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"*? y* *?. cwuu owt have been disproved. Tj? explanation* in the Stole convention* all turned ?n tU mom fundamental principle, and on lbs principle, tljat Dm terina ueceuary and proper, nit no sddilionsl powers to thoM enumerated. (Hero be red sundry passages, frotn tbe debates of lbs PouoiylvioiA, Virgi nia, and North Carolina coDvenUooi, showing the ground on which the constitution had been ?indicated by Ha principal ad v oca tea again* t a dsngerous latitude of ito powers, charged on il by iu opponent* ) He did not undertake to vouch for the accuracy or authenticity of the publication which he quoted He thought U probable that the aenumeiite delivered nugbt, in many jMtaooM, have been mistaken, or imperfectly noted , but the completion of the whole, with what he himself, and many other* inuat recollect, fully justified the use he had made of them. The explanatory declarations and amendments ac companying the ratification* of the several a tales, formed a striking evidence, wearing the *ame completion. He those who might doubtj to the several acts of ratification. The explanatory amendments, proposed by Congress themselves, *1 Icaat, would be good authority with them; all these annuncialiona of power proceeded on a rule of construction excluding the latitude now contended far. The?e explanations were the more to be respect ed, as they had not only been proposed by Congress, but ratified by nearly three-fourths of the States. He read several of the articles proposed, remarking particu larly on the 11th and 12th; the former, aa guarding ?gainst a latitude of interpretation?the latter aa ex cluding every aource of power not within the constitu tion itself. With all this evidence of the sense in which the con stitution wss understood and adopted, will it not be said, if the bill should pass, that its sdoptiou wss brought about by one set of arguments, snd that it is now admin istered under the influence of auother act 1 And thia reproach will have the keener sting, because it is appli cable to ao many individaals concerned in both the adoption and administration. In fine, if (he power were in the conatitution, the im mediate exercise of it cannot be esaential; if not there, the exerciae of it involvea the guilt of uaurpation, and establishes a precedent of interpretation, levelling all the barrier* which limit the powers of the General Govern ment and protect those of the Slste governments. If the point be doubtful only, respect for our*clve*, who ought to shun the sppesrance of precipitancy and ambi tion ; respect for our auccessors, who ought not lightly to be deprived of the opportunity of exercising the rights of legislation ; respect for our constituents, who hsve hsd no opportunity of making known their sentiments, and who are thcmaelvea to be bound down to the measure for so long a period ' all these considerations require that the irrevocable decision should at luaal be auspended until another aession. It appeared on the whole, he concludtd. that the pow er exercised by the bill was condemned by the silence of the constitution ; was condemned by tho rule of in terpretation, arising out of the coustitution ; wss con demned by its tendency to destroy the main character latic of the conatitution ; waa condemned by the exposi tions of the friends of the constitution, whilst depending liefore the public ; wss condemned by the apparent in tentions of the parties, which ratified the constitution ; was coudemncd by the explanatory amendments pro hy Congress themselves to the constitution ; and * he hopea it would receive ita final condemnstioa by the vote of this House. From the Globe. OPINIONS OF MR. HIVES, OF VIRGINIA. To the Editor of the Globe : I perceive, from your paper of the 5th inst., which I have just seen, that you have done Mr. Rives of Virginia, the honor to devote a paragraph to the exposition of his opinions, on the subject of the currency; and in support of those opinions, have introduced an extract from his speech on the removal of the depo sites, in January, 1834. I am not uware that the public is particularly interested' in learning the opinions of Mr. Hives on this or any other question ; but as you have made them the subject of a special notice, it is due both to the public and Mr. Rives, that thev should be correctly represented. So far as the object of the reference may be, to use your own language, to "exhibit'the identity of the views of Mr. Rives with the views of the late and present president," on the same subject, I believe there is little hazard in say ing that Mr. Rives has concurred generally and heartily in all the views as to a reform of the currency, which have been expressed bv the late president in his message to Congress, and by the present chief magistrate In the only document in which ho is known to have treated the subject?his letter to Mr. Sherrod Williams. In the speech of Mr. Rives, du ring the last winter, made specially and pro fessedly on the subject of the currency, and ? P which his views on that interesting ques tion are fully and precisely developed, he quotes with marked approbation, an instruct ive paragraph from a message of the late pre sident, as expressing with clearness and force, his own opinions respecting the ne cessary reform of the currency ; and a com parison of that speech, and every thing else he has ever said on the subject of the cur rency, with the able and often quoted letter to Mr. Sherrod Williams, will show a like ge neral concurrence in the views heretefore expressed by the present chief magistrate, on the great and now absorbing topic. But the object of your reference seems to be rather to apply the supposed opinions of Mr. Rives in 1834, to questions that have since arisen, and which are likely to form the chief subjects of deliberation during the approach ing session of Congress. If an inference may be draw n from the italics and capitals by which you have illuminated certain portions of the extract you have quoted from Mr. Rives's speech on that occasion, as well as from the comments with which you have accompanied them, the purpose would seem to be to show that that gentleman must now be in favor of exacting specie exclusively in payment of the public dues, and ol discarding entirely the fiscal agency of the State Ranks. This con struction is in direct contradiction with the opinions fully expressed by Mr. Rives during the last winter on the currency and revenue bill, and is equally opposed, in my htintl.le judgment, to the language and obvious import of the extract you have quoted front his speeciV oti the removal of the deposited in 1834. It will bo seen from that extract, that Mr. Rives was then, as he is now, deeply impressed with the importance of a reform in the currency, and ol correcting the evils of a paper system. He proceeded to develope specifically and in detail, the means and steps by which this re form was, in his opinion, to be gradually con summated. I quote his words from the ex tract you have given, but the significant and important portion of which, in reference to the question under consideration, you have passed over very lightly. " Whatever influence (lie said) such atf in stitution (the Hank of the United States) may be supposed lo exert in preserving the sound ness of the currency, that object would be much more effectually promoted by a return, as far as practicable, to a metallic circulation. The first step towards that return, is to let the Bank of the United States go down. Its notos being ^withdrawyt, the convenience of travelling alone would immediately create a demand for gold coins, as a substitute, and en force the necessity of correcting that under valuation of them at the mint which is said to have contributed to their disappearance. In concurrence with this, lot measures be ta 1 ^n, to discourage and suppress the.circulation <nk notes under a certain,denomination, twenty dollars,) of which the effect 'o produce another accession to the ulating medium. The ordinary channels of emulation being thus ouptdied with gold and silver, the fovernmeut would be prepared, without hardship to the public debt or, to require payment of its duesin spscic," Ac. This passage developes fully and unequivo cally the views, then and since, entertained by Mr. Hives on the subject of the currency and the collection of the revenue, and forms, indeed, the chart by which his public course has been steadily directed. He never con templated an exclusive metallic circulation, though he believed a return to such a circula tion, " as far as practicable," to be a desirable aud.salutary reform, indicating at the same time the suppression of bank notes under twen ty dollars, as marking the limit of that practi cable return. The suppression of bank notes under twenty dollars accomplished, he believ ed the " ordinary channels of circulation would be filled with gold and silver," and "the go vernment would (then) be prepared, without hardship to the public debtor, to require pay ment of ita dues in specie," Ale. It cannot fail to be remarked that the suppression of bank notes under twenty dollars, and the con sequent supply of the " ordinary channels of circulation with gold and silver," are here mentioned as cvndUiuits precedent to justily the government in requiring payment of iis dues in specie from the people. This princi ple has been constantly present to the mind of Mr. Rives, and hns governed all his actions on the subject, llis object has been to give hard money u> the people in their ordinary daily transactions, to make it " the practical curren cy of common life," before the government should be authorized to demand it froin the peo ple. The only means by which this object can be effected, as experience and reason equally demonstrate, is the previous suppres sion of bank notes of the lower denominations; and he accordingly brought forward, during the last winter, a measure, having that sup pression in view, which was sanctioned by the votes of more than two-thirds of both houses of Congress. That measure was the direct corrollary from the principles he had avowed in 1834, and in sustaining it, he re curred to and enforced those principles. In the remarks made by him on the 22d of De cember last, on the Introduction of the propo sition referred to, he used the following lan guage : " Shall that medium, (the medium of payment,) in public receipts and disburse ments, be specie exclusively ? Even if this should be the ultima.te policy af the govern ment, the country is, in my opinion, not yet ripe for its adoption. Specie must first diffuse itself more generally through the ordinary bu siness of society; the common channels of circulation must be better filled with the me tallic currency?before the government can, with justice to the public debtor, sternly de mand payment of its dues in -gold and silver exclusively. The only effectual means by which a large circulation of gold and silver in the general trade and business of the com munity can be obtained, >is the suppression of bank notes of the smaller denominations. This is that practical reform of the currency which has been held steadily in view by the present administration aud its friends," &c. Again, on the 10th of January, 1837, in supporting tho same proposition, he said; " Till, by the suppression of the small notes, the circulation of the country has become bet ter filled with the precious metals, 1 do not think it would consist with a just, wise, and paternal policy on the part of the government to exact payment of its dues in specie exclu sively. It could not be done, without great hardship to the public debtor, and extensive distress and embarrassment to the whole com munity." " Nothing, therefore, can be clear er than that an attempt, with cur present limit ed metallic circulation, to collect the public revenue in specie alone, would be distressing . to the last degree, and could not abide the test of that public judgment, without whose ap probation no system of policy can or ought to stand." It will be seen from these extracts, in exact conformity to, and steadily pursuing, the idea thrown out by Mr. Hives in the debate on thfe removal of the deposites in 183-1, that he has uniformly held, that gold and silver must first become the common currency of the country, by the previous suppression of bank notes under twenty dollars, before the government could be justified in demanding its dues froin the people in specie. Is this the case now T A formal answer would be a mockery. 1 will j only add, and I do it upon no slight knowledge of Mr. Kives's opinions and public acts, that i nothing can be shown from iiim in 183 4, or at any oilier time, countenancing the anomaly of ; two distinct currencies established by law in j a republican government?the '? better cur , rency" for the government, and any sort of ; one for the people. As Mr. Hives will soon, in the discharge of his duty to his constituents and tho country, have an opportunity of ex ! plaining and defending his opinions for him self, 1 should not have deemed it proper to say any thing of them, but that you have thought fit to make them the subject of a spe j cial commentary, and that an erroneous one. ; There are other errors of less importance m ? your commentary, which I have not the time, nor do I deem it necessary, now to notice. H. Fromthe CharloUenrille (Va.) Jrffrrsonian Republican. We invite, the attention of the readers of the Jeffersonian to the communication of Ca millus, on our first page, which we have co pied from the Hichmond Enquirer. That the idea which (s now entertained by some of the ? officers of the Federal (government and oth ' ers connected therewith, to have no other cir | culating medium than gold and silver, aud to i make war upon all banks, was never the opi I nion of Gen. Jackson or Mr. Van Buren is j conclusively shown. The author of Camil i Ins we know to have been at aH times oppos ! ed to the Hank of the I'nited States, but we I feel sure that tho thought neveV once entered 1 his head that the Government was merely : using a stratagem in employing the State I Hanks as its fiscal agents ; to derive for a time I the benefits which it has admitted they con I ferred upon the whole nation, and then at a ; I period like the present, when the people are J embarrassed, and the country groaning under | the depression which has been caused by the i stagnation of trade, to denounce all Hanks, i and say that it will neither receive their notes j or employ them in any of the moneyed trans I actions of the government. If these things had been avowed at the time when the dis cussion on the L)e|>osite Hanks took place, they could never have received the sanction I of such a man as we know the author of Ca millus to be. We confess that we are unable to under stand the organ of the government ; we have seen it at one time denouncing all who do not subscribe to its golden visions, and at another, asserting that Gov. Campbell of Virginia ex pressed lh? siutiincMis ul a Utfge poitHiu ol the democracy of tfce country whet he said : " Hard money for our common transactions-? bank notes equivalent 10 specie for the com merce of the country." If the sentiment of Gov. C. is the sentiment of the democracy of Virginia, as vwe believe it to bo, then the Globe does not act upon that principle in de siring the government to discredit tho notes of the State Bauks, and having a currency exclusively metallic. And the same Journal manifests like inconsistency in reference to a treasury bank. It advocates at present the same system which Gen. Gordon brought for ward in 1835; then it denounced the scheme as anti-Kepublican, as one which would not receive the support of a single Republican. Have the doctrines of the Republican party changed since that time ? and are the people to be made to believe that the orthodoxy of that day is heterodoxy now ? Far from it, the landmarks of our fatlu r? are not to be re moved for wild, visionary, and untried schemes to be substituted in their place. If it is the desire of the general govern ment to act in future upon the principle which we are led to believe it will from the tenor of the leading articles in the official paper for several months past, then may it well he said that our public sirvanls have become Patri cians indeed, and their masters THE PEO PLE, are Pi.f.bf.iaxs. Such is not the ten dency of tho doctrines of democracy, and sooner or later will these visionary theorists find it out. If the government of the United States require gold and silver for all its dues, and pays its oliicors in no other, it will bene lit most certainly those who hold offices un der the government, because they alone will be receiving a better currency than the peo ple require for themselves, and this privileged . class will have the means of speculating up on their income, while the people are made poor because the government discredits their money. But to be consistent, let all those who feel desirous of having an exclusive metallic cur rency set an example by receiving a salary equivalent to their services in coin. Their salaries are now based upon the value of their services in the mixed currency. If there were no banks, then those who receive five thousand dollars salary, should have only one thousand dollars, and the same proportion for all others. Will our public officers agree to this ? No. They an- the keenest and most sensitivo of men when you touch their inter ests, and sooner than submit to such a cur tailment of their salaries they would rather let the government go to ruin, than to contin ue in its employ. And yet there would be nothing unfair in this reduction, because the people would fare no better, and perhaps not as well. What then is justice for the people, should be justice to their public servants. We believe sincerely, if instead of warring upon our State Banking Institutions, the en ergy of the government was directed in aid ing them to resume specie payments that that desirable object could be effected ; on the other hand, if those banks have reason to be lieve that the U. S. Government will persist in its hostility towards them, they can never resume specie payments, because they cannot withstand the opposition of so powerful an opponent. The true policy of the General Govern ment is to'act in concert with the States, and confine itself within its own limits. It is the creature of the States who have given to it certain specified powers, when it transcends ihosc powers and wars upon its creator, it is liable to sever the link by which they are bound together. Anarchy and confusion will then reign, and our once happy country be made the scene of contention, strife, and civil war. The people have always had a jealous ' eye upon the encroachments which the Fed-" eral Government have from time to tinio made upon powers not conferred, and their jealousy will not abate while the Government exists. As the power to charter a National Bank was never granted to the Federal Government by the States, it should not now be contended by those who believe in that doctrine that the same government has the power to create a Treasury Bank. If the power is wanting in the fihit instance, it is in the latter. The people ask a reform in^jjie banking institutions of the country, not a total destruc tion of them. Suppress all notes of the small er denominations, and their places will be supplied with coin; the larger notes will an swer for the credit which is required for the commerce of the country, and the improve ments which are necessary at home. We shall then have a hard money currency and government for all useful and beneficial pur poses, or as near to one as we can ever get, j ?even this must be the work of time. Sud i den changes are never beneficial?we must preserve and'not destroy. From the t'herry Valley liaxcltr. PUBLIC OPINION. i EXTRACTS fROM DEMOCRATIC JOURNAL!*. I In our last week's paper we gave an ex tract from the Address, of the Republican j General Committee of Albany, which we now publish at large, and for which we bespeak a careful perusal. i Its doctrines are sound, and we have no doubt will be responded to by the great body of the Democratic Party?while its appear ance is at a time when a fearless avowal of good old republican principles is much wanted. This excellent address, following up the ' sound views of the Governor of Virginia, is calculated to arrest the attention of all reflect ing men to the absurdity of keeping up a constant clamour against our moneyed insti i tutions as the cause of our embarrassments. We repeat what has been often said in re spect to Hanks, that the difficulty with them is the w.int of punctuality among debtors. If they could pay as thoy have agreed to do, the Banks would at once redccpi all their Bills, pay all sums due, to Depositors, and have st>me thirty or forty millions of dollars . of spare funds. Why this clamor against the Banks? and what is to be gained by it? It is in effect a clainor against bank debt ors, and if vigorous measures are pursued against the banks, the debtors must be suf ferers. Wc believe the time has come when the great body of the people (the business men in particular) will see it for the interest of oil to put an end to paltry prejudices, and to unite in a i-ist and liberal policy towards the bank as a means of restoring confidence and pro ducing a better state of feeling among tho community. As to the Loco Focos proper, or that class of politicians who choose to turn demagogues with a view of courting this faction, we care but little for them. No true Republican will desire to witness em'>arrassmcn?s among our citizens for the purpu** of I oak; ring prejudicca ur injuring our moneyed inatitutions, and the ?oouer we fro rid of such patriots the better. The republican doctrine in to preserve with good faith the institutions that have grown op under the stale laws, and that are intimately connected with the business of our citizens in ail their various ramifications. We avow ourselves for a medium courae. We support the banks in all their chartered rights, and we desire to see them strengthen ed and placed on a substantial specie basis, but we repudiate the idea as utterly absurd, irrational, and rediculous, that in a commer cial country like ours, its business can be transacted upon an entire sj?ecie currency. We therefore make no concessions to this radical spirit that prevails to some extent in the city of New York, which wag against all our Institutions and against property gent-ral ly ; or to that class of politicians who, to con ciliate this spirit, would reprobate the suspen sion law, and prefer leaving the banks and their debtors to their fate. Another topic in which we fully concur, is u decided approval of the distribution bill, by which Congress directed a large portion of the surplus funds to he withdrawn from the banks and deposited with the States for safe keeping, and which are now distributing iu the several States by loans, and otherwise among the people. We arc not to be understood as desiring to , see a large surplus revenue collected ; but i having accumulated, we never could appre I ciftte the objections to its distribution. The bill was signed by the President with out objection, and we believe met with the approbation of Mr. Van Duren. Mr. Tatlmadge of the United States Senate voted for it, and supported it by a speech that has been conceded on all hands to have been powerful and well timed, and as reflecting much credit upon himself and the State of New York. Wo are aware thai attempts have been I made by a few of our puhlic papers professing an attachment to republicanism, to disparage Mr. Tallmadge on account of his vote. The attacks made upon him are the ebulli tions of little minds, instigated by jealousies and'petty prejudices, and iu the end will re coil ii(?on the heads of those (and their abet ors) who have made tliein. We believe his vote has the approval of seven-eiglnhs of the republicans throughout the Union, as it had the votes of a great and preponderating majority of the republican members of the Senate and House of Repre sentatives of the United States. We have not time or space to go to a greater extent into the several topics em braced in this address, or even to allude to h11 of thein ; our readers will examine for them selves, and we have no doubt will be instruct ed and gratified with its perusal. THE MADISON IAN. WASHINGTON CITY. WEDNESDAY, A U G U ST 23, 1 8 37. " In the regulation* which Congress may prescribe, respecting, the custoily of the PUBLIC MONEY, it is DKSIEAKI.B THAT Aft I.ITTI.K discretion as may be. deemed consistent with their safe keeping, should be givkn to Executive Agents."?General Jackson's Message, Dec. 1835 " Who will probably be fourul lkrs r khponsi bI.e. SAKK. CONVENIENT, A Nil ECONOMICAL" [</wn banks.]? Mr. Woodbury's Report, Dtc., 1834. V* Hanks cannot he dispensed with, EXCEPT AT THE SACRIFICE OF ALL JUSTICE IN REGARD TO THE CONTRACTS MADE UNDER A MIXED CURRENCY, NOR WITHOUT A VIOLA TION OF THE FAITH PLEDGED IN THE LEG ISLATION (WERE HONESTLY OBTAINED) BY WHICH THEY WERE ESTABLISHED. THE SUB JECT MUST DE LEFT TO GRADUAL REFORM, TO WHICH THE PEOPLE OF THE RESPECTIVE STATES ARE FULLY ADEQUATE." Glvbt. THE PRESIDENT. An effort is making to identify the views and policy of the President, w ith those of a party ycleped " Loco-focos," who have " tra velled out of the record," beyond t}ie long recognized creed of Republicans, in the ad vocacy of extreme and ultra doctrines. The effort will prove as unsuccessful as the impu tation upon the President is groundless and unjust, lie will neither countenance such | doctrines, nor the denunciations of particular classes of citizens which are the offspring of its spirit. He has been too long prominent in the ranks of orthodox Republicanism ; has given too many evidences of his devotion to the principles of Jefferson and Madison ; his feelings are too ardently attached to the proud monuments of his own great State, combined with gratitude for the kindness she always j extended to him, " her favorite son ;" there I are too many recorded evidences of his up lifted voice in behalf of. the best interests of his country, to warrant the imputation, that at this moment, when he is invested with the entire functions of the Chief Magistracy of the United States, lie can prove delinquent to the promises of his early life, the pledges of his riper years, an 1 the obligations that rest upon him iu his efforts to meet fully the ex pectations that elevated him to the lofty posi tion of the Presidency. No. We do not credit this libel upon his character. When he shall he required to act, we are convinced he will display his position far above the reach of any such suspicion. We believe him to be the friend of conserva tive principles as applied to the existing insti tutions of our country ; that now, as ever, ho prefers to stand rathur-upon the rock occupi ed by the pure and lofty spirits of olden time, than to hazard a footing upon the quicksands of modern zealots. We feel assured that he glories in the higher range of moral eminence, and disdains the grovelling workings of igno ble passion; that he regards his future fame with no less anxiety than lie sought to estab lish his earlier reputation ; that he prefers his name shall go to posterity, distinguished bj the calm lustre that encircles the memory of Jefferson, Madison, and Monroe, rather than the lurid glare of ephemeral notoriety with which the spirits of " Loco-focoism" would fain invest it. If we are not monstrously deceived in the character of the President, he has none of that daring that belongs to visionary ami des perate* minds?none of the Quixotism that war? with pluutioms and ?puut> with vi?io<u ?none of thai wild spirit of adventure that alitnulated Siuintea to pMetrate the poles of the earth?none of the fully of Anacharsia Clootz, who undertook to revolutionise the world. Ou the contrary, his character unite* with the happiest temper, extraordinary prudence, unrivalled knowledge of human nature, and the roundest practical good sense. Governed by a high sense of honor, and regulating his conduct by elevated principles, the good old republicans of the country may rest assured that the President indulges not the thought of forsaking the plain, well tried and approved principles of the ancient platform. At least, it is our firm belief, that he will not rashly launch himself aud the country into a state of " new aud untried being," either for the pur pose of gratifying schemers, or to try any new theories or experiments, vitally involving all that is dear to us as a United People. The whole tenor of his life, and our own know ledge of his character, confirm these convic tions. In this faith we shall confidently rest until the duy of trial shall decide. CONVENTION OF BANKS. The source whence the first proposition on this subject came, (the Richmond Enquirer,) is of itself tho highest authority, independent of the forcible arguments with which it was presented to the public. The Editor of the Richmond Enquirer is certainly one of the earliest and ablest supporters of the principles which governed the last administration, and which the present one is " pledged to pre?erve and carry out; he is at least " an elder, if not a better soldierthan the Globe ; and though the latter is opposed to the project of a con vention, we doubt very inuch whether it be " by authority." Hut we need not waste our time in trying to convince friends or foes, of the propriety, nay urgent necessity, of a Convention of Hanks, as a preliminary step to the resumption of specie payments. Hut if any argument were necessary, it would be quite sufficient simply U? state the fact,*that the two parties, or cliques, who are hostile to tho Hanks, and opposed to a Convention, are the advocates of Sub-Trea suries, and a United States Bank; and though they are opposed to each other, they will unite against the State Banks. To the Banks themselves we have but a pastiing remark to make : The eyes of the whole country are fixed upon you. You are arraigned at the bar of Public Opinion, charged with high crimes and misdemeanors; and you are called upon to plead to the charge. We advise you to ask no postponement of your trial, but to join issue at once, and put yourselves upon the country. Tho next consideration will be, where, and when this important trial is to take place, and who shall make the first movement ? We think the place, should be either New York or Philadelphia. That the time should be, at least, as early as the first Of Oc tober, if not the middle of September; and that the first movement should be made at the North in the Old " Cradle, of Liberty Vir ginia first made the call ; let Massachusetts first respond to it. The North should be the first to respond to the South. Since writing the above we have received a Circular from the Banks of New York, which has been sent to the principal Banks of the United States, with the view of calling their attention to this important subject. The resolution adopted by a meeting of the officers of the Banks of New York, authorized a Com 1 mittee U> be appointed to correspond with the Hanks in the several Slates, " in order to as ^ certain at what time and place a Convention of the principal Hanks should be held, for the purpose of agreeing on the time when specie payments should be resumed and on tho. i measures necessary to effect tho purpose." The Committee very truly represent the ne cessity of paying off the foreign debt and re ducing the rate of exchange before any aitcmpt is made to resume specie payments. Tho I Circ ular is written in a very proper spirit, and states that the Banks of New York mu-t re | sume, between tho first of January and the j middle of March next. They suggest the lat ter end of October as the proper time, and New York city as the most eligible place for the proposed Convention. We assent to this proposition, and shall support it, if generally agreed upon. We arc happy to perceive that the sentiments of tho Committee, concur with our own, in other respects. The following is a copy of their , CIRCULAR. New York, August 18, 1837. Sir?At a general meeting of the officers ' of the Banks of the City of New York, held , on the 15th of this month, tho following reso | lution was unanimously adopted?viz. Resolved?" That a committee be appoint ! ed to correspond with such Hanks in the seve ral States as may think proper, in order to ascertain at what time and place a convention of the principal Banks should be held, for tho purpose of agreeing on the time when specie payments should be resumed, and on the mea sures necessary to effect that purpose." Having been appointed a Committee in conformity with that resolution, we beg leave to call your attention U) the important subject to which it refers.. The suspension of specie payments were forced upon tlic Hanks, immediately by a panic and by causes not under their control, remotely by the unfortunate coincidence of extraordinary events anil incidents, the ulti mate result of which was anticipated neither by Government, nor by auv part of the commu nity. Hut it is nevertheless undeniable, that, by accepting their charters, the Banks had con tracted the obligation of redeeming their issues at all times.and under any circumstances what ever ; that they have not been able to perform that engagement; and that a depreciated paper, different in value in different places, and sub ject to daily fluctuations in tho same place, has thus been substituted for the currency, equivalent to gold and silver, which, mid uo other, they were authorised, and had the ex clusive right to issue. . . Such ?late of things cannot and ought not to be tolerated any longer than absolute neces sity requires it. We are very certain that you unite with us in the opinion that it ia the paramount, and most sacred duty of the banks to exert every effort, to adopt every measure within the^r power, which may promote and accelerate the desired result; and that they must be prepared to resume specie payments within the shortest possible notice, whenever a favorable alteration shall occur in the rate of foreign exchanges. We are quite aware of the difficulties which must be surmounted, and of the impropriety of any premature attempt. No banking sys tem could indeed be tolerated, which was not able to withstand the ordinary and unavoida ble fluctuations of exchange. But the dif ference is great between continuing and re suming specie payments; and we do not be lieve, that the Hanks in the United States can, without running the imminent danger of an other speedy and fatal catastrophe, resume such payments, before the foreign debt shall have been so far lessened or adjusted, as to reduce the rate of exchanges to true specie par, and the risk of au immediate exportation of the precious metals shall have thus been removed. The appearances in that respect Jin'- v^ come more flattering; and it is not 4Hl, that the expected change may taW u shortly after the next crop of our principals ticle of exports shall begin to operate. Vci we are sensible that we must not rely on con jectures ; and that the Banks cannot designate the time when they may resume, before* the ability to sustain specie payments shall have been ascertained by the actual reduction in the rate of the exchange. But even when the apprehension of a fo reign drain of spccie shall have ceased, the great object in view cannot be effected with out a concert of the Banks in the several sec tions of the Union. Those of this city had the misfortune to be, with few exceptions, the first that were compelled to declare their ina bility to sustain for the time specie payments. It appears that it became absolutely necessary for the othpr Banks to pursue the same course; and it would be likewise impracticable for those of any particular section to resume with out a general explanation of at least the prin cipal Banks of the greater part of the country. A mutual and free communication of their re spective situation, prospects and opinions seems to be a necessary preliminary step, to be followed by a convention at such lime and place as may be agreed upon. As relates to the Banks of this city, we are of opinion that, provided the co-operati<m of the other Banks is obtained, they may and ought to, we should perhaps say, that they must resume specie payments before next spring, or to be more precise, between the first of January and the middle of March, 1838. Both the time and place of meeting m con vention, must of course be determined in con formity with the general wishes of the Banks. In order to bring the subject in a definite shape before you, we merely suggest the lat ter end of October as the proper time, and this city as the most eligible place for the pro posed Convention. A sufficient time will have then elapsed, to enable us to judge of the measures which Congress may adopt in reference to the sub ject. W hatever may be its action on the currency, the duty of resuming remains the same and must ta performed by the Banks. If any thiug indeed, can produce an effect fa vorable to their views, it will be the know ledge of their being sincerely and earnestly engaged in effecting that purpose. An early indication of the determination of the Banks will have a beneficial influence by making them all aware of the necessity of adopting the requisite preliminary measures; and the information is also due to all the varied in terests of the country. We address this letter -to no other Bank in your city or state, than those herein designa ted ; and we pray you to collect and ascertain the opinions of the others, and to communi cate the general result as early as practicable. ? Fron the New York Times OUR CITY AND STATE. There appear* to be * settled determination ia certain quarter*, from whence better thing* might have been expected, to throw discredit on the character of the citizen* and institutions of this city and slate. And even conductors of the public press, who profea* a zea lous attachment to President Van Buren, are found in the ranks of those who*e constant vollies of vituperation are directed against New York mcrchanta, New York politicians, and institutions. Although not professing lo be especially in the confidence of the Preaident, we know that these assaults are made without his approba tion, for his attachment to the permanent interests of his native state ha* ever been prominently exhibited ; nor can be view with any satisfaction the efforta of any press or coterie to hold up the citizens of the empiro state or commercial etn|>orinm as justly objects of po litical denunciation. Indeed it would be as absurd a* unjust to attribute either the origin or continuance of these assaulta to "the favorite son of New York," whose political elevation was the result of the deep rooted attachment of her citizens, through a long politi cal career, and whose fame i* identified with the enter prise, liberality and public spirit of her whole imputa tion. To what then can we attribute these continued st teinpta to prove that our merchants sre steeped in de prsvity ;?that our moneyed institution* are conducted bv individual* whose treachery and dishonesty are equal ly flagrant and conspicuous ;?whose millers are grind nig the face of the poor, by monopolyzmg all the Hour hi the Union; and the whole business community are leagued together to defraud the nation. (a it not enough that ? mighty commercial revulsion hss swept over the land, prostrating in ita career, so msny, whose hard esrned competency waa gathered through ? long life of toil and industry ! Is it not enough thst we sre compelled to snstain the weight oc casioned by defalrationa throughout every section of the Union ' Is it not enough that our ships lie idle at our wharves ; that, through the action of numerous causes, over which our business men had no control, fostered and aided by the clamors of radicals anil de structives, the stable and prudently conducted moneyed institution* were com|>elled to suspend for a scsson. Are sll these unforeseen calamities not sufficient without our l>eing subjected to unmerited denunciations 1 For ourselves we have hesitated to notice these unwarranta ble attacks on our city and stale, until ;they hsvc be come a subject of public comment in every polilicsl and social circle. And if the authors were aware how deep a feeling of indignation thev are arousing in the bosom of a large majority of all political parties by their unjusti fiable course, thev would perhsps think it prudent to retrace their steps if they hereafter expect any favora at the hands of New Yorkers. But whatever may be the policy that these assailant* hereafter choose to adopt, w e ahall not hesitate to repel them with indignation ; for however culpable, may have hecn* the course of a few whig politicians, it is but jus tice to the l>ody of our business population of all clashes to declare, that more high minded, honorable;and public spirited individuals are not to be found. 'Nor can it nccessarv for anv rcspcetable journals to slander the moral character of political opponenta, or endeavor to convert a public calamity into an engine of deairuction lo the interest* of all. Heirif New Yorker* by birth,* and proud of our noble atate, our flag i* nailed to her msst, nor shall we ceas* to oppoae the efforta of all who, instead of directing their anaihcmaa againat tlie foes of the Democratic party, in discriminately denounce all classes of our citizena, ia*