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REMARKS OF THK
HON. JOHN C. CALHOUN.
Delivered in the Senate of the United Violet
March Hist. leßl, en Ike motion <f M'-
Webster fur lean; to introduce a hill to coni in
ve the charter of the Dank of the United Stales
fur the six years after the expiration “J the
press nl charier.
I nse, said Mr. C., in order to avail myself
of an early opportunity l>> express my opium
ion on the measure proposed by tin! Senator
SfVom Massachusetts, and llic questions iiunsc
■tlmlelv ctmnee.lt d will) it on Ine gronn-1 lliat.
on a subject bo immediately connected with
tbe interest of eveiy clues in tlie omirnuntty,
there should be an early declaration ol the r
sentiments by the members of ibis body, bo
mat all might know what to expect, and on
what to calculate.
1 snail vote for the motion of the Senator,
not because i approve ol tbe measure he p -
poses, but because 1 consider n due in court
esy, to grant leave, unless there be strong rea
sons to the con rary, which is not the case in
this instance; but while 1 am prepared to vole
for Ins motion, and, let mo add, to do ample
justice to his motives for introducing the bill.
I cannot approve of lie measure lie proposes.
In every view which 1 it iva been ah e to take,
■it is object tunable. Among the objections, 1
place the uncertainty as to its object. It is
left perfectly open to conjecture, whether a
renewal of the charter is intended, or a mere
conlnm mce with the vow of a!" Tiling the
bank lime to windup its ulfiirs; and what in
creases the uncertainty is, if we compare the
provisions of the proposed bill with I lie one or
the other ol these objects, it is equally urisnli
ed to either. If a renewal of the charter be
intended, aix years is too abort; if a continu
ance, 100 long. I, however, elate this os a
more minor otyecuen. There is another of
ifar moitS decisive chii nclotPantiles nothing,
“it leaves every thing unfixed—rt. perpetuates
the present struggle which an injuriously sgi
tales the country—a struggle ol hunk against
bank—one act of opinions against another;
an I prolongs the whole, without even an in
tervening armistice, to the year lrt’l2—a peri
od that covers two presidential terms, and by
inevitable consequences, running b>r two
successive presidential elections, llm politic
os the country into the bank question, and
the bank question into politics, with the mu
tual corruption which must be engendered;
and during tbe whole period, keeping the cur
rency ol the country, which the puboc interest
requires should have the nUnost stability, in a
elute of uncertainty and fluctuation.
But why should I pursue the objections to
the plan proposed by tbe Mount >r from Mas
sachusetts (.Ur. Webster.) He himself ac
knowledges the measure to be defective, and
that he would prefer one of a more permanent
character. He lias not purposed this ns the
best mo isnre, but lias brought it forward un
der a supposed necessity—under the impres
sion that something must he done —something
prompt and immediate, to relieve the existing
distress which overspreads the land. I con
cur with him ni relutinn to the distress—Hint
it is deep and extensive, Hint it fell upon ns
suddenly, nml in tlic midst of prosperity
almost unexampled; Unit it is daily consigning
hundreds to puvcnv and misery ; binding the
hopes of the enterprising; taking employment
and bread from (he laborer, and winking n
fearful change in the relative condition of the
moneyed man ami the money dealer on one
aide, and the man of business on the other—
taking up the former rapidly <0 tin) lop ol the
wheel, whilst it is whirling the latter, with
equal rapidity to .the bottom. While I thus
agree with the Senator us to the d stress, I
nm also sensible that there am great public
cine (genuine in which no permanent rebel can
he afforded, and when the wisest, am obliged
to resort to expedients, to palliate and to
temporise in order to gain lime with a view
to apply a more e libel oil remedy ; bin there
am also emergencies of precisely tiiu opposite
character, when the best and the most per
manent is the only practical measure; nml
when mom expedients lend tint tod struct, to
divide and conlwn id and thereby to delay or
to defeat all relief; and such viewed in all its
relations and bearings, 1 consider the pre
sent; and that the senator from Massachu
sctls has not also so considered n, I attribute
to the fact that, of the two questions blended
in tho subject under consideration ho hnsgiven
tin undue prominence to that which lias by lar
1 1.0 least relative importance, 1 mean the
questions of the bank ami of tho currency. As
n more bank question, as viewed by toe sena
tor, it would be a matter ol hut littlo impor
tance, whether tie; remiwal should be for six
years or lor a longer period; and u preference
nnght very properly ho given to one or the
other as it might he supposed most likely to
succeed—hot 1 must say that, in my opinion,
rn selecting the period of six years, lie has ta
ken that whinli w II bo much more Ices likely
to succeed than one of a reasonable and pro
per duration. Out had ho turned his view to
tho other and wore prominent question in
volved: had lie regarded the question as a
question of currency, and that the great point
was to give it uniformity, perm mem y, ami
safety; that in effecting them essential ob
jects the bank is a more subordinate agent, to
be modified as I > its duration and other pro
visions wholly in reference to the highest
question ofihe currency, I cannot think that
be would ever have propose I the measure
which he has brought forward, which leaves
as 1 have already said, every thing connected
with the subject in a state of uncertainty and
fluctuation.
All feel t ut tho currency is a d uicate sub
ject, requiring to hn touched with tho utmost
caution; hut in order that it may be scon, ns
well as fait, why it is so delicate; why slight
touches, either in depressing or elevating it,
agitate and convnlsetlie whole community, 1
will pause to explain llm cause. It wo take
the aggregate property ol a community, that
which forms the currency, constitutes hi value,
a very small proportion of tbe whole. What
this proportion is in our country und other
commercial arid trading communities, is
somewhat uncertain. 1 speak eonjectnrally is
fixing it as one to twenty five or thirty,though
I presume that is not far from the truth; and
vet this small proportion of the property of
the community regulates tins value of nll'tlie
rest, and firms the medium of circulation by
which all its exchanges me effected; bearing
in this respect, a striking similarity, consider 5 .
•ng the diversity ol the subjects, to the blood
in the human or animal system.
If we torn our attention to the laws which
govern the circulation we shall find one of the
most important to be, ti nt, ns the circu
lation is decrease I or mere ised, the rest of tbe
property will, all oth r uircnmstanco* remain
ing the same, be decreased, or increased in
value exactly in the same proportion. Toil,
instate; If a community should have an ag
gregate amount of'property of thirty-one mil
iums of dollars, of which one million consti
tutes its currency; if that one million be re
duced one tenth part that is to say, one hun
dred thousand dollars, the value of thereat
will be reduced in like manner one tenth part,
that it three million* of dollars. And here a
very important fact discloses iuqlt, which ex
plain*, why the currency should ho touched
with such delicacy, and why stability and uni
formity are such essential qualities. 1 moan
that a small absolute reduction of the enrron
cy makes a great abmhite reduction of the vab
uo of the enure property of the community, as
we see in the case supposed; whore a reduc
tion of one hundred thousand dollar* ir the
currency reduce* the aggregate value of prop
erty three in.ilion* of dollars h sum thirty
lime* greater thus the rei uetion of the curren
cy. b rom this result* uu important consid
eration. If we suppose the feat ire currency
to bo ituhe hand* of one portion of the com*, i
liiiiiuiiy and ilia prop, rly in ll;u hands I the I
ut her portion, the luruiur, Ly havijig tbe cur- '
tcacy in their possession night control the
value of ail the property <d t.io community, I
and possess tbemiK'lv'en of it ut their pleasure. |
Take the ers-- already selected, mid suppose
that those who hold 'ho currency dnum-sh
it one li If by ub tut ting it from circula
tion; lb- i IT-i t of which would be to rc
c.. lire circiiMition to live hundred ih-'ii
hiind dollars; tire value of properly would al
so U; reduced one half; that is fifteen millions
of doiJnrs. L-t the piocess he.reveuc 1 , and
the muni y abstracted, gradually restored to
circulation, nod the va uo ol tbe property
would uga.ii bo increased to thirty millions.
It must be obvious, that by alternating these
proce.-sese* and purchasing at the point ol
the greatest depress on when the circulation
is the least, nml telling at the point of the
greatest elevation when it la the fullest, the
supposed monied clans who could at pleas
ure increase or diminish llii/ctrctilnlion, by at
trading or restoring it, might also at pleas
ure control I lie entire property ol the country.
Lot it ever borne in mind tlint the exchange
able value of the circulating medium, compa
red with the property and the business of the
community, remains fixed, and can never be
diminished nr mere, sctl by iiiercainng or di
ininishmg its qo it.li'y jwlnboon the contrary
the exchangeable value of li;C properly, coin-
I pared to the currency, must increase nr dc
crease with every addition or diminution of
, tlio latter. It re mits from this, that there is
a dangerous iiningoiiisl relation between those
. who hold or command the currency mid the
, rest of the community ; but fortunately forthu
country, tho hidden* of property und of the
, currency, arc so blooded is not to constitute
separata classes. Yet it is worthy ol remark
! —it deserve* strongly to attract tin* attention
(■ ol those who have charge of the puflic affairs
, —that under the operation of tbe banking
’ system, and iliui particular distribution of pro
perly existing in the smi no of credits or
I Mocks, public and pnvaiu, which so sinking
ly distinguishes modern society from all that
’ preceded if, then; is :i strong londiniey to cre
ate a separate moped interest, accompanied
wnli nil the d ingers which must necessarily
result from such separation, winch deserves
lobe most carefully watched and resisted.
| Ido riot aland hern tlies parlizin of nny
. particular class in society—the rich or the
I poor,llm property-holder or the money.bidder
. —and, m milking these remarks, I inn not
actuated by the slightest, feeling of opposition
i to the latter. My object is simply to point
out Important relations that exist, between
, them, resulting from tbo In v which governs
. Inc currency in order that the necessity lor n
uniform, stable and safe currency, to guard
| against llm dangerous control ol one class ov
: er another may bo dearly seen, I stand in
. my place simply ns a senator from Hntilli Car
. olma, tn represent her on the floor, and to
advance the common interests of those states
r aa fivras we have const tutiriinil power and as
I far a* it can bn dune consistently with equity
and justice to the pur s, lam the pnriiz.in
I have s,-i lof no class—nor let me mid of
, any political party. lam neither of the op.
position or the administration. If I act with
the former in any instance, it is because
I approve of their comae on tho pnrticu
t lar occasion—and I shall always bo happy to
( act with them when 1 do approve. If I
oppose the administration—il l desire to see
, power change hands, it is Imcnimo 1 disup.
.. prove of the general course n( those in author
. ily—because they have departed from (he
i principle* on which they camo into office—
, because, instead of using the immense power
I mid patronage put into tlinr hand* to secure
. the liberty of the country and advance the
, public good, they havu perverted them into
1 parly instruments for personal objects. But
„ mine has has not been or will it he, systematic
v opposition. Whatever measures oftlieirs 1 may
~ dernti right, I shall cheerfully support; and!
o only desire that they shall nfliird me more
•. frequent occasions for support, and fewer for
,| opposition, than tlmy liavo heretofore done,
o With these impressions, and entertaining
r a deep conviction, that an unfixed, unstable
* and llneiiiati.ag currency i* to bo ranked a
- lining the meet fruitful sources of evil, vvheth
- or viewed politi 'olly or in reference to tho bu
ll s ucs.-i transactions of the country, I cannot
I give my consent to any measure that doe* not
i place the currency o.i n solid foundation. If
r I thought this determination would delay the
u rebel ho necessary to inUiyato tho present cn
s lamity, it would ho to mo a subject of the
- deepest regret, 1 feel that sympathy, which
I trust I ought, for thu suffer.eg* ol so many
x ot my fellow citizens, who sec their lispes
0 daily withered. 1, however, non.-mio it yself
e with tho reflection that delay will not be tho
o result, hut, on the contrary, relief will he has
i, toned by the view which I take of tli • subject.
. I hold it impossible that any tiling can be ef
y h’ 'led regarding tho subject ns u mere bank
■ question. Viewed in that light, the opinion of
a tins House, and of the other branch of Con
- gross, m probably definitively made up. In
a the Senate, it is known that wo have three
!. parties, whose views, considering it us a bank
il que.-iion, appear to bo irreconcilable. All
• hope, then, of rel of, must centre in taking a
o most elevated view; und in considerin'' it in
i- its true light, ns a subject of currency. Tims
t regarded, 1 shall bo surprised if, on full hives-
I ligation, there will not appear a remarkable
! coincidence of opinion, moo between those
* whose views, on a slight inspection, would
I seem to be contradictory. Lot us then pro-
I coed to llm investigation ofltie subject, under
the aspect winch 1 have proposed.
What, then, is the currency ot tho United
I States! What its present state and condition!
* Those arc the questions which 1 propose now
■ to co 't-ider with a view of ascertaining what
, is the the disease, what the remedy, and what
I tho means of applying it, that may bo npqpj
■ siry to rotters oar currency to a sound con
dition.
• The legal currency of this country, that in
; winch alone debts can be discharged accord
ing to law, are certain gold, silver and copper
cm lis, coined at tho mint of the United States,
and issued by their aiuhnri y, under an ex
| press provision of the Constitution. Such is
- the law. What now are the facts* That the
; currency consists almost exclusively of bank
notes: gold having entirely disappeared, and
, s, ltcr m n great measure, expelled by banks
■ instituted by twenty-live distinct and mdepen
j dent powers, and notes i.-sued under the an
thorny ot tho directum of those institutions.
They are, in po.nl of fact, the mint of the IL
' Sutes. I’liey coin tlui actual nmnev, (for
■ i “uch we must call bank notes,) and regulate
; I lls 's»ue, and cniicequenlly its value. If we
' I niqn.ro as to their number, the amount of their
■i issue, and other cirrunistances calculated to
1 slunv the r actual condition, we shall find that
■ so rapid has been their increase, and so van
ous their changes, that no accurate informs
■ turn can be had. According to the latest and
best thu, I have been able lo ascertain, they
number at least lour hundred and lilty, with a
capital ot not less than one hundred and forty
live indiums of dollars, with an issue exceed
ing seventy millions; and the whole of tins
immense lubrication standing upon a metallic
currency of less than fifteen millions of dollars,
ot which the greater part is held by the bank
ol the L nßed States. It vve compare the
notes in circulation with the metallic curren
cy m their vaults, we shell lind the proportion
about six to one. and if vve compare the latter
with the demands that may be made upon th.
hanks, we shall lind that Che proportion is a
bout one to e rven. If vve examine the ten
deucy ol the system at tin* moment, vve shall
find that it uon the increase—rapidly on the 1
increase. The.ei* now ponding a prelect of i
« en ,?- l<mi oeforo the legislature of 1
New Von., but recently one of five millions J 1
was wtub shed in Keataiky; within a short c
1 1 cfiod, one nf a lurj;e capita'. ft SB established *
lin TeiiiirMce, besides others in »gil#tion in 1
i>ev<ral of the other Status. [Here Mr. I’ur- I
ter, of Louisiana, buu! that one ot eleven 1
millions had just been estsbltkhetl in liiat •
Sc l«.]
Tina increase ;s not accidental- U mty ,
he laid down a» law, that where two curren-
cies arc permitted to ci-culato in any country
one of cheap and tho oilier of a dear maten-
«1, tin; former necessar ly tends tugrov/ upon |
the 'alter, and will ultimately expel it troin j
circulation; unless its tendency to increase ,
ok restrained ly a powerful ami efficient (
check? Experience testa the truth ot tins ,
remark, as the history of the Banking system ,
clearly tilitgirules. The Senator Iruui Mas- |
sacliiiioils truly suid tint the Batik of Lug- i
land was derived from that ot Amsterdam, as
ours in lorn are from that of England,
riir nghonl ns progress, the truth ot what I
have slated to boa law of the system is
sirtmgly evim od. The Bank of Amsterdam
was merely nkank ufdepomt' s—a store house
tor lhe sale keeping ot the bullion and preci
ous metal brought into that commercial me
tropolis, through all the channels of its wide 4
ly extended trade. It was placed unuer the
custody of the city authorities ; and, on the
deposits, a certilFi ate was issued as evidence
of the fuel, which was transferable, so as to
entitle the holder to demand the roiurn. An
important fuel was soon disclosed ; that a
■ large portion of the deposites might be with
drawn, and that the residue would lie sulle
, clout to meet the returning certificates, or
. whut is the same in effect, lint certificates
, might ho issued without mak ng a deposite.
, 'This suggested the idea of a bank of discount
, as well as deposit*.—The fae thus disclosed*
fell’too much ill with the genius of the system
, lobe lost,and, accordingly, when transplanted
, to England, it suggested the idea of a bank
, of discount and of deposite; the very cs
’ sence iif which form of banking, that on
r which their prnli depends, consists in issuing
a greater amount of notes than it has of epe
cie in its vaults, lint the system is regular
, !y progressing under the impulse of the
I laws lhal govern it, from its present form
to a tnrrc paper machine—a machine for
lalir.eating and issuing notes, not convertible
into spec 0. Already has it once reached
this condition,both in England and the Un
iled Malts, and from winch it has been
forced hack, in both, to a redemption of its
notes with great difficulty.
'l’h s natural tendency of the system is ac
iteleraied in our country by peculiar causes
which have greatly increased its progress.
There are two powerful causes in operation
The one resulting from that rivalry which
must ever take place in Slates situated as ours
are, under one general government, and hav
ing a free and open commercial intercourse.
The introduction of banking system in one
state necessarily, on tins principle, introduces
it into all others of which wo have seen a
striking dins ration on the part of Virginia,
' and some of the southern states, which enter
tained on principle, strong aversion to the
i- system; yet they were compelled, after a
long and stubborn resistance, to yield their
objections, or permit their circulation to be
, furnished by the surrounding states at tbe
expense of their own capital and commerce.
( The same cause wdueli thus compels one
I stale to imitate the example of another, in
, introducing the system from self defence
will compel the other states in like manner
’ and from the same cause, to enlarge and give
' increased activity to the banking operation,
’ whenever any one of the stales sots the exam
ple of so doing on its part; and thus, by mutual
, action and reaction, the whole system is rapid
, ly accelerated to the final destiny which I have
i assigned,
| Tliis is strikingly exemplified in the rapid
, progress ot the system since its first introilnc
' lion into onr country. At the adoption of our
j Constitution, a period of forly-five years, there
[, wcic but throo banks in the United Slates,
' the amount of whose capital I do not now
recollect, hut it was very small. In this
short spare they have increased to four him
? dred and fifty, with a capital ofonc hundred
8 and forty five millions, as has already beenstn
■ ted—an increase exceeding nearly a'hnndted
■ fold the proportionate increase of our wealth
and population, as great as they have been.
1 But it is not in numbers only that they have
' increased; there has in the same time been a
1 rapid advance in the proportion which their
3 notes in circulation bear to the specie in their
' vaults. Some twenty or thirty years ago it
3 was not considered safe for the issues to ex
' ceed the specie by more than two and a half
f or three for one; but now taking the whole, &
* including the Bank of the United States with
the Stale Banks, the proportion is about six to
0 one, mid. in hiding that hank, it would very
- greatly exceed that proportion.—This increase
: of paper m proportion to metal, results from a
' cause which deserves much more notice than S
it l uis heretofore attracted. It originates main-1
' ly in the number of the batiks, f will proceed 1
' to illustrate it.
1 The Senator from New York, (Mr, Wright)
3 in assigning his reasons tor his Ueheveing the
i bam- ot the United states to be more danger
-1 ous tt.an those of the States said that one
1 bank w,is more dungerons than many. That
1 m some inspects, may be true; but in one and
s that a most important one, it is strikingly
• the opposite; I mean in the tendency of The
| system to increase. Whore there is but
■ one banir, the tendency to increase is not
1 near so strong as where there are many, ns
illustrated iit England where lit? system has
r advanced much less rapidly, in portion to
the wealth and population of the kingdom
I than in the U. Slates. Gut where 'hero is no
I limitation as to their number, the increase
wit! be iiievnble so long as banking continues
to bo among the most certain eligible and
profitab'e employment of capital, as is nnv
in's case.—Willi these inducements, there
must be constant application for now banks,
, whenever there is the least p,'aspect oTprofitu
ble employment banks to be founded mainly
on nominal and fictitious capital, and adding
but little to that already in existence—and
with our just and natural aversion monopoly.
It is difficult, on principles ot equality and jus
tice, to resist such application. The admis
sum ot « new bank tends to diminish the prof
its ol ilio old, and between the aversion of old
to reduas their income, and the des roof the
new to acquire profits, the result is an enlarge
maul of discounts afieeted by a mutual spirit
ot forbearance, an indisposition on the part
of each to oppress the other and finally the
creation of a community of teelmg to stir,
inaliz - ami oppose those, whether banka or
individuals, who demviid specie iu payment
lor their notes. Tins community of feeling
which ultimately identifies the'whole ns a
peculiar and distinct interest in the com
munity increases and becomes more and
more intense just in proportion as banks
multiply as they become, if I may use the
expression, too populous, and from the pres
sure ot increasing numbers, in maintaining
Muir exist an co, there results u correspondin'*’’
increase ol»issues, in proportion to their means
which explains the present extraordinary
disproportion between specie and notes, in
those State* where banks have been most
multiplied; equal n Home to sixteen to one.
There results, (rum this state of things, some
political considerations which demand the
profound attention of all who value the lib
erty and peace of the country.
While tbe booking system rests on a solid
foundation, there will be, on their part, hut little
dependence on the government, and but little
meaaa by which the government can influence
them, and as littlsdisposition on the part of the
banku to be connected with It; but in the pro
gress of tho system, when their number is great- 1
ly multiplied, sod their issues, in proportion to ‘
thsir means, era correspondingly increased, the fi
condition of tbs banb besomes'now and more *
critical,—Every adverse event in the commercial !
world, «r political movement lhal disturbs the i|
present slate of things, agitates b
ihein. They become timid and anxious for their ]•
safety, jnd necessarily court those in power, in e
order to secure their protection. Properly is, in s
it» natute, timid, and seeks protection, and natb- t
ing ts oure grateful to government them to be- tl
come a protector. A onion is the result; ami e
when tint union takes place —when the govern- r
merit, in fact, becomes the bank direction, tegu- i
laliug iiafavors and accommodation, the down- -
tall of liberty Uat hand. Arc there not iinlica-
lions that vc are not far removed from tins slate I
of tilings! Do we not behold, in those events, r
which have »0 deeply agitated us within the last i
few months, and which have interrupted ail the t
business transactions of this community, a strong s
tendency to this union on the part ot one de- -
panmeiit of this g vermnent, and a portion ot ]
Ibe banking system! Has not this union been, ,
in fact, consummated in the largest and most |
commercial of the stales! What is the solely
food system ol New York but a union between I
the banks and tbe state, and a consummation by
law of that community ot feeling in Ike banking
system, which I have attempted to illustrate; the
object of which is to extend their discounts, and
to obtain which, the inleiior banks of that state
have actually put themselves under the immedi
ate protection of the government.
The clients have been striking. Already have
they become substantially mere paper machines —
several having not more than from one or two
cents in specie to the dollar, when compared with
their circulation v. hi be lound to be but little bel
ter. 1 caie not (said Mr. Calhoun) whether the
present commissioners are partisans ot toe pre
sent state administration or not; or whether the
asxenion of the senator Irom New York, (Mr.
Wright,) that the government of the state bad
not interfered in the control of these institutions,
be correct. Whether it has taken place or not,
interference is inevitable. In such slate ot weak
ness a feeling of d> pendence is unavoidable, and
llieconlrol of the government over tho action oi
the banks, whenever that control shall become
necessary to subserve the ambition oi the avarice
of those in powerj is certain.
finch a the strong Un I nicy of our banka to
terminate their career i t the fuller system —
in an open suspension oj specie payment* ' When
ever that event occurs, the progress to cinvni
aion ami revolutiihiwili be rapid. The curren
cy will become local, and each state w.ll have
a powerful interest to depreciate its currency
more rapidly than Us neighbor, as the means
at the same lime, of exempting itself from the
taxes of the government and drawing the
commerce of the cvnnlry to its ports. This
was strong y exemplified alter the suspension of
specie payment during the last war, when the
depreciation made the most rapid progress, till
cheeked by the establishment of the present bank
of tho United States, and when the foreign trade
of the country was as rapidly converging to the
point of the greatest depreciation, with u view of
exemption from duties, by paying in the debased
currency of the place.
What,then,is tlio disease which afflicts the sys
tem! what the remedy! and what the meansof
applying ill There are the questions which I
sliall next proceed to consider. What I have al
ready slated points out the disease. It consists
in u great and growing disproportion between
the metallic and paper circulation of the country,
effected through the instrumentality of the banks,
it disproportion daily and hourly increasing under
the impulse of most powerful Causes, which are
, rapidly accelerating the country to that stale of
convulsion and revolution which I have indicated.
The remedy is to arrest its future progress, and to
diminish the existing disproportion —to increase
the metals ami to diminish i ho paper—advancing
1 till the currency shall bo restored to a sound, safu
and settled condition. On these two points all
must be agreed. There is no man of any parly ca
pable of reflecting, and who will take the pains
to inform himself, bulmust agree that ourcurren
cy is in a dangeious condition, and that the
danger is increasing; nor is there any one who can
doubt that the only safe and effectual remedy is to
diminish tba disproportion to which I have refer
red. Hero tho extremes unite—the Senator
i horn Missori (Mr. Benton), who is the open and
, avowed advocate of a pure metallic currency, and
i the Senator from Mass. (Mr. Webster,) who
i stands hero as the able and strenuous advocate of
. the banking system, are on this point united, and
| must move from it in the same direction, though
, it may bo the design of the ono ,to go through,
and of the other to halt after u moderate advance.
1 There is another point in which all must be
agreed ; that the remedy must be gradual—the
, change, from the present to anolhei and sounder
condition, slow and cautious. The necessity for
this, results from that highly delicate nature of
currency which I have already illustrated. Any
sodden and great change from our present to
even a sounder condition, would agitate and con
, vulse society to tlio centre. On another point
! there can he but little disagreement. Whatever
j may bo tlio different theoretical opinions of the
members of the Senate, as to the extent to which
the reformation of tho currency should be cur
j ricd,cvcn those who may think it may be carried
; practically and safely to the restoration of a nie
-1 lallic currency to the entire exclusion of paper,
| must agree that the restoration ought not to be
j carried further than a cautious and a slow expe
j rience shall prove that it can be done, consistent
ly with the prosperity oftho country, in the exis
ting fiscal and commercial condition of llie world.
To go beyond the point lo which experience
ahull show it is propel to go, would be to saciilico
the public interest merely lo a favorite concep
tion. There may bo ultimately a disagreement
of opinion where that point is, but since all must
bo agreed to move forward in the same direction,
and at the same space, let us set out in the spirit
of harmony and peace, though we intend lo stop
at different points. It may be that enlightened
by experience, iboso who intende I to stop at the
nearest point may be disposed to advance farther,
and that those who intended the farthest, may
hall on this side, so lhal Anally all may agree to
terminate llicjourncy together.
This brings us lo the question of how shall so
salutary a change be etleclcd! What the means
and the mode of application. A great and dilii
cult question, on which some diversity of opinion
in iv be expected.
No one can bi .•'.iifd sensible than I am of the
responsibility th it must be incurred in proposing
measures on questions of ?o muck magnitude,
am 1 , which, in so distracted a slate otiuff public
mind must affect seriously great and influential
interests. But this is no time lo slum responsi
bility. The danger is great and menacing, and
delay hazardous, if not ruinous. While howev
er 1 would not shun, I have not sought the re
sponsibility. I have waited lor others and bad
any one proposed an adequate remedy. 1 would
have remained silent. And here (said Mr. Cal
houn.) let mo express the deep regret which J feel
that the administration, with all that weight of
authority which belongs to its power and im
mense patronage, bad not instead of the deposite
question, which has caused such agitation and
distress, taken up the great subject of ibe curren
cy; examined it gravely and deliberately, in all its
beatings; pointed out its diseased condition; desig
nated the remedy and proposed some sale, gradu
al, and effectual means of applying it. Had lhal
course been pursued my zealous and hearty co
operation would not have been wanting. Permit
mo also to express a similar regret that the ad
ministration having failed in this great point of
duty, the opposition with all its weight and tal
ents headed on this question by the distinguished
and able senator from Massachusetts, wliois so
capable of comprehending this subject in all iu
bearings had not brought forward, under its aus
pices, seme permanent sysU'ra of measures, ba
sed upon a de iberato and mature investigation
into the cause of the existing disease, and calcula
ted to remedy the disordered state of the cur- i
rency. What might have been brought forward i
b) them with such fair prospects of success, has i
been thrown on mere incompetent hands; unaid- I
eti by patronage or influence, saving only that ,
influence which truth, clearly developed, and <
honestly and zealously advanced, may be sup. |
posed lo possess, and on which 1 must whollv i
rely. 3 J
But to return to tbe subject. Whatever diver- t
sity of sentiment there may bo as to the means, I
on one point all must be agreed; nothing effect o' 1
«1 can be done; no check interposed to restore or (
arrest the progress of she system by tbe action of i
he stales. Tbe reasons already assigned to P ro ' c ,
that banking by one slate compels ail others to ,
bank, and that the excess of banking in one, in ■
like manner com;»els all others lo like excess,
equally demonstrate that it is impossible lor the ,
states, acting separately, to interpose any means ;
to prevent tbe catastrophe which certainly awaits
the system, and perhaps the govetutm lit itself, J
unless the great and growing danger to which 1
refer, bo timely and effectually arrested. There
is no power any where, but in Ihis government j
the joint agent of all the states, and through
which the concert of the action of the whole can |
be effected, adequate lo this great tusk, xbe
responsibility is upon us, and upon us alone. 'I he
means, if means there be, must be applied by our
hands, or not applied at all—a consideration, in •,
so great an emergency, and in the presence ot j
such imminent danger, calculated, I would sup
pose, to dispose all to co-operation and to allay
every pany feeling in the heart even of the last
patriotic.
What means do we possess, and how can they
be applied!
If the entire banking system was under the im
mediate control of the general government, there
would be no difficulty in devising a safe and el
fectual remedy lo restore the equilibrium be
tween the specie and the paper which compose
our currency. But the fact is otherwise, With
the exception of the bank of the ImiteJ States,
all the other hanks owe their origin tn the au
thority of the several states, and are under their
immediate control, which presents the great dif
ficulty experienced in devising the proper means
of effecting the remedy, which all lecl to be so
desirable.
Among the means which have been suggested,
a senator from Virginia, not now a member ot
this body, (Mr. Rives) proposed to apply the tax
ing power to suppress the circulation of smalt
notes with the view of diminishing the paper
and increasing the specie circulation. Ihe rem
edy would be simple and effective, but is liable to
great objections. Tbe taxing power is odious
under any ciicumstances ; it would bo doubly so
when called into exorcise with an overflowing
treasury; and still more so, with the necessity
of organizaing an expensive body of officers to
collect a single lax and that on an inconsiderable
subject. But there is, another, and ot itself a de
cisive objection. It would be unconstitutional —
palpably and dangerously so. All political pow
ers, as I staled on another occasion, are trust
powers, and limit; their exercise to the sub
ject and object of l. » grant. The lax power was
granted lo raise revenue for the sole purpose of
supplying the necessary means ot carrying on
•lie operations of the Government. To pervert
this power from the object thus intended by the
Constitution, to that ot repressing the circulation
of bank notes, would be lo convert it from a reve
nue into a penal power—a power in its nature
and oleect essentially different from that intended
to be granted in the Constitution; and a power,
which in its full extension,if once admitted, would
be sufficient of itself to give an entire control to
this Government over the property and the pur
suits of the community, and thus concentrate and
consolidate the entire power of tho system ill this
Government,
Rejecting, then, the taxing power, there re
mains two obvious ami direct mi”’"“ in
i siim of tho Government whicl ay m a hrougiu
into action to effect the object ii enJ J, but net
, ther of which, cither separately oi jointly, are o
, sufficient efficacy ; however indispensable they
• may be as a part of an efficient system of mens
■ urcs, to correct the present or repress the grow
ing disorders of tbe currency —I mean that pro
, vision in the Constitution which empowers Con
i gress lo coin moi.ey, regulate the value thcrco
. and of foreign coin, and the power of prohibiting
; any thing but the legal currency to bo receivei
i either in whole for in part, or the dues of the Gov
1 eminent. The more power ot coining end regu
. lating tho value of coins of itself, and unsustuin
; ed by any other measure, can exercise but i
, limited control over the actual currency of thi
country, and is inadequate to cheek excess o
correct disorder, as is demonstrated by the pro
sent diseased state of the currency. Congresi
has had from the beginning, laws upon the statuli
books lo regulate the value of the coins; and a
i an early period of the Government Iho money
1 was erected, and has been in active operation cve,
i since: and yet of tbe immense amount which ha;
f been coined, a small residue only remains in tin
| country ; the great body having been expellei
i under tho operation of the banking system. Tc
give efficacy to this power, then, some oilier musl
tie combined with it. Tbe most immediate and
obvious is that which has been suggested, of ex
eluding all but specie in tho receipts of the Gov
ernment. This measure would be effectual to a
certain extent; but with a declining income,
’ which must take place under the operation of the
act of ihc last session, to adjust the tariff', and
which must greatly reduce the revenue, (a point
ofllic utmost importance to the reformation and
regeneration of our institutions.) the efficacy ol
tbe measure must be correspendingly dimni.-hed.
From the nature of things, it cannot greatly ex
ceed the average of the Government deposites,
which I hope will before many years be reduced
to tbe smallest possible amount, so as to prevent
the possibility of tbe recurrence of tho shameful
and dangerous state of things which now exists,
and which has been caused by the vast amount ol
the surplus revenue. But there is in ray opin
ion a strong if not an insuperable objection against
resorting to this ra.asure, resulting from the fact
that an exclusive receipt of specie in the Treasu
ry would, lo give it efficacy and lo prevent exten 4
she speculation and fraud, require an entire dis
connection on the part of the Government with
the banking system in all its forms, and a resort
to the strong box as the means for the preserving
and guarding its funds—a means, if practicable
at all in the present slate of things, liable lo the
objection of being far lees safe, economical, and
efficient than the present.
Wbat then, Mr. C. inquired, what other means
do wc possess of sufficient efficacy, in combina
tion with those to which I have referred, to arrest
the further progress and correct tho disordered
state of tho cut rency! This is the deeply im
portant question, and here some division ofopin
lon must be expected, however united we may
he, as i trust we arc thus far, on ad other points.
1 intend to meet this question explicitly and di
rectly, without reservation or concealment.
After a lull survey of the whole subject, I see
none, I can conjecture no means of extricating
the country from the present danger and to ar
rest its father increase, but a bank, the currency
ofV.Mch, in some form or under some authority,
is indispensable. The country has been brought
into the present diseased si;! fi of the currency by
banks, and must be extricated by tbeir aj'dicy. —
VVe must, in a word, use a bank to unbank the
banks, to tho extent that may be necessary to re
store a safe and stable currency—just as wo ap
ply snow to a frozen limb in order to restore vi
tality and circulation, or hold up a hum to the
llarnc to extract the inflamation. All must see
that it is impossible to suppress the banking sys
tem at once. It must continue for a time. Its
greatest enemies and the advocates ol an exclu
sive specie circulation, must make it a part of
their system to tolerate the banks for a longer or
a shorter period. To suppress them at "once,
would, it it were possible, work a greater revolu
tion—a greater change in the relative condition
ot the various classes of the community, than
would the conquest of the country by a savage
enemy. What, then, must be done! I answer
a new and sale system must gradually grow up
under and replace the old—imitating,' in this re
spect, the beautiful process which we sometimes
sec. ol a wounded or diseased part in a living
organic body, gradually superseded by the healing
process ol nature.
How is this to be effected? How is a bank to
be used as the means of correcting the excess of
the banking system! And what bank is to be se
lected as the agent of effecting this salutary
change? I know, said Mr. C. that a diversity of
opinion will be found to exist as to the agent to
be selected, among those who agree on every oth
er point, and who, iu particular, agree on the ne
cessity of using some bank as the means of ef
fecting the object intended; one preferring a sim
ple re-chartcr of the existing bank—another the
charter of a new bank of the United States—a
third a new bank engrafted upon the old, and a
lourlh the use of the Slate banks as the agent.
I wish, said Mr. 0., to leave all these as open
questions; to be carefully surveyed and compar
ed with each other; calmly and dispassionately,
without prejudice to parly feeling; and that to lie R
selected which, on the whole, shall appear to he t |
| i, e < t _ihe most safe; the most cfliaienl; the most
1 prompt in application; and the least liable to p ,
constitutional objection. It would, however, be T
wanting in candor on my purl, not to declare that f r
ny impression is, that a new Rank ot the t inted fl
States, engrafted upon the old, will be found, un- 0 I
j der all the circumstances of the case, to combine n;
1 the greatest advantages, and to be liable to the
, fewest objections; but litis impression is not so |,
firmly fixed as to lie inconsistent with a calm re- 0 I
view of the whole ground, or to prevent my yield- n
to the conviction of reason, should the result o j
such review prove that any other is preferable.—
Among its peculiar recommendations may >e t!
ranked the consideration, that while it would a.- p,
ford the means of a prompt and appu- 0
cation for mitigating and finally removing the 1.
existing distress, it would at the same time open J
to the whole community a fair opportunity ol
participation in the advantages ol theinstitut on, J
be they what they may. ti
Let us then suppose, (in order to illustrate and h
not to indicate a preference,) that the present g
hank be selected as the agent to effect the inten- a
ded ol'j-'r t. What provisions will be necessary! 1
I w ill suggest those that have occurred to me, 1
mainly, however, with a view of exciting the re
flection of those much more familiar with hank- 1
ing operations than myself, and who of course, c
are more competent to form a correct judgment r
of their practical effect. 1
Let, then, the hank charter be remewed fur
twelve years after the expiration of the present
term, with such modifications and limitations as
may he judged proper, and that, after that per
-1 iod, it shall issue no notes under ten dollars; that
Government shall not receive in its dues any £
' sum less than ten dollars, except in the legal coins i
1 of the U. States; that it shall not receive in its c
dues the notes of any bank that issues notes ot a a
* denomination less than five dollars, and that die i
* United Stains Bank shall not receive in payment, i
* or on deposits, the notes of any bank whose notes j
’ are not receivable in the dues ot the Govern- I
* meiU; nor the notes of any bank which may re
' ceivo the notes of any bank whoso notes are-not i
1 receivable by tile Government. Attheexpira
-3 lion of six years from the commencement of the |
" renewed charier, let the bank he prohibited from
" issuing any notes under twenty dollars and let no i
" sum under that amount he received in the dues of '
* the Government except in specie: and let the
‘ value of gold he raised at least equal to that of
s silver to take effect immediately, so that the eoun
* try maybe replenished with the coin, the lightest
1 and the most portable in proportion to its value,
I to take the place of the receding bank notes. — I
e It is unnecessary for me to stale, that at present, i
II the standard value of gold is several per cent, i
less than that of silver; the necessary effect of i
0 which has been to expel gold en.irely from our |
d circulation, and thus to deprive us of a coin so 1
r > well calculated for the circulation of a country ■
d so great in extent, and having so vast an inler
-0 course, commercial, social, and political, between
r " all its parts as ours. As an additional recom
d mcndalkm to raise is relative value, gold has of
13 late become an important product, ofthree consid
erable Slates of the Union—Virginia, North |
Carolina and Georgia—to the industry of which
s " the nieasnr” proposed would give a strong irn
pulse, and which in turn, would greatly increase
'■ thc/quantky produced.
J * Such are the means which have occurred
y to me. There are members ofthis body far more
competent to judge of their practical operation
,m than myself, and as my object is simply to sug
gest them for their reflection, and for that of
others who are more familiar with this part of the
subject, 1 will not at present enter into an enqui
's ry as to their efficiency, adequate to effect the
11 object in view or not. There are doubtless others
v * of a similar description, and perhaps more ofii-
J " cacious, that may occur to the cxperiencedjwhich
*' I would freely embrace, as my object is to adopt
a the best and most efficient. And it may be hoped
10 that if on experience it should be found that nci
n ther these provisions nor any other in the power
c ‘ of Congress are fully adequate lelfec to the impor
sS tant reform which 1 have proposed, the co-opera
le lion of the Stales may be afforded, at least to the
ot extent of suppressing the circulation of notes un
f der five dollars, wheie such are permitted to be
Cl issued under their authority.
[ Concluded on second page.]
;d FritTay Evening-, June 16,1857.
o—. : ■ ■
** We commence to-day the publication of Mr.
Calhoun’s speech oh the currency, in 1834.
The just celebrity which this production has ob
a tamed as cine of great and convincing clearness,
! > practical and enlightened views, would justify us
j in yielding to it our miscellaneous columns at
t any time, but render it at present a matter of
d duty. No man can read it without profit and
d instruction, no matter whether he agrees with the
speaker or not, for it is a production, rate in one
good quality, that it contains the elev Med views
d ot the statesman, unminghd with the feelings of
1 the partizan. It will be contained in three num
* bers of our daily paper, and will appear entire in
j the semi-weekly paper of Monday,
' By reference to our express mail columns, it
t will be seen that there lids been an arrival at N‘
. York from Liverpool, bringing dates to the 16th
* May. Cotton had still declined a little farther'
bat the state of the cotton market is now looked
( I to as much less important than that of the money
, market. The great question now is,- what is to
J be the effect of the present disastious state of as
-3 fairs in America, upon business in England! If
the English bankers and merchants can weather
3 the storm, cotton will in due season recover that
- price which the demand and supply will warrant,
whatever it may be.
* We have therefore, of late, published much
. more extensively than usual, extracts from Eng
r lish news, in order to keep our readers advised of
* the stale of affairs there, and thus enable them
to form a just estimate of the condition of both
( countries, at a crisis of so much interest and so
, much affliction. Dates are at this lime of great
■ importance. About the 9th of March, the failure
of Herman, Briggs & Co. took place in New
j Orleans. This was the first outbreak of that
i storm wh ch has prostrated every thing before it
- in this country, and brought us from a state of
> great apparent prosperity, in three months, to a
' comituPfl to® most unparalleled distress. The
’ news of this, and one or two other failures,
s reached New York on the ioilj March, and on
1 the 17th the Josephs went by the board, fallow-1
' ed by multitudes of others in every direction,
. prostrating the whole business of the country.
f The news of these failures reached England a
bout the 35th April, and produced, as our read
’ ers are already informed, a great sensation there.
| On the 10th of May, the New York Banks sus
pended specie payments, followed since by 'al
i most every Bank in the Union. The news of
that event had not of course reached England at
1 the date of our last accounts, and would not for
many days. Until then we cannot form any just
estimate of the finale of the present crisis.
A Western paper states on the authority of a
“highly respectable and intelligent gentleman,
' that the State oj Alabama is flooded -with gold
and silver.”
He must be a Van Buren Democrat, and on
. doubt had on a pair of the Ex-President's “glo
ry spectacles" when he made the observation.
Ala, Jour,
From the N. Y.f Daily Express, June 12,
FRANCE.
We have Parisdates to the Ist of May.
The run on the Parisian saving-banks, appears,
by the returns given in the Moniteur, to be fast
subsiding. The amount lodged on Sunday and
Monday last, was 381,800 f. Thesumswithdrawn
amounted to only 429,008 f.
The Duke of Orleans and his aunt, the
Princess Adelaide, left Paris on Monday for
at
Brussels, to be the sponsors of the second son ■ I
he King and Queen of the Belgians,
The foreign intcllgencc contained in the Pa:I»
napcrs is sranty and unimportant. A letter ffom
I’ricstc, dated the 23d ult., states that accounts
from Patras (received via Corfu) mantained that
:he revolt in .that city had not yet (the iOlh
>f April) been suppressed. A provincial govern
ment was, it was said about to be proclaimed.
At Paris, on the 9lh and 10th, speulation was
may in arranging new Cabinets and new Sjrst, ,rs
)f government. Among the men s<> named by
anticipation for office, were Marshal Suult, and
M. M. Humann, Theirs, Manguin, ami Passy.
In the Chamber of Deputies, on the Bth May,
he Minister of war, Count Bernard, presented a
project oflaw for an extraordinary credit of 14,- ~
lOO.OOOf. for the French possessions j»> Africa.
Raid on the table, and ordered to be printed and
Jiatribu ted.
The minister of commerce, M. Marlin (d u
Nord,) piesented several projects oflaw relating
to the construction of railroads between the fol
lowing places: —Pans and the frontiers of Bel
gium; Paris and Rouen, Orleans;between Toulon
and Marscillies, and from Muliiausen, to the
Rhine. Laid on the table, and ordered to be
printed and distributed.
The Moniteur of theOlfc, which wish the other
Paris papers of that day, we have received by the
ordinary express, contains the itnperthpt an
nouncement of an amnesty lor politrcal oflenders,
of which the following is a translation ;-~
“ BOTAI. ORDINANCE.
“ Louis Phillips, King of the Fteasfil to all
present and to come grccting
“We have decreed and do decree aa foflqws :
‘•Art. 1. A general amnesty is granted to
all individuals detained in the state p:igpn,
in consequence of having beea declared .
of political crimes or offences. At the same tim'd
a police surveilance will t c continued in respect
of such of them as have b een sentenced to degra
ding and infamous punisl .ments as also with re
gard to those whose sentci ices include a provision,
that they arc subjected tt > surveillance.
•‘2. The sentences pr onounced by the Court
of Peers against Victor Boireau and Francois
Meunier, are commuted -into banishment tor the
period of 10 years.
“ 3. The Keeper of thoj Studs and the Secreta
ry of State fur the Home B e paitment are charged 1
with execution of the prese n t ordinance.
“LC >IJIS PKILIPHE”
K’.ing of the French.'
“IhiRYHET, t
“Minister of Justice at id Public Worship.”’
Letters slate that this im pi ittanl mcain.o fluff
been the subject of discussion in CbntHFtik Fam
ille, hold at the Chateau of tire TUileries, which • j
commenced on Monday nig lit, and was not over
until 3 o’clock on the morning of Thesday. The ‘ ™
parties who urged it were the Duke of Orleans,
Count Mole, Marshall Girand, and Count Montali- ,'S
vet. Baron Pasquier (Pr esident of the Cham
ber of Peers) assisted at tin i Council,.and opposed
the amnesty hut as has ho an see-c,. without sue- ,
cess.
Amsterdam, May 9 —'■ .Vo bear that the sub
scriptions to the capital of the Commercial Bank
(10 million florins) which, is to be established
with the approbation of his Majesty, were opened ,
to-day and will he closed as soon as thrce-fuurihs
of the above sum shall bo s ti.bscribed.
ha vat; marki. r, may 7.
Cotton—Our rates for all blesoriplions of eolton;:
have continued very irregul: r, sineeour last report
but, u ion the whole, they liave- been, generally,,
more in favor or the buyers ll am the sellers
The sales from the 30th I. pril to the Gih inst,,
comprise 3293 bales, consist! a g of 2356 b. New Or
leans, of which 75b at f 78; 1618 bat fB4 tofSS;
91 b at f 98; 23 b at f 109; C B b at f 1115; 23 b at.
107 50; 21 b ntf 110, 41 bai t 130; and 293 b dams
aged, su'd publicly, at f 36 tc, f 35; 500 b Mobile,of f
which 75bat f 85; 100 b at f 87; 275 bat fc 90-lof
91; and SUb at I 95; and 5i 5 b Upland- at which *
150 bat f85lof89; 75 bat I 91; 48b at f 97; 268 b
at I 99 and f 100; tie whole d uty paid.
The arrivals within the san re period have ambmi
ted to 66J9 b United States co itons.
Stock April 30 100566 b pf which 86588 U. &
Arr up to 6 May 6699 6699
107265 93207
Sales tip to 6 May 3393 3293
Stock 6 May 103972 89944.
LIVERPOOL COTTON MA RfcfEr, MAT 13.
The market has continued ia a very depressed '' y
state throughout the week, and prices of the com
mon to the f.ir qualifies of llie American have de
clined jd to id and the Iwtlcr <loser,ptions Idlo-id
per lb; Brazil, Egyptian and EiLt India are rather
lower. 800 American I uve In son taken by specu
lators, and 1500 American, 30 Pernambuco and-30
Surat fir export. The sales araoant to 13,770 bags, I m.
as tollows;
30 Nca Island, 2!d to 36d; Stained do 6 to 16;
3140 Bowed Georgia, 5 to 7#; 1670 Mobile at 5 to>7i
Alabama, dx. 41 to 6f; 5390 New Orleans, 4i to
8!; 1010 Pernambuco, Parabia, &c. 71 to 101; 480
Maranlmra, 8 to 10—Sawginned, 7to 8; 490 Bahia
and Maracaibo, 6 to 81; Domurara, &c. 10 to 13;
130 Egyptian, 8i to 13; 20 Barbadoes, 7i to 81; Pe- ■
ruvian, 7to 71; 90 Laguayra, 51 Io7»; VVesl India, ■
6to 8; 430 Surat, 3to 51; Madras, 3to 51; Bengal,
3 to 41. I
The imports for the week are 21,917 bags.
May 15. I he prices of cotton are id to id per
lb. lower than on Faiday, but not lower than the
business of Saturday, which was m a great raeas
use a forced business. 300 Surats have been taken -
fur export to China, at 3id per lb. The sales on
Marine liaUliigeiicc.
feAVANNAii, Juno 14.—bailed, bhip Os inulgee,
Lyon, Mow York; bog Tybeo, Lyon, do.
Departed, steamboat James jldams, King, Char
leston.
Charleston. June 15.—Arr brig Alpha, Thos.
Havana; schr Queen, Crowell, Bangor, Me ; steam Vi
packet James Adams, King, Bavannah and Beau
fort; schr Union, Pugh, Middletown, N C.
Went to sea, brig Catharine, Rose, Havana; schr
Daniel M. Smith, Smith, Philadelphia ; schr Ran
dolph, Ireland, do.
MAHKIED,
On Wednesday morning, the sth instant at
the Sand Hills near Augusta by the Rev. Mr.
Talmaoe, John H. Bass of Putman County, to
Mbs. Martha Cleghorn.
Two Mule* Strayed.
the subscriber about a week ago, both
two years old, neither of them have been
worked ; they are of small size and chunky ; and '
rather po„r, the largest is black, the oilier a dark
iron grey. A reward of Ten Dollars will be paid
fur delivery of them to the subscriber, or Five Dol
lars for information of where they can be got—eith
er to Clarke, MoTier ty Co. of Augusta, or
„ . . WM-NELIGH,
Georgia Rail Road, 11 miles from Augusts, x '
une 2 4t Bellair Post Office.
Strayed,
"WbFßOilf the subscriber, in Columbia
county, on the 28th ult., two Sorrel *5
\ 1 f wfl Horses, they have both a blaze in
their laces, supposed to be about 15
1 han.ds high, no further description recollected A
liberal reward will bo given by the subscriber to
any petsPn who will deliver the said horses to me
at rav reside.' 100 ) or S lvo me notice so that I can get
them. F. J. OLIVE •
June 6 wtf Mfc j \
Strayed,
bf FROM the subscriber, on the 22d
0,18 ®P an *»h colored mare, 4 «
-1 ol P years old; also one Iron Grey Horse, t
4?or 5 years old, the horse bar a wart ,
on left his left hind foot near the hoof, and paces
w ell under the saddle. A reward ol $lO will bo
paid for the animals at my residence, in Waynes
boro’—or any person taking up said animals and
writing me word, shall be paid all reasonable expen
««• MOSES DANIEL.
June 6 W 4t 132
tOU Dollar*.
WILL be given for the delivery of my HORSE
and the apprehension of the devil that car- j
ried him away on the 21st of May, 1837; the horse
is a dark Bay, blaze face switch tail, feet all whim
to the knees, he paces or trots, 7 or 8 years old,
common size. SOLOMON DELAUGHTER, *
Edgefield Diet, S. C,, on the Morlintown
June 5 w road, 4 miles from Hamburg.
IW"The Tallahassee Watchman will please give j|
the above 3 insertions. m-jj
Executor’s I\otice.
All persons having claims against the estate of |
Eliza Milton, late of ihe county of Jefferson, -
deceased are requested to present them duly authen
ticated within the time prescribed by law, and those,
indebted to the estate are required to make immedi
ate payment. ROGER L. GAMBLE,
may 4 w6t 104 Executor.
4