few years have been large. It became a question therefore whether they would make tho sacrifice necessary to enable them to get the gold and redeem their bills, or—whether they would suspend, let the loss caused by tho depreciation of their bills foil upon the people, and rely upon their l>ower to set at open defiance the law forfeiting their charters, and even to compel its repeal till such time as may suit their convenience. They chose the latter alternative and it is stud that many of them have sus pended. In this state of things they appear before the legistatnro not prepared even to grant terms to the people, much less to ask any from them. They refuse to submit to any restrictions upon their former char tered privileges, or to give any assurances that the country shall be protected against the recurrence of such a stale of things in future. They demand on un conditional pardon in tho form of an Act to legalize their illegal act of suspension, till such time as it may suit their convenience to resume. They accompany this demand with tho threat that they have the power and the will to do the people a great injury if au at tempt should be made to exeento tho law which they have knowingly and wilfully violated. This issue is boldly tendered, and tho question mode, shall the banks govern the people or shall the people govern tho banks? Shall the law bo executed or shall it bo set at open and unconditional defiance ? shall only the poor and the weak be compelled to obey it wbilo tho rich ond the powerful are permitted tojdisrcgard it at pleas ure ? In sny opinion the richest corporation should be compelled to obey tho law, as promptly and implic itly as the humblest citizen in the State. Whilo I have tho responsibility of its execution I am determined to know no man or association ol men, and that all shall bow to the authority of tho law without regard to the wealth, power or influence which they may possess.— None are so high that they shall bo permitted to place themselves above the law: And if the proper case is made bp proof so as to authorize mo to act, 1 shall or der proceedings against the wealthiest bank, or other chartered monopoly in Georgia, as soon as I will against the humblest individual who has disregarded and violated tho law. It (is claimed by .their friends that onr banks are well managed, bnt that tbo suspen sion was unavoidable after tno Northern banks sus pended, and that any other courso would have ruined the people. How is it, if this be true, that nine of the Booth Carolina banks, most of the Alabama banks, all of the Kentucky banks, all the Louisiana banks and four or fire of the Georgia banks havo stood the shock, and are still redeeming their bills in specie ? And why are not the people of Louisiana cr Kentucky ruined ? It is a little remarkable that that tuoso Banks in Geor gia, which have not suspended hare been persecuted as “ Wild Cats,” by tho friends of the very banks which have suspended. It is thought to bo very unpardon able for any one to doubt the solvency or good conduct of any of the banks of Augusta or Savannah or any of their numerous ngencies. While they wishing to monopolize the business in Georgia, feel at per fect liberty to make war upon the interior or country banks. ■ There is a clause in the Constitution of Louisiana denying tho Legislature the power, directly, or indirec tly, to pass any law to legalize a bank suspension. The conseqncnce has been that none of their banks have suspended. They preferred to make the sacrifice, get the gold, redeem their bills, and savw their charters.— Had there been a similar clause in our Constitution, it is believed that onr solvent banks would have come to a different conclusion, as to the necessity of the sus pension. But it was said before the Northern Banks resumed that onr banks were obliged to suspend to keep the Merchants and banks of the North from draw ing all the specie ont of their vaults. This argument was more plausible than real. They havo not enough of our bills to enable them seriously to injure us in this way. They can only get our bills to tho extent that our Southern Merchants pay promptly without suit They do not nil do this. If our banks continue specio payment” the Northern Merchant must pay specie or its equivalent for our bills, if they get a lar ger amount than they receive from the prompt paying class of Southern Merchants. They make none of tho necessaries of life which wo are obligoi to have, while they aro obliged to havo onr sugar rico and cotton, more especially our cotton. If they do not get it, their factories must stop and thousands of their poor opera tives must be thrown out of employment. Cotton will command sp-erie or ils equivalent. Our banks control the cotton trade, and if tho people of the North run upoD them with their bills for specie, they have only to require sj-eeie for the cotton and bring it back. It is nut therefore the interest of the Northern people to enter into a warfare about specie with the Southern banks. Since the Northern banks have re sumed, the tone has changed, and our banks say that the fact that the Northern bonks bare resumed, makes it more difficult for them to resume. They were in sincere then, or they arc insincere now. It is further alledgod that our banks suspended in obediyncc to resolutions passed by public meetings held in Augusta nnd Savannah. 1 will not stop to in quire how many bank directors cr stockholders or how many persons indebted to the banks and otherwise, under their influence or control composed those meet ings, or how difficult it may be,(or rather may not ho, for those most interested to get up meetings of this character, by producing a panic and calling the meet ing in the midst of the excitement. I might inquire in how many counties of this Stato outside of the im mediate influence of the banks such meetings were luld. Again, it is said Ihe suspension was for the benefit ot tho people. Tocydid not seem to have an ticipated the danger, and have not naked for tho re lief. Before the banks suspended the people could pass their hills at par, since tho snspension in many ofthe coantics most remote from the hanks, they are having to pay ten per cent to get specio for their bank bills. This is a relief that the people of liie agricultural por tions of the State bare, not asked for by public meet ings or otherwise. They did not ask to he roliovod of ono tenth of tho wholo value of their property, nnd they will bo a lit tle hard to convince that they aro benefited by the operation. The. farmer sold lxis produce for ono hundred dollars in hank lulls, which before tho banks suspended were worth to him ono hundred dollars in gold. Sioce tho banks havo suspended tho hills aro only worth ninety dollars in gold. He has lost ten dollars by tho suspension. Tho argu ment to convince Jura that it is for his hem-fit may ho alilo and ingenions, displaying much learning and oloqnencc, to which ho will probably reply “lieforo tho banks suspended I had ono hundred dollars, I havo spent nono and sinco tho hanks havo suspend ed I havo oDly ninety dollars: I understand tho fig ures hut do not sco tho benefit.’’ It is again claimed that tho suspension was neecessary to onablo tho banks to furnish their bills to tho cotton buyer to purchase the prosent crop ; that tho crop coulu not otherwisi be sold and that it would not bo possiblo to get it to market if tho banks wero compelled to resumo specio payment. This argument will not bear examination. Gotton is worth in Liverpool 15 to 17 cents per pound in gold; it is therefore worth in Georgia just ns much in gold after deducting the cost of transportation and insuranco to Liverpool. Tho manufacturers need thocotton. They havo tho gold to givo for it. Wo havo tho cotton and want tho gold. There are ships plenty and tlic-ir owners want tho freight. If then, wero not a hank in Georgia our cotton would still find its way to market. And if wo would net tako the depreciated bills of suspended hanks for it, wo should soon get gold for it. It is true this would cause soino delay, and would ho to somo extent injurious, bnt not so injurious to tho planters who are gen (-rally hut little in debt, and who aro not forced tn sell as it would bo to those spec ulators, who have HO long lived and oven grown rich upon tho labors of tho planters, who when they cay that ascertain measure will ruin tho country, usually moan that it will injure them. The very do- lay which speculators say would ruin the country might lay the foundation for direct trade with iCu- ropo, cutting us loose commercially from a Stato of dependence upon tho North, which would bo worth to tho South half dozen cotton crops. Hut it is not speculate sion befo: true that tho hanks would refuse to furnish their hills to buy cotton with if forced to resume specio payment immediately: tlioy would in this las they always are in all other cases) bo governed by tlieir own interest. And their interest is to furnish their hills to buy tbo cotton if tho planters will tako their bills for it. They furnish - "! their hills to tho cotton buyer at legal interest and probably ono or two per cent a month exchange (usury) making fifteen or twenty per cent interest. Tho cotton buyer, tho friend and probably tho agent of tho hanks, deducts this out of tho prico of tho cotton and tho planter loses it. Tho buyer ships tho cotton and turns over tho bill of lading to tho Bank of which ho got tho bills. Tho hank controls tho cotton, orders it sold and in thirty or sixty days lias tho gold, or sterling exchnngo as good as gold in its vaults in place of tho bills. In this way the I, mb net only ma ces a l.irg- p-r nt upon its hills hut replenishes its vaults with specio iu;their place. And if tho hank is redeeming its hills in specio so as to deserve publio confidence, tho bills may not bo returned for months by tho planter to demand tho specie. But tho bank makes sufficient profit by tno transaction to justify it in paying tho nocossary premium to got the gold, to redeem them immediately if required. Thoro is therefore foundation in fact for tho alarm that tho planter conld not coll his cotton, should the hanks bo forced to redeem their bills in specio, or in other words ho forcod liko individuals to act in good faith and pay according to their promise. But it may bo said that this may causo a decline iu tho prico of cotton. Without admitting the fact it is a sullicent reply that tho planter can adord to “tako a smaller nominal prico, if ho gets gold or hank hills convertahlo into gold on demand, than ho can tako in suspended hank bills, at a heavy discount. And ho will make money by tho operation. When it is claimed that tho banks cannot let out their hills to buy cotton unless they aro permitted to suspend, this if truo is an admission that they linvo not tho means at present to redeem tho hills now out in tho hands of the planters nnd others, and as they are not able to pay tlieir debts already contracted ac cording to promise, it is gravely proposed as a re medy to let them contract more debts and get tho products of tho country with their promises to pay, as they havo not tho means with which to pay, and let them in this way make tho money ont of the spec ulation, which tlioy mako npon tho plantor’s cotton, with which to pay tho planter at somo future day. For this pnrposo it is proposed to givo them the priv ilege to suspend till tho 15th day of November next. This, it is said, will prevent a pressure, as the banks will let out their bills freely during the suspension and they cannot dnring that timo bo called on to re deem them. This is but a temporary relief. It is like giving to tho patient an opiate to lull tho pain tor tho present, without doing anything to eradicate tho disease from tho system. When the opiate pass es off, tho patient is no better, but a iittfo weaker. At tho end of tho proposed suspension the banks in order to resnmo specie payment, must contract their circulation and restrict their issues. In this way we havo put away the evil day a few montlis longer, but it must soon come, and come when wo may not havo as great an abundance of produco in the country, and when we may be much less able to meet it. Better meet it at once, and pass through it as fast as possible. The bill proposes to legalize tho snspension till 15th November next This gives the suspended banks time to ask tho samo members of tho samo Legisla ture who now legalize iho suspension, to grant still further time if the banks havo not completed their illations, as the legislature will again be in ses- * 'ore that time. This is quite prudent in tho It may bo said in reply to this, tho bill pro vides that upon proof being made to the Governor, that there has been a general resumption of specio payments by banks oat of the Stato of Georgia, then the Governor may by proclamation require tho banka to resnmo within thirty days. Tho banks havo been ingenious in framing this (proviso. What is meant by a general resumption of specio payments by tho banks out of Georgia ? All tno banks of tho United States, of England, Franco and tho world oxcopt tho Georgia Banks, aro 'banks out of Georgia.’ Sup pose the newspapers and merchants say they have generally resumed ? How long will it tako tho Gov ernor to get up tho legal proof of this ? Probably as long a timo as tho banks want. Tho New York banks and a number of other northern banks havo already resumed specie paymont. If tho hanks in tend to deal fairly with tho peoplo, why set I5th No vember next, as tho time forthem to resnmo in Geor gia 7 Tho bill further provides that no bank shall chargo more than ono per cent upon any hill of ex-1 change to whicha proviso is attached, that this shal havo no reference to foreign oxchange. This then leaves tho banks to chargo as much as they pleaso for foreign exchange (exchange ont of tho State,) while it legalizes ono per cent on inland exchange. The banks do not discount notes. They will only sell exchange on their agencies, for instanco at ono per cent in addition to tho legal interest or discount. This may bo equivalent to more than 20 per cent por annum on each paper dollar or noto of tho hank. Tho bill is therefore a boon to tho banks. They would deal only in oxchange and thereby realizo theso largo profits, and they would point to this act as tlieir legal authority for so doing. Tho act pro hibits thorn from discounting notes or loaning money in any way at more than seven per cent, while it makes it legal for them to sell exchange in suc.h -i way as to realize 20 per cent- or more. Under this act no borrower could get a noto discounted. But ho could get tho money if ho would givo tho per cent by purchasing it on a bill of exchange in Savan nah or Macon. This not only legalizes suspension, but legalizes tho most exorbitant usury: under the E retext of protecting tho peoplo against bank usury, at tbo bill givos tho banks the right to chargo about as much usury as they please., Tho bill authorize tho suspended banks to declare seven per cent divi (lend whilo in a stato of suspension, whilo a proposi tion that tho banks pay seven per cent interest upon their bills in circulation during tho suspension was promptly voted down. This would havo been com pelling tho banks to do justice to tho poople. This they would not endnro. Ono other provision of tho act is hold ont as a boon to the people. That is that tho bank failing to redeem Us bills on demand shall pay seven per cent interest and ten per cent dama ges if sued to judgment. This is tho law now and tho banks havo made no concession in this, aud it is worth nothing in practice.—Tho wholo hill is art fully drawn and well calculated to deceive. But an appeal is made by tho friends of tho banks as a last desperate resort, to the fears of tho people, nnd it is said that tho banks owe the peoplo only 85,000,000, or in other words havo only that amount of circulation, nnd that tho peoplo owe tho banks 822,000,000, over four times as much as tho bonks owo tho peoplo. Ifthis be so, it is a most conclusive argnment against tbo banks and shows how loarful an error has been committed by our Legislature in fostering a system which is centering the wholo wealth of tho country in the hands of a purso proud aristocracy built up and snstained by tho laboring masses. Have tho banks obtained this immense ad vantage over tho people by labor and fair dealing? Havo tho bankers labored with their hands T culti vated tlio soil, produced a hlado of grass, or a stalk of wheat, corn or cotton? They livo in princely style on thoTabor of the peoplo and instead of falling in debt to tho people for nil tho abuudanco of the peo- E le’a products which theyuso, they are enabled to ring tho r-ooplo out in their debt between four and and five times as much as thoy aro indebted to the people. With theso immenso advantages, and largo resources at their command, tho gifts of tho people to them—should they have suspended rathorjthan pay a few por cent premium to get gold nnd redeem their hills 7 Tho gold has been shipped from Europe to our shores for sale. What excuse can they givo for having refused to pay tho premium for it, and with it redeem their bills 7 They should, havo dono this out of their surplus incomes without any additional burden on tho peoplo. But is it truo that tho peoplo owo tho Banks 822,- 000,000, nnd tho Banks only owe tho peoplo 85,000,- 000 7 If it is truo, tho Presidents and Cashiers of the Banks of Georgia have not so stated under onth. Tho returns made to this otfice, in obedience to the last call made npon tho Hanks, by tho Executive, to return their condition under oath as required by tho statute, show that the assets of tho banks including notes discounted, bills of exchange and all other as sets ont tho one hand; and the liabilities of tho banks, including hills in circulation, deposits mndo with them, and all liabilities on tho other hand pre cisely balance to a quarter of a cent. And I may say that it is a little remarkable that these sworn re turns made twice a yoar, by each bank, and mado for a day in tho past, set by tho Exocutivo, should in overy case show )an exact balance between tho assets and liabilities of tho banks. I will not say that any of them nro untrue, bnt I will say that it shows a remarkable precision iu the transaction of their business, that they should keep an exact bal ance sheet, never varying a quarter of a cont, when the assets and liabilities amount to hundreds of thousands of dollars. If it is said that tlieir modo of book keeping is such that tho accounts must noc- essarily balance, I may reply that the object of the statute was to require that their returns should fur nish the people with a correct and simple statement of their truo standing, nnd t.ot with an exhibition of their skill in book keeping. There is n mistake sommvliere; tho statement as to tho amount of tho people’s liability to tho banks is incorrect, or their sworn returns aro not easily explained. I leave tho banks to reconcilei it. If it is attempted to ho <I«no l>y saying that tho hanks have a reserved fund which thoy aro afraid for the people to know that thoy havo mado, tho reply is that this is a part of tho as sets of tho banks; nnd should bo remembered when a return is mado on oath. If thoy reply that a largo proportion of their lia bilities consists of their capital stock, I reply that a largo proportion of tho indebtedness to them consists of (loots duo them from their own stockholders and directors. Whilo thojr aro extorting much from tho peoplo every year, no such difference of indebted ness ns that claimed exists between them and tho peoplo, outride of their own stockholders and direc tors. If tho suspension of tho hanks is legalized itfean- not bo deuiod that tiio banks havo triumphed over Iho peoplo and set tho law at defiance. They havo mado ntonco tho interest upon tho wholo amonnt of their circulation, for tho entire period of tho sus pension. They reeoive interest upon all tlioir hills, they pay no interest sad cannot he competed to re deem their bills. It is no reply to say that thoy may bo sued and compelled to pay interest after protest, and ten per cent, damages. Tho hills aro scattered all over tho Stato iu the hands of the peoplo in smnll sums, and not ono iu fifty has tin amount of tho bills any (UK- hank large ( niuigli tc justify him in cm ploying a lawyer in Augusta or Savannah and stand ing a suit with tlio bank. Better givo up tho debt iu many cases than incur tho expense, trouble, and delay. Legalize tho snspension and the bills still farther depreciate, property fall lower anil cxcliango ri.-e higher. The country lias no currency but de preciated bills (for thu Lanka will lock up all tho goni and silver in tlieir vaults,I aud wo have no means of determining which banks nro solvent and which insolvent. At tho timo set for them to re sume, the insolvent batiks would bo unablo to do so. would if they were wound up now before they have timo to increase the circulation of their worthless bills. If they are not good tho sooner the test is made nnd tho fact known, tho bettor for us all. If thoy nro good they can liuv gold and resume specio payment. If they do not, let tlieir charters ho for feitod. In reply to all that has been remarked about banks and hank suspensions, It may be said that tho fault is in tho system aud not in tho present abuse. While tho existc-nco of tho abuse is not doubted tho injus tice of tho system is readily admitted. Most men ngreo that wo havo erred in granting to our hanking institutions privileges so unjust to tho peoplo nnd so subject to abuse. But those become vested rights and cannot when given bo recalled, however injuri ous to tho community, till thoy havo expired by Iimi tatiou of the timo fixed in tho charters, unless thoy are forfeited by somo violation of tho contract npon which tho charter wa3 obtainod. If thoy are so much abused as to amount to a forfeiture of tlio charters, thoy may bo entirely abrogated and tho legislature may ro-cliartcr tlic-m upon such terms ns it may pro scribe. If the privileges conferred upon our banks in their charters aro dangerous to tho best interest of tho State, anil nro subject to much abuse, and if tlio banks havo suspended specio paymont aud forfeited thoso privileges, it is my deliberate judgment that no act should be passou relieving them from tho forfeiture, without imposing upon them such res trictions, by amendment of their charters, as will nt ford somo protection to tho peoplo against a recur rence of snch a stato of things in future. Lot their charters bo so amended as to prohibit them, os in tho caso of Louisiana, whore tlio banks havo not sus pended, from issuing hills or incurring liabilities ovar threo dollars for every ono dollar of specie in tlio vault! of tho hanks, and to prohibit them Irom using tho proceeds of tho bills of exchange nnd discounted notes, upon which tho balance of tlieir circulation is based, iu shaving notes out of tho Stato, or in any other way except In tho redemption of their bills.— Compel them also to redeem all their small notes now in circulation in gold and silver, nnd let them be pro hibited from putting into circulation at the first day of January, 1858, any bill under tho denomination of fivo dollars. After tho first of January, 1859, any hill under ten dollars, and after tlio first of January, 1-on, am- Bill under twenty dollars. This wmiiil throw specio in place of small hills into circulation among all our poople, in all tho smaller class of ba- sim - - tr.n.s-icliuns, ami would tlie-rchy enable tie- country to stand a commercial crisis with much less inconvenience. Let them also bo prohibited from charging usury under tho namo of exchange on all inland transactions, prohibiting them as individuals aro prohibited from receiving more than seven per cent, interest upon tho sums actually loaned. This would convert them hack from shaving shops to banks again ; and they would probably do a more legitimate hanking business. There would then be no inducement to turn away from tho planter and refuse to discount his note, however good, becauso thoy could get more usury from tho speculator. Let those and such other restrictions us may be consid ered wise he engrafted upon their charters. And let tho penalty of a violation ho an immediate for feiture of tho charter, and it is believed that we would have a better system. To this add a sub treasury system for tho Stato, such as now prevails in the United States, nnd let all collections mado by the State, and alldebts paid by her bo in gold and silver. This would keep a sufficient amount of spe cie out of tlio banks in tho Stato Treasury nnd in the pockets of the people greatly to lessen tho shock, nnd afford much relief in case of a future commer cial crisis resulting even in bank snspension. As gold and silver would form a considerable part of tho circulation, a bank snspension could only depreeiato tho paper portion of tho circulation, and not tho whole circnlation. But aside from any objections to tlio bill on the score of justice and public policy there aro, to my mind, gravo doubts as to tho con stitutionality. Tho Constitution of tho United States prohibits any State from passing any law •• impairing the obligation of contracts.” Tlio contract between tho bauk and tlio hill-holder is that tho bonk shall redeem its bills in gold or silver promptly on demand or presentation. As tho hills aro to circulate as mon ey tho utmost promptness and good faith is under stood by tho parties to ontor into the contract and oven to bocome a part of tho very essence of tlio con tract. The charter of tho bank hi granted by the State, nnd in addition to tho other civil remedies by suit, Ac., tho act of 1840 has enacted that tho charter of tho hank shall ho forfeitod on failure to redeem tho bills, upon demand or presentation, and subse quent provision is mndo for tho appointment of a Koceiver to tako chargo of tlio assets, convert them into money and pay the debts of tho bank. Tho rights of tne bill-holder nro not therefore by tho con tract limited by his right to suo, Ac., but they also embrace the right to havo tho charter forfeited, nnd the assets oftho hank placed in tho hands of a Re ceiver for tho better security of tho hill-holder. By tho act of 1840 the Legislature has put thi3 distinct construction npon tho contract ot the banks under their respective characters. Tho act shows conclu sively that tho view taken by tlio Legislature of tho contract oftho banks was that tlioy were to rodoom their bills in gold and silver promptly upon demand or presentation, and that upon failure to do so tlioir charters should ho forfeited. Tako from tho hill- holder this right, to wit: the right to havo tho char ter forfeited on failure by tho hank to redeem tho hills in gold and silver promptly on demand or pre sentation, and you tako from him tho highest pro tection which under his contract he has, for tho prompt redemption of tho hills. But why undertlio act aro tho chartors to be forfeited if the bills aro not so redeemed by the bauk promptly 7 Becauso tho banks havo failed to comply with tlieir contract. If it was not tlio contract to * redeem their bills upon demand or presentation in gold and silver, upon what principle was the charter to bo forfeited 7 Surely it was not intended by tho legislature to forfeit tlieir charters unless thoy had violated their contract under their charter. What did tho legislature consider such a violation otconlract t Tho failure or refusal to redeem their liabilities in gold and silver upon demand or presentation. No other causo or reason is assigned for a forfeiture of their charters iu the act ofieto. [ Tlio hill-holders had then the remedy by suit or ac tion against tho hanks, hut tlieir charters wero not to ho torfeited in case thoy refused to redeem their liabilities in gold and silver after suit brought and judgment rendered against them, but tho charters were to bo forfeited in caso thoy refosod to redeem their liabilities in gold or silver upon demand or pre sentation—why7 simply because it was their contract that they would do so, and the act of 1840, required them to comply with that contract "promptly," or their charters should ho forfeited and their assets placed in the hands of a Receiver for tho payment of their dobts according to tho provisions of tho act of 1842. If it is manifestly apparent that it is tho ntract of tho banks to redeem their liabilities in gold or silver upon demand or presentation and a failure to do so in such a breach of their contract as to authorizo a forfeiture of their charters it is ex tremely difficult to perceive how the legislature can by tho enactmont of a statute to operate prospective ly deprivo tho hill-holder of tho rights and remedies which ho had under that contract withont impairing its obligations, Tho most valuable and effective means which the bill-holder had for tho security of his rights under tho contract and which may havo been his strongest inducement to mako tho contract, are thus taken away and to that extent at least tho obligation of tho contract is impaired by the pro posed act of tho legislature, and if so to that extent he act if passed would bo in violation of Iho con stitution and void. Upon this constitutional ques tion Judge Washington of tho Supremo Court of the United States in tho case Dartmouth College vs. Woodward, says: “ In short does not every altera tion of a contract however unimportant, oven though it be manifestly lor tho interest,of tho party objec ting to it impair its obligation.” Judgo Story in his commentaries on tho Constitution, vol. 2, section 1385, uses this language: “In tho next place what may probably be deemed imparing tlio obligation of contracts in the sense of tlio constitution 7 It is perfectly clear that any law which enlarges, abridges or in any manner changes the intention of the parties, resulting from the stipulations in tlio contract, neces sarily impairs it. The manner or degree in which this chargo is effected, can in no respect influcnco tho conclusion ; for whether tho law affect tho vali dity, the construction, tho duration, tho discharge, or tho evidoneo of tho contract it impairs its obliga tion, thonght it may not do so to tho same oxtent in all tho supposed cases. Any deviation from its terms by postponing or accelerating the period of its per formance which it prescribes: imposing conditions not expressed in tho contract, or dispensing with tho jorformanco of thoso which aro a part of tho con tract, however minuto or apparently immaterial in their effects upon it impairs its obligations." Will any ono deny that tho proposod act postpones the period of performance prescribed in tlio contract bo- twoen tho bauk and tlio hill-holder by taking away from the bill-holder tho right to havo tho charter forfeited at tho oxpenso of tho Stato, if tho bills aro not promptly paid upon demand or presentation 7 The period agreed upon or prescribed by tho con tract for tho redemption of tho hills in gold or silver is upon demand or presentation. The banks havo already violated tlio contract by refusing to redeem their bills upon demand or presentation, aud this act not only proposes to legalize tlio violation, but to extend tho period of performance until tlio ICtli day of November next. It may bo said tho act is only intonded to suspend irocoodinga for tho forfeiture of tlio charter oftho ranks until tho day proposed ; anti not to authorizo tho hank to rofusu to comply with its contrnct.to ro- deem its hills iu gold or silver upon demand or pre sentation-, but tho very act which suspends oxeentivo hnd judicial proceedings against tlio bauk for tho timo. necessarily implies a liccnsottotho hank to sus pend specio paymont for tlio samo timo, anti to re fuse, to abide by its contract to redeem its bills promptly upon demand or presentation in gold or sil ver and thereby iu tlio language of tlio law posljtoncs tlio period of jicrformancc and impairs tho obligation of tho contract. I feel it to ho a duty I owo to ,tho peoplo of Georgia to do all in ray power to avert tho evils which would fellow the passage of an act legal izing tho suspension of tho hanks. All solvfont hanks will doubtless sooffresumo specio payment. I shall do all,’which the.law makes it my duty to do, to havo tho charters of such as do not resume forfeited, and tlieir assets placed in tlio bands of Receivers, nnd con verted into money anil paid to their creditors ns soon as possiblo. No serious inconvenienco will fellow, as it is believed most of them arc solvent and will resumo. Those which nro not solvo.it will bo wound up, and tlio sooner the better for-tlio poople. ^ During the su; country zlth | fall much more heavily upon tho poopio than it During the suspension tlioy would havo flooded tho country ltli tlieir hills, and thu failure would then JOSE i’ll E. BROWN. Submission of I lie Kansas Constitu- TION. St. Louis dates to the 24th say:—Tlio Kansas Legislature has passed an Act, submitting tho Constitution to tho people in three forms, without slavery, aud against the Constitution adopted on the 6th ; repealed the law authorizing a Constitu tional Convention ; and passed, over Stanton’s ve to, tho law for a full militia organization, with one Major General and eight Brigadiers. A Bill To be entitled an Act to provido against the for feiture of tho several Bank Charters in this State, on account of non specio payment for a given timo, and for other purposes therein men tioned. Sec. 1st. Bo it enacted by tho Senate and House of Representatives in General Assembly met, and it is hereby enacted by tho uuthorityjof tho same, That tho Act entitled an Act, to compel the sever al Banks of this Stato to redeem their liabilities in specie, and to provide for the forfeiture of their Charters, &c:, passed and assented to tlio 18th De cember, 1840, bo, and tho same is hereby suspen ded until tho fifteenth day of November, 1858. Section 2nd. Bo it further enacted, That when any Bank or Banks now incorporated, or which may hereafter bo incorporated in this Stato shall refuse or fail to pay specie for any of its Bills, notes or drafts or other writing for which they may be hound when demanded by an individual or individu als, they shall be liable to suit thereon in any of tlio Courts of Equity in this State, and such individuals in addition to tho principal of said notes, and tho lawful interest thereon, shall receivo ton per cent damages, lor such refusal or failure upon the amount so refused or failed to be redeemed in specio; and it shall bo tho duty of all Juries in such cases to find a verdict in favor of the Plaintiff against such Bank or Banks, for tho principal, in terest and damages herein beforo provided for, and all judgements founded thereon shall bo collected by execution thereon, in specie. Section 3rd. Bo it enacted by tho authority aforesaid, That the Governor of this State, be, and is hereby authorized to withhold all Executivo or Judicial proceedings against the suspended specie paying Banks in this State, until the fifteenth day of November, 1858, Provided that nothing in this Act shall bo so construed as to withhold Executive or Judicial proceedings under andby virtue of said Act ol 2Stli December 1840, against any Bank in this State in case of its insolvency, or against any Bank in the judgment of the Governor, [insolvent] whose proceedings shall be instituted at onco for tho protection of tho Bill holders. Section 4th. Be it enacted by tho authority aforesaid, That said suspended specio paying Banks shall on the fifteenth day of November, commence to redeem all their liabilities on demand, in specie, by or before that timo and in event that any should then fail, and in that case, tho Governor shall pro ceed forthwith to forfeit their Charters, in pursu ance to said Act of 18th December, 1840, without further indulgence; Provided, that upon proof being made to his Excellency, the Governor, that there has been a general resumption of specie pay ments by Banks out of tho State of Georgia, then and in that case it shall be the duty of his Excel lency the Governor to issue his proclamation re quiring all tho Banks in this State to resume with in thirty days after tho date of such proclamation, and no Bank failing to comply with such procla mation shall avail itself of the benefits of this act. Section 6th. Be it enacted by the authority aforesaid, That should specie payments be required by any plaintiff in execution from defendant or defendants during the timo of snspension afore said, and upon an affidavit being made by said de fendant or defendants that said demand is made, and that the specie shall bo paid in discharge of said execution, then and in that case the Banks shall pay the specie for tlieir bills owned and held by said defendants and for that purpose, and iu case the Banks shall fail or refuse to redeem its bills when demanded, upon tho terms and condi tions herein mentioned and specified, it shall be the duty of the Governor to proceed under the Act of 1840, against all Banks so refusing, to . have their Charters forfeited by Judicial proceedings. Section 6th. And bo it further enacted, That all Chartered Banks and all agents of chartered Banks in this State, availing themselves of the provisions of this act shall receive their own bills, notes, or certificates of deposit inpayment of debts due said Banks, and that any chartered Bank or its agents, refusing to receive its own bills, notes or certificates of deposit, in payment of debts due said Banks, shall not bo entitled to any of the privileges or benefits of this act. Section 7th. And be it further enacted by tho authority aforesaid, That no Bank in this State shall be entitled to tho benefits of this act which shall send any portion of its capital out of tho same for the purpose of buying notes of any kind. Section 8th. Be it further enacted, That no Bank nor Bank agency by itsclfits officers or agents shall either directly or indirectly loan money or any note, bill, draft or contract of any.sort verbal or "written, at ft greater rate of interest than at tlio rate of seven per cent per annum, nnd only at the rate for a longer or a shorter time, and all notes, bills, drafts and contracts of every sort whatever, on which a greater rate of interest is reserved or exacted and received or bargained for, are here by declared to be utterly void and of no effect and irrecoverable in law. Section Oth. And bo it further enacted, that no Bank nor Bank agency shall by itself, its officers or agents discount or purchase notes, papers or evidences of debt, made for a valuable considera tion or a good considdration between tho parties thereto, ot a higher rate than seven per cent, per annum, and that all such notes papers and eviden ces of debt, discounted or purchased in violation of this act shall from the time of such purchase be come utterly null and void and irrecoverable in law. Section 10th. That no Bank or Bank' agency by itself its officers or agent shall cither directly or indirectly sell any kind of exchange except sight exchange, nor exact, demand, ask or receive for exchange in or out of this State, of any citizen of this State a greater premium than ono per centum, on the amount of exchange sold, when the bills of the Banks from which the exchange is sought to he obtained are presented at its counter in payment for said exchange, and for tho violation of this Section of tills act, the person paying the promiun his agent, or attorney may and is hereby author ized to recover threo times the amount of the ex cess by a summary proceeding, before a Justice of tho Peace, tho Inferior or Superior Court, as the one or tho other Court may havo Jurisdiction, and on which judgment shall ho rendered at the first Term of tlio Court, unless the principles of Justice shall require a postponement, for one term and no longer, and in which case the officer or agent who received tho premium shall appear without any other process timn the service of tho writ and give evidence, in tho Case, and if ho fail to appear, the affidavit, or evidence of the plaintiff shall bo re ceived in proof, of the amount demanded, and the suit shall be against either the Bank whose agent loaned the money, or against the agent, and either event, the property of tho Bank shall be subject to the payment of tho Judgment, provided that nothing herein contained, shall have any reference to foreign exchange, and provided further, the per son applying for the exchange, shall if required, mako oath, that it is not to resell as exchange. Sec. lltln The affidavits of Bank officers to three annual and semi-annual reports shall in all cases state that the Bank of which they arc officers has not by itself, its officers, or agents In any par ticular violated tho provisions of this act. Sec. 12th. And bo it further enacted; That per jury may be assigned on affidavits made by Bank olliccrs and agents to tho reports of tho Bank, and on trial of the defendant, on an indictment for perjury, tho said affidavit, and the name of person signed thereto authorized to administer an oath, shall be evidence that ho or they wero sworn thereto. See. 18th. And be it further enacted, That no suspended Bank, in this State shall declare n great er dividend than seven per cent whilo in a state of suspension. See. 14th. And be it further enacted, That all laws militating against this act, bo and tho samo are hereby repealed. Queer Story About General Walker. —According to the New York Times, the se cret “Junta” to which was confided the ar rangement for the second invasion of Nicara gua, having lost confidence in General Walker as a military leader, had intended to place Gen. Ilenningsen at the head of the command. This arrangement was by no means palatable to the “President of Nicaragua,” who has a civilian’s passion for tactics and mancevrcs. Ho therefore pretended to acquiesce in the plain but when the Fashion was ready for sea, astutely slipped on hoard and set off, to the surprise of nobody more than tho “Junta” aforesaid, and to the chagrin of nobody more than Gin. Ilenningsen. On the strength of this aff* : r, the knowing ones in regard to tho expedition are said to prognosticate its failure. Why is coffee like an axe with a dull edgo ? Becauso it requires to bo ground. Why are our foreign relations like our but ter vessels 1 Because thoy are our fur-kin. Canton to bk Captured.—A correspon dent of the Loudon News, writing from Can ton, October 17th, says that Lord Elgin has concerted measures with his Excellency the naval commander-in-chicf for the assault and capture of the city of Canton. Tho Admiral has arranged the whole available forco to move up to Canton on the 31st of October, and it is said that the French forces will co-operate; it is thought the Session Admiral, Pontiatine, will also offer his aid. MACON, GkA., Tuesday Morning, Dei!. 29, 185\7. Prof. EeConte Thursday JVigJst! See, by advertisement, that Prof. LeConto will Lecture THURSDAY NIGHT beforo tho Young Men’s Christian Association, on Geology. Wo need not say that Prof. L. is one of the leading scientific men in the country, and tho opportunity to hear him will bo prized by our community. Let us have a crowded house. By an extra from tho Brunswick Herald wc learn that a quarrel took place in a discussion upon tho Charter election on the 24th, between C. W. Styles, Esq., and the Hon. Jacob. W. Moore, in which tho latter was shot and killed. Tiie Veto Message Wo reproduce to day, upon threo or four hours’ working time, and by such an absorp tion of space and compositorial labor, as to leave comments out of tho question. It is a ter riblc onslaught on the Banks. With the Gov ernor, we would have vetoed that bill—but not altogether for his reasons. His message is too much in the style of a vindictive prosecu ting officer, and the bank property owners in this Stato wc do not regard, as a class, worse than other men. The Georgia Banks in the main arc honorably disposed, and that they do not actually realize any unusual or exorbi tant profits is evident enough from tho price of their stock, which is accessible to every citizen willing to purchase. Moreover, the suspension is not chargeable with the decline in Cotton, nor will resumptio 1 raise it. The Banks were caught in this financial snap just as every body else was, and, taken as a whole, tho Georgia Banks wero not caught in a worse position. They could have paid through it, we believe, if they had only thought so; and wo aro not disposed to charge their suspension to the account of a criminal recklessness of their own obligations or an utter indifference to the rights of others and general public in terests. But whatever in the message traces this sus pension to a radical, inherent vice of the sys tem—whatever shows how, in consequence of this vice,’ these suspensions have occurred— will occur again—must occur, whenever the people want money and not credit—whatever displays tho puerility of enacting penalties on ly to suspend them whenever applicable— rntjets our hearty concurrence. So also that, which suggests even a partial displacement of a false and fictitious circulating medium. But so long as the State permits corporations to substitute for a constitutional currency, bank bills at the rate of three to six for one—so long as these bank bills become in turn the standard of all valuations and of all credit op erations, it is demonstrable that suspension must follow every general demand for money —it even anticipates the demand, just as it did in the crash of 1857. It is a system past reg ulating—past mending—except as to the mere extent of the mischief it inflicts. Is the country to be saddled with it forever ? Then wc are to have convulsions, contractions and suspensions forever. But wc say amen to every suggestion of Gov. Brown, looking to a gradual abatement and final deliverance. The people will accord to him a high moral courage and undoubted integrity of purpose in the course he has pursued. The County Elections. There is no reason to gather discouragement from the late result in this city, which was due entirely to local causes. Let the Democracy Jf the County stand by tho regular candidates, and they can and will he elected. This is due the candidates—is duo the party—is tho only I sound and proper policy for democrats to pur sue. Let there be union therefore on the reg ular ticket, and our next issue will tell of a democratic triumph in Bibb County. Salaries Increased. Wc arc glad to sec that a bill increasing the sal aries of the Governor and Judges of tho Supremo Court, notwithstanding the previous failure of the measure in the House, has become a law. It rai ses the salary of the Governor to $4000; Judges of tho Supreme Court $3,500 each; Judges of tho Superior Court $2,500. Federal Resolutions. The Senate last Tuesday Laid all the Federal Res olutions and substitutes on the table by a vote of 52 to 36. Bibb Cavalry. This new Company, under command of Col. Bass, made a gallant display last Wednesday in their new uniform. It is of blue, faced and trimmed with red. From 'IH&ea REVIEW OF Tup » e vil| t , session- Douglas Endorsed at Chicago. Dates from Chicago of tho 19th, say that an en thusiastic meeting of the Democracy, tho night be fore, passed resolutions endorsing Mr. Douglas’ courso on the Kansas question. This issignificant. Chicago has heretofore been heard from in respect o Senator Douglas, chiefly in the way of indigna tion meetings, and never had Douglas so warm a place in the Southern heart, as when his voice was heard above the hisses, groans and roars, of a Chicago Indignation meeting, in defence of th c Kansas Nebraska bill—in vindication of an equal right of thc South to common territory—in manly and defiant rebuke of a dominant sectional fanat- Vote on thc Rank Bill. Tho following was thc vote in tho House last Tuesday, upon the passage of the Bank bill “ not withstanding the veto” Of the Governor : Yeas—Batts, Bigham, Brantley, Brosacil, Bras, well, Cannon, Causoy, Christy, Clarke, Coleman Crittenden, Curenton, Daniel, Darden, Davis of Ma rion, DeLaraar, Fannin, Frederick, Gilbert, Glass, Gordon, Griffith, Grovensteine, Hardeman, Haines’ Harris of Cobh, Harris of Dougherty, Harper, Har rison, Hays, Hillycr, Hines, Holden, Holiday, Holmes, Howard, Hughes, Irvin, Johnson. Jones, Kenan, Kimbrough of Stewart, Kitchons, Loo, Lewis of Han cock, Mattox, McMillia i, McWhorter, Milledgo, Mintz, Mooro of Clark, Mott, Neal, Owens, Phillips, I’ittard, Reid, Schloy, Sholtan, Sherman, Sprayborry, Strange, Taylor, Terrell, Walker of Clarks, West moreland, White, Wilkes—C8. Nays—Awtry, Barrett, Black, Boggess, Conley, Cook, Embry, Fain of Fannin, Fain of Onion, Faulk, Fincannon, Fottnor, Gay, Hall, Julian, Kirby, Lane, Luffmon. McAfeo. McOants, McConnell, McEvcr, Mooro of Glynn, I’ickctt, Prico, Roberts ofCherokoo, Smith of Coweta, Smith of Towns, Taliaferro, Wob- stor, Wood, Worluy, Wright—33 New Kausiis Movement. The Herald Washington correspondence of tho 21st says : “ An important movement is on foot which ^ promises an easy settlement of tho Kansas agita- . Tho veto by a dcsiro to be known,« , tion. It is intended, when the Lccompton consti- . , , . those who J®°* .. tution comes on, to take it up by the friends of 1 ™ nle * bUt “ ' ^ Getting Back to English.—Wo see tha a lady, advertising iu a Mississippi paper spells her namo “Lizzy,” wfth a “y.” the administration, botli ns a party measure and as a formal assertion of the democratic principle of popular sovereignty. Thc constitution will be passed, with a proviso that it shall be presented to the people of Kansas for final acceptance and rati fication. It will not bo thrown out or discussed, for the proviso of final submission to the people will silence tho opposition. Whilo it carries tho great point aimed at by thc administration, it lo calizes thc Kansas imbroglio, and allows tho Kan sas people to treat thc question as they may see fit. There will bo no excuse thereafter for the further interference of Congress, and no agitators, in or out of Kansas, can re-hash it into an important na tional issue. To guard against such a possibility and to avoid every excuse for a disruption of thc democratic party, an enabling act will be incorpor ated in the new bill as an alternative, in case the Lccompton Convcnton is rejected by thc people of Kansas. This will provide a safe, direct and un impeachable modo of framing such a constitution as thc people of Kansas de.-ire, under the formal sanction of Congress, and surrounded with all pos sible constitutional and popular requirements. The movement is a Southern one. Miu.KDosva,, tv Dear Telegraph: Thc General , 2G ’ Stato of Georgia adjourned sine di night last, about eleven, after ah ^ of forty nine days; having passed dred bills, most of which havo i w J* Jet ‘ h «ed Gov. Brown, and are now lawa^of The beautiful idea conveyed in th ^ ^ I cca—“Nonut diu vivamus curyj* 0 ^ 018 ] satis ;” has not been lost sfoht 0 t' v ^ ?ClJ \ tors. They appeared to know that 4 *** mate of Legislative action is to be d * * thc days through which their scs ion 9 '" 1 ’ B#Ur, n cd, but from thc wise and wholes W>aprtlt N have passed. Bte k»a uj So let thc General Assembly 0 f , f » and how stands the account ? Apnual sessions wifi now be held, th H tW3 alterat!on “ an improvement ^ 1'ho pitiful salaries heretofore paid or, Supreme and Superior Co urt j Bd °® ^ raised to a sum which will, i n Bome pensate them for thc faithful and enlist W charge of their responsible and importf,?^' A just, discriminating and been pursued, in tho purchase of the G • h ‘ I tary Institute, and in providing tunnfe 8 **® 1 L the maintenance and completion of th" 1 ? 33 f * I Deaf and Dumb and Blind Asjlums. ™ standa s monuments of tho humane enlightened philanthropy of Geoigia uS? * Judicious amendments have beenma3 lU °” general laws. e toim, Thc Main Trunk charter has been so h to secure tho completion of a Bail Atlantic ports to the Chattahoochee & ° Qo The “Hiwasce charter,” a measure of d ;; and liberty to Union, Towns and Rab® grab ted, with such guards and rcstrictio^ prevent the “chivalry” from entirely destm- W unjust and partial discrimination.! our ^Jp j System. “I Six or eight new counties, a majority of i the Negro Belt havo been made, and all vitW cient territory and population to justify J tion. A resolution offered by Mr. , McIntosh, was passed providing f or poS Governor’s Clarke and Troup, in testimony of A fidelity, zeal and patriotism in the service of fr! gia. A resolution passed thc House - n .-.. w - ia mittcc to report in regard to a momunrnt ton lamented William W. Gordon, as an acbovlc' ment of his devotion to thc inauguration M j c . pletion of tho Central Railroad. And here Mil me in an episode. George Gordon, s rc prcn tativc from Chatham, and about whom so mi has been written by reporters and letter wrils during thc present session, is the son oftho c. tinguished citizen aborc referred to. HeisJSyg of age, dark eyes and hair, slightly but pi fully formed, and thc be& debater in the House He came to Milledgcviile a stranger, bnt he made troops of friends by his courteous mmu and uniform gentlemanly deportonut Mr. Gordon is a ready debater; opeots fa and fluently, and always uses pure and mncSl English ; a rare accomplishment in all Lcpaj, bodies, and especially in thc Georgia Le-ishu, He is logical, pointed, and occasionally de*i metaphor,but oftener in facts. Ilia speeches .1 been marked by a thorough acquaintance with., question under discussion, and he “ainys when he is done.” Thc county of Chatham cq not have selected a gentleman who would iu| represented her honor and her interests with® ability and success than George Gordon; but) don thc digression. I have alluded to what good things have be] done—let me mention some schemes which hi] been defeated, for which the General As deserves to be commended. The State Road has not been sold—nor nor its management token from Gov. when in his message to the Legislature at its session, he shall communicate the fact, that hundred and fifty thousand dollars have been 1 ccived into the Treasury as its nett earning^ 11 people of Georgia will condemn thc policy of al party that proposes to part with it, and eaten I action of this Assembly in rcfnsicgto sepias,! change its present condition. Gov. Brownheal to manage it well and make it pay. Thc Omnibus Stato Aid Bill was.dcfeud 1 log roiling and combinations rebuked I h» that your city is deeply interested in the Brer.- - . Road, and many of your people werewiEngiaar thc Omnibus with its heavy load of no:-::] roads to get the Brunswick, but Isay‘ - Iil»» time” and Brunswick will be aided yet hi. work in which all Western and NorthwsunGc* gia havo a direct immediate interest, ami ik? lieved of the dead weight of Air IAno si! hej will go through like a flash. Thc Bill changing the Constitution eou Mat - Supreme Court Judges by thc people wislos-^ was right. Thc people don’t want the elut c ’ - if they did, it is thc part of wisdom to prevent Thc Penitentiary was not removed—let it t®- 11 where it is—this was the first step towards c.- tho Capital at a heavy expense to some point *_ North-western part of the State near the AjJ# line. On thc whole, I think when the Laws is 1- Iishcd and known to thc people, they will me in saying that tho action of thc Genera ts- bly, has been “Wise, Liberal and Just Secretary of thc Treasury will pardon thc f tion. I have omitted to refer to thc elec, lie officers, but tho favorable judgement . people has already pronounced upon ^ . election of Mr. Toombs, Judge Lumpkin—-■>■ - House Officers, (particularly Mr. T * ^ Comptroller,) and tho Federal Union, ^ . ter. Now your correspondent approach® ‘ cate subject—the Bank Bill—its veto—n” j sage over the veto. I am not a nothing of tho workings of the Ban n S ^ but I believe Gov. Brown was right measure, and I am not sure tint c - ^ was wrong to pass it. Thc session wu* * , there was no time to fix up a <hfferent U something had to be done—:uid pe f 4 ^ t rerhaps it was best to pass ® ^ m force the Bonks into liquidation. B| tiinenta. It was not ns a rebuke to * * ^ it was not because lie did not ^ jj n sense tho confidence of tho roajo the force of circumstances that oT(r unexpected passage oftho Batr . ,14 Brown’s veto by a constitutions maj ^ islature where the Democracy were Jf , If any reader of thc Telegraph [a y about thc “force of circumstance^ ^ ^ • tho Senator from Coweta or Fulton, : , dent hope that he will not ^ esirc ,“* 1 higher tribunal for better mfoiin' - Many will charge that Gov. 9 w . a Vuw known. w . ... ml say.ami du peuplc; but havo tried him will find that he ^ m spirit of lofty patriotism, » for right, a desire to subserve interest of the State and without an. chances of a second torm. ^ Tho bill was passed and 1= !1 Land. * .asded, ^ g After this- excitement v-ss 0 c;'- remained to be done. Thc ^defi*?' themselves for an hour or tw0 otoof 1 ^ long, dull, fare well spc** 0 *. varied, however, by a call for - ho clef' p ot tne wjnsumiiu—n. j to»- r» audience with a b n “ l- ciI nc farewell speech. The adjourning. ^ the members have all S oue ’, so* vc»'^ strolled up to thc Capitol. ^ ^ j..; , • poorly parched pea nuts pta -. dgars hive vacated their- tand, - Jefferson and.Iaiiayvtto and Cra*- empty halls—the lobbies are