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i To the Hon. John (f'liner Ailadip. WASHINGTON. My Hear Sir. 1 |>r j|»omc in nay a few words on the qucs tion whether iGo Banks should resume specie payments in May nex*. I do tins because my position secure to justify, il not require il. For nineteen years I have been connected , with (he Insulation which caused the last, re sumption mid during nil lint period my cUorls have been directe I to secure lo the country the brncK's of a Round currency, and lo bam ith from circulation every thing but the pre- Clous metals and Holes always conveflahlo into them. I think that no other currency is safe or tolerable ; and llial wc should now re turn to il at the first moment it can be done permanently. For tins purpose the institu tion to which 1 belong lias made great efforts. Wince tho suspension in May last, it has bought und added to its vaulla nearly three millions of dollars in gold and silver, and now with c capital ut thirty-live million, its notes in circulation arc six millions, while its specie, after paying more than half a million to tho Government of the United Hiatus, amounts lo neatly four millions, and il lias eight or ten millions of funds in Europe. Our principles therefore incline ns lo an early rußiimpiioii; our preparations woudjuslily it—and if wc were at all intluenccd by the pour ambition of doing what others cannot do so readily, or the still poorer desire ol profiling by the dis asters of ulliers, the occasion would certainly he tempting. But the bank of the United Hlales makes common cause with the other Banks, and the character and prosperity ot the country are identified with its hanking system. They must aland or fall together—• and it is of vital importance that, the banks should act wisely and act harmoniously and above all, that they should not sutler them selves lo he driven, by the dread of h mg ibought weak, into rash and hazardous cntei prizes. The great perrogalive ol strength is nut to he afraid ol doing right, mid il belongs to those who have no tear that prudent conn, •rois will he mistaken lor timidity, to examine calmly whether the general interests of the country recommend the voluntary resumption of specie payments in May next. Isay the voluntary resumption, because there is not now, nor Inis there ever been, any legal sus pension of specie payments ns there was for more thaw twenty yeais in England. The suspension is wholly conventional between the banks and the community, arising from their mutual conviction that it is for their mu tual benefit. In truth the harks are but the mere agents of that community. They have no funds not already lout out to the people, ol whose property and industry (hey are the rep reseniuiives. They are only other names for ike farms, the commerce, the factories, and the internal improvement of the country —and the enquiry whether the banks are ready lo resume, is only another lorm of asking wheth er the people arc ready lo pay their debts to the banks. i be true question then, after alii is, wheth er the time has arrived when the banks should ■** cau»es of the suspension, wJi.cl. thou MlislH • j lhu COIIIIIIU J , mvo ceased to exist, «iA» lhal tho Hll8pe „Biou itsell with all its necessary *•; , tuni | ailU ' of n:stri( . tioll nood no longer be contir MloJ> To thal 0I ui „ iy I now proceed. Ami _ 1 1. What were the causl 1 ' ~ „ , ~,, ~ ,is ol Hie suspen sion : I hoy were the Hpcc* ~ , , , , i i ,i . , , ,■ .lot"! (circular, winch forbade the receipt id any tr , ..... 3 efnng but gold or fc/ivei at the Land (Jlhces— \ ,i ■ . ~ . , , ■a 1 he nnsuianii"c munt of the deposits, wlncli sc. ... , .*>, ~ iv ... , ,i., , filtered them lo too frontiers —tlw clamor raismT. ■ , < ~ culivu against bank notes, wind) ' IL> people for their safety and causedf’' tllU lhu banks for specie.—Now lias these causes ceased' On the contrary,lnuo 1 they not acquired ten fold force/ Tile Specie Circular ia not repealed. On the contrary, it has been extended, for bank notes arc pre scribed, not merely from the land ollices, but f rom all payments ot tvery description to the , government. The distribution of flic surplus | is over, because (here is no longer any sur- , phis to distribute; but the great disbursement , os the Southern and Western frontiers ojiei ate as injuriously, by requiring the transfer of ( so much revenue from the points where it is t collected. Lastly and mainly, the alarm about a bank notes propagated by the govcrmiiciit, j lias been deeply spread throughout tho couire s try, till what was at first a passing outcry, c lias settled into an implacable hostility. No ~ man, 1 think, can doubt for a moment, that c the Executive of the United State? seeks lo t ina.main his power by exciting popular pas- i sums against the credit system—ami the whole influence of the government is employ- , cd lo infuse into the minds oflbc people, ills- . trust and hatred of all banks. For tins i purpose, the most insane ravings are addres sed to the cupidity of the ignorant, who are taught that gold and silver arc the only true , riches, and above all, that these shrewd me- , taU would enable us to outwit the paper dull- t ness of England, • Hir.” said lately one of these politicians in the Senate ot the U Stales, • Sir, a man losos all by any circumstance, ■ that but lor that circumstance he would have ) mado. Although England is a paper country, ( yet ij we were exclusively a metallic country , tee should make mure out of our intercourse until her. And why should wc, because she chooses to maim her set/ by her paper system, follow her example J" The government, it may be said, is comparatively harmless, be cause its expenditures exceed its income. I's regular income, no doubt.—but vvlnlo it can pledge the public credit for treasury notes at a high rale ol interest, by which every man's P* *oorly is mortgaged, and buy specie with them, j, uru ca „ IJCVt . f i*. vvanliug the means oi lhu ba| , u> There Is therefore i.a oue circuiting whlcll OCCMIOWmI Ulo suspension, sullieieiiviy rC ni«ved to juslify a change, and the most pro. alllolll ca J use J ru . mams with increased intensify. .Wnnlim?- H. 7’ne credit system of the United States and tiic exclusively metallic system are now fairly in the field, face to face with each olh or. One or the other must fall. There can be no other issue. It is not a question ot correcting errors or reforming abuses, but of absolute destruction; not which shall conquer, but wlncli shall survive. The present slnnv g‘c 100 must be final. If the banks resume and arc able by sacrificing the community to continue for a lew mouths, it will be conclu sively cmy Joyed at the next elections lo show that the schemes ol the Executive are not as destructive us they will prove hereafter But n they resume ami again are compelled to suspend, the Executive will rejoice at this new Uruuipb, and they will tali in the in dst of a universal oulcry against their weakness. This is perfectly understood, , i accordingly all i.ie influence of tho Executive is directed to onve the Banks, by popular outrage and cla mor, into a premature resumption—not a business resumption, general and permanent, *’" l “ political and forced resumption,' vvJncb may place them ut'the mercy of those m poam. They who have special charge ol loeac mierests must i.,cn newure ol hem > j decoyed fro." lh ; p.cscnl pos.ooo. T " | a. c nor. sau «Uong, auu they I4U . i venture beyond their entrenchments while , the enemy is in ilia |)lmn before them. 1! they > I retiutne, one ol two tilings will happen —their j notes will not be received by the Government i nr they will be received. If they are not re j eoired, ibo Government, to the extent ol the ] revenue, will force the holders of the notes to draw specie from the Banks to be deposited with the collectors of the revenue. —tor Ibe difference between the revenue and tbe ex penses, the Government will issue Treasury notes to be sold for Bank notes, and converted into specie, and as the disbursements arc made at points on the (rentiers, remote from the places of collection, it will not return to Ibe flanks issuing it except circuitously. But if the Holes arc received, they will not. as for merly be deposited in Banks and drawn out again so os to enter into the circulation, lea ving the public creditor Ins choice of specie or notes, but they will be left in special deposite with the receivers.— When warrants are drawn on these receivers they will call on the Hanks for Hpccieto pay the favored public creditor, selecting of course the Bank on whom they will draw according to its semis ity or opposition to the Executive, and thus placing them all under his control. Now un tier such circumstances, is it wise for the Banks to disarm themselves in the presence of their enemies' 111, The disorders of the currency lie too deep for superficial remedies, and these pal 1 liaiives irritate without curing. Congress, and Congress alone, can apply nderpialc rc- I lief. What Mi. Madison said to Congress r m 181(1, is even more true In 18H8.—“Fsr the I interests of the community at large,” said he, ! well nr. for llio purposes o( the Treasury, ■ nis essential that the nation should possess a 1 currency of equal value, credit and use, wher -1 ever it may circulate. The Constitution has • entrusted Congress exclueicchj, with the povv ; cr of creating and regulating a currency of - that description.” The only reform in the t currency which that body has yet. made, is the t issue of ten millions of irredeemable paper ■ money, and a proposal for ten millions more. -■ Is it worth while then, so long as Congress - fails to exercise its legitimate powers, to a waste the strength of the country in efforts to e accomplish what wo all know lobe itnprac t licnhlo! To resume now without sonic clear - understnding with the Government, seems to r he throwing away the benefits of experience, e and the lessons of misfortune. We have gone • through all the mortification and all the in • convenience of suspension. Lot us endeavor - to profit them; to fix the future on some s soiled basis—have some guarantee of the ' stability of the currency, and not set every I thing alloat again without knowing where we - may he drifted. For, r IV. Compare the situation of the Banks I at the last resumption and now. After » I suspension for nearly three years, Congress ■> applied all its power to induce, to presuadc, - and to assist the Banks in their efforts to re ■> sumo. They passed the resolution of 1818, authorizing ilic receipt ofihe notes of specie payiiigllanks. But this alone was insufficient; and at the same time they established the i, Bunk of the United Slates, with capital ol e thirty live millions. That Bank called a d Convention of State 15 inks, and agreed II that if they would resume specie payments. " it would. 1. Assume all their debts to thcGovcrnrncn' -of the United States. I ” Discount to those who had payments U r niaheto the(iovernment.,liie whole amount o ' their bonds; and in addition . J 3. Discount to those »° «'e ' Government two n> ; . M ' 1 ‘ ‘j w . (>r |r ’ w .° ~ .... .., )ihiti, one and a hail inil- L millions m 1 . . ’... ... ... , and halt a million in Kieli- II lion , ,f .olid —and 4. Would sustain the resuming Banks in case the resumption brought them into dif ficulty. The Bank at the same time imported, at an expense of more than half a million the sum of seven millions of specie; and two months after the resumption, its discounts 1 reached twenty millons. Compare with tl is 1 statement our condition now. 1 Then the Government agreed to receive * for all duos the notes of the Bank of the Uni- 1 ted States—nowall Bank notes arc refused 1 and discredited. Then thu Government en- 0 Jeavared to sustain the Banks—now it is 1 striving to destroy them. Then it establish' s ed a new and vigoroueßank capital—now it refuses to create a new Bank, and seeks to 1 cripple those in existence. Then wc had two hundred and sixty Banks —now wc have 1 hourly nine hundred. 1 to short, what reliance have the Banks now ' with the Executive hostile to them! What 1 protection Ike that ol the Into Bank of the ' United States have they to suatain them? I None whatever. 'l’he only circumstance not wholly unfavo rable in the comparison, is the low rale of ex- 1 change with England. But nothing general 1 or pernmiuint can he inferred from this eircum- 1 stance, which frequently occurs, and an the 1 present occasion is wholly accidental in Now 1 York, from the unnatural condition into winch her measures of extreme rigor have driven every thing. If under ordinary circumstan ces, while other things underwent no depres sion, exchange on England should decline, it might be inferred that England owes to the United Slates more than we have yet drawn from her. But it is not exchange alone that has fallen.—Exchange on England has not fallen in New York as much as the internal exchanges or slocks or real estate, or house rent have fallen. This fact seems decisive as to the cause. But can this depression continue? Certainly not. These rigorous measures are understood to bo only prelimi nary—only preparations for an expansion by the Banks of Now York, which is to restore case and confidence. Well, the moment this ease and confidence letiirn, all things will rise, -..J -I Aourua auist,- tlio milllbCr. Besides tins unnatural condition will work its own remedy, as all irregularities are cured by their own ex .-esses. To sell every thing and to buy nothing is impracticable, and when the English have bought all the produce we have to spare, we must of course buy from them what manufactures they have to spare. As soon as the proceeds of our industry are re alized m England—while we have gradually exhausted our supply of English goods—our own merchants will convert their profits into tresh supply to bo brought over; or, if this process he too slow, the English manutaclu rers themselves will send their own goods for sale. In either case the exchange will reco ver its equilibrium, and ot course will rise here, tor between two such countries as Ame rica and England, a permanent inequality of exchange as a basis of the metallic currency of either, is impossible. ■” 1 V- Perceiving nothing in (ho conduct ot j lie Government to justify u„ early resumption 1 let us see it there be any thing m the slate ot the country which recommends it. New u hut I is the condition of our affairs? Thesuspeu, siou found us with a heavy debt to ti,e Banks—l not I. os probably limn live hundred million!— , w ild balances lioui thu Guutheiu uiui ' ' \. v.A... iialvs lu the Atiabl.w t.IJCS, Uud ' , 1 wi'.h a very coiiMderablo debt to Europe. Al 1 1 parties were willing to pay; almost uli were i able to pay; but great forbearance and great mdulgciicu were necessary from the creditor, < and above all, after such a convulsmi), the ■ I great restorer was tune; tune to settle; time to adjust accounts,' lime to send the debtors | crops to market, time to dispose of his proper ly with the least sacrifice; time to bring oUI Ins resources to pay hs debts. In alt the large movements of human affairs, us in the operations ul nature, the great law is gentle ness-violence is the last resource of weak ness The disease of the country was an overstrained and distempered energy, the remedy was repose. The question ol the cur rency, though important, was only secondary. The first concern was to pay our debts, and especially not to depreciate the value ot our means of paying thorn. Accordingly it sco rned tonic that alter the suspension, the true course ot this country was to begin a gentle I and gradual diminution of loans sufficient to ; prevent the hazards of expansion, while the i restraint of specie payments was removed, i and to prepare for the resumption, hut with j no rash competition as to the amount which the several hanks could curtail—to make no : violent changes in the standard ol value, and » give time for a settlement with foreigners, and among ourselves, on the same or nearly i the same basis upon which these mutual en. gagemenls were contracted —letting the crops , go to their destined markets without depre - cialing their price. After this, the resumption, n with the aid o( Congress, would have been is easy and spontaneous. It was in this spirit , that the Hank of the United Stales has not , diminished ten per cent, of its loans —while \ it added about three millions to its specie— . and will have given the necessary facilities (or s stopping the crops of the South and West to - the amount probably of fifteen or twenty mil (' lions of dollars; placing its own confidential c agent in England to protect the great eoin n incrcial and pecuniary iulercols of the cotm r try. This seemed lobe its proper function. It was thus that it hoped to discharge its duty s to the whole Union. It was thus, 100, it could o show its lidelily to Pennsylvania, by aiding I, its public improvements—by keeping its Lusi . ness and its people in comparative ease, and r by not suffering thcjprosperity of its commer n cial cipital to bo prostrated—objects these, far >, more important than whether specie payments e be resumed a few months sooner or later. i. Thu injurious effect of a contrary course ir are seen in all iho relations ot business. — o Take for instance the debts to Banks and to e individuals. The debts were mainly contract* y ed when lira currency was abundant. They 0 must now be paid in a very altered slate ot the currency—and it is necessary to proceed a with extreme caution when lire relation ot t, the debtor to iris creditor is changed by is events which neither could control, because j, if Ibis change be not made very gradually so w as to bring at the same time ail I,lie other f, relations of life to the same standard, you e inflict injustice or perhaps ruin on the ij debtor. It. was thus that England continued c her suspension for twenty live years, and by ,1 act of Parliament gave several years notice a oI the progressive resumption, in order that (1 al. 1 the business of the country should adjust 1 itself to the approaching change. Os the effect of any sudden movement, we have be' U loro ns a striking instance. It appears by the published statements of the Banks of the 0 c.ty of New York, that since the su-nonet * ’. ~, iie.i i, iooo, mey nave reduced their I 'loans and discounts from forty six millions 1 to thirty millions, and their circulation from nine millions to two millions—an aggregate diminution from lifty five millions to thirty three millions. If tills, or any tiling near tliis, be the reduction, what is the conse quence/ A man who contracted a debt tb the U.tuki in Now York, before the suspension, finds his ability to provide means for the pay* , incut of that debt reduced one third or nearly , one half—t-St is to say, the dollar ho now , pays is equivalentto one aI,( J a half or almost | two dollars when ho borrowed it, besides the , interest. JJuch a proceed of reduction would have been wholly intolerably if the citizens f had not escaped from it and allcvia- i tiou by loans elscwlicro. But if iNf oilier t cities had followed the example of New V ork u and made similar reductions, the whole coun try would have sunk under it or revolted I against it. u These inequalities bcl.vccii members of y the same community became more striking t when applied to engagements between dis° ' taut parts of the Union. The Atlantic 11 cities for instance were creditors of the ' Southern and Western Slates for goods sold 8 to them, to ho paid for either in those slates, 1 or m the Atlantic cities—their currencies 1 being so nearly the same that the exchange 1 would nut cost as much as the mere transput- 1 lution of the specie. When the day of pay- 1 meat arrives, the creditor city suddenly makes ’ an artificial scarcity of Us own currency— [ renders the only money it will receive in .j payment almost inaccessible to its debtor— t reducing at the samo lime Lite rates of ex* t change, and the prices of every thing. This t rigor instantly recoils on the creditor. If c payment is inado in the Southern and Wes- c lorn Stales, the Atlantic merchant loses the j whole depreciation in exchange. If payment t is to be made m the Atlantic cities, and the - debtor sends produce to pay Ins debt, the t scarcity of money obliges him to sacrifice it; i it lie scuds the hank notes of his_couniry,lhey t • ink to seventy live per cent m value—and lie < looses the difference. If he brings the stocks I of his state, the scarcity ot money renders * their negotiation impossible. Uuce disap. ' pointed in tins way, lie sends no more pro- 1 duce- -no more Bank notes—and Iho credit- 1 ors in turn sutler more than the difference by 1 the delay. • fc>o ot respect to foreigners. We owe a large 1 debt to France and England. Why should we I destroy the only means of paying it J We can 1 pay it only in cas/t, or pro<luce, or tCockv. As 1 to cath —this debt was contracted in an abundant ‘ currency. By this artificial scarcity of money 1 we are obliged to pay it in a currency more val- ! uable by one half or one third. Even at that * rale we call neither borrow the money, nor raise 1 it by sales except by luinous sacrifice. We then 1 may pay it in produce or in stocks, but the sains I scarcity sinks the value of both. A debt con tracted when cotton was at twenty cents, we have 1 to pay when cotton is ten cents a pound. If wo propose to pay in stocks, tiiese 100 have sunk per* 1 hups twenty live per coni, on their price last year. 1 Our resources then are diminished in value while 1 our debt increased by interest. The consequence is that the foreign debt is postponed. This ope rates injuriously to both parties—lo the domestic 1 debtor, by -ieducing Ins means of payment—to 1 tb° foreign creditor, by the delay and the hazard ! 01 his debt. It is true if he could now receive his | 1 money lio would remit it home at a low rate. ] 1 But then the samo scarcity which lowers the rate I 1 ol remittance, prevents his receiving any thing | 1 to remit—and so far from being interested in the j ' early resumption, it injures him essentially, lie- \ ' cause iho forced preparation for it by crushing i 1 the lesources of his debtors, renders them alike 1 unable and unwilling to pay. What the foreign 1 1 ci editor wants is payment—payment of the debt, I i not in a better currency, but in an equal currency, ‘ Vt id necessary, ill ail interior cuut’iicy, bccau-v ' Ue tan belter support a high late ol remittance ihan u reduced or postponed payment. There prevails u notion that the credit of the country abroad will be injured by not resuming Not in the least. Every body connected with America knew Ilio reasons »f suspending, and entirely approved ol it us the only measure that could have saved the country. What European* want now is that we should pay our debts, 'lhat is our first duly, and if they see, as they cannot fail t« see, that these premature efforts to resume specie payments prevent the collection of what is due to them, they will perceive, that in endea voring to secure an object wholly domestic, they have liecn sacrificed. In respect to the dividends and the slock, payable abroad, many ol them are payable in pounds sterling, or guilders, or Irancs, so that we place the money there at our own cost—and us to dividends payable here, they have almost universally been remitted in the cquiva lenls to specie. What the general merchants of France or England desire, is lhat t*C should take their merchandise —that wo should trade with them. The stale of our currency is a very sub ordinate concern. You deal with them and pay them in their own currency. They know little and care less about the sort of currency in which you deal with the Houth and West. Besides, who are to reproach us with the depreciation of our notes. The English 1 But the Bank of England suspended specie payments for twenly live years—during nearly all which time every American Bank paid specie, and men in England were forced by law to take the notes ol the Bank of England when they were at thirty per cent, discount—whereas no man here is obliged to tako any nole of any Bank—anil at this moment a paper dollar in Philadelphia or New Yoik, will buy a silver dollar delivered in London. The question of the resumption is oie exclusively domestic—olio which, however inportant at home, docs not affect the credit of the country abroad. VI. We come now to the qucslionwhcthcr if an early resumption be practicable, iht month of May is a lit time. My impicssion utliat the month of May is a very unlit lime. The re sumption, to be useful, must be general and no arrangement can be satisfactory whichdocs nut include the Southern and Southwestern Slates. These I do not think are yet ready to psutnc; they are straining every nerve to pay theudebls. Their crops are growing forward to provide anils [ in Europe and at the North—the hanks am, la boring to meet their notes at the North—thtle gislatures are pledging their credit to raise folds I in order that their people may pay their debts. Why should we repulse them! All tuey wan. , is lime. The have nut yet had the benefit of a single crop, and they may require another; and ( instead ol discrediting them, or diminishing the value of their pioduce, or curtailing their facili ties in sending their crops to market, it is belter to help them and wail till they are more advan ced in their preparations. The employment ol . credit, either of banks or of individuals most use ful to the country at this moment, is to forward ' its produce to Europe. Instead of this the banks : are ieducing these facilities, and calling upon 1 tho.r debtors for payment. This seems very unseasonable It is stopping the locomotives as • they arc carrying the crop to market. The month ! of May too, is nut the right lime of the year. — 1 For example, it requiresion an average about lif r ty days to tako cotton from New Orleans to Li l ; vcrpool. Supposing it immediately sold, tin L usage is at iho end ol ton days to give a banker’* t acceptance, payable in two months, so that by ; the month of May there would not bo actually - realized more than the cotton which left Now j Orleans before January, when not more than out , fourth or one fifth of the. .rest) brop had been «but I speak now of the actual obtaining possession ot the proceeds of the crop; and at all events not one halt ot the crop will have reached Europe hy the month of May. The spring is, moreover, the season whoa the credits given for the shipments of Southern and Western produce are maturing at the North; and the crop from’ which reimbursements are to come, remains un sold in Europe. The Spring, too, is the lime when llie Western business has brought from the interior the notes of the Atlantic Bant.-, when the simulation presses mine upon them than at any other period, and when specie Is wanted for the trade to China and India, making that time particularly unpropilious fur the re sumption. VI. It remains now to enquire how far these general views of the expediency of a resumption in May should be changed by the determination of the banks of the city of New York to resume at that period. For the gentlemen of N York who announced find decision, I have great personal respect, and under ordinary circumstances would willingly yiciu my own convictions to their better oppor tunities uJ? 1 * understanding. But the natural influence of ths.f judgment is weakened by the knowledge of the fat-, l! ‘ at the banks of New York would not leave had the '?<*st idea “ i* - j sumption in May—but because the immunity al» lowed by the Legislature will then expire and they (car lhat it will not he renewed. This was distinctly avowed at the bank Convention, and tho Deputation who visited Philadelphia rc. pealed it again and again. Now this may he a very good reason for the Banks of New York to resume—hut certainly no reason whatever for the Bunks of Pennsylvania to do the same. The Stales of Pennsylvania, of Virginia, of Kentucky, have Legislatures as well as N York has, and they have retused to direct their Banks to resume in May next. Why should they obey the Legislature of New York and not their own Legislature! The position of New York is on all Brands regretted. But how is it to be remedied! A single Legislature out of twenty six Legislatures had passed a law forfeiting the charters ol hanks, it they were unable to redeem ibcir notes in specie, A public calamity over takes the country and the declining to pay spe cie, so far from being criminal, became an act of public safety—so adopted by all the Banks, and so confirmed by this very Legislatu.e. 'The pro visions orginally designed to guard against fraud, mav thus become the punishment of honesty and ability. Flic Legislative body which pre lected the banks for a year is now in session,and in twenty lour hour* can extend the indemnity nil a more appropriate season for tesuming. I presume no difficulty will occur in this. Why should there be! Is it possible that such a bo ily can see with iiulitlerence the distiess which a perseverance in this course must inevitably create, or permit the pride of opinion or any mere political or party consideration to prevent them interposing to protect their noble but suffering city! It they decline how can we of Pennsylva nia interfere!—Why should we voluntarily place ourselves in the same situation into which New k ork has been forced? By doing so we share only a common disaster—instead of hus handing our resources against the period when our inlerjHMiilioii may he really useful. In the mean while, the most effectual service which we can render, is to speak in a tone of frank sinceri ty. She may perhaps liear it from one, than whom she had Diner had mote a true and con stant fritnd—who, although an entire stran ger, has lor a long series of years, done every thing in his power to advance her prosperity, and never saw her in any misfortune which he did not anxiously strive to mitigate. But I wish to serve her, not to flutter her. I believe then that at this moment New Y ork is in an Blithe ly tulso position. She is obliged by the existing law to do what she feels to lie wrong. Her natu ral course is to appeal to her representatives to lechty their mistake, and not to thrust out their own t- lalr hanks to he crushed by the Executive. Instead ot liooin this she perseveres from a mista ken, though huinuHlile pride, in not asking relief where relief (s attainable, but is preparing for iho event by sacrificing her own interests and inflict ing distress on the community. The afi|>arent su periority in the exchanges which this produces; is wholly fallacious as well as injurious. The stale of the exchanges in New York proves nothing what ever, except the scarcity of money in New York. The exchanges arc even less depreciated than many other things. The Bank notes of the Sou thern Slates aro at a great depreciation. But store rent and real estate in the very sjrot where these notes are sacrificed, are much rnoro depre ciated than the notes themselves. See too in New York, the notes of Philadelphia are at a discount yet at this moment New York his to pay to Phi ladelphia little less than ten millions of dollars, for actual debts to Philadelphia, and to foreigners represented hy Philadelphia. It is not therefore the abundance hut the want of means—it is not strength hut weakness which causes this differ ence. By the same process bread and meat may be reduced in price for tho want of purchasers. You make mi artificial scarcity of money, and then boast how much the little which remains will buy—but your superiority is punished hy the debtor, who does not settle with a Creditor so much above him. And what is the benefit of all this 1 Tho other stales are not obliged to submit to this local legislation, and the suffering of New York is certainly not fitted to make them adopt it vo luntarily. It is heller, therefore, for them to stale with perfect frankness that they do not mean to unite with her in this forced resumption—to say this decidedly and finally, so that she may apply the only remedy—an ettonsion of her law. The whole subject would then bo open for fu lure adjustment upon principles of safely, alike to the Banks and to the community On the wholceour.se which, in my judgment, the Banks ought to pursue, is simply this: I he Banks should remain exactly as they arc; preparing to resume, but not yet resuming. They should begin, as the Bank, of England did, under similar circumstances, by paying the small notes, uo as to restore coin to all the minor channels of circulation—but not make a general resumption until they ascertain wbat course the Gorernment will pursue, employing in the mean time their whole power to forward tho crops to ■ market. The American Banks should do in short what the American army did at Ifew Orleans, > stand fast behind their cotton bales until the • enemy has le:i tho country. ’ These are »iy opinions very deliberately form ed, and very lankly expressed. They aie thus set forth, not t> iufluenco the course of others, ’ but to explain ny own. Willi groa. respect and esteem, yours, ' N. BIDDLE. * Philadelphia, uiril 5,183 S. J ■!«■■-= - ! ® Valuable Ivnl Estate for Sale. ALL that TLAH'ATIUN or TRACT OF LAfrJJ, situaleUan Horse Civ>U, containing between nine hundred eid a thousand a-rcs. There is between three and fo\r hundred acres of Savan nah and Creek Low Di.und,, of which there is a ' good proportion inclosed kid in good planting ot •* ker. The whole tract is veil covered with oak, s hickory and pine timber, aid abound with fine n springs- The Plantation is bounder! by Horse y Creek, one and a halt miles, aid no where mart . than one hundred yards from the Bail Read; th( , a lower line only 2 miles from the Rtil Bond Depos * itory, at Hamburg. This Plantation possesses Ihi - advantage of as good a rail! scat ns any upon lh< f- Creek, which could be eroded safely and cheap [i Upon the premises there is some improvements, am ie nn excellent orehutd of fruit fees. It eon b i, treated (or at private sale until 14lb April, when, * not disposed of it will be sold at public auction, t 7 the highest bidder. The terms will be liberal an ly made as convenient as possible to purchasers, but w proportion must be paid on delivery of decds.- ie jQiereyvill he.offered for sale, at the some place, a lew Hogs, Horses, Cattle, Sheep, Goals, &c , together with all Ihn plantation implements. Terms for the latter will bo cash on deliveay.— The whole will be sold at the riflittenco of the sub scriber, on the premises. The tale is to effect a division amongst rhe heirs, and to satisfy a few small def/ts due by the estate. Titles will be made satisfactory to purchasers. S. HAMMONW, Surviving Trustee ol the estate of E. A. Hammond march 22 wit TWENTY DOLLARS REaiARD. RAN AW AY from the aJf * plantation Os J. W. Uamsay, dee'd, in Cohimbia comity, a bout the Ist December, a Ne- AMykMi / gro man, by the name of Lkw (|¥iis, about twenty-eight years mSmSSSSmdmm r»l age,of a yellow complexion, hut not a mulatto, stout and square built, and stut ters very badly. He is supposed to be lurking about the city of Augusta, as he has a wife here The above reward will be given for his apprehension and confinement in any safe jail. or delivery to ISAAC RAMSAY, jan!3 d&wtf 10 Columbia comity. Lost two Certificates of Slock in the Darien bank; one No 641, for twenty shares, dated Bth cf March 1836, signed by E S Rees,cashier; the other No 757 lor ten shares, dated 18lh May 1837, and also signed by E S Rees, cashier. Both of said certificates are in my name. They were lost sometime since together with a pocket book, j The object of this advertisement is to comply with •ho forms required by the bank to procure new certifo.'?'® 3 - THUS J JENNINGS Jan 27 Siwlint _ Isaur xToHcc. f T7IIE uedersigned having u.7“" d lh P P raf ' t ‘ c 1. ol the LAW, offer their servici? 1 " t 0 the public They will attend the courts of ltfuscojj7 e > Stewart, Randolph, Early, Baker, Lee and Sui77 t “*V of the Chattahoochee Circuit; Houston, of the Flint Circuit; and Twiggs, Pulaski, Lowndes, Thomas, Decatur and Dooly, of the Southern Circuit. Bu siness entrusted to their care will meet with prompt attention. Their office is in Americas, Sumter county, where one of them mav always he found when not absent on business. LOTT WARREN, WM H CRAWFORD. oct 10 237 wtf LAW NOTICE.—The undersigned having removed from Clark county to Lineolnton, ; will attend to the practice of Law in tho Superior i and Inferior Courts of Lincoln county, and tho ad i jaccnt counties. Business intrusted to his care wil) be promptly attended to- HENNING B. MOORE. References. —Hon. Charles Dougherty, Hon. A. S. Clayton, Hon. Thomas W. Harris, (Jen. Edward Harden, Athens ; C. J. Jenkins, G. W. Crawford, A. J. Miller,Col. John Milledge, William E. Jones, Augusta Lineolnton, March 24,1838. wtf O CONTRACTORS.—The Commission- JB_ era of Public Buildings for Edgefield District vvill'icccive written proposals until the 16th of April next, for the erection of a new Brick Court House in said district: Tho outlines of the build ing areas follows;—60 hy 48 feet, 28 feet pitch; a passage running lengthwise through tho lower story, with three offices on each side; the court rooms and two jury rooms to be in the upper sto ry, and also tvv« ranges of seats for spectators. A two story portico at the end. Further information, ns to the details, may be had, and a plan of the building seen by applying to the undersigned. A B ADDISON, Ch'n. Edgefield C 11. March 15. 51) vvCl m NOTICE. —Ranawny front Jjf the subscriber, on the 10th |» J inst. two negro fellows, Jacob fIKW nn ,| Spencer; Jacob is a bright / mulatto, straight black hair, ■ «a»llw/z / one or more teeth out in front, ■ «Sin n very artful and plausible fel low, about five, or five feel six inches high, and about 35 years of age. Spencer L dark complected, w ell made, about the same height of Jacob, and about 25 years of age ; they both absconded the same night, and it is more than probable they are togethoi and are lurking about some river plantation between this mid Augusta or Savannah, it is more than likely they will make for Augusta. Any person or persons opprehending'said negroes,& delivering them safe to the subscriber, in Barnwell District, Augusta or Sa vannah jail, I will give fifty dollars, and il any per son or persons can prove to the conviction of anv white man or men, for harboring or earring oft said negroes.l will give one hundred dollars lor the ap prehension ol s.nd (erson or persons, with the negroes JENNINGS J WOOD Speedwell I’. O. Barnwell DUt. 8. C. gpril 13 An extraordinary and remarkable e nt . lIP Mrs Mary Dillon, ofWilliamsburgh, was rep,.', Bl to health by the use of this medicine.-—'The . Bl toms of thin dest resting case were as follow «; H loss of appeiile, palpitation ot the heart, twj(«s j ‘ of the tendons,with a general spasmodic affection'' 1 BP the muscles, difficulty of breathing, giddiiul Hr langoiir, lassitude, great depression of spirits K| ->BB the fear of some impending evil, a sensation ,'H llattoring at the pit of the stomach, irregular tru sient pains in different parts, great emancipaik! K with other symptoms of extreme debility. ‘H The above case was pronounced hopelass |, K. three of l lie most eminent physicians, and a din!' Hi; lution of the patient daily awaited lor by her fries/ Hg which may he authcnticaled by the physi n ,J Bl who were in attendance. .She has given her cln« B* fnl permission to publish Ihe above facts, and will also gladly give any information respecting i|„ * benefit she lias received to any enquiring mind. B| OCrMfi Charles Semple, who had hoc# H afflicted liirflve years with humoral habitual AiiL B : ma, applied to Ur Evans on the 4th of Nov.labn- H ing under the following symptoms; A sense 01 HI 1 tightness across the chest, with the greatest did! B i cully in breathing, distressing cough, generally B i ending with copious expectoration ofviscid phlegm B i disturbed rest, the face turgid and of a livid hue B ' could notlie in a horizontal position without the H sensation ofinunediate suffocation, languor, dre B ‘ sincss, and dissiness in the head, and loss ofay HL petite. 1 H j Mr S. applied to the most eminent physician « H , the eity, likewise used .several other rcmedi<- r without obtaining any pcrmiiiient benefit til his friends persuaded him - o place himsplfMri under Dr Evans’ treatment. lie is now relieved B 5 of his complaint, and called at the office yetterdaj, H avowing that be had not words to express his gtaii’ B[' , ude for the benefit he had received. U i For sale by ANTONY & /MINES ' , Kr A letter from Doct. M. P. Gilbert (j B Ooct. Evans. r Dear Sir: had the immortal Cowper known tin B ’ medical qualities of the Camomile Plant, he n, IT well as tliousaiuls since (besides myself) vvculu R * have experienced its wonderful effects on the i m . ■ 3 vous system. The public utility of Cowp,, Vkl r was blighted in the had, through the natural effect H I of his nervous debility upon the mental powen fIP , which made it necessary lor him to seek relief!*.. H nentli the rural shade, hut the calm retreat gave In, PI physical nature no repose. If some one then |, a ,j B.‘ * known the secret of coneenlratiiig the medicalvit p» I lues of the Camomillc, the discoverer would hue rP’ , been immortalized with poetic zeal, as the benefit . tor of suffering man. The above lines were prompted from the effect 1 PS have experienced from Dr. lira. Evans' Canioimh ■ P.lls. Yours, &c. 6HEL/JEN R GILBERT, U* j ang 5 Durham, Green co. NY [ , Another f ecciit tesf of the unrivalled B, virtues of Or. Win. Evans’ Medicines... B Dyspepsia—Ten years standing.—Mr J.MeA'eiizir I was afflicted with l lie above complaint fi»r ten H years, w hich incapaciated with him at intervals, sot H six years, in attending to his business, restored in H ! perfect health, under the salutary treatment olAir H Win. Evans. H [ 'flic principal symptoms were, a sense of (listen. B ? sion and oppression after eating, distressing pain in I b the pit of the stomach, nausea, impaired appetite, pS - giddiness, palpitation of the heart, great debility iij t and emaciation, depression of spirits, disturbed B ‘ West, sometimes a billions vomiting and pain in the io xtefc'" an extreme degree of'langoiir and faint- fe lo immcP 1 ’ endeavor to pursue bis business causing f; ■e Mr. and weariness. H io and iione , ‘V lzie >« daily attending bis business, I/■ s- since ho used 1 * 0 above symptoms have recurred I io strong and hetltuybove medicine lie is now a H ic of remedies, hut llie'jn. Ho resorted to myriads ■ _ Fothale by ANaull ineffectual. v \ march 8 Sole aga«Y & HALVES bo adMINISTHATOU Augusta, Geo __ ■ ,il V*7 ILL he sold, on the lirB , t V"JjJS. t«V, W next, at the lower market j, |n( , ■ J ld of Augusta, within tbe lcga joms B la nuance of an ordei of the . ■ , Rii'l»raowk.ittiBflV’jEVha» jiisl w ; r ’• ■ - ci—i. —,«.w c>A«iiy, me following properly, belong- M ing to- the estate of David M’Kimie, deceased, viz ; 19 Pew No. 30 in the first Presbyterian Church, in 9 Augusta A I.OT, On the south' side of lirund-street, in Angtreta 1 , i'n w | front of the Planters' Hotel, extending from said , street to Ellis street; 24 feet in width, hounded east by 1010 l lsauc Henry, ind west by lot ol Wil liam (Jamming. A LOT, On the south suleof 1 trend street, in Augusts, con taining n front of 76 feet, 8 inches, anil running back the same of that along Marbiiry street by which * it is bounded on the east, 860 feet, with the itr i provements thereon, now oocupied by Peter Car- | rie, and others. Also, fOUR LOTS, On the north side of Broad street, in Augusta, now 1 occupied by William Jones, and others, neartho 1 corner of Broad and Marbiiry streets. Plates of the premises will he exfiibiled at tho ' sal*, when the terms wilt* de made known. I 31 wfJ jOHN P. KING, Adnfr Brought to august a jail, the 6th inst. a negro man, calls himself BOH, says that he belongs to Benjamin Runnels, ut Mil ledgeville ; he is five feel eight inches high, dark , complected, twenty-five years old, has a sear mi the right side of his nose running up in ilia eyebrow, l one on the left side of the forehead. The owner is ■ requested ler come forward, pay expenses and lake , him Irom jail. EL! MORGAN,. Jailor, , april ‘J w3w |U ILL he syld, on the first Tuesday in July » w next, agreeable to an order of the Inferior Court of Burke county, while silting for ordinary purposes, in IVnyncshorough, Burko county, on> negro woman named Dafhey, and her infant chilli, belong to the estate ol Jonathan Johns, deceased, late of said county, sold tor the benefit of the heir* and creditors of said deceased. Terms cash april 9 td JESSE JOHNS, Adm’r. It All. ROAD HOTEL, ATHENS, Ga The undersigned has taken charge of tho fp-’"' 'orge and convenient house formerly occu lllgjj . iby Mr. John Jackson, and known 'i'*~Tr K "if b T!'* house is now undergoing theErank uillotel. J*• ( f lunighcd Nvit |f new a thorough repair, and nn. „„-.rminhlefer furniture, making it in every respe,.. ro, “ - f families and transient customers, she and convenience of the lot and stables, which not •» also been repaired, cannot fail to please; the Io having a constant stream of water running Ihrongu it, and the stables being extensive and well suppiwd- If a strict and unreraitted attention to the comfort of his guests, can impose a claim upon the potion ago of the public, he is confident of receiving the* support ivhich it will be his assiduous endeavors to merit and obtain. It is, in fine,his design to moke this establishment what it should ha, both from its name and the increasing necessities of the place for more enlarged and improved accommodations.— For the convenience of travellers who may visit the place by stages, there will lie, after the Ist ol 1 Juno, a splendid barouche running between Athens and the Helicon and Madison Springs, which will leave the Rail Road Hotel every morning, and re turn the same evening. The price of hoard will be lame an at the other hotels. D J. LYLE. ; april 6 3t MIIELL air, On the Rail Rond, 10 miles from this cily. The subscriber informs his friends and tho public, mat he has leased Irom Mi Vcrdery, his late residence at Bell Air, and that he is now pre pared lo accommodate from twenty to thirty per sons with /JOARDdiiring the summer months,com menciiig on the Ist May. Bell Air is situated on the line of the Georgia Bad Road, ten miles from ihe eity, and the cats pass up and down daily within twenty feet ol Ihe door, For health, Bell Air is not surpu.-sod by any t spot in the country, being situated on no elevated ; point of land, and supplied wi.h the purest aptisff , water. The subscriber pledges himself to use every ex ertion to accommodate those who may patronise his 1 establishment. GEO. M. WALKER. 1 april 6 w4w LAWRENCEVILLE HOTEL. MTlio subscriber having removed lo Mil- Icdgoville, would lake this opportunity to return tlmnls for former patronage, * and would state that his house is now T kepi by his brother John N. Alexander, for whom he solicits the pationsge of his friends and others, and assures them that every attention will be given by the present occupant lo render them Join finable. THUS- W. ALEXANDER. Having taken the Lnwreneeville Hotel, I solicit a share of public patronage, and promise that I will use my utmost exertions legive general sat is fact ton to all who may call. JOHN N. ALEXANDER , Lawrepccvdlc, Gwinnett co. Marsh 22. w3m