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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