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CHRONICLE AND SENTINEL.
AUGUSTA.
WDUweday Morning, June LI.
(jj’ The Mechanics’ Bank of this city, on the
'llth inst., declared a dividend of four dollars per
share out of the profits of the Batik for the past
six months.
The Hon. Hiram Warner the strongest man
in point of popularity and perhaps the ablest on
the ticket lately nominated by the union parly
for Congress has declined.
(jj’ Private contributions lo the amount of
twelve hundred and seventy dollars have been
made by a few persons in this city and neighbor
hood, for the relief of the Charleston sufferers.
I The committee appointed to make collections
ir. New Orleans report the sum of §5,171 ns
being collected.
The sums raised in the city of Mobile, arc
§3,180. This has been collected solely from
individual subscription.
The Whig Slate Convention of Md, which
assembled at Baltimore on the Sth, for the pur.
pose of nominating a candidate for the office of
Governor, fixed upon the Hon. John N. Steele,
of Dorcester county, for that purpose.
The “Merchants’ Transcript” is a new price
current published in New Orleans. It is a neat
little sheet and well worthy of mercantile patron
age.
The United States Gazette of the Till says: —
“We learn from inquiry, that the bank committee
which met last evening, had not received replies
to the letters sent to institutions in other States,
sufficient to allow them to recommend any spe
cific course with regard to the resumption of spe
cie payments. Several banks have replied to the
circular sent oul, but sufficient time has not elaps
ed for all to have acted upon and responded lo
the circular.
Letters from Quebec state that a reward of
§4OOO would be offered for the discovery and
arresf. of the pirates who distroyed the Sir Kobcrt
Peel.
The N. York Commercial of 7th inst. says.—
“We learn from a bearer of despatches, who ar
rived this morning on his way to Washington,
having left Moniiual since the date of our lutcs 1 -
papers that Sir John Colborne, with his staff
lias gone to take the command of the forces in
Upper Canada. A movement that seems lo in»
dicate apprehensions of something serious.’
'f’tic St. Joseph Times of 30th ult. says,—
“Capt. Jcnk ns of the steamer “Izard” reports
that four companies of the Sixth Rcgt. U. S. In
fantry, under the command of Capt. George C-
Ilutler, which were despatched after the Indians
who had flo.l from their encampment on the
Chattahoochee, were engaged in scouring the
country between the mouth of the Apalachicola
river ami South Cape. No fresh signs had been
discovered. The troops were in fine health ”
—bw—wwwmuw ii .MBiniaat im-^uWiiamiinaiwt:r*^fcj
i The loiter of Mr. liiddletoj, Q. Adams lias
had lime to circulate in Great Britain. A great
majority of the journals call it a powerful letter,
| and appear to feel lire force of its argument.
i The public opinion tested by the value of the
1 slock of the Bank, which was firm at £35.
3 Mississippi Notes —The Merchants' Trans
. cript ofNew Orleans, dated 7th inst. says.—that
} Mississippi fundsVonlinue to improve daily, they
are now freely taken at 17 or 18 per ct. for the
3 River Banks and Brandon at 30 a3l per ct. dis.
1 A few weeks ago the notes of the former were
■ current at 25 a37 per ct. and those of the latter
at 35 a37 per ct. discount, Wo have boon crcdi
i bly informed that this rapid rise has boon caused by
orders from Philadelphia sent out to tho Western
i country and this city to buy up the issues of tho
j above mentioned institutions.
3 The New Orleans cotton sales of Wednesday
and Thursday did not exceed 800 bales without
- change in price.
' Tho following is a copy of the Preamble and
[ Resolutions on tho Hub-Treasury Bill, which
' were passed by the General Assembly of Con
i’ nccticut.
[ State of Connecticut.
t Geneiial Assembly. May Session, 1833.
Whereas, a bill, called the Sub-Treasury, or
i independent Treasury bill, is now pending before
| Congress; and whereas said bill, in the opinion
of this Assembly, is, in its character and tendon-
I cy, contrary to the spirit of our institutions, dan.
f gerotts to our liberties, and destructive of our
, dearest interests; and will, if passed into a law,
) still further derange the currency, prostrate busi
' ness, spread ruin and desolation'through all das-
J sos of society, and change the present distress into
a settled and deep rooted despair.
I And whereas, if said Bill become a law, it will
. provide one currency tbr office-holders and an
inferior one for the people.
Therefore Resolved, That it is the will of this
General Assembly, that our Senators and Roprc
, senlativcs in Congress, vole against said bill, or
any other containing similar provisions, and use
all legal and proper means to prevent the passage
• thoioof, and that they he and they hereby arc so
1 instructed.
i (Wc think it will puzzle Messrs. Niles and
Smith tojump over this.)
The Cotton Chop.—Never has there been
known, in the recollection of the oldest inhabi
i lants, so miserable a prospect as there is in this
whole section Os country. The could weather,
the lice, and the hail storms, have so completely -
ruined the stand, that planters are ploughing up
their entire fields.— Greensboro (Ala ) Beacon.
From the Charleston Courier.
Important opinion of Judge O’Neall, in a case
of Oliver Simpson and. the Charleston Fire and
Marine Insurance Company, respecting an insu
rance of thirty eight slaves, valued at twenty
thousand dollars, on board tho brig Enterprise,
' which sailed on tho 32d January, 1835, from
Alexandria, District of Columbia, and hound for
1 tho port of Charleston, South Carolina, but said
vessel arrived at the Island of Bermuda, in dis
tress.
The case was decided in favor of the plaintiff.
Oliver Simpson, "j
L
Tho Charleston Fire and f
Marine Insurance Company, J
1 he three first grounds of appeal arc upon sup -
r posed errors of the verdict in matter of fact. It
I ' s enough to say, in relation to them, that (he ov„
idence was abundant, and every way satisfactory
to my mind, to sustain the conclusion to which
the Jury came.
The fourth and fifth grounds present tho only
i legal question in tho case, whether the bunging
r up tho slaves, under the writ of habeas corpus, is
sued by the Chief Justice of Bermuda, and the
discharge of them, by him, from the custody of
the master of the vessel, is within the risk enu
merated in the policy, viz : arrests, restraints and
i detainments of all kings, princes or people of
. what nation, condition or quality soever; for, if
this question bo answered in tire affirmative, then
the loss cannot be referred to an escape, which is
> an excepted peril.
i Tho warrants, arrests, restraints and detain
ments of all kings, princes or people, of what na
tion, condition or quality soever, arc broad
: enough to cover every possible detention, legal or
I illegal, by color of law, or without it. Had it
not been for tho case of Ncshit, vs. Lashington,
41. R. 783, I should not have hesitated to say,
that any detention in fact, was within the perils
1 insured. But that case held a mere liolous de.
tention of a vessel by a mob, and lhe consequent
: breaking up of her cargo, not to boa detention
in the meaning of the policy.
It appears that the detention, to ho within tho
policy, must ho a capture, or seizure, or detention
by the officer or agent of some government in
. fact.— (Plull. on Ins. 559.) It is true that Mr.
. Phillips says that it must ho by the commission
ed officers or agents of some lawful and ac
knowledged government. But this cannot be
true, for wherever a government in fact exists,
whether lawful or unlawful, acknowledged or un
■ acknowledged, it has the physical power to com
. pel obedience to itjs commands, and its officers or
■ agents are supposed to act by its authority, and
that therefore tho assured has no remedy for his
1 loss against them.
'Phis, however, need not he noticed for the pur
, poses of this ease, for taking the doctrine to he, as
, stated by Mr. Phillips, the detention hero would
ho one of the risks enumerated in the policy; for
the slaves were taken and detained from the cus.
1 tody of tho master, by a writ issued by tho Chief
Justice of Bermuda, the officer of an acknow
ledged and lawful government, that of Great Bri
p lain. The master of the vessel was bound to
yield obedience to tho writ of habeas corpus. Ho
' had not tho power to resist its mandate, and if he
t had, he would not have been justified in so doing,
lor it is the duty of all persons within the juris
diction of a countiy, to observe its laws and to
. yield to all its legal and proper process, any other
rule would lead to continual insubordination and
the exercise of physical power.
> Whether the subsequent discharge of the slaves
1 by the Chief Justice was according to or against
, the laws of Groat Britain, cannot now bo inquired
into, it was an act done in a court of Justice, and
by the judgment of a Court exercising a eompe
’ tent local jurisdiction, It is hence to be presum
ed, that it was done according to their law, al
though it must bo conceded by every one having
. tho least acquaintance with national communi
ties, that it was, direct violation of its first prin
ciplea.
' It is true that most of the cases of restraint and
■ detention reported in the books arn captures in
s lime of war, and seizure under political regula
tions. But it docs not hence follow that a deten
tion by Judicial [ occss is not an enumerated
3 risk. It as well as others, is the act of an officer
i oflhc Government, acting under its authority and
executing its laws. Tho motion is dismissed.
JOHN BEI/TON O’NEALIi.
The Court of Appeals concurred.
The Sir Robert Peel.
I The Montreal Courier of the 4th inst. expres
ses much satisfaction at tho efficient ami success
’ ful elloris which have been made hy the Amcri
• can authorities, to ferret out tho ruiiians who do
• stroyed the Sir Robert Pee'; and adds, —
Dr. Scott, of Drockville, has given most im
portant evidence. It appears that he was a pas
senger on board the Peel, and that as the pirates
were leaving \\ ells' Island, ho was cal loti upon
L as a medical man, to attend to a hull which one
. of them (Scanling) had received, —a supposed
s biokcn arm. \V Idle lie was dressing (ho wound
on board one of the two boats of the gong, tho
boat was pushed oil, and lie was carried with the
; parly to their lurking place, a shanty on a little
■ island, another of the Thousand Isles, which was
nisi opposite to French Greek and four miles above
Wells’ Island. Dr. S, was kept hero till <1 P. M,
when ho was landed near French Creek, under a
promise not to inform voluntarily. Doing arres.
i led, however, almost instantly on his landing (for
the entire population of the place and neighbor*
hood were out in pursuit of tho pirates) ho was
{nit upon oath, and gave his evidence.
The pirates were almost all Canadian refugees.
Two only can bo ascertained to ha Americans.
They used tho pass word “Caroline” in their at
tack, and behaved in all respects just as our pre
vious account stated.—At their lurking place, they
divided their plunder between them, and a num
ber of them left before Dr. 8. was allowed to leave.
They called one another by assumed names.—
‘‘Sir W. Wallace, Commodore, ’ “Judge Lynch,
Military Commander,” “Dolivar, Commander of
the Dlack Hussars,” ‘•Tccuinsch, (supposed Hill
Johnson) Commander of the Wood Hangers ”
“Captain Crockett,” "Admiral Nelson,” Ac.
M’Leod, the ex-Adjutant General, was of the par
ty, and it was reported at Prescott on Friday
evening, that ho was taken.
None of the gang were found on their Island,
when it was afterwards visited. Li their shanty,
were found several beds, a three pounder, a num
ber of muskets and bayonets, old swords and pis
tols, and lao pikes—all said to have been provi
ded for tho Aickory Island affair.
A trunk, containing some very valuable papers
belonging to Mr. Auldjo of this oily, and some
other valuable articles belonging to oilier itidivL
duals, had been discovered.
The efforts made to secure the arrest of the
criminals, are represented to have boon most un
remitting! and the authorities on tile Canadian
side express themselves fully satisfied with them.
[lt ought to ho distinctly noted, as stated in
the above, that of the “1 or 3U persons engaged
in the outrage,—or as some reports have it, 4u or
50, —only two are ascertained to he Americans
Tho affair was got up with so much secrecy, that
not a whisper concerning it reached a public car,
or that of the civil authorities, until the explosion
took place. Now the question is, whether by an
outrage committed under such circumstances" by
lirilish subjects, skulking in uninhabited Islands,
although within the limits of the United States,
the American people are not more sinned against
than sinning. So we view it; and so viewing it
wc conceive that the most rigorous punishment
ought to lie dealt ought to those wretches, who
seek to involve two nations in war, in the hope
that some advantage niayj accrue to themselves
from the results of the contest. All such disturb
ers of the peace must ho put down with an iron
hand or the must deplorable consequences will
ensue. Already we bear of an American steam
■ boat being fired upon from the British side, and
perforated with several halls, although fortunately
■ no lives were lost. What next? Clearly (he
Utmost vigilance, moderation and forbearance,
arc necessary, on tho part of the aulhori.'ies, both
■of Canada and tho United Slates. With
ernments of the two countries rcsls lire security
against war. The new Governors of Canada
have comn over hero with cool heads and honest
hearts, while the supreme government at homo
arid ihe government at Washington, will each
know how to make allowances in lavor of the
other, —orraihcr, they will know how to atlrlmle
the outrages which have occurred on either side,
10 the few lawless individuals concerned in thorn,
and not to the governments themselves, who will
ol course disavow and condemn them. — JV. Y.
Jour. Com.
Latest from China.
hellers received at Salem, via St. Ilcnlona,
■ from an American gentlemen at Macao, dated
12lh January, mention that an expiess boat had
just arrived from Canton, bringing the news that
the three principal Hong merchants, Houqua,
Mouqua, and Tinqua, wore imprisoned hy order
of the Vico Key, in consequence of the opium
transactions at Whampoa: This accounts fu
tile non-arrival of vessels from Canton, as the
trade with foreigners would probably be suspen
ded.
Wo learn that a good deal of commotion was
occasioned, hy the receipt of this intelligence,
amongst our India houses and traders, and that
it is communicated on authorily of one of the
most respectable American mcrchatsin China,
From the N. F- Whig.
Our readers have become familiar with the
proposition in Paris to convert the five per cent,
funds of Franco. We lay before them the speech
of Monsieur Laplagne, the minisler of Finance
at the sitting of the slh of May, giving his objec
tions to the measure. It is a curiosity, so far as
the minister’s notions go, of things m our coun
try.
Mr. Laeave Laplagne, finance minister, being
then brought in his chair to the foot of tire tri
bune, said ha would not then enter upon the
modes of operating the conversion, which might
be better reserved for another opportunity. Nor
would heenlarge upon tho right lo reduce nr the
justice of doing so. The moment funds are
above par, the holder was sufficiently warned of
>.yhi.t ho had to expect. Tho principal point was
tho present opportuneness oflhe measure. live
ry orator who had spoken admitted that its ad
vantages had been much exaggerated. Uut at
the same time, notwithstanding the frightful pic
tures drawn by M. Lamartine and oilier enemies
of the measure, he would second it, did ho think
the moment favorable. The causes which ren.
dered the moment unfavorable did not exist on
the state of the French treasury or French finan
ces. T. oso causes were Ihe situation of Ameri
ca, and the situation of tho bourse. Whh regard
to America, what he had said before the commis
sion, and what he would now repeat, did
not. refer lo a commercial crisis in that
country, for he confided in the prudence
oflhe merchants both of France and America.
But it was in the monetary stale of America that
he saw the danger! A few years ago coin was
unknown there. Numerous banks with too gical
facility, 100 littie guarantees, furnished all circula
tion with their paper. President Jackson attack
ed tho entire system, ami sought to bring back
metallic currency. This has caused a displace
ment of money, a rise of interest everywhere,
and considerable embarrassment in America.
The hanks suspended tlreii payments. If they
resume their payments, they must get a
great and further supply of coin from Europe-
And the hank has already lent 70 millions. It
the banks do not resume their payments, the
question is. can America support such a blow as
England did I What may be the results no one
knows. Such was the slate ol thing's in die A o'-
etican market, which made him shriek from now
un.loi-ukii'- the conversion. Tho other cause
was tho. aloof the i’aris Bourse, on which tho
ropeit of ihc commission said not a word. Ami
when ho spoke of the Bourse, ho meant by no
moans the stale of the country. If inquiry be
made throughout nil tho Exchanges nt Europe as
to who wore (he holders of those funds, eon true
a lcJ >'>’ tlu ‘ most necessitous, mined, and nmi
, paying states, tire holders of these will l>o found
e M llO of the poorest and most necessitous class,
Those, in tact, prefer high interest to security.
I \\ ere the conversion pressed, ami the small holds
nrs turned out ol tho Five per Cents, ho feared
, they would be tempted, in the present stale of
the maiket; to sink their capital in tho lists of
s promises and deceptive speculation that abound
0 I ho increase of share companies in recent years
had hern laid In ane tilc Chamber*. Uni tho in
[ creaso in the present year surprised all. In dans
nary and 1 cm nary companies were formed res
r quiting 113,000,000, which, if continued, would
_ make 700,000,000 in the year. Uut in March
s “h llll ' companies wore formed to the amount of
270,000.000. \r hen it was considered that there
wcic shares as low as 25 francs and 10 francs, it
might he imagined how such schemes would ah
' sorb Hie capital of the small holder when the lat
ter had no live per cent, stock to nlford a more
, solid allurement. Such a state of things in Paris
and in America ou;ht not to be allowed to pass
ere reduction v. as alien,pled.
i'rum the Darien Telegraph,
• My life is like the scattered wreck.
irv 11. EMMETT noon.
' “My life is like tiro summer rose."—it. u wix.dk.
■ My life is like the scattered wreck,
Cast by ibo waves upon tho shore;
The. broken masts, the rifted dock.
Tell of the ship-wreck that is o’er:
Yet, from these relies of the storm,
1 The mariner his raft will form,
Again to tempt tho faithless sea;
hut hope rebuilds no bark fur mo.
My life is like the blighted oak,
'I hat litis its soar and withered form,
f?calh d by the lightning’s sudden stroke,
Sternly to meet the coming storm:
Vet round that sapless trunk will twine
The curling tendrils of the vine,
And life and freshness there impart,—
Not to tho passion-blighted heart.
My life is like a desert rock,
In the mid.ocean lone and drear;
Worn by the wild waves’ ceaseless shock,
That round its base tbeir surges rear;
\el there the sen-moss still will cling—
Some flower will find a cleft to spring,
And breath, e’en there a sweet perfume;
For me, life’s flowers no more will'
bloom
1 Gi.oo.ur Picture. —The subjoined letter np
’ pcared in a late number of the Globe. It must
■ have got there by mistake, for we have not met,
wi'h, iu any Opposition paper, so gloomy a pic-
I tore of tho miseries brought on the country by
• rhe ignorance and obstinacy of our merciless
! rulers. It is a severe chastisement which the
3 People arc suffering for their infatuation; hut,
• though the pup which they have mixed for them
|l 1 selves be hitter, we have Hip consolation of know
ing that the wisdom most dearly purchased is the
II most lasting— ■Nationallntelligencer,
a From the Globe,
/ Extract from a letter to a member of Congress from
c a friend in Mississippi.
, 1 “TitP times archulj, ,alannk;j here, Many
r plantations arc entirely stripped of negroes and
. horses by the marshal or sheriff; and to add to
r our other difficulties, our bank paper is goting
i worse every day. We cannot get plantation
I supplies for less (ban double New Orleans prices
, with our money. Suits are multiplying— two
thousand five hundred in the United Stales Gin
■ euit Court, and two thousand in Hinds County
. Court. Silver is demanded, and our citizens
, threaten violence and bloodshed. Wo are in a
, bad situation.
1 Mr. THOMPSON’S SPEECH— Continued
Tire following ia lire statement of the Sec
retary of the Treasury of the amount of Hank
capital anti circulation on the Ist January,
. 18117. in round numbers,
■‘ Capital. Circulation.
1 States of N. York, $37,000,000 $24,000,000
1 City of N. York, 20,000,000 9,500,000
’ South Carolina, 0,500,000 7,000,000
Charleston, 8,000,000 6,000,000
Pennsylvania, 58,500,000 25,000,000
Philadelphia, 45,000.000 20,000,000
Georgia, 11,500,000 5.000,000
Alabama, 10.000,000 7,500,000
Louisiana, 37,000,000 6,000,000
Mississippi 13,000,000 5,000,000
; Massachusetts, 38,000,000 10,000,000
Then’ducts and figures speak for thorn
selves. It will not be pretended that a small
city ur stale, with little commerce, requires as
much currency us those which are larger, and
1 have greater commerce. Upon what ratio
■ will you regalate ill That of population or
1 commerce, or what ia tho nearest approxima
tion to a just ratio, a combined one of popula
tion ami commerce. Now York lias ten
; times the population of Charleston, and ia
entitled on that principle to eighty millions.
It has twenty. It has forty limes the com
merer; and on that ratio, to three hundred
and twenty millions—on a compound ratio ol
numbers and of commerce to twenty five 1
times as much, which is two hundred millions. I
It has twenty. And so of all the southern
cities. New Orleans, with one.-.tenth of the j
trad and one s xth of the population of New t
York, has one third more of banking capital. !
It is still mote strikingly shown in tire cases I
of Philadelphia, width one third of the popu. I
lotion, and less than a fifth of the commerce |
of New York, has three limes the bank capit-1
al. Not less striking is the case of Boston, j
Why has Now York bo far outstripped them I
both? Will any one, in the face of these
facts, hold up his head, and attribute the pow
er and prosperity of New York to tho hanking
system! But it is to the deposilo of public
funds that the groat prosperity of New York
is owing. How much has been, on an aver ,
age, deposited there at any one time? Not
mure than three millions Add that to the
capital and currency of that city, and how
sinking y unequal slid is the statement.
I do nut suppose that it will be pretended
that public money has any peculiarly refresh
ing and invigorating quality any more than so
much private capital. This whole notion about
depositee is a sheer and downright fallacy.
The money in not deposited in Now York un -
less collected there. No bank issues to the
whole amuulof its depositee,• a portion of it,
Generally half, remains locked up, and is, to
that extent, a diminution of currency, and
therefore an embarrassment instead of an aid I
to commerce Os all tho extravagances that I*
have been broached by intelligent men this is j
the greatest, to attribute the commercial pow- | -
er of New York to causes so obviously insuf-1
fioienf. What made Amsterdam no long the . ,
commercial metropolis of (lie continent; Lon- j
-j&_ . r~
**-* > °—** ,i M Jt«nr
• don, of nil Europe; Glasgow, of Scotland; who
’ can toll, or what mine mui waul,l have altri
-1 bulod cither to any one cause. Tho advant
-1 ao'os ol Now Y ork are vast and innumerable’
The most perfect loon! position, enormous
accumulation of capital, regular packets, and
whips without number, mid, moro than all, fa
cilities of inland U'ansporinlion, unequalled
and perfect, by which goods imported there
arc d .••tribuleil all over the United States. If
Now York had not a sin; lo bank, the curreii'
ey ol oilier States would accumulate (hero
more than at any other point. 1 met in Now
■ Y ork, a lew days sineo, a friend who had gone
there to obtain funds to ret on foot a bank in
Arkansas. 1 asked him if ho wished gold and
silver, ho said no; that, for the greater part, ho
prolcrrod exchange on Now Y'ork. J)o was
right, sir; and the fact is the most conclusive
refutation of all these fallacies. 7'ucro are
moans by which the trade of the South, and
of much of the West, may bo brought back to
our own city of Charleston. But it never
will bo done if reliance is placed upon every
new theory, more political than commercial,
that is started. One, and the chief of these
moans, is unr great enterprise of communi
cating with the West; by that, and similar
works, this, to tho South, great end may bo
attained, and I hopo and believe it will be. 1
hope so, sir, trom every consideration of in
terest ah well us every feeling of affection.
I should lovo that venerable old city, if for
nothing else, hut that it held the bones of
of the Rutledges, the Laurenses, & the Pinck
neys; and now, in her day of calamity and
suffering, that fooling is almost ono of devo
tion. But I will not support every wild and
impracticable theory, because 1 am told, on
any authority, that it will benefit Charleston,
when 1 have no shadow of doubt that Iho
effects will bo directly the reverse. 1 called
some tone since, for a report showing the
receipts and expenditures in each of' the
States. The Secretary has not responded to the
cal'; find 1 must, therefore, take the report
of 1834, the last that has boon made. In
that, the amounts received and expended in
the several Stales, was us lolluws in round
numbers:
Collected. Expended.
Vermont $179 $232,000
New Hampshire 10 418,000
Rhode Island 119,000 331,000
Connecticut 47,000 305,000
$301,000 $1,330,000
Collected. Expended.
' Louisiana 1,000,000 340,000
Mississippi, 1,000 000 310 000
Alabama, 721000 374,000
$2,721,000 $1,030,000
The four New England States receive mere
than a million more than is collected. The
! three Southern States collect one million so
> ven hundred thousand moro than is re-expen
ded. The three middle Stairs collect two
' millions, and receive three. Now, sir, that
3 the fiscal operations of the Government ope
rates injuriously lo us I do not doubt, and have
, often asserted here. But in a demand of
specie, for Government dues, I sec only an
’ o "s'«vttlion of the evil. Whilst bank paper
1 is tho currency, and the hanks pay specie, the
1 pressure of those unequal disbursements is
less severely felt, it is arranged and allevia
ted hy the si/cnt operations of trade and com ■
incrce. But adopt tho specie system, and
the specie must bo transported, or kept where
it is collected at an effwal cost, and it cannot
ho evaded. Suppose there was now in Mo
bile a million in specie belonging to the Go
vernment, how would you use it? I have been
answered in conversation, by prominent advo
cates of this policy, by transporting tho spe
cie. That is my opinion. If the Govern
ment docs not do it, the officer or employee,
to whom a draft is given, or tho merchant or
bank, into whose hands it falls, will; or he
will only allow the specie lo remain hy being
paid for it. In the last ffve years two millions
and a half have been collected in Charleston—
certainly less than a million and u half paid
out in tlie State. Suppose that amount col.
looted in specie, and transferred, does it not
unavoidably diminish our currency, not one
million, only, but three? For one million of
specie is a safe basis for three ol currency.
Buck it not add just that much to tho currency
of the place lo which it is transferred? Mr.
Crawford, in 1817, saw this, and saw also that
any peculiar currency, being adopted by the
Government, would loud to the advantage ol
that section east of tins city, where Govern,
merit disbursements were chiefly modi'.; and
this effect is infinitely increased, when that
currency is gold and silver, which is the basis
of u three fold paper currency.
Again, in Now York, the money paid into
the Treasury is almost immediately paid out
again, and is available to pay duties twenty
times in a week. Not so m Charleston; it is
locked up, and only unlocked to be transfer,
red. New York not only retains what is paid
there, but much that is paid elsewhere flows
into New York. Take the case, stated bo-
I fore, of the paymaster in Arkansas who sells
the Government draft on New Yoilc. It gets
1 into the bands of merchants—what for? To
| draw the specie? No; hut lo pay lo the ini
] porting merchant in the city. It moves there
i m a continual circle, and circulates like the
j blood, one moment in the bead, the next in tho i
' fact. But ns to tho cities ol the youth it is
I blood taken from the arm; and, under such a
j system, it is demon-trebly true that tho more
I goods wc import at the South the worse for
us. The mure duties we should pay, and the
[ more specie withdrawn from us, 1 need not be
told that such is, and always has been the case.
To a certain but an infinitely less extent it
has. Under tho system of receiving couvore
libs; bank paper, liie vix mediant rue of cnin
merce and trade bus greatly diminished the
injurious effects.
J t Ints boon said that the South is lo bo benc
fittnd by tbo exchange on the North being against
us. Bov/ bine lilted I By forcing a direct trade
to our own ports. This looks mightily liko the
tariff’ policy. It is certainly true, that if iherc
was a tolal non intercourse with Northern cilics,
tho people of tbo South would bo forced lo trade
ul Southern seaports, and that in proportion, us
impediments aro thrown in tho way of such in
tercourse, will this effect bo produced. But at
whore cost? At the cost of tbo consumer, if
there is any thing true in tiro anli tariff argu
ment —that the effect of culling off' co i petition
is lo increase prices. Ask the farmer to which
market bo prefers that bis merchant should go,
lo Charleston or New Y’ork! ills reply will be
lo that where he can lay in bis good- cheapest.
For ho know; that the cheaper ho buys tho cheap- ,
er he can sell. It he can buy as cheap in Chariest I
ton, there is no need ol artificial checks lo com 1
- « V. ■.
-
i petition; it ho has to pay higher prices, the con,
sumcr ultimately pays the difference. Now, sir,
il any male of the South wishes to force the in
■ crease of importation in their own cities, nothing
j is easier. I, el the legislature provide hy law, to
j pay one halt the duties on all goods imported;
. my life on ii the importations then! will ho cnor-
I mniisly increased, and, il lam not mistaken, at
, some risk of dissatisfaction when the people come
I' to ho taxed to pay the money.
Iho 'South it is said, raises the staples which
. are needed in foreign moikets, and has therefore
the command of foreign specie. A greater falla
cy never was uttered. Wo raise thorn staples it
; is irui', hut they ore marketable commodities and
| are any body’s who can pay for them. How, hut
in colton do wo pay! How can we pay for the
immense amounts which wo annually purchase
’ of Northern commodities; such articles as wo ato
' obliged to have and which the Northern
‘ people can furnish us on hotter terms than
I any one else — negro cloth, shoes, hats. car
i riages, furniture, all articles of wood, leath
er, tins; in slunt, all articles of which thp
taw material constitutes the chict element
of value? Then they have cotton as well uc
wo have, and the same command of foreign
specie an we h ive. Hot us stale a case. °A
new hank is about to be established, and eve
ry body wants specie from Europe to lake
slock. An enterprising yankeo comes to tlio
South with it cargo ol tho articles 1 have
cn; tneralod. Hus ho any difficulty in obtain,
ingour cotton! But it New York merchant
wants an hundred thousand dollars in specie
from England; so docs a merchant ul Angus'
la. They both have the money in hank notes
of their respective cities. The Now Yorker
dnposites his money in tho Manhattan Hank;
goes to Augusta and sells hills at 10 per coot
premium. Ho has then $llO,OOO. whilst the
Augusta merchants lias $100,000; so that ho
can ship Ins cotton to Liverpool and bring
back his specie with tho same amount with
which tho Augusta merchant has Ids cotton
in the warehouse in Augusta. And litis is
tho command of foreign specie which our sta
ples and an adverse exchange give us—anoth
er case I suppose where tho fuels and theory
not agreeing: So much tho worse for the
facts. Hut, sir, Igo further, and do not hesi.
talc to suy, that it specie in largo amounts is
brought into the country, it is done exclusive
ly at the cost of those who famish the staph s
of foreign commerce. Hitch always has been
i the case and always will he. Specie never is
. imported without a depression at the same
I time in the price of cotton. It is a melancholy
. instance of party infatuation to sec Soul hemp
men chuckling at the importation of specie,
) attended as it ever has been by the fail of cot
) ton. Suppose we determine on a metallic
I currency, or what is equivalent, hank paper
representing specie, dollar for dollar. No
j one will say that we have too much currency
now. I think il demonstrable that we have
" never had enough. France, with double cup
'I population and lees commerce, has eight him
: dred millions of dollars, and prices arc not
swollen in France. It is one of the cheapest
countries in Europe. We then are entitled to
[) four hundred millions, whilst we never have
1 had the half of it. But even take it at what
it now is, whence is the hundred millions to
c come. It must come chiefly from England,
1 our great customer. It is too manifest to need
t argument, that whilst the whole country rc
r ceiveslhc benefit, we pay the expense in tho
2 diminished pi ices of our staples. England
3 has about thirty-five millions sterling, sup
. pose half of that is withdrawn; will not prices
. fall! Cotton with every thing else. Will not
| the manufactories dismiss their workmen >
. Cotton accumulate and demand diminish ? Is
not a Hill in price (he inevitable effect? I have
no earthly doubt that it is the interest of the
t >tton planter that specie should he sent from
tills country to England, and not that it should
he brought from England to this country,
i hat we are more interested in the currency
of England being abundant, than that it should
he so here, for the obvious reason, that Hie
more abundant money is, the higher will prii eg
he, and the more animated all commercial and
manufacturing interests; and it is the price in
England which fixes the value of cotton in this
country. The fable, sir, of the hoy and his
goose, docs not represent greater folly, than
for a cotton planter to desire an increase of
our own currency at the expense of diminish
ing that of England. Again, if convertible
hank notes are as good us specie, there can
he no reason for a discrimination. If they are
not, and duties are paid in specie, and the
goods sold for bank paper, the price is enhan
ced to the 'consumer to that extent. This is
too obvious to need argument. Is it forgotten
how fiercely, and to the last, we resisted the
demand of cash duties. How near the com
promise of 1832 was being defeated by the
tenacity ol Houthcrn men on that ground ’
What was the difference between cash and
credit, compared with the difference between
specie and bank paper? Specie is to be im
ported, and can only be paid for in our staples.
It will nut be pretended that (he same cotton
will procure both specie and merchandize
too. H specie come, merchandize cannot;
and we are forced to buy articles of American
m iiiufaclure at an enhanced price at the same
time that there is a deficiency of revenue front
a diminished importation.
(To he Continued.)
fJOJUM 13IlCf A Si.
MODI I.V. ATARkK'IVJ*>rfR H.
(tutUn. —V‘. i* Jay n.Hiticoiir c! LsAilicHlion nnd pro
sent our murkot a« ii niiin:il Thvro appearing no
other gradc.s mi s ; il« I huu middling nnd fair, down-
I ward, lor which (he huloh nro Mi to ( M a Sic. Tim
nal(?.s of the w'-uk imv<* buuii about ‘JOO halos, and
Iliia mainly taken to till vi cis. Stock on .sale
about JOoo bale,'’.
Freight .•*■ -Hull—to Liverpool, I a 2d.; to Havre,
There being no change in tho price of articles
usually reperiod in detail, we omit quotations to day.
.... I— - *-"■* I ■ —.—
Gcorgi.-i, Hnikc County ;
\t%J HEREAS little Burry Barth applies for
vo' h iters dismissary, on the estate ul Alfish
Jenkins, deceased.
I liege am thoiefbrc to r ite and admonish all and
singular the kindrodnnd creditors ol said deceasod,
to he and appear at my office within the time pre
scribed hy lavv, to show cause, if any they have,
why said Icltois should not he granted.
(liven under niy h mil t office, in Waynesboro
this‘Jtid day ut Alareli, 1838.
i : r 21) Cnu T. I), BI.OCNT, Bcp .Clerk.
Georgia. Burke County.
WHEREAS James (.rubhs Administrator of
the eslnlo wf Wm. Bryant, deceased, applies
to mo for letters of dismission.
These are therefor to cite anil admonish all and
singular the kin fred nnd crcdiiors ol said doc’d to
ho and appear atnny office, within tho time prescrib
cd hy law, to shew caiisn.if any they have, why
said letters should nolrbo grated.
(liven under my hand at office in Waynesboro,
I his 2<M day of January 1838.
Jan 86 aim Ora TII BLOUNT, uoeou c.
IJOTICi). All persons indebted to the estn'o
ol t.cnrge (i. Bass, late of Burke county, de
ceased, arc n quested to make payment, and those
having demands arc reijne.-teil to render them in ac
cordin'.; to law. It. W. BASS, Adm'r.
april 17