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T iI K CONSTITUTIO XA L IST . BY GUIEU & THOMPSON. PUBLISHERS OF THE LAWB OP THE UNITED STATES. TEft&lb, -DALLY PATER, per a riunj. eight »lol ars.forsix mouths five dollars; for the Tri-Weekly, fivt’ jlollafs; for the Weekly (containing twenty-eight columns} ’three payable in advance. •ft&P-ERTISF.MEjfTS inserted at Charlesto prices. Postage must be paid on all communications, 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 Let the Usury Law be repealed, and there will be no impediment to the formation to any extent of such associations.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,