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WILLIAM E. JONES & Co. AUGUSTA, Ga. TUESDAY MORNING, JULY 23 1839 lr ” . ' VOL. lII.—No. fen THE CHRONICLE AND SENTINEL. PUBLISHED, DAILY, TRI-WEEKLY, AND WEEKLY, At No. Broad-street. terms: Daily paper. Ten Dollars per annum, in advance. Tri-Weekly paper, at Six Dollars in advance or Seven at the end of the year. f Weekly paper, Three Dollars in advance,or Four at the end of year. I - * CHRONICLE AND SENTINEL. A U <; 11 8 T A . MONDAY MORNING, JULY 22. Wo commend to the serious and considerate perusal of all the readers of our paper, the circu lar which follows this article, and the proceed ings of the meeting at Macon. The circular is signed by some of the. ablest financiers, and some of the most experienced, skilful and extensive planters of the South, who had casually met in the city of New York. It seems too, to have the unanimous approbation of a large and highly intelligent meeting of our fellow-citizens of Macon. We arc not prepared at present to make any remarks upon the propositions of the circular it » self, and any attempt on our part to give a sketch of its contents, would fall far short of the clear, and forcible, yet dignified and dispassionate lan guage in which it is clothed. We therefore content ourselves at present with again com mending it to the consideration of our readers. To Ihe Cotton Planters, Merchants, Factors, and Presidents and Directors of the several Battles of the Southern States: CIRC v<L a n . Fellow Citizens: Interested like yourselves, in the cultivation and disposal of the great staple of American agriculture and commerce, we have accidentally met in this city, in the midst of a cri sis which discloses some strikingly momentous features in the history of this most important branch of the trade of our country. When the Cotton Crop of the United States was a mere item in its trade, and did not reach a production exceeding five hundred thousand bales, it was perhaps sale to consider it as one among many articles of barter and exchange, which left entirely to the fortuitous circumstances if commerce, would find its level under the in fluence of the ordinary laws of trade, without the necessity of resorting to any means of precaution ary protection. Times, however, have changed. Cotton has passed from the condition ot a mere article of commerce, to the performance of the mighty func tion of being in a great degree the regulator of the exchanges, and the standard of value of our country. If the nature of this material forbids its entering into our circulation, it is scarcely less the basis of our currency, than the precious me tals; for the fluctuations in its price are felt with a sensibility equally as acute and searching, as any of those variations which belong to the demand and supply of these sensitive and mysterious to kens of national value. The production of this staple, has now become so immense, that it behooves those who produce it by a large investment of capital at a high rate of incidental cost, and in a climate perilous to hu man health, to consider well, whether there are not some material circumstances in reference to the mode in which this product of their labor is shipped from this country, and is brought to mar ket at the point ofits final sale and consumption which demand the application of a prompt and ef fective remedy. In one word, is not the impor tant fact disclosed, that such is the unwieldy amount of this great staple of Southern industry, that it cannot bo sent forward and disposed of at fair remunerating prices, through the ordinary medium of the mercantile establishments of this country and in Europe, without the direct co-op erationof our banking institutions'? If we have become satisfied of this fact, ought we not to or tganize a system, which shall give perfect security to this great interest in the commerce and finan ces of our country 1 The unwise and ruinous El system of sending the crop forward to houses of circumscribed means, on the other side of the wa tfr, who are incapable of holding their consign ments an hour beyond the maturity of the hills drawn against such shipments, subjects in fact, nearly the whole amount of American interests to foreign combinations, which might act, not on ly with entire concert, but with a perfect know ledge of the period, when from the maturity of the acceptances in question, property to a stupen dous amount belonging to this country, may he ready for sacrifice. The great and vital change which must be op erated, is to sustain American interests, by Am erican credit. To realize at home, the resources necessery for the protection of our property abroad without the necessity of large and inconvenient drafts on the capital and means of our great cus tomer. In other words, the commercial reform we desire, is to send our great staple to market, without the period being determined by the date of a Bill of Exchange, when it is to bo brought forward for absolute and unnecessary sacrifice.— We believe that the steadiness in price, which would result from a portion, at least, of the Cot ton crop being exempt from the disastrous fluctu ations arising from compulsory sales, would in the end, be scarcely less valuable to the spinner and consumer in England, than to the grower and shipper here. A fact, which we think de monsatrable from the following postulates, which wo consider altogether self-evident: 1. The natural price of Colton is the effect of the fair and natural influence of supply and demand. 2. The price cannot be steady, and the article i cannot be current, so as to admit of safe calcula tions on the part of the planters, the manufactu rer and the merchant, unless the price be natural, ■mdt is consequently the interest of these three classes, that the article should be protected, on the one hand from any great and undue speculative action, which might inflate prices above the natu -1 ral rate—anil on the other, from any derange- S ment in the money market, or any other aeciden tal cause, which might depress it below that rale. The elfcct of great and undue speculation being to derange the money market and to produce re i action, with an undue depression of prices. 3. The state of the currency mainly depends | on the means which the country possesses, to pay | its foreign debt, by shipments ofits produce. To ] the extent its produce or manufacture falls short I of that object, exports of specie may he induced, i the elfcct of which must he a reduction of the circulation, with depreciation of property and general distress. 4. Cotton. In this country, being by far the west important produce, and affording the great mciiiis of paying the foreign debt, it is the inter est of the community, and particularly of the monied institutions, that the price of it in Eng land, (the great market,) should he steady, and that the article should he of current sale, so ns to he the means of large and effective remittance. It follows, that the interest of the banking insiitu r lions here, are the same as those of the three classes first mentioned, namely, that the [nice t should be natural, that it may be steady, and of easy realization. 5. The interest of the British Government, of the Bank ot England, and of the banks of that country in respect to this article, arc the same as the interests of the hanks here. The importa tion there being immense, and the employment of a most numerous body of the laboring classes, depending on the steadiness of prices. When they arc not steady—the foreign demand for manufactured cotton is reduced greatly, the op eratives are thrown out of employment, and the great means of settling the balance of trade, with out tliWexportation of the precious metals arc withdrawn. Manufactured cottons affording by far, the most important branch of their export trade. fi. Consequently, any arrengement that could he formed, by which the article would he protect ed from the effects of undue speculation, and from depression in the money market, and by which steadiness of price, with currency of sale, would he promoted—would save some of the greatest and best interests in both countries. 7. It is therefore proposed to form a system by which, with the commencement of the new crop, advances on Cotton shall be made with the capi tal or credit of Banks here, thereby relieving the consignee in Europe from all care or considera tion, except the advantageous sale of his stock, which would promote all these interests, and af ford general satisfaction on both sides of the wa ter, provided it were not made the means di rectly or indirectly, of undue speculation or mo nopoly. Having thus indicated the principles on which the proposed system must find its justification and basis, we will now as succinctly as possible, detail the means of carrying it into effect. We are far from imputing any premeditated hostility of the Bank of England to American interests; on the contrary, it is one of the bene volent influences of commercial intercourse, to promote peace and good will among nations and men. Hence this great engine of the commer cial grandeur and opulence of Great Britain, ac ting under an elightened instinct, must rather desire that its best customer should at all times be in a condition to meet her engagements with entire punctuality and success. But there are epochs in the commerce of Eng land, whether from insufficient harvests a languid demand for her manufactures, or political com binations, when the hank may, from an urgent policy, limit her discounts, and increase her rate of interest. This event can never occur, with out its having a blighting influence on any sur plus of our great staple, which might be unsold in England. Surely, if the Bank of England ran exercise (unavoidably,) an influence thus preju dicial, we may resort to our own American hanks, as a means of security and protection, without the invidious clamor of combination and monopo ly. It is time that the absurd and senseless cry on the subject of banks making advances on Cot ton, should he understood, and finally put down. The truth ir, that by the mere purchase of the foreign exchanges of the country, they advance on nearly every bale of Cotton subject to foreign export, and this without the security of the bill of landingand policy ofinsurance, on the mere per sonal responsibility of the drawers and indorsers of the bill. Hence these losses arc most com prehensive and disastrous after every commercial crisis and revulsion. Mow we propose giving to the hanks in 11 cases, the higher protection of these securities, and that early next autumn one or more banks in each of the great commercial Cotton markets of the South, should commence making advances on the crop, according to a scale to he graduated by what will he a safe calculation of its probable amount, assuming 12J cents at home, to he about the fair natural average and remunerating price of this staple, on a product of sixteen hun dred thousand hales, which is about as large a return as the actual labor of the country now en gaged in this branch of industry, is capable of harvesting. The embarrassments of the South Western States having prevented the planters in these Slates from making any purchases of slaves from the Atlantic States, during the last two years, whilst not less than 10 per cent, of the slave labor of the South, has been ahstaacted in the game period, from the cultivation of Cotton, and applied to the raising of provisions, and to the construction of those extensive rail-roads now in progress, throughout that portion of the Un ion. For these advances, we propose that the Banks should issue to the planters, merchants and fac tors of the country, on the production of the bill of Lading, and the assignment of the policy of insurance, Post Notes of such description, and payable at such periods as a Convention hereaf ter contemplated, may suggest; notes, which may he made to answer both the purposes of cur rency and exchange, the details of which we re fer to that body. By this arrangement however, we feel satisfied the credits can be so distributed, that from the day of the shipment of our cotton, it may probably be held at least six months in Europe, without the foreign consignee being un der an advance of one farthing, and we think it quite easy to confer on the houses, to which the shipments are confided, sufficient strength, to en able them to hold over for even a longer period, should safe remunerting prices not be obtained on the maturity of the bills. With the view of securing this strength, it is indispensably necessary, that the consignments should not be too much diffused,but confined to a limited number of houses in Liverpool and Havre, who, acting as the agents of all those who will come into this conservative system, will feel a common interest, and will naturally aid and assist each other under all and every contin gency. This Fellow Citizens, is but the brief outline of a great scheme, for the protection of our Com merce, Finance, and Exchanges, the details of which, must he left for profound deliberation, and concerted action. To accomplish this object, we hereby invite the planters, factors and cotton mer chants of each district or county in the Southern Slates, and Territory of Florida, together with the Banks, in each of the said States and 'I erri tory, to send Delegates to meet us in Convention at Macon, Georgia, on the Fourth Tuesday of October next, which will be on the 23d day of that month, that we may carefully consider the important matters disclosed in this Circular. We invite a candid examination of this whole scheme, for the protection, not alone of southern interests, hut for the security of the commerce of the whole country. Let it at least be tested by patient investigation, and enlightened research ; if by this plan one third of the entire cotton crop of the country can V,r placed beyond the possibility of sacrifice, tt will give security to the residue, not by entrench e ing it behind the guards o( a speculative monopo • ly, but by holding it in that stale of security, d which the just relations ol supply and demand 0 will always in the long run, establish and sustain . in the trade ot a great and civilized country. 1 hat no lime may be lost, we beg leave to ap e prise you that an agent, having our confidence, e will leave this shortly for Europe, clothed with 1 ample instructions, to make such preliminary ar rangements with the houses in Liverpool and f Havre, which may, by the sanction of the Con t vention, have the proposed consignments, s We are aware of the very potent opposition, - which a plan looking even to self-defence, must t invite both athomc and abroad, as it runs counter , to a variety of interests, too powerful and too sus. i ccptible of combination, not to be aroused into r active, and perhaps inexorable hostility. If our - appolygy is not to be fouud in the plea, that we e right to hold our own property by the - means ol the credit of our own country, then we e fearlessly say, we mean at hast to attempt it, in i despite of any opposition however eager and im t placable. We have seen in the face of a crop of 1,350,- 1 000 Bales, an effort made, and very nearly rc - suiting in success, to coerce the acceptance of 1 the same prices, which were incident to one of ' 1,800,000 bales. We ought not to rest our se , curily on the adverse omens of the crop, which ? is now growing under the will and dispensation of Providence, which has already suffered in many ' quarters from an intense drought, and in others , from the ravages of the insects so destructive to - its growth and maturity. We should look be -5 yond the era of the short supply of the last year, • and an apprehended deficit during the coining , season. The lessons of economical wisdom bc • long to all seasons, and all times, and there is a • salutary truth in the homely aphorism, that those ■ who do not take care of themselves, arc not like - ly to be taken care of by others. We therefore submit this call and invitation to you, with the i earnest hope, that you will be prepared to co-op i crate with us in a measure, in which we believe , the highest interests of our common country are involved. 1 We remain, very Respectfully, 1 Your ob’t. sev’ts. Nath’l. A. Wake, of Mississippi. > John - G. Gamdee, Florida. I Thomas E. Tautt, Alabama, W. H. Pit att, Alabama. D. P. Hill house, Georgia. .1. J. Hughes, Yazoo, Miss. Nathan McGehee, Louisiana. Geo. McDuffie, South Carolina. D. K. Dodge, Florida, J. L. Hunter, Alabama. James Hamilton, South Carolina. A. I). Davis, Georgia, 11. W. Hilliaiid, Montgomery, Ala. John Bhanch, North Carolina. New York, July sth, 1839. P. S. All the Southern Papers, will oblige the signers of the above Circular, by giving it an in sertion in their respective papers. From the Macon Messenger. At a large and very respectable meeting of the Citizens of the City of Macon, called to take in to consideration the annexed Circular addressed to the Cotton Planters, Merchants, Factors, and Presidents and Directors of the several Banks of the Southern States; Isaac G. Seymour, Mayor of the city, was called to the Chair, and Wash ington Poe, appointed Secretary. The Chairman after stating the object of the meeting, proceeded to read the said Circular—af ter which the following resolutions were offered by Absalom H. Chappell Esq,, and seconded by Mr. Jerry Cowles—and unanimously adopted by the meeting. Resolved, As the opinion of this meeting, that cotton, thegreat staple of the Southern and South western part of the Union, having become, in a very eminent degree, the controlling commodity of the commercial world, and the influence which it exercises over the agricultural and commercial prosperity of our own country, and especially o) the cotton growing region of it, being of the most absolute and paramount character. Therefore it peculiarly behooves the citizens of the Southern and South-western States, earnestly to deliberate whether any, and what system ran be applied to the cotton trade, that shall impart to it greater steadiness and certainly, and secure to the com modity, with at least some approach to uniformi ty, what may be properly called its due and natu ral price—that is to say. a price based on the pro portion of the annual supply, to the annual de mand of consumption—thereby protecting it as far as possible from those violent, ruinous and incalculable fluctuations which are of such fre quent occurrence, and which are in numerous in stances, the direct offspring of artificial causes and combinations. Resolved farther, That this meeting concur in the views set forth in the circular which has been read to the meeting from the Chair, and that wo believe the measures therein recommended, are sanative in their character, and if carried out. as contemplated, will lie conducive to the interests of the cotton growing States anil therefore should commend themselves to the consideration of eve ry citizen of the South, whatever may be his call ing or profession. Resolved, That fully appreciating the compli ment bestowed upon our city, in selecting it as the place of meeting for the proposed Convention, we do most cordially, and earnestly solicit our Fellow Citizens of the Southern, and South Wes tern States, and the Territory of Florida, to meet us at this place on the fourth Tuesday in Octo ber next, to deliberate on the important matters disclosed in the before mentioned Circular. Resolved, That a Committee to be composed of twenty-one, be appointed by the Chair, to ef fect the object embraced in the last Resolution, and that said Committee have full power to adopt such measures as to them may seem proper to obtain a full meeting of all interested in the sub ject set forth in this circular. Whereupon the Chair appointed the following gentlemen that Committee. A. H. Chappell, Everard Hamilton. J. Cowles, Jas. Goddard, Richard H. Randolph, Eugenius A. Nisbet, D. C. Campbell, Elias Beall, L. L. Griffin, Chas. Cotton, Geo. Jewett, Leroy Na pier, N. C. Monroe, Ambrose Baber, A. Clopton, Richard K. Hines, E. D. Tracy, Henry G. La mar, Levi Eckley, Wm. U. Parker, and Isaac Scott. Resolved, That the Chairman be added to the Committee. On motion of Henry G. Lamar, Esq., it was Resolved, That the Editors of News Papers in this, and all the States interested in the subject, be requested to publish the said Circular and Reso lutions. Resolved, That the Editors of papers in this I City, are requested to publish the above proceed ings. , On motion the meeting adjourned. ISAAC G. SEV MO UR, Chairman. Washington Poe, Secretary. July 17, 1839. , For the Chronicle <§• Sentinel. A Specie pitying Hank. Ihe four per cent, law, as it is termed, (an extract trom which wo give below,) has re cently been put in force by the Ocnmlgec Rank of Macen ; not only against banks, bank-agents and brokers, but to one individual at least, (or more,) who is entirely unconnected with either one or the other. The four per cent, law is unquestionably unconstitutional. It is quite ri diculous to suppose any citizen forfeits the bene fits and privileges enjoyed by his fellow-citizens, merely because he prefers, or by chance, happens to deni in depreciated bank “promises to pay.” But admit the law is constitutional, it does not say the Bank is authorised to refuse a Bank or Brok er specie, when it is demanded. It merely points out what rate of interest shall be mulct when the Bank cannot pay the legal tender, and the Bunk refusing, docs moat unquestionably, under the very law she endeavors to shelter herself, open a door for the forfeiture of its charter. And any Bank, who screens herself under such pro vision of the legislature, tacitly admits that she is unworthy of public credit, and should not be allowed to continue the further use of her char ter. It is not to be supposed that the Legislature in enacting this provision of settlements between Banks &c., intended to give a Bank the privilege of issuing her credits, and redeeming them or not, as might suit their own terms and conven ience. No such thing could have been suggested to our Legislature in this matter, and it is cer tainly a suicidal step in any institution to refuse its specie when demanded, no matter by whom. And any such refusal, is palpable evidence that she is incompetent to meet her engagements; for no institution possessing means and common honesty, would dare to take advantage of, to say the least of it, a very ambiguous act of our Legis lative body. The affidavit annexed, was tender ed to an individual on the sth inst., by the Oc mulgee Bank of Macon, on his presenting the sum of 5,000 and odd dollars of their notes for payment. He offered to lake the oath required by the four per cent, law, and the Bank still refusing to pay, their notes were protested. Let the community judge whether the annexed affi davit is such us the law prescribes, or such as ant max could take without perjuring himself. It is understood, (and no doubtexists of the, fact,) that a large portion of the stock of this Bank belongs to the South Western Rail Road Bank of Charleston, which Bank is now purchasing up the notes of the Ocmulgee Bank at their counter, at two percent discount!! The very notes too, the payment of which has been refused by the Ocmulgee Bank. We say let the com munity decide whether the Rail Road Bank of Charleston is justified in this species of brokerage exchange business, whereby the innocent Bill holders of Ocmulgee Bank notes are taxed, shaved and made to pocket a loss of two per cent. Our Legislature in November next, will, we trust, adopt the same measures relative to the forfeiture of their charter, as they did with the Merchants’ and Planters’ Bank of Augusta, when that institution failed to redeem their notes with specie. An extract from the charter of the Ocmulgee Bank we give below. Let our Legislature do their duly, and the currency of the State will be kept sound. A Plantku. roun run CENT. LAW. Sec. 2d, And be it further enacted, &c. — That whenever a demand shall be made for spe cie upon either of the Banks incorporated by the General Assembly of the State of Georgia, or upon any Bank located therin, by lawful author ity, and the president or cashier of the Bank up on which the demand shall be made, shall suspect or believe that the person demanding specie is the officer, agent, or attorney of any broker, or any incorporated institution whatever, whether au thorised by the General Assembly of the State of Georgia, or located therein by lawful authority, or created by authority of any of the States, it shall be lawful for the cashier or president of the Bank from which specie shall be demanded, to require the person or persons making the demand, to lake an oath before a judge, justice or magis trate in presence of said president or cashier, that he is not acting as the officer, agent or at torney of any broker, or of any incorporation whatever, and in case of a refusal to take said oath by the person or persons demanding specie, then such person or persons shah not be entitled to claim, demand, recover, or receive interest on such bill or bills, note or notes, beyond the rate of four per centum per annum. Georgia, Bibb County : Before me.C. A. Higgins, a J ustice of the Peace, in and for said County, being sworn, de posed) and says, that he is not a Broker, nor the agent, attorney, or officer of any Broker. That he is not the agent, officer or attorney of any Bank or other incorporated institution whatever, cither directly or indirectly. That he has not collected, acquired, purchased,or received, in any other way, any of the notes or bills now present ed from any Bank, broksr, or any incorporated institution, or trom any officer or agent or other •person Cor them. That he had not given any Bank, broker, or the agent of cither or any other person for them, his note, receipt or any other obligation whatsoever, or entered into any verbal agreement, or understanding, that the money about to be converted to the use or benefit of other than himself, and that the bills now pre sented for redemption, are bona fide the property of deponent, and that no other person or per sons whatsoever, or body corporate has either directly or indirectly any interest therein. Sworn and suberibed to before ? me, this 4th day of July, 1839. 5 The original oath required by the Ocmulgee Bank, to be deposed to by A.—B.—on the de mand of $5,920, notes of said Bank. C. A. HIGGINS, J. P. July 4, 1839. Extract from the Charier of the Ocmulgee Bank, Macon. Sec. 7lh. And be it further enacted, That the said corporation, shall not at any time, sus pend or refuse payment, in gold or silver of any of its notes, bills or obligations; and if the said corporation shall at any time refuse or neglect to pay. on demand, any note, bill, or obligation, is sued by the corporation according to the contract promise or understanding therein expressed, the charter hereby granted, shall be forfeited: pro vided, however, that when a demand shall be made on this bank, by any bank or bran h bank, by itself or its agent, the bank shall have the right of redeeming the bills thus demanded, with the bills of the bank or its branches, making the demand. The Sea-Barpent is again chronicled in the Eastern journals, On the morning of the fourth | instant,he was “distinctly” seen by two “respect al»lc* citizens of Chelsea, who were engaged in Mr. Cambreleng’s favorite amusement of “fish- I ing.” They sailed nearly around him hofore he [ disap; eared. His length they estimated at from ' 100 to 120 feet,—A 7 . Y. Cow. * Eng. tor the Chronicle and Sentinel. Mmo Hall, 7, 20, 09. Messrs. Editors ln looking over “Pres ton s Book-Keeping,’ 1 found a question which puzzled me n good deal. It is pretty much as the following W hat net profit, per cent., does a man gain, who sells merchandise at four hundred per cent, advance, and allows fifty per cent, com mission on (lie sales ! That ho only realises one hundred and fitly percent, on his purchase is evi dent, hut the rationale or general rule is the diffi culty in the ease, and should like to see it f ur nished by some of your leaders. 1 will, nano one has solved “Dull Times’” question, give the general rule lor questions of like nature: —Divide the diameter by the square root of 2, and you have the result. So says Mr. I ike, and he is quite authority in such things, SlaM BaNO. N. B.—\V hy is Lyman Preston like Herculesl Live it up I Because he’s u wheel-horse.— Why is his hooka the best ever published ! Be cause tne Ming Hall Club have voted him an “ Honorary Member,” and use none other. Correspondence of the United States (lazelte. , Nkw York, Wednesday, P. M. We still continue without any intelligence of . the British Queen, and it is thought that she had not been able to get off on the Ist. The Wes- I tern, on Sunday or Monday, may yet bring us the latest intelligence, which, as you may presume, , i« looked for with almost painful interest. A Bloody Battle—Two Thousand Men hilled. i Buenos Ayres papers to May 11th, received by the editors of the New York Journal of Com merce via Boston, bring the particulars of a bloody buttle which took place on the Hist of March, at a place called Pago Largo, between the armv of i Corrientes (one of the Provinces of the Republic of Rio de la Plata) and the troops of Entre Rios (another of said Provinces.) which the Corrien tians, in connexion with the Oriental Republic (of which Monte Video is the capital) were at tempting to revolutionize. It will be recollected that not many months . since, Gen. Fructose Rivera, or Frutos, as he is familiarly called, raised an insurrection in the Oriental Republic,and succeeded in casting Gen. Oribe from the Presidential chair, which Rivera, ; of course, immediately ascended, adopting such forms of procedure as would best save appearan ces. Oribe, with a number of his friends escaped to Buenos Ayres, and awakened in that capital so much interest in his own behalf and in oppo ' sition to Rivera, that the latter determined on re venge, and accordingly issued a Declaration of war against the United Provinces. In this he was encouraged by the French au thorities at Monte Video, who were in hopes, the movement would result in the downfall of Rosas (Governor of Buenos Ayres, and therefore ex fflcio conductor of the foreign operations of the , United Provinces.) This hope was strengthen ed when, soon after, means were found to gain the co-operation of the Province of Corrientes, • through the influence of its Governor. G n. Ai r trada. So here were the Oriental Republic and f the Province of Corrientes, enci uraged by the French authorities at Montevideo, about to make war upon the United Provinces. And for con venience sake they directed their first operations against the Province ofEntrc Rios. The rest is sufficiently told in the annexed ex tracts; Bku.vos Arnes, May 4. — The official details of the battle of Pago Largo, arc published in the Gaceta Mercantil, in a despatch from General Pascual Gchaguc to 11. E. the Governor of Bue nos Ayres, dated head quarters, Corusacuatia, sth ult. It states that the army of Corrientes. in number more than five thousand men, including 45n infantry and artillery, with three 4 pounders occupied an advantageous position. 'Flic right wing of the army of Enlre Rios was commanded by General Justo Urquisa, the centre by General Servando Gomez, and the le.ft under the imme diate orders of the Commander-in-chief, General Echague. The Entrc Rios ca'airy charged that of Corrientes with suchjmpetuosity, that the lat ter was speedily thrown into disorder, and cut down in all directions, whil t the infantry ofEntrc Rios, consisting of 360 men, with two 2 pound ers, killed or took prisoners all the infantry of their opponents, and captured the three pieces ol cannon above mentioned. The reserve of the Entrc Rios army took no partin the action; its assistance not being neces sary, The Correntinos left on the field of battle 1,900 men killed, including 84 officers, ns also Genaro Beron de Astrada, Governor and Captain General of the Province of Corrientes, and Com mander in Chiefof its army. 450 prisoners, 500 muskets, 1500 lances, 300 carbines, a nearly equal number of swords, fi wagons of ammunition, more than 3000 horses, a standard, the baggage, correspondence, &c., fell into the hands of the victors. The despatch concludes as follows— “ Our loss in the glorious victory over the rebel army consists of 6 officers killed, 8 wounded, 50 g oldiers killed and 96 wounded.” Application opGalvanism ash Magnetism to Machinp.ry. —There is now in operation, at No. 58 Gold Street, in this city, a machine, pro pelled by a galvanic battery, on four electro mag nets, which furnishes a mechanical power already applicable and used for many purposes. The motive wheel of this machine is five feet in diameter, weighing about four hundred pounds, and the magnets, when under the action of gal vanism, cause it to revelve forty or fifty times in a minute, for many hours in succession. Noth ing can he simpler than the operation of this ma chine, which is on a plan entirely new, and quite different from that of the machines propelled by this power which have heretofore been exhibited to the public. The vivid sparks of electricity which arc con stantly emitted, while this engine is in motion, bear evidence to the tremendous energy of the power now brought under the control of man for useful purposes of life. No reason can be assigned, we believe, why this power cannot be increased indefinitely. In calculable benefit would be conferred upon socie ty by the discovery of this new and simple mech anical power, if it were only available from that of a single man to that of one or two horses, where the employment of steam is dangerous and expensive. We advise the friends of science and the arts to visit this machine, as it may he seen daily in operation at the place above mentioned. — N. Y. Cum. Adv. Goon Crops. —There never was so fine a prospect for fine crops of Corn, and < lotton in our country, as the present season presents. We I were shown a full grown Cotton hole, taken from | the field of Mr. E. Young, of this county, some fifteen or twenty days since, and also, on Sun j day las; w h one taken from the Ph ntation of Mr. R Ridley, with the snowy staple of the J South pendant in dro< ping folds from the bole. 1 One of the oldest and most extensive Planters of ■* ’ V# UJ the county stated that if present prospects were realized that he wou.d not he aide to gather all' ho would make, and that he never saw so fair a 1} July m ll{e — Marim CM*s.J Whig, The military force of Pennsylvania presents a Brand total,of 207,463 men, divided as follows: I Uoimnumicr-in-Chief. 16 Major Generals— 34 Brigadiers. 34 Brigade Inspectors— 1 Adjutant General. S Arsenals. 136 regular regiments, and 5 irregular hatta lions of militia, numbering 175,929 Cav “lry 6,005 Artillery & infantry,.... 14,557 Riflem * n 11,936- 31,524 (■rand total of militia, 207,463 Pitk Danger op Rutting. —Some weeks since, a clerk of a market near our city, looked into the cutter tub- of a market man anil thought ho discovered a small deficiency in the size of tumps. Whereupon ho brought forth his balan ces; with an air ofjijstico, and proceeded to weigh tile whole, by parcels. Every lump was short of weight. So that thirty pounds of butter (less tile illegal deficiency in each' lump) was confis cated. A week or two afterwards, the clerk, in the 1 faithful discharge of hir,.duty, stopped at a butter , tub, and tried a pound in, his scales—it was cor rect; he tried another and another. At length the owner said: “You need not trouble yourself 1 —you will)find all of my butter correct.” The clerk looked up, and discovered his old friend of the light lumps. “Perhaps 1 shall,” said he— “hut il l am not mistaken, I took thirty pounds from you, a week since. ‘lt was not from me.”' “It was. I know you;” “1 will bet live dollars you never took thirty 1 pounds ol butler from me, at any one time.” “Done.” The mnucy was staked—and the clerk told his story. I looked blue for the countryman. “I admit the loss of thirty lumps of butter,” 1 Ba >d he, “!>«( to Have been thirty pounds there , tiiiiKt have been a pound in each lump.” “Now, , cither the clerk did me injustice by confiscating my butter for unlawful weight, and I may claim hark ol him thirty pounds, at 25, cents per pound, which is $7 50; or he did not take thirty lbs. and 1 may claim my bet of /we dollars. The clerk gove up the bet. Moral —Make no light lumps of butter—and no heavy five dollar \,els—Phil. U. S. Gazelle* J COMMERCIAL. Latest dates from Liverpool, June 14 Latest dates from Havre, June 10 Savannah, July 10. Cotton. —Arrived since the 13th Inst. 759 bales 1 Upland, and elearad at the same time 2360 bales Upland and 123 bales Sea Island, viz: to Livcr -1 pool 901 bales Upland and 123 bales Sea Island; , (0 New York 1236 babe Upland; Portsmouth 88; Boston 155; leaving a stock on band inclusive of all j 011 shipbaard not cleared on the I9tb inst. of 1465 bales Upland and 158 bales Sea Is and. The trans s actions in Cotton continue very limited owing to a 1 scarcity of both buyers and sellers. Prices are without change since our Inst. The few holders are s waiting anxiously for further accounts from Liver-, i pool, say per British Queen or Great Western. The only sale we have to report is 37 bales at 13j. In . S.-a Island nothing doing. It ice. —The market for this article is very, dull 4J a4 j, fur city consumption. Holders are will ing to beat ■ t $4iJ. Flour. —Continues dull. Sales of Howard st. at s7j. Canal at f)S aB^ Corn. —Uetails fiorn store at 95 a 102 c according to quantity and quality. Groceries. —ln Codec Sugar and Molasses a mo derate retail business doing without alteration in prices. Hay. —Sales of 250 bundles at $1 1-6. From store at a l|. Bacon.— There is a mo«!«ratc retail demand for Shoulders at ; Sides at. 12j ; Lardat 16. Spirits. —ln domestic liquors small sales of Whiskey at 45 a 46 ; Gin, at 48 a 60c. Exchange. —Cn England nominal. Drafts at sight on New York I 4 a 2 per cent, scarce. Freights.—To Liverpool dull at gd ;to New York 7o cents dull. CiiAm.BSTON, July 19. Colton. —Our markets this week have been very quiet. Upland Gotten still maintains tbeadvance noticed incur previous review, on all descriptions, and considerable quantities could have been dis posed of atasmall reduction,but holders felt no in clination to yield, hence the insignificant amount of business done. The contradictory accounts from England receiv ed lately, have left maiy in doubt as to the actual slate of the market there, although the general im pression is, that the article has a downward tenden cy. We report-sales of 633 bales at from 12 to 15 | l-2c per lb Long Colton. —2ls Sea Island were disposed of at from 40 to 60c and upwards; 45 Santees at 40c., and 7 stained at 18 to 25c per lb. Rice. —Little has been done, in the Rice market I tliis week, but there is no reduction in prices—464 tierces sold at from S3J a per cwt Flour. —business has been confined altogether to retail operations for home consumption, and no material altertion in prices from last report, can be t observed. Grain. —Three cargoes Com wore received this week, and a part sold at HOcts. per bushel. No , arrival of Oats or Peas. Hity. —A lot of northern was thrown into market this week, amounting to about 700 bales, and sold at from 87 1-2 cts. to $1 per cwt. 1 Groceries. —ln Coffee and Molasses, a few trifling lots have been taken for the home business at about 1 previous prices, t)n Friday evening last about 230 . hlids Aluscovado Sugar, middling and prime quality . were so'd to a house in our city for the fall trade, at terms not made public, but known to be in our quotations, viz: 7 a 10 cents per lb. A lot New ( Orleans Sugar, offered at auction was withdrawn ' fur the want of purchasers, Bacon. —Hams are still selling in small lots at 15 to 17c.' Shoulders 9j to 10A, and Sides at 114 to | 12c. per lb. I Aril is worth 134 to 15c. Salt. —800 sacks Liverpool brought $1 624 per sack. Exchange. —Sterling bills on England 94 a 10 per ct prem; on France 5 10 a 5 12. Bank of Charleston —Sight Exchanges on the North Ij per cent, takes Bills on New York, Boston, baltirnoie, and Hichmord 30 days par; CO do, 4 dis.;Bo,l 4 do.; Philadelphia, do on New Orleans and Mobile 14 per cent; on Camden and Columbia S. C. par. Freights —To Liverpool j 1 to 7-16 d per lh„ tir Cotton. To Havre. 1 sent per lb. To ?7?tF'Vork 50 cents per bag for Cotton. Rice, 50 cts. per tierce. STATEMENT OV COTTON. S. Island. Upland. Stock on hand Ist Oct. 1838, 924 2219 j Received this week, 1,0 020 Previously, 11017 199270 • 11956 202109 Exported this week, 67 3015 Previously, 9597 189533 On shipboard not cleared, 160 2050 ,194593 ?tock on B»sd Hm