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THE MADISON IAN.
VOL.1. WASHINGTON CITY, TUESDAY, SEPTEMBER 12, 1837. NO D. THE MADISONIAN* THOMAS ALLEN, IP IT 01 ABB riOPltlTOB. Th? Madiionun is published Tri-weekly during ihe Killings of Coufresa, and Semi-weekly during iho io cuu, at $5 per annum For aix months, (3. No ?ubacription will be taken for a term abort of six months ; nor unless pstd for in advance. pbicb op A0VKRTISINO. Twelve liues, or less, three iuaetliona, - 91 00 Each additional insertion, ? - - 25 linger advertisements at proportionate rates. A liberal discount made to those who advertise by the year. IE/ Subscribers may remit bv mail, in bills of solvent bsnks, pottage paid, at our risk ; provided it shall ap Car by a postmaster's certificate, that such remittance s been duly mailed. A liberal discount will be inado to companies of /ire or mure transmitting their subscriptions together. Postmasters, and others authorized, acting as our agents, will be entitled to receive a copy of the paper grata for every five subscribers or, at that rate per cent, on aubacriptiona generally ; the terms being fulfilled. letters and communications iuteudod for the esta blishment will not be roceivcd unless the put/age u paul. PROSPECTUS. Til* Midisokian will be devoted to the support of the principles and doctrines of the democratic party, sa delineated by Mr. Maduon, and will aim to consummate tliat political reform in the theory and practice of the national government, which has been repeatedly indi cated by the general aufferage, as assential to tbe peace and itroapenty of the country, and to the perfection and perpetuity of its free matitulions. At tins time a singu lar state of affairs is presented. The commercial in terests of the country sre overwhelmed wilh embarrass ment its monetary concerns are unusually disordered ; every ramification of aociety is invaded by distress, and the social edifice acems threatened with disorganisation; ?very oar is filled with predictions of evil and the mur muring* of despondency; tho general government is boldly assailed'by a largo and resectable portion of the people, as the direct cause of their difficulties; ojien resistance to the laws is publicly encouraged, and a spirit of insubordination is fostered, aa a necessary defence to the pretended usurpations of the party in power; some, from whom better things were hoped, are inakin" tho "confusion worse confounded/' by a head long pursuit of extreme notions and indefinite phantoms, totally incompatible with a wholesome state of tho country. In the midst of all these difficulties and em barrassments, it is feared that many of the less firm of the friends of the administration and supporters of democratic principles arc wavering in their confidence, and beginning, without just cause, to view with distrust those men to whom they have been long attached, and whose elevation they have laboured to promote from honest and patriotic motives. Exulting in the anticipa tion of dismay and confusion amongst the supporters of the administration as the consequence of these thinp, the opposition arc consoling ihemselvea with tho idea that Mr. Van Boron's friends, as a national party, sro verging to dissolution; and they allow uo opportunity to pass unimproved to give eclat to their own doctrines, ^"hey are, indeed, maturing plans for their own future government of the country, with seeming confidence of certain aucceaa. . . This confidence is increased by the fact, that visionary theories, and an unwise adherence to the plan for an cxclutite metallic currency have unfortunately carried some" beyond the actual and true policy of the govern ment ; and, by impairing public confidence in the credit system, which ought to be preserved and regulated, but not destroyed, have tended to increase the difficu.ties under which the country is now labouring. All these seem to indicate the necessity of a new organ at the seat of government, to be established upon sound prin ciples, and to represent faithfully, and not to dictate, the real policy of the administration, and the true sentiments, measures, and interests, of the great body of its sup porters. Tho necessity also appears of the adoption of more conservative principles than the conduct of those seems to indicate who seek to remedy abuses by de stroying the institutions with which thev are found con nected. Indeed some measure of contribution is deemed essential to the enhancement of our own self-respect at home, and to the promotion of the honor and credit of the nation abroad. ... To meet these indications this undertaking has been instituted, and it is hoped that it will produce the effect of inspiring tbo timid with courage, the desponding with hope, and tho whole country with confidence in the administration of iu government. In this view, this journal will not seek to lead, or to follow any faction, or to advocate the views of any particular detachmcnt of men. It will aspire to accord a just measure of sup port to cach of the co-ordinate branches of the govern ment, in the lawful exercise of their constitutional prerogatives. It will address itself to the understandings of men, rather than appeal to any unworthy prejudices or evil passions. It will rely invariably upon the prin ciple, that the strength and security of American insti tutions depend upon the intelligence and virtue of the tFhic Madisonian will not, in any ovent, be made the instrument of arraying the north and the south, the oast and the west, in hostile attitudes towards each olher, upon any subject of either general or local interest. It will reflect only that spirit and thoec principles of mutual concession, compromise, and reciprocal good-will, which ?o eminently characterised the inception, forniation, and subsequent adoption, by the several States, of the con atitution of the United States. Moreover, in the same hallowed spirit that has, at all periods since the adoption of that sacred instrument, characterized its okpbnce bv the pkopi.e, our press will haston to its support at every emergency that shall arise, from whatever quarter, and under whatever guise of philanthropy, policy, or principle, the antagonist power may appear If, in this responsible undertaking, it shall be our good fortune to succeed to any degree in promoting the harmony and prosperity of the country, or in conciliating jealousies, and allaying the asperities of party warfare, by demeaning ourself amicably towards all ; by indulg ing personal animosities towards none; by conducting ourself in tho belief that it is perfectly practicable to differ with others in matters of principle and of expe diency, without a mixture of personal unkindncss or loss of reciprocal respect; and by " asking nothing that is not clearly right, and submitting to nothing that is wrong," then, and not otherwise, will the full measure of its intention be accomplished, and our primary rule for its guidance be sufficiently observed and satisfied This enterprise has not been undertaken without tho approbation, advisement, and pledged support of many of the leading and soundest minds in tho ranks of the democratic republican party, in the extreme north and in the extreme south, in the east and in tho west. An association of both political experience and talent of the highest order will render it competent to carry forward the principles by which it will be guided, and make it useful as a political organ, and interesting aa a journal of news. Arrangements also have been made to fix the establishment upon a substantial and permanent basis. The subscriber, therefore, relies upon the public for so much of their confidence and encourngement only a* the fidelity of his press to their great national interests shall prove itself entitled to recoive. p THOMAS ALLEN. Wasiiinotom City, D. C. July, 1837. Correspondence of the Boston Courier. JVew York, Aug. 28. 1837. MISS CLIFTON IN BIANCA V1SCONTI. There has never been known at the Park Theatre a more fashionable and crowded audience than assembled, on Friday evening, to witness the new tragedy, written by Mr. Willis for this lady. Much was hoped?but more was feared,?for Miss Clifton who had a new character to conceive, and one, too, which it was sup |K)scd, from the author's want of practice in theatrical composition, might be more poetical than dramatic. It was thought that her talent leaned the other way; and it was doubted, by many of her friends, even whether ahc had not better have employed a melo-drainatic au hor than a poet. So much for anlmpiition. The tragedy was, of course, uuknown to the audience, except through the slight extracts in the papers, nnd on the rising of the curtain, expectation was eager and the house as silent as at the catastrophe of the most thrillum drama Miss Clifton appeared in the third scene, and the kind hopes of the audience were expressed in thun- j ders of apblause. She represents an impassioned girl, j just returning from her father, who has announced her i approaching marriage with the man she has loved for years, anil in the transitions of a single soliloquy the whole audience evidently underwent a delighted change of opinion It was a boantiful, impassioned, innocent girl, pouring out, in the sccrccy of her own chamber, the time of joy with which her heart was overflowing, and in the natural cadences of her voice, the musical sweetness and evident penetration into the full melody of the verse, and the quiet, subdued, ami chaste acting of this difficult scene, Misa Clifton convinced every judgment that she had come to her new task with aivuu trammelled mind, with no memory of any other piece, aml|totallv without the mannerism or exaggeration which i had been dreaded I In the second act she ia a bride?but discovers that her husband considers it a match of policy merely, and loves ber not. Hew then comiiirncea the struggle in h?r aoal. Not violently?not in a tempest?but with a glimmering of hope that he may atill be made to love her, and it determination to win hia love at *11 price, and by 'forwarding hia maater-paeaion, clo*y. Here waa a second step in the cooeofKion of this chinclir which required a shrewd discrimination, and a common mind waa likely to overatop iia limit The audience again were disappointed. She *??e atill the character the au thor drew?full of love, but M full of determination to b? loved, and when tho scene closed, breatbleee and all awake aa the attention of the audience had boon kept, it was felt that many degrees of power and action were yet to be developed, *ud that she understood and had studied the author herself. In the five tranaiUon* of the following difficult soliloquy, she (bowed a. variety of atyle and a poww of s|?prehenaion, which moat atainp her inevitably aa an actress of no common order. ?j He does not love me! I never d n-amed of this! To be his bride Was all the heaven 1 loek'd for! Not to love me When I have been ten ye firs affianced to him'? W hen I have lived fbr hun ; shut up my heart, With everv pulse and hope, for hia use only? Worahipp'd?oh God! iduUtroualy loved bim . Why has he sought to marry me ? Why still Renew tho broken pledge my father made him Why, for ten years, with war and policy, Strive for my poor alliance f lie must love me, Or 1 shall break my heart t I never had One other hope in life ! I never link'd Ohm thought, but to this chain ! I have no hlood No breath?no being-?separate from Sforza . Nothing has any other name! The sun Shined like hi* smile?the lightning was hia glory? , The night bis sleep, and the hushd moon watch <1 o er him; , . Stars writ his name?his breath hung on the flow ers Music had no voice but to say I him, \ And life no future but his love for me '? I Whom does he love ? Marancio a wife ? He prats d Only her courage ! Queen Giovanna's beauty T 'Tis dust these many years ! There is no sign He loves another, and report said ever (lis glory was his mistress. Can he love f Shame on the doubt! Twa? written in the ring. '? He who loves most loves houor best"'?aud oloraa Is made too like a god to lack a heart. And so, I breathe again ! To make him love me Is all my life, now ! to pnr through his nature. And find his heart out. Thai', wrapt in glory ! Ill feed his glory, then ! He praised Giovanna That she was royal and magnificent? Ay?that's well thought on, too ! How should an eye Dazzled with war and warlike pomp like Sforza a Find pleasure in simplicity like mine . | (Looks at her dress.) , I'm a duke's daughter, and I'll wear the look on t. Unlock my jewels and my costly rot.es. And while I keep his show struck eye upon me, Watch for a golden opportunity To build up his renown! . , And so farewell The gentle world I've livep in! Farewell all My visions of a world for two hearts oiily? Storsa's and mine ! If I outlive this change, So brief and yet so violent within me. I'll come back in my dreams, oh, childish world I If not?a broken heart blots out remembrance. (Exit into, htr bridal chamber, which it teen beyond on open ing the door.) In tho third act ahe appears magnificently attired at a Court festival, full of her ambition to attract the " ahow struck eye" of Sforza. In the following paaaage Miss Clitfton will long bo remembored : Now aince the aerpent Misled our mother, never was falk truth So subtly turned to error. If the rose Were born a lily, and, by force of heart. And eagerness for light, grew tall and fair, "Twere a true type of the first fiery soul That makea a low name honorable. They Who take it by inheritance alone? Adding no brightness to it?are like stars Seen in the ocean, that were never there, But for the bright originals in heaven '. Sarp. (Sneeringly.) Rest to the gallant soul of the first Storzo. Bi. Amen! but tripple glory to the second. I havo a brief tale for thine ear ambassador! Sarp. I listen, lady ! .... i ? ? i U,- r Mnrk the moral, sir! An eagle once from the Euganean hills ..... . Soared bravely to the sky. [Jo Stoma.] (Wiltplease my lord ..... , List to my story T) In his giddy track Scarce marked by them who guzo upon the lirat, Followed a new-fledged eaglet fast and well. Upward they sped, and all eyes on their flight Gazed with admiring awe, when, suddeuly, The parent biyd, struck by a thunderbolt, Dropped lifeless through the air. The eaglet paused And hung upon his wings ; and as his sire Flashed in the far down wave, men looked to see him Flee to his nest affrighted! Sf. (With great interest.) Did he so? Bi. My noble lord?he had a monarch's heart! He wheeled a moment in mid air, and shook Proudly hit royal wings, ami then right on, With crest uplifted and unwavering Right, Sped to the sun's eye, straight and gloriously. Page. Lady?is that true T jjl Ay?men call those eagles Sforza tho First and Second ! It will be said, that with the magnificent beauty of the actress, this showy passage could scarce fail of ail ef fect but there was more in it than her beauty. It was delivered with pride, with a majesty, with a discrimina tion of emphasis, which will never get out of tho cars of those who have heard it. She rose, by another noble step, in the appreciation of the character, and when, im mediately after her father's death is announced the thrill with which the audicnc-e rcceivcd her first overpowering exclamation? " Sforza '11 be Duke !" surpassed any thing in our memory. The struggle be tween her muster-passion, and her wish to hear the par ticulars of his death, was in the first order of acting, and the applause was commensurate. In the fourth act, she is informed that, at the very pitch of her success in ministering to Sforza s glory, an obstacle exists in the person of her beloved page?who is her undoubted brother, and heir to the Dqkedom. At this crisis she overhears n.plot to murder Sforza, and the blood v thought occurs to her to contrive that the page shall sleep in her husband's place in the garden, and be murdered for him. The cffect with which, after over hearing the plot, she gives the following powerful transi tion, was worthy of Mrs. Siddcna. "Oh unretributive and silent heavens, Heard you these men? Thank God that 1 can save htm . The sun shone on them?on these murderers, As it now shines mi me ! Would if were (j inl it They thought to murder 7" The fifth net is one continued piece of trying and most difficult acting. The loving page, by his unconscious tenderness and fondness, drives her from her purpose, and Sforza, with the melancholy of his prostrated ambi tion, forces it back upon her soul. There is not, per haps, in the whole range of the drama, a more difficult part, changing and reeJianging from reason to madness, from the sternest resolve to the most touching tender 's,, ti|| her " overtasked heart" breaks with the com pletion of hor design?the coronation of Sforza. Miss Clifton in this play is a new creature. With no one to imitate in her part, she has struck a new vein in her own genius, and it is golden ore. She is self-pos sessed, discriminating, mistress of herself and the pas sions of her audience, and the gradual rise and access of power and passion, in her conception of the character, must be to the author one of the richest intellectual treats he can ever have enjoyed. She is now beyond a ques tion in the first rank of intellectual players With the advantage of unequalled and long acknowledged physi cal superiority, she lias step|>ed into the more spiritual arena of Macready and Ellen Tree, and equalled them at their own weapons A great name may be predicted for her?if the award follow the deserving. The part of tho Page, a very difficult one, too, was sweetly played bv Master Mestaycr, of the Boston thea tre He looks the character exactly, and made a vivid impression by his melancholy, yet sometimes playful nciing?representing well the doomed but royal-spinted hov, who is the victim of the drama. With the excep tion of this boy and Miss Clifton, uo performer seemed to have wholly committed his part, and it is no small triumph to Miss Clifton to have achieved so noble a re sult, so indifferently sustained. . The Disrio di Roma of the 13th July, says: " From the reappearance of the cholera at Naples, on the 13th April, there have been accounts ol 18,220 cases? 11,283 deaths?which gives an average proportion of about 360?and odd victims per day, and 16 i?er hour, from whence it follows that during one thira of the voar, this pestilence has earned off a victim every four minutes in that city ! POLITICAL. from Ikt Richmond Emqmrtr. THE MESSAGE. We lay before our reader* tho very im purtant Measage of the President of the United Statea. Every one muat admit, that it ia writteu with great ability?and with a moral courage, which puts to flight at once the turners and scoff* of lua enemies. There ia not a particlc of non-committalism in it. It puts forth the boldest propositions in tho plaineat possible language, Its argument* are vigorous?its style clear, dignified, unimpas sioned, aud statesman-like. It might serve as a model for auch compositions. These arc merits, which, wo should suppose, uo man who has the slightest pretensions to candour, is prepared to deny to it. Let us then hear no moro of die diplomacy, cunning, non-coin miualism of the little magician. The Message confines itself to the groat question of the Currency. It explains the reasons which compelled the 'President to call Congrees together?portrays the causes o? our present embarrassments?ascribes them mainly to over-dealing and over-banking, ag gravated as they have been by other causes ?and then explains the objects which call for the immediate attention of Congres. 1 heae aro?44 to regulate by law tho safe-keeping, transfer and disbursement of the public moneys ; to designate the funds to be received and paid by the Government; to enable the 1 reasury to meet promptly every demand upon it; to prescribe the terms of indulgence, and the mode of settlement to bo adopted, as well in collccting from individuals tlte revenue that hus accrued, as in withdrawing it from former de positories, and to devise and adopt such fur ther measures, within tho constitutional com petency of Congress, as will be best calcu lated to revive tho enterprise, and to promote the prosperity of the country ." 1 he President repeats his " increased conviction" and uncom promising hostility against a National Hank? insists upon divorcing the connection between the Government and the State Banks?and assigns his reasons for tho opinion at great length and with great ingenuity. He advo cates the Sub-treasury system ; points out its safe-keeping of tho public lunds ; shows that it id not hko the State Banks, calculated to stimulate speculation, and derange the cur rency?and meets the objections that have been urged against it?After submitting these views, he " leaves to Congress tho measures necessary to regulate, in the present emer gency, the safe-keeping and transler of the public rfloneys"?and pledges himself to car ry out the plan which they may devise, con sistendy with his obligations to tho Constitu tion- . . i_ He then proceeds to investigate the charac ter of tho funds, which should " bo received and disbursed in the transactions of the Go vernment"?presumes that " the receipts into the Treasury, of bank notes, not redeemed in specie on demand, will not be sanctioned advises that nothing but gold and silver should be hereafter received?and attempts to de scribe the advantages of the system, and an swer the objections to it. The President suggests die benefits of a Bankrupt Law, as imposing a salutary check on the issues of paper money.-t-Ho submits to Congress the propriety of a further post ponement of the Merchants' Bonds, which have been laid over till the 1st October.- Ho mentions the deficit which will occur in tho revenues of the year?as equal to about 10 millions, after reserving 4 millions in the Treasury ; and recommends, that instead of making it up by loans or taxation, the last or Octobcr instalment of the Surplus Revenue should be withheld from the States. He ob serves, that " Until tho amount can be col lected from the (deposite) Banks, Treasury notes may be temporarily issued, to be gradu ally redeemed as it is received." The Message closes with some general re marks on the limited character qf our Consti tution?and the necessity of its abstaining from any interference with the private pur suits of the Citizen.?It insists that the dis tresses of tho times, however great they may be, are limited in their extent, and rapidly re mediable by the great resources of our coun try?that the " proceeds of our great staples will soon furuish the means ol liquidating debts at home and abroad"?that the 14 period must soon arrive when all (the State Banks) that arc solvent will redeem their issues in gold and silver,"?and concludes his reflec tions with the appropriate remark, that, "Com ing directly from tho midst ot them, (the Peo ple,) and knowing the course of events in every section of our country, from you may best be learned as well the extent and nature of these embarrassments, as the most desira ble measures of reliel." It is impossible for us to do justice to the beauty and force of this portion of the Message. Such is tho general character of the im portant Document, which we now lay before our readers. We have read it with every respect for the abilities and honesty of its au thor?with the deepest attachment to tho man, and with every desire to promote the success of his administration. W e have rc-cxamincd the propositions -re-perused his arguments and sought to disabuse our mind of all its pre judices and prepossessions. In the same frank spirit in which lie has addressed bis countrymen, wo respectfully say, that we still differ from the course which he has chalked out. We shall state our opinions freely, but briefly ; (for wc arc pressed for room.) Heaven knows, that we " set down naught in malice!" Mr. Van Buren himself knows us. better. We consider it peculiarly unfortunate at this time, that all the friends of the Admin istration cannot go together. Tho country is sorely afflicted ; and the leaders of the Oppo sition arc seeking to make the most of our distresses, as well as of our divisions The Whigs will ply every engine to foment discord in our ranks. They will woo wine of our friends, though they will not win them. * or, these are not the times, when a wise Repub lican, however ambitious of distinction, should think of his own interests ; much less seek to promote them by the arms of his enemies. Most of the Whigs have a deep game to play. They are animated by their momentary suc cess in the West. They will probably strike for all. They may vote against any scheme ("humbug" they will call it,) which the friends of the Administration will recom mend?Thov will oppose the State Bank sys tem?as well as the Sub-treasury system, under the hope of finally carrying their own idol, the Bank of the United Slates. They will prefer to keep every thing in its present unsettled condition?to u inuke confusion worso confounded"?to scatter panic and complaints among the people?and force the in if possible, to take refuge in the embraces of the monster. Mr. Biddle is bent upon tri umph " with an eye that never winks, and a wing that never tires." His designs are as daring as his means are insidious. We nee his little finger in tho late movements of the banks of Philadelphia. The Convention of Banks is to be strangled. It does jiot suit his purposes, at present, to bring back the State Banks to tho resumption of specie payments. Tho people aro not yet discontented and " sick" enough to call for his assistance. He has plans afoot, which ought to startle every patriot in the land. If he succeeds in forcing a recharter from the country, we may well tremble for her Constitution and'her liberties. A Money King will indeed rule over us. In fact, never was there a time when the Republican party should be more strongly united?when it was so unfortunate that any schism should creep into their camp?and when it was so necessary for them to exercise discretion as well as moderation. We have often repeated, that we ought to " bear and forbear" with each other. In sketching our objections to the message, therefore, we shall obscrvo the most liberal disposition. Wo re gret that it speaks in so thorough and uncom promising a tone ; but we shall take the liber ty of suggesting some ground of conciliation and compromise, on which the friends of the Administration might probably meet, in the present Congress. How is it that the great masses of tho two parties Beem to be respectively shifting the grounds, which they occupied in '34 ? Many of tho Whigs then supported tho Sub-treasury system, in preference to the State Banks. The friends of the Administration then violently assailed it. Now the Whigs have chopped round, and go against it. Most of the Repub licans, with the President at their head, are inclined to support it. It is our misfortune to adhere to the same principles .which wo then professed?and for the same reasons. A bet ter soldier than ourselves, then gave forth the most serious objections to the scheme : " The public moneys, from the time of thoir receipt to the tifho of their disbursement, amounting, as they often do, to ten or twelve millions of dollars, must remain in the hands of individuals appointed by the President, and removable at his will" They ought (not) to be kept in their pockets, chests, or vaults, where they can approach it every day, and use it without tho checks of warrants drawn, coun tersigned, registered, and recorded, and pass ing through many hands, without which not a dollar can now be touched by any public offi cer, not even the President himself." We have no desire to see such an accumu lation of power in the hands of the Exocu- \ tive?no wish to put the public money direct ly into the palms of his friends and partisans ?Wo wish to see the power and patronagu of the Executive increased as little as possi ble?"thepoworeof tho (Federal) Govern ment (not) enlarged"?the purse and the sword not more strongly united, than they are in the hands of the President?and as few means of corruption as possiblo trusted in his possession. Some events have shifted the balance of the Constitution, and thrown too much power already into the Executive scale ?thanks especially to the Whig Senators, who fought so recklessly for the Hank of the U. States, in the day of panic trampled their instructions under foot, and brought their own body into contempt! We have no desire, un less the public interests imperiously demand it, to throw greater weight into tho Executive scale, by bringing the President, into closer contact with the public purse. We have no uneasiness about the present incumbent. Mr. Van Buren declares, that he would much ra ther withdraw, " to the greatest practicable ex tent, from all concern in the custody and dis bursement of the public revenue." We con scientiously believe him. But wo are framing a general system, not for him alono, but for his successors. We might safely trust the public purse in his hands; but who is to ensure us against those who are to come after him ? Some ambitious, and dangerous man may as cend to the chair, prepared to abuse the pa tronage of office, and to exert tho means of corruption. But the Message fritters away the extent of this patronage. It states tho number of officers as very few ; the amount of monies in their hands as small; and the additional ex penses as not exceeding $00,000 a year.? But these were not considered as slight ob jections in '34 ; and wo cannot permit our selves to undervalue them now. The argu ment has indeed gained strength since that time. We must allow for every condition of our finances. Wo have lately seen a surplus revenue of forty millions thrown into our Treasury. The President lays great stress on the mischief it has done in the Stato ! Banks. But the argument cuts both ways.? ; What mischief would it have done, if tho ; Sub-Treasury system had been in full opera tion ! Half the coin in the country (at its highest estimate of 80 millions) would have been withdrawn at once from circulation?the people would have been subjected to great in convenience in paying the public duties ; and an immense sum exposed to the pillage of " parasites and partisans." VVe shall see what tho Secretary of the treasury says of the cheapness and working of the machine ; but we aro puzzled to see how it will cost but $00,000 more. The Pension Agencies alone, which are charged ! at the expense of tho banks, would perhaps cost the whole sum. Those in Virginia alono cost our State Banks from 4 to 5,000 dollars a year. We do not hesitate to say, that tho sub treasuries too are less safe for keeping, nnd less convenient for transmitting the Public funds, than sound and properly organized State Banks. The largo funds of a Bnnk are pledged for the safety of its deposiles; and they are better than any security which the sub-treasurers can give. Why, then, should wo change the Stato Bank system of '34 ? and adopt the Sub-Trea sury scheme, which was then so strongly as sailed ? The Message holds, because the Slate Banks have been tried, and failed. But have they been fairly and fully tried ? In the first place, have the State Hanks been pro|?er- j ly organized 1 Have they been limited in the issue of small notes, an onr Legislature have just provided, and as Mr. Rives' Currency Bill ho wisely regulated ? Have the fund* of the Government been placed in them as a special Jeposite f This principle would have essentially contributed to obviate the objec tions of the message, flowing from the late de tention of the public funds and realized one of the great advantages Which it discovers in keeping them in the hands of the sub-treasu rers. But in the next place, can the system be said to be fairly tried in the state of things which has just transpired? The message complains, that the suspension of the Banks occurred in a time of peace and of apparent prosperity?not as it did before, iu 1814, in a period of war. This remark is true enough? but when was the country ever in such a situ ation in a stale of peace, as it has lately been and when is it likely again to occur ? So un precedented a spirit of speculation and over dealing, in foreign goods, in public lands, in all the departments of business, both at home and abroad. The message uscribes tliis mis chief indeed to the Banks themselves. W hat then? How was the sub-treasury system to have correctcd the evil? Would it have ex tinguished the spirit that seems to have raged over both continents ? W e do not understand, that the President means to arrest the whole banking system?Would it then not lia\e gone on to rage in spite of the sub-treasury system ? But the message contends, that the large public deposites thrown into the State Institutions have stimulated and enlarged tins spirit of speculation. Admit the fact are the State Banks to blame for raising the 40 mil lions of surplus?or is it an unwise Govern ment to blame for it? The Republicans of the South insisted upon cutting down the tariff, and reducing the revenue. But Con gress would not take in sail in season, and when this immense surplus was accumulated, it was to be disposed of, iu some way or other. Thrown into the State Banks, and the Secre tary of the Treasury himself stimulated the State Banks to discount freely upon it, it has done much mischief. If it had been thrown into the sub-treasuries, it would have done mischief likewise in a different way. But this large surplus is a phenomena in our nuan ces. It is not likely ever again to occur. It has contributed, as the message admits, to force the State Banks to a suspension ot pay ments. But the whole history of the last three years is an anomaly. It furnishes no conclu sive argument against the State Banks, pro perly organized by the States, and employed by the treasury. The strong position of the message is, that the public deposites will al ways" prompt the Banks to excessive dis counts and over-issues. There is great force in the proposition?it constitutes a strong o b jection to the State Banks. But can it not be obviated or weakened ? The message asks, in another place, " May not Confess regu late, by law, the duty of those officers, and subject it to such subversion and publicity, as to prevent the possibility of any serious abuses and excessive discounts on the public deposites, on the part of the Executive. In like manner, may we not ask, whether pro visions may not be hereafter made to prevent the possibility of any such serious abuse on the part of the Banks? We would prefer, with the "Rochester Republican," to pay them for the expense of their agency, rather than. thev should abuse the opportunity o! the deposites. We ask, too, whether Con fess may not impose other restrictions upon the Banks?and whether the Slate Legisla tures may not organize thein upon better prin ciples ? The message itself emphatically says : " The whole matter is now under discussion before tho proper tribunal?the peoplo of the States. Never before has the public mind been so thoroughly awakened to a proper sense of its importance ; never has the sub ject, in all its bearings, been submitted to so searching an inquiry. It would be distrusting the intelligence and virtue of the people to doubt the speedy and efficient adoption o such measures of reform as tho public good demands. All that can rightfully bo done by tho Federal Government, to promote the ac complishment of that important object, will, without doubt, be performed." We must in deed bo deaf to the voice of experience, it we did not profit by her recent lessons. Ine Bank system imperiously calls for great re form ; and there is no doubt that it will be ob One remark more upon this subject The Message suggests, that when tho revenue * cut down to the legitimate expenses of the Government, there would be less occasion lor the Banks to transmit the public funds ; and there would be less inonoy for the Sub-agents of the Treasury to keep and control. I his is perfectly true-We join the President, heart and hand, in the reduction both of the ex penses and the revenue; but the argument cuts both ways. The less revenue there is, the less will be tho deposites ill the State Banks, and the less opportunity of swelling their discounts and circulation. If a small revenue, therefore, weakens the objections u> his system, it equally weakens the objections to the State Bank Dcpositc system. We still contend, therefore, that it is better lo try tho State Bank System. Organize it better, and limit it, as far as possible?Let us not suffer the unparalleled events which have recently transpired to shake entirely our con fidence in it, as a fiscal agent. Let us not rashly fly to another Expedient. VV o prefer that alternative, of course, infinitely to an un constitutional and mammoth National Hank At all events, let us deliberately re-consider the whole scheme?Seek lo strip it of its objections?and only adopt the Sub-treasury, Executive Machinery, when the State Hanks have been fairly and fully tried. Our scheme now is, as it was three years ago: 1 hey look to GOLD AND SILVER as a general currency?to restrictions by the Stales upon the circulation of small notes-to t he dcpositc of the public moneys in the State Hanks, under regulations established by Congress? and to those Banks to carry on in future the domestic exchanges of the country for ? accommodation of the Government and 1 eo Pl The Message says, that " on the sion, in the year 1833, the employment of the State Banks was gnarded rsp^'iaNy in xj way which experience and caution could sug aert."?But our experience is now extended. It suggests new guards and cautions. In 33. there was not even any precaution ol making 1 special depoau.es.?The Message admits, that " the selected Bunk* performed with fidelity, and without any embarrassment to themselves or to the community, their engagements to the Government, and the system promised to bo permanently useful."?What then occasioned it to fail ??The forty millions of surplus re venue, and its re-deposites under the act of June, 1836. Tha first is never likely to occur to auy thing like the same extent?and as to the measure of re-depoeiles, is A certain that it was administered in the wisest and most successful manner ? The Message insists upon it, that the fiscal employment of the Hanks, was " from the beginning, more a measure of emergency, thun of sound policy"?and that we have no longer any such emergencies. But, it is sin gular enough, that at every great epoch of our finances, when the National Hank has not been adopted, the State institutions have been recognized as the proper agents. The Sub treasury system has never been sanctioned by the Republican party. In '91, Mr. Madison argued against the necessity of a National Hank, by urging the employmont of the State Hanks, The same argument was pressed by Mr. Hurwell in 1811, against its re-charter. It was again called into requisition in the at tempts to charter, and then to continue the second United States Hank. In fact, the Stato Hanks have been adopted at every crisis? and not the Sub-agencies?until jn 1834, when Mr. Gordon and <M>me thirty-three Whigs voted for it in tho Houso of Repre-* sentatives. But, if the Sub-treasury system had every thing to recommend it, which tho Message claims for it, we consider that now is not the time to make the innovation. The President adopts as an essential part of his proposition, the exclusive use of spccie in the receipt and disbursement of the funds. He disclaims the employment of bank notes for a single day. Is not the transition too sudden? the revolu tion too great? Congress must consult the 'circumstances of the country. From twenty to thirty millions of the coin arc locked up in the vaults of the banks. The Mcs8aKfi itself tells us, that our paper circulation was more than one hundred and forty millions; the specie afloat was eighty millions?but, though the paper currency has been since curtailed, tho facilities of the specie circulation have been reduced in a much greater proportion. The Message itself tells us, that in the munth of May last, tho precious metals " disap peared from circulation," and that44 with each succeeding day the metallic currency de creases." What is the inevitable effect ? It has ccased to become a currency, and is only an article of traffic. It bears a premium of 10 or 12 per cent. Whilst so much coin is locked up in the banks ; whilst ho much is in the act of exportation; and whilst the State Banks are in want of it to replenish their vaults, and prepare for resumption, what would be the consequence of an immcdiato requisition of specie for all the public dues? It would rise in value. The merchant would be compelled to buy it, in order to pay his custom-house bonds. He would lay it on, as he does his duties, in the prico of hk goods ?the consumers, the community at large, would thus be taxed from 10 to 15 per cent., to swell the salaries of the officers of the Government. There would thus be two spe cies of currency in the country?the baser currency for the people, and the better for its officers. Tho Message is very ingenious in its attempts to obviate the effects of this 44 un just discrimination." But tho fact is, 44 tho measure would be (both) one of restriction," and of "favor." It would be a restriction on tho tax-gatherer, not to take any thing but specie?but it would be a favor to the sala ried officer, to receive nothing else but a better currency than the peoplo receive. It is in vain for the Message to contend, that 44 the constitution prohibits- tho States from making anything but gold and silver a tender in the payment of debtB, and thus secures to every citizen a right to demand payment in tho legal currency. To provide by law that the Government will only receive its dues in gold and silver, is not to confer on it any peculiar privilege ; but merely to place it on an equality with the citizen, by reserving to it a right secured to him by the constitution." Tho fact is, that the States have so far multi plied paper currency, that her citizens cannot now readily obtain specie?that it does oper ate as a peculiar privilege for tho officer to receivo it at all events ; ami that it does de stroy all "equality with tho citizen." Will such a discrimination operate now for the benefit of the Citizen? The Message contends, that a requisition for the public dues saves tho coin from exportation?produces a demand for it, increases the safety of Bank paper, and improves tho general currency. But it cannot have the effect of relieving the people at the present time. It only creates such a demand for it as to make it dearer to the people, throws it more out of the general circulation?and worse than all, it contributes to throw more discredit upon Bank notes, widens the difference of value between coin and paper, makes it more difficult for the Banks to obtain it?and retards the great ob ject we ought all to have in view?the return of the Banks to specie payments. They are to furnish the people with a large portion of iheir currency?the Sub-Treasuries will not. do it. Their resumption is the first great ob ject we ought all to have in view. It is prin cipally to relieve our embarrassments?and to tranquilize a discontented people. The Sub Treasuries and the specic may benefit the of ficers of the Government, but cannot give re lief to the community at large?Have wo not had some experience of the system since May last? The Banks have been thrown out of use, and the specie has been demanded for Go vernment dues.? And what has been the ef fect of this hard money experiment ? 1 ho Postmaster-General may report that this 41 De partment has been successfully conducted since May last upon the principle ol dealing only in the legal currency of tho United States." But if Mr. Krwhll means by this, that it has received and paid away only hard money, we take leave to differ from him. A committee of Congress has only to summon various Postmasters before them to show tho contrary?As to the merchants' Bonds, how many still continue to lie over, from the dif ficulty of coirimmanding specie funds? Fewer goods will be prolmbly imported, but if the duties are paid in specie, the premium will be ultimately levied on the people. We should deein it better, therefore, to post pone tho treasury innovation for a more aus picious season. Assist the banks to return ? to specie payments. Facilitate them, if you can; and force them if you must. Shall we have no mercy on the banks in 1837, when Congress agreed to receive their notes lor eight months, frtxn April, 1816, to hebroary,