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New YorJc, payable l??im0
iulK30, lH40andlMI, 1,000,000 Instalments due from the Bank of the U. Stales ,n IH3H, I83S>*nd 1W0, exclusive pf inlaw*, b,000.w? '21,000,(*10 *i4,000,000 LUU?un'in? appropria tion, deducting 'he amount which lonnOOOO tecuMitat Treasury notes, ' a?,000,000 . ri,.f sneerh Mr. C. moved to amend the After a briel spi wn.' * enacting clause,and bill by striking JSH bill. inXirli,|an^T? after an animated speech in which Mr 1' hi's HW.rob it.cn of the uroooaniou to h, eipre^ h.? ?P| r frim aU fc^s, moved di^onn^ the gown jnf?for Tr^sury notes, u> amend the bill, by . a to the govern hills receivable tu paymriu nicnt. ,, 'bm (,> extend the pay Mr BELL 'bought the t.m ^ ^ passe(f ^ moot of the merchant. |ni||ee_ |( was unomii \ tore that now b 'tore ,r,mid pass, not yet ,oUS to take another, tfie tirms pf acted on, while ^(.h ' RP. The which were pre< c ^ ^merchants were to have Kief,'"(the granting ?^?c"e%^ ttKheJ nSlns for the suggestion that Mr. B? S1 ., i mken up; and siiid it the other bill shou Id.befit* Ween fUp ^ ^;(nled should also ^ det" lhis bill sha|i be acted on. 10 Mr WiSBHEL?N? replied. He said he was Mr. I. *? delay in the passage ol the bill not to.blame 1 . in the House last lii^ht. Nor Mh mid he dtdu>Mhis bill, the terms and meaning nt whi' h must perfectly familiar to every man in ,,"Jl,TKibLtSeraU'd his hope that it would be first ascertained that there would be a deficit in the Treasury, before the measure now proposed should b<Aiff some further conversation, the committee ' T he House adjourned till Monday. SENATE. Monday, October '2. Several petitions were presented by U1S and Mr. ALLEN remonstrating against the admission ol Texas. svb-tbeastby system. The Senate resumed the consideration of the bill imposing additional duties as depositories in certain ' '\lr Plit'sTON gave notice that, at the proper J time he should move an amendment to the bill, to make the Slate Banks the special depositories of the ' ".Mr BAYARD adverted to the great'importance of the crisis, and the various measures proposed to meet it He looked at these measures as inade "uate to supply a remedy. The idea of a pure me tallic currencY he regarded as too visional v to be entertained bv any Senator ; and the only difference ofopiniou was as to the ratio of its admixture w. h a paper currency. The practical effect ol ban sh in- all notes under ten dollars would banish one half of the paper circulation j and the banishment or all notes under twenty dollars would extinguish two thirds of the paper circulation. He sustained these statements by reference to official expositions which had been made. The circulation of this country is 1*> millions in paper, and 48 millions in specie Gold and silver is the standard of value over the world, and paper in proportion to its nu merical amount, in a mixed currency will expel the coin unless restricted, because a certain amount ol silver alone is necessary for the purposes and wants of society. He quoted some portions of Mr. Bent on's speeches sustaining -and eulorcing this senti ment The coin emanates from the Government, and the Banks furnish the paper. IIow then can the Government divorce itsell from the banks when the reductive power of the government is absolutely necessary to restrict the paper circulation and pre vent it from expelling the coin. In reterence to our present condition he said it was apparent thai there is an inconvertible pajnir currency for the people, while the Government is attempting to es tablish a metallic currency for itsell. He asserted that it is the duty of Government to furnish a sound currency of coin and convertible paper to the peo ple. Government acting under trust powers is bound to furnish this coin and convertible paper not for itself, but for the whole people, and this can only be done bv regulating and restraining the banks which issue the paper. How is this to be done ll we divorce ourselves from, and banish the b inks. The proposition of Mr. Rives was good as to its ob ject but defective as to the means by which it proposes to accomplish the object. The mostef feetual mode of restricting the paper wasby a bank of the U. States, and (n the absence of such an institution, the most effectual mode won d be by di rect taxation?by affixing a stamp duty to bank notes. There could be no dispute as to the power of Congress to do this. It b.ing the first duty _ of I Government to produce and maintain a sound cur rency, the power of taxing in order to|carr> into | effect that greater power must be conceded. He remarked that commercial distress was caiised bv speculation and overtrading. 1 he present diffi-1 eulties originated in New Orleans, where grea ; loans had been made to planters to enable them to purchase land. The cause of the hostility to the ? inks he found in the desire to throw out some food for public excitement, according to the policy of tht Emperor Napoleon, something new must be done every three months; if you stand still you are un done. He quoted from a speech ol Mr. Calhoun, to show that tliat Senator had not always entertamted the same opinions on this subject as those he had now expressed, to show the practical effect of the new scheme, he turned to the Executive Documents o last session, and reminded the Senate of the ease of the receiver of the Land Office at Fort Wayne who instead of holding only thirty thousand had fi\t hundred and forty thousand dollars of public money in his possession. He read the reasons which were given to excuse this officer for not having deposited a single dollar of the public money from Match to June. Examination was made into the causes of this neglect, and it was explained that th? press ol business, and rlic difficulty of transporting silver, had prevented the officer from making deposites. But it appeared that there had prevailed a practice ?f shaving money, current money was received and uncurrent money exchanged, the profits being for the officer himself. This fact shows that the suppo sition of the President that control would be exer cised over these officers, and the funds in their cus tody is without foundation. The security of the fund's in the hands of these officers is not therefore so great as was its security in the banks. He dcsir nl lo draw the attention of the Senaje to the politi cal influence which may be exerted in this way. In the letter of the Commissioner who was appointed to examine the matter, it is stated that the remiv val of this officer might cause some excitement, therefore it was better to let it be. Mr. Woodbury s letter in reply, says, that the reasons of this officer would probably b;. satisfactory. Among the reasons of this officer was this, that his democratic f riends thought it better for him not to leave, as an election for President was coming on. The money in his hands might probably bs useful in promoting the re sult of that election which was desired. He then referred to the balances in- the hands of tmasters. He particularly referred to the ease of P. Blair, one of the securities of a postmaster at Frankfort. This person was editor of the Globe; and there is a note in .which the department gravely tells us that in Debember, lK!.r>, th;it the parties could not be found; although it was about that time this Mr Blair was dailv in the habit of being at the de partment, and was printer to the other House, yet the official eye of the department could not see him lie quoted this merely to show the abuses to which the Sub-Treasury system would be subjected. Mr CALHOUN made explanation to free him self from the charge of inconsistency. On the suggestion of Mr. GRUNDY the bill was then informally passed over, while a bill to limit the lees to be taken in the extension of merchants bonds, was read a second time. Atter some short explanation from Mr. liKi rv M r. WEBSTER said this bill did not reach the evil There was some process by which the attor ney (as he had been informed, and as he believed) made a greater income than the law allowed to the President of the United States, and that clerks made annually w hat would pay the salary ol the (. hiel Justice three times over. ' He hoped'some just limit would be imposed. Mr GUNDY said, the bill contained all that the resolution authorized, although he believed the sub ject required a close examination. Mr WEBSTER moved an amendment allowing twenty days to the merchant to file his bond, with out rttiv additional cost : bove five dollars. On motion of Mr. BUCHANAN, the further f consideration of the bill was postponed till to mor row, uod the amendment of> Mr. Wta?Tm, wua or dered lo be printed. * The consideration of the bill imposing additional dutie* u d?(K*iwiw>, in certain eases, on public of ficers. Mr. WRIGHT then obtained the door. He said the object was lo make the debts of the Government payable in paper, convertible into specie on the spot. Practically speaking, Ihere was no such paper. He complimented the Senate on the time and character of the debate which had occupied the last few days. The bad working of the system of Slate Banks was seen by all; every one had his plan; and the Presi dent 'had given his plan. lie showed that in separating the banks from the Government, the Secretary had only rendered obedience to the express provisions of law. He hail not indeed wUhJinAu the money as requited by law, but hod eitendwi indulgence'to them He re plied to arguments of Senator* against the system of measures recommended by the Committee on Finance, and vindicated these measures He atated that aome of the principal bankers lit the country acquiesced in the propriety of the separation. Once separated, the credit ol the banks will be their own, and not the result of any connection with the Government. He denied that the withdrawal of the deposites could effect the ruin of the banks as some had apprehended. The establishment of the uew system would give stability to the currency of the treasury, and erect a standard on the part of the government, to which the bauka muat come up, or lose the confidence of the people. If the government erect a atandard equal to gold and silver, the bank* must do the same. 1'he Treasury inust preserve its currency sound, or the whole of the currency would be deprecia ted and disturbed, lie stated that if the officers of the government were paid in depreciated currency, he would have lo pay an additional price for the commodities he purchsaed. He said that it was an objection 011 the other side to the State banks; that it increased the Ex ecutive patronage. Why then should it be cast 011 the administration as a reproach, that they were about lo withdraw that patronage I Because the collector at New York keeps the public money, will he be more under tlie power of the Executive than he was before. The withdrawal of the deposites may effect the public con fidence in these institutions for awhile, because of the denunciation of their measures. But there never could be a better period for the removal than now, when there m a suspension of specie payments by the banks. He regarded the plan ol Mr. Hives as a return to the system of the last year. He could not believe that any one, af ter the experienced the country, could have the same confidence in these institutions, which ho had before that experience. On his inind the confidence which ex isted is displaced by doubts aud apprehensions, and he would by no meana restore the system. He would use the banks with all possible indulgence in the collection of the balances, aud then takeaway the power of these banks to charge us with producing these misfortunes, and take from them the power of speculating on our money. He replied to what had been urgeu on the subject of security, and of the Government being in etfect a bank. Ho admitted it might be so ; but it was the most unobjectionable of banks, because there was the gold and silver behind it, and the issue would readily find gold and silver. The bill was then informally passed over, and the Senate pracecdcd to consider the amendment of the House of Representatives, to the joint resolution, fixing the day of adjournment. This amendment fixes the 16th instant as the day of adjournment. Mr. HUBBARD moving to adjourn on the 9th in stant, aud thinking it probable that might be done, wished to reject the amendment. The amendment was then agreed to ; and, On motion of Mr. CALHOUN, The Senate adjourned. HOlT8K OK IlEPKKSKNTATIVBS. Monday, October 2. Alter the presentation of petitions, Mr. W. C. Johnson moved that the bill authorizing the issue of Treasury notes, sent to this House from the Senate, be returned to that body; lost. national bank. The House resumed the consideration of the re solution from the Committee on Ways and Means, declaring that it is inexpedient to establish a Na tional Bank, together with the various amendments moved thereto. Mr. SERGEANT resumed his remarks on the subject, and pointed out the odious and invidious character of tlie distinction now made by the Trea sury Department in the mode of paying public cre ditors. He asked if it had not become the interest of the officers of the government to perpetuate the difference between the value of specie and of bank paper, and to increase that difference. They were nearer to the government than other public credi tors, and could secure their pay in a currency ten per cent, more valuable than that which is paid to others. It was, therefore, that the government had recommended to us the measure in relation to the present state of things; for the Sub-Treasury scheme was a scheme to leave things as they were, and to continue to the officers of the government the ad vantages which they derive from it. The divorce. proposed had already been made "a menra el thoro." But it was a divorce, not from the banks, but a di vorce of the government from the. people. The people no longer set at the same table, nor partake of the same fare with the government. The differ ence between them was ten per cent. After the se paration has b ten legalized, What are we next called upon to do? Why, by this resolution, to give security lo the government that the connection should not be renewed. We must come up and take an oath that the means bv which this crying evil can be removed? by which the people shall be put on a par with the government?shall never be resorted to. He stated it as his opinion, that the resolution was intended to proclaim to thepeopleof the U.Statesthat they should no longer exercise tncirundcrslandingsnortheir con science upon the subiect, of any relief from their Sresent sufferings, otner than that which the Presi ent proposes in his Sub-Treasury scheme?which was to equalize that state of things of which they complain. The door of hope must be closed upon the people. They must bj told we have made up our minds; it is in vain for you to agitate the ques tion, even if you can show us, as with the pencil of light, that what lias forimrly cured the evils under which you suffer, will again remove them. Mr. spoke about one hour on this subject, and without concluding, gave way. at the expiration of the time allotted for the consideration of reports. adjournment. The joint resolution from the Senate, fixing the 9ih October for the tcrmation of the special session, was taken up, and Mr. HAYNES moved to amend it, by striking out the i)lh and inserting the 12th. Mr. COST JOHNSON, after alluding to the im portance of the measures before its, and the interest felt by the people in the decision of this House upon them, resisted any adjournment, at present. A pre cipitate disposition ol these questions would be dis graceful to us. He was not prepared to act blind folded, and at haphazard. He wished to deliberate upon, and discuss, these subjects. To leave them in doubt, would inerense the embarrassments of the people; for, in this state of things, they could not tell now to adapt their business to the policy of the government. If any gentleman wanted leave of ab sence he would agree to it. We had arrived here with payments in gold, and, if we adjourned, we should get, by our construction, double milage also in gold. Would not this render us liable to the sus picion of preferring our own interests to lhat of the public 1 He moved that the resolution aud amend ment He on the table. l?st. Mr. PICKENS felt bound, he said, to do some thing towards adjusting the questions before us. Commerce has furled her sails, and agriculture is lenning on her plough, while the action of Congress is waited lor on the measures b.-fore us. If we post pone the great bill of the session?the bill to disburse to the government from the banks?what would be the consequcnce 1 The resolution of 1816 would renew the connection very soon, as the cotton crop was now coining in. The connection now renewed, the chain would bs (listened upon us forever. He called upon gentlemen now to come forward, and to prove their sincerity, as advocates of that measure. Mr. CAMBRELENG concurred with the gentle man who has just spoken, as to the propriety of dis patching ihe business before us; and. in order to afford a sufficient time for it, he hoped the gentleman Hon. Georgia would move the lb:h instead of the l?iih. JCnes of no, no.l Mr HAYNES modified his motion so as to move the Itith of (Vtober. Mr. SMITH of Me., opposed the motion, and said he had heard no reason for protracting the session beyond the day fixed by the Senate. Those who talk ol waiting till we settle what is called the great mea sure of the session, must know that it cannot be set tled without a continuance of the session till the nexl_ session hrgin*. Gentlemen, must know, too, that if we send forth this resolution, with any altera tion, to the o her House, we shall never have an opportunity to get it b ick a^ain on any terms. He had learned this, as others had, in conversation with Ihe Senators. He warned those gentlemen, there fore, who were opposed to a continuance of this session till the next session begins, not to let this re solution go bick. Mr. J. d. ADAMS spoke in favor of the sugges tion heretofore made by him, to strike out the 9th October, and insert 1st Monday of April. We had done mischief enough already, to please the Admi nistration, and we might as well adjourn to-day aa next Monday. There was no pretence for the ad journment, except for our own accommodation. Mr. PATTON moved thai the further considera tion of the resolution be postponed till Monday next, and spoke, at length, in opptwition to the resolution. Mr. THOMPSON, of ?. C , agreed with his col league, as to the importance of ike chauge of policy proposed. A change from a paper system to a hard money system, so fatal and disastrous to the country, he would uot sutler to be- made without some delibe ration. Fie wished to go home and consult with his constituents ujimi this subject. We were now in a state of separation from the bonks; und therefore, aa we were in the full fruition of its advantages, he did not see, that any thing was to be U?s( by the postpone ment of the divorce bill till next session. Alt that sustained the little confidence that still lingered in the country, was the hope that something would be done for its relief. His colleague need not, therefore, be afraid that the banks would resume during the recess. He feared there was little hope of it. Mr. BOON moved the previous question: lost. Mr. WISE contended that it was not the intention of the friends of the administration to bring up this divorce bill. Mr. CAMBttELENG said, there was a flinching as to lliat bill. He would pledge himself to bring it up; and then we would see who would play the non committal nu. He wished to see whether the gentleman from Massachusetts,(Mr. Adam*,) would tow the mark, according,to his celebrated letter about the-banks. Mr. WISE said, the gentlen ai's answer had con vinced him more than ever, that he did not intend to bring up his plan. The idea of a metallic cur rency was never seriously meditated by them. He votea for the Sub-Treasury system in 1834-5, on purpose to show the country that it was nut the plan of Uie Administration. Tne essence of the Presi dent's Message was the Sub-Treasury system; and every movement here had shown thin it was insin cere. Some nerilleinen had been caught in the trap, and they would be left in the lurch. Messrs. GLASCOCK and WISE spoke at some length on the subject. Mr. HAMEK spoke against the postponement. The motion to postpone was lost. The question was then taken on the motion to strike out the IHh and insert the 10th, and it was agreed to.?Yeas 115,. Nays 103. Mr. MEltCER moved to postpone the resolution till 1st of April- Lt>st. The question was then taken on the resolution as amended, and it was decided in the affirmative.? Yeas 153, Nays 65; and the resolution was returned to the Senate for concurrence in the amendment. MISSISSIPPI ELECTION. The report on the subject of the Mississippi elec tion was next taken up. and the discussion tnen was continued by Mr. BUCHANAN, chairman of the Committee of Elections. At half past 3, the House took a recess. THE MADISONIAN. WASHINGTON CITY. TUESDAY, OCTOBER 3, 1837. OKKICE E ft f KF.KT, BETWEEN NINTH AKD TENTH. In those things which are essential, let there BE I'NITV IN NON-ESSENTIALS, LIBERTY, AND IN ALL THINGS CHARITY. AugllStin. We receive many complaints that our paper is not regularly received, and in some cases, that it is not received at all. We re gret that it is not in our power to remedy a fault, which we are confident rests not with ourselves. Our papers have been Tcgular-ly mailed to those quarters from whence the complaints come. The difficulties lie some where between the carriers and the complain ants. Subscribers should bear one thing in mind. Our rule is, to send no paper to the country that is not paid for in advance. The history of mankind shows, that no pu rity of individual character is exempt from the assaults of the vicious, and the history of the world gives proof, that no purity of religion, no excellence in government, can stay the restless spirit of the infidel, or the revolution ary cravings of unsatisfied and diseased fac tious. It was to have been hoped, that in the perfection of our own form of government, we might have been free from the agitations of the factious and the schemes of the vi cious, which have been rile iu the old world, but we, too, are destined to encounter these trials, thbugh they may only touch the surface, and after a brief existence, be lost in insigni ficance and infamy. Our day of trial is at hand, and the follow ing brief but pregnant extract, gives the sum and substance of the doctrines of the loco focos. "That all debts be declared to be debts or HONOR ; THAT THE JUDICIARY RE REFORMED, AND PRE CEDENTS ABOLISHED, THAT THE PUBLIC DOMAIN BE FREE TO ACTUAL SETTLERS, AND THAT A STATE CONVENTION BE HELD IN UrlCA, ON THE SECOND MONDAY IN SEP TEMBER NEXT, TO DEVISE A NEW CONSTITUTION, WHICH SHALL BK BASED SOLELY UPON A PRINCIPLE OK RIGHT OR CONSCIENCE," AND WHICH SIIALL RECOGNIZE NEI THER LAW NOR THE LEOAL PROTECTION OF LIKE AND PROPERTY. This vile and atrocious code, should be read and pondered upon, by every man throughout the wide spread land. They are not the Uto pian dreams of one man, and he a distemper ed enthusiast; they are the doctrines of a party, organized and cancerous. Their aim is not to partial localities, or to a brief dura tion ; they are reaching out to the entire per vasion of our country, and their conquest is for all future time. The beautiful temple of our social edifice, the altars of our sacred re ligion, the structure of our civil code, and the artn of our federal compact arc struck at with sacrilegious vandalism. Arc we prepared by any course of degradation ; are we prepared by any stage of infamy, to submit to this pol luted and destroying revolution ? In the name of that spirit which gave us the liberty we en joy, in the name of those fathers who framed our government, and by the cherished hopes of civil and religious liberty throughout the world, we answer no. Hut a successful re sistance to this pestilence is not to be gained by a passive reliance upon the strength of our position, or the weakness of the assault. The destroying cancer is first seen as a small ab rasion on the surface, nnd the incendiary's torch is lighted from a spark. We invoke the thinking, stable, moral portion of society, to come forward in all their strength and crush now and forever the monstrous here sies, and more than odious doctrines of" loco focoism." Wc would caution those who in discreetly court this faction from a fear of its strength, or for objects they may hope to gain by using them for their purposes, that they are l?ouiid by every obligation of duly, ho nor, and prudence, to give to it no counte nance in any form or for any object. 1 hey will share the stain of the contact, and the disgrace of the copartnership. 1 I i false issues. An effort is making to identify Mr. Riven' Hill with the iutereut of the Philadelphia Hunk of the United States, under the affected apprehension that it will enable that Bank to re-capture the Deposifes. Nothing has been more popular than the cry against the National Bank, aiul we are not greatly surprised that it should be brought into the arena for the purpose of defeating this Bill. It is M strange, passing strange," however, that some, ou the one hand, who have hitherto advocated a National Bank, and others, on the other, who have zealously sustained the State Bank deposite system, should unite in denouncing a Bill which pro poses, with modifications regarding the de nomination of the uotes, wliat has been in operation since the formation of the Govern ment, as a measure calculated to benefit the Bank of the United States. The principle of the Bill is precisely the same as that of the joint resolution of 1816, and regards only the kind of money which shall be received in payment of public dues. What has such a principle to do with the Bank of the United States, any more than it interests a bank in Madawaska or Altakipas ? The Bill does not propose what shall be the depositories of the Government, but relates merely to the receivability of gold and silver, or their equivalent, bank notes convertible at the will of the holder. Who can object to this ? To effect it, indeed, has been the aim of the united efforts of the democratic party, for years. It proposes that the public dues " shall be collected and paid only in the legal currency of the United States, or in the notes of banks which are payable and paid on de mand in the said legal currency ;" and it has no relation whatever to the depositories of the Government. The selection of the deposi tories is left to the discretion of the Secretary of the Treasury, and if the Pennsylvania Bank of the United States should be made a Deposit!) Bank, if this Bill should become a law, it would be by the choice and responsi bility of the Secretary of the Treasury. That Bank could not, by any possibility, profit, in that respect, by the provisions of this Bill. The issue, therefore, is groundless, anil raised without reference to truth or justice, merely to effect a purpose, to accomplish which, we regret to see a coalition of antipodal princi ples. DIR. HIVE'S SPEECH. The reader's attention is particularly di-" reeled to the concluding argument, of the por tion of this patriotic effort, which we publish to-day, relating to the duty of the Govern ment in respect to the general currency of the country. The idea has been proclaimed, that the Government had nothing to do with the currency of the country, and it has even been extended so far as to lead to the doc trine that the Government, like a private citi zen; has only to take care of its own interest. The Government has certainly been trying for the last eight years, to regulate the cur rency through its revenue power, and it seems to us of very doubtful expediency to abandon it at this time of its greatest disorder, "to take care of itself." We always understood that the efforts of President Jackson were di rected to the regulation of the currency, and that he rilied upon the management of the public revenue, as the most important auxilia ry in effecting the reform contemplated by him and lis friends. The v.ew of the subject taken by Mr. Rives, is sustained by the practice of the past, and by the authority of Mr. Madison. We have only time, at present, to quote from Mr. vladison's Message to Congress of I Dec. 3, 1H6. " But for he interests of the community at large, as i well as for ue purpose of the Treasury, it is essential that the naton should possess a currency of equal value, credit and i?e, wherever it may circulate. The consti tution has entrusted Congress, exclusively, yith the penrer of ertating anil regulating a currency of that de scription ; md tiie measures which were taken during the last sei?ion, in execution of the power, give every promise of succcss."' The principal of the measures referred to, was the joint resolution of 29th April, 1816, the whole substance of which is embodied in Mr. Rives bill. THE SUB-TREASURY SCHEME. We invite the attention of our readers to the ninth number of ".Say," which we take from the Charleston Mercury of tho- 26th inst. It treats the scheme which is now oc cupying the attention of Congress, and the whole American nation, with the master hand of one well versed in the practical science of his subject. The Globe commenced the republication of these essays, and gave credit to LANG DON CHEVE?, as the author of them ; and bestowed a deservedly high encomium upon his character and talents, the exercise of which alone saved the Bank of the United States from bankruptcy in 1819. As the Globe dissented from some parts of number four, (the last it published,) as we are sure it will from tho one we to-day publish, we shall, as soon as space in our columns will permit, commence where the Globe end ed, ind lay before the public the remainder. "EXTREMES UNITE."?[c.lobf. ] Nothing can more thoroughly convince, as well as satisfy, us, of the correctness of our course, than to set the Globe, Keening Post, and Reformer united in bunds of harmony?linked together like a band of b"others, in a covenant of friendship, that Dio nysins might have envied. Was not the Globe established to supersede the Telegraph, (since changed to the Reformer,) and to oppose Mr. Calhoun 1 Has not the Editor, as well as the Senator, been at constant variance with the Glob?, till their recent union ? Has not the Glob-;, as well as the Telegraph and Reformer, maintained continued hostility for more than two years against the Evening Post,.till the recent armistice took plaec on the Sub-Treasury question 7 Was not Mr. Calhoun in 1N31 in favor of rechat tering the Rank of the United States, and opposed to the removal of the depositee, although he now says he wa? then in favor of a Sub Treasury, which he siifmatized as b-ing "liable to the objection of being far leu safe tcoiurntieul and sJUwul than the prese/U I deposit* system. J Did mil the Globe in 1835 denounce the Evening Post, and its coadjutors, as the " natural ally ?/ tie NuUtJUaiun and Hartford Convenlun^ faction I Did not the Gobe at the same time charge the nul lifies with "contemplating a dissolution of the Union," while it cliarged their "ally" with "scheme?, involving the destruction of the confederacy 1" What has now so wonderfully melamorphotscd these most implacable foe?, into the most indissoluble friends 1?Why simply a measure that was never supported before by either of them, but denounced by the Globe at the time when Mr. Calhoun is now said to have supported it,?as "disorganising and revolutionary, subvcrsire of the fundamental princi ples of I he Government, and of its entire practice from 1769 doicii to this dtiy'f" uncK or aume uouae ui pwee ui uw v~... , atroy 1 It would probably be well to try the experiment, ?t first, if st all, on a small scale. A voice from Quincy baa proved ibat the enerme of her ?ii?tingui?hed ?UtetuMin are not wholly eb?oibod u Antimaaoiiry and Abolitionism, and haa furnished < plaster, no douU very acceptable to the consciences o counterfeiters, by a favorable comparison of 'heir gull with that of directors of suspended banka. It is sin cerelv to be regretted by those who have not been abii u, divest themselves ei - - s'^" "f i no ucncrai uovern- I he blessings of govern ment like the dews of. Heaven, should descend alike u|K>u the rich and the poor?(Jen. Jack ton. We hold these truths to be self evident; that all men are created equal ; that they are endowed bv their Creator with ccrtairi unalienable rights; that among these are life, liber ty and the pursuit of hap piness. That to serure these rights, governments are instituted among men, deriving their just powers from the consent of the go verned ; that whenever any form of government becomes destructive of these ends, it is the rtghl of the people to alter or to abolish it, and to institute a new government, laying its foundation on such principles, and organizing its powers in such form as to them shall seem most likely to effect their safety and happiness.?Declara tion of independence. merit, like an individual citizen, has uothing to do but to take care of us own interests.?'Globe Sept'r. 12. To Correspondents. " Publius," " B." and " C." will appear in our next. From the Charleston Mercury. NO. IX. THE 817 B-TllEASl'IlY 8CIIEMK. We have read with entire satisfaction, the Mes sage of the President, with the exception of so much as relates to the receiving and keeping of the public revenue, and this we have perused with equal regret. It proposes an experiment on the funda mental principles of our currency and moneta ry concerns. \Ve do not hesitate to predict, that it adopted, it will be productive of much immediate evil, and that, the country having suffered that evil, it will be abolished before the existing Presidential term shall expire. We begin to yield to the opinion, in spite of our habitual charily, that the late ad ministration was guilty of the lolly, and meditated the mischief of intending to establish a sole specie , circulation, and that this part of the Message is the I in i 1 of the boding meteor. We have too good an opinion of the understanding of the President, to believe that he could have originated a plan, which shows so much ignorance of the commercial charac ter of modern times, and of our own particular country, as well as such a want ol reflection on the character and extent of the measure.proposed. We hoped better tilings of the judgment and Intelligence of the chief magistrate, which we know to be of a high order. We fear this is a 'saven of our times, but hope it has not "leavened the whole lump." The first objection to this part of the Message is, that it calls for the adoption of a fundamental regu lation, on a vastly important subject, at an extra session of Congress, which allows little time for that budy to deliberate, and none for the public mind to pass upon it. We think it is Mr. Burke who says, that every innovation requires to be justified, before it be adopted. The proposed scheme is a great fundamental innovation, and requires this previous justification. It is said, not by the President, but by other advocates of the measure, that it is not a novelty, and that we have before us the examples ol other nations, and particularly of Grent Britain and France. We assert that we have no parallel ex ample in the history of the world, and particularly that Great Britain and France furnish none such. There is no logic worse, more sophistical, and less consequential, than that which compares dissimilar things, and thence draws its conclusions. We are a great, free, self-governed people, in our infancy, with few established habits, covering sparsely a great continent, in some of whose lakes the Island of Great Britain might almost float: and we are under seven and twenty independent sovereign ties. A thousand other distinctions might be pointed out, but those here stated, in two or three lines, forbid us to be parallel with any other nation, ex cept in few particulars, which always ought to be sustained by-specific proof. What may be practi cable and proper in a country of a few hundred miles diameter, may be by no means so in one of as nviny thousands. Wfiat may work well under a simple monarchy, it is more than probable, will not be at all suited to a government so exceedingly complex as that of our Union What may be wise when it is the result of a slow growth, keeping pace with, and forming, or formed by the character of the people, their early pursuits, their gradual changes, and their ultimate maturity, may be found to produce the worst of evils, among a people who are in a state of formation, and with few or no fixed habits. But the facts, independent of their want of parallelism, do not exist in the principal exemplars, which are held up to us for imita tion. It is not a fact, for example, that England either collects or keeps her revenue in the manner proposed by the Message. The whole revenue of England is" collected in the notes of the Bank of England, and deposited in that Bank, without any separation from the mass of its funds. Nothing is deposited in the Exchequer chert but a piece of n*-r, acknowledging a deposite, in other words, eb! for which the Bank is liable to the govern ment or its functionaries. This practice, in all its essential particulars, accords precisely with the past practice of our government, and has not a single feature of the measure proposed by the Message. But were it in all particulars alike, there is this all-important difference: there is but one Exchequer chest, but one centre of receipts and disbursements in the whole realm of England. This in itself, is a difference destructive to all pa rallelism. If it should be imagined that the result would be the establishment of a like centre, of equal convenience, we should say, God forbid! It would be a practical surrender, as regards our monetary concerns and its consequences, of every thing else essential?of the independence and sovereignty of the States. Are we prepared to say, that New York or Philadelphia, shall become commercially, politi cally, and socially, the London of the United States'? We would almost as readily agree that the Presi dent should become the monarch of them. That the measure will have a strong consolidating ten dency, is an objection to it. There is by far too great a tendency to this centralism, in the actual and inevitable operations of commerce, and the dis bursements of government, and we ought not to in crease that tendency. Under the British system, the revenue is remitted from remote points to the central point, bv operations of commercial exchange and bank drafts By the mea sure of the message both these are excluded Now of the little revenue collected south and west of Baltimore, in ordinary times not one half is probably expended at these points, though they pay immensely This is grievance great enough ; but is it to bo aggravated by Uiis scheme which requires that the balance shall be re mitted, not by the operation of the gentle means of re ciprocal commerce, but bv the violence of a "'"'n ment of specie, to the points of expenditure rhis wil be done, too, at the expense of transportation, tboug exchange might bo purchased under par, and the same expense must be incurred in sending it back, whither it, or an equivalent, must go. if the first instance be , transported in violation of 'he state of exchanges It will habitually produce great occas.onal embarrass ments and derangements in the currency Occasional y?r? of grMt importations, such as we frequently ttt r ' r*W bM,g from ?" of the moil to New V ork and ihe adjoining points, where tbe great uiMorik revenue will be locked up fo,. ?m? ,n the. Executive chest, and m coo^quence, the currency of the iwiiHs tkus drained, must be .uAJedy d4.uua.h ed, and .1 the .v,U of a decreeing currency produced. Tlie like dram will take place from the rce and banks of lbe point, of collection, and like injurMM ef leci. be produced on tbe currency of those place. A audden aud great increase of tbe currency first uiodu cea exhiliration, then intoxication. and finally ruinoua luUtuaiion. A gradual increase of tbe currency is al ways an evil. Mr Hume, in an essay on tbe subject of liioncy, says, speaking of a decreasing currency-? l here is always art interval before mattera can be ad justed to their new situation, and this interval isaa per nicious to industry, when gold and silver (*) are decreaa ing, a* it is advantageous when these metals are increas ing. The workmen lias not the same employinent from the manufacturer or merchant, though he pay. the same price for every tbmg ,n tbe market. The farmer cannot cis|?ose of bu corn and cattle, though he must pay the same rent to In. landlord. The poverty, beggary and sloth which must en.ue, are easily foreseen.:' To these e fleet a every year of large importation., every large ac cumulation of revenue uiu.t, in a greater or less degree, au iject the country. Even the ordinary and inevitable accumulations of revenue will produce these sudden ex pansions and contractions,?these spasms, they maybe called, of the currency. We have the misfortune to write where it is difficult to ascertain facts, and we there lore cannot state what amount of revenue may suddenly accumulate at the principal points of collection We think it not improbable that five millions have been col lected in three months in New York alone ; and that, too, at a time when few or no disbursements of it could *'lve millions of dollars (aay will not fail) drawn from'the vaults of the banks in so short a time, will derange the currency, it is quite a deceptive* view of the subject to talk of ten tnillioua of dollars u a spe cific fund for the purpose, which nevertheless would be the virtual sacrifice of that sutn. Nothing can be set apart lor the purpose, nothing will be left undisturbed, "u* ?T Wl" or destroy the deranging cause, which shall leave the system iindeslroyed. Nor can we admit the justice of tho President's rea soning as to the safety ol the deposites. The question is not the relative strength of the vaults of the banks aud the Government. 1 he history of the bank vaults in < Imi teuton, wdl furnish two celebrated instances in which one twentieth of temptation which ten millions of dollars will afford, made stone, and locks, and bars, as strong as art could supply, of little avail. Vital watch fulness, not the strength of matter, is the only security that is to be relied upon. The servants of the Union are a drowsy race. '1 he golden apples of Juno were guarded by a Dragon with an hundred heads that never slept: we think no agents of the Government will be as watchful, and yet the treasure was rifled. The con st ant and steady eye of the hanks is a much greater se curity than bolts and bars, and yet with all these united, they have often been plundered. Hut we have not yet enquired, what are tho specific objects of the scheme of the message? They are 1st. To secure ten millions of gold and silver which shall be received in the tollection of the revenue ; and 2d. To enable the Government to pay its particular creditors in a sound currency. The general interests of the com munity ; of the merchant, the manufacturer, the agri culturist and the mechanic have no part in it. This is strange. I he first are minor matters compared with the last, and yet they have engrossed all the care of the Executive. 1st. The socurity proposed. It is, of course, to avert some danger ol which we have been admonished by past experience. \\ hat is the danger and what is this secu rity ? The danger we understand is the insecurity of banks in which the deposites of government have been hitherto made. '1 he security is, the establishment of a fexe government chests or vaults, we presume, in the principal cities and places of trade. Now what has the government lost in any of these few places in which these depositories are to be established 1 We are not aware that it has ever lost a penny in these particular places, and the argument must be confined to the sphere ol the proposi d remedy. If there be any danger of loss within tin. sphere, it is understood to be in the hands of the creatures of a previous government scheme,?the Safety Banks of the State of New York. If the govern ment has lost by these banks, which we do not yet be lieve, let this failure of government schemes admonish us, to beware of like interposition. Let old established modes and habits prevail until we shall very clearly see that they ought to be abolished. The annual expense is estimated at sixty thousand dollars. We think this sum is but an entering wedge, and that it will be much nearer the truth to double it. ^ e do not think the government has lost, in fifty years, a thousand dollars by the failure of banks within the in tended sphere of the proposed institutions. But one hundred and twenty thousand dollars per annum, we believe, (we have no time to make the calculation) will, with interest and compound interest, amount in that time to twenty millions. To put the Presidential bant ling at nurse for fifty years will therefore cost double the sum it is worth. 2d. The next object is to enable the government to pay its creditors in good faith with sound money. Now there are but two occasions in the history of thia go vernment, when this was not done. The first occurred during the lute war with Great Britain, and for some time after the peace, and the last on the late stoppage by the banks. We arc suro the President has too per spicacious a mind not immediately to discover that his Lxchequer chests would not have prevented the first occurrence. The last was, we think, in part the result of a first example and in part the consequence of a course of legislation which caused revenue to be amased far beyond the wants of the government.? If the surplus revenue had never been permitted to exceed the capacity of the President's Exchequer chcsts, we think it probable, notwithstanding the "over action in all the departments of Business" which we thiuk with him, was Ihe principal cause of the present embarrassments, the Government would not have failed to pay its Creditors in sound money. Can the President give us any security that in no time lo come, the wise men of the nation will not be templed to legislate again in like manner. If he can, we may become converts to his scheme.? But what will be the effects of that scheme on the people's money 1 This we have in part considered, but we must enter further into the qnestion. The bank circulation is the people's money. How is that to be restored 1 What will be the operation of the President's scheme on that measure 7 Is it not obvious that the proposed experiment of the Go vernment must embarrass it greatly 1 Suppose the banks in New York, for example, to resume specie payments, will not their vaults be immediately emptied, even though the foreign exchanges were at ease, to the extent of the duties to fce paid in that city ? If the exchanges were against us, when dis bursed by the Government, it would be shipped abroad. If not, it would only refurn lo the banks, in the most hopeful view we can take of it, to be drawn out again when a heavy amount of duties should be payable. But could the banks under the pressure of such a demand and the incidental disparagement of their currency, continue to pay specie 1 The paper of the bonis would be diurcailed by the. 1\easury ex ample. All money not equal in every respect with the best parts of the circulation will necessarily and inevitably be discredited. The holders of the "bank paper, as long as it should continue lo be redeemed, would undoubtedly, without a moment's delay, con vert it into the preferred money; some to provide, with abundant forecaste, for the payment of debts to the Government not yet due j some with the h<>pe of profitable speculation, and some to hoard it. If long continued, there would not be a bank note in circu lation. There would, however, be a speedy limit to the procedure, from the inability of the banks-to meet the demand, and they Mould again speedily stop (>ayment and their general and final bankruptcy would not unlikely be the result. A sole spcciecur renev, sufficient only to tantalize a suffering com munity, would be the miserable consequence. We do not accuse the chief magistrate of any such view, but his innocence of so unfair an intention, would not lessen or avert the calamity. ?Gold and silver arc here used, only to represont tho actual currency. ( To be ronrludeil ) Another Aerolite.?There has been another gathering of matter from space. A metoric stone, weighing somo 600 lbs. fell on tbe farm of Ezekiel Harrison, near ' Oratigcville. Pennsylvania, on the night of the 6th inst. and smashed to death a valuable ox, afterwards pene trating the earth about ten inches. COMMENCEMENT. The Commencement of the Columbia College for the pnidiiation of the Senior Class, will lie held on Wednes day next, in the First Baptist Church, on 10th street; the exercises to liegin at 1) o'clock, A. M. The frienda of learning are re?l?etfully invited to at tend. The Procession will be formed at the City Hall, at 10 o'clock. College Hill, Oct. 2. WANTED, A pood, steady, fast horse ; easy under the saddle and Kood in single harness. Apply at this office. Sept. 29.