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Vmn followed—a most consistent C'lmmen larv u,un Uie test of the mtss.-g-’-. j.i.i sucii f'oinnteutariea as we liavc always iia l from Hie sa ue quarter upon like |>ri ..•■.s'ems of aus iprmciptes ; just sucu a* Ii ; , m- ' lici|»iie. 1 most sincerely pray tnat i; ,av 1 ti .1 ae so. [ shall be gratified si in • o 1 sates <i. tueir position shall drive th.- ■. ! om iaratei'l upon our principles—.>ia . nr sis priucipies—the principles ol th- (' aim lion , bat lit iv<* not even ah>pc m l; is *ii! ba so. liv i a e,ni(i bihse, a, <t I a.i >;»• the Ijilgijage 1. ion ;I mi „• ii 11” ret” fore l(< r.i :iy .1 d.sitil ‘; I ■.li» t ge’i. i ill i ! .ti r»-■ no \ • i-<8 ojiiii s. ir jiroi.!, ~iii«ie >ll ue q.lstr.er—- i i.»i. ■ i mi* is to! . : *iv ■>: i i*s author* ■» tit- iNoufjtiMt.mi m: i Ih li'l; e.lai.it. 14 1 ;• , i ias of I. ( ',i: <. ’ l'a • css ••1•v ■; 1 • .-I . 1 of r-iursn the e i ir.i'ilis ' .1 , et of th : msttge. Ru sir. t.i-ire 1-. ...a -.- .v-|,t- 1 is ii*--t lourhe-'. a1 I ivuicii is si »t .ess miporlani— 50..:.- 1 ,i --put ml, as it should be regarded by pv. n & I.l'herii 111.1:1; yes, -ir, by every 111:111 01.-. t. ine heart ol'sisi American beat 1 1 In-- b >s.i.ii. I allude to tiie savage asid isi eve ry way disgraceful war no»v raging isi Flori ‘it. Is tliat war to rage forever/ Is its lu tsser proscciiti.i.i si'oaiidotsed ? II iv.s the Sre.ninules reconquer -d their country/ If so, acknowledge it—y ield if to liiein by tie.l ly. an i give tiu-iis tii.s honor and t!se fruit** u. their victory. Do not keep up a iri-s.-ra bie show id i.irce tiiere, hiiliig tiie People td the Territory into a false reliance upon a power perfectly impotent to all'or I anv re al protection, andevrn,mg. lor no possible good, a few of the us >si a ill nit ms? 1 m y,mr Anuy to all i.,e dinger-, id the climate and of si vage war, aad, w let to such men i« i.i.i'iilely " or»j, to (lit: certainty ufcon.-itant failures and defeats. I arraign thi* Administration for its worse *••'111 imbecile and impotent manageme.it ai tiie iloit.lt war. It there was no other a-tiise for opposition to tiiose in power, this itself is all s.iffici mt. Cannot the Admin istration sviih all the resources id" this great country conquei this miserable band of sav ages ? If so, let them surrender th -ir pow ers to those who can. if they can why have i liey not done it * Every drop id blood that has been site I cries to lleavcu igniust them. Individual atrocities an I massacres, hortible as they are, I lose sight of alto gether, when f look at the pressing impor tance of dislodging so dangerous nti enemy from their fastnesses in the vicinity of Hit IVesl Indies, and in the very centre of the South. Are gentlemen aware that the Maine boundary question is far, very fu from ye; being even in a train of adjust ment, and that the utmost discret on will be required on the part of both Govern ments to avoid a war at the end of'fh si ques tion ? With even a possibility of that, is there any man who can look whhuut indig nation at so formidable an enemy being em bodied in the very heart of tit”’ South, or at the miserable farce of a treatv which stipulated to yield to them-a pur ion Ift te Territory ? Sir, it is not the land that we wmt: we have too nucli of that already. It is the removal of the Indians, and that only, which will satisfy if. And what has been done o this end by this President ol ours? this Northern man with Southern priu iples. and his Secretary of War, a Southern man with—[l am tit a loss to say what princi; les, except John Randolph's celebtsited “seven ?”] Why, sir, we have Wen the larger part of the Army withdrawn from the only point where they ware real ly required, end engaged in an empty oa geant at Trenton—an empty pageant made still more ridiculous by a review and inspec tion of the discipline and tactics by the Pre sident and his S-'cre'ary. Vex, sir, tlie ar my which should have been in Florida was encamped a thousand 1 si!c3 from the point where they were hourly required, when ev ery morning s reveille was the news of the massacre of their fellow-soldiers, and of the women and children of Florida. Was it to remove them from the pestilential miasma of the swamps of Florida? Tliat climate w;i3 deemed good enough fob the gallant /laylor an i Harney. Why was it not so for all ? lam sure tliat there was noce a mongst the officers who would 00. have pre ferred to remain at the post ol'duty and of honor, liassucit a thing ever before oc curred ? Generally wo have seen troops concentrated upon the point of danger and ol war—hut here we see them removed from it, and the country leu w holly exposed. When I saw that the President referred tis approvingly to the plan of the -Secretary ol War, which he was pleased,to character ize as calculated “to bring that war to a successful issue," although I believed that “nothing good could come out of Naz .retli,” 1 eagerly turned toil to see what that plan was; and what, si*-, is this notable plan “to bring this war to a successful issue ?" Why, sir, it is this: 1 Depriving the Sem iwiles ol all sympathy. I had not known bslore that there was any such .sympathy. I know ofn 1 one who has given an evidence oi such a feeling, except the honorable Se cretary. lie certainly lias been most ten derly ami compassionately regardful of their lives. His second suggestion is the passage of Col. Renton’s bill for the settlement of Florida, which I understand to be a pro position to give a certain quantity of land to every man w o will settlfe thetc, and to furnish liim rations aid military p-.otectiau into the bargain ; the entering wedge (and I beg that tlie prediction may be remem bered) to a system of grants for settlement, by which the whole of the Western lauds are to be got from us. The third sugges tion of the honorable Secretary is to raise anew regiment, and, of course, to let him appoint the officers. What lias yet been accomplished by the 2d Dragoons, a regi ment rais I specially lov this service ? No thing that I have ever heard of. I would not object to raising one or more regiments if I knew who were to command them ; if I could have any assurance that the command would he given-in Gcu Klovd of Georgia, «r»mup, ntlict such mm. I. however, know 1. me»ueh. Rit it will be given to no such in in. b it to some palace pot or noisy politi — ‘ii* These appont meats have been, and » *1 be, 111 i l>* not with a view to militaiy, TANARUS; it politic il bittles ; no* w ith a view to 011- Uu.K.ig victories over the l ,diaus, but votes at elections. Win*si tint regiment of dra goons was raised, many a**!:-lenten in Con gress interested them-e c- to procure ati uppointment for n-s g.u, ,1 annfficerns any j in tho \nny, who h 1 i . • usm eor less ".1 j g.iged in i idia-i w t !-;t ,e fast twenty years orsd who -vas 1 id •« v - mi uioru than j one wound lf‘i:si Indian r■ lies. H< |bad|noi •chance wh.stove T • app >iuiii,*ut was i given to Oil it'v v, t"• 11 or -iac- ,h , n ver ! set a squailrow .4 is- odd, ami w • tai-as | vver- nil those of military cl u . Jm» i tlicni party serso;e«. No men'-w -of v.u, r I «>a iding army is necessary ; you «• •.■ s,«i» j,,. j •reaso ynu» army to a lorce to f.i ; nervic.e. an-k, besides, legadar iroopo ; . -' not ! the troops to figlyt and snen ha* I be-m our or\ilprm experience. 'Fists only ' w 'J.d end tliat war is to establish ahtrsidant ! v* j» i*s of s pplies. and to throw into Fiari- ! Fv tji-.aeix-qp twenty thonsaod men. Let ! them act simultaneously and in concert, and the war will be ended 111 six weeks. I can tell the President that the present plan, ot onv other tliat ever will be suggested by his Secretary ot W ar. never will bring that war »o « successful i-stie, a; i i!iat to rely «n any such w ill be 1 criminal paltering witti the lives ol our people, aud the cliaraclei it the country. Toe first |a<sage«if the message on the rtirroiiev stf jeet, wiiicli strikes me, is the toilowing : “Toe niueleen mtllions ot Treasury n >tes i aothoii/.ed bv the act of ('oagress ot l .-idT. I led the mo iifli'atioiis thereof, with a view j 1 0 lisa indulgence ot meri irants on tit or d-i --j tv bin Is, a-i.i ofthe deiinsiie louiks isi the •>:iv >t—it ol jmb'ic moneys h--ld by tln-.ii. liavi: loctl so pnoctua'iiy redeemed, sis to leave iess linn tin- original leu ini-lions 0111- -t-r-. ling at any one tsnie. and the vvlmle , onm it nured amed now tails sh-irt of three mill.-ms. Ol these, the chirf portion is tsot ■ In.- till next year; and tiie whole would have been aheid v ex. i-igtnslied could tiie Treasury have rea'i/.ed the p.iy .iie-Us due to it from Ihe banks. If those due from them during the next year shall bo punctually m ido. a id if t,’ongross shall keep the app.o pnitions witliin the estimates, there is ev ery reamiii.i !>*■ 11. tliat ill tin outstanding I’reisnry notes can be redcetnml, aiiiith.-nr ■li mry expenses defrayed, without impoung on the People anv additional burden, ettlier if loans or increased t ixes." Nrnv, sir, I must be allowed, without the -diglliest intention<l perso- al disrespect to lie President, to say, th.it not a single state ment contained in the above extract is true. I tin not insinuate, because I do not believe he President capable < 1 an nitcntional mi« siatemeiif, but 1 1! »say that these statements •ire incorrect, aud that lie might have uni might to have known better. Fit?.;: were these Treasury mites issued with a view to •nalilethe (iosN.-rtitnent to indulge the banks and merchants? The debt fr-.ni both tb-.se sources was less Ilia rt ti.r millions al tin-pe riod ofthe last issue often miliums ol these Treasury notes. How, then, can a debt of six millions be the reason and the excuse for issuing ten millions of notes ? Although n it so expressly stated, tiiere are other pis s tges of tin-message as well as of the 'Trea sury report, which imply, and are no doubt intended to imply, that indulgence to the banks was the sole reason for this issue of an unconstitutional currcncv- Hmv gross a misrepresentation this is, will be seen from the fact that, sit the period ofthe last issue often millions, the banks owed less than two millions. I would here take occasion to say, in passing, tls it these deposits banks, which have been habitually denounced lor (heirfailures in.l fiauds, have giv--n evidence of a power to fulfil their engagements and a nobis fidelity in iloi lg so absolutely unpre cedented, and beyond the hopes ol the most sanguine, and which throughout Europe is regatded with wonder and admiration. They have fulfilled, to a miracle, all fheiremrage meats, and, besides that, have sustained the country under ci ten instances ol difficulty and dtstres^vli ere the boldest might have despaired, u know, sir, tliat these are un fashionable opinions and troths, unwhole some to brawling politicians—-that despica ble and pernicious class, whose only ambi tion is to rise from that obscurity to which a want of all talent and all virtue has destin ed them, by joining every popular clamor even against the best and most s.icteil insti lutiwus of society. I ani tut otic of those “whose thoeghtsever keep the road-way." 1 cannot lend myself to injustice of any sort. What, sir, are the facts in relation to our connexion with the deposite banks?--- The year before the suspension they held, on account of the Government, more tha t sixty millions of money. It was contempla ted by the distribution bill to withdraw this sum in eighteen months. That itself was regarded by most men "ho were best in formed, as a 'rial which the banks could not stand ; but they did. Yes, sir, ami more. The Secretary ofthe Treasury, instead of allowing eighteen months for this .remeti dous operation, actually executed it in six months. I tv’ll not say, as some ofhispre senl friends have said, that it was done to defeat the salutary effects of the measure. But lie did it, ~nd, to the astonishment of every one, the banks sustained themselves under this terrible trial, and paid over at oiice about forty millions. No man would, a priori, have said that It was possible. ThL is not all. Atthe period of the suspension, in 1837, the banks held on account of the Government twenty-three millions. Con gress granted them indulgence for eighteen months. 'They paid ail but about two mil lions in less than six months—-refusing to avail themselves of your indulgence ; and have secured, as the Secretary tells us, all the balance. If this be faithlessness and fraud, commend me to faithlessness and fraud for the balance of my life. I have shown that indulgence to the banks and the merchants was not the cause ofthe issue of these Treasury notes; an issue of a Gov ernment currency which, l have heretofore shown in an argument which no one has at tempted to answer, was a gross and dan gerous violation of the Constitution. Tiie xt’cond statement is equally untrue, that the whole r,f the Treasury notes would have been extinguished if the Treasury* could have teali/.ed the Stuns due from banks. 'The amount due from banks is less than two millions; the amount of Treasury notes out,landing is two millions and threemirths, besides interest. Tli • last instalment from the United States Bank is not due until next September. The third anil last, and much the most important, is, that the re sources ofthe Government for the next year will be adequate to its wants without any increased burdens ol io ms nr taxes. We were told the same thing in the last annua! message, almost in the same words. I said then that it was tint true. What was tiie result ? Why, sir. anew issue of Treasury notes. So it will be now. The President may not have known that this statement was incorrect, but I sun very sure that no man on this flopr who regards his character wiii venture to endorse this opinion. Why. sir, every body knows that it istjot true. The Secretary of the Trea sury very well knows it. Although he docs HOt directly ask tor a law to aulliori/.e the issue often millions more of Treasury unit s. a whole column and a separate subdivision of his report, is devoted to proving the ue ecssit vof providing sour- fund to meet a contingent deficiency, Wt at fund does he moan ? Why, Treosmy notes and entiling else ; the expedient ofthe spctnUhift who h is w asted his patrimony—(ogive Ills note. The President tells us that the resources of the Government will he adequate to its wants. 1 tell you they will not. The Pre sident has much better opportunities of judging than I have, and is under the same obligations to disclose the truth to tiie coun trv. Now, sir, mark Iho result, and see who is right. Before six months we shall be asked to issue ten millions at least of Treasury notes, or to make a loan in some o.her form. W!t v i' the truth not now told ns? For he other reason than the shame of ,she avowal, od the part of the President, hat. coining into power in a time of pro found peace and general prosperity, with a . Treasury overflowing, he has in three years expended thirty millions over ansi above the accruing revenue, and caused an almost u nivers and ruin and insolvency iu the land. Tnere was, when the President entered on tiie du'i -s of his office, nine millions which wax lobe deposited wttli the States, five milho.is of surplus besides, and upwards of live millions due and which lias been paid by the Bank of the United States, and there is now near three millions of Treasury notes outstanding, mokinu twenty-three millions, to which add at least ten millions for (lie p.t's-ul year, and we have in three years of this ecnuoinicai deifersonian Ailininistrati >;i au excess of expenditure over income of thirty three millions. Asto the future, 1 Imk to it with absolute dismay; no eye can penetrtite the gloom of tint future. We must pay to England alone next year, for excess ol i nportsuver exports and inter est on State debts, not less than sixty mil iums. 'The same produce cannot pay this debt and also pay f.i goods from wbic.li re venue ia to lie derived ; and wlien our pro duce fails, the dtbt can only !»•• paid iu spe cie, and tilt* specie will be exported by laws of commerce. a< fixe I and certain as desti ny i'self. ISo certain, sir. am i of these results, that all other feelings are forgotten in a sympathy with tiie siitferiugs of the country; and if I had an enemy among the authors of this measure, 1 would and sire lor hint no other punishment than that which awaiishini iathe wrath and indignation of an si'itis,al and deceived people. That day is coming, and is not far distant, and I shall liav- no other, if I desire no other, consol ation than to he able to sav to those who have confided their interests to me, that I have done all that I could to avert these calamities. I -ce no human power now to avert the impending distress. This debt inus: be paid cither with our productions—and then we cannot make our usual importations,and, of consequence the demand for our cotton is cut off, and tlie article not only falls still lower in price, but cannot be sold at all— or else this debt must bs paid in specie, and that, in the present condition of the country, will be ruin at once ; not to the banks, but to the People. Not, I repeat, to the banks, but to tiie People. If the banks are forced to pay, the People their debtors, must pay them. The batiks owe the Peo ple one hundred and fifty millions, tiie Peo ple owe them five hundred millions. On whom will the bolt fall most heavily? It will be a golden harvest for shavers and s.su rers—they w II fatten and grow rich upon tli” sufferings and distress of the communi ty. They and they only, will be benefited, '■id, if I am riot mistaken, it is this class, together with those who either owe no money, or, if they do, are beyond the reach ol i he law, and have no sympathy with those who do owe, who are the loudest advocates ol this most vital and dangerous revolution in she monetary affairs ofthe country ; men who have a most philosophical and praise worthy indifference to the sufferings of ev ery one else Inst themselves. No Govern ment has the right to m ike such an experi ment upon the happiness of its people—to carry out any theory, however plausible. The debts of the country were contract ed upon the faith ol and with reference to •in existing state ol tilings which tin Gov ernment has the moral right to subvert all at once, upon the authority of any argument <t priori. One word more as to the nine millions yet to lie deposit-al with the States. ! like sometimes to look back "9 well as forward. It is often profitable to do so. We were told two years ago that the act was not le pealed. Oh no! The payment was only postponed. And ir was vaunted ; n my own State as a great achievement tr> postpone the payment instead of repealing the law. When are we to get it, sir? Not, sir, un til the day of judgment- Or, what is the same thing, until your present Secretary siia'l put an end to the Florida war. No, sir, 1 will f-eely forgive the balance of that debt, il the Government can only be kept along. 1 repeat, sir, that no intelligent man will sty that the resources for tin* next and succeeding years will meet our wants. Those resources are greatly exaggerated, whilst the deinatuls on the Treasury are under rated. From the excessive importation of the last year, and the universal pressure in the money market, added to our immense foreign debt, the revenue from imports for the ensuing year must be very small less! venture to say. than any one anticipates : ve ry much less than the estimate of the Se cretary of ,he Treasury. From the public I unis ! look hereafter for little revenue. First, because so much of the public do main lias gone into the hands of private speculators, who will supersede the Gov ernment in tire market, because they own the best lands, and can sell on and for paper money ; and, secondly because these lands are likely to he used by political speculator® as the corn in the public grana! rics was used in the days of the decline of the Ron rn empire. No,sir, instead of re duced taxes, we shall be forced to raise the taxes, and. 1 believe, up to the extreme point fixed by the compromise of 1832. By-the-oy sir, as to this tariff question: T was told by more than otic, who, 1 think enjoy the President's confidence, that the message would be up to the hub with the South on the tariff—that it would even be ultra. I was glad to hear It. I was gl.ul to know that we were id get aid from so in flucntial a quarter, from whatever motive; as I owe no such allegiance ; pc ty or per sona! ; any wlie <*, and never will, as to prevent isle from rallying to the support of those who rally to the support of just prin ciple . I loot.ed fortlie passage, hut I look ed in vain ! s:w exactly the place for it, hut it was not tiiere. No, sir, it was not there; but i:i it; place 1 found all those off Copland mu ai'iurt ors about rendering our selves i idepeailent of the currency and commer e of England, which have hereto fore been, hhd may be titiain, used in gttp port of a protective tariff more appropriate ly than they are used in t' e message for another purpose. Sir, it is degrading to the intelligence of our age and country to talk In this wav. We had as well talk of rendering ourselves independent of the titles I ’ r tin* winds of Heaven. Why, let me list;, is this anti tariff ground not taken in the message ? Iwj 1 1 tell you, sir. 1 have been given to understand that it is because a ve ry important political event is to take place next autumn, and that the thoroughly tariff Stag's, Pennsylvania and Ohio ; States now doubtful, to say the least; will hive an important influence upon that event, ami that it may not be very discreet, at this ! particular time to take ground against the ■ tariff; and although he doubtless possesses : an the other parts ot valor, no one fi.rs ever j denied to ine President that beit* r part of j it, “discretion.” Especially need, he not I doso when nothin” is lobe gained bv it j Tiie South is clearly Iris already, ly ‘deed and convenant duly executed ; and ii would 1 be mere wantoairews thus unnecessarily to i risk JPeuusylvaui* aud Ohio. 1 tiav-e been i told however, to wait, and that in due time this grousd will be assumed, in other] words, I cm to aid in cheating the tariff States out ol their votes. What security have we that we shall not be deceived ourselves, as we have been already once on this very same subject, and by the very same person ? No, sir: no great end was ever yet accomplish ed by such m ans. If no power is left me to resist the odious and dishonest operation of the tariff policy but fraud and trick, 1 have no confidence in them, and should not resort to them if 1 had. It is due to the country th it the opinions of the President should have been known upon a great and exeituig question which must very soon cotne up. It is especial ly so, as he lias set up the dangerous pre tension of being (as repeated usurpations, not the Constitution, ha»e really made him) “a component part of the legislative power.” If he has one half of the confi dence in the judgment and patriotism ofthe People which he habitually professes, he nee I not tear to disclose his true opinions, j Let him take one side or the other, lie has no right to take both. I do not wish to cheat others, njr to be again cheated my self. I have a word or two to sny upon the gieat subject of the me- -age : the curtency question. Our worthy Pr *-d ’me s-ems to h ive a regular intermittent upon tins subject , At ite extra session the hard money f- ver was upon him, hut at the ia.st session there was a clear intermission ol tuis f i v”r even, sir, a chill had supervened, tie tneusiid ‘ Dike other Slate establishments, they (banks) may be used or not, in conducting the affairs ot the Government” “When the Government can accomplish a financial operation better with the aid of the banks than without it, it siiouldbe at liberty to seek that aid,” A:e. The dan gerous tendency of tlm cotltie.xion of the Government with banks was then to be arrested, by giving to the Executive the undivided power and iincon’rolled discre tion to employ them or not. It was dan gerous, in other words, to trust this power to the Executive and Congress, b it perfect ly safe to confide it altogether to the Exe cutive. It is a rnelan holy trtr h that, whilst there is a party in this country who watch every encroachment of tlie Federal Government upon the rights of th” States weal! seem to shut our eyes to the not less dangerous us urpitioiis of the Executive upon the other and coordinate .departments ofthe Federal Government. A more daring en croachment ofthat sort lias never been nude than in this ; that ir is dangerous to the public liberty to trust this .aoimoxiou nirh the banks to Congress; the immediate a gents and Representatives of the People; but that the discretionary pow.-r to use banks nr not shall be given to the President. Brought up, sir. in the creed of the Re publican party; the old. the true, tiie once respectable Republican party; one of my earliest and most fixed political opinions lias been to look to the Executive depart ment as the point of real danger, an I to re sist thesmallest beginnings of Executive encroachment. \Y e were also tolu in the la**t message of the beneficial resit its from 1 eeivinr' the notes of specie-pa ving bmk<=. and the bill introduced a* the Government measure did not contain the specie teature. I had some hopes that it was abandoned. I regret t<> see that it nor only has not been, but that the mask is now thrown off, and tiie pur pose distinctly avowed, not only to require Government dues in sptcic, but’ to do this with the view of driving out of circulation bank paper altogether, and to roduce the • tanks exclusively to offices of discount and deposite. Is the country prepared fortius? I rejoice that the true purpose is at last a vowed. 1 huv” known from the beginning that such was the purpose. I h ive been accused ofuisitigenuousness for saving so. I have, therefore, a personal satisfaction that I now stand vindicated : still more do I rejoice that tins monstrous proposition is no v exhibited in its naked deformity. Il anything, in these times, was to he wondered at, it would be that State rights politicians should advocate this mea snte, r.ot for its direct financial efiW-ts as to the Federal Government, Imf for its indirect influence upon State institutions ; the banks. Ail aonwt the right ot the States to charter banks ; none will assert tire right of the Federal Government to destroy or even control these corporations by direct legi-da tion ; but tiie power to do so is claimed, and by State rights [men, under the idirert use of a power given fora wholly different purposs- ll the revenue power may thus be perverted from its legitimate purpose, witv may not the same revenue power be used for the indirect purpose of protecting manufactures ? If you may use a granted power to effect, and with the riav to effect a purpose for which tt v.as not and never would have been granted, what is i!c*re to prevent the power of taxation from being used to effect abolition, by a tax sav of fifty dollars for every person held in bondage 1 If you can control or destroy one State in slitulion, the banks- why may you not do the same with another, domestic slavery? 1 defy any man to suggest the slndowof a reason fertile one which docs not apply with equal force to the other. We are (old thafbanks, in some form, will always exist in this country, and are urged to place these hanks on the footing on wliicn they exist in some o'hcr countries', that is, banks ol deposite and discount, not of issue. “Credit currency and credit commerce” are denounced as the sources ofal! our troubles. Now, what docs lie me;m by credit currency? Nothing. He c,tn mean nothing but hank notes over arid nlmve the specie in hand, “dollar, for dol lar. and guilder lor guilder.” Mere, sir, is a distinct avowal of a purpose to bring the country to an exclusively metiPic currency. No one will say that there is any practical difference between a metallic currency and a paper currency representing gold and sil ver. d< liar for dolbr. If there is. in other words, fifty inillioiisnf specie in the coun try we are to have only fifty millions of paper i-sued. and that not to'be added to the specie but the specie to be withdrawn and locked up, and the paper only tocircu laie. No, tuat, as to the amount of curren cy, no-me will pretend that we shall have any more than if that currency were in gold and stiver only. Is the country prepared for that ? H ot, sir, is bank paper beyond the specie in the vaults any more a credit currency than that where there is specie, dollar for dollar ! Not a whit; and none but verv shallow thinkers, or those wlm know better, have said so. Is there no basis of credit but gold and silver ? Ts nothing else of any real value Is there no other property in the land ? Is not the note of John Jacob Astor for a thousand dollars good, and so regarded, although it may be known tin t he his not fifty in specie ? It is time that this absurd slang about specie should be exposed. Specie is not only not the sole foundation I ol the oiedit of bank paper—-it is not even I the principal foundation, but the property i ot tlie debtors of the banks, and the stork j itself is tfoe chief foundation ofthat credit. Is it not so as to the credit of individuals ! Is credit given because of a known amount of specie hel-i by the debtor ? Clearly not ; lor in tliat c ise lie would need 110 credit, but would use his specie. No, sir; I re peat, it is property to which credit is given i that property of which gold aud silver is the mere yard stick. is this not true? After the banks had suspended, and it was known that they had no specie, have we not only seen their noyes passing, but passing at par for every tiling else but specie ? An’dasto that it is not the fall in the value of the note, but the rise in tiie market value ofthe specie. Yes sir, when in that erudition, every one is willing to exchange the very best individual notes, drawing interest, for tiiose bank notes draw- I ing none. Why is this, if specie is tiie sole I basis of their credit ? Ido not intend to be I misunderstood. lam no indiscriminate ad vocate of the banking system, still less of its excesses and vices. I go* further ; I know that reforms, vital and radical, are required, arm l believe that, if these reforms are nut made, tiie system will be rundown, lam no apologist for bank suspensions- 1 think the last one without excuse. Specie is ne cessary ; it is tile only measure by which we are to know when batik issues are excessive: but to bring the country, in its present con dition, and with the paper system now pre vailing nptm t throughout the world, to a metallic currency, is a project absurd and i mposs hie. I have no apprehensions what j ever of tin:; my fears are of a different cliar loi ler. Ido not doubt that, by the swing | ot the pendulum, as natural in the nicral as m tlie p.iysic il world, the reaction will lie to reinstate the paper system iu its utmost excesses, and most probably to establish a Government hank---an institution which I do not hesitate to say the public liberty will not long sur-ivc. No such tretneudious re volution iu the personal circmnstsuces of men as that proposed ever can be effected but by the iron band of despotism. It never will be done where the People have the pow er in their own hands. It is in the nature ot mail to disregard ultimate results in seek ing present rebel from pressin ; calamities, and there is no such calamity as a rapidly diminishing currency. My life an it, tbe People will not bear it. infinite as have been the losses, the stifler itigs, am! the misery which have already resul. ed f out tlii> fa a I cxperime: t.’vehav, not yet see 1 tiie worst. t hare pas been a .general forbearance ; it cannot be so always, i'lte advocates of this haul money policy well know it. Thete is no single Slate in the Union tliat would not instantly crush the exp-iinieut and the experimenters, il they wore cat.e l 0.1 tj ooy direct taxes in specie. Is this denied ? If it is to act ben eficially on the banks bv crea-iug a practi cal drain for specie, that isa reason equally strong for demanding Si ate taxes in specie. Why has no one ever had the boldness to propose this m any State Legislature ? Why sir, because those taxes are collect ed directly, and the People would not bear it; and yet we see ami-tariff men, by the secret and unseen operation of that law, doing what they would not due openly to propose. The St ite which I in part, represent is regarded as aim .si upani.oou, in favor ol this specie policy. Its Legislature may be said to be so. I have for the ititilligence ami purity and patriotism ,*f that People a respect and deference which [ cannot here express, and I allude to these things for no unworthy ortltsiegpccffji purpose, but it is a fair illustrations of what will he the result of tins humbug every where. A portion of our banks have suspended specie payments, some of them with twice as much specie on h ind as they have Dills out. A proposition was made to the last Legislature toco”rcea resumption bv these banks of specie, payments. And what do you think was the result ? It was rejected by aparge majority. This was not all: we haven State batik, owned by the State ex gli'ively. It was proposed at a preceding session to receive nothing so taxes Intt spe cie or the bills 01 this State bank—a verv reasonable proposition surely. Did it pass the legislature—-this sub-treasury hard mo ney Legislature. Oh no, sir. but the tax collectors were ordered to receive the bills of ah: the nanks— non-specie paying bank rags and all- They did more; whilst inveigh ing against hanks and the credit system, tiiev doubted the chartered bank capital of the State, and have created a larger debt for the State than was done by all former Leg islatures from the beginning of the Govern ment. A cases!;!! mote striking is furnished by tiie recent action ofthe Admini-dr turn par ty, a hard-money, Sub-Treasury Legisla ture. with the sanction of the hard money Governor of tiie enlightened and patriotic State of Georgia. The Legislature ofthat State, w hich has just adjourned, lias estab lished a Irani* more thoroughly a paper hank tln.ll anv that ever has existed in anv eoun n bank, sir, which would amaze .I dm Daw himse'f it he could be allowed to se<- wbat is now going on. He, sir, would be shocked at this wild excess of the pnpcrsrs tem. The Central Bank of Georgia, whose affairs at th” last report stood thus—specie. $43,001): circulation, SBO,OOO, anti bonds and notes amounting to a ! >o. 1 $3,000,000 is ordered (not authorized, bur ordered) to issue six millions ol notes—double the cur rency ofthe State—and to loan rhe money in the respective counties according to pop illation, on bonds due in twelve months.— They issue six millions of paper on forty-six thousand of specie, and promise to pnv spe c's mi demand, when the debts to the bank arc not doe for a year. They cannot oven pay bank notes fora year, and yet they p r «- miseto pay iu specie on demand ; and this, too, sir, when a dr»ft ofthe State for three' hundred thousand dollars has been recently protested, without any provision whatever being made to meet it ; ; but, on the contrary, stock which was hypothecated for its pay ment is ordered to be sold for other purpo ses. This law was signed on Friday, and the hank suspended the next Monday.— These, sir, are clinrartcristm signs of ivliat "tli be the general feeling and the general results, in the end, of this most disastrous experiment upon the I'appinoss, and for tunes, and business of the People l rejoice, therefore, that the purpose* ofthe Admin istration are at length ;t7owed. If these ob jects are sanctioned arty where, t shall be disappointed. If there is one man i» South Carolina who is in favorof abolishing bank paper a* a currency, I have never seen him. We tvere told, when this measure wa first brought forward, that it would especi ally oenefit the South. That it was our i-t i p!e-, which would be exchanged for specie, and that additional' value would be given to those staples. Has this been so ? ilas in doeff the ain r»unt of specie in the country increased lor the last two years f It has not . Wby not? We were told-to drive out* pa per, and specie would take its pl.ee One hall ol te« batik notes h ive been driven out - has their place been filled 1 No, sir; that place is literally ‘au aching void.” 1 thought at first, and was confirmed in |Ji at opinion by the authority of such men as Dallas and Crawford, than whom this coun try has produced none abler or better, and they spoke not from abstact and delusive speculatoin, but from actual experience that it would enrich New York, t| le grea i centre of commerce—the place at which not from which, payments were to be made at the expense of all the rest o‘‘the country las it not so turned out? Gold and silver abound even to excess in that citv wl.il , every where else there is, amongst busi. ess men dtsmay and despair. Benefit Ule Smith ! W hv, sir, it has been, and will b e a protective tariff in its worst form, de duce ours to a hard money country and reduce prices accordingly, and w ho does not see that the manufacture* ofthe rest ofthe world where the papar system prevails cmnot be sold here/ and an absolve monopoly is given to the American nianu! ficturers, a' prices nominally 'cheaper, ac tually and relatively higher—destrox in e our great market for Southern staples at a turn- when the supply of those staples must be enormously im teased from suspension of works of internal improvement, and an im "tense time flu; ot labor is about 10 be thrown again upon agriculture to sav nothing 01 other causes? In all sincerity I say, sir [ "em|)!e when I look to the future, esneei ally in the South. The President attaches much impor tance to the f-.ct which lie states.jihat there is never any ! rge omo tnt nr an\ one time to the hands of collectors, dte. Who did not know that ? Who did not know that the profligate waste «f the paidh- money i>v tilts spendthrift Adminsitraiion, at the same time that our revenues were greatly diminished, had forced the Government literally to live, from hand to mouth ? Nay more, sir, to resort so thu most despicable shifts to “raise the wind no other phrase will so well express the idea. To do that which would irretrievably disgrace a pri vate man—to draw for money* w err* they knew thev had none on which to draw? Rut str, this state of things, it is to Ite hoped is not to l ist always. If we should ,i* r again h; v>-a (nil Treasury, the currency will be disastrously contracted, and. what is more, 'our sub-Treastirer, with large a mount- of go and and silver on hand, may ruin at will every bank in the country. * Will not ti.K give a political power over those list it n : ions which may well be dreaded ? i was very mu* il surprised to see that sty ahl--.nd a,him n writer as the President should have been guilty of so gins* an in consistency a* I find in the Message. The great argument ofthe Message in^favor of the measure is not that it will gAe a geo.l currency, gold and silver, lor tlPe use ofthe Government, .mt the effect dmt it is in have tin the hank*. To this end it is said that it w ill he all-powerful. How can ir be so but by causing the banks, by reason of this constant drain of specie, greatly to ics'.rii t there issues? \nd vet we are inmiedia'.c ly afterwards told i|,at the sum required ;«r the uses of the Government wdl be so verv small that it will really hardly affect the banks at all- a very Hercules at one mo nvnf-as powerless as ".sleeping infant the next. I must apologise for detain; the house so long, i> t r. !eh it to be my dulv to call the public attention to some of the points of litis Message, especially to the start ting proposition to abokso. ir: idled, bank pain r, and thus to npomte on State insuitimis by tiie indirect i.se of a power grained lor o’- tlier and different purpose—a potter winch never would li i.e been granted for ihepur pose for " hie! 1 ir is now proposed t- be made. | EXECUTIVE APPOINTMENTS, ; theckXthalbank. • Perhapsthe present Executive has had i.o duty to perform, since the day of his inau guration as (inventor of the State of Geor gia, involving in its discharge so much re sponsibility, as that of making a selection 01, and appointing a comnetent direction to manage the affairs of the Central Hank- Indeetl, we, at left, .are satisfied, that there can be no act of his administration-, in which the character of the State, and the interests of the people tire so deeply involved. By a prudent selection, the one nav be niai'e to recover her lost iredit among her sister States) and the other to be greatly advanced. Otherwise, both to be sacrificed upon the unholy alter of party ! j/ir ty / parti) !! ! It was, w.fh in* small degree of anxiety that we awaited the announcement, by hi* Excellency's official organ, the Federal Un ion, of (lie individuals appointed to entitle! and direct the affairs of fins Insitution. lit the mean time, rumor with her “/ hr.nsand t>>.'><)uis had been busily engaged in re vealing in our peaceable community the fuel that there was THOU RLE IN’ THE C\P- Ii ; 'and that his Exeeldettcv had met wiih "‘i/nerpci ,/(/ ’(mark the word, reailii) difficulty m making ids ap|x>intmeiit of Directors. *>n the day preeding tire nn nouneeiH'nt id the Federal Union, it was genera! y know n that ad s inguished goule inan ot this city, belonging to the U’ ion Party, one high in tin ir confidence, trio, h id resisted Executive dictation, in u matdv awl' *[iti tied sty le—that lie indignantly tefugert upon "cerhrin Oil A N Y CON DI ! IONS AT ALT., to accept an ap pointment of Directorship, tenderd to hint previously—and that, under the circum stances, ids Excellency hail made another appointment in the place of the gentleman alluded ft*. Our readers may be assured that all this tended to inflame our curiosity, nay, anxiety to hear the result. We there fore seized upon the Federal Unionoflast Tuesday morning with avidity, and weie not a little surprised to see that Dr. Tosi l.tNsox Fort, Cot. Augustus H. Kkn an, and W». [). Jarkatt. Ksijr., were announced as Directors of the Central Bank. We are astonished at the announce ment of this appontmenf, well knowing—— but we must lefrntn, for the present, with the inflection that, it is a blind man only that cannot see. The game played in refer* ence to the appointment of Directors of tins Insitution, previous to, during the session of the Legislature, and since, was not played behind the curtain but before ti e world. We shall tevr-aJ every act of/he drama to tl e astonished eyes of our readers, in our future numbers. I u the meantime we sh vllga on to relate what has transpired since the -official organ of his Excellency. ventured to make ihe anouncetnent. Col, Kenan, for masons, so we have beard, assigned to H,is Excellency, refused to ac cept the appointment. Those reasons we understand, will be made public. It was then tenderd to Mr Deal! of this city, whex also refused to accept it. It lias since been accented bv Wm, Y. Hansel, Esqr. Believing as we do thet affairs of the Institution will be conducted in a inane, similar to that which characterised it in 1836 ami ’7, we confess that we are astonish ed at the course of the Governor. It :s well known to all, that, at the period alluded to, the shatter of this Institution was not what it now is. Thou, the Directors were acting under restrictions in the charter. which should have prevented, with an efficient di rectum, tint crippled state of the bank in it. Bta» turned nxaMmtegfb- --