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T iI K CONSTITUTIO XA L IST .
BY GUIEU & THOMPSON.
PUBLISHERS OF THE LAWB OP THE UNITED STATES.
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and letters of business,
[ From the Charleston Patriot.]
REPEAL OF THE USURY LAW—FREE
DOM IN BANKING.
We trust we have gone some length to show,
that a repeal of the Usury Law would enable
Banks of issue to derive from an increased rate
ot interest, the same amount of income that they
now obtain from an over issue of paper,* while,
combined with other regulations, it would pre
vent an inordinate increase of banking capital.
We have contended for freedom in banking, in
connexion with such repea'. Let our readers
not be startled. We are not of the loro foco
school. We are not the advocates of unlimited
liberty in banking. We ask, in this particular,
for a modified system of freedom. Wo wish
banking in its legitimate, meaning, and not in
any factitious sense, thrown open to the freest
competition. When we speak of legitimate
banking, we do not mean the issue of paper mo
ney. This we would place under restrictions.
This is, substantially, an exercise of a high pre
rogative of sovereignly. It should be projected
from abuse. But we mean by legitimate hank
ing, associations of individuals of property, for
the purpose of lending their own capital or the
capital of others, placed with them on deposite,
to those who would employ it productively, with
charters, if they please, hut with or without
charters liable in a certain amount of their pro
perty. In a word, when we speak of freedom
in banking, we confine our meaning to Banks
of Discount and Deposite.
Let the Usury Law be repealed, and there
will be no impediment to the formation to any
extent of such associations. The Usury law
prevents their formation. They would not in
terfere in the slightest degree with Banks of is
sue. They wou.d, if properly constituted, be
hanks of deposite in a different manner to those
institutions, a largo part of whose income is also
derived from their deposites. These latter
would, as hanks of issue, be in a large sense mer
cantile banks. They would, as now, be the
principal places for commercial deposites. But
banks which should gather and accumulate on
deposite the smallest sums, on which they would
allow interest to tiie depositors, would be Banks
of Deposite for nearly the whole commit nit y—
of all classes excepting those engaged in the
larger transactions of trade. They would con
stitute so many reservoirs, into which would be
poured constantly small amounts, which lie un
productive in the hands ofthoso who have no
means or channels of employment for them, and
he again diffused among those who would em
ploy them actively. In short, persons or insti
tutions so engaged would be Brokers of Money,
for all the idle funds in tho country —intermedi-
ale parties between A. B. and C. who have capi
ital to lend, and D. E. and F. who wish capital to
borrow. This is our idea of freedom in banking.
Repeal the Usury law, and such associations
would naturally and necessarily arise. There
could, in consequence of this repeal, be no com
bination among capitalists, to extort a high rate
of interest from the poor or necessitous. This is
a conceit fit for the nursery. It is unworthy of
the age. The law of competition would keep
down combination, for we would impose no limit
to the number of such associations. They would
be subject to but one check in their action, which
would be that of publicity, not of their affairs, but
of the amount of their paid up capital and the
names of their partners, periodically, so that the
public should know who they are and the degree
of confidence to which they maybe entitled.
Wc have spoken of the tenacity with which
men cling to those notions of mono}', that, being
engrafted on their habits of thought arc difficult
to be eradicated. When wc speak of the perni
cious character, as relates to banking, of the
Usury law, we arc not indulging in any vision,
ary theory. We proceed on practicable grounds.
We are fortified in our conclusions by the au
thority of able men of business, who have seen
the working of that law at all periods—men,
who, placed on their honor, to give impartial
evidence, were not shaping facts to square with
pre-conceivcd opinions—with closet theories.—
We shall now cite the opinions of two men
whose testimony before the British Parliament
ary Committee, that sat in 182:2, to collect evi
dence on the question of the renewal or non-re
newal ofthc Chft-ter ofthe Bank of England,
was very highly valued.
Mr. Samuel J. Lloyd, an eminent private
banker being examined on that occasion, was
asked “whether the Bank of England by raising
the rate of interest to borrowers above the legal
rate, could relieve themselves from the difficulty
which is now imposed on them in regulating the
amount of their issues.” II is answer was—
“that it would relieve the Banks from the neces
sity when the general value of money is above 5
per cent, (the legal rate,) of stopping its dis
counts altogether, which it must otherwise do,
and would enable it to cheek the amount of its
issues upon discount by raising the. rate of inter
est ” He was further asked—“Do you think
the Usury laws have an effect in increasing the
embarrassment in a period of distress like that
of 1825?” Answer—“l think they have.”
Mr. George W. Norman, a director of the
Bank of England, whose evidence was regarded
as peculiarly valuable, was asked—“ Will you
explain the Usury laws in the way you think
they operate?”—Tiie following was his reply—
“lf the rate of interest should rise much above
5 per cent, (the legal rate.) the Bank must cith
er over issue or be obliged to resort to measures
to contract its discounts which may lead to veiy
serious effects, such as rejecting private paper
capriciously, for no other reason than because,
enough bad been discounted already’.” “Would
not that inconvenience (he was asked,) be remo
ved by repealing the Usury laws.” Answer
—“Yes, in a great degree.” “Do you think that
the repeal of the Usury laws would be a meas
ure that would contribute to assist much in ren
dering the Banking system more useful?” “De
cidedly. Under present circumstances, (he
adds,) one can hardly contemplate a market rate
°f interest over 5 percent, (the legal rate,) but I
should think that if, as during the war, the mar
ket rale of interest was to exceed 5 per cent. the
Bank would be placed in a situation of extreme
inconvenience and peril.”
R may bo said, however, that in consequence
of this very evidence the law in England was
modified on the renewal of the Charter of the
Bank of England, by the act of 3 and 4 Wil
liam the Fourth, which excepted from the ope
ration ot the Usury law Bills of Exchange not
having more than three months to run. But
this modification not. being combined with those
c lec . °, n P rov ineial banks of issue, which are
a iso Uit ly necessary, and with those obvious im
provements in the English banking system that
experience bad suggested, was no* effectual as a
genera measure. That the provincial hanks,
espccia. y the new formed joint stock hanks,
lave no een restricted in the hypothecation of
thetr shares, and in publishing to the world a
a gc su scribed, when they T had, in very many
« lS a , s ' na -‘lpaid up capital, thus giving a
aUG ,0 l * leir st °ck, and producing
well in ('re t' aUr . ,i,ute Ihc princ.pal evils, as
Their ** tho United States, of
been imoo proper checks had
b ° "Sr hiTl Eu ? * ud ’ au<l the formation of
cl naively, andlmVof had" be^' 7 * T
encouraged, by allowing, ° dipEs"
as » the Scotch banks, on as small sum/as 10z’
we have no doubt that tho accumulation cf these
■would have formed a very lar-r P f llr ,j „„ . ,
to bank throughout Engiand. 0 It would "have
constituted a great source us individual profit
and public security,and thus have precluded the
necessity tor numerous banks of £e
consequent depreciation of the currency
The above testimony of practical
therefore, as f-r <-s opinion goes, to be deemed
conclusive ; but we shall next show that the law
has been evaded by Banks in certain portions of
the country, where the circulation being full to
* When there is no overissue, there arc virim,.
other devices to derive a greater rate of j n t pr « t
than the legal rate, such as charging increased ,
niiums on domestic exchange, &c. which we
hereafter describe.
repletion, from the great number of these insti
tutions, they were not able to over issue without
an immediate return of their notes, but have ac
complished their purpose by charging higher
rates on domestic exchange than circumstances
w. rranted, or by charging a bonus, in addition
f° ike legal rate, with various other devices, thns
indirectly obtaining the market rate of interest,
which tiie Usury law prevents them from deri
ving in the natural and legitimate modes of bu
siness.
, [Froin the Baltimore American.]
The culture ol Bilk has advanced so rapidly
in public esteem, and the attention of so many
has been directed to it as a pursuit, that any in
formation respecting the treatment of the worm
’ and ils habits forms an acquisition of no small
importance. In China the preparation of silk
: has engaged the earnest attention of not only
the common people but of persons in the highest
1 stations for a great length of time. The inven
tion of the loom and the distaff was formerly re
ferred to the gods, and even now the opinion is
1 entertained that they owed their origin to the
; ancient emperors who in their traditionary his- ,
' tory assume the importance of gods. At one
1 time the empresses employed themselves in rear
• ing this useful insect and fed them in person with
1 leaves gathered from the trees in the imperial
1 domains, and at a later period, although tiie pram
f ticc is not so strictly adhered to, apartments arc
"■ reserved for their accommodation, and there are
trees kept near the palaces to furnish them food.
The editors of the Portland Advertiser have re
ceived from China a file of papers from which
i they have made a most interesting abstract,
slating the manner in which the worms arc trea
r ted, and giving a dcsci iption of the mode in which
- houses are arranged for the preservation of these
i valuable insects. As we know of nothing which
J is l.kely to prove more acceptable to a large pro
' portion of oar readers we give below a portion
ofthc abstract, the information contained in
i which will doubtless furnish valuable hints to
K those whose ati ...itiori lias been drawn to the sub
ject:
- During the fine season worms arc reared and
f silk made in almost every house, and any spare
•' room is used for their habitation; but by those
who make the rearing of worms a profession, a
dry airy spot is chosen, free from pungent,
smells and loud noises: a square room is built
- with the entrance, if possible, towards the South.
5 It is usual to have a window on each side cover
r ed with white paper to exclude the air, and pro
vided with thick blinds to shut out the light
when darkness is necessary. A stove, or more,
t is furnished to keep up a constant and equal
i temperature throughout the room, and to pre
i vent any chance of damp, which is very injure
5 ous to the worms. Around the room, several
r iws ot shelves are fixed, one above another,
about a foot apart;—not against the wall, but lea
ving a clear passage wide enough for a person
to walk outside all round tiie room, and an open
space in the middle. The shelves are formed of
) rushes or withies, and are intended to receive
I the worms when hatched. The batching may
be accelerated or retarded at pleasure, by expo
sing the eggs to heat or cold, and the usual prac
, lice is to keep them in a cold place until the mul
berry trees have put forth their young leaves;
the paper on which the eggs are deposited is then
> brought out, and bung up in such a siiuation
that the sun may shine on the back ofthe sheets;
this is repeated two or three days, coring each
of which tho paper is allowed to remain exposed
to the rays of the sun only long cnougli to ac
quire a gentle warmth: a great heat would be
very prejudicial.
7 On the 4lh day a great number of the eggs
will be hatched. All the worms which leave the
eggs before this time are thrown away, as they
would not agree with the others in the times of
eating, casting their skin, or spinning, which
would be the cause of much additional trouble to
the attendants. The papers are then carefully
weighed,turned up side down, and gently pla
ced upon young mulberry leaves, cut into small
shreds to be more easily masticated by the ten
der worms. The smell ot the fresh leaves soon
induces the worms to leave the paper, which is
again carefully weighed: the weight ofthe worms
is of course known by the difference of the pre
sent and former weights, and the quantity of
food regulated accordingly.*
In the first days of their existence the Chinese
worms are fed ncariy every half hour, and the
number of meals is gradually diminished, as the
worms grow older. After a few days they are
fed four times a day. and the leaves are no lon.
gcr shred, but given whole as they are gathered;
after this the number of meals suffers no diniinu
tion.t
The daily process of feeding the worm is very
carefully attended to; they arc kept free from
noise, bad smells, or other causes of annoyance;
and in some places even the food and dress ofthe
attendants are scrupulously regulated. Small
stoves are used occasionally for drying the prev
alence of damp weather; shades are placed over
the windows when the heat of the sun would be
excessive; in case of a drying wind, small ves
sels of water arc interspersed between the
shelves to refresh the air of the room; if the
worms appear sickly and heated, a fine powder
of dry mulberry leaves is thrown over them; in
short, every precaution is taken which the inter
cst of the proprietor may suggest, or the delicate
habits of the animal may seem to render neces
sary.
Notwithstanding every precaution, the worms
sometimes die, particularly at the time of moul
ting or casting their skin. This is a season of
danger which occurs three times during the short
life of a silk worm. In the fourth day of its
existence it falls sick, refuses food, and is then
said by the Chinese to sleep; within twenty.four
hours it casts its skin with much apparent pain.
Two days usually elapse before health and ap
petite return, and after two days of health a se
cond sleep approaches : the pain and danger is (
repeated, and after an equally short interval of
health, the third and last sleep attacks the labo.
rions insect. When this sleep is completed, the
worm enjoys a longer interval of health than at
any other period. For five or six days it conti
nues local heartily, and then begins to spin the
“ golden tomb,” to the formation of which its
whole existence appears consecrated.
The silk worm of Europe has one step of dan
ger more than that of China, and casts its skin
tour times instead of three. It is the opinion of
some naturalists that this difference must be the
effect of climate : but such a supposition is ne
gatived by the faetthatthe silk-worm of three
casts, like that of China, is known in Europe,
and that in some districts of Lombardy it is
reared as well as that of four casts, though the
latter is preferred from the largerquantity of the
produce. The worm of four casts being the best
known in Europe, was probably the species in
troduced by Justinian ; tiie smaller sort was most
likely imported in one of the many vessels which
havesailed between Europe and China former
ly four centuries. Both species are cultivated
in Bengal, and are both thought by tho Hindoos
to have been brought from China.—The smaller
sort is known there by the name of the monthly
worm, and can be brought to spin eight or ten
times a year; the other is called the annual
worm, and produces silk in March only.
* The Italians usually procure the deposition of
eirtrs upon cloths, from which they are detached by
washing. The eggs are then kept in little bags, in
as cool a place as possible, until the mulberry trees
are in leaf, when they are hatched in a stored room,
of which the heat is gradually raised from 65 deg.
to 80 deg. of Fahrenheit. The process usually oc
cupies 12 or 14 days.
t In Italy it is usual to feed the worms four times
a day from the first : when very young I hey re
ceive chopped leaves, and in about 16 days the
chopping is discontinued.
THE ISLAND OF CUBA.
Wc have translated the following extract Lorn
the speech of the deputy Sancho, in the Cortes
of Spain, delivered on the Ist of April last. It
discloses the views of the Spanish Government
in relation to this island, which is of so much
commercial importance, not only to Spain, but
to the United States. The debate came up un
der a proposition to give representation to Cuba
in the Cortes. The attention of the Govern
ment of the United States was early attracted to
this island, which could not remain indifferent
to its political condition, considering its geogra
phic position, and particularly its social institu
tions, which arc analogous to those of our south
ern States. This portion of our confederacy, as
well as the Republic of Texas, must ever have
a deep interest in the question of slavery in Cu
ba.—Globe.
“ If, gentlemen, the island of Cuba should
cease to be Spanish, it must belong to the negro.
Il cannot come under the power of any other
nation, because, firstly, there is no nation pow
erful enough to subjugate 400,000 negroes, who,
under tiie tropics, shall say, k we will not be go
verned by you.’ Secondly, because, if another
nation should attempt to take possession of it,
some rival potver would oppose the design. In
strict truth, and without figure of speech, the
island of Cuba is the key of the Gulf of Mexico,
and no other than a great maritime power could
take possession of it. And what power would
consent to such possession ?
“ Let us state the question as between Eng
land and the United States, since the former
holds the sceptre of the seas, and the other is a
maritime power in the neighborhood cf the isl
and.
“ Could the United Slates consent that Eng
land should own the island of Cuba ? In adui
tion to the fact that Cuba is the key of the Gulf
of Mexico, we must keep in mind one other im
portant circumstance. It is well known that the
coast of America, in that quarter, has but very
few ports. The island of Cuba, on the contra
ry, may be sn-td to be one vholo port. has
; thirty-four good harbors, and of these, fifteen
| are capable of containing large squadrons. Ibis
is a sufficient consideration to prevent it f. om
felling into the hands of a maritime power, be
sides this advantage, there is this, that t uha
furnishes ship-timber for any quantity of vessels.
“ Would England allow the United States to
take possession of Cuba ? England, as the mis-
I tress of Gibraltar, has divided the forces ofSpain
j and France; as mistress of the lonian isles, she
■ commands the Adriatic; and with the Cape of
j Good Hope, she holds the key of India. Would
I she, then, permit Cuba to be held by a third
] power ?
“ Long and protracted wars, with great offu-
I sion of blood, must happen before litis could take
| place. The United Slates would not consent to
this change of masters so soon as Great Britain.
We all know that the rivers emptying into the
Gulf of Mexico flow from the mountains ot the
United States. In their valleys is growing an
immense population. All the productions of
those countries have their de Louche at New
Orleans, which is the principal port of com
merce on the Gulf of Mexico. If the United
States should consent to the occupation of Cuba
by Great Britain, it would be as if a merchant
should send the key of bis money chest to ano
ther person, and say, ‘ you are the master of
that chest.’
“There is no alternative, gentlemen ; the isl
and of Cuba must remain under Spanish protec
tion, or it must bo abandoned to itself. If left
to itself, it must become a negro Government.
The effeminate and enervated whites would not
be able to oppose the negro population in that
burning climate.
“ It may be said that the whites possess wealth
and knowledge. They possessed them also in
St. Domingo. But of what avail arc wealth
and knowledge, when opposed to brutal forte;
when the question is one of exposure to the ele
ments, of bearing fatigue, to which the slave is
accustomed, and of suffering the heat of the
sun, of which tho negro declares himself to he
the child? What would be the result? The
whites would be subdued, as they were exlermi
nated in St. Domingo.”
t IIARLKSTON, June 21.— Later from Florida.
—By the schr. S. S. 31ills, Captain Southwick, we
have received the St. Augustine Herald of the loth
inst. from which we copy the articles which follow
-4 ST. AUGUSTINE, JUNE 16.
A detachment ofCapt. Hanson’s Company, on a
scouting expedition, a day or two since, discovered
a track, supposed to be that of an Indian, near Moc
casin Branch, about fifteen miles south-west of this
city, which appeared to be going to the west.
Official information has been communicated hv
Gen. Jesup, of the fact of the Indians having left
their camp near Tampa. It appears that Micanopy,
Jumper and Cloud, were surrounded by a party of
hostile Indians, and carried off against their will.
The blame is laid upon the Mickasukies, who con
tinued hostile. They have never been in, nor did
they send a representative altho’ notified. Abram
is at Ta mpa, under the protection of Gen. Jesup.—
The opinion is expressed by some officers of the
Army lhat they will go off, ah er l hoir “Green Corn
Dance.” 'I bis is their season of purification, and
is always most religiously observed by them. It is
said 100 that they will remain quiet unless they are
molested by the whiles. It is feared, however
that the fine growing crops of our fellow-citizens in
Alachua, will prove too great a temptation. They
probably will make no incursions in that quarter
until the crops are laid by. It is said that last year
they kept up the fences around the corn fields in
that county, in order to preserve the corn.
i he post at Lake Momoe, is about to be aban
doned on account of sickness. Gen. Armstead will
shortly leave this for the north. Col. Hearny now
in command at Fort Mellon, is expected here to as
sume command.
THE TRUE MODE OF CANCELLING
THE MERCANTILE DEBT TO EN
GLAND,
The London Courier, the commercial depart
ment of which is understood to be conducted by
one of the most distinguished and enlightened
men in Europe on such subjects, in treating of
the subject of adjusting the balance of traefe be
tween England and the United Slates, now so
much against the latter, says of the expected
transfer of bullion from this country to that:
“We may get two or three hundred thousand
pounds worth ; but it were absurd, provided Mr.
Van Burcn abides by the policy of his predeces
sor toe.xpcct any large supply from the Union.
i\ either is its shipment at all necessary to enable
the Americans to meet their engagements. The
expor.s from America to Europe may now be
taken at about 18,000,0001 or 20,000,0001. ster
ling a year, and her imports at rather more. But
during the present year she will send abroad ev
ery article il is possible to export, while her im
ports will not certainly reach half their usual
amount. Bhc will thus provide a fund of eight
or ten millions for payment of her debts, exclu
sive of the produce ot the sale of American se
curities of all sorts during the course of the year.
If America could only get rid of her obligations
by sending bullion to Europe, then it is certain
they would not be discharged at all. But no.
thing of the sort is necessary. Provided she
succeed in maintaining credit at. home, she may,
and wc doubt not. will, cancel all her obligations,
without parting with 100,000 ounces of bullion.”
“ Provided she succeed in maintaining her
credit at home, she may, and tee doubt not will,
cancel her obligations, without parting with a
hundred thousand ounces of bullion.'' Our rea
ders will note this paragraph, and especially the
conclusion, which we repeat. The writer of
1 the article perfectly comprehends our case. If
the credit of our merchants and institutions had
been preserved, the specie could not have left
the country. If the banks had held their faith
to the public, all the specie in the country would
have been tndispensalde to maintain the circula
tion of their notes. The §80,000,000 of gold and
silver is not more than a sufficient basis for the
amount ot bank issues. While, therefore, spe
cie payment was persevered in, the whole bank
machinery in the country would have been em
ployed to retain, instead of exporting, gold and
silver. The merchants saw this ; and instead of
using the banks for the legitimate purpose of fa.
cilitaling the production and purchase of Arne
ncan commodities to export, to pay their debts
abroad, they look the course which the London
editor points out as the only one through which
England could expect to obtain our coin. They
destro}-cd credit—forced the banks to stop pay
ment, by refusing to meet their engagements,
and by withdrawing their deposites. The result
is a conversion of the banks from their true of
fice of aiding the merchant in acquiring and ex
porting the products of American industry, to
that of converting money into merchandise, and
degrading their currency, as a means, through
the superaddition of premiums, of enabling the
barlei-ers of their credit to cash it. The depre
ciation of tiie bank notes bv this sort of traffic,
and the excessive issues it encourages, have the
most fatal effect on American industry. The
production of agi i cult oral or manufactured arti
cles is rendered so dear by the high prices of la
bor imposed by the paper tariff here, that they
cannot be sold abroad for the nominal home cost.
The immediate consequence, then, of destroying
the creditof the banks, and depreciating their
currency by a suspension of specie payment, is
to check American industry in two ways.' It
not only imposes the paper tax upon its products,
(which prevents them from going into market on
terras of fair competition with articles obtained
from labor paid in specie.) but the paper money,
by converting the specie among us into a com
modity, and being used to buy it up and export
it, destroys, to the whole amount of the specie
exported, a demand for American commodities,
which, but for the exportation of the specie,
would themselves be exported to pay the debts of
the merchants in England.— Globe.
by"exfress^iail.
LATE FOREIGN INTELLIGENCE.
We had no slips yesterday from New \ ork-
We take from the Chronicle of yesterday the fol
lowing most interesting items of foreign news re
ceived at New'York by the ship Independence,
from Liverpool. The dates are, the 24th May
from Liverpool, and 23 J from London.
From the N. Y. Express.
LATER AND VERY IMPORTANT FROM
ENGLAND.
London dates to 23d, and Liverpool to 24th vlt.
By the Independence, Capt. Nye, which arri
ved this morning from Liverpool, wc have recei
ved our English files to the above dates. The
intelligence they bring us is gloomy enough —
presenting a sensible decline in Cotton, tiie fail
ures of several mercantile houses, the refusal of
the Bank of England to extend further aid to
American merchants, an unhaopy aspect of the
Money market,
i Accounts from the manufacturing districts arc
i very gloomy,
i Among the failures at Liverpool, arc mention
i ed 5V addigton, Holt &- Co..Malcomer, Bell A
Co. and Phelps, James &. Co.
i Under date of the 20 th, the London Times
. says: “It lias been stated with considerable con
• fidence, that the consultations in the Bank of
England have been directed to the policy and
prudence ot granting further assistance to the
American houses, should it be applied for, and it
is understood il.at for the present, at any rate,
tiie Bank direction will not declare to make any
farther advance.
The Sylvie d’Grasse arrived from Havre, the
17th May, brings no important news.
i [From the N. Y. Herald.']
IMPORTANT FROM EUROPE—SIX
i DAYS LATER.
Oar news schooner Teazer, late last night
boarded the packet ship Independence, Captain
f Nye, from Liverpool, and arrived up to the city
r early this morning with copious files of papers
up to the 23.1 May from London, and 24th from
I Liverpool, and the London money market ofthe
i 22 J ; it was unsettled—a number of failures had
1 taken place at Liverpool, none of which are be
lieved to be for ve.”y large sums, but the collcc
[ live amount is considerable. They had not re.
ceived any intelligence from this side, later than
. the 2d, (carried out by the North America.) It
was thought that the B ank of England could
t not sustain the American houses any longer.
and some accounts say that they had come to the
t determination to refuse further aid to any house
t whatever. The consol market has been firm—
cotton had further decline 3-8 a l-2d at Liverpool
i Accounts from Russia mention that the Gov.
i eminent had received Lord Durliain’s comniuni
i cation in regard to the Vixen, in a \ cry arnica
; blc manner. It is inferred that affair fe as good
as settled.
> The news from Barcelona is of the n ost de
; plorable ami menacing character. In General
Parrcno’s (Governor of Barcelona) despatch, it
i is stated that it had been only through the aid oi
. the English Marines, landed from the Rooney,
that the insurrection of the 14th and slh ir.s-t.
had been quelled—vast numbers of persons ha f
arrived at Marseilles, from Barcelona, who haa
to fly from the excesses of the revolutionists.
The plague was making great ravages in the
Barbary slates, except Tunis, and caused great
alarm in Spain. L aly, and the other kingdoms
bordering on the Mediterranean. Every pre
caution was in operation to prevent the spread
ing of the pestilence. Although the disease was
not in Tunis, the authority of Gibraltar has pro
hibited tiie entrance of vessels from that port in
ttrr-sc ba3 - .
The hows of our commercial troubles had
been received at. Gibralter.
The Paris papers of Sunday like those of ma
ny proceeding days arc destitute of domestic
news of importance. Tiie debate on the Na
tional Guard Bill in the Chamber of Peers' on
Saturday ; that on the ridiculous petition of a
lady calling herself the responsible conductor of
the Gazette de.s Femmes, and advocating the
rights of woman, which occurred the satin day
in tiie Deputies; and the approaching marriage
of the Prince Royal, are the principle domestic
topics referred lo in those journals.
There was no news of importance from Spain
stirring in Paris on Sunday. The Government
courier who ought to iiav. react.ed on .Saturday
from Madrid had not arrived up to the hour of
poston Sunday.— The French three per cents
were, at haif-past 1 o’clock on that day, done at
79 17 1-2 (buyers.)
London Money Market, Monday 22 d. —The
letters from Liverpool having brought accounts
of several failures, have induced a rather gloomy
feeling in the city' generally. Such a comoina.
lion of circumstances is at, work, both here and
in the United States, to prevent the merchants
from obtaining proper returns ofthe sums duo
to them, that some apprehensions begins to pre
vail whether the Bank can. continue much lon
ger to afford that support which they hare
hitherto done to the houses concerned. No in
cident, however, lias occurred in the citv which
could be said to bear upon directly, or to justify,
this feeling. The houses which arc staled in
the Liverpool letters to have stopped are those
of Waddington. Ault & Co., Maicohnson, Bell
& Co., and Phelps, James & Co. None of
these are believed to be for very large sums, but
the collective amount is considerable. They
have been followed by a paralyzing effect in
the manufacturing districts.
The Consol market has been firm, with
scarcely any variation from the prices of Satur
day. The last, quotation was 91 3-8 to 1.2 for
money, and 91 1-2 to 5-8 for the July account.
Exchequer bills arc 325. to 345.; the same as on
Saturday, though the belief has not diminished
that some reduction in the rate of interest upon
them is contemplated. Tiie usual quarterly
notice for the exchange ofthe bills falling due,
which will appear in a few days, will determine
how far that, notion is a correct one.—lndian
Bonds being thought less likely to he subjected
to such a reduction, though the East India Com
pany very commonly follow the Government in
all such operations, have been the more favored
purchase, and have borne a higher’value. Some
sales in them of large extent have, however,
taken place, and though the premium has been
well supported at 355. to 375., we should not be
surprised if some project of the kind is in view
with respect to it.
[FROM OUR CORRESPONDENTS.!
Office of the Savannah Georgian, }
June 19. (
INTERESTING AND AUTHENTIC FROM
FLORIDA.
We learn from Capt. D’Lngnel, of the Ordinance
Corps, who armed from Garey’s Ferry yesterday
evening in the steamer Charleston, Capt. Bonnell,
tiiat an express arrived at Garey’s Ferry on Friday
last from T ipa, which place he left on the 14th,
that it is true that Micanopy, Jumper, and others
hxd left Tampa previous to the 14th inst. but their
departure has not induced a suspicion on the part
of the officers ofthe Army that they intended :o be
insincere.
Their reasons for leaving are, as detailed in sev
eral letters, that they became alarmed from the ap
pearance of the measles at Tampa, which the In
dians mistook for small pox. Abraham, the negro
chief and interpreter, is stiff at Tampa Buy,as Capt.
D’L. has been informed.
Micanopy sent back to Capt. Page a horse which
he had borrowed, and forty dollars also borrowed
from Capt. P.
Micanopy sent word to Gen. Jesup, that “ he had
a strait tongue”—implying that he would fulfil his
engagements.
Philip and other chiefs had been in the camp at
Lake .Monroe, (Fort Mellon)—Philip looking ema
ciated. They had appeared owing to a message
of Col. Harney that he would issue no rations un
less the Chiefs came in propria persona.
The report that several men had been murdered
(near Big Spring,) is declared to he totally unfoun
ded. Major Whiting travelled recently from Mica
nopy to Black Creek without seeing or hearing of
Indians, or Indian signs—and he had an opportunity
of deriving the best information, as Capt. itinogold
with a company of mounted men, makes daily” ex
cursions from Micanopyso as to scour the country
fur information. Major W. left at Micanopy Captain
Beall of the Dragoons, who had just arrived from
Newnanville with his company, and who observed
no Indian signs.
Gen. Jesup has not advised the inhabitants to
abandon their crops or retire upon the posts, hav
ing merely ordered Major Whiting to direct the
inhabitants to be on the alert in case any partial
aggression should be offered by stragglinglnd ans.
Fort Armstrong could not have been attacked as
it has been abandoned at least a month since as' it
was in an unhealthy location, and the garrison re
moved to Fort King.
Gen. Jesup was at Tampa Bay on the 14th, he 1
having been to Fort Foster on the Hillsboro to sec
that the comforts of the troops w ere attended 10.
Major Gates has been assigned to the command
of the troops at Micanopy and its vicinity.
Fort Mellon which Col. Harney has been order
ed by Gen. J. to abandon as soon as requisite to in
sure the health of the troops, Col. H has not yet
abandoned, but in a recent letter (dated about a
week since) slates that the situation was so healthy
p that he saw no occasion for immediately abandon
• mg it.
it is not true we learn from Capt. D’Lagncl, that
the Seminoles have been supplied with ammuni
tion by the Creek volunteers. The latter receive
[ their supplies upon requisitions made by the Com
mand ng Officers of their respective companies,
most of whom are officers of the Army, (the one or
two exceptions being Capt. Boyd, and Capt. W. P.
Wilson, volunteers from Georgia.)
The garrisons, lo be continued during the sum
’ mer, will probably be, besides that at Tampa, those
at Micanopy, Fort King, Fort Dade, Fort Harlleeon
the Santaffee, Thluonoiosassee, Picolatu, and St.
f Augustine.
Office of the New York Courier Enquirer, )
June 16, 3p. m. $
Exchanges and Money Markets. — Ihe amount of
Foreign Exchange negotiated for this day s pack
ets, is far from considerable. There were not
many bills on England offering, nor were there
many buyers for those that did offer, but as the price
of specie is advancing, the rate of Exchange advan
ces in the same proportion. The best private bills
5 on England were sold at 18a 20 per cent, premium.
" and British government bills and drafts of the Bank
‘ of Scotland on their London bankers, at 30 days, at
1 20 a2l percent, prom.; France, f. 5 a f.o 5; Hol
; land, 43 cents, and Bremen. 85 cents. The r e were
t no bills offered on Hamburg. The amount of spe
cie sent by this day’s packets is estimated at from
’ 830,000 a 875,000, on which the premium paid has
been from 11 to 12 percent. The asking price for
Mexican and Spanish dollars is now about 13 per
3 cent.; sovereigns, 85,45 a 5,50: Napoleons, 84,25 a
4.30; American gold, 10 a 12? per cent, premium.
There is, however, hut little to be had.
Office of the Commercial Advertiser, ?
New’ York, June 17. )
t FROM SPAIN.
By the ship Empress,Capt. Townsend, from Ma
laga, wc have files of the Gibraltar Chronicle to the
) T 10th of Ma v inclusive, Mr. Nelson, a passenger on
s board the Empress informs us that on the morning
a of May J Uh, the steamer Calpe arrived at Gibral
e tar in two days from Lisbon, bringing intelligence
d that theCarlists and Christines had come to an en
gacement, in which the former were defeated with
, the loss of 6000 men.
' The plague was making great ravages in the
Barbary states, except Tunis, and caused great
n alarm in Spain, Italy and the other European king-
It doms bordering on the Mediterranean. A cordon
d of three thousand men had been drawn around
r, Tunis, to prevent all communication with Tripoli,
c where the pestilence was most active. Nevortlie
e less the authorities of Gibraltar had prohibited the
entrance of vessels from Tunis into the bay.
I The Gibraltar Chronicle of the 10th says, that
B similar measures had been taken at Malaga, and
r - generally along the shores of the .Mediterranean,
i. At Tunis the European consuls had organized
t. themselves inlo a board of health, and it was hoped
that their precautions would exclude the disease. ’
1 he news of our commercial troubles, down to
the Bth of April, had been received at Gibraltar.
; T We have also a Malaga paper of May Bth, but it
l * contains no later advices from Madrid and the seat
it of war, than we had previously received via Lon
if don.
t ’ AUGUSTA, <4A.
1 FRIDAY MORNING, JUNE 23. 1837.
DCrlt would seem, by what we have seen in
- several whig papers, that the opponents of the pre
st nt federal administration are determined to offer,
s m C ongress, no plan for the relief of the country,
nor siti'gest any measure for the establishment of
a sounc And convenient circulating medium. They
intend to leave it to the majority in Congress to
propose pi arts-and measures, which, they say, they
will oppose or approve according to the opinion
they willhav.e fenced of their expediency and ne
cessary applicUfon to the circumstances of the
limes. Our oppenents will act as they °asc upon
the important suhjt Ms that may be la. treCon
gress for discussion and action: the tority will
not complain; but do the whigs believe that the
majority will not ha able to propose some plan,
and io adopt it. which Wi'l be acceptable to the
. great majority of the Aroet.'cfm people? It is true
the whigs have frequently bl asted that they pos
sessed all the “decency,” “all ih.a wealth,” and “all
the talents” of the country; but as they have not
boasted that they possessed all the c. minion sense of
the country, i; i.- reasonable to infer yh.at (he friends
ofthe administration actually possess orne share
-of that general attribute of mankind. 1/. then, the
friends ofthe administration are destitute
cy, wealth and talents, they will at any rat -' make
use of that share of common sense concetti ts to
them, to carry on the > perations ot the .governin'-i iff,
and to meet by proper measures the exigencies oi
the times. The majority of the people will be sa
tisfied wilh any measure which common sense may
have suggested, and no doubt they will be satisfied
also with the whigs remaining passive, in origina
ting plans or measures, notwithstanding the posses
sion of the decency, wealth, and talents of the
country.
If the whigs intend to pursue such a course in
Congress, they may feel inclined to adopt a similar
one in our legislature. We hope they will not. —
The whig-nullifiers of Georgia, like their allies
elsewhere, possess the decency, wealth, and talents
ofthe Stale, but they have not conceded to their
opponents the poor attribute of common sense. If,
then, the whig-nullifiers abstain, in our legislature,
from proposing any plan or measure of relief for
the financial embarrassments of the Stale, how will
the majority be able to act and operate, destitute
as they are, of not only decency, wealth, and talents,
but of common sense? It will be impossible for
this majority to proceed in he legislative business
of the State, or they may adopt some bungling plan
or measure, which, instead of good, may be pro
ductive of much evil. In such a perplexing case,
what can they do, what will animal instinct suggest
to them, since they possess neither talents nor com
mon sense? They will have to beg the whig-mfe/
lifters to take the direction of the legislative pro
ceedings in their own hands, and to relinquish to
them the power of the State. Would the whig-nul
lifiers be satisfied with, and condescending enough
to take the reins of government? No; they will
not be satisfied with dictating to the legislature,
and with an Excellency in the governor’s chair.
They will require the power of placing on the ju
dicial bench, men belonging to the decency, wealth,
and talents party, because the union members of
the legislature had not s< rise enough to find out that
they made choice forjudges of men destitute of all
requisite qualifications. They will require also that
the Stale House offices should be filled vvilh com
petent, decent, and talented men, perfect in their
limbs, and not with vulgar ignoramusses, who can
not tell their right hand from the left, when they
have two. And they will especial!y require a com
plete change in the representation of the State in
Congress, because the union men, who have no
decency, wealth, talents, or common sense, have
made choice of individuals like themselves to he
members of a body in which no other but the ex
quisites and exclusives should be admitted.
Union men, are you prepared to admit the cir
cumstances we have just placed before you, as true?
Are you willing to place your opponents in power?
If so, let us give up the contest at once, and remain
idle spectators of the efforts of the whig-nullifiers.
If on the contrary, you believe that you possess
some decency, wealth, and talents, and especially
some common sense, and can manage the legisla
tive proceedings with some credit lo yourselves
and benefit lo the State, he vigilant and untiring
your exertions to maintain your ascendency in the
Btate; be united; discard all minor considerations,
forlhe accomplishment of the main objects you
have in view as citizens and as republicans. Let
us maintain ourselves w here we are, and we will
show to our opponents, in deeds, tfnot in big, sound
ing words, like those they use, that some decency,
wealth, and talents, with some share of plain com
mon sense, may be found in the ranks ofthe union
party. __
05“ 55 e take the following information from the
New York Evening Post ofthe 16th instant. The
legislature of New’ York adopted the plan of dis
tributing the surplus fund received from the United
States Treasury, among the counties of the State,
according to population. Commissioners were ap
pointed in each county, to loan the money, &c.
“Surplus Fund. —The Westchester Spy states
that the Commissioners were unable with all their
exertions to loan more than 812,000. The Com
missioners wall meet again on the 24th instant, to
receive further applications. j
The Commissioners of Ulster county could only
loan 8150,000, about half the amount apportioned
I to tho county.
The same state of things exists in Orange, Colum
• bia and other counties.
" hat a difference there is between farmers and
t merchants!”
»
i' e published a week ago, the proceedings of
a meeting at Columbus, at which a resolution was
j udopted requesting the Governor to issue his pro
clamation for an extra session of the legislature.
s We subjoin the letter of the committee appointed
- to correspond with the Governor, and the reply of
this functionary. We w ill take this occasion to
, r enquire why the reply of Gov. Schley to the
Augusta committee, has not been published, if a
reply was made to the application of a number of
e citizens of Augusta? If a reply was made, it must
II be in the hands of the committee.
COLI 3IBUS, 7th June, 1537.
To His Excellency William Schley.
Sir.—We have the honor to transmit to your
Excellency, a copy of the proceedings of a meeting
if held in this city on the 6th inst.
■. The unexampled distress existing among mcrcan
,t file men, and which must, ere long, extend itself to
£ . all classes of the community, unless some adequate
e relief is afforded, has induced the passage ot those
i_ resolutions. The distress is not confined to this
s city, the State of Georgia, or to the I nited States.
The unparalellcd fall in the price of the staple arti
k cle of our agriculture, and the principal material in
,1 the clothing of all nations, has produced the same
[. effect throughout the whole trading world. Solar
e as the citizens of Georgia are concerned, we be
iieve the State has ample means within its power
n to afford this relief. We are however aware, those
s means and the resources of the Slate, cannot be
r brought into action and healthful exercise without
r a convention of the Legislature. In the earnest
a hope that this subject may receive your early al
[ tention, we have the honor to be,
Vour Excellency's obedient servants,
SEABORN .TONES, Chairman.
S. R. BONNER, 1
WlLlfv WILLIAMS,
EDWARD CAREY, j
EXECUTIVE DEPARTMENT,?
Millcdgeiillr, June 13, 1837. )
Gentlemen:—l have received your communica
e tinn of the 7th instant, covering a copy of the pro
ceedings of a meeting of the citizens of Columbus,
[j One of the Resolutions adopted, declares, “that
an extraordinary occasion lias presented itself,
authorizing a convention of the Legislature at ns
( early a day as practicable, for the purpose of mak
ing a loan of fn e millions of dollars to the people
n of Georgia, to relieve the distress of her citizens,”
and you have been appointed a Committee “to ad-
I dress the Governor, respectfully, requesting him to
I convene the Legislature.”
e Nothing would give me more pleasure than to
be instrumental in giving aid to those of our fellow
t citizens who may be distressed, or embarrassed in
j their pecuniary affairs, by the unexampled pres
! sure in the commercial and trading community.—
But, whilst 1 sympathise with them, 1 am unable to
j discover any means, within the power of legis
lation, winch could give them any effectual relief
,j The purpose, fur which the citizens of Columbus
desire an extra session of the Legislature, it seems
r to me, with due delercuce for their opinion, could
t not be effected; because, all the disposable funds
of the Stale are now in the hands of her citizens
on loan: and, consequently, she has not the means
B of lending /ire millions of dollars; and she cannot
lend per credit, by issuing “bills of credit bemuse
such a course is inhibited by the Constitution of the
United Sta'es.
It, in my opinion, any good could result to the
i community by convening the Legislature—or, if I
had reason to believe that such a measure is desired
by a majority of the people, 1 would immediately
’ call an extra session But 1 have given to the sub
i ject the most deliberate consideration, and have
f not been able to find a reason, satisfactory to my
j own mind, to justify that courso; nor have I any
reason to believe that the peopled sire it, because,
with the exception of Augusta and Columbus, no
part of the Mate has expressed such wish,
i For the.-e reasons! deem it my duty respectfully
to decline a compliance with your request.
, I am, very respectfully, your ob’t. servant,
*• WILLIAM SCHLEY.
1 Messrs. Seaborn Jones, S. R. Bonner. Joseph Stur
gis, Wiley Williams, and Edward Carey.
I
. SC?* As several brick buildings are rising up in
our city, and the foundation of many, stores and
, houses will shortly be bid, the following useful
, information may not he unacceptable to those
interested:
j “Few* people, cxbept builder;., in
advantage of wet bci aying thet
1 A wall twelve inches ibid; Infill up of good mortar
f with bricks well soaked, a; stronger in every respect
s than one sixteen inches thick built up dry i l;«-
B reason of tins i- dial if the pricks are saturated vv ii.i
“ water they will not abstract from tin mortar the
moisture which is necessary to its crystali/aiion,
■ and on ibe contrary they will unite chenfi
b wi h the mortar, and become almost as solid .> «
, rock. On the other hand, il the bricks arc on: up
dry, they immediately take up all the moisture from
j. the mortar, and leave it too dry to harden, and the
1 consequence is, that when a building of this de
( scriptiou is taken down, or tumbles down of its own
accord, the mortar falls from it like so much sand."
—JVew 1 or I; Sun.
ATHENS—BY BULWER.
Tin's new work has been received by Messrs.
Richards & Stoy. The Nevv-\ork Times takes
notice ot -'t thus:—“The Messrs. Harper have
published, in two duodecimo volumes, simultane
ously with U.c English edition, ‘ Athens, its Rise
and Fall, with v ;ews of the Literature, Philosophy
and Social Life of the Athenians, - by E. L. Bulwer,
the celebrated novtLst. Mr. Buhver informs us,
in the preface, that ha has been many years en
gaged upon this work ; and we have no doubt that
he has employed in its production his utmost pow
ers of intellect, and all the rich fruits of long study,
and high mental cultivation. The field that such
a subject opens for a man of Bulwer’s great and
varied powers, can hardly be surpassed by any
portion of this world's history.”
POST OFFICES IN GEORGIA.
A post office has recently been established at
Cold Water, Elbert county, of which Daniel Dobbs
isßdslmaster.
IRON WORKS AND MANU
FACTURING COMPANY.
A company lias been recently formed under the
above title, for the purpose of extending the oper
ations of the valuable property hitherto known as
“ Stroup’s Iron Foundry,” and situated on the Sou
quee river, about three miles from Clarksville.
The stock was readily taken up by gentlemen,
whose enterprise and discernment, cannot fail to
render it highly profitable.
With water power and natural advantages, con
sidered superior to any in the state, this establish
ment is happily situated in the most delightful and
salubrious climate of the southern country, at the
same time that its proximity to the route naturally
indicated for a branch of the great Western Raii-
Road, will always insure ready sale for its produc
tions. The iron ore is inexhaustible and of the
richest kind, yielding, it is said, two-thirds of its
weight of pure metal. The castings have been
examined, and pronounced of the first quality.
The establishment at present includes the Foundry.
Saw and Grist Mills, and about 3,000 acres of well
timbered land. The company has in contempla
tion, the addition to the iron works of a rolling ma
chine and a nail factory, also the erection of an
1 extensive cotton factory
We rejoice that the spirit of internal improve
ment is abroad in our land, and vve hail every effort
to develop the resources of our state, as an omen
of better times. \\ e entertain no doubt that the
Habersham Iron Works and Manufacturing Com
pany have embarked in an undertaking that will
be not only highly lucrative to themselves, but also
s, a great
ban/R of savannah.
We copy the following information, respecting
the condition of the Savannah Banks, from the
Georgian of last Tuesday.
“ The following we derive from unquestionable
sources, a;-.d the tacts therein stated, will prove of
more interest, than any other intelligence vve can
lay before our readers. .
The capital of the five banks located in Savan
nah, namely, the Bank of the State of Georgia, the
Planters Bank, the Marine & Fire Insurance Bank,
the Central Rail-Road and Banking Company, and
the Branch of the Bank of Darien, amounts only to
81,682,525, and their circulation on the 18th day of
May, when specie payments were suspended, a
mounted to 81,254,112, being 8428,413 less than
their capital, and on the 15th day of June instant,
their circulation amounted to 81,095,446, being a
decrease in the circulation between those periods
of 8158,666. On the 18th day of May, these five
banks had in specie in their vaults , I<, 191, and
in the notes of other bank? 8-< making toge
ther 8993.590. On the 15th of this month, the
1 specie in their vaults was 86/6,510, and in the notes
of other banks $343,021, making together, 81,019,-
531, a difference at this time of only 875,915, be
tween their circulation and their specie, with the
■ notes of other banks, and very little short at this
hour ol one dollar in specie, for one and a half dol
lars of their own bills in circulation.
V hen therefore, we consider the immense re
. sources of these banks in notes discounted, and
hills of Exchange, what a source of heartfelt grati
fication, it is to be enabled to testify, as to the sound
condition of the banking institutions of this city
and to claim for them the entire confidence and
generous support of the citizens of Georgia.”
f THE WESTERN & ATLANTIC RAIL-ROAD
, OF THE STATE OF GEORGIA,
i We copy the following information respecting
i this groat state work, from the Standard of Union
f oflast Tuesday;—
t “We are much gratified at having it in our pow
er to lay before our readers, extracts from several
letters written by Col. Long, the State’s Engineer,
to the Governor, upon the subject of the contem
'r plated Rail-Road from Tennessee to the Chatta
’ hoochee.
“ From the opinions expressed by Col. Long, in
j regard to the practicability of this great work, so
e far as he has examined the country through which
s il is destined to pass, every thing is encouraging,.
;. and no doubt remains upon our minds of its "ulti
mate success.
p “" e ( l uot e the following extracts from Colonel
r Long s letters, that our readers may possess as
- eatly as practicable, correct information on the
r subject.”
I n “Scudders, May 19, 1837.
Dear ir,-l have the satisfaction to apprise voir
of my arrival nt this place last evening, having sue
t needed in finding a route from the Chattahoochee,
thither, w hich 1 regard a very good one, vastly
more favorable than any I expected to find between
the two rivers.
“ Allatoo.vee, Mat 28,1837
Nncc the date of my last, nt Sandtpvvn. I have
traversed the country between that place and
Campbellton, &c.
On my arrival hero, I met Gen. Brisbane and
Mr. Stockton, who have carefully explored the
country between the Chattahoochee and several
sources of Utile River, and report two routes prac
ticable, both of which will require an instrumental'
- survey, in order to determine their re’ative merits
• &c.
c “ Cassviei.e, JtTNE‘II. 1837.
During the last week, 1 have examined the coun
i try, by the following routes, vizCassville to
■ Rome, thence via Armulchv, &c. to Rossville •
; thence via Taylor’s gap to Chatooeata cap—thence
through ihe wilderness to Pigeon’s Ferry—thence
through the valley of the Othealoga, and downward
’ > n die valley of the Conasee Creek; and thence in l
a direction towards Sally Hughes’ Ferry.
-My observations have confirmed me in the opin
ion before advanced, that we can find a route from
the ( hattahoochee to the Tennessee line, without
exceeding an ascent or descent of 30 ft. per mile.”
“Three parties of Engineers will be in the field'
in a few days, for tiie purpose of commencing in
strumental examinations of various routes, with a
view to ascertain the most favorable, and from the
known energy and capacity of Col. Long, and the
ability of those associated with him, a speedy loca
tion of the road may he anticipated.
“ On the part of our Governor, every thing de--
pending upon him has been promptly done. Funds
have hern advanced, and every facility in his pow
er afforded, to advance the progress of this impor
tant undertaking.”
CONNECTICUT.
Several important bills have passed the legisla
ture of that state. Among them is a bill abolish
ing imprisonment for debt: a bill authorising, under
certain conditions, the issue of one and two dollar
hills, until ihe Ist of July,. 1838, anda bill legaliz
ing the suspension of Specie Payments by the
banks of the slate, until the Ist of July, 1838' with
a provision that they shall he required to pay in.
specie, whenever the banks in New-York and Bos
ton shall do the same
NEW HAMPSHIRE.
The legislature of that. Stale met. at Concord on
the 7 h instant. In the Senate, John Woodbury
was elected President, uni in the House, I ra A,
Eastman was elected Speaker. That day a mes-
I sage was transmitted to both houses by the Govern
; or. 'i he following are extracts from that message
-Extended hanking i« both the ■ i use and the con
j sequence ol the spirit of overtrading an I specnla
| lion which have pervaded the country. That barks
j to a curtain extent may be useful, 1 am not dispose/}
jto deny. !I at ail, U is a point of difficult
j decision how far they may be useful, and where to
i stop in granting them. < hie set of men with a hank
; have far dries and privileges that are deified to
I Others without it. Many banks, when well an
j carefully managed, may be an evil. 1 have net er
known harm lo re-nit any community from the
denial of a haul, eliari. r ■. bank .charicrs’iiave been
granted where tin, whole people have regretted ii.
I .poking to that point of the > nfi.n where the pecu
niary suffering commenced, we find there the no
minal hank Capital has most increased. In the city
of New Orleans alone, and principally by recciil
grants of the legislature of Louisiana, the operating
bank capital is said to he from forty to sixty millions
of dollars. Since ihe withdrawal of the branch of
the late Bank of the United States,(he Stale of,New
Hampshire has not.extended her banking capital: it,
has been- with great difficulty a grant even of a bank
with a hundred thous rid dollars capital could be
obtained of her legislature, and this only where an
extensive trading and manufacturing business had
. recently grown up. The bank capital of this State
is a little above two and a half millions: that of the
Slate of Massacuhsetts is about forty millions.—
j Double our present amount would give us not half
our proportion according to the population of each
State. From what has already taken place in the
revulsion of trade which is spreading over the coun
try, I do not hesitate to say that pecuniary suffer
ing is much less felt in this State than in that: and
that n the bank capital and hank loans had been
doubled, the degree of suffering would probably
have been quadrupled. In all periodical returns of
money pressure, the greater suffering w ill be found
at ihe points where banks have done most business;
the pressure in the first, instance being a call for
that portion of tbo bank’s accommodations which
has (or Us foundation, not the capital itself, hut the
paper circulation of the bank. The claim of the
'■Jia.’ik is most pressing, because that portion of its
obligations which is based on its own extended
credit must be first curtailed. Indeed ifb inKs vviji
a paper circulation did not exist at all, it i? believ ed
there never could be so much overtrading as to
produce extensive embarrassment.
“VVhat the general suspension of specie payments
by the Banks will effect, must be left for time to.
determine. For the moment it is a popular measure
with the greatest portion of trading businessmen,
perhaps because much the larger part of that class
are so involved in the meshes of the credit system
that no other expedient can afford them relief. The
banks, so far from extending credit, must contract
their loans if they would place themselves in a po
sition to redeem their hills. That polit yof the na
tional administiation which has introduced spec e
into the country, increasing its amount within the
last four years from less than thirty to more than
seventy mill ons of dollars, will undoubtedly go far
towards preventing the general destruction which
the crash of paper credit might have produced.—
But smarting under the evil which besets us on every
side, the people may soon he convinced that paper
promises to pay, which may be evaded with impuni
ty, ought never to be accounted as standing in the
place ol substantial capital.”
NAVY DEPARTMENT,?
June 15, 1837. $
At a Board of Examination, consisting of Com
modores Biddle and Wcolsey, and Captains Read,
Nicholson and Claxton, recently convened nt Balti
more, and which closed its sitting on the 14th inst.,
the following named Midshipmen, after a careful
consideration of their several qualifications, and all
other circumstances which it became necessary to
weigh, passed their examination, and are designat
ed in the order of rank assigned to them by tho
Board ; and they will take date from this day :
1 Charles Hunter, 20 Henry T. AVingatc,
2 Benj. F. Shaltuck, 21 John M. Mason,
Jf George W. Randolph, 22 Alonzo H. Davis,
r 4 Thomas 31. Brasher, 23 Richard L. Love,
* 5 George T. Sinclair, 24 I>. Ross Crawford,
6 James W. E. Reid, 25 \\ illiam Reynolds,
7 John .Mooney, 26 Woodhul S. Schenck,
8 Richard H. Lowndes. 27 James L. Parker,
9 Samuel R. Knox, 28 R chard M. Harvey,
10 Enoch G. Parrott, 29 Lewis C. Sartori,
II John Carroll, 30 William A. Jones,
12 James .McCormick, 31 Edmund Lanier,
13 Richard S. Trapier, 32 William S. Smith
14 Richard Wainw right, *33 J. H. Sherburne *
15 George M. Totten, 34 Eabius Stanly ’
16 William D. Hurst, 35 Latham B. A very
17 W. Ross Gardner, 36 William R Posted
18 Mm. B. Renshaw, 37 James B. Lewis. ’
19 C. B. Poindexter,
South Carolina Rail Road.
£s* Consignees per Rail Road, June 20 —W S
Whitwell, Clarke, McTeir& Co. P Carrie, Stovall,
Simmons & Co. Dr S Faner, Quarter Master’s De
partment Augusta, E B Beall, M Frederick, T Clag
get, II \V Sullivan, J F Benson Geo Parrott, G il
Taylor, and H L Jeffers.
JLNE 2!.—Stovall, Simmons & Co. J Norton,