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"TII iJ CO\STI TUT IO > A LIST.
' RY GUIF.U <fe THOMPSON.
rumasuvas or rus law* «v mt i-.siticd sta-iks.
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- the Charleston Patriot J
REPE\L OF THE USURY LAW—FREE
DOM IV BANKING.
Before we offer such reasons as occur to us, to
prove that the establishment of banks of discount,
and deposit*, prohibited from issuing paper, will
not bo interfere with Ihe deposites of tire exist,
trig banks, as materially to diminish their profits,
we wish to aid a single illustration of the man
ner that those banks will restrain over issues of
paper money by the issuing banks. Let us sup
pose then, that a paper cur ency of six millions
of* dollars lo be just sufficient lor tne commerce
of Charleston —an J the market rate of interest to
he 4 percent, per annum. Let us imagine that
theie is an increased legitimate demand for mo.
ney, and that the rate of interest rises to 5 per
cent. Whether the six banks in Charleston
raise their rate of discount one per cent, so as to
divide for their stockholders 5 per cent, or issue
an increased amount of paper, in the same pro
portion, the effect, as lo profit to them, would he
the same. We will suppose that they prefer lo
issue, instead of raising the rate of interest. —
T.iey would then have to add to the circulation
25 per cent, or $1,590,090, making its total
amount $7,590,099. Now let us suppose a spe
culative demand for circulating credit to arise,
to the Same extent as the legitimate demand,
and that these six banks, lo meet it, should de
termine Lo add to tbeir issues 25 per cent, more,
or another $1,500,000, making the total quan
tify of paper in circulation $9,000,009. From
this increased issue wc wili imagine that they ex
pect lo divide for their stockholders (! per cent.;
but, in consequence of adding $1,500,000 to the
circulation above the legitimate demand for mo
ney, or what would just fid Hie channels of cir
culation if the precious metals were employed,
the currency having become redundant, tne
rate of Interest should fall one halt pr cent,
and these six banks, instead of dividing for their
stockholders •>, has the certainly before them of
being able to divide only 5 1-2 per cent. This
is then an issue of $1,500,000". Now let
us farther imagine that, an amount just equal lo
tins over issue ot $1,500,000, bo placed in a (ie
jiosite bank, ready to ho ciiiplupcd in discounts,
at tlie current rate of interest. If an over issue
cfs 1,500,000 should reduce the rate of interest
one iialfpcr cent., another $1,500,000 in com
petition with it, seeking employment in the mo
ney market, must (repress the rale of interest
one half per cent, in addition reducing the rate
finally io 5 per cent., which these six bunks
would have obtained if they had not added at all
to the circulation, but simply raised the rate ol
interest from the commencement to 5 per cent,
this illustration will show in what manner the
competition ofbahks of discount and deposite,
which do not issue, would restrain the issuing
hanks from adding unnecessarily lo the circula
tion, by the certainty of a fall in the rate of in
terest. Wo have assumed the above sums and
proportions for the purpose only of illustration,
and wo have made a large admission when we
have taken for granted mat an over issue ot
$ 1,509,000 would depress the rate ol interest .
only one half per cent. .
We have now to meet the objection, that Banks f
of Discount and Deposite would, by lessening
the deputies ofthe present hanks, materially re- i
Once tneir profits. Such an oojection proceeds (
o.i a misconception ot the character ot the de- i
posites which would he made in banks resorted
to by depositors who are anxious lo realm' some
profit, however tntling, from the (employment
ol small amounts, which lie unproductive in
their bands. Many of these would be of the or
der of middling and small dealers, ot industrious
mechanics, of subordinate, but thrifty shopkeep
ers. Triey form a class of men who never re
sort to the present banks fur any purpose. The
amounts which lie idle in their hands never find
their way into the vaults of any bank whatever.
Tucy do not now form any part of those dopes
ites that the existing banks employ in discounts
and loans. They therefore could not lose what
they never possessed. Tue deposites from which
they derive pro t necessarily flow into them in
consequence of being banks of circulation, deal
ing perhaps largely in Exchange, consequently
giving facilities to Merchants which no other
class of banks can. Tiic Merchant who obtains
accommodation from a bank with which he is
accustomed to d.ial, will continue to make his
deposites where be has an account,and of which
he is the natural customer. Tue deposite banks
that will lake in small sums, not being commer
cial banks, therefore, in the large sense of that
term, cannot come into competition with the ex
istin'* 1 hanks in relation to deposites- 1 is envi
ous that the deposite banks, dealing with mid
dling and small traders and the industrious ebs
es, could not afford accommodation on a large
scale. They, in short, would be Provident In
stitutions, ou a comprehensive plan—Savings
Banks, in an enlarged sense. The small sums
that would be dissipated perhaps in frivolous ex
penses, or lie idle in some private hoard, or un
productive between the period ot sale and invest
ment usually made by some small shopkeeper,
would rind their way into a Deposite bank, thence
to issue again, to nourish the incipient enterprise
of some other small dealer or industrious me
chanic. Such sums never have formed any part
of the deposites of the present banks. Besides
the issuing banks have by their control over the
circulation, the power of contracting it, and thus
reducing the profits ofthe deposiie banks, should
they find their large depositors disposed to trans
fer their balances lo their rivals.
It may however bo said, that Deposite and
Discount banks, constituted on the p an we have
suggested, would not be able from the difference
they could obtain between the late ot mteicst
they allowed lo depositors and the rate they ob
tained for their loans and discounts, to form a
fund sufficiently large for profit, to induce their
continuance or even their formation. M e will
endeavor to answer tins objection in our next,
which will coiicJuJe our subject. t
Correspondence of the Courier.
I.KTTEiI NO. 11.
NEW-YORK, June 16, 1637.
Messrs. Editors :—A few weeks will decide
the talc of most houses here, as by that time
the ultimate effect of our stoppage of specie
payment will be known. Fuat it will load to
any disastrous result in England, Ido not ap
prehend—as soon as the smoke clears off. the
field will be visible to all eyes, and the killed
and wounded will he much less than the sound
and fury of the conflict portended. As the pre
sent stale of the money market, its causes and
effects are Developed, my •* bump of veneration”
grows flatter and flatter. Tic cry of prophets,
prophets, w.nlc a gaping multitude gazed on the
three “ great disappointed” candidates tor the
Presidency, is now turned to the veriest ridicule.
Neither \\ bister, Calhoun nor Clav, ever
predicted or foresaw, or had the most distant sus
picion ot tne real stale of money ma ters.
1 Heir prophetic vision extended no further than
to those domestic measures which were pursued
by the administration, and which they denoun
ced ot course, because being in the opposition,
they were in duty bound so lo do. Mr. Web
ster has, in h.s Western campaign, effectually
destroyed the magic of his name. He lies de
sceiKied fiom the lofty pedestal of a prophetic
statesman, to the mere stump of a parlizaa de
claimer. 1 admired his masterly logic on tb.-i
great question of Union, but he plainly knows
as much ot money matters as his neighbor, „ud
no more. Wuat effect had the prominent mea
sures—removing ihe deposites, requiring the le
gal tender in payment for lands, or permutin ’- a
Bank to expire ly the limits of its charter, lo
do with the India trade, the China trade, the
silk trade, the d.thculties of the Bank Q f £ ntr .
land ? The idea that such cases could have
produced effects so entirely beyond their power,
is as ridiculous as it would be to ascribe the late
earthquakes at Jerusalem and Greece to the
blowing up of a powder magazine in Maryland.
Uur great statesmen were ail at fault; the same
effects Would have loliowed it these domestic
measures had been omitted. Their effects have
been local, and it is very doubtful if they have
not palliated instead of aggravating the evil.
Ihe late statements in the London papers eon.
cur exactly with tho view’ I gave you of the
causes of the present difficulties, wholly exempt
ing their country from all blame. They were
dated in London at the time, I stated thy same .
thing from this place. The world is undergoing
, £ revoliPon in which this country lias every
thing to gam.—England every thing loioee, and
hence the late movement of her Bank to cripple
an operation which is inevitable. The interest
ot money in London is throe per cent, but the
very redundant population of Europe, by filling
up the vacant lands of this country, creates
such sources of wealth and enterprise that mo.
ney must command a better interest here than
in Europe. Capitalists will place their money
whore it will yield most—this it was that indu
ced capital to sot towards America; the Bank
of England tried to stop it—she finds that if she
continues Ihe effort, it will carry her too—she
will and must retreat. America must receive
the eui plus population and capital ot Europe,
because she can employ them to more advan
tage. Vr ar, and war only, can stop the tide of
men and gold which sots this way. Then our
republican government, our Union, which, with
such gigantic power, protects and preserves eve
ry Slate, and leaves the lo -al legislation to the"
people immediately affected, is last developing
iis prodigious influence. In Europe every step
is towards popular freedom. Thus, you see,
America has o ily to' bo careful not lo be intoxi
cated with iter prosperity—she must permit the
tide of men and mom yto flow on and spread
over her fertile and almost boundless regions.
In six months. Cotton will be at such a price as
soon to disenthral bolii factors and planters.
Oar prosperity was not fictitious, it was real, but
it was misused. Already the demand for Wes
tern land is reviving—provisions continue high,
and the moment exchange falls to par, all uni-
Banks will resume specie payments. The Dank
ot England must be more cautious how she at
tempts to play with the young Hercules. The
question of a United Slates Bank is very com
plicated. Individually I desire it, but there are
difficulties in the way, ihut will bo aggravated
by political strife. A National Bank beais Wes
ster to the White House, and with him the
whole train of whigs of every cart. Its defeat
maintains the democratic ascendency. VViil ci
ther party then be candid? Will there be sueli
a compromise of opinions as has always been
indispensable to the success of great political
projects? To be effectual, a National Bank
must control the currency and the ex diangc, do
mestic and foreign. Will ihe tkale Banks feel
nojcaionsy ? I, will co-operate necessarily with
and, I oeiicve, control tho Bank of England,
for the high rate of interest here will, for years,
put the Bank of England at the mercy of Ame
rica. By effusing remittances for six months,
she would now bo shut up. While peace conti
nues, very well—but will not both countries feel
jealous of such an intimate connection? If
American .Stocks, bea.ing six per cent, interest,
once become current at the Royal Exchange,
what capitalist will buy three per cent? The
effect upon the entire landed debt of England
is not lobe calculated. I should not be surpri
sed, even now, to see the current turned and
Exchange on Ncw-V ork at a premium in ano
ther year. It we import less, the desire to in
vest in American securities will alone produce
that effect—our error has been to import and
consume the value of these investments too
greedily. Severe as tho present storm is, it agi
tates on!}’ the surface, the great under current
stiilobeys the unchanging laws of its nature.
1 lie wealth and population ol Europe can find
scope and verge enough in America—peace has
developed that fact and tile rush is now com
ing—our fathers taught us liow to bear adversi
ty. IV e have a still harder task to learn, how
lo bear that tide of prosperity which isselling so
strongly on our shores. Tne South and West
lias only to bear up a short time and al! will be
well; lands will be abun iant for some time to
come, but labourers must be in increasing de
mand. Had not the cotton planters abused their
prosperity hy neglecting the cultivations of pro
visions and expending too much in foreign pro
ducts, the South would scarcely have felt the
storm. Bat her energies are recuperative.—Her
staple must be valuanle until a cheaper article
of clothing can be discovered. All the rest of
the world will he engaged in cutting each oth
ers throats, in the struggle to establish what, wc
possess, a settled government of equal laws,
and agriculture never flourishes “inter anna.”
In six y days the cxient of the evil being ascer
tained the recoil will begin and ail start again,
sobered, I trust, by the experience ofthe past
but not discouraged. Above all things, let us
cherish that union which has yet countless bles
sings in store lor us if we but preserve it iavio.
late. As one great family America is yet des
tined to be all her most sanguine admirers ever
foretold. The experiment will yet succeed,
man is capable of self government. The demo
cratic spirit will yet prevail. OBSERVER.
1 From the Globe.]
MR. VAN BUKEaM IN FRANCE.
The National, one of the leading journals of
Pans, in republishing the inaugural address of
Mr. Van Baron, makes the following remarks;
“ The installation of the new President of
the United States look place on the fourth of
March last. The ceremonial observed on the
occasion of this solemnity, differs as much, as
one may suppose, from the gorgeous pomp of
Europe, as democracy is different from the mo
narchies, more or less absolute, which flourish
ou this side of the Atlantic. During this so- |
lemnity, in the midst of an immense concourse
of cit.zcns, assembled from ail parts of the U
nion at tlie federal city, Mr. Van Burcn and his
predecessor (General Jackson) were borne in the
same chariot to the Capitol. They both, atten
ded by the authorities of the R -public, took their
places under the portico of that vast edifice.
File newly-elected President, after having ta
ken the oath of office before the people, and at
their hands, delivered in that imposing attitude
his inaugural address, in which he explained
the principles by which he would be guided du
ring his popular magistracy. Tlie swelling
multitude.which received the oath and the au.
dress of Mr. Van Buren, covered al that mo
ment the summit of the bill on which proudly
lowers the Capitol of America.
“ If a European had been present at this cere
mony, it would certainly have been lor him a
subject of deep meditation, to see the people of
a great nation contract an alliance with their
chief, freely elected, and particularly to see the
old General, tlie most renowned military chief
lam oi the day, and but lately invested with
power Utile less than royal, conduct his succes
sor to the Presidential chair, from which he him
self about lo retire with willing anticipation
to private file, after the example of his prede
cessors, Washington and Jefferson.
“ I; is thus that at every successive period of
four years the unfavorable predictions which I
have been made atllie cradle of American in. 1
dependence have tailed, i liese presidential
t lections, which the friends of monarchy in En
rope have asserted, would be attended by tlie ef
fusion of blob.!, are effected with as much quiet
as the appointment of the most obscure munici
nal counsellor of any village in France. Tnose
who predicted that they would present scenes
of anarchy and ambition, similar to tlie tuinul
tuons diet of elections in Poland, seem to have
forgotten that the nobility alone elected tlie
kuu r s of that Empire ; whilst in the United
Slates the whole people, the sovereign people,
exercise that high and supreme power. Ansto.
cracy is turbulent in its nature, and is divided
into factions, the necessary fate of a coumry
possessing titled families. Democracy, on the
contrary, is calm and tranquil, because all inter,
esls, are merged in one, that of the nation. This
i s t be jrreat lesson which the United Slates are
called to give to the world.
“ M". Van Burcn. as bo himself has remarked,
i« the first President who was bo; n subsequemly
to the war of in dependence. The generation o:
tt.e fathers of tire Union has thus passed away.
Posterity has commenced tor them ; and it has
toucred their labors, merely to give to them a
proorecsive perfection. The debts contracted
durn« their wars with England are paid off,
and the oiii’v embarrassment in finance now ex
isting in the United Slates, is the most useful
employment oi the surplus revenue ot the Go
vernment. The population has increased, with
in the third part of a century, from four to fif
teen millions. There are eight hundred leagues
of railroads already made, and one thousand
three hundred leagues ot canals. Ihe exports
of the United States, which in 1820 amounied
to two hundred and seventy-five millions v‘
francs, exceeded in 1835 the sum of five hun
dred and; hirfy millions'. Finally, primary in- 1
siruction is guarantied to the whole population
of the confederacy.
“ These are the principal traits of increasing
prosperity, in the midst of which Mr. Van Bn
■en has been elected to fill the first place in the
Government of the United States. ILs address
presents a brilliant perspective, whilst at tin
<ame time it gives the assurance that the coun
ty will be preserved in the career which it hat
chosen. The Inaugural Address of Mr. Van
Buren must inspire full confi icnce in the con
victions of the friends of democracy.”
FRENCH OPINIONS OF GENERAL
JACKSON.
Translatedfor ihe Globe from, a late Paris Journal.
We can imagine nothing more sublime and
interesting than the spectacle which General
Jackson has just presented to the world of his
retirement from the cares of State and the Pre
sidential chair. It would be difficult to find any
political composition of such noble sentiments
and correct style as his farewell address. We
see there a man who has laid aside the insignia
of power, and who, with u?, would ever be re
garded to the hour of his death as a Pretender
to the empire, warning his fcllow-ciliz.-ns against
the danger’s of oppression, and exhorting them
to remain united under the constitutional com
pact. Here is a warrior, who entreats them
never to decide a political question by force of
arm?, unless they should he reduced to that al
ternative, when, to a freeman, death will he prc.
for red to slavery. The admirers of our monar
chical budget will doubtless sneer at the econo
mic doctrines of the old General, who, alter spea
king of the extinelion of the public debt, and
the excess of the revenue over the expenditures
of the Government, recommends, as the best
use to be madeof this financial prosperity, that
the imposts be reduced, lie affirms that a re
venue exceeding the legitimate wants of the
Central Government, can have no oilier effect
than that of spreading luxury and corruption
through certain classes of society, and that mo
ney thus taken from the pockets of the farmer
and the mechanic never returns to them.
The peaceful election and inauguration of
the first Magistrate of a great li public, may
well attract our attention to the United (States.
There the chief authority is not subject, as with
us, to periodical suspension. This authority in
the United States is but the expression of the
national will, which has not to fear rival inter
ests, as in Europe. There, the evils attendant
on the infancy and old age of nionarchs do not
allect lire Government. Power is always young
and energetic, as the people themselves.
The adversaries of democracy point to slavery
when they speak of the United Stales. Cer
laiuly we have a right to regret this legaej’,
made by the monarchies of England and Spain,
but we smile at that philanthropy which la
mentis the fate of the Virginia negro, whilst it
opposes emancipation in B mrbon and Martini
que. On the soil of F.ance itself do there not
exist millions of while men, reduced to the
same stale of political Ilelotisin with the men
of color, and, indeed, whose material existence
is much more unhappy? Abolitionis.sin Ameri
ca arc not treated with more severity than the
advocates for the enfranchisement of the poor
classes are treated in France, by these pretended
friends of the negro.
[From the New York Times.]
Emigration. —lt is easily remarked by all who
chose to profit, by tiic lessons not only of history,
but of daily experience, that few profit by the
gviod works of their oWn hands. Since the hour
when Muses, from the summit of Pisgah, looked
towards the land of promise to which he haJ
conducted Israel ; but which lie was never to
enjoy, it has been a homely truism, that “one
man builds a house, and another inhabits it.” It
is exemplified in every relation in life that the
means by which an object is attained, have no
consideration when the question shall be how
that object is to he, employed. Venice was a
republic at first. A tew fugitives from oppres.
sion infill their sea girl asylum where despotic
power could not roach. And Venice was called
a republic afterwards even when private rights
and public welfare depended upon the fiat of an
irresponsible tribunal. Venice was called a re
public when the voice of suffering was utte red
in the dungeons of the Council of Ten ; when
the prisoner, “ his name and crime unknown,
died gagged and bound by torch light.”
Let one illustration serve for the thousand
that history offers ns. And let every man ob
serve the resemblance which the men of to-day,
bear to the men of five centuries past. Let
them remember how often and how proudly, our
historians, our poets, and our orators, have de
scanted u non the spirit which first colonized
these United States. How often and how ad
miringly, we have heard and road the story of
the Pilgrims of Plymouth—the gallant adven
tun ® of Smith of Jamestown—the philanthro
pic life of Penn. Let them remember, with
what eulogies they have coupled the names of
those worthies who left certain coniform and
certain wealth in their Faderiand, to hew the
forest and tread the wilderness for opinions sake.
Let them remember how much of our national
renown isenlwincd with the names of Montgo
mery, Sterling, Lee. and Lafayette; to say no
thing of those, since tlieir lime, and now, arc
familiar objects of our icspcct and imitation.
Let them reconcile all this with our new.fan
gled whig principles of to-day; principles which,
forgetting Ihe means by which we have grown
to wealth and power, forgetting the sources from
I which the streams of public wealth have ever
flowed, forgetting that to our fathers, we arc in
debted for national existence, and that they, our
sires, were emigrants, were pilgrims from their
own native soil, in search if a genial clime,
where liberty of opinion, liberty of speech, and
the efforts of persevering industry ever flourish,
have dared, in these, our later days, to stigma
tise the memory of those who won for us this
rich heritage and to pronounce them and all
who like them, follow the star of fortune west
ward—foreign paupers !
But it. is not the inconsistency, the ingratitude
of this course of proceeding that is chiefly to be
condemned. Since the formation of our go
vernment a constant struggle has divided the
friends of federalism ; the aristocrats, the sup.
porters of consolidation, from the republicans,
from those who believe that legitimate power ori
ginates with the people.
Between these two, the battle lias been fought
end won. The people have been triumphant,
because they were the most numerous, and the
influence of aristocratic power, its money, its
patronage, have been tried and still found pow
erless, when opposed to the moral strength of a
majority ol freemen, possessing and appreciat
ing unalienable rights, enjoying an interest in
the government, of far, very far, more value
than gold can purchase. Tile struggle between
these two parties sliil continues, and will con
j ti me until the bloated an 1 purse-proud mom v
lender, until the spoiled favorite of fortune
learn to know the true value of their own casu
al standing in society, shall be sensible how
little they uenve on intrinsic worth horn the gifts
of fortune, and estimate, to its full meaning,
the noble exordium of our declaration of inde
pendence. that ali men are born free and equal.
It is expecting 100 much of human nature to
hope that such will ever be the case, until some
second Egeria s'ia'l purify the motives of our
men in power. We shall find those who first
reach the summit, kicking away the ladder by
1 which they have attained it.. We shall find
men, who by hard labor, have acquired wealth
or power, most anxious to forget the means, most
desirous to discourage others who would ffil.ow
their example. Suppose that every emigrant
who visits this country were an ascertained
friend of our political opponents—suppose tha t
it wcic known to a certainty that every foreigner
who comes here was a friend of a national bank,
was an enemy to democratic principles—was
prepared to follow the leaders of modern whig,
gism to the feet of Webster, Harrison or Clay,
is it. believed that we should hear this outcry as
to foreign paupers? Not for an instant. They
who raise it know full well that the foreigners
who visit this country for the purpose of erecting
the tabernacle ana matting their living amouo
us. are most prolia-ilj’ men o. tlie laboring classes,
emphatically, of the people. Such, have nothing
in common with the aristocrats, who are dis
posed to rule us upon no better claims than those
which wealth may afiord. They cannot sympa
thise with the feelings which are indignant that
the clouted shoe or the farmers frock should
come between the wind and their nobility. That
anv one should vote who is not rich—that any
one should be free who lias not his broad acres
to show.
Oar enemies know this, and their last and
most desperate move has been made. Exclude
foreigners. It is the People we dread. Let then
■ranks have no increase of numbers—let our
wilderness remain unpeopled—let our prairies
>c uncultivated; but preserve our aristocratic
privileges. Will the people acknowledge this
appeal?
\From the. Albany Argus.]
Mr. Editor—The lollowing jumcious and rea
sonable remarks are from an article on “due
Times," in the Cultivator fortius month. Being
from the pen ot Judge Duel, the late whig can-
Jiuale for governor, u is presumed their ortho
doxy will not be questioned by Ins late suppor
ters, although the y convey a marked rebuke to
those who would charge every evil the communi
ty experiences to G.n. Jackson and the L - *B
- The whole essay in the Cuhivaicr
deserves an attentive perusal, but sis insertion
mighi interfere with your other arrangements,
ami 1 therefore only request a place for an
nex d extracts. 1' KAN KLIN.
“One cause of existing evils, has been pieta.
lent impatience to get rich faster than ones
neighbor, and to live more ostentatiously and ex
travagantly—as ifour happiness, the great ob
ject of pursuit, depended more upon reputed
wealth and lavish expenditure, than upon aumug
competence and a disposition to enjoy it rational
ly, in the temperate indulgence ot our appetites,
and the faithful discharge of our duties. Ibe
dull, plodding pursuits o'. labor did not promise
soon enough to realize, to many, their golden
dreams. Commercial and otuer hazardous spec
ulations were gone into, and their success was
heralded upon the lour winds. New adventu
rers started; property acquired a fictitious value; (
the unreasonable multiplication of banks and"
chartered companies opened new facilities of
credit, and new fields of speculation and trie be
lief daily gained ground, that the ruling passion
might he soon gratified to an indefinite extent.
‘•The consequence has been in at too many
sought to get lortunes hy their wits—hy specu
lation—ami too few toearn them by their labor.
The prufes ions were overstocked —commerce
was pushed to an extreme point—the impo; s in
a single year exceeding the exports sixty four
millions of dollars—our eil.zcns became greatly
in debt, a:, ho,no and abroad, and speculation
was rife in every quarter of the countiy, and in
every description of property. The shopmen,
aspiiing to the condition ol’lhe wholesale mer
chant, quit the station where his capital and his
qualifi alions fitted him to be useful. Mechan
ics and fanners in countless numbers’ deeming
the employments in which they had piospcreo
100 Rumble for their ambition, and lured on by
the successful example of others, either them
selves quit their business for more lucrative em
ployments, or raised their suns to the dignity oi
the learned or mercantile professions, la this
way, multitudes were transferred from the p;o
--dacing to the consuming classes. The latter
consequently increased beyond their due hounds,
and the former were correspondingly diminish
ed. Extravagance kept paec with lac fancied
accumulation of wealth; agriculture, the great
business of our country, and the main source ol
our wealth, was greatly curtailed in itsproducls;
provisions doubled in price, and the importations
of foreign giaia became necessarily extensive;
until at length settling day has come, ami thou
sands arc reduced to bankruptcy, who believed
themselves secure in opulence, either hy their
own indiscretions, or the indiscretions of others.
Genera! distrust lias taken the place of general
credit; commerce is in a manner paralyzed, ma
nufacturers are suspending their operations, and
discharging their workmen; the mechanic is cur
tailing Ins business; and many thousands are
thrown out of employment wiio depend on their
labor for bread; and pfopeity of all kinds is tic
predating to its minimum value.
“We are not among the number who believe,
that an increase of banks in such a crisis would
afford relief. To multiply them now, would he
like'administering opium to a pa ienl whose
frame had been wasted and his health destroyed
by ihe habitual use of the drug. . It might miti
gate pain, hut it would never restore sound
health. We are sick—tiic disease is seated, and
will run ils natural course; and when the crisis
has passed, the patient will regain his strength
and vigor, if he is not dredged with quack nos
trums. Ail that can bo done ?af-ly, is to make
him as comfortable as possibl. ; to watch and
profit, by tlie first symptoms of convalescence,
and to guard against a relapse.”
The following most extraordinary' fact or hoax
we find in the New Haven Ilerahi;
« E RPE N T-TON G U EDI N FA X T.
Tiverton, (R. I.; May 22, 1837.
To the printer ofthe Fad River Patriot:
Sir—l embrace the earliest opportunity to
make you acquainted with such of the facts as
have conic to my knowledge relative to the
“Scrpent-longued Infant” of which we had cas
ually heard just previous to my departure for
Block Island. Q dte unexpectedly, day before
yesterday, I found myself in the very neighbor
hood of this strange and wayward pro luction of (
nature. My curiosity, as you may well suppose,
was greatly excited, and I coatess I fell an in.
tense anxiety to examine for myself an object
which began to excite so much interest in the
neighborhood of its occurrence. Mr. T , a
worthy old gentleman in the vicinity, a former
acquaintance of mine, with whom I accidental
ly met, kindly offered to accompany me to Mr.
W.’s, the father of the unfortunate chil l. We
reached there about 9 o’clock this morning, and
were received very courteously by Mr. W. and
his interesting young wife. After an agreea de
introduction, my aged friend stated the object of
our visit, and the desire I had manifested to see
their unfortunate little child, of whom I ha I just
heard. Mr. W. informed us that for several
weeks he had in almost every instance, declined
admitting strangers, as he thought their presence
had an unfavorable effect upon the child, hut as
1 had co.ne considerable distance out of my way
he was disposed to gratify my wish, the more
especially as he thought I might give him some
advice in relation to the course in future to pur
sue.
We were then invited into an adjoining room
in one corner of which ivc beheld, lied in a small
chair a most horribly emaciated little child, ap
parently about two years old. lam aware that
I shall totally fail in giving you any thing like
and adequate idea of the miserable object before
us. Imagine, ifyou can, an infant, or mere
child ofa.ioul the age above supposed reduced to
a very skeleton, hairless, and covered with a
parched and shrivelled skin, dark and unelastic as
the corresponding structure in tiie withered oc
togenarian. Its lit: 1c red, fiery eyes, roliimr
restlessly, in Use deep recesses of its flesh less
sockets, sent forth horrid flashes of indignation,
when the door of its apartment was thrown I
open. The li: tie sufferer opened its mouth, and j
in the place of its roirgue, and for a tongue a i
serpent s head and neck were thrust out, vi
bratiug and hissing with an intcusi y peculiar
to the more venomous varieties of that repulsive
species of animated nature. I could not for se
veral minutes muster sufficient courage to ap- |
proaeh ihe object of my curiosity. I was fixed'
to the spot which I at first occupied, while the !
serpent-headed longue continued to dart forth i
and recede with the quickness of thought; Ps
lit leforked and fiery longue at the same time
playing about the lips and nostrils of the child, j
equalling in velocity the lightning’s flash.
Mr. W. the father, gradually approached the j
ciiild, all the time speaking very soothingly to |
it, and in a few minutes sue ’ceded in producing !
quiet—the head receded, the lips closed over it
and the infant exhibited the aspect only of ex
treme emaciation. But the moment 1 moved
towards the child, even but a single step, the
mouth would open, the head suddenly dart forth
and the same dreadful spectacle I have already
imoerfectly described would again be presented.
Tne father, however, beckoned me to approach,
which I did, but never shall I forget the tremen
dous hissing which came from the serpent-hea
ded tongue of the little sufferer. L was seve
ral minutes before quietude could he produced,
and even then the slightest motion on my part
would cause an instantaneous protrusion of the
unsightly organ, acco npanied by a hissing
sound, more or less intense accoiding to the
fears of the little child. Iha J several fair op
portunities of seeing the strange member, ami
will endeavor to give you a description of it. Its
color is dark copper, shining, and in places in
clining to streaks of green. Ils eyes are a jet
black, and when the light strikes them favora
blv, no diamonds ever sent forth more brilliant
scintillations of light! A bright yellow ring
encircles the neck, and really has much the ap-
pearance of gold. The mouth of this serpent
headed tongue is quite large and was always
slightly opened when the head was protruded
b yond the lips. Its little forked tongue, as I
have already said, was incessantly in motion.
We stayed in the room just 3D minutes, during
the latter part of which time the child became
very quiet, and took freely of milk, ils usual food.
The father told me he had known the tongue to
bile several times, and once when it fastened
upon one of his fingers, much s« elling and sore
ness followed ; indeed he was only relieved by
a copious bit eding. Ils informed me that the
child eat voraciously of milk, and sometimes
other kinds of food, but that it preferred the for
mer. The child is of the female sex. He sta
ted further that several eminent physicians and
surgeons had been to see the child, and that it
hail been recommended Ly one, the eminent Dr.
W. that the tongue ire extirpated. I co’mciued
in this opinion, and advised that the D >ctor he
called on to perform the operation. The la
ther, Mr. W. is about 28 years old, and the mo
ther, I should judge, about twenty-two. She is
veiy beautiful, lias been married about five years,
and this is the first and only child. I have
omitted names in tins hasty sketch, at the re
quest of tlie parties concerned.
Yours, See.
t From the Charleston Cmirier.]
The Haase that Jack Built —The fi flowing curi
ous article, transcribed from the London Congres
sional Magazine for January, 1831, was brought to
the notice of his audience hy Dr. Irving, during
Ids late Lecture on Cock Robin:
Jeil idi origin of the celebrated popular leg and ;
The House that Jack built —As the occupations
;md pleasures of childhood produce a powerful* jm-
on the memory, almost every reader
‘ lias pa-sed ids infantile-days in an English nursery'
recollects the delight with which he repeated that
puerile jingling legand—‘ he House that Jack
built.” Very few, however, are at all aware of the
original form of composition, or die particular sub
ject it was designed to illustrate. And fewer still
would suspect that it is-only an accommodated and
altered translation of an ancient parabolical hymn,
sung by the Jews at ihe feast of the passover. and
commemorative of the principal events in the his
tory of that people, het such is actually the fact.
The original, in the Chaldee language, is now
lying before me; and it may not he uninteresting
to your readers, 1 vv II furnish them with a literal
translation of it, and then add the interpretation,
as given by I*. X. I.eberechet, Eeipsie 1731. The
hymn iiselfis found in Scpher Haggudnh, fol. 23.
L A hid, a kid my father bought,
For two pieces of money :
A kid, a kid.
2. Then came the rot, and ate the kid,
That ray father bought.
For two pieces of money;
A k;d, r kid.
3. Then came the dog, and bit the cat,
That aie the kid
That m> father bought,
For .wo pieces of money ;
A kid, a kid.
4. Then came the stuff, and beat the dog
Thar bii the eat
That ate ihe kid.
'J hat my father bought.
For two pieces of money :
A kid, a kid.
5 Then came the fire, and burnt the staff.
That beat the dog,
T fiat bit the cat,
That ate the kid.
That my 'arher bought.
For two pieces of money;
A kid,a kid.
6. Then came the water, and quenched the fire,
T hat burned the staff,
That beat, the dog,
r ] fiat bit the cat.
That ate the kid.
That my father bought.
For two pieces of money ;
A kid, a Kid.
7. Then came the or, and drank the water,
That qnt nched the fie,
r ] hat luirne the staff,
That heat the dog,
That bit the cat,
That ate the kid,
That my father bought,
For two pieces of money;
A kid, a kid.
8. Then came tlie butcher, that slew the ox.
T!i I drank the water,
Tha’ quenched the fire,
That burned the staff,
q hat beat the dog,
That hit I fie cat,
That ale the kid,
That my father bought.
For two pieces of money:
A kid.a kid.
9. Then came the angel of death, and killed the
butcher,
That slew the ox,
That drank the wafer,
That quenched the lire,
That burned the staff,
q'hat hear the dog,
Thai hit the cat.
That ate tlie kid,
q hat my father bought.
For two pieces of money:
\A kid, a kid.
10. Then came the Holy One. blessed be He!
t And kilted the angel of death,
That killed the butcher,
That slew the ox,
That, drank the water,
That quenched the fl. e,
That burned the staff,
q'hat beat the dog,
q'hat Int the car,
That ate tlie kid,
Thai my father bought,
For two pieces of money:
A kid, a kid.
The following is the interpretation:
1 q’he kid, which was one of the pure animals,
denotes the Hebrews.
'1 he ateerby whom it was purchased is Jehovah,
who represent himself us sustain! g this relation to
the Hebrew nation.
qhe two pieces of money signify Moses and
Aaron through whose mediation tlie Hebrews were
brought out of Egypt.
2. The eat denotes the Assyrians, hy whom the
ten tribes were carried into captivity.
3. The dug is symbolical of the Babylonians.
4. The stuff signifies tlie Persians.
5. q'he fire indicates the Grecian empire, under
Alexander the Great.
t>. The water betokens the Roman, or the fourth
of the great monarchs, to whose dominion the Jews
were subjected.
7. The ox is a symbol of tlie Saracens who sub
dued Palestine, anil brought it under ihe eliaiiphute.
H. q'he hotelier that kil.ed the ox denote.- the
Crusaders, by whom the Holy Land was wrested
out of the hands of the Ciaraeens.
9. The angel of death signifies the Turkish pow
er, by which the laud of Palestine was taken trom
the tranks,and to which it is still subject.
10. q'he commencement, of the .entli stanza is
designed to show that God will take signal ven
geance on the Turks, immediately after w hose over-
I throw the Jews are to be restored to their own land,
j and live under the government of tlieir Jong expect
| ed Messiah.
[From the New York Express.]
An Incident in li at Life, savour mg of Romance;
or, a True Story of a Pule. —How many occurren
ces in our every-day life, did we hut belli.nk our
i selves of it) w hich we dismiss from our minds as
| toon as we have bestowed upon them a passing
| noiice. as co ■ inon and inimernorable incidents, are
full of interesting mailer for Contemplation and re
■ flection! We have just heard of one, which, ac
cording to our way of thinking, deserves to he re
corded, not only as being so characteristic of the
i ku.d hospitality and genuine good leel.ng that have
j ever dislmeuished ihe place of its occurrence, hut
j as conveying a most sinking and useiul lesson of j
i the benign nature of the institutions we Jive under
! in this lavored country, it is the true story of
I “A most poor man, made tame by Fortune's blows,
V\ bom the experience ol touching sorrows
Made pregnant to good pity.”
Every one who has travelled on the main post
route from Boston to Portsmouth and Portland, re
members tue fair though somewhat decayed town
of A , so de ightfuny situated on the banks ol
that loveliest ol rivers, ,he Merrimack. It has ever
been a p.ace of considerable pretension in point ol
wealth and popula ion; and though now suffering
deeply .rum the effects ol repeated couliagra ions,
one ol which is memorable all over N< vv England,
as having laid a large surtiun of one oi lier lairest
towns in ruins, s ih its old character remains un
changed. Its citizens are still distinguished lor their
elegant hospitality and enterprising public spirit,
wln.e its neat and commodious buildings, us clean
and well-ordered streets, and the quiet beauty ol
ns position on the sloping banks of ihe river, con
tinue to lasteu it upon the recollection of the travel
ler, as well as to endear it forever to the hearts of
those who drew their first breath within its pleasant
bounds.
It was to this quiet and fair spot that a poor Pol
ish wanderer travelling westward from Canada,
where he had landed a few weeks before, had stray
ed, upon one fair morning a few weeks since.—
Covered with rags, the picture of squalid poverty,
he sat starving upon the stone door-step of one
ot the handsomest dwellings in the place. His mien
was that of one who had seen better days, and the
mendicant was discernible in his attire alone. His
whole manner, as he sat exhausted at the gate,
seemed to say, in the language of bhakspeare,
“Speak w ith me—pity me—ope your door, —
A beggar begs, that never begged'bcfore!”
Atraclcd by a sight so unusual, the ladv of the
mansion raised the window, and demanded what
the man wanted. His reply was couched in broken
English, hut accompanied by a manner strikingly
respectful, and a voice appealing at once 10 the
heart, by its tremulous accent, for pity and relief.
He said lie was in want of food. The next enquiry
of the lady was why, being stout, able-bodied, and
apparently hearty and strung, he did not work lor
support? To this he made answer, that he had
worked, as long as he could get employment, at
making stone wall for the ft.rmcrs, on his way from
Canada, and at other similar occupations; that n was
his object to get to .New York, where he had pros
pects of more permanent employment. 'I o relieve
his hunger he was carried, in ail his ra<rs and dirt,
to the kitchen, and then ate with an avidity which
clearly proved so much ofhis story, at all events,
as reia cd to the state of his appetite.
During his meal he gave a more full account of
himself, and, declaring that he was one of those
unhappy Polisli refugees who had been driven from
their own country by the unhappy turn of the re
volution, lie recapitulated the other particulars of
liis story already related, lledeclarcd that he had
been well educated, and said that he very well un
derstood all the languages of Europe, which was
corroborated by his conversing with great fluency
and elegance in Italian, French and German. lie
also spoke oft he arts, and said he could draw and
paint, and play upon several instruments. Being
asked, what instrument of music was his favorite,
he replied the guitar; and one of the young ladies of
the house ran and fetched him hers.
Seizing it with sparkling eyes and a mark- d rap
ture, as one salutes an old friend, lie immediately
began to put it in tune, and then struck it with the
practised touch of a master. The bystanders were
of course delighted, and invited their nearest neigh
bours to witness the curious spectacle of a tattered
beggar playing that most graceful instrument with
so much elegance and taste. Astonishment how
ever, soon gave way to other considerations. The
sympathies of these two families, so strongly en
listed in his favor, were soon shared by others, and
that day’s sun did not set, without the adoption on
their part of measures for the permanent relief of
the s ranger. A class was raised of young ladies
to tie taught by him the art of playing the guitar,
and a place was procured for him in the course of a
lew days more, in a school in the town, as teacher
of modern languages.
It gives us sincere pleasure to record this cha
racteristic anecdote of a place so endeared to our
earliest recollections—and to be able, moreover, to
hear witness to so noble a triumph of that loveliest
of the sciences. Music. How fortunate for the
poor exile that his wanderings led him, in his dis
tress. to the door of a musical family,—and that
family, 100, residents in N !
C URTI US— NO. 3.
To the Editor o f the Savannah Georgian:
Sir—“lf a Bank is not permitted to pm in circula
tion a greater amount of notes than the actual a
moimt of its capital, and that loaned at legal inter
est, how is the hank to pay the stockholders a legal
interest for their investment and at the same time
pay the ordinary expenses of the bank and the sa
laries of its officers?”
The above question is founded upon a very pre
valent error, w hich error has been a leading cause
of the improperlaiitudegiveiito our banks, by which
they are authorized to put in circulation three times
the amount of their capital.
In well regulated banks, it is rarely, the amount
of circulation is equal to the capital.
The circulation of the Bank of the State of Geor
gia, for the last tin years, has,on an average, been
ie-s than its capital—though it lias enjoyed its full
share of public confidence. Its stock has been
considered a very' desirable investment, and the
dividends satisfactory.
The Bank of the United Slates was restricted by
its charter, to make discounts at six per cent—the
circulation from 1824 to 1835, at its highest point,
was not three-iounhs of its capital, and it did not
average one half. These two instances are suffi
c ent to shew that banks, with a circulation not ex
ceeding the amount of capital, may do a good busi
ness.
In order to explain my views of what a bank should
be, 1 will assume 500,000 dollars as the capital of a
bank. Os this, one-third should be in specie, which
proportion should be kept up.
A Bank having a capital of $500,000
may calculate to have a circulation of 400,000
and a deposit account of at least 75,000
Making together 975,000
From this deduct amount of specie, say 166,000
Will leave this sum to be loaned 809,000
This amount should be so distributed in loans, as
to have about unequal prupurlion falling due every
week.
In a well-regulated bank, located in this city, 400,
000 dollars should be appropriated to discounting
actual business paper having not over 60 days to
run This would give a weekly pay list of 50,000
dollars.
200,00!) dollars should be appropriated to discount
ing Northern Exchange—this would give ¥25,000
per week, making together a receipt of 75.000 per
week »r 600,000 dollars in 60 days, an amount suffi
cient under ordinary circumstances to provide fur
any possib e demands upon the bank.
There would then remain the sum 0f200,000 dol
lars which might be loaned on longer paper.
1 wall suppose,
400,U00 dollars loaned on short paper at 7
per cent—this will produce 28,000
200,000 doll rs employed m the Exchange
department, will give equal to 8 per cent. 16,000
p2OO,U(K) loaned on long paperat 8 per cent. 16,00 ii
1 The difference between discount and in
terest is equal to i per cent. 4,0 C()
These will make a gross receipt of $64,000
A bank of this magnitude in tins city, can
be conducted for 12,000
Which will lea~e a net income of ¥52,000
On lies 1 would propose for ihe first five
years, to divide 7 percent, which would
be 35,000
Leaving a surplus of (per annum) 817,000
After itns surplus bad accumulated to a sum ex
ceeding ten per cent, of the capital, a dividend of 8
percent, per annum, might with safety be made.
The surplus fund of a Bank will accumulate in
the ratio oi compound interest.
'l ake then ibe elements of ibese calculations and
carry them through a charter of twenty years, di
viding 7 per cent, tor the first site years and 8 per
cent, lor fifteen years, and 1 think it will be proven
to a demonstration, that such a stock will be very
desirable investment lb. those who have surplus
funds lo loan —and who wish to place their proper
ty' where it will produce a certain income, without
requiring their own personal services to manage it.
To give some idea of the marketable value of
such a stock, 1 find that no; withstanding the unpre
cedented pressure on the money market in New
York, a sale of 2500 shares of Canal 5 per cent,
stock, redeemable in 1845, was made in New York
on the IGlli of June at 3i per cent, premium.
CUKTIUS.
Miss Marlineni. —She is what we have always
supposed her to be, a piece of shal ow pretension,
like her travelling predecessors, and we have al
ways thought that the most dignified course was to
treat them civily when they fell in our way, as
something due to ourselves, but never to run after
them; and as for their gossiping books, we have al
ways though! that we ought lo treat them as Eu
ropeans treat our gossip about them; read, laugh,
and let alone. U e particularly protest against
making a national concern ofsuch matters. A great
and honest peop’e are not to be libelled down by a
few scribblers gossiping for bread, utterly obscure
at home, and only dragged from obscurity on our
shores by our own preposicrons attentions to them.
It then any oi our editors will give vent to their own
private griefs, by scolding at the travellers who
have repaid their officious civilities by ridicule, we
say, let them not treat the affair as a national
wrong, to be visited by outpouring of national in
dignation. The nation should not be implicated in
the squabbles of a few “loafers in literature.”
VS e would remark tiiat the better portion of the
j nation never run after their book makers. We ne
ver see our Irvings, our Coopers, our Pauldings, our
Sedgwicks, dashing down to the shore so soon as a
packet heaves in sight, to make an uproar of pre
posterous civilities to every scribbler.—Philadel
phia Ledger.
Good prooff.l r Modern Whigs. —The Liverpool
31ail, a staunch British Tory paper, says “in every
argument affecting the national policy of America
and in every view of its necessiiies, and varied in
teresls, 3ir. Biddle has been right and Mr. Jackson
wrong ”
in this view of the subject the Tory paper agrees
precisely' with the American \\ hit's, in the reason
why General Jackson was enabled to put down air.
Biddle’s bank, ft says — .
“Mr. Jackson had the address to gam over to his
side the man// to rule the/etc, the rabble to over
come the belter classes, the ignorant, vicious and
the unreflecting to sway the intelligent and the in
tellectual porm.n of the citizens, the minority oi
coarse, in America, as in every nation on the face
° f Tlits is the insolence with which a British Tory
press speaks of the majority in the United States.
The same spiritpervades the VV hig opposition in
this country. They never had any more confi
dence in a majority of the people than the British
Tories have. Their aim is now', as it ever has
been, to crush the many and raise the few.— Bost.
Advocate.
AUGUSTA, GA.
FRIDAY MORNING. JULY 7, 1837.
The opposition ate endeavoring to represent
the election of Mr. Naylor, in the 3d district of
Pennsylvania, as a great triumph. It is so seldom &
they have some thing to brag of, that it is not sur
prising they take hold of this circumstance for re
joicing at the defeat ofan opponent. Butunfortun
ately for the vvhigs of Philadelphia, this victory is ,
no victory at all; for the triumph is really on the side
of the democrats, who, with a candidate who had
the odious name of ton* attached to him, came w ith
in 231 votes, of electing him. The 3d district does „
not contain a decided majority of democrats. The
public feeling has been fluctuating for some Pme ,
past, the personal populaiityof the candidates hav
ing more influence than their political principles.
In 1831, the majority of the democratic candidate ,
was 1159: in 1836, it was only' 93. These elections
show the fluctuation of public opinion in that dis
trict. The personal popularity of 3lr. Ingersoll
would have insured his election, had it not been for
an unfortunate avowal he made in 1807, which
must have taken from him hundreds of votes. On
the reception of the charge made against him, we
observed to some friends that Mr. Ingersoll would
be defeated. The charge could not be denied, be
cause his own name was attached to the acknow- f
lodgment, that, in the rev dntionniy contest for in
dependence, he would have been a tory. We must
confess that such an acknowledgment should con
sign any citizen to obscurity, who appeals to tho *
favors of the American people. And we have not
a single doubt, that Mr. Ingersoll lost bis election by
this avowal, though made in 1807. A
FOURTH OF JULY? fl
The day was celebrated by our citizens in a
manner which could not fail to bring to the recol- ▼
lection of every one, the glorious era of our inde- *
pendence. The volunteer companies of the city'
paraded, and, with the citizens, formed a proces
sion, which repaired to the Presbyterian Church,
w here the Declaration of Independence was read
by Robert Clarke, Esq. and an Oration delivered
by Dr. P. F. Eve. This gentleman acquitted him
self of his duly with ability and eloquence ; he de
livered a most impressive and appropriate address
to the assemblage, which testified their approbation
by the pleasure they exhibited at his performance. »
POST OFFICES IN GEORGIA.
The post offices of Lonicera, Tw iggs county, and
Tired Creek, Thomas county, have been discon
tinued.
31artin 11. Joyce, has been appointed Postmaster \
at Georgetown, Randolph county.
NATHANIEL MACON IS DEAD.
By the following from the Raleigh Standard of j
the 3d instant, our ;eiders will grieve to leant, that |
the great and good Macon is dead.
“We observe, with deep regret, the announce
ment of the dealh ol this distinguished and patriotic
citizen, in the Warrenlon Reporter of the Ist insll
lie expired on the 29th of June, in the 83d year of
Ins age. Tins melancholy intelligence came too
late to allow ns to suit the costume of our paper to I
the occasion, and is published in only a part ol the I
impression of this week.” -
BANK DIVIDENDS.
The Charleston Banks have declared the follow-
ing dividends, for the last six months; IA
Union Bank, 81 75 per share of 850, rate per an
nurn 7 per cent. V
Bank of Charleston, 83 per share of SICO, 10 per ■
cent. ■
Planters & 3lecbanics, 81 per share of $25, 8 1 J|
percent. 1
Bank of South Carolina, ?2 per share of $45, 81 I
State Bank, 84 per share of SIOO, 8 per cent. I
ALABAMA. * | "
In a slip from the office of the Mobile Advertiser,
of the 3d hist., we are informed that the legislature
of Alabama adjourned on the 30th of June, after
having passed the relief bill :
The provisions of I lie bill are in substance ns fol
lows . —“ The suspension of specie payments by all
the banks in ihe state is approved and sanctioned— f
but conditionally, so fur as the Bank of Mobile, and ,
Planters and Merchants’ Bank are concerned. The f •
suspension of ibese two banks is sanctioned and
approved until the 15th June, 1840, provided they
comply with cert in oilier acts passed by the Le
gislature, and provided also, should the condition
of the country enable the State Bank and its Bran- f,
ches to resume specie payments atari earlier day
than the 15th June, 18.0, these two banks resume T
at the same time and on the same notice to do so, -
from tno Executive.
’i he debts due to the banks are to be divided in
to three instalments —twenty per cent, payable in I
April, May and June next —thirty per cent in April, I
May and June, ic39—and the remaining fifty per
cent, in April, May and June, 1840—provided that jjHyc
in all cases of extension, it shall be the duty of the f ♦
Banks, it they deem it necessary, to lake, in addi
tion to personal security, deeds of trust on real or
personal property.
'ihe Bank of Mobile and the Planters and Mer
chants’ Bank must resume specie payments at tho ”
time notified to do so. or forfeit their charters utter
ly. No dividend shall be paid in by the holders of k
stock in either of them, until hree months after the I
said Banks shall have resumed specie payments. H
'J’he banks are to appoint competent agents to B
see carried into effect the provisions of the bill rcla
ling to the instalments of the dues of their debtors.
The State Bank and Branches are aulhoiised to
remit damages on bills of exchange which have
been purchased by either of the Banks, and on all
bills aiready protested since the Ist day of January
last, and remaining unpaid —with certain proper
provisions.
it is made the duty of the Governor as early ns
practicable, to cause to be issued 85,000,000 in
.■Mate Bonds in sums of SSOO and 81,000, bearing
an interest of six per cent, and due and redeema
ble at any time after two, four and six years, in
equal proportions of each—ibe Bonds to be depose JB|
ted as follows:
Mother Bank, - - - $1,000,000 ■
Branch at Huntsville, - - 1,060,000 H
Branch at Decatur, - 1,000,000
Branch at 3lobile, - 1,000,000
Branch at Montgomery, - 1,000,000 IB
The Banks are to appoint agents to sell the bonds
either in the Enited States or in Europe.
The banks are authorized to keep in circulation
their not. s or bills to an amount equal to their capi
tal stock, including these Bonds—and discount all aB
business or transaction notes in payment of all dues fl
to said banks, w hen in their judgment it will be lor
their interest to do bo, provided the parties indebt-
ed shall be entitled to the privileges granted in the f |
clause ol the bill relating to the three instalments:
The Banks are to lend the amount of the Bonds BIP
to individuals in sums not exceeding 82,(XX), nt an . M
interest of eight per cent, upon the parties ap. lying J T
giving notes, payable in one, two and three yearsJr- jMP
with at least two good and sufficient endorsers— »
provided the discounts shall not be in favor ol those 'At
who avail themselves of the three instalment por
tion of the hill—that is, persons m t now deeply in- .
volved. The annual payments of the borrowers Txjkl
are by the Banks to be applied lo the redemption/ AL
of the Bonds when due. The Banks are to take)
care to pay annually the interest on the Bonds. I
Such, in brief, are l he provisions of tue bill. '1 hey i
are generally approved of, as far as we can ascer- I
tain, although some contend that the bill docs not
grant relief enough—that the Bonds are not fairly
distributed among the Banks —that a slight has been jjp
paid to Mobile—and that after all i t will be difficult ,
to dispose of their Bonds, there being nothing tan- -2|
gible to warrant the purchaser that the quidproquo B
lor his capital will be forthcoming in prompt good fl
lime. Others say the Bonds will find ready pur- B
chasers, for there .ire capitalists w ith money enough fl
w hich is too idle to suit them—that there is relief B
for those who are deeply indebted to the Banks—a B
way pointed oul for them logo to work and gel out ■
of difficulty—while the Bonds are held out lo those M
who hive as yet kept above the water, but are just ■
ready to sink. S
WESTERN AND ATLANTIC RAIL ROAD. f]
We give below additional informations respecting ffj
the progress of an examination and survey ol a jj
route for this road. B
From the Athens Banner of last Saturday.
The preparations for the survey and location of
this imjsjriant work, have been made with ihe
greatest promptness. Col. Long, the Chief Engir
neer, has been at this place for a week past, and
during that lime has despatched three Brigades of
Engineers, prepared to commence operations, and AH
prosecute the survey with energy and efficiency
ihe route will soon he deteruiuied upon, and front
the known skill and high reputation ot the officer*
engaged, we do not doubt that the selection will hi ||||
made with judgment.
We are farther informed that a general reconnois H
sance, embracing an aggregate distance of nearl
a thousand miles, and having reference to no It'i SAB
than six distinct routes, leading Irani the Chart
hoochee river to the Tennessee Line, and throuj
the region likely to be traversed by the Wcsle
and Atlantic Rail R'ad of the State of Georg!
has already been made by Col. Long, the Chi fIH
Engineer, with a view to the selection of the me jHKB