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WILLIAM E. JONES. AIi«IJSTA, «£(>., TKIRHDAV AEISSE 10, r ivi. w ,w.i i. i „
_ [Bn witlily.j—io|. Sl.--Ao 47.
Published
DAILY, TRI WEEKLY AND WEEKLY,
.11 JVo. Jiroail Street.
Terms. —Daily paper, Ten Dollars per annum
in advance. Tri-weekly paper, at Six Dollars in
advance or seven at tire end of the year. Weekly
paper, three dollars in advance, or lour at the end
of the year.
’chronicle and sentinel.
AUGUSTA.
Wednesday Muraiuir, April 111.
Messrs. T. 11. A. I. G. Plant have laid on
our table a new work entitled “Southern liar*
mony and Musical Companion,” being acellcc.
lion of tunes, hymns, psalms, &c. 13y William
Walker of Spartanburg S. C. It is handsomely
printed, and wo arc informed by those who are
conversant with such matters, that it is an excel.,
lent work for those who desire instruction in vo
cal music.
Valuable Cargo,.
The Charleston Courier, of yesterday says:—
Theshipiohn Cadmus, Capt. Blanchard, cleared
yesterday for Liverpool, with a cargo of 61)7 bales
Sea Island and 653 bales Upland Cotton. Totalj
1,340 hales, valued at $ 111,007 70. ~
The Hank Convention.
The New York Cornier and Enquirer of the
13lh inst. says :—A Committee of one .'tom each
State was yesterday appointed, to whom the
whole subject of resumption was referred. Tiro
Committee consisted of A Ware, D II Tread
well, William Richmond, Albert Gallatin,
J Cartulbers, J Lt Mortis, J Broekenbrough,
J F D Lanier, Martin Thomas, George T llodg
v es, Philip Marrett, Asa Bacon, Silas Condit, Jos.
Bailey, J P Van Ness, Duncan Cameron, J J
' Hughes, John Delafreld,
The committee will report this morning. Wo
understand that it has decided, by a vole of 13 to
S, to report in favor of lire appointment of a day
for the general resumption. The number of dele
'gates who have taken scats in tho Convention
arc 143.
Maine 1, Pennsylvania 3, Vermont 6, Maty*
land 6, New Hampshire, 1, District of Colum
bia 3, Massachusetts 34, Virginia 4 Rhode Isl
and 9, North Carolina 1, Connecticut 24, Indi
ana I, New York 40, Mississippi 2, New Jeisey,
14, Illinois 2, Delaware 3, Missouri 1.
Tho officers are Samuel Hubbard, of Boston,
Pfcsidcnt; John A Rockwell, of Connecticut,
and H M Brent, of Virginia, Secretaries.
Latest from Florida.
Tho Savannah Republican of Monday last,
says: “The steamboat Charleston, Capt. Ilelw
hard, arrived this morning from Black Creek.
From a passenger we have derived the following
information relative to the movements of the ar
my, »tc. Gen. Josup, with his forces, have gone
HoTahip'a'B'ay. ‘Col.'Bankhead, vvlrh Hie ihcn :
'under his command, have left Key Baskicn for
'Black Creek. Recently ‘Obi. Bankhead’s (lag
'was fired on by the Indians ; (hey were pursued
■for about fifteen miles, and ho succeeded in taking’
forty-seven of them prisoners; one escaped. Col.
8., with his command, were going into Black'
Creek when the Charleston left. There is but
1 little doubt of the termination of the present cam
paign.
Tho Columbus Sentinel and Herald of the
’l2lh inst. gives us the information, that 168
Alabama volunteers arrived at that place, whoso
term of service had expired, and who were paid
'off and discharged. A regiment of troops from
'North Alabama, had also arrived from Florida,
\ "at -Flirt Mitchell, and mustered out of service,
1 «hout I too strong. And on the Bth inst. the
Georgia Brigade, commanded by Gen Nelson,
passed through Columbus, on their way to Camp
Call, in Hall County, where they will bo dis
charged.
Candidates for Congress.
Tho Whig Convention which assembled at
Ellieott’s Mills, Md. on the 12lh inst. unani
'thously nominated John P. Kennedy, Esq. as a
candidate io fill tho vacancy in Congress, occa
sioned by the death of Mr. McKim.
Tho Van Burcn Convention assembled at the
game place, the day previous, nominated Wil- t
■likm H. Harriot, Esq. .as a candidate for the same j
office.
Tho New Orleans Bee of the 12th inst. says :
It is perhaps necessary to mention, for the infor•
mation of those, who hold property ensured by
the Eagle Insurance Company, that the directors
have published a notice calling in all the Poli
cies of Insurance issued by them, ihe losses
experienced by this Company, preclude the pos- j
sibilily of paying even the difference accruing to
those who have taken out policies.
From Texas.
The steam packet Columbia, arrived at New
on the 13th inst. j tl 39 hours from Gal<
rveston.
By the Columbia, the Editors of the Pickay
,n,e received the Telegraph, which contains an
account of the execution of two men for mur
der, W. C. Quick and David Jones. They were
Loth hung at Houston on the 38th ult.
Tribute of Respect to i-'r. Cunningham.
MrnjcAi, Cou.tr, r, or Acopbta, Ga, /
April 3, 1838. 5
To Ur. A. Cunningham, lute professor of the
Theory acid Practice of Medicine in the iHcdical
College of Geo.
■f Dear sir,— At a meeting of the Faculty helci
.this afternoon, immediately after the adjourn
ment cf the Board of Trustees, wc were appoint
43d a committee to convey to you our united ex- j
pressions, upon the resignation of your professor- :
ship. We were instructed to return you our I
sincere thanks, for the zeal and deep interest you 1
have ever manifested, for the prosperity of our
institution, and more e pccially for tho great
industry, untiring perseverance and conslan
»
punctuality you have ever displayed in the dis
charge of the duties devolving upon you. Wo
are fully persuaded, that few men in your condi
tion of life, advanced in years and having an ex
tensive practice, could bo found to equal you in
those particulars. Your labours and privations,
for the success of the Medical College of Georgia
will ever be gratefully remembered by your for
mer associates.
As some token of our regard for you, we arc
coouested to invito you to consent to sit lot your
portrait, to be taken and placed in the College
building—the Artist to bo selected by you, and
the time, &,c. left to your convenience.
Permit us in the discharge of this duly to
wish you all the ease, comfort and happiness in
in your declining years, which your long and
faithful services to this community so much en
title you.
We are with the grea'ost respect, &c.
Your friends and co laborers in the
Science of Medicine.
'pmit v wr Y Committee in he
h/imX' C half of the Faculty
JufeEl hA.EV L, of |he Md . Co |. Uu '
Dr. Cunninghani’s reply.
AUGUSTA, April 6, 1838.
To the Faculty of the Medical College of
■Georgia.
Gentlemen, —The note of your Committee ap
pointed on the 3d inst. was received on the 4th;
its contents were as pleasing as they were un
expected. Although my pr jfessorial career was
a short one, yet it was long enough to teach
me that my labuts were but begun. * * * *
As a Trustee of your institution,it will always
alford mo pleasure, to assist m its onward pro
gress in usefulness and prosperity.
With regard to the Portrait, I will take the
earliest opportunity to have one executed in
such a manner, as will, { ]\bpe, he gratifying to,
the friends of the Medical College of Georgia.
The Faculty will please to accept my unfeign
ed wishes f9r the prosperity to which their labors
and untiring sett*, -entitle them. May each of
you live‘to witness the proud elevation of your
infant institution; rivaling its sisters of the South,
in its usefulness. That each of you may feel
the cheering influence which prosperity extends
to thfftm, who have been rnoje than useful in
their day and generation, is the prayer of your
frtdnil A. CUNNINGHAM.
*■ i * *
New York city Election.
\Vo received by the Express mail yesterday,
the result of the election for mayor of the city ol
New York, ft was the most severely contested
election cvr r "held in that place, there having
been 39,510 votes polled. The whig candidate,
Mr. Clark, has been elected mayor, but the result
for members of council is yet -doubtful, as the
votes in all the wards bad not been canvassed at
the time our slips left the city. When the result
is definitely ascertained we. shall publish a full
statement. The majority of Mr. Clark will not
exceed from 200 to 800 votes over both his
competitors. .
[for TUB CIIIIONICLB ASH SENTISEt.]
“ Great streams from little fountains flow,
“ Largo -jaka irom little acorns grow ”
Mr. Guicu, echoing the flourish of trumpets;
that has rung through the counlry in relation to
Mr. Woodbury’s late letter on resumption, ob
serves that this letter “must uilisfy" the Banks
“that the government, arc most anxious lor
[their] prosperity, and that they will afford eve
ry aid within their legal powers, to secure a
permanent '-rdrimplicit of specie payments.”—
And, he adils, this letter is ”a complete refuta
tion of die charge against the administration of
hostility to the banks and to the credit system.”
Now, Mr. Editor, what is this letter, which is
so pregnant with propriety! It is a simple pro.
raise that the Treasury Department
1. Will not purchase specie beyond what may ,
bo needed for immediate disbursement.
2. Will not hoard its specie.
3. Will not compete With others for its pos'
session. ,
4. Will immediately pay cut all the specie
it gets, for appropriations.
This is the WHOLE LETTER,literally and
truly. I should like to he informed,
1. If the Secretary could depart from either oi
these pledges, in a crisis like this, without sub
jecting himself to impeachment.
2. How much credit he deserves for doing
what ho would be cashiered for not doing.
3. How these pledges, amounting to absolute
ly nothing, afford the “ complete refutation,"
of which Mr. Guicu speaks, and how they give
any assurance to the Hanks, oft which they can
venture to resume.
Verily, nothing is easier, than to draw the
most profound inferences, from the most unmean
ing language.
From the New- York Conner $ Em/mrer, of the VMh.
Vi„c days later From London.
The i’ackct ship Montreal, Capt. Gritting, ar
rived last night, bringing us London papers to
the Jib ult. The laic hour at which these, papers
came to hand, and the business of the elections,
compel us to be very brief in our notice of their
contents. .
There is little political news from England.—
Tlw Speaker of the House of Commons had
passed a,reprimand on Mr. O Cos n ki.i. for “lhe (
false and slanderous imputations” he had made
on the honor of the House. Mr. O’Connell
observer!, in reply, that the sentence of the House
was of little importance to him individually, and
that body does not appear to have thought it worth
while to take any further action on the subject.
A bill, brought in by Ministers on the subject
of Parliamentary elections, had been defeated m
the House of Lords by the large majority ol 60.
[ n the Commons, an important division had
l-.ken place, on a motion to represent to her Ma
jesty tnat “the open defiance ol her Majesty s
lawful authority in the Provinces of Upper and
Lower Canada, and the necessity of suppressing
rebellion by force of arms, and of suspending4he
Constitutional Government of Lower Canada,
i arc in a great deg.ee attributable to the wan ol
foresight and energy on the pari ol her Majesty ,
I confidential servants, and to .bo
tory am] irresolute course which they hive pur
sued in respect to the alKiirs of Canada sinco
llicir appointment to oilin',
Tbo ministerial majority on this question was
but 39. Mr, Ewaut, of Liverpool, (Rod•
ical) had been beaten at the election o( a member
for Mary lebone; by Lord 'lVigninoulh, (Conser
vative,) and on the whole the Conservative parly
seem to be gaining strength.
Wo copy all the information wo find relative
to tho London Money Market and other com
mercial matters. Tho fall in our rates of foreign
Exchange had, as wo predicted, excited much at
tention. The accounts of the L.verpool Cotton
Market are unfavorable. No le.-s than six bun.,
dred thousand pounds sterling in specie lias arri
ved in the Montreal.
From Franco and Spain there is nothing of
importance.
The U. S. frigate Constitution arrived at Lis*
bon on the fifth February from Cadiz,
London, March 3—This afternoon the follow
ing customary notice, in anticipation of tho shut
ting of the hooks during the payment of tho April
dividends, was posted at tho discount ollie.c of the
Bank of England :
‘•Bank op Eniiuano, March 1, 1838.
“The Governor and Company of the Bank of
England hereby give notice that on and after this
day they will he ready to receive applications for
loans,'upon the deposit of approved hills of ex
change, not having more limn six months to run;
such loans to he repaid on or before the 11th of
April next, ut the rule of 3) per cent per annum,
and to be for sums of not less titan .£3,(1110 each.
This notice, it is expected, will have the effect
of keeping money easy tor some time; so far as
the quantum of supply and demand is considered.
London, March 3.—Tho present state ot our
money market is creating a power, that if acted
upon with much effect, or rather continuance of
efi’ect, will in lime enable tho monetary agents of
tlie United Stales to absorb a largo amount of
bullion, and which, though it may boa profitable
commodity to its dealers, during its transit be
tween tbo two countries will, under the existing
commercial relations, prove tho hindrance rather
than tho promotion of trade with that country.
Mr. Jaudon, the Agent of the Bank of the U.
States, has been enabled to propose to cllcet a
monetary operation which could not have been
attempted but for itsexisfihg circumstances. ft,
i:i however, satisfactory that the Bank of the U
Stales is in a condition to redeem the bonds which
would fall due on the first day of April, according
to the terms JrtllVfoHowing 'notice, which has .
caused some degree of sensation.
“HONDA OF TIIK HANK OF TUB VNITKD STATUS.
“Holders of the bonds of tho Bank oflhu Uni
ted Stales,due on the fingt of April next, arc
hereby informed that they may receive the
amount, under a discount of three per cent, per
annum for tho unexpired time, on presentation at
the agency of the said Bank, No. 52. Old Broad
street, between the hours of 45 and 3 o’clock.
S. JAUDON.
‘March 2, 1838-”
By the proceeding, tho agent of tho U. Slates,
by the aid of his meltings of the bills given for
cottons and state securities, has succeeded in gi„
ving a coleur-ile-roae aspect to that particular
description of security.
London, March s.—The commercial advices
from the 'w ruled Slates are of a more desponding
character than those received by the last packet.
The pressure for money had increased with the
want of confidence, the banks continued to give
way, and the prospect of a general resumption of
specie payments appeared to be equally distant'
as by tbo former accounts.
The agitation of the sub treasury scheme in
congicss appears also to have caused a conside
rable fall in all kinds of American blocks. The
state of the money market in New York may he
inferred from tho circumstance that, whilst the'
exchange on England had receded to 7 U 3 a 8
premium, bills were difficult of negotiation at
that induced rate, and the letters by this arrival
fully confirm our previously expressed opinions
that many months must elapse before there is a
healthy demand for British manufactures in tho
United Stales, wbili t the excessive consignments
of cottons to this country were increasing every
day, so much so that the exports of cotton from
the United States up In tho 10th of January ex - ■
eeoded those of tho proceeding year to the same
period by 40,000 bales.
Thus it appears that, the balttr.ee of trade
against this country with the United States isra.
liter gaining ground, an.'l, coupled with the redu
ced rale of exchange, which will render bullion a
profitable article of export, there is a strong opi
nion here that large exportations of the precious
metals will immediately take place. Altogether,
our commercial relations with the United States
are of a serious character, and it is painlul, for
tho sake of out commercial in’erests, to remark
that our prognostications have been thus but too
truly verified.
It appears also by some of the private letters
which havo been received from Far is to day, that
ihei are agents from the United States that in
mo other cities, who are engaged in pur.,
eba;.,:ig bullion for the American market; and, by
a singular coincidence, it appears that during tl; e
debate on tho proposed measure of converting
the French five per cent, rentes in the Chamber
of Deputies, o« the previous day, a member, the
sou in law ol the prime minister, should draw
from his pocket a despatch prognosticating ano
ther commercial crisis in the United States, with
the view of urging upon the chamber the necessi
ty of reducing the rale of interest from 5 to 4 per
aent. per annum,
Tho notice which Mr. Jaudon sent to the
Slock Exchange, offering to redeem the April
United Slates Bank Bonds, under a discount of
three per cent, has created a great deal of re
mark amongst our monitary and commercial
circles, and it has been generally viewed in the
light of an empirical attempt to give character
to an agency which experienced and sobermind
ed men ol business consider alien to the commer
cial interests ot this country-
London, March 9.—The cornrherciil advices
from the United States are deemed very discour
aging by our men of business, and every thirty
indicates the continued disorganized stale
commercial afTyits throughout t hrj (Jnion; so
much so lhat ; ..a'nough tlio state of the exchange
was highly favorable for remittance, very little in
proportion lias been received; whi-lot the reduced
rate ■of exchange, coupled with the fact that so
vereigns in thu New York market maintain their
late quotation of §5 to iso ufi. show that it is now
still more profitable to export bullion from this
country than at the date of the last arrival.
Hr. tV MUSTER’S SPKIK II Continue'!.
This brings me, sir, to the second enquiry.
In this measure, Mr. President, nju-t exercise
of tho powers of Congress, and docs it fulfil all
out duties?
Sir, I have so often discussed this point, I have
so constantly insisted, for several years past, on
the constitutional obligation of Congress to lake,
Icaro of the currency, that tho Senate must be)
already tired ot tbe speaker, if not weary of the
topic; and yet, after all, this is the great and par
amount question. Until this is settled, tho agita
tion can never be euicled. If wo havo not tbe
power, wo must leave the whole subject in the
hands of those who have it, ot in no hand-; but
it wo havo the power we are bound to e.tctctsc it
amt avpry day's noi»li rt is a violation of duty, i
therefore again insist, that wo havo the [lower,
and 1 again press its exorcise on the two Houses
of Congress. 1 again assert, that the regulation
of the general currency—of tho money of the
country, whatever actually constitutes that money
—is one o( our solemn duties.
i he constitution routers on ns, sir. thcoxclu
sive power of coinage. This must have been
dona for the'purpose of enabling Congress to es.
tahlishono uniform basis for the whole money
system. Congress, thereto e, and Congress alone
lias [lower over the foundation, tho ground work
of the currency; and it would he strange and
nnomalotl., having this, if it had nothing to do
with the structure, the edifice, to he raised on
litis foundation! Convertible paptr was already
in circulation when the constitution was framed,
and must havo been expected to coupe no and to
increase. Hut the circulation of paper tends to
displace coin; it may banish it altogether; at this
very moment it has banished if. If, , there for?,
the power over the coin does not enable Congress
I to protect tho coin, and to restrain any tiling
which would supercedeij, and abolish its use, the
whole power becomes nugatory. If others may
drive out the coin, and till the country with paper
which does not represent com, of what use, 1
begloknow, is that exclusive power over coins
and coinage, which is given to Cong less by the
Constitution I
Gentlemen on the other side admit that it is
the tendency ol paper circulation to crtpel coiti;
hut then they say. Unit for that very reason, they
will wjthdiaw horn all connection with (he gßne»
ral currency, and limit themselves to the single
and narrow object of protecting the coin, and
providing for payments to Government. This
seems to me to ho a very strange way of reason
ing, and a very strange course of political conduct.
The coinage power was given to he used for the
benefit ol the whole country, nml not merely to
furnish a medium for the collection of revenue.
The object was to secure, for the general use of
the people, a sound nml safe circulating medium.
There can be no doubt of this intent. If any
ovil arises, threatening to destroy or endanger this
medium or this currency, our duly is to meet it,
not to retreat from it—to remedy it, not to let
it alone; wo are to control and correct the inis,
chief—not to submit to it. Wherever paper is
to circulate assuhsidary to coin, or as performing
in a greater or less degree, the function of coin,
its regulation naturally belongs to tho hands
which hejd the power over the coinage. This is
an admitted maxim by all writers; it has been ad
mitted and acted upon, on all necessnty occasions
by our own Government, throughout its whole
history. Why will wo now think ourselves wis
er than all wild have gone before us 1
This conviction of what was the duty of Gov.
eminent led to the jstahlishment of the bank in,
the administration of General Washington. Mr.
Madison, again, acted upon the same conviction
in 181(1, and Congress entirely agreed wifii linn.
On former occasions, I have referred the Senate,
more than once, to die clear and emphptiq opiiu!
ions and language of Mr. .Madison, in ids messa
gesin 1815 and 18Hi, and they ought to here
pealed again and again, and pressed upon the’
public attention. r
And now let me soy, sir, that no man ia our
history has curried the doctrine farther, defended
it with more ability,or acted upon it wlfh more
decision and effect, than the honorable member
from Mouth Carolina. His speech upon the
Dank hjll,oil t!ip tidtli of K.d,.uary, 1816, is'
strong, lull, and conclusive. Ho has heretofore
said that sumo part of what lie said on that occa
sion does not appear in the printed speech; hut
whatever may hgve'doeh left out by accident,,
that which is in me speech could not have gut in
by accident. Much accidents do not happen. A
' close, well-conducted, and conclusive constitution
ul argument, is not tho result of an accident dr
of chance; and his argument na that occasion, ns
it seems to me, was perfectly conclusive. He
found the right of regulating'•Jie. paper currency
directly oh Inc coinage pr, war. “The only object,”
he says, “the framers of the Constitution could
havo in view, in giving to Congress the power
to coin money, regulate the value thereof, and of
foreign coin, must have been to give a steadiness
I gud fend value to the cuircncy es the United
States.” The state of things, he insisted, exist
ing at tho time of the adoption of the constitution
afforded an argument in support of the construc
tion. There then existed, hu said, a depreciated
paper currency, which could only he regulated
and made uniform hy giving u power, fur that
purpose, to the General Government,
f foproceeded tossy that, by a sort of un
der current,the power ofCongresß to regulate
the money of the country had caved in, and
upon its ruin had sprung up those institutions
which now exercised the right of maki r iu mo
ney for and in the United States, “ifor gold
and silver (he insisted) are not, the only inoi
ucy, but whatever is tho medium of purchase
and sale; in which bank paper v.'ionc was now
employed, and had therefore, become the mo.
ttoy of the country," “The right of making
money,” he added an attribute of sovereign
power, n sacred and important right, ’was ex
ercised by two hundred and sivty banks, and
scattered over every part of the United States.
Certainly, sir, nothing can be clearer than
this language;—am), acting vigorously upon
principles thus plainly laid down, he con- ,
ducted the Bank bill through the House of
Representatives. On that occasion, he was
the champion of the power of Congress over
the currency, and others were willing to loin
low his lead. ,
But the Bank bill was not all. The honor* i
able gentleman went much farther. The i
bank it was hoped and expected, would turn- t
ish a good paper currency to the extent of <
its own issues; hot there was r. vast quantity
of bad paper in circulation, and it was possi- t
ble that the mere influence of the hanks and I
the refusal to receive this had money at the (
'Treasury, might nol, both, both he r.hlu to j,
nish it entirely from the countrv. ’ t -j ie j lono . | ;
rai‘!“ mernber meant j,, make dean work. lie 1
j rncsiit that neither Government nor people 1
should suffer the evils of irredeemable paper. I 1
Therefore, ho brought ia another bill, entitled, '
“A bill for fin; more effectual collection of the 1
public revenue.” liy tho provisions ot this
bill, he proposed to lay a direct stamp tax on <
the bills of State hanks, and all notes of non I
specie paying banks were, by this stamp, to I
be branded with the following words, in ills- t
tinct and legible characters, at length— “wot I
a btecik noth.” For the tax lauj on such 1
notes, there wa. to he no composition no com- .
■nutation! but it was to be specifically collect- i
oil, on every single lull issued, until those who '
issued such bills should announce to the Sucre- i
tary of tho Treasury, and prove to his satis- i
faction, that after a day named, in the bill, all |
their notes would be paid in specie ou demand i
And now, how is it possible, sir, for the au
thor of such ft measure as this, to stand up i
and declare, that the power of Congress over
the currency is limited to the mere regulation
of the coin? So much for our authority, as
it has heretofore been admitted and aeknow.
lodged, under ths coinage power,
i Nor, sir, is the other source of power, in
: niy opinion, at all mote questionable.
Congress lias tin; supremo regulation of
commerce. This gives it, necessarily, a su
perintendence over all the interests, agencies,
and instruments of commerce. Tho words
are general, and they confer the whole power.
When tho end is given, all the usual means
are given. Money is the chief inelmnVtht or
agent ot commerce; there can, indeed, be no
commerce without it, which deserves the name.
Congress must, therefore, regulate it as it e- !
gnlaies other indispensable commercial inter
ests. It no means were to he used to this
end but such as are particularly enumerated,
the whole authority would Le nugatory, be
cause no means are particularly enumerated.
Wo regulate ships; their tonnage; their mea
surement; the shipping articles; the medicine
chest; and various other things belonging to
thorn; and for all this we have no authority
but the general power to regulate commerce;
none of those, or other means or modes of re -
gulation are particularly and expressly pointed 1
out.
Hut is a ship a more important instrument
ol commerce llmu money? Wo protect a
policy ol insurance, because it is an inipor- !
Unit instrument of ordinary commercial con
tract, ai\il our laws punish with death any masr
ter of a Vessel, or others, who shall commit a
fraud on the parlies to this contract by casttpg
away a vessel. For nil lilts tve have no e.ts
press authority. We infer it i'roh) the gene
ral power of regulating commerce, am) we ex
ercise tho power,in tins; case, because n policy
of insurance is (tup.of the usual instruments,
or means, of commerce. Tint how inconsi
derable and unimportant is a policy of insu
rance, as the gmans or nn instrument of com
merce, companiK with the whole circulating
paper ot a country/
Sir, the power it granted to tis, and grantedS
without any specification of means ; mid, there
torn,wit may lawfully exercise all the usual means.
I need not particularize these means, nor slate,
at present, what they are, or may he. One is, no
doubt, a proper regulation of receipts at the cus
tom houses and land offices. Hut lids, of itself,
is not enough. Another- is a National bank,
which 1 fully believe, would, even now, answer
all desired purposes, and reinstale the currency
in niuoiy days. These I think, are the means to
he first tried; and if, notwithstanding these, iire
dccinablo paper should overwhelm us, others must
he resorted to. Wo have no direc t authority over
Statu bunks; but we have power over the curren
cy, and we must protect it, using, of course, al
ways such means, if they he found adequate, as
shall be most geulle and mild. The great meas
ure, sir, is a bank ; because a bank is not only
able to restrain the excessive issues of Slate banks
but it is able al-o to lurniah for the country u
currency of universal credit, ami ol uniform val
ue. This is the grand desideratum. Until such
currency is established, depend on it, sir, what
is necessary for the prosperity of the country cans
never be accomplished.
On the question of power, sir, we have a very
■ important and striking precedent. ,
The mombpts of thy Senate, Mr. President,
■ will recollect the contfoveby between New Voik
and her neighbor Slates, fifteen or sixteen years
ago, upon the exclusive right of steam navigation
New Y ork has granted an exclusive light ot such,
navigation over her waters-to Mr. Fulton and his
■ associates; and declared by law, that no vcusel
propelled by Btesni should navigate the North liv
er or the .Sound, wiihout license front these gran
tees, under penally of confiscation.
. To counteract this law, tho Legislature of New
Jersey enacted, that if any citizen of hors should
he restrained, or injured, in person or properly,
by any party acting under tho law of New Fork,
such citizen should have, remedy in her courts, II
the offender could bo caught within her territory,
and should bo enlilled lo treble damages Mini
costs - . New Jersey called this act a law of retor
tion ; and justified it on tho general ground of
reprisals.
On the oilier side, Connecticut took fire, and
as no steamboat could come down the Hound
from New York to Conner: ieut, or puss up from
Connecticut to New York, without a New York
license, she enacted a law, by which heavy pena'-
lics were imposed upon all who should presume
to come in her ports and haibors, having any
such license.
Here, sir, was a very harmonious state of cum
mere; ' ontorcourse! a very promising condition
of things, indeed ! —You could not go from New
York lo New Haven by steam nor could you go
fror<i New York to New Jersey, without tran
shipment in the bay. And now, sir, let mo re
mind the country, that lhis belligerent legislation
of the Stales concerned was justified and defend
ed, by exactly the same arguments us 1110.-0 which
wo have heard in this debate. Everything which
lias been said here, to prove the authority to reg
ulalo commerce docs not include a power to reg
ulate currency, was said in that case, to prove
that the same authority did not inpludo an exclu
sive power over steamboats or other means of
navigation. 1 do optkppw a reason a suggestion,
at) idea, which has been used 111 this debate, or
Which was used in die debate in .September, to
show that Congress has no power lo control Ihe
currency of the country and make it uniform,
wli’id'i wfcs not used in tlua (steamboat controver-'
»y, to prove that the authority of this Govern
ment did not reach the matter then in dispute.
I. ook to the forensic discussions in New Yo k !
Look to the argument in the court hero! You
will find it every where urged that navigation
does not come within the general idea of regula
ting commerce ; that steamboats are but vehicles
and instruments j that the power <.f Congress is
general and general only ; and that it does not 1
extend to agents and instruments.
And what, sir, put an did lo this slate of
things 1 What stopped these seizures and con
fir cations 1 Nothing, in tho world, sir, but the
exercise 'J[ the constitutional power of this Gov
ernment. Nothing in die world, hot tho decis
ion of the Supreme Court, that the power ol
Congress to regulate commerce was paramount;
that it overruled any interfering State laws : and
that these acts of the Stales did interfero with acts
of Congress, enacted under Us clevr constitution
al authority
As to tlm extent ot the power of regulating
commerce. Allow mo to quote a single sen
tence frtrtii (lie opinion of one of the learned
fudges of the Supreme Court, delivered on
that occasion, a judge always distinguished
for the great care wilh which lie guarded
State rights', I mean Mr. Justice Johnson.
And when 1 have read it, sir, then say, it it
does not confirm every word and syllable which
1 have uttered on tins subject, either now or
at the September session. “In the advance
ment. of society,” said the judge, ‘'labor, trans
portation, intelligence,care,and various means
ot exchange, become commodities, and enter
into commerce; and tho sulject, tho vehicle,
the agent, and these various operations, be- 1
come the objects ol commercial regulation ”
These just sentiments prevailed. The de
cision ol the Court quieted tho dangerous con
troversy and satisfied, and f will add grati
fied, the whole country.
Sir, may we not perceive at the present
1 moment, without being suspected, of belting
.i.J~-***~* *
with oyca whose sight is sharpened hy too
iiiiicli apprelier.sion—may we not perceive,
sir, in what is now passing around us, the pos
sible beginnings or another controversy be
tween (States, which may be of still greater
.moment, and followed, it not arrested, by still
more deplorable consequences? Do we see
no danger, no disturbance, no contests ahead?
I |l '' '(o we not behold excited commercial ri
valsliip, evidently existing between great
(States and great cilias / Do wc not see an
emulous competition for trad;, external and
internal ’ J?o wo not see the parlies concern
ed enlarging, and proposing to enlarge, to a
vast exlent their plan of currency, evidently
in connection with those objects of trade and
commerce ! Do wo not see Slates tlicinstdvcs
becoming deeply interested in great banking
l institutions Do wa-m-t know that, already,
the notes and bills of some Hlates are prohib<
| iled by law from circulating in others ?
[Tii he continued .]
< om.meidt vr„
I Z ' - ' - - : x:j.: . t.. i
hi verpool Circular.
March fifth, 1838.
Tfiesfilcs of f qttonfor (he week ending id inst.
were computed al 21340 bales, of all descriptions
ol which pot) .American were taken oil specula
tion i and 250 for export, viz :
lotto Upland, at (’> a 8 —5O nBl
■lO6O Orleans, 63 a 83 —GO it ?)
-0 111 Alabama G 3 ii H•
100 Sen Island 15i a 3)
1550 Brazils, 71 u 101
y7(l Egyptian Hi a Vs
boo East India 3? a "If,
120 West India 53 a 12
100 Peruvian B.’ a 0
20700
500 Kaatlildia,at public sale, at K a 51
21310
'flip imports of Colton from llioslates, tins week',
have been nnnsiially largo; being estimarsd at
sfanit l(tof 00 lings since Ibo 2d inat. inclusive of to
day. Wo T-aVo also had u (air demand.drum iho
trado, who have taken daring the last fivq days
about ICor 18000 boles; hut in Bonsetpience pflbo
large arrivals ibis week mid the cimlinued intense
duairo of importers to effect iiimiedmlo sales, priers
havo i gain given way fully I c per lb. and it now
appears evident that ns tho bulk of the late heavy
imports aro coining into the hands of some three or
four large houses, who have all along been forcing
sales, prices must undergo a slill further reduction;
wero it. not (or ibis circumstance prices might havo
ruled much higher at l ho present time (ortho reason
. 'bal'lio manufaelurers aro known to be on lof stocks
and aro ol the sumo time beginning loexpctieneo a
fair demand for Hoods; twist is rallier dull of sale
at ibis moment, lint an extensive enquiry for this
article is daily anticipated, so I lint spinners may bo
expected to eome into the market mid buy largely of
the raw material.
Cfittun —Upland ordinary midling 53 a 61; fair
| 61 n 63; good fine to good 7 a 73—Alabama ordinn-
I ry to midling 53 a 61; liiir G1 a7; good (air to good
7 a 73;sea island stained and miwgltmed Gi t HI;
ordinary to midling 111 a IG1; fair 17 n 18; good
fair 111 a 20; good and fine 22 a 27—Orleans and
(Mobile, ordinfirv to midling 53 a (13; fair G 3 a 73;
good fine In good 7 a 8; choice gunned marks 83 u 9,
MACON AIARKHT, APRIL 1 t.
Cotton —I.illle or no charge in the Colton mar
ket since our Inst. I’rices range from Hfto 9 cents;,
inferior qualities from Gi'to 7 cents; hut small qiianti
tieseerning in.
We have bad since our last a refreshing shower.
Vegetation is springing forth in vigorous beauty.
NKW Oil I.MANS At AIIK KT, APRIL 13.
Cotton. —T ntiKaeliiins in this article bus been to
a very limited extent this week, sales amounting to
from '.I le 4,1100 bales al about the range of our quo
tations, which are tho same ns hit week. Wo can
not find that there hns been any change in prices,
there was one sale of 1500 bales nil the others in
small lots, the highest not exceeding 400 bales; the
want ofsbippirig is no doubt one of the principal
onuses lor the null elate of the market, even were
purchasers willing to pay tho present high rates ol
freight, there is not vessels to take it away.
Tin) t'hports are 46.1,531 hales against 112,333 to
the sumo period fast (season, making' an excessof
49,218 bales which stand thus
It A LKS
Kxeess to British Ports 80,805
Short tp French Ports 30,122
North Kuropo 835
Cow es and a tnnikr( 50
Other Foreign I'wrfa. 4,8)0
35,853
Excess to Foreign Ports 53,052
Short Coastwise 4,731
49,218
There is much dj(lb(enttn between theeonr.se of
the enngl wise Exports this season from last, they
stand as follows:
Balks
Short to Boston mid others Eastern
Ports, 15,726
Excess to N Vork and other Ports 10,992
■1,731
Tho total Experts ol last sensen was 596,780 bales.
'Phis season to presenl/ime 461,531, leaving now
a Velicioncy of 1315,219 ol the total Exports ot last,
scas'iii; mill there is now on band, and on shipboard
not cleared about 125,060 bales.
There was about 8,000 bales consumed bv tho
Fire tit the Lower Cotton Press on (Monday night.
MOBfLK MARK KT, APRIL 13.
Cillnn. —Wc have to report ihe market the past
week inactive; lie re is scarcely any demand; the
slock on stile lias increased, and prices u main nu
chmiged. Receipts isjiiimue light. The rivers are
low, and min much winced. Sales nl tho week
from 6 to 7001) bides—market steady at the quota
tions below, though very quiet and but little doing.
hfOerpocl CUuiaiJicuhon.
(mod and fine . nominal
Cooil lair - • • - II a Ui
Fttfr 11l n Ilf
Middling 11 it
Interior and ordinary, • • 8 u 9
Stutnnfnt nj("niton.
Stock on hand, Ist October, 1837, l>aksJlksf'
Received since our la,-? hy steamboats,
barges and Hals, 0080
u Wagons 00
“ Previously 268903 274983
8769 GU
Exported since our Inst 11580
(i Previously 1891379 200iG5
Stock on hand, including al 1 on
shipboard not cleared 76195
I MOI'AKTNEIISIIU’ IHSSOLVIaI).-
S.. ' The copartnership of Thompson & Nolvo,
~t the Indian Springs, (ten , was dissolved mi ih"
r.th of October Inst hy mutual eon;,ant. The mi
dersi-'ued tins moved to Chambers pouriiy, -4ia,,
ami has loft bis notes mid ur,counts with -Mr
Thompson for eolle, lion.
march PI w ■'. If- 1 • r V l . ILf..■
r