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I &jaagrgiasflßiLa 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