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THU MADWOMAN. THOMAS ALLEN, ??iron ?!??> pbofbhtob. Th? Miwwm* ?? puMJ-bid Tri-wcckly during the .utmgsof Gowku, and Semi-weekly during the re cess, at P*r annum '''or *** WPntb*, No subscription will be Uluu lor a term *hort of ?>* uio'iuu i nor utile** f? ?? ud?ance. PKll'K .Of ADVIKTIMNO. Twelve lines, or lew, throe insertion*, - ?1 2? E?i-h additional inaertion, ? " l<o:iicr advertisements at proportionate rats*. A liberal discount uiudu u> llwto who uJiertisc by tin? v^-ir. n> Subscribers uuv remit by Mail, in bills of banks, potltge p**L ?i our nak ; provided it ahull *p utMr by a postmaster'* ceiuficsto, iltai ?ucii muUUM* iiis been duly mailed. . A liberal dwejunt will be mado to coinp*nie. ol firt or more trana-nUliug their s-bs, nptioi.s together. Postmasters, anil other* authorised, acting a? our gaunt*, will ba entillod to receive a co,?v ol llut pajier clutii for every rivo *ub*criiH!r* or. at that rat* per eont 01. snhs-ription* generally; the term* being fulfilled. Letters and communications intended for tin; blishnent will not be received unless the pu$r.t?e is yatd. _______ PROSPKCTUS. Thb M?biso*ia* will be devoted to the suppott ol the principle* and doctrine* ol the democratic patty, aa delineated by Mr. Madeon, and will aim to coti?u;iiuiate that political reform in the theory and practice of the national government, wlucli haa been repeatedly indi cated by the general auffcrago, *s?ascntn>l to the peace and pr*?peru* of the country, and to the perfection mid perpetuity of'it* f<ee inatitutiona. At this time a smgu Wr sUt* of aflairs la presented. The rotumcrcisl in terest* of the country are overwhelmed with embarrass ment ; its monetary concerns are unusually disordered ; every ramification of society ia invaded by distress, and tin- social edifice seoma threatened with disorganisation; every ear ia tilled with prediction* of evil and the mur muring of despondency; the general government is boldly assailed by a largo and respectable portion of tlio people, a* the direct cause of their difficulties; open resistance to the laws is publicly encouraged, and a spirit of insubordination ia fostered, as a accessary defenco to the pretended usurpations of the party in power; some, from whom better things were hoped, arc mskin# the "confusion worse confounded," by ahead long pursuit ol extremis notiona and indefinite phantoms, totally incompatible with a wlwlesonie stale of the country. In tlie midst of all these difficulties and em barrassments, it is feared that many of the less firm of the friends of the administration and supporters of democratic principles arc wavering in their confidence, and beginning, without juat cause, to view with distrust those men to whom they have been long attached, and whose elevation they have lalwured to promote from honest and patriotic motived. Exulttng in the anticipa tion of diamay and confusion amongst the supporters of the administration as tlie consequence of these things, tiie opposition are coneolirg themselves with the idea that Sir. Van Burcn's friends, as a national party, are verging to dissolution ; and they allow no opportunity to piss unimproved to give eclat to their own doctrine*. Tlicy are, indeed, maturing plans for their own future government of the country, with teeming confidence of ccrtaiii success. This confidence is increased by the fact, that visiomry theories, and an unwise adherence to the plan for an txclnstre metallic currency have unfortunately carried some beyond the actual and true policy of the govern ment; and, by impairing public conlidcuce in the crcdit system, which ought to bo preserved and regulated, but not destroyed, have tended to increase the difficulties under which the country is now labouring. All these seem to indicate the necessity of a new organ at the scat of government, to be established upon sound prin ciples, alid to represent faithfully, and not to dictate, the real j>olic-y of tlie administration, and the true sentiments, measures, and interest', of thu great body of its sup porter*. The necessity also appears of tlie adoption of more conservative principles than the conduct of those seems to indicate who seek to remedy abuses by de stroying the institutions with which they are found con nected0 Indeed some measure of contribution is deemed essential to the enhancement of our own self-respect at home, and to the promotion of tho liouor and credit of the nation abroad. To meet these indications thia undertaking has been instituted, and it I* hoped that it will produce the effect of inspiring the timid with courage, the dus|>onding with hope, and the whole country with confidence in the administration of its government. In this vtew, this journal will not seek to lead, or to follow any faction, or to advocate the views of any particular dctachiiicut of meu. It will aspire to accord a just measure of sup port to each of the co-ordinate branches of the govern ment, in the lawful exercise of their constitutional prerogatives. It will address itself to the understandings of men, rather than appeal to any unworthy prejudices or evil passions. It will rely invariably upon the prin ciple, that the strength and security of American insti tutions depend upon the intelligence and virtue of the people. Thk Madisonian will not, in any event, be made the instrument of arraying the north atfd the south, the cast sintl the west, in hostile attitudes towards each other, upon any subject of either general or local interest. It will reflect only that spirit and those principles of mutual concession, compromise, and reciprocal good-will, vvhiih so eminently characterized tho inception, formation, and subsequent adoption, by the several States, of the con stitution of the United States. Moreover, in the same hallowed spirit that has, at all periods since the adoption of that sacred instrument, characterised its dgkkncs by tii? pkoplk, our press will hasten to its support at every emergency that shall arise, from whatever quarter, and under whatever guise of philanthropy, policy, or principle, the antagonist power may appear. If, in this responsible undertaking, it shall be our good fortune to succced to any degree in promoting the harmony and prosperity of the country, or in conciliating jealousies, and allaying the asperities of party warfare, by demeaning oursclf amicably towards ail; by indulg ing personal animosities towards none ; by conducting otirself in the belief that it is perfectly practicable to ditfer with others in matters of principle and of expe diency, without a mixture of personal unkindness or loss of reciprocal respect; and by "asking nothing that is not clearly right, and submitting to nothing that is wrong," then, and not otherwise, will the full measure of its intention lie accomplished, and our primary rule for its guidance be sufficiently observed and satisfied. This enterprise has not been undertaken without the spprohation, advisement, and pledge 1 support of many of the leading and soundest mgiiia in the ranks of the (lemocractic republican party, in the extreme north and in the extreme south, in the cast and in the west. An association of l";,.'? political experience and talent of the highest order will render it coinpetcnt to carry forward the principles by which it will be guided, and make it useful as a political organ, and interesting as a journal of news. Arrangements also have been made to fix the establishment upon a substantial and permanent basis. The subscriber, therefore, relies upon the public for so much of their confidence and encouragement only n* the fidelity of his press to their great national interests aliiill prove itself entitled to receive. THOMAS ALLEN. Washington City, D. C. July, 1837 KXCHATVCtK HOTEL. THK SIJD8CRIBERS, bavin* leased the Exchange Hotel, (late Fagcs's,) and having fitted it up in first rate style, will lie prepared to receive visiters On MON DAY the 9lh I nst. The location of the house, being with in a few minutes w alk of the depot of the Baltimore and Ohio, Washington and Baltimore, and Philadelphia Rail roads, as well as the .Steain'ioiit to Philadclnhia, Norfolk, and Charleston, S. C., makes it a desirable place to all traveller# going to either section of thr country. This HOTEL attached to the Exchange Buildings in ibis city, has been erected and furnished at ? great cost by the pro prlelors, mid is designed to lie a first rate hotel. It is tlie intention of the subscribers lo make it for comfort, re spectability, &c. <Xte., ctpial to any house in the United States. 'I he undersigned flatter themselves that they need only promise to all who may patronise the establish ment, that their best efforts ahull be exerted to please, and at charges which they hope will meet their approba tions. JKWETT & DE BUTTS, Baltunoie, Oct. 7, 1837. 4w21 SAMUEL II KIN ECKfi informs Ins friends and the public, that lie has taken a room four doors north of Doctor GunUm'a apothecary store, on ninth street, where lie will carry on Ins business. He ff-els confident, from Ins long experience in cuttinj all kinds of garments, that general satisfaction ?ill lie (jiven to siueh as may favor him w rth their enstom. sep 23 3taw3w WE HAVE FOR SALE ? 1()0 pieces Hlack Silks, superior make 50 do Figured Bine Black do 150 do Colored Figured Silks 100 do Plain do The above v ill be sold low. BRADLEY vV CATLETT. H'3?3tavv3w (Globe.) THE M ADI SON I AN. Oh. I. WASHINGTON CITY, THURSDAY, OCTOBER IS, 1837. HOCSE FIRNISIHNG GOODS.--We hive for sate? &) jiii-ee* i 11 vrm:fi carpeting, which we will sell low. 50 do Uru**el? (ii do 3-1, 8-1, 10-1 hiii) 12-4 l.inrn Sheet i?a?. 1'K) ilo Wi'W Buuv?ij Diaper*. (??I, 10-4 tind '10 t line Table Cloth*. Napkin* u> match. 1 imle Rm*ia Diaper. I huh- wide Cr.rth. i\i<o, 30 Marseilles Quilt*. iUADLEY 6i CATLETT. Hep 9?3tw 2w NTt) V KM ! H'I'O V KN f~A ff'?*' OKA T KM. I HA VK just received from the North a very lap.'* sup ply of S\)vts, Unites, j,nil double Mock Tin Ware? Co'I 'e Hiiyiiit, Un)uin< <Ve. t have ritove* of almost i?!l km It, suitable for maod or tnal, |n (ttr flrtt plu.-",.I hive the Rotary Cooking Stove* of all the differ ??* sixes, No. 0, I, % Iiit.l 3. Tun Plate Stove* of itll Hie different si$ex, both fur c.qokin( mid plain. Franklin St ives of all the different sixes,- I have no.an very splen tli I Parlor Sun ? for burning c-im/or/mm- Co il .Stoves of nil nisei. Or. 8mm'i Coal B'ofsi, fancy and plain to;n, troiii No. 1 to 5. Coal Stove* of other kinds. Dr. S/wA Co il Stove* an 1 the (ilrtbe Stoves are most suit able tor Public offices* large hall*, churches, stores, ai.d steamboats,pr any apartment where you wish a strong heat. In fact 1 have Stoves that w ill heat any plaie, either with wool or coil. 1 have the latest fashion Mantle Urates, Iwth low and high front*, very cheap?and if 1 hu e n >t a pattern of Urate ou hind that will suit, 1 can make it at the shortest notiee, to suit any fanny, I am t'nlly prepared to do any kind of Tin. Copper, Shejft Iron, Stove, Grate, Lead or Zinc work, at the shortest notiee. Any perdon or permit* buying Stoves or Grates from the wbscriber, or any <itherthing'iii hi* line, will have them *ent home in flood order, free of any extra char*'". Stove* will lie put up ready for use, free of any extra charge. All the above Hvtii'le* will lie aold very low, and all or ders thankfully received and punctually attended to. with despatch, a* 1 shall h.ive a number of first rate workmen. hive door* East of D. Clajett'* Dry (iood Store, next dx>rto E. Dyer's Auction Store, Pentl. Av. CLE UK.NT WOODWARD. Sept. 0. (Intel, nnd Globe.) 31* PKOSPtXTU ok -rUK NEW YORK REVIEW AND ftl'AHTEHIiV ClIVRCH JOURNAL, THE plan of this Publication eiuhr.ice* extended re views of important works, and discussion* of inijKir tant subjects in every department of literjiture and think ing, limilar in form and manner of those wiiich make up the contei|!a of Quarterly Reviews generally. It proposes, also, a brief analytical survey of the literary productions of every curreut quarter, with short critical indications of their character and value in their respective departments. It etnbnces, likewise, a register of the most important events and faets in the literary and religious world, par ticularly iu reference to the state and progress of the Church. The object of the whole work is to exhibit, as far as possible, every thing most important to a just estimate of the character of the tunes, and of the intellectual and moral movement of society ; to pro mite the interests of (tood literature, sound thinking, religion, and Christian order. Iu this general tone and spi..t, it will be con formed to the principles of the Protestant J%piscp;?al Church. The conviction of the truth and importance of these principles, as they are held in the unity of the Church, maintained in u free and uncompromising, yet lilM-ral, candid and conciliating spirit, will constitute the unity of the work. Anan^einents have been made to secure the aid of the best writers throughout the country; and no pains or ex peniewill he spared to make this p ublication a work of the highest character. Termt.?The work will contain an average of 250 pages to each nuuilter; and will lie furnished to Subscriber* at Five |)ollars a year, payaMe on delivery of the lirst num ber. Auy person becoming responsible for #? copies, ? Kill receive the seventh copy gratis. All communications on the business concerns of the Review, to lie addressed to the Publisher, George Dear born & Co., 3S Gold st. New York. Other communica tions to be addressed to the Editor, cure of George Dear born. Oct. .V . BANK OF WASHINGTON. 29th AtrousT, 1837. AT the reiular meeting of the Hoard this day, present, the President and nine of the Directors, it was una nimously ltttulvcd, 1st. That on and nfterthe first of September next the notes of this Bank be redeemed in specie. 2d. That all deposites remaining undrawn, (the same having nearly all been received since the suspension of specie payments,) ami nil future d?'posites, other than such as may be made in sjieeio, and be at the tim ? so en tered, be payable in notes current in the District of Co lumbia. 3d. That nil collection* for Danks and individuals, ami j all curtails, be received iu notes current as above J and i that all sums so collected be paid in like funds. A W. QUNTON, President. JAS. ADAMS, Cashier. flteodfl I Prospect of War on our Frontier.?We have con versed with a gentleman just arrived in .the city from Independence, Jackson cixinty, Mo. Wc leant from him, that great excitement was prevailing amongst the citizc-is of tlut quarter, who. were expecting an sttack froin the Osage Indians. They had sent several threat ening messages to the frontier inhabitants,'and had al ready committed some depredations on their property; having stolen several hog* and cattle, and reports say some negroes. Application had been made to the Governor for troops, and instruction: had been issued bv the Secretary of State, (the Governor being absent at the time the application was made,) to General Lucas, to raise instantly six hundred men from hi* division ; which, we believe, consists of Jackson, La Fayette and Van Uuren counties. The militia of the several coun ties were to ineet on Saturday last, to raise the number of troops ordered by the commander of the division.? We are also informed that General Atkinson had an in terview with the Governor on this subject, and it is probable that the condition of affairs in that quarter will requite the immediate personal attention of himself or General Gaines. The Osages say they can bring one thousand warriors into the field, and that they have no fear of the consequences of the war. Our informant had not learned the particular grievance of which they com plain We shall wait with anxiety for further intelli gence.?Ht. I,mux lit-publican. DI'.IJTOR AND CREDITOR. From an articlo in the llarrisburg Intelligencer, sub scribed an old Merchant, wc make the following ex tract, which is worthy of the attention of every one : " Honest debts are sacred, and ought to be so held ; once a debt, always a debt, until paid, is the maxim ol the law, the maxim of cve;y honest heart, and every honest, upright tnan will pay his debts, and manage Ins means for the best advantugc to fulfil his engagements. Under present circumstances, it is plain that many can not promptly pay theit debts ; time, much time, must be given; patience and forbearance exercised. Let creditors act wist ly, and prudently ; not oppress, but take pay as fast as their debtors can prudently give it? in large or small sums; let them tiot act the part of Sit; !o.:ks?demand immediate payment, or a pound of their flesh ; but rather eh' cr and encourage the honest and persevering, creditor, who, like Lawrence, has re solved never to give up the ship., Thus, by being " kindly affectionate one to another," mutual confidence and indulgence, great good can be done, and many debtors be able to pay every dollar, and save some pro perty for their families, who, if now p.ished, would be unable to pay one half or one-fourth of what they o.vc. It is better for creditors to be patient than by vuinli/ at? tempting to tec.me immediate pnt/nenls, ilcstfoij the r cry means by t rhieh their ^future accomplishment trould be certain. We have before seen such time*, and have known much good to result to the suffering classes, by persons who pursued the humane, wise, prudent course, and kindly indulged and aided the honest debtors, and misery and ruin by the opposite course, and that often times Iwth parties, for, in the wise administration of a kind and just Providence, the unfeeling creditor is, bv a change of circumstances, made to feel all the sorrows, woes and distresses, hi* 'own heartless conduct his hro.ight on others; he who shows no mercy to others cannot exjiect others to show it to him. We say then to all, persevere, and do all that honest men can lo pay vour debts. Gather all your means, and pay off to all as fast as you can ; aid one another ; let the kind feelings of your nature lie brought into re quisition ; let all pursue an honest and honorable course. Great and persevering effort* lead to great results ; wc have seen the honest, industrious, and enterprising brought to the lowest stages of human woe, but they resolved lo persevere, and in most cases, have over come their misfortunes. Many who were once in " po verty s vale, are now enjoving the choicest blessing eartii can allord?that of having nobly persevered?paid tlieir debts?surmounted every otataclc ? and many cro vned with wealth and honor, and a good ttame, which is better thin riches. Go tlioj and do likewise." or vicuixu. s //. the House of Representation of theU.S ' S,?t. 25, 1^37?i? opposition to the OUi reported by the Committee oj U'./yv and Mr a ns, entitled, 44 A UU tmpttutg additional duties as depositors* m certain eases on public officers, and for other purposes : (Cuuttnued.) Notwithstanding the fact, that the State from the foundation of the Government, have chartered, uud continue to ch irter banking institutioni, and this government, has been in the uniform practice of employing them as fiscal agents, it is now gravely contended by some th?t those institutions aro un.?mstitu tional. This argument is derived from trie constitutional prohibition upon the States to emit 44 bills of credit." -II <h? Stales had made the notes of the banks which they ha\e incorporated, a legal tender, then the argument would have been good ; but so long as they ure not made a legal tender, and every man is at liberty to receive them or not, nt lus pleasure, then the prohibition of the consti tution d?cs not apply. 1 need not detain trie committee by any argument ol mine. I Ins question was determined dircctly by the Su prcmeCourtoftho United Slates, at its last ses sion?a democratic Supreme Court of which Roger B. Taney is Chief Justice. I will niniplv refer to the uble, lucid, and unanswer able arguments of the judge, the opinion ol the court, in the case of Bri*coe vs. the Commonwealth of Kentucky. But it ? con tended by some that it is equally unconsti tutional to employ State Banks as fiscal agents, as to charter a National Bank. I cannot see the force of this very recent ob jection; there is a material difference between creating an institution which is not authorised by the constitution, and entering into com pacts with corporations which are created by governments, having the constitutional power to create them, and imparting to them tho ex press power of contracting. 1 do not per ceive that, because the Government ol the United States cannot, bv authority of the constitution, incorporate a National Bank, that it therefore cannot enter into a contract with individuals, which it is daily in the habit of doin". The State Banks, being constitution ally incorporated and having the power to contract, st ind to the Government precisely in the same relation as individuals, who have the power, and mny contract Willi tho Go vernment. Sir, I have been much surprised to hear an argument so fallacious, so gravt-h, and so earnestly urged. I will now, Mr. Chairman, call the attention of the Committee to the scheme presented to the consideration of Congress by the Execu tive, and offer to its consideration as briefly ; as I can, my objections to it. The firs' objection is, that it will be trying an experiment, to say the. least of it, of very doubtful results. My friend irom \ lrginia, (Mr. Jones,) in a very able speech a few days past, seems to justify embarking on this expe riment, ns ho admits it to be, on the ground that tho Government itself is but an experi ment It is true that our system of Govern ment when it was entered upon, was but ? experiment, yet it was a heexsury one, and in its progress has developed the wisdom of its adoption: But surely my friend would not argue that because the system w;is onginaMy an experiment, that it would be prudent to abandon that part of the system which has worked well, and adopt one which has no practical result to recommend it. 1 regard it as the part of wisdom to adhere to every sys tem which experience has taught to be wise and salutary. I am sure my honorable, friend would not be willing to surrender our admira ble system of government and adopt another which had nothing more to recommend it than that it was an experiment. The of Sank deposites has been tried, and although there have occasionally been some disorder and derangement, as there has been in all hu man alVairs, has generally worked weU-so far as the experiment now proposed has had any practice, it has been unsuccessful, and proved its utter insufficiency. The second objection which I presefit is, that tho public money will bo unsafe and its effects demoralizing. The safety of the pub lic funds is an important matter, and should enter deeply into the consideration ol Con nress in the adoption of any system which mav be proposed. We all know that there is no system which human ingenuity and saga city "can devise, that would be entirely safe. Yet reason and experience teach us that there are so:ne more safe than others, and that which reason and experience teaches to be the most sale, should be adopted. In view o this question of greater safety, let the present and the system proposed be contrasted. 1 lace, if you please, the estate, ol any individual who mi.rht be selected as tho depositor and keeper of the public money, by the side ol the capi tal of anv bank which would in tho exercise of a sound discretion, be selected, and how vast the difference in favor of the bank-com pare the inducement which the bank has to oreserve its good faith and credit, in a mere pecuniary point of view, with that of an indi vidual, and how great the disparity m favor of the bank?compare the force of 'he mor. obligation on the pari of the bank with that ol the individual, all the officers of the bank, the directors and the stockholders are deeply in terested in preserving its faith with the Go vernment and all other depositors. Under the proposed system a single individual is inter ested contrast, if you please, the means ol detecting fraud, peculation, and defalcation^ In the banks the officers aro in daily watch and check upon each other. I he d ecton, hold weekly sessions and superintend the o ccrs and tho stockholders hold annual meet ings and examine and scrutinize into the con, duct and management of the who o-m.to the individual depositor, there would heonlyt? Secretary of the Treasury, who residing at the seat of Government, would h ivo but little op- | portimit) to detectdelalcat.on and other malver sations. But it is urged by the l residciiltha ample security may be taken which will remove all these objections. Sir, whatever collateral security you can take of individuals, you can also take of tho banks, which leaves the question of safety still decidedly in lavor? o the banks the best security which ran he bait is in the a'deqnto responsibility of the deposi tor and that in every sense ..I the word is with th? banks. Tho President seoins ^ be under the impression that the high obuga tioiu of official whiell the public offi cora will feel, will afford strung sociirity aguiii?t abuses. Sir, however honestly the President ni.iy entertain this opinion, 1 regard it entirely illiuory. Official parchment never yot Hindu a in in honest who was nattira 1 v dish )iR'3t; nor did it orer yet protect against the seductive influences ol temptation, where without it they would have boon yielded to. Nothing, no nothing, Sir, will resist tempta tion hut the slum and inflexible principles of integrity which are implanted in the heart of miii by the God of nature. Mr. Chairman, we arc not without that most unerring of all guides, EXt'EiuKNoii. upon this subject, and the result ol that experience is decidedly favora- I bio to the banks. Tberp has been, since the formation of the Government, deposited with ' and disbursed by tho bank* about $050,000,-! 000, with but little or no lo?a, according to | Mr. (Crawford's estimate about tho 45th part j of one per cent., while of the money which has been kept by individuals, which is infi nitelv less, much greater loss has been sus-1 taincd. Let the Treasury department open ! to the inspection of the Amoricau people, all j i'8 outstanding balances against collectors J ami njcoivors, and I do not doubt that it will ' exhibit such decided evidences iu favor of the , bank deposite system as to decide this quea tion now and forever. Here, Mr. Chairman, I cannot but recur to the experience of my 1 own state upon this subject, although I do it , with much regret. Sir, there was a man many years ago at the head of the Treasury j department ol Virginia, who was connected j with a family of the highest standing and re- J ?pcctability of tho state, iu whose integrity every man who knew him had the most entire confidence?he was proverbial for his hones ty. This man, under tho influence of those, kind and benevolent feelings which some times dignify and ennoble frail human nature, j but yet mislead it, was tempted to divert to his individual use larger sums of the public j money than ho was afterwards able to restore, and thus became recorded a public defaulter- 1 Although he was a defaulter, lie honestly stir- j rendered to the government and his securities 1 his whole estate, but it was not sufficient to j I meet! he whole defalcation. This man was John i J'reston, whose fate alfords a melancholy proof 1 of the po\Ver of temptation over the "human ' heart, for I feel confident in the assertion, that 1 iu life as iu death, he w as an honest man. ] W hen this man's defalcation was discovered, I 1 the man who became his successor was a ' ' member ol the slate legislature, and was one ' ol the most ardent denouncers of the del'al- 1 cation, and untiring investigators of its ox- j 1 tent?his constant cry was crucify him, cruci- ? jy him. This man too, who stood high in public confidence, was also overtaken by the ' 1 same irresistible tempation, and fell a victim 1 to the same fate. I do not doubt that the fis- , 1 cal history of many of the states affords some I melancholy examples of this kind. If we do- : scend from high state officers to the collectors 1 in the counties, we find many memorable and I melancholy instances of defalcations in col- ! lectors and keepers of the revenue. With so ' many examples, Mr. Chairman, before our ?yes, will Congress plunge into a system 1 where the inducements will be greater, and the temptations necessarily stronger on ac- ? count of tho immense sums of money which 1 will be placed within tho reach of individual depositors. I trust not, I hope we shall be warned by the dangers of tho past, and avoid them lor the future. The collateral security which may be taken by the Government will 1 afford little or no relief from the effects of de-, 1 falc ition, because if the collecting offieer'fails, j the Government cannot reach the securities 1 except by a tedious course of litigation, and 1 then it very often fails to recover the money, 1 for it is now generally regarded as a sort of 1 moral principle for a man to secure his estate ' agairst liability for security debts, particular- i 1 ly to Government; and it very often happens ' 1 that before judgment is recovered the securi- j 1 ties have, by conveyances and settlements of j 1 one description or other, placed their proper- ! 1 ty beyond the reach of execution. Another 1 strong Argument in favor of tho State Hank 1 system is, that if the public money be plun- 1 dered from tlie vaults of the banks, tho loss j ! falls upon the banks ; if from individual de positors, the loss falls upon the Government, j 1 This fact increases the vigilance and watch- ; fulness of the banks, and relaxes that of the ' individual agent. Although I feel very great! ; respect for the opinions of the President, yet 1 1 I cannot agree with him, that this is a ques tion between tho strength of a Treasury and a ' bank vault; neither of these vaults of the,in- 1 selves would ever, however weak or however 1 strong, plunder the publiq money. They are incapable of that; but the question is between those who hold the keys of the vaults, be- ' tween tho Inducements and opportunities of 1 the one or the other to plunder the public 1 treasure, between their liability to be plunder ed by one or a hundred hands. 1 This system, if adopted, will also exercise ' a very demoralising influence upon society. I 1 Nothing is so well calculated to engender ,* corruption in individuals or government, as to place within their reach the means of cor- , ruption. Let every man inquire of himself, how strong the temptation to plunder, or to speculate upon the immense masses of public ' money which tho operation of tho proposed system will necessarily throw into tho imme- ' diate possession and control of individuals. 1 If lesser sums have produced the melancholy ' catastrophes to which I have referred, how many more may be expected when tho in-1 1 ducements shall bo so largely increased. Sir, I do not know, you do not know, this House 1 does not know, who it is that has so much in- 1 flexible integrity and firmness of character as to be safely trusted with this immense amount. David is said to have been a man alter God's own heart, yet even ho was overcome by the power of temptation, and was plunged into crimes of the deepest die. I might here in-: quire, who is it that has a proper regard fori his own character and that of his posterity, j that w ill trust himself in a situation so seduc-1 tivo, when he has before his eyes so many J inclancholy instances of human infirmity? j few, very few, who arc trustworthy. Tho thu d objection which 1 urge is, that it will increase tho difficulty, risk, and expense ! of transporting the public money, and subject'' the public debtors to great inconvenience. 1 , regard it entirely unnecessary to detain the committee to prove that whi< h experience has so well ascertained. If the public money is to be transported from point to point, through- ! out our immense territory in gold and silver, its bulk creates inconvenience?its exposure to public gaxe begets risk, und the necessary employment of a sufficient guard to protect it against robbery, will incur heavy exjH'nses ; all this is avoided by the aid of tlto banks, for they now intnuk'r public money, to any point directed by the Treasury department, at their own risk and charge. The Treasury De partment, which has had the superintendence of this operation from the foundation of the Government, aud which can therefore, atibrd the most satisfactory evidence upon this poim is uniforiu and undeviating in its tesiimonv in favor of the bank system, which I should re gard as conclusive, but what substitute are we to have for this convenience, safety, aud destitution of expense nnder the proposed system. Nothing sir, but Treasury drafis that 1 can perceive. These will not answer i the purpose unless a sufficient amount of j money can always be found at every point where it is wanted. This, in the nature of things cannot be so, and to supply the amount necessary, specie must be transported, or Treasury drafts employed as a medium of circulation, which would introduce a system of government paper circulation incapable of adequate restriction, liable to abuse, and at war with the genius of our institutions. This system in the course of time might be perverted to the most dangerous purpose s, and become an engine of most potent influence. Sound |)olicy is opposed to the creation of Government paper of any kind as a pcrma- I nent circulating medium, liable to the catas- , Irophe of tho old continental paper system It would in effect, become a Government j Hank, which legislation might be found totally j incapable of regulating or controlling. If, the Government receives and pays out nothing ' but specie, the inevitable result will be, that its drafts must become not only a medium 1 of transfer, but of circulation also. The fourth objection which 1 urge is, that it will indefinitely postpone the resumption of specie payments by the banks. I do not profess, Mr. Chairman, to be skilled in matters of finance, or versed in banking operations, but 1 am clearly convinced that this increased and continual demand for specie, must operate a heavy drain upon the vaults of the banks, ihe very moment they resume specie pay ments. The merchants who have duties to pay, can only rely upon the banks to supply them, for they have it not themselves. The banks already suffering under a pressure which was well nigh exhausting them, fore seeing the effect of this new demand would forbear to resume, and this would not only seriously embarrass ?thc merchants and the people, but the Government itself; for as 1 before remarked, the passage of the bill will neither coin money, or put it into the pockets of the merchants or the people. I then, em phatically ask how is this demand to be met. Sir. you may call spirits from the vasty deep, but calling will not bring them. You may pass this bill, but it will not coin gold aud silver. Connected with this objection is that of the derangement of the exchanges, and the general Confusion of business which this system will producc. There is no United States Hank in existence which can regulate and supply the exchange demand. Individu al sources have been almost entirely destroy ed by th" banking system. The State Danks then afford the only certain reliance to the community for the supply and regulation of commercial exchanges. I need not urge upon the committee, that which every man's observation and experience must have taught him, that next to the means of commerce, the facility of a sound, well regulated, uniform system of exchanges is essential to its suc cessful operation. The demand for such a system for the accommodation of our widely extended, and constantly increasing com meree, both foreign and domestic, must be manifest to every one. If, then, the policy of the Government shall compel the banks, and this system must necessarily do so, still fur ther to curtail their circulation and loans, and restrict their exchange accommodations, is it not most manifest that tho effect will be still more to embarrass commercial intercourse, aud paralyse the industry and business of the whole country. By curtailing the already loo limited exchange accommodations with a deranged, unsteady, fluctuating system of , exchanges, commerce becomes embarrassed, and with it the whole business of the coun try. The limitation of exchanges below the demands of commerce, the still further re duction of bank circulation, connected with the continued suspension of specie payments, will force upon the importing merchants the necessity of purchasing specie at heavy and exorbitant premiums, to meet the claims of the Government and their foreign creditors, if even they can procure it in sufficient amounts at any premium. These profits although they are at first paid by the mer chants, arc generally exacted from the agri cultural and mechanical portions of the com munity, who principally consume foreign rroods, in tho shape of pnrfits; and in this way a heavy lax is imposed upon them. Thus while the apparent operation is upon the merchant, under the guise of an indirect system of taxation, yet the real operation is upon the laboring class, and thus a system proposed for the good of the. people, will operate to their serious injury. Tor sir, be assured that the people who purchase, are always taxed with these exactions upon the merchant!. This system will also exert a vcrv deleterious influence upon the commerce i?f the country, by diverting from the ordinary channels of trade, the amount of specie which will be in active requisition to meet the de mands of the Government, which I think is estimated by the Secretary of tho Treasury yreailv below the real amount, for I am con fident five millions will be greatly inadequate. The almost daily arrival of foreign goods, and purchases of public lands, will restrict the circulation of the Government funds to very narrow bounds, so narrow that they will be of' no value to the general commerce of the | country. The fifth objection which presents itself to my mind is, that this system will create a sub- I stantial distinction between the currency of the Government and tin? currency of theptop e. I have weighed with great deliberation, ?ni trust impartially, the ariruuv nt of the resi dent against tho truth ..f this proposition, as well on account of the source from w.nch it emanates, as the intrinsic importance of the subject itm'lf, and [ am decidedly convinced that the prupotiiion in literally and sulmlua tHilly Irue. The rery fact tliat the Executive desires to separate itwdf entirely from the banking institutions of the couittry, and to re strict their note* from being received in pay ment of the public dues, notwithstanding they constitute the general circulating medium of the country, proves that the Executive re gards the metallic as a much Howuler and safer currency than bank paper, alutough it miy possess the essential quality of converti bility into gpecie. In the proposed scheme, the bmk note circulation will be left exclu sively to the people ; and if it be not so safe or sound as the metallic, then it follows that the currency less sound and less safe, is con fiued to the people. Take this fact in con nection with the fact, that the major part of lite circulation is now, and likely will be, bank paper, and upon the principle of the distinc tion drawn in the Message, the conclusion is irresistible that there will be an exclusive me tallic medium for the Government and its of ficers, and a medium mainly paper for the peo ple. The bill now under consideration, as does the Message, draws the distinction, and its consequences must follow. Can this be sound policy ? Is not the distinction invidi ous ? Does it not make the Government su preme ? whereas the people should be, and are supreme ? Sir, in my humble opinion, it strikes at the very foundation of our system; it makes the people subordinate to the Govern ment, whereas the Government is subordinate to tho people. I know, sir, this is not de stined hy the President, but it is the inevita ble result of the distinction. Mr. Chairman, there is no sound reason for this distinction, none whatever, the business transactions of the people are infinitely greater and more ex tended, and therefore of greater interest, than that of the Government, and demands the soundest medium for their operation. If then, the metallic be the only safe and sound me dium for the Government, it is necessarily more iinjtortant for the people ; if the paper medium be safe and sound lor the people, there is no reason why it is not equally so lor the Government ; and instead of the Govern ment disparaging and discrediting the medium necessarily belonging to the people, it should by the judicious employment of its immense revenues aid iu preserving its safety and soundness, and extending its' credit. ^ I his Government is charged by the Constitution with tho regulation, the encouragement and protection of commerce ; it could not more successfully perform that duiy than by giving full credit to the general circulatiug medium of the country, si? long as it is worthy. Sir, the conviction that the proposed system, con tains this unjust, and anomalous, and invidi ous distinction between 'he Government and the people, is fast riveted on my mind, and it true, ought on that account, if no other, to be repudiated. The sixth objection which I urge to tho present svstem is. that it will greatly aid, if not render indispensably necessary a National bank. I assume it as a fact, which the ex perience of the past well justifies, that ueless this Nation and the Slates of this Union, shrill abandon its commerce, their systems of in ternal improvement, so flourishing and so ra pidly increasing, and their literary institu tions, that the banking system in some- form will be maintained; they have increased, and will continue to increase as the wealth, popu lation, manufactures, agriculture and com merce of the country increases. The Presi dent himself expresses the opinion, in his Message, that the States will not abandon their systems of banking. 1 he power of the States to incorporate these institutions, and the want of harmony iu the exercise of this power, bus rendered it difficult even with the aid of the national revenues, and the advan tages of national credit to preserve a sound medium of circulation, and perform the fiscal and commercial duties which have devolved upon them. If then, they are, farther discre dited by the passage of this bill, and their operations reduced to narrower bounds, it is manifest that they will not be able, and will not have sufficient credits to supply the coun try with a safe, sound and ample commercial medium; for without credit, they are totally ih efficient. It is admitted on all hands, that while gold aud silver are safe and sound, they are not ample and convenient, hence the country will demand some other medium to kc >p pace with its rapid improvement, and that will be a National Bank medium. In the necessity of the demand all constitutional scruples will be overlooked, and a National institution incorporated. Sir, 1 shall not, if here, vote for it, but be assured that the over whelming influence of public discontent will, as in 1816, drive to this resource, and when again established, it will obtain a hold whit h nothing can break, and will with all its ob noxious and fatal tendencies be the permanent policy of the country. Tbis brings me to con sider w hether the passage of this bill will not discredit the bank paper, and impair its value as a circulating medium. II thf course al ready taken by the Treasury Department toward these institutions, the calling of Con gress together on account of the suspension of specie payments, the recommendation of the Message to discontinue them as depositories, and the receipt of their notes in payment of the public revenue, if the clmrgc of the Exe cutive that they have been faithless fiscal agents, more so than the Bank of England under like circumstances, and the sanction of these charges by passing the present bill, be not sufficient to discredit and cripple these in stitutions, then there is no cause whatever but absolute unqualified bankruptcy that would discredit them. We already see the blight ing influence which the withdrawal of the confidence of the Government has exerted upon the banks, and we may well anticipate the fatal effects which a blow from the rePre* sentatives of the people will produce, nil ol which will ultimately act upon the people, in the great scarcity of money and reduction in the value of their property This is not all, Mr. Chairman. *ts measure I fear, if adopted, will exert a still more fatal ? Z* ,1,,. banks than any which I influence upon the nana* ? / have attempted to predict, I tear it v II ulti mately if not immediately, utterly destroy .hem and produce a state of ruin and desola wl.itfh it '?? appalling to contemplate. The' connection and union between sgricul manufactures, and commerce is so mti mate that one cannot be affected without, at the same time, affecting ihe other; whatever (-ause therefore that impairs tho credit of the commercial medium of the country necessa rily inflicts a serious injury upon agriculture and manufactures, particularly agriculture, for that is the foundation of commerce and manu fa< tures These banks arc an essential and necessary part of the commercial community, aud whatever embarrasses them, embarrasses