Below is the OCR text representation for this newspapers page.

1 1 ,nn !\' Iki hmovl Win. i To Mi'iiry Clay, I’-ij.-Letter VII. IS u—My last letter lias nlrcntly issued Irfftn tlio I'tfSH 'viitl I ’* ns yet, I liml no opportunity nt resuming my pen. *ln reading it ov-r, I find myself dic-Miiraged from my las I:; (or I perceive that I have ei d imlhmg that may { not already have o-eurrt-d to I lie *■ mcliil mid . enlightened, nothing that the tactions and ma'ignvnt will nol reject, no limy I Ini' dm ignorant n'ld prejudiced can icma le to on-' derstaml. Goiwcious of this, I led dishear, toned. Bn my Ims-ness, sir, is vvilliy<''i, and my own party. I Will tint now perm Imy sell to disparage die candour (o winch I have ap pealed, by yielding I > a doubt whether you will listen I" whit else I have to o I r. Nor will I distrust tint' magnanimity (rid openness of nature, winch so remarkably distinguishes the political friends, whom I would warn from the destruction, to which so many have Cft~ , petly devoted liininsolves. It is la l 'tl,e lainill and scattered remiiiiiit of the true I hnrch ol fc?t,ate Rights principles, that 1 would again , address myself, in the hope ol dispelling I r •onto of the prejudices against the Banking I f system, the lolly ol which I have lived lo see. I |j Tins was Ihe aim of my hist Idler, in which „ I endeavored los/iovv, Ihal, as bctuceii lliO j. different ime res Is of tho coinrnunily, whatever ,1 Joss might result from the adoption of llmt i systcmrmusl, fmm the nature of the thing, ti be borne by tlie moneyed interest, its creator and director. Whether tlni' inlorcs', prover- ( f tnally intelligent, sagacious and vigilant, re- p quires the guardianship of the rest of the coni' (1 munity, to save it from sell destruction, is a w question which Ido not propose lo discuss, p J have no 1 hing lo offer to those "who think t! (hat wisdom will dio with them;” and that ,| they owe it to (lie world to leave behind them |V a complete system of regulations, reaching even to the mmnlost nfl iirs ol individuals, s The men to whom 1 address myself arc nol ( ol that school of “presumptuous ignorance;’ i but, even lo them, it may ho interesting to oL-< ~ nerve, how, in promoting tho general piospcri- 1 ty of the community, tho moneyed interest i receives, (t hough nol an equal share of hone- i lit) n lull equivalent for the sacrifice it makes i to the common good. , It is a curious instance of the perversity of ( self deception, tliat. they who speak and act i ns if the actual presence of gold and silver i were the a uminum himum ol prosperity, and i regard that as the only currency winch a wise i people would permit themselves lo touch, ■base their system on principles which lake no account of the intrinsic value of these pic eious commodities. But gold md silver have an intrinsic value. 'J’his is measured by the cost of production. All tlie elements of value are employed in producing them, and these enter into their production with so much imilormily, im to point them out as the best common measure of all values. They are valuable also, os being (It for the use of man in various ways. For utensils and ornaments, they are preferred before any thing else. In this view, indeed, they are not neccssortcs. If they were only valuable fin such, then, like all other necessaries, they ■might lose a part of their value, when the de mands of nn’itro were supplied. But the ap petite, to which they minister, is one nol lia ble lo bo glutted by abundance. JI grows by feeding. There is no passion so craving and insatiate as vanity, L is of thc family of iho "Ilorsc l.ecch, ami cries continually, (live! Give!” and will nol he satisfied. Hence, the demand keeps place with the supply, however that may vary, with a steadiness not less uni form than that of the cost of production; and iltcnco a permanency of value, by which all other values may he measured. But vanity itself must yield to Necessity, and sacrifice a part of its gratifications to tho wants of Commerce; and here the laws of dc. mand and supply again display their opera tion. Hence, if, Horn any cause, Iho pro ■eious metals are scarcer in one country than another, their vahio will bo greater there. It 1 Will require more ol oilier things to procure • hem, or in other words, the prices ol all I tilings else will litH. I!, therefore, there were , ■no substitute lor them, and if ihe amount in , circulation in each country boro unclmngea- , lily the same proportion to tho exchanges, pri- i cos would every where bear the due ratio to ( each other, I hat ratio consists of such an < excess ol price in the country whore an arti cle is consumed, over and above the actual cost in the producing country, as shall alford a lair compensation lor the capital and labor employed in exportation, and for the risk at. tending it. It the dilfercnee is less than lies, exportation will be checked. If more, the capital of the consuming country will go to llioiproducmg country, to contend lor a share of this excessive compensation tor iho cm. ploymontol capital. Thus money will ho im ported, the p roll Is of exportation reduced to their proper standard, and the due ratio be tween Ibe componsal ion to the producer and the price to the consumer restored. ll any people could devise a cheaper, and a polled substitute tor specie, to housed in their 1 domestic exchanges, they would have no need ' of specie among themselves. All they m ght have on hand, would he sent abroad lo those, who, luiv ng no such substitute, would give more for it than it would be worth to diem, lit that case, the exchangeable value of lies specie m foreign markets would bo added to die amount of their imports and comforts. In short, they would find themselves ns much i idler, as il they had had an equal amount of superfluity in any other article. Ties, though true, will not bo obvious to many, because they arc in the hub'll d thin king only of suuhaubstitmus as are confessed ly imperfect.—There is but one perfect sub sinnic, and that is period, universal and un doublmg credit. Unfortunately such is not lobe (omul, tor its existence would imply an universal good faith, prudence, and proi ion w sdout not given lo man. But wore the poo pie of any country thus endowed, aa conlcs sedly none is, they would hut use tho names ol the common coins of other countries for dm purpose of keeping heir accounts —but their money balances might all bo seltlod in foreign markets. There alone would money bo wanting, and none would want it but tin; importer. 1 o him, it would be enough to re st n\c the pledge ot his customer to pay him, in Liverpool or Havre a certain number ol guineas or ol trains, (o be mis- d by die i xporl of cotton or tobacco, or any other article. 11< would be, at the same time, the common cen tre of all the mutual exchanges of Ins custo mers, and credits with hint would balance ul transactions that could not be settled by sim ple tmr’cr. ll will bo seen that 1 am supposing an ini possible case, and it is because the case ii impossible, Unit specie or tiny o'hor circula •mg medium is necessary. But lam no sure dial tho Ime philosophy ot thesnbjec would not leach us to invert Iho order ot dn eoimmm form of speech,-and to say llmt spe tt,u ' its represpiila'mv aie but sub.-m lutes lor credit, as n should be, and ;n i 81 ,y "'""hi bc.weic man neither sliori ;■ -b ted, ignorant nor wicked. In piopoiuou'a lii tl.«n .ter ol any comimmny m nnrkc lby 11l Hi' I 111 I I I t o cm ' IiIM.'SS I'l I lie llist illltc lor credit, which they find tlmiiisolves con .■lra uni |.i imo. If no unn can lie ('mind who ivi!: inisi iiny other, then the n lual prcpcnee olVpeeie in nil purcbn -;s will bo indispnnsa hie. Tie ■ is lie; iniicli c: >V< I ;<! I ' iltlcil age. I It (hero ho porno who may ho trusted, I though not uiiiversaMy, then ho who is with out iiionoy, rind cannot, command the conti il ncc of him w.th whom he denis, must, look for some rcspnnsibl; man who knows him, mid procure Ins pledge fur Iho performance of his eiiongoincnts. This is the system of bonds with security, and the harvest of sheriffs nnd pettifoggers. II there he any who deserve and command universal confidence, and who will lend their pledges to those whose solvency they personally Know, llier these pledges will begin to circulate ns a medium of exchange, and thus will introduce the banking system at the same time, in the direct intercourse be tween Iho persons thus distinguished for inte grity and wealth, the process of exchange wdl ho carried on without the intervention of any medium or pledge but their own. This completes the credit system, of wlrcli the hanking system, though its convenient instru ment,forms hut an inconsiderable part. There is probably not a haberdasher in London who loes not handle more specie and bank paper Ilian Huron Rothschild. In nil large transac tions at. tins day, neither is used. Now each of these stages of approximation 0 a system of perfect credit, has, in its appro iria'o degree, the effect of rendering super loons a portion of that specie, which ot.licr ivse would have been indispensable. This lortion, then, is added to the superfluities of .lie community, and its intrinsic value is ad ded to the total of exports, imports and coin forts. On the contrary, let a people full back from such approximation to universal confidence, toward the opposite extreme of universal dia trust, and it will presently bu seen that an amount of specie before unnecessary, will become indispensable. This amount will be added to the wants of Ibo community, and must bo supplied by a corresponding deduc tion from their comforts.—For want of the customary competition, all the productions of the country will fall below their proper value; the price lo the producer in the domestic market, will no longer bear the duo ratio to lli.it paid by t he consumer abroad; and foreign money will come in, instead of foreign com forts. Here the intrinsic value of the money limn imported to supply the purposes of a cir culating mud urn, is lost lo the community, and the amount, of specie brought into the country, will be the exact measure of the amount, of necessaries and comforts and luxu ries unavoidably dispensed with. It is interesting nnd instructive to trace tins result to its linul cause. The elements of credit are prudence and good faith. It is sonic defect of these that renders the impor lation ol specie necessary, ami the value of the sum imported is the measure of the self inflicted penalties incurred by a contempt of either of these cardinal commercial virtues. Do you remember, sir, sflsop’s story of the dog whose foolish vanity mistook for a badge of distinction the clog which was fastened about his neck to keep him out of mischief ? 1 am aware of no oilier instance of presump. I nous folly comparable lo that of men who, having forced (ho community to tax itself to the amount of millions of specie for the use ot commerce, glory in their scheme, and boast of the importation as an honor lo the rulers ol the laud. If, then, it be practicable that the laws and institutions of any community should he made to lend their aid lo the teachings of experience and to prevent this offence and avert this pen alty, should not the praise of wisdom and Jus tice he awarded them I And what then shall we say lo laws and institutions and rulers, which beguile the people to ('rime, and then urge the avenger to demand his victim j so content, rest not (ill they have involved (he innocent in one common ruin with (ho guilty ? I think, sir, that commercial men will not disci dm this account of the Credit System. I think that the moneyed interest will accept this plea ollered on it s behalf, when called up on to show cause why it should not he placed under tbc guardianship of the hard-iuouey sys tem. They arc not insensible of the wear and tear of capital in the service of the commer cial system, but they arc conscious, that, in the advancement ot their common prosperity, they receive more than aif equivalent, The differ ence between them ami other interests is this: They purchase this advantage at uprice. The rest enjoy it equally at free fust. If these ideas are w 11 founded, they imply a compliment to the sagacity of our rulers, w hich it would he unjust to williold. In their war on the Credit System, they have begun at the right end. The foundations of that sys tem are prudence and good faith ; and they first tempt the people to imprudence, and then debauch them by corruption. Wc have board for the first time in the history of modern Com merce, that our merchants are unfaithful to their country, in fulfilling their engagements abroad. For doing this,they have been rebuk ed in a tone of authority, by one whom 1 ib: l not name, because he belongs to a certain set | w hom I will never honor so far. Mr. Calhoun may lake il as a tribute of respect to one win is not yet “less than arch angel ruined,” dial I have singled him out from the gang of swim diers and sharpers, with which he lias chosci to identity himself. The consummate mso lencc of that other official has alone provoker tills notice. They to whom he addressed hi; admonition, paid him less attention. Rut now it seems that the authority of the licneral (Joy , eminent is to be brought to bear on die trails actions of individuals, in the way of pains am penal ies. the precedent is set in the mallei of the notes of (ho old bank of the Unitoi Slates. The right to meddle wi'h the nflair; of a legelimale State (.torpor,tion, is based, presume, on Mr. Calhoun’s new maxim, “Uni 1 whatever we use as monev is money," and i I there ore sub ject lo federal legislation. If so - tlu- next step may he to luvor us with souk - penalties against the dealers in shin plasters • imposed h\ federal authority. The same pi-in r eiple would legalize the condemnation of Haul t notes, other promissory notes and bonds, am i the denial ot all remedy on them. The Slab f t'oiirts might still indeed, remain open to tlu • creditors. Rut llie Force Rill (lo which i • scorns Mr, t'allionn is now reconciled, as In , do os not attempt Us repeal, now that hii i friends, the true Slate Rights party arc n ■i power,) affords a precedent tor the removal o e such cases, by rerliorari, to the federal cotirti - where these mischievous symbols ol credi - might meet their just doom. II Rut, alter all, men of old fashioned honest< ' might ami would trust each other, and men verbal promises lo pay might still, ns they ik l- now, perform ba’l the business ot tbc country ■ s The only radical measure would bo n bring the arm of criminal Jurisprudence p ,l bear lien; 100, and lo punish, as for misde meanor,all who might buy or sell on credit, o ” make or take promises, or deal on any bu ’’ the plantation plan, of‘-here's one, and there' '■ t’other.” Tins is the point where the war c 11 the credit system should be pressed. A .moults on tlu- Ranks are vain, ns long ns cicd • i j unimpaired. Rut introduce the degt.t 1m # and (]»• noruliz mojims of iloppotiem, and there id nn end us lank paper. Men of wealth must thru hegii to hoard, and that they may hoard seenrev, they must agree to attach a high conventioial va'uo to diamonds and the like. They tqzy thus elude alike the rapacity of the tyrant, and the noh, by conceal-' ing princely wealth in t!io patches of a layered garment. Until th sid done, credit will pre vail; and the evidences of debt will he trans ferred, and the symbols of credit will perform the offices of money. This is the true charac ter of Bank paper, and though Mr. Calhoun and Mr. Webster should unite to call them ni'rioy, they arc not money. They belong to the head of contracts, and their validity nn 1 enforcement depend on thctnunicipal sover eignty, which the Federal Govennaenl is not. ilelorc I dismiss this subject of a Bank of the United (States, permit rne to odor one moro remark. I have suggested a plan which I banc ven'ured to recommend to my politi cal friends, as a means of keeping awake that watchfulness over the Treasury, and that jea t lousy of federal power, which have so long slumbered. A pecuniary interest is prover bially ajealous in'erest, and men quarrel about money, who agree about every thing else. To yon I would add, that a Bank of the United Slates, representing the pecuniary interest of all the Slates to the extent of fifty millions, will draw them together like flies to a drop of honey. They may quarrel and light over it, but they will never separate while ibe least scent remains. "Dams sum non (Jdis pus,” but 1 must be permitted to believe that such a Bank, judiciously organized and skil fully managed, would be no small security at once against consolidation and disunion. And now, sir, having said all this, I beg leave again to assure you, that I am not in 1 love with this pi m. Were it. in my power to establish it, and were I free from all conatilus tional scruples, I should I rctnblo at the thoughl of a new experiment on the currency and prosperity of the country. To deal frankly with yon, I have but used this suggestion as a text fur my remarks. Jt has served rne as a sort of mould to give Turin and texture to ideas which otherwise might have been unintelligi. b!o. If, by this means, I have succeeded in presenting them distinctly, it will have served my turn. A Friend op State Rioiits. I -IJB 1 1 1 . . . I. "■ CHRONICLE AND SENTINEL. AIJUISTA. Tuesday Morning, July 17. STATE EIGHTS TICKET FOR CONtfREMS. WM. C. DAWSON, Jt. W. HABERSHAM, J. 0. ALFORD, W. T. COLQUITT, E. A. NISDET, MARK A. COOPER, THOMAS BUTLER KING, EDWARD J, BLACK, LOTT WARREN. The citizens of Savannah met on Thursday last to offer a tribute of respect to the memory of those of their fellow citizens who perished on the awful night of the Mil) of Juno. A very touch ing and appropriate address was delivered by the Rev. W. Preston, upon the occasion. The U. S. Bank Bonds authorised to he sold by the recent Act of Congress, amount to about six millions of dollars. The proceeds will go in to the Treasury, to aid ill defraying the expenses of Government. Il is staled that more bills were passed dating the last three days of the late session of Congress, than in the whole of the rest of the time together! We sec that two of the steamboats which run hettveen New York and Providence have had a hard race—having made the trip to Providence in 13 hours, and coming in neck and neck. The Philadelphia, Wilmington and Baltimore Kail Road Company has declared a dividend of four per cent. The trial of William Stewart, of Dorchester county, Mil., charged with the murder of his fa* thcr, which occurred in Baltimore, a shoit time ago, has been, on motion of his counsel, postpon ed until October next. There will ho an almost total eclipse of the sun on the ISlh September throughout the United Stales. It will be the last central eclipse seen in ' the United Stales until tiro 30lh May, 1851, which will he also angular. The next total eclipse of the sun will bo 7th August, 1801. i The Wheeling Times of the 7th states that the engineers have finally commenced locating the ( Baltimore and Ohio Rail Road at that place, and , were progressing eastward with all warrantable i despatch. Baltimore Tobacco Trade,—There are now loading in the port ol Baltimore, four vessels 1 hound to Bremen, two to Rotterdam, one to Am r ■ sterdain, and one to Marseilles, each of which * 1 will take an average cargo of 400 hhds. of tobac | co, or about 3,200 hhds. in all. j From Florida. , The steamer John McLean, arrived at Savan ■' nation the 13th, from Black Greek, B. F. The ’ fallowing particulars were furnished the Editor ; of the Georgian, by Paymaster Stewart, of the 1 Army. Gen. Taylor, on the 29th June, left Garey's Perry for Okefonokee Swamp, and bad ordered I six companies—four ol Infantry and two of Dra -1 goons—to repair forthwith to the Mineral Springs, s and if practicable at this season ol i the year, he intended to penetrate the Swamp, t but if not doomed praeiieable, will establish posts s near and around the Swamp, so as to protect the lj inhabitants of Georgia and Florida from the in cursions of the Indians.—Gen. T. has oidercd , supplies np the St. Marys to Trader's Hill, and \ also from Tampa Bay to the Mineral Springs on the Suwannee. Hu arrived on the 2d hist, al ’ Charles' Ferry on the Suwannee, from which place he would proceed with his stall to examine ’ the vicinity of the Swamp. Col. Harney, with ’ a detachment of Infantry and Dragoons, icccntly visited (by steam boat) Fori Lane and sloppei I al Fori Mellon on Lake Monroe, but disenverei * no sign> «l Indians. Fort Mellon and othei s posts nn the Si. Johns, evacuated by the Troops II arc still standing. II Fid. 11. eonlempl.ilrs, al au early day, mi ex it j elusion with four companies of Dragoons lu thr J Ouitlilacoochee, au a iceonnoitcnng party. Frumthe N. O July 13. LiUest Loin Texas, 'J'hc steam packet Columbia, 48 hours from Galveston, arrived last night at 12 o’clock. Wo are indebted to the politeness of Copt Moore for our regular tiles, from which wo learn a rumor wav current in Houston, that the merchants of Malamoras, Vera Cruz, and Tampico had peti tioned the Mexican government to effect nn ar rangement hy which goods could ho received from the United .States via Texas. It is aUn rumored that England had formally recognised the Independence of Texas, and that a treaty of commerce had been entered into, which was ratified and signed hy President Hous ton on the 4th July. A party of about 100 Cumanche Indiana visit led the camp of eight or ten surveyors, on the 22d ult, and under pretence of friendship, suc ceeded in stealing the horses of the surveyors.— Mr Campbell and his party pursued, and overta king, were fired upon hy the Indians, and Mr. Campbell immediately killed; captain Cage was also wounded, hut made his escape. I’ram the Matagorda Bulletin we learn that on the 22d ult., a parly of 150 Mexicans from Mala moras and the Rio Grande, committed some de predations upon the properly and persons of the ritizens residing on the San Antonio and the I.ahacca. They attacked seven carts of goods worth several thousand dollars, and took them to the up country. In the renconter one naan was killed, and another so badly wounded that his life is despaired of. The bun. Alice Laßranche, (of Louisiana') Minister from the United Slates to Texas, and Robert J Kcr, Esq., Secretary ol Legation, arrived last night in the Columbia from Galveston. The U S sloop of War, Vandalia, was off Velasco on the 9lh inst. From the TV. Y, U7ug, July 12 Latest From France, The lino of packet ships Sully, Capt. Lines, ar rived yesterday morning from Havre. Bho brings us files of Havre papers to the morning of sailing and Paris of the Ist ult. Captain 1,. sailed on the 3d of June. We copy the following abstract from the Star of last evening. Dissensions continue to tcign among the Car lists at Onala, Villabuna. Don Carlos, in order to gratify the Navarrcse and Dasqucs, has made a decrcce obliging Castillians and strangers to takeuparmes nndoiganise into battalions. Man agorri, in the French territory, continues to enrol the Carlist deserters. Some 2ar 3UO of these deserters arc at Sebastian and Passage, under l.ord Hay. Mr. LeConlc de Tournon is named to accom pany Marshal Boult to Victoria’s coronation. Doelcur Clot-Boy, a Frenchman, is named mem ber of the legion of honor for his services during the plague of Egypt. The English government arc reported to have purchased the city o( Aden on the Red Sea. J.ouis Phillippe is residing with his family at his favorite scat of Ncuilly, near Paris. The conversion of the rentes seem to drag in the Peers, and Count Mole, fearing difficulties al so in the Chambers, ptoposcs to make a new batch of the former and to dissolve the latter. The grievances of the San Domingo claimants were to be brought before the Chamber of Depu ties June 2d. Gen Tacon, late Governor of Cuba, had arriv ed at Bordeaux from Havana. Mr. Emanuel Las Cases, just returned from his commission to Hayti, has been named Coun sellor of .State Extraordinary. He is also a mem ber of the Deputies. The Duchess of Braganza, Empress Dowager of Brazil, arrived at Munich on the 25th inst. It is rumored that the Emperors of Austria and Prussia will meet the King of Russia at Prague, in July. The Duke of Orleans gave a dinner, the 29th of May, in honor of the anniversary of his mar riage. There are 31 bills still unacted upon before the French Chambers. The Credits demanded of the Chamber arc eleven hundred and seventy-four millions or banes, and 103 j millions addition for public works. Filly Tour bills of importance have been passed. The Queen of Spain on May 23J, reviewed at Madrid 20 squadrons of Cavalry and 17 battal lions of infantry. The young Queen and sister were received with enthusiasm. Fczenzas, min ister from France, had arrived. The hereditary Prince of Orange, it is said, is about to espouse a princess of Wirlomburg. The Emperor of Russia lias created the Prince a Ge neral in his army. A company has been established in London with a capital of 300,000/. for a steam communi cation with the south of France and Italy. 'J’hc ships to be ot the first class for freight and pas sengers, to go from London to Marseilles in 11 days, 23 to Naples, <Stc. M. Thiers lias gone on a tour to the Pyreiu nccs. Lislz, the young violin player, is making much sensation at Vienna. M. de Perrcy, Secretary of Talleyrand, has de nied the assertions iy the London Times respect ing the papers of the deceased piince. Mrs. Marianna Starke, the English authoress, is dead at Milan, aged 76. A foreign merchant has been arrested at Bor deaux on the charge of being the money agent of Don Carlos. Dr. Bowring is at Smyrna endeavoring to ef fect on the part of the English government and East India Co. a project for a railroad to be con. structed by them from the Red Sea to the Nile, Abdel Kader is carrying on the war with seve ral of the interior As rican tribes. The Duchess of Angouleme and Duke of Bor deaux have been on a tour to Istria. Dr. Aubert, the traveller, has returned from Abyssinia. There were recently 50 arrivals of ships at Havre—cargoes valued at 20 millions francs. The school at Paris for the Arabic, Persian, Turkish and Armenian languages, is now com pletely organised. Marshal Valloo continues indisposed at Al giers. The Journal of Havre of Juno 2d, alluding to the success of the English steamships to Ameri ca, doubts not, from the rumor in circulation, that a company for a line of stcamvcssels will be es tablished between Havre and New York. Col. Drift and Lady. Wo have perused a letters from Mr. G. B. Lamar, dated Augusta, July 8, in which ho says: T arrived here from Wilmington, by the Rail Road, last evening', and am grieved to say, that the circumstances within my knowledge too cer tainly indicate the loss of Col. Britt and his lady.’ From the tenor ol the letter we no longer doubt that Col Britt was on the Pulaski, and consequent ly we may not hope',to meet him again;—thus has perished one of our mos worthy and esteemed citizens.— Columbus Herald. BiekncU’s Reporter, speaking ot the meeting of the Philadelphia Banks, at which it was resolv ed to resume specie payments on the Ist of Au gust, says : “The banks that voted against the resumption . wore ihc Bank of the United Stales, the hank ol i Pennsylvania, the Bank of North America, and the Bchuylkill Bank—the three first supposed to I ho amongst the soundest and ablest, if not the I soundest and ablest of our banking institutions The policy ol the course adopted by these insli , | lotions, we w ill not now attempt to analyse. i Flic rcsuli is l-i us highly gratifying, lor we bp . j hevc that the great m;i- of the people of both j political patties, would have expressed gieat dis satisfaction, had the genetal suspension been pio tracled much longer, It is possible (bat tome lilllo presuic will tic A ll lor a short time prior anil subsequent lo lo the Ist of August, as the banks may think it nocesssary to lo loss liberal in their discounts. The restrictive feeling will, however, prove hut momentary, fir money is in very little demand just now, and is not likely lo he, until towards the fall. Onr merchants and wholesale dealers, moreover, have for some time past been engaged in the laudable work of curtailing their business, and gelling their all’airs into a managea ble condition. The present moment, therefore, strikes us as being particularly opportune for a general resumption ; and wc doubt not that the resolution alluded to above, will speedily be re sponded to by every solvent Institution in the State. Indeed, many are of the opinion that, not withstanding the vole of the IJank of the United States again-t the Ist of August—that Bank now that th e first has been recommended will take the lead, and proceed to the payment of specie forth with.” Bisknell’s (Philadelphia) Reporter of July 10, says—We understand that the delegates of our City and Country Banks will hold a meeting, when a committee, recently appointed for the purpose, will make a report in relation lo the propriety of holding a Bank Convention in this city. Wc learn that the 23d inst. will bo sug gested as the proper time for holding such a Convention, and that the Banks of the neighbor-1 ing States—Virginia, Maryland, Massachusetts, Ohio, and the District of Columbia, will be invit. ed to send delegates to the proposed convention. It is our impression that this Convention will recommend the Ist of August as the proper time to resume Specie Payments in full. The Philadelphia Inquirer of the 11th, how ever, regards the question of resumption on the Ist of August as uncertain. The editor says— ‘‘We regret to find that soma doubts still exist as to a general and early resumption of specie payments on the part of the Banks of Pennsylva nia. It should he remembered that the recom mendation recently adopted at a meeting in which a portion of the hunks of the city and county were represented, was merely a recommenda* lion, not a positive resolution or determination, and that even this was not adopted with any great unanimity. The ayes amounted to bul'rea; and when we recollect the number of the monied in stitutions in this commonwealth, ami the strong apprehensions still entertained with regard to the course of Ilia southern and western banks, we fear that this vague recommendation, and by such a small proportion of our hanks, will not he productive of the consummation so devoutly wished.” ♦ » » * * “However, earnestly a resumption may bo dc. sired, it is quite evident that the matter has not yet been ultimately determined upon. This is had nows, but still wc feel bound to give it pub licity.” A letter from Philadelphia, of Monday’s date l says— * A Bank Convention is lo be called here, to be got together as soon as possible—say in about two weeks. It is believed they will fix upon a day of resumption. Whether it will lie Ist Aug. or Ist Sept, it is difficult to say, perhaps not till October. The Philadelphia U. S. Gazette of the 12th. has the following: Meeting ol the Banks. At a meeting ol the associated banks of the city and county of Philadelphia, held on Wednesday evening, 11 th inst., the following resolutions, was adopted by the board, viz; Resolved, That the Banks of Boston, Provi. donee, Baltimore and Richmond, and such others as the lime admit of, he invited to meet the Banks of Philadelphia in convention in this city, on Monday, the 23d instant., lo consult upon the measures to he adopted for an early and simulta neous resumption of specie payments. Resolved, That the committee be instructed to communicate this resolution lo the hanks in question, and lo make the necessary arrangements lor the meeting of the convention. It was also resolved, That it he recommended to the several banks of the city and districts, to appoint one or more delegates lo represent them in this convention. The association then adjourned sine die. Banka and Bank Notes. The Act on this subject received the approval of the President on the sth instant, ji is as lob lows: AN ACT lo modify the last clause of the fifth section of the doposite act of the twenty-third ot June, eighteen hundred and thirty six. Jie it enacted by the Senate and Rouse nf Representatives nf the United States of Amer ica in Congress assembled, That the last clause of the filth section of the act entitled “An act to regulate the deposites of the public raoned,” ap proved on the twenty third day of June, eighteen hundred and thirty six, declaring that the notes or hills of no bank shall bo received in payment of any debt due to the United Slates, which shall after the fourth day of July, m the year eighteen hundred and thirty six, issue any note or bill of a less denomination than live dollars, shall he, and lire same is hereby, so far modified as that the in ■ lerdiclion as to the reception of the hills and notes shall not continue ag dust any bank which has, since the said fourth day of July, in the year one thousand eight hundred and thirty six, issued bills or notes of a less denomination than five dollars, or which shall issue any such lulls or notes prior to the first day of October, in the year eighteen hundred and thirty eight, but that from and after the said last mentioned day, tho bills or notes of no hank shall be received in pay ment of any debt, due to the United Stales, which bank shall, after that date issue, re-issue, or pay out any bill or note of a denomination loss than live dollars. WM. R. KING President of the Senate protein. JAMES K. POLK, Speaker of the House of Representatives. Ari’iiovEn, July sth, 183 ft. M. VAN DU REN. The Weather. As melting ns the temperature, has been the past week, the thermometer has not exceeded 91 or 93 degrees in our Reading Room.— Savannah Georgian of the 11 th inst. Yesterday at 3 o’clock, P. M., the thermome ter in our office stood at 95, which is the greatest degree ol heat yet experienced,— Baltimore Arne rican, July 1 ~th. At the Exchange yesterday, the thermometer hanging at the north window, exposed to the air, stood, at 1 o’clock, P. M., at 100; the one hang ing by the reading room door, in the large saloon, stood at the same time 93.— Philadelphia Herald, July 1 llh. At 6 o’clock this morning, Lynch & Clark’s thermometer stood at 78; at half past seven, 80; at half past IP. M. 92j; which is Ij dogreec higher than at the same hour yesterday, and j a degree higher than at any lime yesterday. Only 5j degrees more, and it will be up lo blood heat in the shade. Two o’clock.—Lynch & Clark’s thermometer now stands at 93 in the shade. .V. V. Journal of Commerce, July 10 th. Anti Aiiolitiux Movements,—The New England Conference of the Methodist Episcopal Church, and the Maine Conference of the same sect, have adopted a plan of pacification, by which the members are to abandon all participa tion in abolition coiiveniions, societies or publi cations, as connected with the Church. The New Jlampsliiro Conference, now in session, will probably follow their example. The New Yoik Conference has required its members to retrain from the subject altogether. rpt . r , Shipwreck, i *° !. n 5. farol "“‘’ Driver, arrived at Boston— wlien oil Nantucket, .aw a ship ashore, on the south shod, with n signal of distress (lying. Cap. 1:1111 Driver immediately stood in, and at 8P M * found her to be the ship Nathaniel Hooper, Cate tain Bognrdus, from Havana, bound to Boston with a cargo of upwards of 3500 boxes of white sugar, intended for the Russian market. Previ. ous to being boarded by the Caroline, six hun dred boxes ot sugar had been thrown overboard in the hope that she would float off. Captain Driver took from her two foreign gentlemen, and the lady of one ol I hem, who were passengers I and who had intended to proceed in her to Europe! Death of Colonel Knapp.—We ore con cerned to announce of the dea'h of Colonel Samuel L. Knapp, recently of this city, who de puted this life at Hopkington, Mass., on Sunday morning. The name of this gentleman has long been familiar to tbc reading public, and he has always been greatly esteemed in private life. —.V. T. Com. Jhlv. ■— , | cammL: HAVRE COTTON MARKET, MAY 31. The transactions in this article hnvecomimted on a limned scale throughout the last eight days They have generally, however, taken place without reduction in priocs. The sales embrace 3306 bales, consisting of 1115 bales New Orleans, of which 10 hales of low qual uy, at f 74,311 bales 178 to f BG, 409 at f 87 to f 95 270 at f9Bto I 105, and 03 bales good, at f 112 50— 047 Mobile at f 77 to f 98—1484 Upland, of which a I of low quality, at f 74 and f 70, 592 at fBO to fB6. 809 at ( 87 to f 90, 57 at f 102, and 82 flne at f 107 50 —lOO Marnnham at f 96 50-and 10 Madras atf SG, the whole duty paid. The supplies received, on the other hand, have amounted to 9193 hales, viz : 6517 bales U. Stales cottons, 2646 bales Brazils, and 59 bales other sorts. .r , lm,cs Lou isiana 83 50 a 105 f; 781 do Mobile 78 a 94; 43 do do at public sale 66 a 74: 838 do Georgia 82 5) n lOlf. 50c ; 64 do Florida 88 a 951; 37 do Virginia at Public sale 72 a 80f; 128 do Pernambuco 1251*. Juno 3.—The sales to day were 1144 bales, os fol lows:—100 bales Louisiana at 95; 60 do 90; 7! 88; 100 Mobile at 98; 43 do 97; 93 do 94; 106 do 92- 100 do 90; 100 do 89; 51 do 86; 123 do 84; 23d083 : JO Georgia, 56 50; 33 do 86; 61 Florida 82. June 3.—The demand has been principally for Switzerland, and Ihe sales include for the last three days 5080 bales, viz on the 31st ult. 1289 bales • 1500 on the Ist hist and 2300 on the 2d. MARINE INTELLIGENCE. SAVANNAH, .Inly 14—Ar. «tnp Auburn. Tilrfey, v rebr Rebecca, Neill, Norfolk; steamboats tJeoreia Gould, Augusta. Cbatlinm, Wray, do; John McLean. Adams, Gan ys Ferry; D W St. John, Wieki,Charleston Went to sen, ships Sterling, Stinson, Liverpool: Lan- CBSluiv, Alexander, do. CMARLJvVTON, July 16,—Ar Saturday, steam • et Neptune, Penn oyer, w Y, 7m Arr steamers John McLean, Adnms, Black Creek; .las jfdmns. Chase, do, Camden, Mills, do. In the ofllnjp—U L brig Planter, /him N Y. and ship, Cld. Line ship Niagara, Bciher, N Y. brig JLela, Mor roll. Mobile, s< hr Columbia, Stmt, Phila. Went to sen. Line ship Niagara; IU slier, a\ y. »Uam picket N C, Wilmington, N C, The members of the Mechanics’ Asso ciation "re requested to meet at Lamhaek’e l-one Room, THIS EVENING, at 8 o’clock, at w hich hour the Committee appointed to draft a Consti tution will report. Such Mechanics ns are desirous of Second n<» members of the Association are also requested to July 17 Augusta Benevolent Society. The following are the Visiting Committees up. pointed to art for the present month • No. 1.-J. W. Meredith, Cyrus Pike, .Mrs. McCoy, and Mrs. Nancv Jones. Division No. 2.—Rev. C. F. Starves, Dr. E. Os borne, Mrs. T*<. C olo, nnd Miss K. Morrison. Division No. 3 —Samuel C. Wilson, Porter Flem. mg, Mrs. llama McKinnc, nnd Mrs K. W Collier* July 17 T S. STOY.Sec’y. Kr During iny absence from Ibo State, WiTfiaii). 11. Cnslmey nnd Nathaniel Patten, are my author ised agents, for thelrnnsnetion of business connect ed with the office of the f’hronicle & Sentinel WILLIAM E. JONES'. Augusta, July 7,1838 ANIEL MACMUTIPIIY i«‘ Iny attorney dsrinp my short absence from the state. July 3, 1838 2vv WM. FULLER. WM. R. McKEET* No. 369 Jiroad street, Augimta, Ga., \ GENT for the New Vork Albion, Emigrant 1 and Old Countryman, will receive subscrip tions nnd payments. Jy June 9 rjl HE subscriber being about to leave thtTSlnTe X for a few weeks, Jno. M. Hampton, of Lauf reus county, will act ns his agent nnd attorney un til he returns. JOHN THOMAS.. Dublin. T aureus Co., On., June 23. tw<s-vv MR. JOHN 11. MURPHY will act as nry attorney during my absence from the city ; all • prisons indebted to me will therefore make imme diate payment to him. A. FOSTER. Augusta, May 30, 1838. ts NOT! CIO. —The subscribers having determined to close their business ns soon as practicible. respectfully request those indebted to them to make ns early payments ns ran be done without incon venience ; open accounts, particularly, they desire may be liquidated ns early ns possible. Orders from our customers, reaching us previous to the 15th or 3flth oi July, will he executed as heretofore. i ADAMS, PARMEI.EE & Co. f July 3, 1838 3td&w If 1 CII M ON I) II L U lON , H ATTENTION I Attend a Called Meeting of llie Company at the Planter’s Hotel, | on Thursday evening next, the 19th just, at 8 o’clock precisely. 7j y HiE Members are requested to be U ! 7 punctual in their attendance. WaJ By order of ('apt. Robertson, wlf II 11AIFORD, Sec’y. ,I,dy !6 id ■ AND AN 1> GENERAL AGENCY" B i OFFICE. —The subscriber will attend to llm sale, exchange and settlement of lands in Florida, the investigation and perfecting ot titles to real es late, conveyancing, &c. and to the adjustment nnd collection of debts. 11 is office is at his residence in the city of St. Augustine, East Florida. June 12 6m PETER SKEN SMITH. riiflUiVEO SURGEONS’ TRUSSES^ /‘or the radical am- of Hernia, nr Rupture, Invented by Holier Chase, ,m. ij. of Philadelphia. f | lllb. subscriber would respect (idly inform Ibo X medical profession,and those afflicted with Hor maor Rupture,that, having inadoarraiigcmenls with ibo general ngctil of I lie inventor, to he constantly supplied with these justly celebrated Trusses, he is now prepared to furnish instruments, and also to Heat ibis a filleting disease, as met with in every ago and in belli sexes. The instruments consist of Inguinal Trusses, 8 sizes: Ventre Inguinal Trusses, 8 sizes: Feme -1 ral Trusses, 2 sizes; Umbilical and Ventral Trus ses, 3 sizes; of double Trusses, 8 sizes, adapted to all the forms of Double Rupture These instruments must be os d by Physicians well versed in the minute anatomv ol the parts im plicated in Hernia. They are adapted to every va riety ol reducible Hernia, nnd do nul interfere with the ordinary avocations of iho patient. Persons from a distance can have the instruments applied, and all necessary directions given, as to the management ol the case, on application to the sub scriber, at his office on Campbell st. Augusta, Ga. may2l_ F.M. ROBERTSON, M. D STEEL RillB FOR COTTON (HNS. NEW INVENTION. ■ MIL subscriber has just received asnpply of the • a. 1A 1 ENT RIBS for Cotton (/ins, which have been spoken so highly of wherever they been tried throughout I lie Colton Growing ’'states These Ribs are so cons rucled that one set will last twenty years or more, and be constantly in use, by having an extra set of Cast Steel laces. The laces arc made to (it on the front ol the Ribs, where Ihe Saws pass through, and in so simple a manner that any person can (tut them on. The subscriber will always keep a supply ol Gina on hand of the above description. WILLIAM JONES, A few doors above the Upper Market July 13