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fWILMAU E. JOXES. AVGUSTA, «EO., MORNING APRIL 5 B«3S ' , ", ' ' ' "
K _ ’ [Tri* weekly.]-* V«I. 11.-.fto 41.
Published
DAILY, TRI-WEEKLY AND WEEKLY,
At .Vo. Broad Street.
Tcfßis. —Daily papei, Ten Dollars par annum
advance Tri-weekly paper, at Six Dollars in
vonce or seven at tlio end of the year. Weekly j
per, three dollars in advance, or four at the end
- the year.
Chronicle and sentinel. _
AUCIUSTA.
Weducsday MoruinK, April 4.
'Merchants’ Couvcntiou.
TUESDAY, 12 o’clock M.
-bonveution assembled agreeable to ad
(l. The Secretary read the minutes of
ention for the preceding day,
tion of Mr Memminuer, the minutes
amended as to recogize Messrs. R. Y.
ico McDuffie, and C G Memminger, as
i from Darlington Dist. S 0., as well as
irleston.
latne, Chairman of the Committee of
ated some resolutions from that Com
i the subject matter ofy the objects of
ention, which were read for the purpose
ig the progress of the committee in its
* Ms Wilson, of Norfolk, then presented the
following resolution, which was, on motion,
• referred to the Committee of 24.
Resolved, As the opinion of this Convention,
that the establishment, by manufacturers in for
•ign countries, of agencies in the chief Southern
Ports, for the sale of the various articles exported
-hy them to the United States, would conduce to
the restoration of the direct trade of the South.
■jfiThe following additional Delegates the.n ap
ufXmd, registered their names and took their
•.(■tats.
tSdUilenton —Joshua Hill.
mUtJjonisville —P S Lemlie, Chns Cunningham
McDonald, moved that 200 copies of
■Kb resolutions presented by the Committee bo
for the use of the Convention.
/■Messrs Allyn and Milson of Norfolk were ad'
HHd by the President to the Corhrhinee of 24.
Van Landinouam, moved that Messrs
■ Braoham of Eatonton, and E. E. Jones of
be also adder! to the Committee of 24,
j^Bopu-d.
■On motion of Gen. Hat. »k, the Convention
till 10 o’clock to-morrow morning, in
Iwder (ogive the committeetioic to prepare their
■fort. _
«■ Medical College of Georgia,
m At the annual commencement, held yesterday,
■t the College, the following gentlemen received
Hie Degree of Doctor of Medicine, viz :
■omn J. B. HCxtt—ltlosis on Puerperal Perito
■ nitis.
■). h. Dailev— Thesis on Remittent Fever.
■'*• A. Rust ins—Thesis on Gonorrhea.
B. G. Howard—’Diesis oh Bloodletting i>, the
■ cold stage of Fever.
PG. B. MoCleskbt—Thesis on Bloodletting.
M. H. Martin—Thesis on Forces circulating
the Blood.
11. M. S, Jackson—Thesis on Asparagus Offici
nalis.
Wjc. L. Atkins—Thesis on Intermittent Fever.
Tu Uartridge —Thesis on Variola.
W. Cummino Mvsorove—Thesis on “Uhi urita
tio ibi fluxus,”
Wm. 1,, MaTtilfws—Thesis on Tight Lacing.
W. H. Rons dir—-Thesis on Hemorrhage.
Columbus M. Park—Orl Cynanche Tniche,
alist
John MeD. Borders, M. D. was admitted ad
eundem gradum.
\\n eloquent and highly appropriate address
was delivered to the graduates, by the Rev. Mr.
Sinclair, one of the trustees, which the request
of lb's board will be published.
Dr. Cunningham tendered his resignation of
the professorship of the theory and practice of
medicine, which was accepted by the board, who
passed a vote of -hanks for the zeal and ability
with which he had discharged its duties.
JDr. Newton was transferred to the professor
ship of Anatomy and the department of Practical
Anatomy; Dr. Dugas to that of Physiology and
Pathological Anatomy; Dr. Ford to that of the .
Institutes iind Practice of Medicine.
The length of the course was also altered to
four months, as in the other Medical Colleges of
the country.
, Post Offices in Georgia.
A post office has recently been established
at Ocniulgccvile, Telfair County.
The folio-wing postmasters have been appoin
ted:
J. B. Ghent, Franklin; Heard County.
John idhes, Ruckcrsville, Elbert County.
R. 11. Dixon, Pleasant llitl, Talbot County.
W. W. Owens, Olivo Grove, Decatur County.
Willis Kilgore, Newnan, Coweta County,
r. S. M. Bloodwonh, Unionvillo, Monroe
County.
Nathaniel Bailey, Applington, Columbia Coun |
‘y-
Nath’l Ashley, Ocumlgceville, Tclfoil Cdhti.
«y
-v T. H. Lightfoot, Long Cane, Troup County.
D.E. Rose, Warm Spring Meriwether Coun
ty-
The arrivals at New York on Sunday, 25th
nit. exclusive of river boats, exceeded 70 sail, of
which 21 were from foreign ports, and the aggre
gate value of their cargoes, was from eight to ten
{millions of dollars.
By the annal report of the measurer general
of the city of Now York, it appears that the
number of bushels of grain measured under his
'cperinteiidaace during the year ending on the
•HstDecember, 1837, was,
Import. Export.
Wheat, 1,157.641 575,966$
%e. 802,876* 308,125
Corn, 082,164 427,002
W« extract the following from the N. V. Her
ald, of the 27th.
l‘The reply of the Bank Committee of Phila
delphia, meets the grounds put forth by our
Banks in the Circular of the 3d inst., and at
tempts to refute every position there enforced by
Messrs. Gallatin, Stagg, New bold and Co. The
Philadelphia Circular denies that the fall of the
foreign exchanges, or the import of specie from
abroad, are sufficient facts ou which to attempt
the resumption in the present condition of the
country. The fall of the foreign exchange has
been produced by the action of the domestic ex
change, and until both are equalized it would be
hazardous to name it day. The southern, south
western and western banks owe to Philadelphia
large balanced, probably $10,000,000. These
balances arc gradually diminishing, under the
process of liquidation, bused on the crops-coining
now to maiket. This process is hardly got half
through—nor is there more than half the crop
gone forward. Until the liquidation of these
balances arc more nearly completed, the Philudel.
phia Banka dqem it their duty to themselves, to
their stockholders, and to the commercial com
munity in which they exist, to decline any co
operation for so curly a resumption of specie
payments us that designated In the New York,
Circular. It is oven doubtful whether tho pre
sent crop, when it all reaches market, will, in their
opinion, be sufficient to liquidate the debts or ba
lances due the Atlantic banks. The policy of
the government is also referred to as another ob
stacle to the measure proposed by New York, and
it is believed that the bonds and duties, due by
New York to the Treasury, would, in the event
ot a resumption, tend to cause another suspen
sion.
“These we believe arc the general views allu -
ded to in the Philadelphia reply.
“On this being received, tho New York Com
mittee assembled in haste, had a consultation and
discussion on the points at issue, and agreed fur
ther to hold a private meeting of all tho bank o(.
llccrs this evening. Several of onr financiers are
disposed to apply to the legislature immediately
for a renewal of tbo Suspension Law, which ex.
pires, by its own limitation, on the l(Hh of May.
This class deem it utterly impossible for our
banks to resume specie payments, and maintain
them, in the face of the adverse course of Fhila.
dclphia. A few, and we believe among them is
Mr. Gallatin, are disposed to believe that our
banks can maintain their position, backed as they
will bo by all commercial Europe and New En.
gland.
“At all events a great commotion and excite
ment exists in eur financial circles; and if it
should be determined to night to apply to the le
gislature'for a new suspension law, the Commit
tee, for that purpose, Will go up the river to day.
We are on the eve of greiit movements—and
greater and deoj cr excitement thin wo have seen
for months.”
From the New York IlcruU, March 28.
From Gibraltar.
By the Express, Capi. Townsend, from Gib.
| raltar, we have the Gbronicle of that port and
fortress, to the 2nd February.
The Carliats were cm the borders of Andalu.
sia in the beginning of February, and the mails
Irom Madrid io Cadiz, and thence to Gibraltar,
were intercepted. Don Basilio, the Carlisl lea.
der, had entirely touted the Commandant Minui.
sir. Tho entire province of Andalusia had been
declared, by tho Queen’s general, in a state of
siege.
Tho interior of Spain was in a most miserable
state of disorganization. Under the pretence of
espousing either of the conflicting parties, almost
all the ravines and passes of Andalusia were *c.
cupicd by banditti, who showed their impartiality,
by robbing every one, priest, peasant, and met.
chant, indiscriminately.
No commercial news.
From the N. <j. Tice, March 30.
Mexico &. Texas.
The following letter from ti private corres
pondent, may bo relied upon. It will be seen
that Mexico contemplates equally a return to
the Federal Constitution and an organized
and strenuous attempt to regain Texas. With
regard to the latter \ve have no fear ot the
result. The niis'called soldiers ot Mexico
will he beaten to their hearts, content by the
hardy defenders of Texas. Every thing is in
favor ot the Texian cause—a larger popula
tion, more unanimity, more combination and
concert, and the remembrance of recent tn
unaphs achieved with far scantier means.—
We almost hope that the invasion will take
place, that these besotted fools may learn,
once for all to known their own importance.
Dlatamoras.
March 12; 1838.
To the Editor of the Bee.—Sir, Hearing'
that the schooner iMolto was ready to sad for
your place, i thought it would not be uninteri
esting to you, to have some intelligence from
this jdace. General Urre.i is in considera
ble force in the Department of Sonoro, and
has declared for the pdnntitnlion of 1824.
All the northern departments it is said, arc
about joining him. The army in Matarnorus
is now about 2,300 men. General Ftlisola
is about sending to Vcara Cruz about thirty
officers in the armed schoonerGencral Bravo,
which vessel is now lying in the Brases de
Santiago, and will be ready to sail in the
course of two or three days. These officers
consist of Captains and Lieuteants, being a
•surplus number not wanted tor the army of
operations on Texas. I am credibly informed
that there is now belonging to this same ar
my in Mataiiioras, no less tint) 8,00 officers.
The Mexican iriah of war ship Ignala, was
off the mouth of Rio Grande, the latter
part of February, and landed far the army,
clothing for (3000 men. It was supposed,
that the Mexican fleet, would soon sail for
the coast of Texas.
I tried to gel hold of one of the last tiows
| papers but not being able to do so, I send
you one ot the D31.1i of February.
MR. CLAY’S SPEECH.
On the Sub-Treasury Bill— Continued. 1
All experience lias demonstrated that !n (
banking operations a much larger anioUnt of j
paper can be kept out in circulation then i
the specie Winch it is necessary to retain in ,
: the vaults to meet it when presented for pay- !
! ment. The proportions which tile same ex- ■.
| perience has ascertained to be entirely safe 1
are one ofspecie to three of piper. If, there- i
fore, tho Executive Government had sixty i
millions of dollars accumulated at the poll;
of New York, in the hands of the receiver)
general, represented by sixty millions of Gov- j
eminent drafts in circulation, it would bo
known that twenty of that sixty millions 1
would be sufficient to retain to meet any !
amount of drafts which, in ordinary limes,
would be presented for payment. There
would then remain forty millions in the vaults
idle and unproductive, and of which no prac
tical use could he made. Well: a great
1 election is at hand in the Slate of New York,
! the result of which will seal the fate of an
existing administration. If the application ot
ten millions of that dormant capital could
eave.at some future day, a current Executive
from overthrow, can it be doubted that the
ten millions would be applied to preserve it
in power! Again: let us suppose some grpat
exigency to arise, a season ot war, creating
severe financial pressure and embarrassment
Would not an issue ot paper, founded upon
and cxcecdjng the specie in the vaults, in
some such proportions as experience had de
monstrated might bo safely emitted, hoaulho
rir.od 1 Finally, the whole amount of specie
might be exhausted, and then, as it is easier
to engrave and issue hank notes Ilian to
perform the unpopular office of imposing tax
es and burdens, the discovert' would be made
that the credit of the Government was a suffi
cient basis whereupon to make emission of
paper money, to be redeemed when peace
and prosperity returned. Then we should
have the days of continental money, and of
assignats, restored ! Then we should have
that Government paper medium, which tlio
Senator from South Carolina [Mr, Calhoun]
considers the most, perfect ot all currency!
Meantime, and during the progress of this
vast .Government machine, the Slate banks ,
would be all prostrated. VVof king \Vsli,as it'
may, it honestly administered, in the first pe
riod of its existence, it will be utterly impos
sible Ipj - thqni, to maintain the unequal com
petition. They could not maintain it, even if
the Government were actuated by no un
friendly feelings towards them,. IJut when
we know the spirit which animates the pres
ent Executive towards them, who can doubt
that they must fall in the unequal contest?
Their issues will bo discredited and discoun'
tenanced; and that system ot bankruptcy
which the President would even now put into
operation against thorn, will, in i lie sequel, be
passed and enforced without difficulty.
Assuming the downfall of the local banks,
the inevitable consequence of the operations
ot this great Government bank; assuming, as
1 have shown would be the case, that the
Government would monopolize the paper is
sues of the country, and obtain Ihe possession
of a great portion ot the specie ot the country,
we should then behold a combined and con
centrated moneyed power equal to that ot nil
the existing banks of the United States, with
that of the late Bank ot the United States su
peradded. This tremendous power would be
, wielded by the Secretary of the Treasurv, ac
ting under the immediate commands of the
; President of the United States. Here would
he a perfect Union of the sword and the purse;
here would b« no imaginary, but an actual,
visible, tangible, consolidation of the money
ed power. Who or what could withstand it?
The States themselves WoUld becouVii suppli
ants at the feet of the Executive for a portion
i of those paper emissions, of tha power to is
sue whicli they had been stripped, and which
fie now exclusively possessed. !
Mr. President, my observation and experi
ence have satisfied me that the safely of liber
ty an( l prosperity consists in 'fife division of
power, whether political or pecuniary'. In
i our federative system, our security is to bo
lound in that happy distribution of power
which exists between the Federal Govern
meet and the Stale Governments. In bur
monetary system, as it lately existed, its ex
cellence resulted from that beautiful arrange
ment, by which the Slates had their institu
tions for local purposes, and the General Gov
ernment its institution for the more general
purposes of the whole Union. There existed
the greatest congeniality between ail the parts
of tins admirable system. All was homoge
neous. There was no separation of the Fed
eral Government from the States pr from the
People. There was no attempt lo execute
practically that absurdny of susiaiiiing, among
the same People two different currencies of
equal value. And how admirably did the
whole system, during the forty years of its
existence, move and work ! And on the two
unfortunate occlto ons of its ceasing to exist,
how quickly did tlio business apd transactions
of the country run into wild disorder and
utter confusion !
Hitherto, I have considered this [new pro
ject as it j B , according to its true nature and
character, and what it must inevitably become.
I have not examined it as it is not, but as its
friends would represent it to be. They bold
out the idea that it is a simple contrivance to
collect, to keep, and to disburse the public re
venue. In that view of it, every considera
tion of safety and security recommends tlio
agency of responsible corporations, rather
than the employment of particular individuals.
It has been shown, during the course of tins
debate, that the amount which has been lost
by the defalcation cif individuals has excee
ded three or four times the amount of all that
has been Inst by the local banks, although the
sums confided to the care if individuals have
not bees probably one tenth part of the am
ount that lias been in tlio custody of the local
banks. And we all know that, during tlio
forty yearn of the existence of the two Banks
of the United States, not one cent was lost of
the public revenue.
1 have been curious, Mr. President, to know
whence this idea of receivers general was de
rived. It lias been supposed to have been
borrowed from France. It required all tlio
power of that most extraordinary man that
ever lived, Napoleon Bonaparte, when lie was
in his meridian greatness, to displace the far
mers general, and to substitute in their place
the receivers general. The new system re
quires, I think I .have heat'd it slated, some
tiling like 100,00 Q employers t« have it exe
cuted. And, notwithstanding the modesty of
the infant promises of ihis new project, I have
no doubt that ultimately we shall have to em
ploy a number of persons approximating to
that which is retained in France. That will
undoubtedly he the case whenever we shall
I revive the system of internal taxation. In
j France, what reconciled them to the system
I was, that Napoleon first, and the Bourbons as-
I torwards, were pleased with tile immense pa
l tronage wli'ch it gave them. They liked to
! have 100,000 dependents to add strength lo
the throne; whicli had been recently construc-
I ted or reascended. I thought, however, that
i the learned chairman of the Committee on
j Finance must have had some other besides
I the French model for Ins receivers general;
i and, accordingly, upon looking into .S i.ith’s
i history of his own State, 1 found that, when
1 it was yet a colony, some century and a half
| ago, and when its present noh e capital still
I retained the name of New Amsterdam, the
* historian says: "Among the principal laws!
enacted at this session, we may mention that j
| for establishing the revenue, which was drawn |
m/o precedent. The sums raised by it were j
■ I made payable into the bands of receivers ge
i „erai, and issued by the Governor’s warrant.
J By this means the Governor became, tor a
f! season, independent of the People, and hence
3 ' we find frequent instances ot the Assemblies
5 contending will) him for the discharge of debts
' to private persons, contracted pn the faith of
t the Government.” The then Governor of the
t colony was a man of great violence of tem
per, and arbitrary in his conduct. How the
Bub-Trcaeury system of that day operated,
i thosamo historian informs us in » subsequent
i part of his work. “The revenue,” he says,
■ “established the last year, was at this session
• continued flvte .years longer than was origyial
i ly intended. This was rendering the Gover
■ nor independent of the People. For, at that
' day, the Assembly had no treasure, but the
amount of all taxes went, of course, into the
s hands of the receiver general, who was np
• pointed by the Crown. Out of this fund,
1 moneys were only issuable by the Governor’s
t warrant, so that every officer in the Govern
[ mens, from Mr. Blaithwait, who drew annual*
1 ly five per eeflt, out of the revenue, us audi
! tor general, down to file meanest servant of
i the public, becCfno dependent, solely, of the
Governor. And .hence we f”'d the House, at
the close of every session, htndlfly address!”"
1 his excellency for the trifling wages of Ihpir
, own clerk.” And, Mr. President, if this
measure should unhappily (mum. the dsy may
come when the Senate of the United States
will have humbly to implore sumo future Pre
sident of the United States to grant it money
to pay the wages of its own sergeant at-arms
and doorkeeper.
Who, Mr. President, are the most con
spicuous of those who persevenngly pressed
this bill upon Congress and the American
People? Its drawer is the distinguished gen
tleman in the White house not far off; its en
dorser -is the'.distinguished Senator from
South Carolina, here present. What the
drawer thinks of the endorser, hio cautious re.
servo and stiflpd enmity prevent us from know
ing. But the trail knees, of the endorser has not
lett us in the same ignorance with respect to
his opinion of the drawer. He has otlen
expressed it upon the floor of Hie Senate.
On an occasion not very distant, denying to
him any of the nobler qualities of the roval
beast of the (ores!, he attributed to him those
which belong to the most crafty) most Bind
ing, and one of the then nest of the quadrup
ed tribe. Mr. President, it is due to myself
to say that I do not altogether shore with the
Senator from South Carolina in this opinion
of the President of'llu; United Slates. I have
always found hint, in his manners ami depart
ment, civil, courteous, and gentlemanly; and
he dispenses, in (he noble mansion which he
now occupies, one worthy the residence of
the Chief Magistrate of a great People, a
generous and liberal hospitality. An acquam*
tanco with him of more than twenty yeuis
duration lias inspired me with a respect for
the man, although, I regret to bo compelled to j
say, I detest the Magistrate.
The eloquent Senator from South Carolina
has intimated that the course of my friends
and myself, in opposing this bill, was unpat
riotic. and that we ought to have followed in
1 his lead; and, in a late letter of his he has spo
-1 ken of his alliance will us, and of his moilves
r fur quitting it. I cannot admit ihcjustice of his
■ reproach. We united, if, indeed, there were
r any alliance in tlie cake, to restrain Ihe cnor
• incus expansion of Executive power; to ar
■ rest the progress of corruption; to rebuke
usurpation; and tti drive the Goths and Van
dals from the capital? to expel Brcnuusc
and his horde from Home, w.m, when ho
threw his sword in the scale, to augment the
ransom demanded from the Mistreso of the
world, showed Ins preference for gold; that
he was a hard rfiohby chieftain. It was by
the much more valuable mctaljdfiron that he
was driven from tier gates. And how often
have wo witnessed the oenator from South
Carolina, with woful countenance, and in
doleful strains, pouring forth touching and
mournful eloquence on ilie degeneracy of the
times, and the downward tendency of the
Republic? Day after day, in the Senate, have
wc seen the displays of his lofty and iinpas,
sinned eloquence. Although I slmrcdjlargely
with the Senator in his apprehension for the
purity of our institutions, uml the permanency
ofcivtl liberty;disposed always to look at the
brighter side of human affairs, I vVos some,
times inclined to hope that, the vivid imagina
tion ot the Senator hud depicted the dangers
by which wo were eitcompassed in somewhat
stronger colors than they justified. The ar
duous contest in which wo were so long en
gaged was about to terminate in a glorious
victory. The very object for which the alli
ance was formed was about to he accomplish 1
ed. At this crilcal moment the Senator lull I
ns; he left us furt.ie very purpose of prevent- 1
ing the sucres ot the common cause. He look 1
up his niusket, knapsack, and shbtpouch and i
joined the other paily. lie went, horse, foot,
and dragoon, and he himself composed the 1
whole corps. He went, as Ins present most 1
distinguished ally commenced with his ex- I
ponging resolution, solitary aiyl alone. The I
earliest instance recorded in history, within
my recollection, of an ally drawing ofl’ his i
forces from the combined army, was that of i
Achilles at the siege ot Troy, lie withdrew 1
with all Ins troops, and remained in the neigh- 1
horhoml, in sullen and dignified inactivity, i
But he did no.t j >in the Trojan forces; and t
when, during the progress of the siege, his I
faithful friend fell in battle,he raised his uveng- '
ing arm, drove tlie Trojans back into the v
gales of Troy, ond ■*ttliv,od his vengeance by 11
slaying Priam’s noblest and dearest, eon, the e
finest hero in the immortal Iliad. But Acini. ■
les had been wronged, or imagined himself '■
wronged, in the person ot the fait t.hq heauti- '
fill liriseis. Wo did ijo wrong to the distin- r
guished Senator from South Carolina. On 1
the contrary, wc respected him. confided in t
his great and acknowledged ability, his uns I
common genius, Bis extensive experience, r
his supposed patriotism; above all, we 1
confided in his stern and inflexible fidelity, t
Nevertheless, he left us, and joined our coin-1 "
man opponents, distrusting and distrusted. | 1
He loft us, as he tells us in his Edgefield let- •
ter, because the victory which our common ; f
arms were about to achieve, was not to enure *
to him and his parly, hut exclusively to the 1
benefit cf his allies arid their cause. I thought 1
that,actuated by patriotism, (that noblest of (
human virtue?,) we had been contending to, r
gethcr for our common country, for her viola- ’
ted rig its, her threatened liberties, her pros.- t
trale Constilut on. A’ever did I suppose that •
personal or party considerations entered into 1
; our views. Whether if victory shall ever i |
! again be about to perch upon the standard of i
I tlie spoils party, (Ihe denomination which the •
j Senator from Honth Carolina has so often 1
1 given to his present all.es.) he will not feel! i
j himself constrained, by the principles on >
1 which he has acted, to leave them because | ’
lit may not enure to the benefit of himself 1
j and hi? part/, I leave to be adjusted between 1
1 themselves.
/ The speech of the Senator from South
j Carolina was plausible, ingenious, abstract,
I metaphysical, and generalizing-. It did not
j appear to me to be adapted to the bosoms and
j business of human life. It was aerial, and not
very high up in the air, Mr President, either,
not quite as high as Mr Clayton \, as in his last
ascension in his baloon. The Senator announ
ced that there was a single alternative, and no
j escape from one or the other branch of it.—
lie stated that we must take the bill under
consideration, or the substitute proposed by
the Senator from Virginia. I do not concur
in that statement of the cate. Tht re is another
course embraced in neither branch, of the
Senator’s alternative; and that course is to do
nothing; always the wisest when you are not
certain what you ought to do. Let us suppose
that neither branch of the alternative is accept -
ed, and that nothing is done. What, then,
would be the consequence? There would be
a restoration of the law of 1798, with all its
cautious provisions and securities, provided
by the wisdow of our ancestors, which has
been sojtrampled upon by the late and presertt
Adu'imstrations. lly the law, establishing the
Treasury Department, the treasure o( the
United Slate., Lto be recc:r“ J - kept and dis
bursed, by the Treasurer, Wilder a bond witn
ample security, under a large penalty nifcl by
law, and nut left, as this bill leaves it, to the
uncertain discretion of a Secretary of the
Treasury. If, therefore, we. were to do noth
ing, that law would be revived; the Treasurer
weuld have the custody, as he ought to have,
of the public money, and doubtless he would
make special dt poshes of ;it in all instances
with safe and sound State Hanks, as in some
cases the Secretary of the Treasury is now
obliged to do. Thus, we should have in
operation that very special deposite s\ stem,
.so much desired by some gentlemen, by which
the public money wctuld remain separate and
unmixqd with the money of banks. There
is yet another course, unembraced by either
branch ot the alternadve presented by the
Senator from Souili Carolina; and that is to
establish a bank of the United States, consti
tuted according to the. old apd approved
method of forming such an institution, tested
And sanctioned by experience; a Hank of the
United States jvhich should blend public and
private interests, and be subject to public and
private control, united together in such man,
ncr as to present safe and salutary checks
against all abuses. T(ie Senator mistakes bis
own abandonment of that institution as ours.
1 know that the party in power lias barrica
ded itself against the establishment of such a
bank. It adopted, at the last extra session,
the extraordinary and nnprccct\enledi resolu
tion, that the People of the United Hiatc*
should ilolhaVe such a hank, although it might
be manifest that there was a cl ear majority of
thorn demanding it. Hut the day may conic,
I and 1 trust is nor distant, when the will of the
People must prevail ;n the councils of their
own Government; and when it does arrive a
bank will be established.
The Senator from South Carolina reminds us
that we denounced the pet hank system ; and
so wc did, and so we do. Hut does it there
fore follow that, bad as that system was, wc
must he driven into the acceptance of a system
infinitely worse ? He tells us that the bill un
der consideration takes the public funds out of
the hands of the Executive.,«“d places them
in the hands of the law. It does no such thing.
They aic now without law, it is true, in the
custody of tho Executive; and the hill propo
ses by I*w to confirm them in that custody, and
tpcoirvcy new and enormous powers of control
to llie Executive over them. Every cusloda
ry of the public funds provided by the bill is
a creature of the Executive, dependent upon
his breath, and subject to the same breath for
removal', whenever tlije Executive, from ca
price, from tyranny, or from party motives,
shall choose to order if. What safety is there
for the public money, if there were a him
dred subordidafe Ex’r.ntivq officers charged
with its care, whilst the doctrine of the abso
lute unity of the whole Executive power, pro l
mulgatell by the last Administration, and per
sisted in by tliis, remains unrevoked and unre.
linked ?
Whilst the Senator from South Carolina
professes to be the friend of State banks, be
I ins nttackeri the whole banking system of
the United States. Ho is their friend; he
only thinks they are all unconstitutional !
Why? Because the coining power is possess
ed hy the Genera] Government, and that
coining power, he argues, was intended to
supply a currency of the precious metals; hot
the State banks absorb the precious metals,
and withdraw them from circulation, and,
therefore, are in conflict with the coining
power That power, according to my view
of it, is nothing hut u naked authority to
stamp certain pieces of the precious metals,
in fixed proportions of alloy and pure metal,
prescribed hy law, so that their exact value
maybe known. When that office is perform,
ed, the power is fundus iffwio: the money
passes out ot the inmr, aim becomes,the law
lid property of those who legally acquire it.
They may do with it us they please, throw
it into the ocean, bury it into the earth, or
molt it in a erne h!e, without violating any
law. When it has once left the Vaults”)!'the
mint, tin* law maker has nothing to do with
it, lint to protect it»g linsl those who attempt
to debase orcctmt rleit, and, subsequently, to
pass it as a lawful money, jin the sense in
wbici) the Senator supposes banks to conflict
with the coining (lower, foreign commerce
and especially our commerce tVilli China,
conflicts‘with i; in :ch more extensively ,
That is the great absorbent of the pre
cious metals, and is, therefore, much more
unconstitutional than the Slate banks. Fo
reign commerce sends them out of the coun
try; banks retain them within it. The die. '
tingu shed Senator is up enemy to the banks;
he merely thinks them injurious to the mo. c
rain and industry of the country. Ho likes 1
them very well, but he nevertheless believes
that they levy a tax of twenty live millions
annually on the industry of the country !
Let ns examine, Mr President, how this enor
mous and iniquitous assessment is made, ac
cording to tfe argument of the Senator from
South Carolina. Ho states that there is«
mass of debt due from the i ommunily to tho
hanks, amounting to 8475,000,000, tho inter
cat upon which, constituting about that turn
of 825,000,000, forms the exceptionable lax.
Now, tins sum is not paid by the whole rout,
munity, but only by these individuals who ob
tain discounts from the banks. They borrow
money nt six per cent, interest, ami invest it
in profitable adventures, or otherwise employ
it. They would not borrow it it they did not |
suppose they could make profit hy it.’ Instead, |
therefore, of there being any lois in the ope
ration, there is an actual gam to the comma 1 !
•y, by the excess of profit made beyond six j
per cent, intere.-t, which they pay. What |
are banks? They are mere organized agen
cies for the join -.» more-* and ;i:t ttcusactic
of monetary tunnest r-gu.-r.c'l ucencie.
acting under the prescriptions of law, and
: subject to a responsibility, mo'rpl and legal,
■ fur transcending that under which «CV pri'v* u!
capitals operates. A number of persons
not choosing to lend out their money private
t \ y ’ a f B ? c ' atc .pother, bring their respective
• con rote ln i° aromrn 9 11 fil wk, winch is
, d and managed by the corporate go
vernment „( aba,.lt. If nfi association
’ coital aT" ,Urn “^,]^“ ‘ argV f orli ° n °l this
- Vi.l’-.l )()l ' tlon > therefore, „f that
r debt nt 000,000, would still exist, in the
- ( shape of private loans. The Senator from
■ South Carolina might ns well collect the
aggregate amount of all the mortages. bonds’
arid notes, which have been executed in the
Lnitcd Slates (or loans, and assert that the
' aSlr, Upo “,' lm ‘ olal "»W» const,luted
u lax levied upon 1 lio community.
r»«u.- hn/ci/oii/fi-8t page.]
j J-'rom the Constituti malist
I Stock of Cotton
In AuguiUi and Hamburg on the lit tn#f
1833. 1337.
it,74o 34,795
I an,burp 3.194 5,034
On board of bouf« 70,> w
TV la) mock, 29,324 29,820
Shipments of Cotton
I rom Auguita and Hamburg to Savannah and
Charleston, from lit Ott. 1837, to lit intt.
IgTJ iua«
From Ist to 3lal March, . \
T° Savannah, 7,564 11,W2 -
Mmrletuon by boot*, 7(J2 817
by Rati Rond, 1,643 369
~ , . , 9,!)6'J 12,388
Slip <1 f*u IwtOn to In! March; 136,975 ]u2,oofl
Total shipments, 146.941 111 3U<
Itecclpt ot Cotton
At Augusta and Hamburgh, from Ijf Oct to Ist intt
ms. 1837.
Sleek on hand Ist trial, 29 334 29 829
b'hp’d tin lit Oct to lit bust 146,944 114,*396
. , , 176 278 141,224
Italian nt kon h'nd Oct I, 1837 111,528 3,390
Total Receipts, 156,75 U 140,834
Deduct receipts to March 1, 142,224 136,085
jiwipts of March, 14,526 u. 750
MOBILE MARKET, MARCH 31. .
Catton —There has been a general and an nniini-,
led demand kepi up during the whole of this -vsieki
indeed so eager has boon the desire to make pur
chase* by some of Iho brokers that almost any price
1 asked In merchants w e giWm without hesitation,
and we learn that some notion has brought as high
r ns 131, and that 2 cents rfdvnooe on lost week's
, prices pave been frequently obtained. The stock
. now in market is light, and not equal to -tlw-rdo
r ttiajid. T’ho amount received smeo Saturday.,
9383 bales. I’.ipottod in the same lime, 17627
1 bales.
J.iverpool Ch;»»i/ico/io«—Good and fine, 13 a 134
3 Rood fair, 121; lair, Mini 11; middling, 10 a 104
\ Ordinary; 81 iW; inferior, 6.
• „ NEW YORK MARKET, MAttCII 28.
e Ciiffce— r\i(i .sales, which continue to be con
n fimd,lO the d-noml for home use, have been lo a
• very moderate amount since onr last; they include
f about 500 bags new crop Brazil at lOi u Ilf- 150
do St Domingo, Hi) 2(10 Ugutra, 101 a II; 160 do
Cuba, JO a 111; 121 l do IVtrio itic,, lltjsomo Su
inmruv,|fli, all -1 mos; and 100 do St Domingo, 81
u cents cash ,1
- Cidlht— the market during the past threednys
i lias assumed a yet more quiet appearance, the sales
1 for that period having nmoimtnd only to about 1050
I ales 1 here transactions also establish n birihor
s reduction in prices ol f, making nI n cent within
ten day* past. The business includes 4UO bales
1 (Inland at 8 a 10; 25 6 Florida, 8 a 101; 150 Mobile
' -la 111; and 150 JVew Orleans, 71 a IJ els. Out
notations are farther reduced in conformity with
present prices The arrivals have been 7902 Hales;
Hour and A/ra/-'7’li.) demand has been rather
inorii animated lot t Wvnlcrn t ovyinc principally so
the execution ,o! orders for the eastern markets;
but prices remain without perceptible change for
the description. Western 6’annl, r unmon to fan
cy brands, continues to soil nt s.i a 8 25, though
for some very choice S»8 50 has been paid; Ohio
oml New Orleans, #8 a H 25, according to brand.
Itml Now Fork City, $7 50 a 7 75. 7'be common
di scrip)tons id Southern continue at 774a 8, but
Georgetown and Howard street have receded a lit
tle, the rates being now 25a 8 50. Rye Flour
and Corn id on I continue heavy at our nutations,
which remain mwili.'ored. . .
I'niv/Stona—The demand continues fair for (leaf
mid Fork, without change in price for the latter,
but prime flee! has advanced to 811 a 11 50, being
150 cents above our previous notation, Lord is in
moderate demand nt 8! a lOcts, including Wce’crn
end Northern, liaeon sides continue scarce at 101
< ls; sales of Shoulders at 8 els, and Smoked Dcol,
11. Hut bole Butter has yet arrived.
Freight* For Cotton Imre undergone no visible
liberation since our last, f'wsels arc more plenty,
and lower rates would probably tm.ac' cded to.
J'.xchange —Sjomu sales ol good current hills on
I' ranee, were mode nt f 5 40 bn the Havre packet
leavmg^^b
In \\ arrcriton, on Tbursday the 29th ult. Mr*.
ERMINE MOORE, consort of John Muon,
Esq., in the 43d year of her age. Mrs. .Moors
was an exemplary member of the Methodist Epis
copal Church, and through life she was endeared
to ill who knew her, by the many amiable vir,
tnes uhc possessed. She lias left a husband, and
children, and friends, and the world with its
woes, to become an inhabitant of that mansion
above, where the lansomed of earth live forever.
Her bereaved relatives and acquaintance, who lu.
ved bur in life and lampnl her death, are consoled
with the reflection, that “ their loss is her in.
finite gain,” and that she is freed from the cares
of earth end the power of death—a sainted spirit
shouting high anthem* in heaven, with all the re.
deemed of the Lord,
SCIUVEV SHERIFF’S SALe7
W ILL bo sold, on lli« first Tuesday in May
» * next, before the Court Ifoiite door, in Jack
son. between the usual hours of sale, one hundred
acres of pine land, adjoining lands of A. 8. Jones,
Mrs. Nancy Taylor, and Archibald Btmglcs, levied
on ns the property of William 8. Taylor, to satisfy
sundry (i, las. in lavorof Michel O'Conor, James R.
Dill, and others. Properly pointed out bv plaintiff
Ix-vy made and returned lo me by a constable.
JACOB BRYAN, Sheriff.
April, 3. 1838. id
A D i»l IMST R AT RIX’SALIL
ON the first Tuesday in June next, at the market
house in the town of I-ouinillu, Jefferson co.
between the usual hours of sale, will be snkftthe
billowing property, being n part oflhe real and per
sonal estate of Andrew E. Weils, deceased ; to wit,
a tract of land lying in the county of Jeffer.-on.-im*-'*-
adjoining the town commons of Louisville, end
lauds of Asa Holt, and others, on the Ogeochro
river, containing three hundred and fifty-nine acres,
morn or less.
AUo, the dwelling house of the deceased, in the
town of Louisville, t< gather with the lots thereto
attached, out buildings, <tc. also, iho office occu
pied by Drs. Jenkins At Lemle ; alto, the store house
with the lot sltacbed thereto, no tv occupied by John
j Campbell; also, iho following Negro slaves, to wit,
! (our valuable men and one woman, named as (oL
lows : Tom, Henry, Hurrol, Edward and Nelly, to
I be sold agreeably to do order of thu Court of Urdp
i nary of ihecounly of Jolfwson, for the bene t of
j the c/ediiora of the said decej-eod Terms cfssis,
I hr tbs in grows, cash ; fjr the read propetr/,
• id tba first day -t January next, up or parciiiirets
;■• .-ma'd note* andeecuritc
MUI V i >'•).: Ls, Aduiiu-xma :.i
April 3. ISIfST. td