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THOMAS ALLBN, Tui u w oobliahed Tri-we*Wy during tho .? s~?"?<?"?? "" - ~ 'v..\rn month* ; nor unless 1*"1 ?" ud*ance nici or advmtuiho. Twelve line*, or lew, three insert u?|f, ? ?? JJ Each additional insertion, * linger advertisements at proportionate "J?* A liberal diacount made U? those who adverUae by '^irT^Subecribers may remit to mail, io bjh of ?oWent k.nk. notion* *ud, at our nak; provided it ahaII ap pearby^t postiuTster's certificate, that .uchroi.iitu.ice j A'hStS'llCS'wffl b? made to companies of fi*? or ...ore tr.n.mitt.ng their ^XlZ/TlmJ a* our Postmaster*, and other. authoriaed, ?cl'n? " ai/ents will be entitled to roce.ve a copy of the papc graif for every five subscriber* or, at that mt' Pfr "n on sul?cr.pt,on. generally ; the term. ^mj{ fu fiUed^ letters and commui.wat.ona intended for the bliahment will not be received unleaa the postage PROSPECTCS. Tub MiBtaomxN will be devoted to the support of the principles and doctrine* of the democratic party, aa delineated by M4|?siadi*M?, and will aim to eon.uini.iata uThU *5% -n national government, which haa been repeatedly ina cated by the general auffersge, aa essential to the peace and prosperity of the country, and to the perfection and iierpltu.ty or lU free institutions. Atthis ume a singu KTof Ttyco.u.nercu' m rr ?' every ramification of society i. invaded by distress, and the social edifice acema threatened w.th disorganixation, every ear ia filled w.th predictiona of evil and the i.iur mu rings of despondency ; the general government is lK.ldlvMM.led by a large and wa^ctableportionofthe people, aa the direct csuse of their difficulties , open reaiauu.ee to the law. ia publicly encouraged, and a apint of maubordination ia foatered, es a necessary defence to the pretended oaurpattona of the party in power; aome, from whom better things were hoped, are making the " eonfuaion worae confounded, by a head long pureuit of extreme notiona and indefinite phanton.a, totally incompatible with a wholeao.ne .tate of the country. In the midst of all these difficulties and em barrassments, it ia feared that many of the leaa hrm of the frienda of the adinmiatration and ?u|*porter? of democratic principle* are wavering in their confidence and beginning, without just cause. to view *',th ^lru"1 those men to who... they Rave been long attached, and whoae elevation they have laboured to promote from honest and patriotic motive*. Exulting in the anticipa tion of diauiay and eonfuaion amongat the supporter. or the administration aa rhe consequence of these thtrtte, the opposition are consoling the.naelvea with the idea that Mr Van Burcn's fr.ei.da, as a national party, are verging to dissolution; and they allow no opportunity to pas. unimproved to give eclat to their own doctrine.. They are, indeed, maturing plan, for their own future government of the country, with .eeming conhdcnce of certain success. , . . Thia confidence i. increased by the fact, that visionary theorie., and an unwise adherence to the plan for an txclutire metallic currency have unfortunately carried aome beyond the actual and true policy of the govern ment ; and, by impairing public confidence in the ?vstcm, which ought to be preserved and regulated, but not destroyed, have tended to increa?e the difficulties under which the country i. now labouring. All these aeem to indic.te the nece.aity of a new organ at the .eat of government, to be e.tabli.hed upon sound prin ? iplea, and to represent faithfully, and not to dictate, the rial policy of the administration, and the tme aentimenta, measures, and interest*, of the great body of it* sup porters. The necessity also appears of the adoption ol more conservative principles than the conduct of those aeem* to indicate who seek to remedy abuses by de stroying tht institutions with which they are found con nected. Indetd some measure of contribution i* deemed essential to the enhancement of our own self-reapect at home, and to the promotion ol the honor and credit of the nation abroad. . I To meet theae indication, thi. undertaking haa been instituted, and it ia hoped that it will produce the effect I of liiapiring'tho tunidwith courage, the de*|>ondirig with hope, and the whole country with confidence in tho administration of It. government. In tlu. journal will not aeek to lead, or to follow any faction, or to advocate the viewa of any particular detachment of men. It will aapire to accord a juat measure of aup port to each of the co-ordinate branchea of the govern ment, in the lawful exercise of their constitutional prerogativea. It will eddrcaa itaelf to the understandings of men, rather than appeal to any unworthy prejudice, or evil patsion*. It will rely invariably upon the prin ciple, that the *trength and security of American insti tutions depend upon the intelligence and virtue of the PCtFh? Madisonian will not, in any event, be made the in.trun.eut of arraying the north and the south, the east and the west, in ho.tile attitudea toward* each other, upon any subject of either general or local interest. It will reflect only that spirit and thoac principle* of mutual conceaaion, compromise, and reciprocal gowl-will, which so eminently characterized the inception, formation, and subsequent adoption, by the several States, of tho con stitution of the United Sutea. Moreover, in the Mine hallowed spirit that ha., at all periods eince tlie adoption of thaUltocred instrument, characterised its dkfknc* by THr raoPLB, our pre.s will ha.ten to ita aupport at every emergency that shall ari.e, from whatever quarter, and under whatover guiae of philanthropy, policy, or principle, the antagonist power may appear. If, in this reaponaible undertaking, it shall be our good fortune to aucceed to any degree iu promoting the hartnonv and prosperity of the country, or in conciliating lealouaies, and allaying the asperitie. of party warfare, by demeaning ouraelf amicably towarda all; by indulg ing personal animoaiiiea toward, none; by conducting ouraelf in the belief that it ia perfectly practicable to differ with other, in mattera of principle and of expe diency without a mixture of personal unkindness or loss of reciprocal respect; and by " a.kmg 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 it. guidance be sufficiently observed and satisfied. This enterprixe ha. not been undertaken without the approbation, advisement, and pledged.aupport of many of the leading and soundest mind, in the rank* of the dcmocractic republican party, in the extreme north and iu I lie extreme aouth, in the east and in the 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 uscfi.l as a political organ, and interesting as a journal of new.. Arrangements also have been made to fix the establishment U|?n a substantial and permanent basis. The subscriber, therefore, relies upon the public for so much of their confidence and encouragement only as the fidelity of his press to their great national interests shall pro,, it.elf ? THOJ(AS A,XES Washihoton Citv, D. C. July, 1837 ? NOTICE. THE New York snd Boston Illinois Land Company will offer at public auction at their office in the town ot'Quincv, Adams County, Illinois, on Mondny the ii7th day of Novemltcr next, 100,000 acres of their Lands situ Html in the Military Tract in said State. Lists of the lands may be had at the office of said Com pany in Quincy and at 44 Wall Street, New York. A minimum price will be affixed to each lot at the time it is offered. JOHN TILLSON, Jr. Agent for the N. Y. it 1). 111. L Co. Aug. 25, 1837. lawtNov?8 PRINTER'S PAPER. PRINTING PAPER, with or without sizing, of all qualities, made at the Saugerties Mill, Lister County, New York Orders will lie promptly attended to if ad dressed tothe Agent, WILLIAM BRADFORD, No. 16 Spruce street, New York. HENRY BARCLAY, Proprietor. Sept. 2. 2w6 G1 LOVES, SUSPENDERS, STOCKS. WOOLLEN r SHIRTS, AND DRAWERS.? We have uvday opened? 30 do*. Suspenders, best kind. AO do. superior Gloves. 50 do. Stocks, best make. 50 pieces Silk Pocket Handkerchief* 50 doaen Gentlemen's Riblied Woollen Drawers. 50 do. do. do. do. Shirts. 6 do. Raw Silk Shirts. Also, 50 pieces Irish Linens. 200 do. Sea Island Cotton Shirtings. BRADLEY ii CATLETT Sept. 8. 3t&w2wS THE MADISONIAN. .. . ^ / , % ?? <c*4 ' **'' '/^ lNS?*^i ^1?"% - VOL.1. WASHINGTON CITY, S ATUR DA Y,. SEPTEMBER 23 , 1837. ] STOVES! HTOVES! AND ORATES. 1HAVE just receiwd fraw the North ? very twin sup uly of Stoves, Grata*, and double Block Tin Wue? Coffee Biggins, Dressing Boxes, <ke. I hare Stoves of almost all kiwis, suitable foe waotf or coat. In the drat place, I hare the Notary Cooking Btoves of all the differ eat sixes, No. 0, 1, 2, and 3. Tan Plate Stovea of all the different siaea, both for cooking and plain. Franklin Stoves of all the different aiaoa. I have some very aplan cli<t Parlor Stoves for burning wood or Imam. Coal Stovea of all siaea. l>r. Spoor's Coal Stoves, fancy and plain tops, from No. 1 to 3. Coal Stoves of other kinds. Dr. S|>oor'i Coal Stores and the Globe Stovea are most suit able for Public oflhees, large halls, churches, stores, ai-d steamlioata, or any apartment where you wish s ttron* heat. In fact I have Stovea that will heat any place, either with wood or coal. I have the latest fashion Mantle Gratea, both low aud high fronts, very cheap?and if I have not a pattern of Grate on hand that will auit, I can make it at the shortest notice, ?o suit any fancy. I am fully prepared to do any kind of Tin, Copper, Sheet Iron, Stove, Grate, Lead or Zinc work, at the shortest notice. Any person or persona buying Stovea or Grates from the subscriber, or any other thing in his line, will have them sent home in good order, free of any extra cliarge. Stovea will lie put up ready for use, free of any ettm charge. All the above articles will be sold very low, and all or ders thankfully received and punctually attended to. with despatch, as I shall have a number of Drat rate workmen. 1> ive doors East of D. Clagett's Dry Good Store, next door to ?. Dyer's Auction Store, Penn. Av. CLEMENT WOODWARD. Sept. 9. (Intel, and Globe.) 3t8 BANK OP WASHINGTON. 89th Auuust, 1837. AT the regular meeting 9f the Board thia day, preaent, the President and nine of the Directors, it was una nimously Ht?Uvtd, 1st. That on and after the first of September next the notes of this Bank he redeemed 'n apocie. 2d. That all depositee remaining indrawn, (the same having nenrly all been received aincr the aaspension of specie payments,) and all future iVpoeites, other than such as may be made in specie, an^ be :it the time so en tered, be payable in notes currept in the District of Co lumbia. 3d. That all collections for tanks and individuals, and all curtails, lie received in sotes current as above ; and that all sumsao collected b? paid in like funds. W. GUNTON, President. JAS. ADAMS, Cashrr. 6teod6 /CONGRESSIONAL DOCUMENTS, JOURNALS, LAWS, AND DEBATES?GEORGE TEM PLEMAN has for *ale at bin Book and Stationury Store, opposite the General Post Office, all the Journals of Con gress, from 1774 to 1837. Gales and Seaton's American State Papers ia 21 folio vola., from the first to the 24th Congress inclusive, orfrom 1*789 to 1823. The Regular Series of Documents in royal 8 vo. vol umes, as published each Session, from the 18th to the 24th Congress inclusive, or from 1833 to 1837. The Laws of Congress, in 8 vols, containing the Laws from the first to the 22d Congress inclusive, or from 1789 to 4th of March, 1833 ; the series is made complete to the 4th of March, 1837, by the pamphlet Laws of the 23d and 24th Congress. This is tne edition used by Congress and the Public Offices. Story's Laws of the United States, in 4 vols, from 1789 to 4th of March, 1837. The 4th vol. contains an index to the four volumes. The pamphlet or Session Laws of the United Stales from the 5th to the 24th Conrgess inclusive, or from 1797 to 1837. Any separate pamphlets can be furnished. Gules and Seaton's Register of Debates in Congress. All Documents on Foreign Relations; Finance, Com merce, and Navigation; Internal Improvement; Military and Naval Affairs ; Indian Affairs ; Public Lauds, and on Claims of every description can be furnished separately in sheets. _ Also, for sale as above, a large collection of files of Newspapers published in Washington, and some of the principal cities in the United States. Aug. 23. t<3 BOARDING HOUSE. MRS. TAYLOR can accommodate Members of Con gress, or other gentlemen, cither with or without families, at her house, pleasantly situated, near the north east comer of 10th and E street; being from thence an agreeable walk to the Capital or to the public Depart ments. Aug. 30. tfS HOUSE FURNISHING GOODS.?We have for sale? 50 pieces ingrain carpeting, which we will sell low. 50 do Brussels. 62 ,7o 5-4, 0-4, KM, and 17-4 Linen Sheetings. 100 do 7-4, 8-4 Bnrnsly Diapers. 8-4, 10-4 and 20-4 fine Table Cloths. Napkins to match. 1 hale Russia Diaper. 1 bule wide Crash. Also, 50 Marseilles Quilts. BRADLEY & CATLETT. Se.p 9?3tw2w ? I : mLAOR SALE, OR BARTER, for property J7 in the citv of New York, or lands in Illi nois, the following valuable property in the village of Oswego : IO" The rapid growth of Oswego, ifs un surpassed advantages and great prospects, are too well and too generally known to require a particular descrip ? tion. IO" A very minute description of the property is deem ed unnecessary as it is presumed .that purchasers living at a distance will come and see, before they conclude a bargain. Suffice it to say, that it is among the very best in the nlace. IE? None but lands of the first quality, with a perfectly clear title, and free of incumbrance, will be taken in ex change. Hy Letters post paid, addressed to the subscriber, at Oswego, will meet with prompt attention. An ample de scription of the property offered in exchange is requested. In East Oswego.?The Eagle Tavern and Store ad joining, on First street, with a dwelling house and stables on Second street, being original village lot no. 50, 66 feet on First street, running east 200 feet to Second street. The south half, or original village lot no. 44, being 33 feet on First street, running east 200 feet to Second street, with the buildings erected thereon. The north-east corner of First and Seneca (late Tau rus) streets, l?eing 99 feet on First, and 100 feet on Sene ca streets, with the buildings erected thereon?comprising part of original village lots nos. 41 and 42. Three lots, each with a dwelling, fronting Second street; the lots are 22 feet wide by 100 deep, being part of original Village lot no. 41. Lot, with dwelling house, [originnl village lot no. 26,] lieing 60 feet on First street, mnning west aliout 250 feet, across the canal into the river, ?o that it has four fronts. In V, est Orwkoo.?Lot comer of Fifth and Seneca (late Taurus) streets, opposite the public square, being on Seneca street 143, and on Fifth street 198 feet, withdwcll ing, coach house, stabling, and garden. The latter is well stocked with the best and rarest fruit, ornkmental shrub bery, flowers. &c. A lot adjoining the above, being 78 feet on Fourth street by 58 feet in depth. Six lots on First street, each 22 feet in' front, running east 100 feet to Water street, with the buildings thnreon. The Wharf and Ware houses on Wa ter street, opposite the foregoinx, lieing 132 feA on Water street, and running east about 110 feet to the river. [This wharf has the deepest water in the inner harbor.] Lot corner of Seneca and Second streets, being 24 feet on Seneca, and 66 feet on Second streets. Five Lots ad joining the foregoing to the east, each being 22 feet on Seneca street, by 66 feet in depth. The above being part of the original village lot no. 36. The north half of block no. 63, being 200 feet on L'tica [late Libra] street, by 198 feet on Third and Fourth streets. On Van Burkn Tbact.?Lot no. 1, Montcalm street, being 200 feet deep, and running north along Montcalm street several hundred feet into the Lake. Lots no. 2 and 3, Montcalm street, each 66 by 200 ft 12 " 13 13, 14, and 15,being 345 ft, on Bronaon st. 240 on Vnn Buren st. 300 on Eighth st. North 3-4ths of lot no. 25, corner of Van Buren and Eighth streets, being 200 feet on Van Buren, and 148 feet on Eighth streets. Lot 82, south-west comer of Cayuga and Eighth streets, 66 by 198 feet. Lots 83, 84, 85, 86, 87, on Cayuga st. 66 by 198 ft. 88, a. e. corner of Cayuga and Ontario streets, 198 by 104 feet. 89, s. w. comer of do, 198 by 195 ft. 70, on Seneca St., 66 by 198 feet. 58, s. w. corner of Seneca and 8th st*., 66 by 198 ft. 50, n. e. corner of Ontario and Schuyler streets, 198 by 104 feet. 59. on Seneca street, 66 by 198 feet. <5, a. e corner of Seneca and Ontario streets, 198 by 104 feet. 76, s. w. comer of do. 198 by 130 ft. 64, n. e. corner of do. 198 by 104 ft. 46, 47, 48,49, on Schuyler st., 66 by 198 ft. 1 he incumbrances on the whole of this property do not exceed sixteen thousand dollars, which may either re main, or if desired, can tie cleared off rw- ? 00, C. J. BURCKI.Fl. Oswego, N. Y., Aug. 22,1837. 2m6 ID* Compris ing the original village lota no. 3 and 4. NOTIcSrpipMBPB The subscriber *?>>???? procure ? ground of about ? or 24 acre., intended for Wheat or Rye, Ibis xwon, as near th. Capitol ? poonibi* ; for th? purpoae of exhibiting during the pre?ot session of Gongieu, hit Patent IUvol'iB| Harrow, flt-c. Al a wool of th. superiority of this implement ovor lho common drag harrow Cr pul,eri?i?? ?he ??? ** weeds, he is willing to take one hatf of the field w ith three rood horses, to be worked abreast by one man, against s.i common drag harrowa, each two horses and <w? man ; in dol?g whieh, he pledges himself, thai the earth shall be put in as good, if not better order in the same spac*of time, whieh may be required with the six co?W?? harrowa After the work is done, disinterested judges will he se lected on the spot to examine the same with a four P'""W fork or rake, to enable thein to decide correctly which of the implements is best calculated for preparing the ao?! for the reception of the grain. And as a further proof of the value and superiority of fus RoUnr Harrow, the ?rain will be turned in by it on one-half of the field, i?nd the other half in the usual way bjr Ihe drag harrow. Whentho grain is reaped, threshed and measured, he does not hesi tate to insure an increase in tlie crop of 10 per cent., ore* that half which may be cultivated by the common harrow. Where farmers are in the habit of ploughing in their grain, he will take 5 pecks to the acre, and produce 10 per cent, more by Rotary Harrow, than fl pecks turned in with the plough. JAMES D. WOODSIDE, Near the West Market. Sept 16 Wtkinghm, D. C OWEN & CO., MERCHANT TAILORS. ? 7 Buildings, and near Fuller's Hotel, respectfully beg leave to inform their friends and the public 10 general, that they have lately fitted iw, and w? opened, the. store formerly o?M?"?f imMO? A Co , dMttltto,. for the accommodation of their patrons in that of tbe cily where they bavo laid in a moat extenwve "took of t ALL and WINTER goods, cousisting of the following c^ice assortment of articles for gentlemen s wmf ? For coats, superfine pieces of brosdcloths, wool-dy ed black, blue, dahlta, Adeluide, invisible green, Polish do., claret, and all the favorite co*ora of the day. For pantaloons, superfine black cassimere, U>noon stripeddo., black ribbed do., gray mixed do., buff, V ictona striped buckskin, fancv do., &c. . . ? For vests, black silk velvet, fancy figured do , Genoa do., woollen do., striped chslla gold tissue, black.aatin, figured do., plain anu figured silks. ? ? E. O. i Ct. have also received s large collection of stocks, plain, trimmed, and embossed, handkerchief, opera ties, ailk shirts and drawers, buckskin do., patent merino do., shoulder braces, union do., (two excellent ar ticles for the support of the back and expansion of the chest,Igum elastic suspenders, buckskin do., silk, kul, and buckskin gloves, Ac. Sept. 14. lml1 WASHINGTON BRANCH RAILROAD ?On and after Monday next, the 11 inatant, the cars will leave the depot in this city for Baltimore,at 9 o'clock A. M., in stead of 9 3-4 A. M., ss heretofore. , The object of this alteration is to render certain the ar rival of the train at Baltimore earijr enough to afford ample time for passengers going North to take the steam boat, which now departs daily for Philadelphia, at half past 12 o'clock. . ? . , The afternoon train will, as heretofore, leave the depot at a quarter after 5 o'clock, P. M. SO?dOtAwtf. , . _ . _ (Globe, Native American, Alexandria Gazette, and Po tomac Advocate.) E have for sale, which we will have made up in the , . beat manner? 20 pieces super, black Cloths. _ 100 do ribbed and plain Cassimeres. 20 do plain and figured velvet Vestings. 50 do colored and ^^TaCATLETT. Sep 9?3tw2w8 , W W E HAVE FOR SALE? 100 pieces Black Silks, superior make 50 do Figured Blue Black do 150 do Colored Figured Silks 100 do Plain do Tta ?ni b. & catlett. SO?3taw3w (Globe.) THE UNIVERSITY OF MARYLAND. The session of t^ie medical depart ment of ihis Institution, will commence on the last Monday of October next, and continue until the last any ot r enruary. ^ " THE FACITC/TY OF PHYSIC ARE, II. Willis Baxley, M. D., Professor of Anatomy and Physiology. Henry Howard, M. D., Professor of Obstetrics, and of the Diseases of Women and Children. Michael A. Finley, M. D., Profeasor of Pathology, and of the Practice of Medicine. Robert E. Dorsky, M. D., Professor of Materia Me Jica, Therapeutics .Hygiene, and Medical Jurispru dence. William R. Fisher, M. D., Professor of Chemistry and Pharmacy. _ John Frederick May, M. D., Professor of the Prin ciples and Practice of Surgery. Ellis Huohes, M. D., Demonstrator of Anatomy. In making this annual announcement, the Trostees re spectfully state, that, in addition to a Medical faculty of great ability, having high claims to public confidence and patronage, this Departmentof the Universityof Maryland offers other and peculiar advantages to Stude * for the acquisition of Medical knowledge. Placed in the most favorable climate for attending to dissections, and pos sessing commodious rooms for that purpose, the Universi ty of Maryland commands an unequalled supply of Matt rial for the prosecution of the study of Practical Anatorp such, indeed, is the abundance of Subjects, that the I ? feasor of Surgery will afford to the Shulent* an opportunity of performing tKrmielvei, under his direction, tvay Surgi cal operation :?a great practical adoantart, not heretofore furnished, in any of our Medical Schools This University has also an Anatomical Museum, founded on the extensive collection of the celcbtated Al len Burns, which became its property by purchase, al great expense; and to this collection numerous additions lave been annually made :?and, of late, many very VB'U: able preparations bave been procured from r ranee and Italy--which together afford ample means to make a great variety of illustrations of hqolthy and diseased structure. The Baltimore Infirmary, long and favorably known aa an excellent school of practice, is connected with the Me dical Department, and furnishes every class of disease lor the practical elucidation of the principles taught, by the Professors of the Practice of Medicine and of Surgery who, besides their regular lectures, will impart Clinical instruction, at the Infirmary, at stated periods, in each week during the Session. .... f .w The Chemical and Philosophical Apparatus of this University, is of great extent and value, much of it having been selected in Europe, by the late distinguished Pro fessor De Butts. And to a Laboratory, provided with every thing necessary for a Counif of Chemical instruc tion, are united the numerous and varied articles required to illustrate the lectures on Pharmacy and Materia Me dina. , , r Neither expense nor care has been spared to aecure lor the University of Maryland the facilities necessary for the acquisition of a thorough Medical Education. THE EXPENSES ARE: THE rtR8T COURSE. For attending the Lectures of six Professors, each ? * * * ? For attending the Dissector and Demonstrator, ? For attending Clinical Lectures and instruc tion at the Infirmary, ? $103 THK SECOND COURSE. For attendance on the Lectures of six Profcs aors, - Graduation and Diploma, .... $110 The whole being only 213 dollars. ' But Students who have attended one course of Lec tures in another respectable Medical School, may gradu ate here after they have attended one full course in this University?where the course? ofinstruction is a* com plete as that of any othrr Medical School?each Profes sor being, in this Institution, required to lecture evey day?and where, from the facility with which SUB JECTS are procured, Dissections can be prosecuted with more ease, and at less expense, than at any other place : ?here too, good boarding can I* engaged, ou as cheap terms as in any other Atlantic City. THE OrriCKES ABE, His Excellency Thomas W. Veaiy, Governor of Mn ryland, President of the Board of I rustees. The Hon. Roger B. Taney, Provoat. THE BOARD OF TRUSTEES. Nathaniel Williams, Vice President. John Nelson, Solomon Etting, Isaac McKim, Dr. Dennis Claude, James Cox, Bv order, JOSEPH B WILLIAMS, Secretary. Baltimore, 2Gth August, 1837. twtlNS William Gwynn, Dr. Hanson Penn, James Wm. McCulloh, Henry V. Sotnerville, Dr. Samuel McCulloh, and John G. Chapman. treasury note bill. 8PEECH OF MR. BENTON, OF MISSOURI. In Senate, Monday, Sept. 18, 1837. Mr. BENTON said, he should not have naeu in this debate, had it not been for the misapprehension* which a?ein to pervade k ??8 r ? Senators as to the character of the biu. It is called by some a paper-money bill, and, by others, a bill to germinate a new national debt. These are serious imputations, ?fid require to be answered, not by declama tion and recrimination, but by facta and rea sons, addressed to the candor, and to the in telligence, of an enlightened and patriotic community. I dissent from the imputations on fhe cha racter of the bill. I maintain that it is neither a paper money-bill, tor a bill to lay the foun dation for a new national debt; and will brief ly give my reasons for believing as I do on both point*. I here are certainly two classes of Trea sury notes?one for investment, a ltd one for circulation; and both classes are known to !f j'j. possess distinctive features which define their respective characters, and confine them to their respective uses. The notes for investment bear an interest sufficient to induce capitalists to exchange gold and silver for them, and to lay them by a? a productive fund. This is their distinctive feature, but not the only one ; they possess other subsidiary qualities; such as transfera bility only by indorsement?payable at a fixed tune-?not re-issuable?nor of smalWenomi natioii and to be cancelled when paid. Notes, of this class are in fact loan notes notes to raise loans on by selling them for hard money?either immediately by the Se cretary of the Treasury, or, secondarily, by the creditor of the Government to whom they have been paid. In a word, they possess all the qualities which invite investment, and for bid and impede circulation. The act of 1812 authorized an issue of notes of this descrip tion. They bore five and two-fifths per cent, interest, with an express clause that the Se cretary of the Treasury might raise money upon them by loau. I presume there are Se nators present who were members of the House of Representatives in 1812?who gave the sanction of their approbation to the Trea sury note law of that year, and who would be very unwilling to hear the epithets applied to that law which are lavished upon this bill, which is copied from it. Die Treasury notes for currency are dis tinguished by features and qualities, the re verse of those which have been mentioned.? 1 hey bear little or no interest. They are payable to bearer?transferable by delivery? re-issuable-?of low denominations?and frequently re-imbursable at the pleasure of the Government. They are, in fact, paper mo ney, and possess all the qualities which for bid investment, and invite to circulation. The Treasury notes of 1815 were of that charac ter, except for the optional clause to enable the holder to fund them at the interest which commanded loans?at seven per cent. These are the distinctive features of the ClU1**TB ?*?? Now try the commit tee s bill by the test of these qualities. It will be fourid that the notes which it authorizes belong to the first named class ; that they are to bear an interest, which may be six per cent.; that they are transferable only by endowment?that they are not re-issuable? that they are to be paid at a day certain ; to wit, within one year?that they are not to be issued of less denomination than one hundred dollars?are to be cancelled when taken up and that tho Secretaiy of the Treasury is expressly authorized to raise money upon them by loaning them. These are the features and qualities of the notes to be issued, and they define and fix their character as notes to raise loans, and to be laid by as investments, and not as notes for currency, to be pushed into circulation by the power of the Government, and to add to the curse of the day by increasing the quantity of inconvertible paper money. The execution of the act, and especially the cardinal feature of the quantum of inte rest, is left to the President and the Secreta ry of tho Treasury. I presume it will be ex ecuted as a law to borrow monev; and in that point of view the interest was left open, under a maximum limit, as is proper to be done in all propositions for loans. Bids may bo invited by advertisement; the competition of lenders may fix the interest; capitalists may fix it by competition, though nominally left to the dis cretion of the President and Secretary ; and at whatever rate it is thus fixed?at whatever rate a loan of gold and silver is commanded? at that rate the whole issue, made at any one time, ought to go. There should not be two rates of interest; a high one for the indepen dent and opulent capitalist, and a low one for the helpless and necessitous public creditor. This is my opinion of the character of these I reasury notes, and of the mode of using them. I cannot doubt but that lenders will i present themselves, and that the whole ten millions may be borrowed in gold and silver just as fast as the Government needs it. That1 opinion is formed upon data?upon the great amount of specie now in the country?its un productiveness to its present holders, and the facility with which large amounts of specie were borrowed immediately after the bank^ suspension, and the commercial revulsions of 1819. The specie in the Uuiled States can not be less than it was six months ago, to wit, eighty millions of dollars ; for it is shown by the custom-house reports nnd other data, that, notwithstanding the efforts to ship it to Eu rope, the imports and exports are about even (luring that time ; and that, taking the whole fiscal year together, the imports now exceod the exports by nearly four millions of dollars ; and that near nine hundred thousand dollars in gold have been coined in the first three quarters of the present calendar year. The specie in tho country cannot, therefore, be less than $80,000,000, and, upon the calculation of last year, is more. The whole of this vast amount is lying idle, barren, and unproductive to its owners?not thai they are at all unwilling to lend it, nnd to receive interest, but for want of borrowers in whom they have confidence. I he I nited States will present that borrower, and will bring forth the hoarded treasures which the lack of general confidence now consigns to sterility in private chests, and in special bank deposites. Thus it was in 1819, *20. I he commercial and bank catastrophe of that period look place in 1819 ; in letut than a year afterward*, from the collapse of busi ness, and the stagnation of commerce, money in the Atlantic citiea was abundant, idle, and seeking investment at four or five per cent So says Mr. Chevea?so we can all remem ber?but to refresh memories, and establish this important fact, I will read a paragraph from Mr. Cheve's late letter to Dr. Cooper: " Before the close of the first year of my administration, adequate capital had been as signed to the offices in which it had been de ficient, and the bank and its offices generally, then or very soon after, were in a condition to do extensive business, had the situation of the country permitted it. But the commerce of the country became perfectly stagnant. Money was a drug. The bank, to keep up its busi ness as far as possible, discounted long pa Cr, say at four and six months, and perbups tiger. It was even proposed, with the same object, to lower the rate of interest to five per cent. I believe local banks at Boston did, in some instances, discount at that rate. In Phil adelphia, 1 think, the local banks discounted paper having nine months to run, and perhaps more. The commerce of the country was reduced from a state of pert .excitement, such as we have just witnessed, to a state of collapse, such as I fear we may soon suffer. Under these circumstances the discounts fell off, the bank was too safe. It had, at times, I believe, as much specie, perhaps more, in its vaults than it had notes in circulation. Under this want of demand for money, I was so fortunate as to obtain the public loans, to the amount of six millions of dollars, which the hank was able to pay for, and retain an abundance of specie in its vaults." Such is the testimony of Mr. Cheves, and thus easily and rapidly did the recuperative energies of this young, vigorous, athletic country recover from the depression and de solation of that day. The effect cannot be different now ; on the contrary, the recovery must be more rapid and easy ; for the distress now is not the tythe of what it was then ; the real money in the country, the gold and sil ver, was not the fourth part then of what it is now ; the distress then was all real, and no part of it assumed, pretended, artificial, forced, and fictitious, contrived with malice afore thought, to govern elections and politics, and to coerce the revivification of a national bank. I remember the times of which Mr. Cheves speaks. I came to the Senate in 1820 ; and I know that his picture of the abundance of money, the facility of getting loans, and the low rate of interest, is entirely just. Our own legislation proves it; for a loan of three mil 1 lions was authorized in the session of 1819 20, and another at the ensuing session for five millions, both expressly to defray the current expenses of the Government; and both loans I were eagerly bid for by capitalists, and at I rates considerably below six per cent. It was six millions out of these eight that Mr. Cheves congratulates himself for having been fortunate enough to obtain for the Bank of the United States. *The picture drawn by Mr. Cheves is correct as applicable to the Atlan tic board, for which he intended it; it is not correct as applicable to the West, and was not so intended by him. The great region did not recover for several years after 1819. It had been eviscerated of its gold and silver to sustain the Bank of the United States ! It had been sacrificed to save that batik ! At the time that Mr. Cheves refers to, it was, so far as the precious metals were concerned, the empty skin of an immolated victim, sacrificed upon the altar of salvation to a foreign insti tution. Not so now. Thanks to the ever I glorious Treasury order. That order has ! saved the West from the fate which over whelmed her for so many years after the re vulsion of 1819. She is not now, in respect to money or any thing else, the empty skin of a sacrificed victim. She has her fair propor tion of all the blessings of good government, as well as her fair proportion of all the bless ings of Heaven. She is able and willing to pay her share of the public revenue in solid money. The sales of the public lands, since the suspension of specie payments, are fully equal to what they were in the best years be fore the two years of the bank expansions and mad speculations. These sales have gone on in June, July, and August, at a rate to yield near four millions per annum, which is equal to the best years before 1835 and '36. Mr. Cheves was right in his picture of the money ed plethora on the Atlantic board. It was a drug there in less than one year after the great catastrophe of 1819 ; it will be a drug there again, and from the same causes stagnation of trade and collapse of business? within a few months. It is on the Atlantic board that these Treasury notes will be bor rowed. Money will be loaned upon them. They will be taken as investments, to be laid by ; not as currency, to be shoved into circu lation. ?The bill has been denounced as the germ of a new national debt. It certainly proposes the creation of a debt. But for what purpose, and under what circumstances ? To comply with the maxim, that a public debt is a public blessing ? By no means! But to relieve the Suites from being called upon for a reimburse ment of anv part of the twenty-seven millions dollars which have been deposited with them to relieve the merchants from an immediate payment of four millions?and to relieve the late deposite banks from an immediate press for six millions. This is the object. The loan of ten millions on the Treasury notes comes in place of the four and six millions due from merchants and the banks. It is be cause we cannot collect one, that we create the other. If we had the ten millions from the merchants and the banks, we should not wnnt the Treasury notes ; not being able to collect those ten millions, we give time to our debtors, and borrow an equivalent sum. The outstanding debt due to the United States is equal to the debt created ; it will be a fund to pay it, interest and all; for the merchants^ and banks are to pay interest; and then the T rea sury note debt becomes a mere nominal trans action, so far as debt is concerned, being no burden to the United States, and a relief to her debtors. This is the object of this nominal debt, and under what circumstances is it created 1 Un dfer the same which occasioned eight millions to be borrowed by direct loan in the two suc ceeding sessions after the catastrophe o 1819. We have run the career of that pe riod over again, and the parallM i? ?xa.cl every particular. Then, as now, we had ha our dream of inhaustible aurpluaea, and were waked up to the reality of an empty Treasu ry. Then, aa now, we had our forty-seven millions of revenne ; our nine millionti of an imal surplus?our bank expansions?our apeculationa?our bloated and deluaive pros perity ; and then, aa now, we Were called to gether to borrow eight millions for the sup port of the Government, to hear the cries of distress, and the calla io^ relief. The eight millions borrowed then, and borrowed with the approving voice of some who now atig matize a similar loan, under aimilar circum stances, and for the aame object, was not considered as the germ of a nqw national debt, neither will our loan be so considered by the country, I trust I have vindicated the bill from the stigma of beiug a paper currency bill, and from the imputation of being the first step towards a new national debt. I hope it ia fully cleared from the odium of both these imputations. I will now say a few words on the policy of issuing Treasury notes in time of peace, or even in time of war, until the or dinary resources of loans and taxes had been tried and exhausted. 1 am no friend to the issue of Treasury notes of any kind. As loans, they are a disguised mode of borrow ing, and easy to slide into a currency : as a currency, it is the moat seductive, the most dangerous, and the most liable to abuse of all the descriptions of paper money. " The stamping of paper [by Government) is an ope ration so much easier than the laying uf taxes, or of borrowing money, that a Government in the habit of paper emissions would rarely fail, in any emergency, to indulgf itself too fur in the employment of that resource, to avoid, as much as possible, one less auspicious to present popularity." So said General Hamilton ; and Jefferson, Madison, Macon, Raudolph, and all the fathers of the republican church concurred with him. These sagacious states men were shy of this facile aud seductive resource, " so liable to abuse, and so certain of being abused." They held it admissible to recur to it in time of peace, and that it could only be thought of amidst the exigencies and perils of war, and that after exhausting the direct and responsible alternatives of loans and Jaxes. Bred in the school of these great men, 1 came here at this session to oppose, at all risks; an issue of Treasury notes I prefer red a direct loan, and that for many and cogpnt reasons. There is clear authority to borrow in the Constitution ; but, to find au thority to issue these notes, we must enter the field of constructive powers. To borrow is to do a responsible act; it is to incur certain accountability to $ie constituent, and heavy censure if it cannot be justified ; to issue these notes is to do an act which few con sider of, which takes but little hold of the public mind, which few condemn and?some encourage, because it increases the quantum of what is vainly called money. Loans are limited by the capacity, at least, of one side to borrow, and of the other to lend; tho issue of these notes has no limit but the will of the makers and the supply of lamp black and rags. The continental bills of the Revolution, and the assignats of France, should furnish some instructive lessons on this head. Direct loans are always volun tary on the part of the lender; Treasury note loans may be a forced borrowing from the Government creditor: as much so aa if the bayonet was put to his breast; for neces sity has no law, and the necessitous claimant must take what is tendered, whether with or without interest; whether ten or fifty per cent, below par. I distrust, dislike, and would fain eschcw, this Treasury note re source. I prefer the direct loans of 1820-21. I could only bring myself to acquiesce in this measure when it was urged that there was not time to carry a loan through its forms, nor even then could I consent to it until every feature of a currency operation had been eradicated from the face of tho bill. I have spoken to the poiuts which induced me to rise, and might here terminate my re marks ; but tho committee, of which I am a member, has been assailed, and being on my feet, 1 will say a word in its defence. Sena tors have said that the committee has report ed nothing for the country?nothing, in fact, of any value or consequence. With deferenco to their judgments, I presume to think other wise, and with the indulgence of the Senate; will undertake to convince them of their mis take. First, there is the Merchants' Bond Bill; it relieves a class of debtors to the amount of four millions of dollars, and through them it relioves many others. This bill also grants additional credits on bonds to become due for a year hence, and in that, grants fur ther relief to the same class aud to their nu merous dealers. Then there is the Deposite Bank Relief Bill. This gives time to another class of debtors to refund six millions, and through them it relieves all their debtors, and besides, enables them to give temporary as sistance to tho country generally. Then comes this Treasury Note Bill; a measure of relief to the States to the amount of ten mil lions, and through them a relief to all their citizens, by supplying the Treasury from our own resources, and thus staving off the con tingency on which they became subject to re-imburse ten, out of the twenty-seven mil lions of deposite, while still in the very act of receiving it. The Senate, on the motion of the Senator from Pennsylvania, who sits over the way, (Mr. Buchanan,) has since abrogated this contingency, and substituted the will of Congress ; but this change, while it admo nishes us to say, farewell?? long farewell to the twenty-seven millions ! and even to fear the approaching departure of the nine millions, cannot diminish the merit of the committee, which had first deferred the contingency be foro tho Senator's motion abrogated it for ever. These are instances of direct relief?large as well as direct?and extending into all the ramifications of society. It is four millions to the merchants, six millions to the banks, and ten millions to the States?in all, twenty mil lions ; and though nominally, to the merchants, the banks, and the States, it is in reality to the whole body of the community?to all the citi zens to whom merchants, hanks, and States resort to collect the money which ia to be paid over to the Federal Treasury. To these three bills of immediate, direct, large, and positive relief, the committee have added two others, less general in tbeir scope, and more indirect in their action, bnt still well entitled to be classed among relief measures?one to abo lish credits at the Custom Houses, after a given time ; and the other to reliove this city, and ten miles square, in which Congress has exclusive jurisdiction, from the evils of an ir redeemable paper currency, and the pcstilence of paper ticket change. Tho divorce bill?the bill to dissolve the