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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