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COLUMBUS SENTINEL AND HERALD.
VOL. IX.J
PUBLISHED EVERY VtDWIMV SIORNfNO BY
J. E WILSON & P.H.BRITTAN.
an BROAD ATREET. OVER ALLEN AND YOUKO’s.
M’INTOSH ROW.
TKttiVlS—Subscription, three dollars per an
■dm itrable )ii advance, or sou A dol l a Rs, (in a.
cast exacted) wheie payment is not naaJe before th<
expiration of the year. No subscription received fn
less than twelve months, without payment in advano
uid no paper discontinued, except at the optiou of
the Editors, until all arrearages are paid.
ADVERTISEMENTS conspicuously inserted a’
ore dollar per one hundred words, or less, fn
the first insertion, and fifty certs for every subse
quent continuance. Those sent without a specifica
tion of tho number of insertions, will be published
until ordered out, and charged accordingly.
24. Yea kly advertisements —For over 24, and
not exceeding 36 lines, fifty dollar* per annum : toi
•vr 12, and not exceeding 24 lines, thirty-five dollar*
per annum ; for less than 12 lines, twenty dollar
per annum.
3d. All rule and figure v/ork double the above ptices.
Leoal Advertisements published ar the nsua
rates*, and with strict attention to ihe requisitions ot
the law.
All Sales regulated by law, must be made before
the Court House door, between the hours of 10 in the
morning and 4 in the evening—those of Land in
the county where it is situate; those of Persona.
Property, where the letters testamentary, of admin
istration or of guardianship were obtained—and arc
required to b>- previously advertised in some public
Gazette, as follows; •
Sheriffs’ Sales under regular executions for thir
ty days, under mortgage ft fas sixty days, before
the day of sale.
Sales of f.and and Neoroes, hv F.xecutors. Ad
ministrators or Guardians, for sixty days before
the day of sale.
Sales of Personal Property (except Negroes) ronn
day*. „ ,
Citation* by Clerks of the Courts of Ordinary, upon
application for letters of administration, thus*
be published for thihtv davs.
Citations upon application for dismission bv
Executors. Administrators or Guardians, moutlih
for six months.
Orders of Courts of Ordinary, (accompanied with a
copy of the bond or agreement) to m ike titles
to i. and, must be published three months.
Notices by Executors. Administrator or Guardians
of application to the Court of Ordinary for lfvvf
to sell the Land or Negroes of an Estate, four
MONTHS. f
Notices bv Executors or Administrators, to Hie Debt
ors and Creditors A ar Estate, for six wee*.
Sheriffs. Clerks of Court, Sic., will be allowed
the usual deduction.
I.ftters on business, must be post paid, j
to entitle them to attention.
The following person* have kindly consented to act
aa Agents for the Sentinel and Herald :
C#l. C. Pankkr, Coll id.uisvtlle. Monroe county.
Peter Cone, lisq., Eden, Effingham county.
Key. Reuben K. HroW.n, Perry P. O. Houstonco.
Thos H. Hey. Esq., Drayton. Dooly county.
Col. Thus. J. Holme*. Concord, Baker co.
afrEPCN D. Oranf. Esq.. Dahloiiega, Lumpkin co.
Col. John Dill. Fort Gain'** Ga
John O. M (noh am, Greenville, Ga.
K. J. Wood 5c Cos . St. Joseph. Flor.
Novhii, Brooks & Cos., Aualachicola.
J. S. Y.a rriiocoh. Lumpkin. Stewart county.
J as. Buck xr.aw. Cuilih rt, Randolph county.
J. \V. B xcnn.REß.Lii Fayette, Chambers co. Ala
Ohxri.es Mukphfy. D**ca'ur. DflCalh countv.
OGLKTHDItPK HOUSE, )
September 7,1839. j
WM. P. McKEEN it G. W. E. BEDELL.
have associated themselves togetiicr for the
purpose of managing amt conducting this establish
ment, which has been fitted out in a neat and genteel
style. This establishment is a large three slory brick
building, on the corner of Oglethorpe and Randolph
streets, where the Post Office has been lately remo
ved, and convenient for stage passengers, going to anil
from, when opening and deliverin : ‘he. aiaii, and have
ample lime to gel their meal* and refreshments, which
will alwavs be ■,repared for their accommodation. We
have associated ourselves, not only with the disposi
tion, but wilh the ability to give general satisfaction to
itll of our friend* who may favor os with a call. We
drem it unnecessary to say much oil this subject to
thoe who are acquainted with us, ami those unac
quainted with us. ar,- respectfully invited to trv our
cheer nnd satisfy themselves. It is sufficient to sav,
that this establishment shall at all times he well fur
nished, well arranged, well attended to persona Iv by
ihe proprietors, ami kept free from riots, drunkenness
and it* consequences, and, in short, such attention vvill
be bestowed a* will deserve uhlie patronage.
Sept. 19 3:1 ts McKEEN & BEDELL
PLANTATION AND LANDS FOG S.x LE.
THE suh-oriber offers for sale Ins Plantation on
the lichee creek, near Santl Fort in lius.-ell
county, Ala. con tslmg of 1120 acres, the greater cart
of which is first rale lime !and<, 200 acres under a good
-ence and in a fair state of cultivation. There is a
small never-failing stream of water running through it;
Iso a good spring near ill ■ centre of the improved
and*, and good dwellings and all necessary out buihl
ngs. A Gin House ami tic.ew ure now being erect
ed on the premise*. Persons wishing to purchase
would do well to call. ”
Also 3 or 4000 acres <-f first rate lands on the Cow
g recreek, in Barbour, near * hi* line of Russell.
J NO. CKOWEI.L. !r.
August 27,1558. 30 f
THOM PSO A S tiTHUDK Tit a s.x.
An ejftctual and radical curt fur p-lapsus
uteri.
THE subscribers have .uikni ihe agency for tin
above valuable lusrrument, and have imw on
hand and will constantly keep a variety ot patterns,
which ihey will sell at iVI nuifacliirers’ prices. l'hes< .
Trusses are superior to any itisiriiiin.ii: of tin- kind
.ever invented, ail l arc now extensively euipunedby
•din of the most eminent, practitioners in ilie United
.{State*.
We annex the certificate of the lale Professor Eherle
.who used them with great success m ills own practice.
■ Gt.NctNN.ATri, Ohio ‘lay i l it, laJ9.
1 I have carefully examined the Uterine J'russ in
•rented by Dr. Thompson of this S ate, and 1 can om
hdeolJy declare, that it is unqUeslKHl b!v the most
perfect and useful instrument of the Kind that ha* evet
Been offered to the public. It differs essentially in
xoustructum front the Utero Abiemiuai Suppo-ler
constructed by L>r. Hull, and is in ail respects u. t’.r
superior instrument.’
The subscribers have also received the ag, ncy for
Dr. Chase’s Improved Surgical Truss, wtuclt is uni
versally admitted to be ihe most certain and lasting
cure ever discovered for Hernia or Rupture.
TAYLOR & WEAKER Druggists,
Sign of tlie Golden Mortar, Broad-st.
Columbus. June 20. 1833. 26tf
CHATTAHOOCHEE COMPANY.
Columbus, April 2. D39.
THE Company was ibis dav organised by the
election of seven Directors, to-wit :
George . Glaylou, John W. Campbell,
Seaborn Jdne*, Thomas Jioxev. and
Daniel McDougald, John Wuolfolk, Esqs,
A. B. Davis.
The Directors then proceeded to the election of offi
cers. when George it. Clayton, Esq was elx-cted
President, Seab-nn Jones, Esq. Y'lee President, and
Edward Carey, Treasurer.
The Vice Presided’ and Treasurer m y be found at
.the Counting oom of Messrs. Gaihoutt k Bass every
,d;v, from 9 o'clock in the morning until 1 in the even
inv, for the purpose of receiving additional subscrqi
lions for the stock of said Company.
Extract from the Minutes.
EDWARD CAREY, *rtasnrer.
April 2. 9tf
READV MADE CLOTHING,
CHRAF FOR CASH,
Next door to the Bunk of Columbus.
JS. SMI I'M has coni ncnceii receiving his
• Stock of Ready Made Clothing, consisting ol
Over Coats. Cloth Cloaks'. Boston Wrappers. Banket
Coat*. Frock and Dress-Coats, of every description.
Blue. B.ack Cadet mixed Cloth Pants, Cassinicre do.
Kentucky Jeans Frock and Dress Coats, do. Pants
Black and figured Silk Velvet V-sis; Woolen Vel
vet*; Plain and figured Satins; Cloth & Cas-amere. to
gether with some low priced ; a beamilttl stvle ol Silk
and Jottqn Urabrello; Fine Boot*. Shoes and Pumps.
Silk, Wpojlen and Cotton Shirts and Drawers; Cot
ten Shirt* vyith Linen Bosoms and Collars; Colored
do.; Linen IJqffle.l do.; Silk. Cotton, and Merin
half H >se; Gtqye* ; Suspenders; Linen Collars an
Bo*oms ; Stoc s qf every variety; Cloth and Hai
Brushes; Cologne; Fur and Seal Caps; Hats:
Travelling Trunks apd Bags, &c.
The above articles have just been received, and wt
be sold as low as they can be had for casti in this mar-
Columbus. Nov. 29.
LOST,
TWO Title Deeds for lot of land No. 44. in th
3d district of .Marion countv, to-wit: one in
daitd from Hubbard Williams to Bichart! Taylor: on
do. from Richard Taylor to John Meadow* ; alsotro,
Abraham Randolph to Wil tain McGee. All Prsm
are f„r warned of the loss of the above papers by [<■
and that copies will he established in he
of the lost originals at the uest Term of Marion bupt
CAMPBEI-i,; McDOCGALdVWATSON.
A SCENE AT THE POLICE.
I hurwlay, a fttrappiiijr
Irish wencli, named (Ju
tiiai wie Riley, alias Mary
Brady, was brought in
tin steal it# a roll ui'c ,r
----tuting and a roll of green
ba ze I'oin a carpet store
■n Pea 1 1 si. The coin
ihainant stated that lie
caitiiiii Catherine with
lie si ole n propei ly in Jier
possession, and on up
braiding her lor tier con
duct, she said she was
irnnk. and always made
t a practice upon such
occasions to steal every
• iiing tiiai cunie in her
vvav.
Magistrate: Well, Ca
therine, what do you say
to tins charge ?
Catherine: Say? Sore
I say 1 did'nt siale llie
ca'pet, and I’ll stick to .t
unless he can pi rive it
ag.ii me. L’s mesell as
ts an iioiuster woman
nor he is, and a good
cook to bihit a* is in want
of a pi ice, an’il soon get
i Ming place it’ yer honor
will let me ; for its no
l de that I am ver—
Mag.sir.ite. .Ntop, now,
and tell me hmv long it
is since yon carne down
I nun i he island.
Catharine. It’s a long
nine, as 1 don’t remitn
j Dir, and it’ll be longer
j yet before I II go back,
jif yer worship vvill lei
line go and get the place
j as cook.
| Magistrate. Then you
|Dave Ibrgolton wh.it you
! did lor a living last sutn
j iuer, eli? Yotidoni know
po>v to pck oakum, I
■suppose ?
Catharine. Fait an’
shore ver honor’s wurt
ship’s a Witch, or a vviz
/.ard, to remimbir seeing
me so nastily employed ;
but il’s a gieat shame to
pm a rale good cook,
m* s -If, ahout dirty thri
■ Hing employment. If
j you’d pm m about my
ra'e legitimate work, I’d
Ike ye all tne better lor
iu
Magistrate. You do
! very iwll picking oakum,
an 1 I shall give you ann
ii er six munis at it—[to
the cletk] make out a
commilmi-nt.
Catharine. If you
please now, don’t sind
me there again—l don’t
like the place; besides
the women there are al
wavs afiher railing von
dirty mild ugly Jack
Blot*'good, and .-peak
ing wrongfully atrin the
hkes of the first tHte gm
tleman as ye are ; and
in course l always lakes
your part, and Is ivs his
worship I knows it; and
il vi r vvuriship will but
g.ve me place. I’ll rindei
saiisfaction nor the fe*t
rook in the country, and
i wi I always sa v you are
a first iale gilil email
that I \vi:|.
Magistrate. Tak’her
down, officer, sl e can’t
keep s >her, and she will
steal.
Catharine. Is’t it a
tale you’d br sift! or cal
ling me; thin I defv yo i
you mild grev headed re
probate. Me! the best
rook nor ivvir was in a
place, to ell a tale. I’ll
mark ye, mild Jack
Blood good ; and we a : l
kt ow ye up there, and if
iwir yon set your Cut in-
S'de the Island aoiu, look
out ye don’t get your
mild white head smashed
with a shelala, for there’s
more than a dozen of
us s’il do the business
for you ! We’ll stnotlie
you in the tow—choke
the life mil or yum old
carcase, aud mur'h'rl
you lo In ot. if you come
up there agin you o Id
Catharine continued
her invectives gainst
the tnaoistraie until the
oflicer had forced her
throtiflfh the door ieadirqr
to tlie prison.—V. I’.
Despatch.
‘ i’m bloiced if you do,’
is ihe ie*j ol minion said
,o the fly when he was
about to take a lunch.
“Ml organize the
House,” as ti.e music
irrmder said when he
was playing in front of
the Capitol.
Good —The following
clever squib comes from
ihe Rochester Daily Ad
vertser;
* Well,” exclaimed one
whig to another, when
the news of the nomin
ttion arrived in this city.
•* don’t you think we’ve
shot our Granny ?”
‘*No!” replied the
dlier, not p reeiving Ihe
neiai hor, ‘‘bull \eislt
/ had:’
“Here’s an essay on
th • rearing of Calves,”
aid a bookseller’s clerk,
who had been a good dea I
lestered wito a country
nan. That, snid Home*
spun, *th e had b t*r
nesent to ihv mother.”
For Colds. 4*c- —Horse-
ad sh, cut inlo srn-i I
iieces, and chewed, is
aid to be an excellent
etmtly for hoarseness
•onghs, colds, and cas
sos inc’tpiefrt consump
:hn.
POLITICAL.
PRESIDENT’S MESSAGE.
Fellme-Cilisent of the Senate.
and House of Representatives :
1 regret that I cannot on tins occasion congratulate
you that the past year has been one of unalloyed
prosper tv. The ravages of lire and disease have
painfully afflicted otherwise flourishing portions of
our country; and serious embarrassments vet de
range the trade of many of our cities But, notwith
standing these adverse circumstances, that geneial
prosperity which has been heretofore so bountifully
bestowed upon us hy the Author of all good, still
continues to Call for our warmest gratitude. Espe
cially have we reason to rejoice in the exuberant har
vests which have lavishly recompensed well directed
industry, and given to it that sme reward wdiich is
vainly sought in visionary speculations. I cannot in
deed view without peculiar saiisfaction, the eviden
ces afforded bv the past season of the benefits that
spring from the steady devotion of the husbandman
to hi* honorable pursuit. No means of individual
comfort is more certain, and no source of national
prosperity is so sure. Nothing can compensate a
people for a dependence upon others for the bread
they eat; and that cheerful abundance on which the
happiness of every one so much depends, is to be
looked for nowhere with such sure alliance as in the
industry of the agricultuiist and the bounties of the
earth.
With foreign countries, our relations exhibit the
same favorable aspect which was presented in my
last annual message, and afford continued proof of
the wisdom of the pacific, just, and forbearing poli
cy adopted by the first Administration of the Federal
Government, and pursued by its successors. The
extraordinary powers vested in me by an act of Con
gress, for the defence of the country in an emergen
cy. considered so far probable as to require that the
Executive should possess ample means to meet it.
have not been exerted. They have, therefore, been
attended with no other result than to increase, bv the
confidence thus reposed iu me, my obligations to
maintain, with religious exactness, the cardinal prin
ciples that govern our intercourse with other nations.
Happily, in our pending questions with Great Bri
tain, out of which this unusual grant of authority
arose, nothing has occurred to teqiiire its exertion;
and as it is about to return to the Legislature, I trust
that no future necessity may call for its exercise by
them, or its delegation to another department of the
Government.
For the seiitietnent of our Northeastern boundary,
the proposition promised by Great Britain for a com
mission of exploration and survey, has been received,
and a counter project, including also a provision for
the certain and final adjustment of the limits in dis
pute, is now before the British Government for its
consideration A just regard to the delicate state of
this question, and a proper respect for the natural im
patience ot the rotate of Maine, not less than a con
viction that the negotiation has been already protract
ed longer than is prudent on the part of either Gov
ernment, have led me to believe that the present fa
vorable moment should on no account be suffered to
pass without putting the question forever at res'. I
feel confident that the Government, of her Britannic
Majesty will take the same view of this subject, as 1
am persuaded it is governed by desires equally strong
and sincere for tlie amicable ierminatioH of the con
troversy.
To tlie intrinsic difflculties of questions of bounda
ry lines, especially those described in regions unoc
cupied, and but partially known, is to be added in our
country the embarrassment necessarily arising out of
our Constitution, by which the General Government
is made the organ of negotiating, and deciding upon
the particular interests of the States on whose fron
tiers these lines are to be traced. To avoid another
controversy m which a State Government might
rightfully claim to have her wishes consulted, previ
ously to the conclusion of conventional arrangements
concerning her righ's of jurisdiction or territory, I
have thought it necessary to call the attention of the
Government ol Great Britain to another portion of
our conterminous dominion, of which the division
still remains to be adjusted. I refer to the line from
the entrance of Lake Superior to the most north
western point of the Luke of the Woods, stipulation.*
for the settlement of which are to be found in the
seventh article of the treaty of Ghent. The com
missioners appointed under that article by the two
Governments having differed in their opinions, made
separate reports, according to its stipulations, upon
the points of disagreement, and ihese differences tire
now to be submitted to the arbitration ofsome friend
ly sovereign or State. The disputed points should
be settled and tlie line designated, before the Territo
rial Government, of which it is one of the bounda
ries, takes its place in the Union as a State; and I
rely upon the cordial co-operation of the British Gov
ernment to effect that object.
There is eveiy reason to believe that disturbances
like those which lately agitated tlie neighboring Brit
ish Provinces wifi not again prove the sources of bor
der contentions, or interpose obstacles to the continu
ance of that good understanding which it is the mu
tual interest of Great Britain and the Unfed States
to preserve and maintain.
Within the Provinces themselves tranquility is res
tored, and on our frontier that misguided sympatv in
favor of why was presumed to lie a general effort in
behalf of popular rights, and which in some instan
ces misled a few of our mote inexperienced citizens,
has subsided into a rational conviction strongly op
posed to all intermeddling with the internal affairs of
our neighbors. The people of the United States
feel, as it is hoped they always will, a warm solicitude
for the success of all who are sincerely endeavoring
to improve the political condition of mankind. This
generous feeling they cherish towards the most dis
tant nations; and it was natural, therefore, that it
should be awakened with more than common warmth
in behalf of their immediate neighbors. But it does
not belong to their character, as a community, to seek
the gratification of those feelings in acts which vio
late their duty as citizens, endanger the peace of their
country, and tend to bring upon it the stain of a vio
lated faith towards fori igti nations. If, zealous to
conler benefits on o'he.s. they appear fora moment
to lose sight of the p iinmnent obligations imposed
upon them as citizens, they are seldom long misled.
From all the information I receive, confirmed to some
extent by personal observation, I am satisfied that no
one can now hope to engage in such enterprises with
out encountering public indignation, in addition to
the severest penalties of the law.
Recent information also leads me to hope that the
emigrants from her Majesty's Provinces, who have
sought refuge within our boundaries, are disposed to
become peaceable residents, and to abstain from all
attempts to endanget the peace of that country which
has afforded them an asylum. On a review of the
occurrences on both sides of the line, it is satisfacto
ry to reflect, that in almost every complaint against
our country, the offence may be traced to emigants
from the Provinces who have sought refuge here.
In the few instances in which they vere aided bv ci
tizens of the United States, the acts of these mis
guided men were not only in direct contravention of
: ‘he laws and well known wishes of their own Gov
ernment, but met with the decided disapprobation of
the people of the United States.
1 regret to state the appearance of a different spir
it among her Majesty’s subjects in the Canadas The
sentiments of hostility to our people and institutions,
which have been so frequently expressed there, and
the disregard of our righ's which have been manifest-
ed on some occasions, have, l am sorry to say, been
applauded and encouraged bv the people, and even
by some of tiie subordinate iocal authorities, of the
Provinces. The chief officers in Canada fortunately
have not entertained the same eeling. and have pro
bably prevented excesses that must have been fatal
to the peace of the two countries.
I look forward anxiously to a period when all the
transactions which have grown out of this condition
of our atfairs, and which have been made the sub
jects of complaint and remonstrance by the two Gov
ernments respectively, shall tie fully examined, and
the proper satisfaction given where it is due from eith
er side.
Nothing has occurred to disturb the harmony of
our intercourse with Austria, Belgium. Denmark,
France. Naples. Portugal. Prussia, Russia, or Swe
den. The internal state of Spain has scn-ibly im
proved, and a well grounded hope exists that the re
turn of peace will restore to the people of that coun
try their former prosperity, and enable the Govern
ment to fulfil ail its obligations at home and abroad.
The Government of Portugal. I have the satisfaction
to state, has paid in full the eleventh and last instal
ment due to our citizens for the claims embraced in
the settlement made with it on the third of March,
1687.
I lav before yon treaties of commerce negotiated
with the Kings of Sardinia and of the Netherlands,
the rattfiratif*# erf whrch :.ave H rttesH tin *.ry*.
■ WE HOLD THESE TROT HS TO BE SELF-EVIDENT, THAT ALL MEN ARE BORN EQUAL.’
COLUMBUS, GEORGIA, SATURDAY MORNING, JANUARY 11, 1840.
the adjournment of Congress. The liberal princi
ples of these treaties will recommend them to your
approbation That with Sardinia is the first treaty
of commerce formed by that kingdom, and it *ilj. I
trust, answer the expectations of the j set sove
reign. by aiding the development of the i*et. itrcen of
his country, and stimwlnting the enterprise of his
people. ThU with the Netherlands happily termi
nates a long existing subject of dispute, and removes
from our future commercial intercourse all apprehen
sion of embarrassment. The King of the Nether
lands lias also, in further illustration of his chorrctei
*ir justice, and of his desire to remove everv cause of
dissatisfaction, made compensation f* a i Am.-rican
vessel captured in 1800 bv a French privateer, and
carried into Cnracoa. wheie the proceeds were ap
propriated to the use of the colony, then, and for a
short time after, under the dominion of Holland.
The death of the late Sultan has produced no al
teration in our relations with Turkey. Our newly
appointed Minister Resident has reached Constanti
nople, and I have received assurances from the pre
sent Ruler that the obligations of our treaty and
those of friendship, will he fulfiled by himself in the
same spirit that actuated Ins illustrious father.
1 regret to be obliged to inform you that no conven
tion i'or the settlement of the claims of our citizens
upon Mexico has yet been ratified by tlie Govern
ment of that country. The first convention formed
for that purpose was not presented by the President
of Mexico I'or the approbation of its Congress, from
a belief that the King of Prussia, the arbitrator in
case of disagreement in the joint commission to he
appointed by the United Stale* and Mexico, would
not consent to take upon himself that friendly office.
Allhough not entirely satisfied with the course pur
sued by Mexico, I felt no hesitation in receiving iu
Ihe most conciliatory spirit the explanation offered,
arid also cheerfully consented to anew convention, in
order to arrange the payments proposed to be made
to otir citizens, in a manner which, while equally just
to them, was deeaied less onerous and inconvenient
to the Mexican Government. Relying confidently
upon the intentions of that Government, Mr. Ellis
was directed to repair to Mexico, and diplomatic in
tercourse lias been resumed between the two coun
tries. The new convention has, he informs us, been
recently submitted by the President of that Republic
to its Congress, under circumstances which promise
a speedy ratification ; a result which 1 cannot allow
mvself to doubt.
Instructions have been given lo the Commissioner
of the United States under our Convention xvirli Tex
as, for the demarcation of the line which separates us
from that Republic. The commissioners of both
Governments met in New-Orleans in August last.—
The joint committee was organized, and adjourned
to convene at the same place on the twelfth of Octo
ber. It is presumed to be now iu the performance
of its duties.
The new Government of Texas has shown itsjlc
sire to cultivate friendly relations with ns by a prompt
reparation for injuries complained of iu the cases of
two vessels of the United States.
With Central America a convention hasbeencon
clnded for the renewal of its former treaty with the
United States. This was not ratified before the de
parture of our late Charge d’Afi'aires from thatcoun
try, and the copy of it brought by him was not re
ceived before the adjournment of the Senate at the
last session. In the meanwhile, the period limited
for the exchange of ratifications having expired, I
deemed it expedient, in consequence of the death of
the Charge d’Affaires, to send a special agent to Cen
tral America, to close theaffairs of our mission there,
and to arrange with the Government an extension of
the time for the exchange of ratifications.
The commission created by the States which for
merly composed trie Republic of Colombia, for ad
justing the claims against that Government, has. by
a very unexpected construction of the treaty under
which it acts, decided that no provision was made for
those claims of citizens of the United States which
arose from captures by Columbian privateers, and
were adjusted against the claimants in the judicial
tribunals. This decision will c mpel the U. States
to apply to the several Governments formerly united
for redress. YVitli all those—New Granada, Vene
zuela. and Ecuador, a perfectly good understanding
exists. Our treaty with Venezuela is faithfully car
ried into execution, and that country, m tlie enjoy
ment of tianquility, is gradually advancing in pros
perity under the guidance of its present distinguished
President, Gen. Paez. With Ecuador,a liberal com
mercial convention has lately been concluded, which
will be transmitted to the Senate at an early day.
\\ itli the great American Empire of Biazil our re
lations continue unchanged, as does our friendly in
tercourse with the other Governments of South Ame
rica—the Argentine Republic, and the Republics of
Uruguay, Chili, Peru, and Bolivia. The dissolution
of the Peru-Bolivian Confederation may occasion
some temporary inconvenience to our citizens iu that
quarter, but the obligations on the new Governments
which have arisen out of that Confederation to ob
serve its treaty stipulation*, will no doubt be soon
understood, and it is pjesumed that no indisposition
vvill exist to lulfil those which it contracted with the
United States.
The financial operations of the Government during
the present year have, I am happy to sav, been very
successful. The difficulties under which the Tiea
snry Department has labored from known defects in
the existing laws relative to the safe keeping of the
public moneys, aggravated by the suspension ofspe
cie payments by several of the banj|s holding public
deposites, or indebted to public officers for notes re
ceived in pnyment of public dues, have been sur
mounted to a very gratifying extent. The large cur
rent expenditures have been punctually met, and the
faith.of tlie Government iu all its pecuniary con
cerns has been scrupulously maintained.
1 be nineteen millions of Treasury notes authoriz
ed by the act of Congress of 1837, and the modifi
cations thereof, with a view to the indulgence of
merchants on t ‘eir duty bonds, and of the deposite
banks in the payment of public moneys held by them,
have been so punctually redeemed as to leave less
than the original ten millions outstanding at any one
tune, and the whole amount uinedeemod now fall*
short ol three millions. Os these the chief portion
is not due till next year, and the whole would have
lieen already extinguished could tho Treasury have
realized the payments due to it from the banks. If
those due from them during the next year shall he
punctually made, and if Congress shall keep the ap
propriations within the estimates, there is every rea
son to believe that till the outstanding Treasury notes
can be redeemed, and the ordinary expenses defray
ed. without imposing on the people any uddi'ional
burden, either of loans or increased taxes.
To avoid th.. : , and to keep the expenditures within
reasonable bounds. i a duty, second only in imuor*
sauce to the preservation of our national character,
aud riie protection of our citizens in their civil and
political rights. The creation, in time of peace, of a
debt likely to become permanent, is at. evil for which
there is no equivalent. The rapidity with which ma
ny of the States are apparently approaching to this
condition, admoni-hes us of our own duties, in a
manner too impressive to be disregarded. One, not
the least impoitaut, is to keep the Federal Govern
ment always in a condition to discharge, with ease
and vigor, its highest functions, should their exercise
be required by any sudden conjecture of public af
faiis—a condition to which we are always exposed,
and which may occur when it is least expected. To
this end, it is iudispensable that its finances should be
untrammelled, and its resources, as far as practicable,
unincumbered. No circumstance could present
greater obstacles to the accomplishment of these vi
tally important objects, than the creation of an enor
mous natural debt. Our own experience, and also
that of other nations, have demonstrated the una
voidable ar.d tearful rapidity with which a public
debt is increased, when the Government has once
surrendered itself to the ruinous practice of supply
ing its supposed necessities by new loans. The
struggle, therefore, on our part, to be successful, must
be made at the 4 threshoid. To make our efforts ef
fective, severe economy is necessary. This is the
surest provision for the national welfare ; and it is,
at the same time, the best preservative of the princi
ples on which our institutions rest. Simplicity and
economy in the atfairs of State have never failed to
chasten and invigorate Republican principles, while
these have been as surely subverted by national pro
digality, under whatever specious pretexts it may
have hten introduced or fostered.
These considerations cannot be lost upon a people
who have never been inattentive to the effect of their
policy upon the institutions they bare created for
themselves; but at the present moment their force is
augmented by the necessity which a decreasing re
venue must impose. The check lately given to im
p Ttations of articles subject to duties, the derange
ments in the operations of internal trade, and espe
cially tin- reduction gradually taking place in our ta
rifl ofdnties, all tend materially to lessen our receipts:
indeed it is prohabie that the diminuatioti resulting
irv-i *Ji ■ Dft TawFe tdtrse,- wilt not fill s'ibri five
millions of dollars iu the year 1842. as the final re
duction of all duties to twenty per cent, then take
effec*. The whole revenue tueii acciuing from the
customs, and from the sales of public lands, if not
more, will undoubtedly be wanted to defray the ne
cessary expenses- f the Government under the most
prudent administration of its affairs. These are cir
cumstances that impose the necessity of rigid econo
my, and require its prompt and constant exercise.
W ,th the Legislature rest the power and duty of so
adjusting, the public expenditure as to promote this
end. By the provisions of the Constitution, it is on
ly in consequence of appropriations made by law.
that money can be drawn from the Treasury ; no in
siarrce has occurred since the establishment of ihe
Government in which the Executive, though a com
ponent part of the Legislative power, has interposed
anobjection to an appropriation bill onthesoleground
ot its extravagance. His dilty ie this respect has
been considered fulfilled by requesting such appro
priations only as the public service may he reasona
bly expected to require. In the present earne-t di
rection of the public mind towards this subject, both
the Executive and the Legislature have evidence of
the strict responsibility to which >hey will beheld;
and while I am conscious of mv own anxious efforts
to perform with fidelity this portion of my public
functions, it is a satisfaction to me to be able to count
on a cordial co-operation from you.
At the time I entered upon my present duties, our
ordinary disbursements—without including those on
account of the public debt, the post office, and the
trust funds in charge of the Government—had been
largely increased bv appropriations for the removal of
the Indians, for repelling Indian hostilities, and for
other less urgent expenses which grew out of an
overflowing Treasury. Independent of the redemp
tion of the public debt and trusts, the gross expen
ditures of seventeen and eighteen millions in 1834
and 1835 had, by these causes, swelled to twenty
nine millions in 1836; and the appropriations for
1837, made previously to the fourth of March, caus
ed the expenditure to rise to tlie very large amount
of thirty-three millions. YVe were enabled during
the year 1838. notwithstanding the continuance nf
our imlian embarrassments, somewhat to reduce this j
amount; and that for the present year, 1839, vvill
not in all probability exceed twenty-six millions—or
six millions less than it was last year. YY’ith a deter
mination so far as depends on me to continue this
reduction, I have diiected the estimates for 1840 to
be subjected to the severest scrutiny, and to he limit
ed to the absolute requirements of the public servixe.
They will be found less than the expenditures of 18*39
by over five millions of dollars.
The precautionary measures which will be recom
mended by the Secretary of the Treasury, to protect
faithfully the public credit under the fluctuations and
contingencies to which our receipts and expenditures
are exposed, and e periallv ill a commercial crisis
like tlie present, are commended to your early atten
tion.
On a former occasion your attention was invited
to various considerations in support of a pre-emp
tion law in behalf of the settlers on the public lauds;
nnd also of a law graduating the prices for such lands
as had long been in the market unsold, in conse
quence of their inferior quality. The execution of
the act which was passed on the first subject lias been
attended with the happiest consequences, in quieting
titles, and securing improvements to the industrious;
and it has also, to a very gratifying extent, been ex
empt from the frauds which were practised under
previous pre-emption laws. It has, at the same time,
as was anticipated, contributed liberally during the
present year to the receipts of the Treasury.
I'he passage of a graduation law. with the guards,
before recommended, would also. I am persuaded,
add considerably to the revenue for several years,
and prove in other respects just and beneficial.
Your early consideration of the subject is, there
fore, once more earnestly requested.
Tlie present condition of the defences of our prin
cipal seuports and navy yards, ns represented by the
accompanying report of the Secretary of YVar, calls
for the early and serious attention of Congress; and,
as connecting ilsalf intimately with this subject, I
cannot recommend too strongly to your consideration
the plan submitted by that officer for the organiza
tion of the militia of the United States
In conformity with the expressed wishes of Con
gress, an attempt was made in the spring to termi
nate the Florida war by negotiation. It is to be re
gretted that these humane intentions should have
been frustrated, and that the effort to bring these un
happy difficulties to a satisfactory conclusion should
have failed. But, after entering into solemn engage
ments with the Commanding General, the Indians,
without any provocation, recommenced their acts of
treachery and murder. The renewal of hostilities in
that Territory renders it necessary that I should re
commend to your favorable consideration the plan
which will be submitted to you by the Secretary of
War. in order to enable that department to conduct
them to a successful issue.
Having had an opportunity of personally inspect
ing a portion of the troops during the last summer,
it gives me pleasure to hear testimony lo the success
of the effort to improve their discipline, by keeping
them together iu as large bodies as the nature of our
service will permit. I recommend, therefore, that
commodious and permanent barracks be constructed
at the several posts designated by the Secretary of
YV'.ir. Notwithstanding the high state of their disci
pline and excellent poiice, the evils resulting to the
service from the deficiency of company officers, were
very apparent, and I recommend that the staff'officers
be permanently separated fiom the line.
The navy has been usefully and honorably employ
ed in protecting the rights and property of our citi
zens, wherever the condition of ass airs seemed to re
quire its presence. Witli the exception of one in
shinee, where an outrage, accompanied by murder,
was committed on a vessel of the United States while
engaged in a lawful commerce, nothing is known to
have occurred to impede or molest the enterprise of
our citizens on that element where it is so signally dis
played. On learning this daring act of piracy. Com
modore Reed proceeded immediately to the spot,
and receiving no satisfaction, either in the surrender
iff the murderers or the restoration of the plundered
property, inflicted severe and merited chastisement
on the barbarians.
It will be seen by the report of the Secretary of>
the Navy respecting the disposition of our ships of
war, that it lias been deemed necessary t* station a !
competent force on the coast of Africa, to prevent a I
fradnlent use of our flag by foreigners.
Recent experience has shewn that the provisions j
in our existing laws which relate to the sale and .
transfer of American vessels while abroad, are ex
tremely defective. Advantage has been taken of
these defects to give to vessels wholly belonging to
foreigners, and navigating the ocean, an apparent |
American ownership. This character has been so
well simulated as to afford them coin; arative secu
rity in prosecuting the slave trade, a traflic emphat
ically denounced in our statutes, regarded with ab
liorrence by our citizens, and of which theettectual
suppression is nowhere more sincerely desired than
in the United States. These circumstances make it
proper to recommend to your early attention a care
ful revision of these laws, so that, without impeding
the freedom and facilities of our navigation, or im
pairing an important branch of our industry connect
ed with it, the integrity and honor of our flag may j
he carefully preserved. Information derived from
our Consul at ilavanna, shewing the necessity of
this, was communicated to a committee of the Se
nate near the close of the last session, but too late,
as it appeared, to be acted upon. It will be brought
to your notice by the proper department, with addi-.
tional communications from other sources.
The latest accounts from the Exploring Expedi
tion represent it as proceeding successfully in its oh
jects, and promising results no less Useful to trade ;
ami navigation than to science.
The extent of post roads covered by mail service (
on the first of July last, was about 133,909 miles, and
the rale of annual transportation upon them 34.490. 1
873 miles, The number of post offices on that day
was twelve thousand seven hundred and eighty, and
<m the thirtieth ultimo, thirteeu thousand and tweuty
eight.
The revenue es the Post Office Department for
the y ear ending with the offth of June last, was four
million four hundred and seventy-six thousand six
hundred and thirty-eight dollar* —exhibiting an in
increase over tba preceding year of two hundred
and forty-ope thousand five Imudred and sixty dollars.
The engagements and liabilities of the Department
for the same period are four million six hundred and
twenty-four thousand one hundred and seventeen
dollars.
The excess of liabilities over the revenue for the
last two years has been met out of the surplus which
had previously accumulated. The cash on hand on
the thirtieth ultimo, was about !?21)€.70] 95. and the
current income of the Department varies very litt'e
from the rate of cnrrtht expenditures. AJost of the
Service suspended last veer has vecu restored, t$
most of the new routes established by the act af th
7th July,lß3B, have been set in operation at an an
niial cost of $ 136,963. Notwithstanding the pecu
niarv difficulties of the country, the revenue ot"tb<
Department appears to be incresing; and unless it
shall be seriously checked by the recettCsnspensioi.
of payment by so many of the banks, it will be ab!<
■lot only to maintain the present mail service, but it
a short time to exteml it. It is gratifying* to witnes*
he promptitude and fidelity with which the agent
this Department in general perforin* their publi<
duties.
Some difficulties have arisen in relation to con
tracts for the transportation of the mails- hy railroad
and steamboat companies.- It appears that ihe maxi
mum of compensation provided by Congress for th
transportation of die mails upon railroads is not suf
ficient to induce some of B*e companies to convey
them at such hours as are required for die accommo
dation of the public. It is one of the mast important
duties ol the General Government to* provide and
maintain for the use of the people of the States the
best practicable mail establishment To arrive at
that end it is indispensible that the Post Office De
partment shall be enabled to control the hours at
which the mails shall be carried over railroads,
as it now does over all other roads. Shou and serious
inconveniences arise frwrn the inadequacy of the
compensation now provided by law, or from unrea
sonable demands by any of the railroud companies,
the subject is of such general importance as to re
quire the prompt attention of Congress.
In relation to steamboat lines, the most efficient re
medy is obvious, and has been suggested by the Post
master General. The YVar and Navy Department*
already employ steamboats in their service, and al
though it is by no means desirable that the Govern
ment should undertake the transportation of passen
gers or freight as a business, there can be no neason
able objection to running boats, temporarily, when
ever it may be necessary to put down attempts at ex
tortion, to be discontinued as soon as reasonable con
tracts can be obtained.
The suggestion of the Postmaster General relative
to the inadequacy of the legal allowance to witness
es in cases of prosecutions for mail depredations, me
rit your serious consideration. The safety of tlie
mails requires that such prosecutions.shall be efficient
and justice to the citizen whose time is required to be
given to the public, demands not only that bis expen
ses shall lie paid, but that he shall receive a reasona
ble compensation.
The Reports from the YY’ar, Navy and Post Office
Departments will accompany this communication,
and one from the Treasury Department vvill be pre
sented to Congress in a lew days.
For various details in respect to the matters in
charge of these departments, I would refer you to
those important documents, satisfied that you vvill
find in them many valuable suggestions, which will
be found well deserving the attention of the Legisla- I
ture-
From a report made in December of last year by
the Secretary of State, to tlie Senate, showing the
trial docket of each of the Circuit Courts, and the
number of indies each judge has to travel iu the per
formance of his duties, a great inequality appears iu
the amount of labor assigned to each judge. The
number of terms to be held in eacli of the courts com-
I posing tlie ninth circuit, the distance between the
places at which they sit, awd from thence to the seat
of Government, are represented to he such as to ren- j
der it impossible for the judge of tbatcirauit to per- j
form, in a manner corresponding with the”public ex- i
igencies, his term and circuit duties. A revision, j
therefore, of the present arrangement of the aircuits
seems to be called for, and i recommended U>y*ir j
notice
I think it proper to call your attention to the pow- ■
er assumed by Territorial Legislatures to authorise
the issue of bonds by corporate companies on the gua- 1
rantee of the Territory. Congress passed a law in
1836, providing that no act of a Territorial Legisla
ture incorporating banks should have the force oflavv
until approved by Congress, bat acts of a-very ex
ceptionable character previously passed bv the Le
gislature of Florida, were suffered to remain in force
by virtue of which bonds may be issued to a very
large amount by those institution*, upon the faith of
the Territory. A resolution intending to be a joint
one passed the Senate at the-same session, express
ing the sense of Congress that the laws in question
ought not lobe permitted to remain in force unless
amended in many material respects, but it failed in
the House of Representatives for want of time, and
the desired amendment* have not been made. The
interests involved are of great importance, and the
subject deserves your early and careful attention.
The continual agitation of the question relative to
the best mode of keeping and disbursing the public
money, still injuriously affects the business of tlie
country. Tlie suspension of specie payments in
1837, rendered the use of deposite banks, as prescrib
ed by the act of 1836, a source rather of embarrass
ment than aid, and of necessity placed the custody of
most of the public money afterwards collected in
charge of the public officers. The new securi
ties for its safety, which this required, were a prinei
cipal cause of my convening an extra session of Con
gress ; but inconsequence of a disagreement between
the two Houses, neither then, nor at any subsequent
period, has there been any legislation on tlie subject-
The effort made at the last session to obtain theaullio
rity of Congress to punish the use of pubio money for
private purposes as a crime, a measure attended un
der other Governments with signal advantage, was
also unsucessful. from diversities of opinion in thr.t
body, notwithstanding the anxiety doubtless felt by it
to afford every practicable security. The result of
this is still to leave the custody of the public money
without those safeguards which-have been for several
years earnestly desired by the Executive ; and as the
remedy is only to he found in the action of the Le
gislature, it imposes on me tho duty of again submit
ting to you the propriety of passing a law, providing
for the safe keeping of the public moneys, and espe
cially to ask that iis use for private purposes by any
officers entrusted vv.th it, .-nay be declared to be a fe
lony, punishable with penalties proportioned to the
magnitude of the offence.
These circumstances, added to known defects in
the existing laws, and unusual derangement in the ge
neral operations of trade, have, during the la3t three
years, much increased the difficulties attendant on
the collection l , keeping, and disbursement of the re
venue. and called forth corresponding exertions front
those having them in charge. Happily these have
been successful beyond expectation. Vast sums
have been collected and disbursed by the several
Departments with unexpected cheapness and ease;
transfers have been readily made to every part of the
Union, however distant; and defalcations have been
far less than might have been anticipated, from the
absence of adequate legal lestraints. Since the
officers of the Treasury and Post Office JVjpart
ments were charged with the custody of most of the
public moneys received by them there have been
collected sixty-six millions of dollars, and excluding
the case of the late collector at New York, the aggre
gate amount of losses sustained in the collection can
iiot, it is believed, exceed sixty thousand dollars. The
defalcation of the late collector at that city, of the ex
tent and circu instances of which Congress has been
fully informed, ran through all the inodes of keeping
the public money that have been hitherto in use, and
was distinguished by an aggravated disregard of du
ty, that broke through the restraints of every system,
and cannot, therefore, be usefully referred to as a test
of the comparative safety of either. Additional tn
l'orma’.iou will aNo be furnished bv the report of the
Secretary of the Treasure, in reply to a call made up
on that o ncer bv the House of Rnpresenta ives at the
last sess'Os, requiring detailed information on the sub-
ject of defaults by public officers or agent* tinder each
Administration, from 1739 to 1837, This document
; wilt be submitted to you in a lew days. The geuer
] al results, (independent of the Po*t Office, which is
I kept sepr4U-ly, gild will be stated by itself,) so far
j as they boarupoq thesubject,are,thattho losses which
1 Ijava bapil, and are likely to be sustained, by any c!a*s
j of agents, have been—the greatest by banks, inclu
-1 dmg, as required in the resolution, their depreciated
paper received for public dues; that the next largest
j have been by dislmr. mg officers, and the least by col
lectors aid receivers. If the losses on duty bonds are
1 included, they alone will be threnffild those by both
| collectors and receivers. Qur whole experience,
i therefore, furnishes the strongest, evidence that the
desired legislation ofCougress is ajpne wanting to in
sure in those operations the highest degree of secu
rity and facility. Such also appears to have been
the experience ufother nations, prom the results ot
enquiries made by the Secretary of the Treasury in
regard to the practice among them, J am enabled to
state that iu tweny-two on* of twenty- seven foreign
I Governments, from which undoubted information
has been obtained- the public moneys are kept in
j charge of public uigeers. Tiffs concurrence of opin
| ion id favor of tJjjUsystem is perhaps as great as ex-
I istsoti any questing of interna] administration.
1 ]ti! the buayYe*’ sui official- on
disbursing officers, no legal chenge was produced by
-he suspension of specie payments. The report last
referred to will be found to contain also much useful
• nformation in relation to this subject l .
I have heretofore assigned to Congressmv reason*
r or believing that the establishment of un indepen
dent National Treasury, as contemplated by the
Constitution, necessary to the safe action of thn
Federal Governmeur. I'he suspension of specie
payments in 1837, by the banks having the custody
ot the public money, showed in so alarming a degree
our dependence on those institutions for the perform
ance of duties required by law, that I then recom
mended the entire dissolution of that
This recommendation has been subjected, as I desir
ed it should be, to severe scrutiny and animated dis--
cussion; and I allow myself to-believe that, notwith
standing the natural diversities-of opinion which may
be anticipated on all subjects involving such impor
tant considerations, it has secured in its-favor as gen
eral a concurrence of public sentiment as could be
expected on one of such manitude.
Recent events have also continued to develop* new
objections to such a connection. Seldom is any bank .
under the existing system and practice, able to meet,
on demand, all its liabilities for depositesaud notes ir
circulation. Itmaintaiusspecie payments-, and tran
acts a profitable business, onlv bv the confidence of
the public in its solvency; and whenever this is de
sti oyed, the demands of its depositorsand noteholdere
—pressed more rapidly than it can make collections
from its debtors--force it to stop payment. This loss
ot confidence with its consequences occurred in 1837,
and afforded the apology of the banks for their sus
pension. Ibe public then acquiesced in the validi
ty of the excuse; and while the State Legislatures
did not exact from them their forfeited charter*. Con
gress, in accordance with the recommendation of the
hxectitive, allowed them time to pnv over the public
money they held, although compelled to issue Trea
sury notes to--supply the deficiency thih* created.
la now appears that there are other motives than a
want of public confidence under whiefrthe banks teak
to justify themselves in a refusal to meet their oblige
tions. Scarcely were the country and Government
relieved, ill a degree, from the difficulties occasioned
by the general suspension of 1837, when a partial on*
occurring within thirty mouths of the former, produc
ed new and serious emhariassments, though it had
no palliation in such circumstances as were aiWed
in justification of that which had previously taken
place. 1 here was nothing in the condition of the
country to endanger a well managed banking insti
! tutl °n; commerce was deranged by no foreign war;
ever* branch of manufacturing industry was crown
e with rich rewards; and the more thanusiial abun
dance ot our harvests, after supplying our domestic
wants, had left our canaries and store-houses filled
with a surplus for exportation. It is in the midst oF
I “‘i*. mat an irredeemable and depreciated paper cur
rency is entailed upom the people bv a fai<?e portion
lof the banks. They are not driven to it by the exhi
| bition ot a loss of public confidence, or of * sudden
| pressure from their depositors or note-holders, but
| they excuse- theniselvesby alleging that the current es
business, and exchange w-ith foreign countries, which
; “ rirws the precious metals from their vaults, would
! in order to meet it, a larger curtailment of
their loans to a comparatively small portion of the
community, than it will be convenient for them to
bear, or perhaps safe for the banks to- exact'. The
plea has ceasetl to be one of necessity.. Convenience
and policy are now deemed sufficient to warrant the**
institutions in disregarding their solemn obligation*.
Such conduct is not merely an injury to individual
creditors, but it is a wrong to the whole community,
from whose liberality they hold- most valuable privi
leges whose rights they violate-, whose business they
derange, and the value of whose property they ren
der unstable at id insecure. It must be evident that
tins new ground for banlt suspensions, in referenew
j to which their action is not only disconnected with,
i but wholly independent of, that of the public, give*
j a character to their suspensions more alarming than
I any which they exhibited before, and greatly increa-
J ses the impropriety of relying on the banks in the
j transactions of the Government.
j A large and highly respectable portion of our bonk
! mg institutions are, it afiords me unfeigned pleasure
[ to state, exempted from all bla.-.ie on account of this
j second delinquency. They have, to their great cre
j dit, not only continued to meet their engagement*,
but have even repudiated the grounds of suspension l
j nov% ’ res °rted to. JPt is only by such a course that the
i confidence and good will’ of rhe community can be
i preserved, and, in the sequel, the best interests-of the
j institutions themselves promoted.
New dangers to the batiks are also daily disclosed
from the extension of that system ofextravaguntcredit
ot which they are the pillars. Formerly our foreign
commerce was principally founded on an exchange
of commodities, including the precious metals, and
leaving in its transactions but little foreign debt.—
Such is nor now the case. Aided by the facilitiesaf
forded by the banks, mere credit has become too com
monly the basis of trade 1 . Many of the banks them
selves, not content with largely stimulating this syo
tern among others, have usurped the business, while
they impair the stability, f the mercantile communi
ty ; they have become borrowers instead of lenders; 1
they establish- their agenciesabroad; they deal large
ly in stocks aadi merchandise r they encourage the is
sue of State securities until the foreignniarketisglut
ted with them ; and, unsatisfied with the legitimate
use of their own capital and the exercise of their law
ful privileges, tlipy raise, by large loans, additional
means for every variety of speculation. The disas
ters attendant on this deviation from the former course
of business in this country, are now shared alike by
banks and individuals,.ft* an extent of which there is
perhaps no previous example in the annals of onr
country. So long as a willingness of the foreign lend
er, and a sufficient export of onr productions to meet
any neces-ary partial payments, leave the flow of cre
dit undisturbed, all appear!*!®-be prosperous;: but as
soon as it is checked by an hesitation abroad,or by an
inability to make payment there in our production*,,
the evils of the system are disclosed. The papercur
rency which might serve lor domestic purposes, is
useless to pay the debt due in Europe. Gold and sil
ver are therefore drawn, in exchange for their notes,
from the banks. To keep up their supply of coin,
these institutions are obliged to call upon’ their ewa
debtors, who pay them principally in their own note*,
which are as unavailable to them as they are to the
merchants to meet the foreign demand. The calls of
the banks, therefore, in .-itch emergencies, of neces
sity, exceed that demand, and produce a correspond
ing curtailment of their accommodations and of tho
currency, at the very moment when the state of Prado
venders^it most inconvenient to be borne. The in
tensity of this pressure on the community i in pro
portion to the previous liberality of credit and conse
quent expansion of the currency ; forced sales of pro
perty arc made at the time when the means of pur
chasing are most reduced, and the worstcalamitiea to
Individuals are only at last arrested, by an open vio
lation of their obligations by rhe banks, a refusal to
pay specie lor their notes, and ait imposition upon
the community of a fluctuating and depreciated cur
rency,
These consequences are inherent in the present
system. They are not influenced by the banks being
large or small, created by National or State Govern
ments. They are the results of the irresistible laws
of trade and credit. In the recent events which have
so strikingly illustrated the certain effects of these
In .vs. we have seen the hank es the largest capital in
the L nion, established under a National charter, and
lately strengthened, as we were authoritatively inform
ed. by exchanging that for a State charter, with new
and unusual privileges—in a condition too, as it was
said, of entire soundness and great prosperity— not
merely unable to resist these effects, but the first to
yield to them.
Not i* it to be overlooked that there exists a chain
of ticce sary dependence among these institutions
which obliges them, to a great extent, to follow the
course of others, notwithstanding iu injustice tullieir
own immediate creditors, or injury to the particular
community in which they are placed. This depend
ence of a hank, which is in proportion to the extent
of its debts for circulation and deposites, i* not mere
ly on others in its own vicinity, but on all those which
connect it with the centre of trade. Distant bank*
nicy fail, without seriously affecting those in nur prin
cipal commercial citie* ; but the failure of the latteg
is felt at the extremities of the Union. Th suspeiK
sion at New-York, iq 1837, was every where, with’
very few exceptions, followed, as soon as itwaskttown;
that recoDJlv at Philadelphia immediately affected the
banks of the South and West in a similar manneN—•
This dependence of our whole banking system oathe
institution* in a few large cities, is not found in- th® 1
laws of their organization, but ip those of tsradfe- and
exchange. The bank* ai that eeotre to which cur
rency fftows, a,ud wb#re it is required in payments for
merchandise, bold, the power of controlling those iu
regions whence it. comes, while the latter possess no
means of restraining them; so that the value of mdi
vidual property, and the pro-meritv of trad®.’
[NO. 49.