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graceful to Geiv Je?up ?? him ?? the re the reputation of the country, J**j ls j I t,kud pre,. "Ut.ve of lb?jeuunjGeneral Jwiip's the goolleiittn Iruii jl ^ ^ rirrtTlWSSf?!Sh r?? m... had been ,?* . Jc?up alone waa roapon S^riheg^uUem...'. informal."" did not enable hi.u .n.wer I deemed it proper to communicate the I . ?f the statement made by the gentleman tioin V ?. to Grneral Je?"P < >? d?Y before yealenUy 1 1253.1TJLh i?? ?? no ?r engagement ?? that staled U> have been made w? ever thought of: every ??<le ? Irhohola so f?r as depended upon me. <M"" J;" 1,4 1 J,n !?3, ha. been faithfully fulfilled hue, air, ? direct contradiction it given by General Je?,'P u> ,h n L.nnai.oi. communicated to the House His letter evincta a desire to have the "whole subject of the war ,n Alabama and Florida investigated Iu*^ "[ shrinking from it. he mv.tea it H.a language la: Let SSI., .nd |Mper? be sen, for ; let investigation be unshed to the utmost. I have nothing to fear \lr WISE vindicated himaelf from having, in lua own peraon, made the charge, at all he had stated it aa ? | J been staled to him : lie rejoiced to hear he Ian ..naue of Gen. Jesup in relation to it: but metaled that fhi* very reply went to .how the importance ol the in ....ti.ralioiiTie advocated, that justice,might be done to .he innocent, while the guilty were eipoewl. Mr | SDKKNVOOD exculpated Mr. W from all blame ill the matter, and expreas?d approbation ol his course a. an honest discharge of hie duly. The hour hsfWijj expiro3? the House resumed the consideration of the SUB-TREASURY SCHESIC. The q.ieation liemg on ordering to Ha third reading the bill from the Senate, impoaing additional dutica, aa depositaries in cer.a.n cases, on public officers Mr WILLIAMS, of Iennessee, moved to lay the bill on the table, but at the request of Mr Claik of N.w York, withdrew it. for the purpose of affording Mr C an opportunity of submitting some remarks ' Mr CLAKK then addreeeed the Chair as lollowa : Mr Speaker I do not rise to discuss the merite of the bill or to express any opinion in relation to them 1 should have preferred that motion had been made to postpone its further consideration ..nlll the first day of the next aeaaion The subject matter ol the bill is one on which there is, among the frienda of ilie Administra tion a difference of opinion, and, I have no doubt, an honest difference The gentleman from South Carolina, a friend of the Administration, in his remarka yesterday, resetted that he should tie called upon at thie time for final action on the bill. He preferred to wait until an opportunity should be afforded to him to ascertain the wishes of his constituents In these views 1 concur In voting for the present motion, I shall uo *o lor the same reasons which would influence me to vote lor a postponement until the next session, considering the ef fects the same, neither of which determines ihe ultimate fate of the bill. The vote I am about to give will fur nish no evidence of my opinion as to the merits of the bill, or of my action on the question of its final passage The Sub-Treaaury scheme.considered as an Administra tion measure, is novel. In I83.r>, it was proposed by the wings in Congress, and received the unanimous and vigorous opposition of the democratic members. Whe ther ir is possible for the opposition to originate a good measure, I will not inquire. Thev have, however, been j unfortunate in presenting at this session anv measure, i good, bad, or indifferent, always saving and exepting their sovereign remedy, their universal panacea for all our fiscal maladies,.the Luited Stales liank. I repeal that this measure, as a democratic one, is new. Public opinion has not been sufficiently enlight ened to draw any correct conclusion of its dis|>osiiiuii It lias not been, to any considerable extent, the subject of discussion, either in the social circle, or in the prima ry assemblies of the People. And ihc same remark is true as regards the newspaper press 1 doubt whether five country |>aprrs m the State of New York, previous to the session of Congress, had canvassed this p'roject, or given any opiniops thereon. I he Albany Argus, tho leading democratic journal in that State, a journal which possesses great influence dver the country press, had not, up to that period, taken ground on this subject. Under these circumstances, it can hardly be expected that resolutions emanating from county conv entions could be considered as furnishing that evidence of the popular will as they otherwise would. All the republi can conventions have expressed their approbation of the general principles set forth in the message ; few of them, ho?ever, have given any expression of opinion as re gards this specific measure. No one is more ready, on all occasions, to bow with deference to the will of his constituents, when formed upon reflection and delibera tion, and fairly and fully expressed, than himself; and it will ever be my pleasure to carry that will into execu tion Were I opposed to this bill, (and I repeat that I give no opinion in regard to it.) I would with alacrity surrender my own opinion at the feet of my constitu ents. ? Sir, there is no pressing necessity for the immediate passage of this bill. The Government is now going on receiving and disbursing its revenue in the same man lier as provided in the bill. Should it now pass, it will produce no change. Since the suspension of specie payments, the Government has met with no difficulty in the management of its fiscal operations, neither can it I for six short weeks, at which tune the bill can be acted j on, under the influence of a well informed and plainly expressed public opinion It has been my misfortune ? not 10 have enjoyed an interchange of sentiment with ! my constituents, as have most of the gentlemen of this i House. Business of a private, hut pressing nature, has entirely separated me from them since April last. I wish to obey their will, and for this purpose I should be | glad, by a personal interview, to ascertain that will; and j when ascertained, I shall not fail to execute it. Mr. CLAKK theu, according to the pledge he had , given, seconded the motion to lay the billon the table. Mr CONNOR moved a cijll of the House, with a view to give tune for members to come in On this question the yeas ui.d nays were demanded and ordered, and, being taken, resulted as follow s : Yeas j 1 SB, nays 5. So the House resolved that there should he ? call , The roll was thereupon called, when 218 members responded to their names. The doors having been j closed, and tho absentees called over, 222, in all, ap- | pearcd to lie present. Mr Chambers, of Kv , moved to suspend further proceedings in the call Mr Cam- | lireleng, with a view to allow still further opportunity for absent members to come in, demanded the yeas and j nays on this motion. They were ordered, tafeeii, and stood as follows : Yeas 171, nays 30. So the call was suspended, and the doors of the hall j were re-opened The question being on laying the bill on the table? Mr GKENNEL], demanded the yeas and nays, ! which were ordered to be taken. Mr LEWIS, of Alabama, asked the mover to with- j draw his motion, with a view to enable him to move ait J amendment to the bill, which lie was most anxious to | obtain a decision upon. The mover refusing? Mr LEWIS asked that the amendment should be | read ; but the Chair ruled that to be out of order after a motion had been made to lay the bill on the table. Mr HAYNES made the question of order, but the Chair affirmed its decision, from which no appeal was taken. ' The yeas and nays were thereupon taken, and result ed as follows : YEAS?Messrs Adams, Alexander, Heman Allen, .1 W Allen, Avcrigg, boll, Middle, llond, Horden, Hrigu?, \\ 15 Calhoun, John Calhoon, William II Campbell, John Campbell, W IS Carter, Cnsev, Cham bers, Childs, Clark, Clownev, Corwin, Cranston, Crock ett; Curtis, Cushing, Darlington, Dawson, Davis, Do berry, Dennis, Dunn, Elmore, Everett, Ewing, 11 l'leteher, Filmore, J Garland, 11 Garland. Goode, J j (irahnin, W tiraham, Graves, Grennell, Griffin, Hal- J stead. Harlan, Harper, Hastings, ll.iwev llcnrv, He rod, llollinan, Hopkins, llenrv Johnson, W (' John- | son, Kilgore, Law It r, Legnro, Lincoln, A W Loomiis, Lyon, Mallory, Marvin, .1 M Mason, S Masonj Maury, ' May, Maxwell, Menifee, Mercer, Milligun, M. Morris, (' Morris, Navlor, Noves, 0?le, Patterson, Patlon, Poarce. Peek, Phillips, Pope, Potts, Kuriden. Randolph, Heed, Rencher, Richardson, Kidgwav, Rumsey, Rus sell, Sawyer, Si-meant. A II Shepperd, C Shepard, Shields, Srlilev, Slade, Smith, Snvder. Southgnte, Si.m l<-\, Stewart, Stone, Strattou, Taliaferro, Thompson, Tillmghast, Toland, I nderwood, A S White. John M hite, E Whittlesey, I. Williams, Sherrod Williams, J I. \\ illinms, C. 11 \\ iltiains, VYise, Yorko?120 NAYS?Messrs Anderson, Andrews, Allierton, lleatlv, Beirne, tin km II, Ilirdsall, H,>om, iiouldin, Hrodliead. Uronson, llruyn, Bvnnm, Cambrelen ', T J < arter, Chancy, Chapman. I Mley. Claiborne. ('h^veland. Coirs, Connor, Craig, Cnshnun, Davee, DeGraff, Dun can. Edwards, Farrmgton, Fairfield, I l'leteher, Pos ter, I rv. (iallup, (i hoi son. (iUsrock, tirant. Gray, lla lev. lUinmond, llamer, Harrison, Hawkins, H:ivne?, llolsey Howard, Hublev, W II Hunter, Hubert M I T Hunter, Ingham, Thomas 11 Jaekson, J^be* Jack- | son, Joseph Jiihtison. Nathaniel Jones, John W .loij, s, Keinble, Klingensinith. Lesdbettrr. Lewis. Eo-i^n, \t. | |liaved l.ooinis, Martin, MrKav, H MeCIellan. \t>rr?- ' ham MrCh llan. Met' ore. M Klin. Miller. Mo . tv, Moore, Morjnn. S \\ Mo ris, Muhlenberg. N ! , Owens, Pal.inr, Parker, P.irmenler, Paynter. Pe . , . | bj>.k<.r, Pcinkon, Pitkcns, l'lumcr, 1'otlur, Pratt, Preu li?*. Rfilv. H've?, Robertson, Sheffu, MmbIot, Spen C?, Tuylor, TIioiiim. TiUu, Tnorey, Town., Turner, Vail, Vaudervocr, Warner, Webster, W?do, T. 'I*. Whittlesey, Jarcd W. William., Warthiuffton. Ytll? 107. " So the bill w?? ordered to lie on (lie utile. Mr LEWIS now wished to oiler bin amendment but the Chair rilled it out of order. ' Mr. PICKENS inquired whether a motion to take up the bill again ini"hi be entertained by consent ol such a majority as were competent to change the or der of bllMIKSS T 1 he CHAIR said that could only be done by sus pending the Hales for the purpose. " No business had intervened after laying the bill on the table. Mr. LEWIS moved to adjourn. Negatived. Mr. LEWIS now said btisiuna hau intervened and^ain moved that the bill be taken up, and his J amendment received. The CHAIR still decided the motion to be out of order? Mi ? GRIFFIN, toaceommoJatethegeatleman from Alabama, moved a reconsideration of the vote by which the bill uad been laid on the table The yeas and nays were demanded. Mr. BORDLN, ol Massachusetts, moved to lay the motion for a reconsideration on the table, and demanded the yeas and nays, which were ordered. V eas 119 uays 101. S > the House ordered the bill to lie on the table. ACCOL'NTS OF MCPOSITE BAN'KM. Mr. CAMBRELENG now moved that the House now go into Committee of the Whole on the stale of the Union, which motion prevailing, Mr. Howard ol Maryland, was called to the chair of the com mittee. The committee took up the bill to adjust the ac counts ol the late deposite banks; and the question beinir on the amendment moved some days ago bv Mr. Loomis, ol N. York, ' Mr. WHi 1 l'LESEY, of Ohio, suggested to Mr. L. to adopt a modification of his motion, to which SV"!P after desultory explanations ns to the wording ol the bill, he consented. Mr JOHNSON, of Louisiana, opposed the a inendmentas modified, and wished U introduce a different one. Mr. GARLAND,of Louisiana, spoke in explana tion ol the amendment he had offered lo the bill. Mr. LINCOLN preferred the amendment of Mr Loomis to that of Mr Garland He thought the de posite b inks should be charged with interest for the use and enjoyment of the public moiiey. He looked upon the bill as inseparably connected with the bill to postpone the payment ol the public deposites and lie was opposed to any action of the House w hich would relieve ihe Government from compliance with that law, providing for the payment of that.por tion ol the surplus revenue which shall be due to the States on the 1st day ol January, 1KW. Mr. LINCOLN showed the connection beiween this and the postponement bill, going into the subiect at some length. ' He had not finished, when the House took the usual recess. After the recess, Mr LINCOLN closed his remarks, bcirun before ! the House took its recess. Mr. MARTIN, of Alabama, followed, and went into a view of the general policy of the bill sug gesting at the close, to the mover of the pending amendment a miKlification of the same, to the effect that the b ind contemplated by the bill be given for the payment of the moneys due the Government in three instalments; the first on the 1st of July ih3h the second in six mouths afterwards, and the third in twelve months, after default: provided that such deposite binks as belong exclusively to the State in which it is situated, and for the payment of which 'he laith of such State is pledged,'shall not b- re quired to give the security in this section content plated. tothebnrAMS made a lon,r speech in opposition The House, at about 8 o'c'oek look up the GENEJUt. APPROPRIATION BILL. Mr. CAMBRELENG, in a few words, explained the grounds of the bill, as arising from a deficiency in the receipts of the Treasury. Mr. WISE tiwik the floor, and, after some general remarks of a congratulatory character on the defeat ol the Administration in ihe rejection of the Sub treasury bill, proceeded to comment with severity on the expenditure of the public money on the agency ol Mr. Rush, at London, and argued to show that including every thing, it was costing the United Stales ab jut 814,000 a year. He called for the read tng ol Mr. Rush's letter on the expenses and delavs ol suits in the British Court of Chancery; and also that ol the Secretary of ihe Treasury, proposing the appropriation in Ihe bill. He concluded by moving to strike out from the bill the item of ten thousand dollars for lurther expenses of the mission to Lon don concerning the Smithsonian legncy After a brief reply from Mr. CAMBRELENG in which he insisted that the Secretary was only carrying out the law which Mr Wise himself in comjiany with Mr. Adams, had advocated, the ques tion was taken on the motion to strke out, and ne gatived?Ayes t>5, noes 74. On motion of Mr. F. O. J. SMITH, the Commit tee of the Whole on the state of the Union were dis charged from the further consideration of the bill lo settle with the deposite banks. The House then again went into Committee of the Whole on the state of the Union, (Mr. Brings of Massachusetts, in the chair,) on the bill making atv propriations for the Seminole war, and the bill to re mit the duties on goods consumed in the New York fire. The first bill, which appropriates $1,600,000, hav ing b-en considered, it was laid aside; and the N. i ork Fire bill having been taken up, Mr. UN DERWOOD, to test the sense of the com mittee, proposed that it ba laid aside, and that the committee relttse at present to act upon it. Mr. HOFFMAN remonstrated against this course, and the motion was negatived-*-A yes 61), noes 157. But, after some remarks of Mr, WHITTLESEY and Mr. WADDY THOMPSON, it was conclud ed not to consider the bill at this time. " I he committee then rose and reported the Semi nole War Appropriation bill; which was read a tlnrd time, passed, and sent to the Senate for concur rence. I lie House then resumed the consideration of the bill to settle with the deposite banks. An amendment by Mr. JOHNSON, of Louisia na altera speech from Mr POPE, in opposition, and a Uriel explanation by the mover, was carried? Ayes noes VI. | I lie amendment extends the periods of payment Vi-ni lo Ju|y. 1^38, and January and July ln.?'l | ' 1 he bill, as amended, was reported, ordered to a third reading, and passed. Alter a good deal of discussion on the Appropria tion and De^iodte bank bills, Mr. UA^ NES said he was convinced nothing could !)?' done that night, and he therefore would move an adjournment. I his motion prevailed, and the House adjourned at nail past one o clock on Sunday morning. We reecive many such letters as the follow ing. The reader may rely upon it, they are significant. Memphis, Tenn. Oct. 2. I agree most cordially in the political principles laid down in the Madisonian. I was a supporter of Gen. Jackson's administration, and so far have supported Mr. Van Buren, and shall still do so, in preference to acting with the party who advocate a National Bank ol any sort or description. I must confess my pre/err nee for the continuance of the firm! cono rns of thr (Sovernment with irctl-regutateit Stair H"nkand I now believe it to be fully in the power 'of Congress so to regulate the terms of deposite, as to mako the Slate Banks answer all the purposes re quired. Leighton, Ai.A., 'Sept. 25. I am inclined to favor your views in relation to the currency. For the Government to divorce itself entirely from all banking institutions, both State and National, and "adopt a Sub-Treasury system, is too nearly radicalism for me. I do not wish to b> und -rstood as at all friendly to the resuscitation of the old United States Bank, or any other of like cha racter; neither am I friendly to a Government Bank managed and controled bv Congress. But I do think, t "n^ress may impose such restrictions, and hold oilt( such inducements to the different States, to make thc.ir currency sound and uniform, as would re-tore the currency, inspire confidence, and give a new impulse to our languid commerce. The bank ing s\stem is so much engrafted into our Govern ment, as to preclude the hope of getting clear of it, (however desirable it migh: b\) without risking the ?i in serious consequence*. Whet i-.- tn >- likely .o b-l!'^ result of an untied eiio.t to separate ihe G> I vernment from all kiiufc of but king institution* 1 la my humble opinion, such a political crusade, will either establish a National bank, or threaten the Union with dissolution. No great and important change in any govern ment cau b;: effected .suddenly, especially when the people are so illy prepared for it as at present, with out the greatest peril. Indeed, as the General Go vernment can exercise no arbitrary control over the different States of the Union, and as there is not the I least probability that the Stales will ever abandon banking institutions, what course would exhibit more wisdom in our Government than to hold out inducements to the States to make their banks uni form in their issues, and solvent for their liabilities'? This I think can be done by withholding the patron age of the Government from th we banks that will not comply with such terms and restrictions as ('(in gress may in its wisdom impose. This policy I most firmly believe, would be acceptable to the States; it would make our currency as good as any in the world, and Would not be rearing up an inordinate moneyed engine, that might ere long usurp the di rection of Government. I hope you will not suffer the conduct of the Globe, and other kindred prints towards you, to drive you into the ranks of the opposition. Rome people are always opposed to those who do not follow in their wake. THE MADISON IAN. WASHINGTON CITY. TUESDAY, OCTOBER 17, 1837. OKKICIC E III BEET, BETWEEN NINTH AM) TENTH. In THOSE THI.NUS WHICH ARK ESHKNTIAL, LET THEKE BK I'NITV?IN NON?ESSENTIALS, LIBERTY, AND IN ALL Till NUS CHARITY ? Auj/US/lll. Til K HEMl'LT. If is with no ordinary emotion that we an nounce the result of the action of Congress on the Sub-Treasury bill. In the House, on Saturday, it was laid on the table by the de cisive vote of 120 to 107, being a majority of 13. 1 his was a test vote, and deemed equiva lent to a direct rejection of the bill. We congratulate the country on this glo rious result?this triumph of principle?The firm and patriotic conduct of the Representa tives of the people has averted, by the rejec tion ol this measure, one ol the greatest and most wide spread calamities which could have befallen the country. We have trembled at the idea of the passage of this bill?and on looking at the result, we feel like a wave tossed mariner who has been exposed, but who has fortunately escaped, from the horrors of shipwreck. We cannot sufficiently com- ; mend the firmness and patriotism of those in both Houses who have fought the good fight of principle, against this most dangerous and fatal scheme. I here has been no subject for years past, which has drawn out so much talent as was exhibited against this bill. If the people of the country could have heard the debate, they would not have doubted, for one moment, as to the disastrous conse quences of adopting such a measure?and if I they shall have the opportunity of reading the debate, they will be satisfied, that the country has escaped the most dire calamity which could have been inflicted on it. To those who manfully resisted this scheme, there can be no higher reward than the consciousness of having discharged their duty. To a great portion of those wher supported it, we know that there can be no greater consolation than its defeat ! Let the whole country then re joice with those who were for it, and those who were against it, lor with both, nothing 1 was more desired than its failure! To the I uninitiated this may seem paradoxical. But it | is no less true?and perfectly apparent to those who understand the working of the tnachinc- i rv by which such results are produced. We take it for granted, that this measure ' will not again be brought forward by the ad- j ministration. The President intimated his willingness to adopt any other plan which should be deemed best, if this was not satis- j factory to Congress. It is perfectly evident that this cannot succeed. Public sentiment will sustain the House in the stand it has * taken, and several of the States will undoubt edly indicate their wishes to their Senators in sucli a way as to command a majority against if forever hereafter in that body. We trust then, that the President will, in good faith, recommend that the State Hank system be reinstated, and that being done with the i aid and co-operation of the Government, every thing in the country will again be quiet and happy. BtTSINE.H.S OF THE .SESSION. AMOl'NT or HEI.IF.K. The first session of the 25th Congress, called by the proclamation of May last, closed yesterday, having been engaged upon the pub lic business just six weeks. Their delibera tions have been interesting and the results of the highest importance to the country. The calamities in which the people were involved, called for the paternal interposition of the Government with a cogency that could not be resisted. The Government responded to the call; antl the measures of relief which have 1 been adopted arc calculated to raise the lan guid and prostrate energicsof the country, and to restore that confidence which is necessary to reanimate and sustain the business inter ests. The most important measures of relief are the issue of Treasury notes, the extension of the merchants' bonds, and the postponement of the debts due by the banks. The aggre gate amount of relief afforded by those mea sures directly, is twenty-five millions. The Treasury notes amounting lo $10,000,000, and bearing an interest after two months of j 5 2-.r> per centum, equal to about 1 1-2 cents per day on $100, will go directly into the cur rency of the country with capabilities to liqui date in a few months, perhaps, five times the ! amount of outstanding balances in the differ- j ent classes of society. The postponement of the fourth installment, although it was essen tia to save the Government from a loan, or an j increased issur> of Treasury notes, nnv not i operate well upon the Status, inasmuch as j most of them hail made contractu and arrange* incuts, and in muny cases pledged the faith of the .Slate, in expectation of receiving the re maining portion of the surplus of 1836. This operations of Congress, however, have pro duced a very sensible and favorable effect up on the money market. At the commencement of the session specie was at a premium of 10 percent; it is now down to 5. Exchange on England, September 1, was 120 to 121, and is now at 116. Exchange on New Or leans which was, at New York, at 12 percent, at the beginning of the session, is reduced to 5 1-2 and 6. The favorable news from Eng land, and the returning crops, no doubt have had a very great effect in improving the mar ket. The diminished differences between pa per and specie, and the various indications in the monetary horizon, give assurance of re turning confidence, and increase the probabili ty of an early and universal resumption of specie payments. The rejection of the Sub Treasury scheme, to which we believe the eyes of the people have been turned with anxiety and alarm, we can but regard as an other most important indication in favor of the currency and business interests of the States. 11 it had passed Congress, we cannot avoid believing, that the cup of returning prosperity would have been dashed, and the whole, coun try involved in ?iill greater confusion and em barrassment if possible, than it has hitherto suffered, and now we hopfc, passed. If the merchants and the banks shall be relieved bv the measures adopted, and they shall pursue a policy which a correct appreciation of them and of their own position will suggest, we shall again speedily see confidence and animation restored to every ramification of society, By the return of the regular session, we hope to see such indications from the banks, the mar kets. the people in their primary assemblies, and from the States, as will dissipate the vi sion of an exclusively metallic currency, and awaken Congress and the administration to a lively sense of the true interests of the Union, and to a just appreciation of the benefits of that system which has contributed so much to the present advanced civilization and improve ment of our united country. The following is a list of the acts passed at the extra session of the 25th Congress : U1LLN OP THE SBNATB PASSED INTO LAW S. No. 1. An act to postpone the fourth instalment of deposite with the States. 3. An act authorising a further postponement of payment upon duty bonds. I. An act for adjusting the remaining claims upon th?* late deposite banks. II. An act to regulate the fees of District attor-? nevs in certain cases. IS. An act for the relief of I). P. Madison. I. Resolution directing the postage on letters sent by,express mail to be paid in advance. BII.I.S WHICH OMUINATEO IN THE HOUSE AND PASSED INTO LAWS. No. *2. A bill to authorise the issuing of Treasury notes. 8. A bill making additional appropriation* tor the suppression of Indian Hostilities for the year one thousand eight hundred and thirty-seven. A bill making additional appropriations for the year one thousand eight hundred and thirty seven. 10. A bill to continue in force, certain laws to the close of the next session of Congress. II. A bill to amend an act entitled an act to pro vide for the payment of horses lost or destroyed in the militaiy service of lite Uu I led Suites, approved January lt$, 1837. TIIE ('IlEDIT SYSTEM. It cannot be disguised that there has been, for some time past, on the part of certain designing politicians a determined and concerted warfare against the whole credit system of the country. Under the plau sible pretext of reforming the currency, they have endeavored to adopt & series of measures which they fondly hoped would, by and by, lead to an exclusive metallic currency. This hope is still cherished by them. The Sub-Treasury tchenic, on the part of some, jrc k now was designed to accomplish that ob ject. And if it is persisted in, it will be for the pur pose of putting an end to the "dynasty of banks both great and small." Let us then not b:' deluded by the cry of reform which will eventuate in a total subver sion of the currency and credit of the country. As far as abuses exist in our banking system, let them b<? corrected. But let us not with "one fell swoop" strike them from existence, nor attempt experiments which will prove equally fatal. This is the age of innovation and experiment. It is the age of fanati cism both in religion and politics. Under the influence of an extraordinary infatua tion, the last year or two has given rise to some strange doctrines in the science of government and political economy, as dangerous as they arc novel. Radical and ulira, they threaten not only the stabili ty of our institutions and the ruin of our prosperity, but they are revolutionary and levelling. They in .euleate the broken laith of States and contracts; they encourage irreconcileable hostility between the rich and tli'" p ">r : they appeal to the sordid passions of the I.liter to carry out the principles of the agrarian ; and their inevitable tendency is to unhinge society; to break down our institutions; to demoralize and degrade the Government, and to prodnee what led to the revolution in France. To resist this mad cru sade of wickedness and folly, is the duty of every good member of society. The war that has b,>en waged upon the credit sys tem of our country, appears to us to be the height of folly. That system, as a system, is so fully incorpo rated with our institutions, our habits of business, and modes of thinking and acting?it harmonises so fully with the genius and enterprise of our people, it has carved out so many jwrmanent channels through which the active operations of society and government flow, and it connects the past and the future by so many ties, that il cannot b:.' dispensed with. It belongs to twenty-six independent State sovereignties who will never part with the right nor the practice, whatever the federal Government may do. It is destined to bo as enduring as the Union, and we can no more dispense with it than with the navigation that lakes our ships into every sea, or the use of steam as an agent for traveling and saving of manual labor. Then why attempt an impossibility? Why distract the party and the country with the vain and useless efforts to destroy il ? Hut if we could, wo ought not to destroy it. I: has achieved wonders for our country. Starting with us in our infancy and weakness, it has travelled in beautiful harmony ever sintc,?nd has given strength at every step. It has given its hand and its smile to agriculture, com merce, manufactures, and Internal improvements. It has made a neighborly intercourse between wide ly separated. parts of our common country, and has produced a community of interest that has as much as any thing else strengthened the b>nd of our Union. It has introduced a continuous stream of population and capital from abroad, and has given us the strong man's credit in every foreign land; and, in, the career of national prosperity, it has carried us immeasurably b.-vond all competition. Would it not bo more than madne-s lo throw away, if We e mid, this gr vit lever b nn??- n b i-e h id b.cn made uf some of its powers, or because ii was not pcjftet in all lis opera urna ( Perfection belongs not to the invention* of matt; and of the many pro duct tons of his geniua that honor and bless society, not one Is free from Imperfections,, and all are sub ject to abuse. No sooner should we re]>udiate a well regulated system of credit because j*vcry evil rould not be guarded against, than we should abandon navigation because the ocean claims its tribute of victims, or that wc should relinquish steamboats and railroads because accidents sometimes occur. It is the province of wisdom to look to the practical re sults of every system, and bee how it operates in in creasing the sum of human happiness and prosperi ty, and to ascertain il the good greatly preponderates over the evil, li its operation is productive of this result, our chief end is accomplished. But what are we offered in substitution of this sys tem 1 A metallic currency, which no wisdom can reduce to practice, and if it could, it would cuise with ruin the eve of its adoption, and blast every promise that the future holds out to our happy coun try.. It would clip the wings of commerce; it would stagnate the ocean of business; it would take from enterprise its activity; it would strip industry ot its reward ; it would dry up the streams oi revenue ; ii would repress the aspirations of genius , it would paralisc oil the great moral elements that give us dignity, power, and influence, and we should be thrown into the ranks with the older and smaller nations, to travel with them the tardy and devious route to an unknown and unpromising destiny. Or, what is worse, it might end in a revolution! Contrast this system of credit in its practical re sults upon England and this country, with the policy that is practised with continental Europe, and see which has worked b*?t for the common good. It has made England the banker of the world?it has en abled her to subsidize all Europe?il has given her a moral inlltience that holds in cheek and regulates the destiny of nations?it enabled her to resist suc cessfully the formidable blow ihnt was aimed at her national existence?it has made her llie first naval and commercial nation in the world?it has made her the manufacturer for hundreds of millions of brings?ii has made her the iirst patron of the arts and science:?it has given to her people the enjoy ment of more practical liberty and its concomitant blessings, than is known any where else but with us; and ii has made her the wonder and the admiration of all Christendom. Such is the result ol this sys tem in England ; and with us, its achievements have been greater, when we compare our age with our mother. Whilst continental Europe, with an exclu sive metallic currency in some parts, and a mixed currency in others, can bring into competition no thing with England or this country; and in the great race for moral power and glory, she is lost in the dis tance. Her despotism and her currency (congenial partisans) extinguish every ray of liberty, enterprise, and happiness. Italy and P>>rlug il have an exrlusirc metalliccurrency, and no iwo nations are at this mo ment so benighted, degraded, poor, and miserable; and their course is still downward. In the scale of civilized nations, they are so degraded and debased, that they have fallen below the reach of sympathy Look at Russia with herdebised metallic currency, without commerce, without manufactures, wilhout agriculture ; no railroads, no canals ? enterprise un known. her people slurry and religion abjured. We will not say that this long catalogue of evil and ills has been superinduced by the peculiar state of the currency in Europe, but we believe that it has con tributed much, very much, towards it; and that Lai rope would have b-en at this day freer, happier, richer, and better, if she had imitated the example of England by adopting the credit system. When we reflect upon what this system has done for our own country, we wish no farther experiments to change and better her condition. We do not be lieve that all the uliraists put together can give us a better government than we got from our revolutiona ry fathers, nor a better currency than we have had, and which we may again have by avoiding theultra ism of the times. Their views of government, finance and currency, we cannot respect ;? and we i would place them where the Christian world has 1 disposed of the " Age of" Reason," and where i Redheaftirs' imposture was placed in the philosophy ! of mechanics. We had rather be seen steering bv the chart that was left by our revolutionary sages, than by the inventions of these modern voyagers in the science of civil polity: none of'whom have their minds, their virtues, or their experience. We are rejoiced to sec the indications of public sentiment in the defence and reform of the credit system against the ultras and destroyers. The mo ral effect of this movement in the different Stales, in the contest which is now waging, will be witness.? j The friends of the system stand on ground which cannot be shaken. We trust the President will place himself on this sure foundation. We have a strong desire to see him administer this Government in such a way as to insure to it glory and prosperity, and to himself honor and happiness.' We are aware that he has difficulties to contend wilh, but let him remember that the proudest honors are ga thered where dangers stand thickest, and where diffi | culties most oppose. Let demagogues threaten as ' they ma}', let them insolently dictate il they will, he should spurn them when every mandate of duly and | every admonition of sound sense point to a different ! course. Il he will place himself on that field where Jefferson and Madison stood for more than half a century, like them he will conquer and like them he will gather enduring fame. Most sincerely do we J hope for this, as every feeling we have b -arsmosl ' kindlv>and cordially towards Mr. Van Buren as a man and a politician. TI1E PA1KSBIS OK TIIK (ILOBK. In the Glol.c of the 14th instant, there is .|Uite a long j editorial article, (consolatory for ihcloss of the Divorce ! Bill, l"'t cxultinc over the "failure of Mr Hives' I scheme!") fiom which wc shall taks a few extract*, for the purpose of correcting some " errors of fact and opui I ion, doubtless unitcntional " "The measure, [" Bill tn separate thi Gorernmrnt from the hanks," as the Globe heads ihe article,] as -will be seen, has bet n laid on the table until the next icssion, Mr Ci.ark, of New York, proposing ihe post ponement. as he said, not to defeat it. but to consult the wishes of his constituents This appeal was successful with some ten ot dozen of the democratic members, and the whole opposition, uniting with them in a bodv, the postponing proposition was carried by a vote of 120 to 107." Would not any one infer from this statement, that Mr. Ci.akk oilginnted a motion to postpone the lull ' Most certainly. Yet there was no motion for ?" post ponement;" there was a motion to " lmj the bill on the table," (which ia a very different thing ;) and this mo tion did not originate w ith " Mr. ('lurk of New \ ork, hut with Mr Shcnod William* of Kentucky. But "the appeal teas successful ictth some ten vr a ilmen nf the democratic memhert" Was it? VMiy not name ihctn, and let the reader count. They arc as follows : Mr Borden, of Massachusetts, Mr ' iark. of New York, Mr Kilgore, of Ohio, Messrs Casey, May, and Snyder, of Illinois. Mr. Johnson, of Msr* land, Messrs Garland, Hopkins, Mason, Patlon, and Stewart, of \ ir ginia, Messrs. Lcgare and Richardson, ot South < af'ili na, and Mr S oith, of Maim?l.'>?a lartfi "dozen "The irhnlr opposition uniting with them in a bid)*, " Did Messrs. HunUr. Uiris, I'lckms, Ifo hertsnn, and the rest of the NnUifier* ' unite ?i. i them 1" And when were these gentlemen ever /W?" ; ranked with the administration I They and their ! nartv went for the "divorce " " The substitute offered bv Mr G [f ?f.. ; nisc the State Banks again A- ed onl> SEVENT Y-T11 REE votes in the Hotis* I hi'nuhf.d and fortv. . Did the Club- mean to convev -he inference, that ; there w -r ? !'>" v.> c- riven " g in- ^ Wh * ' I ? (-?:?- b i.-v- ?"<! I. , b , ihuu 'ht, if wc had >uitcu thai there only M out of diOagalu?t ihe " substitute I" Am! y? this would have been stating the fact in the same way the Globe has done. The truth is, and ihe journal shows it, that the vote on the substitute stood 73 tor, and iW only against it. "The signs or the times must be more deceptive lhan they have ever been, il- the final adoption of the plan trkick looks to a aeration of Ike Govern ment from bank*, don nut ultimately prevail with tke country." To what " -1(ftis of the times" does the Globe allude 1 To the elections in Maine, Rhode bland, Connecticut, New Jersey, Indiana, Kentucky, Ten nessee, and Geoigiat And does it expect that the changes in these States, in furor of the opposition, is to carry a measure proposed in 1834, by the Nulli fies ; and supported then bv only one administration man, and thirty-two of the Whigs and Nullifiers, all told; and denounced bv the Globj itself, "us disor ganizing and revolutionaryV' The best.(alas! for the inconsistent and false position of the Republican party! the truest) " signs of the times" is Ihe ballot box; and we have seen of late no indications there, that can justify the ad ministration party in cherishing any hopes of suc cess in this disorganizing and revolutionary SCHEME! L'tst, bu; not leas', we Miall at this time m;'k?: oue more extract only; it should stand lirst in otder, i though it be last in place. " If the priviledged question to lay on the f hie had not prevailed, the bill irmtd hai r )>*??,, carried / y a mainntii (-"s w.'is asrertflined bv the I)E< 'LA RA TION of SEVERAL MEMBERS [WHOM 1 who voted for the tiostpoiieineili") of THREE VOTES!" I A measure of this magnitude, that is to effect the i vital interests of the entire population of the coun ' try?the whole fourteen millions, to tv carried by a " majority of three rote*, out of '-J--* ; but a \1 AJ< >R ITY of TWENTY-FIVE votes out of the 240! Whv. the Whig Legislature of Massachusetts, ' but a short time since, did not dare to accept n rhnr ter for u bank, passed by a much larger majority, (we believe) than THREE votes t No miuisuy <>! Great Britain would dare to accept a gieat public I measure, .with such a meagre and minority sup port. A Correspondent of the New York Observer says, ; that fiv hundred Roman Catholics have been con verted to Protestrntism, in the valley of the Tyrol, a country situated between Germany and Italy. Bonus ?The whole nun b ;r of b inds w hich have Hid over at our Custom House since the troubles, is 8,338.? .V. V Jour, of Com. The United States Magazine and Democratic Review, No. l .Hvo. pp. Hi, for October?December, was published yesterday. We have only time to say that the execution is very neat, and the t; bleof contents rich and full. This number contains a lull length partrait of Col. Benton. We shall notice it hereafter. PENCIL SKETCHES; or outlines of character and Manners. By Miss l/cslir. Philadelphia Carey, Lea <f- lilanchard, 1837. This is the Third series of these agreeable Tales, by this pleasing, moral and instructive authoress.,? The present volume comprises eight Tales, whose character, might perhaps be pretty accurately de termined by their titles: 1 hey are the Red Box, or Scenes at the General Wayne ; Constance A'leston, or the Mourning Suits; The Officers?or a story of the last war; the Serenaders, including the Dreams of Song; The Old Farm House; The Gentleman, or Pencilling on Ship-board; Chase Loring, aTale of the Revolution; and Alphonseno:?They are all ,raced by the best touches ol Miss Leslie's ge nius. SPEECHES FOR SALE AT THE MAD1SONIAN OFFICE. Mr. Rives' speech on the bill to impose additional duties as depositories on public officers. Mr. Tau.maihjk's speech on the same subject Mr. Gari.and's speech on the same. Mr. Leoark's speech will be published this week. Frmn the St. Imum Rejiuhlicmi. REVOLUTION OF HAST A KE, SKW MEXICO. Murder of Ihe Governor and all his principal officers,? and installation of ihe Rebel Chief us Governor o the State. The early arrival of the Fall Company ef Traders from Sanls Fe. brings advices of a complete revolution in that State. We have tiecn favored, by a gentleman of this city, who was formerly concerned in that trade, with si: extract from a letter received Ironi his corres pondent, giving some of the (larttculars of the revolu tion. At the date of these advices, the Americans in the province had not been molested, although there was no security whatever for property ; and the Revolution ists, it w'as said, had marked one of ihe Americans for sacrifice. This individual, it was observed, would be known when his head was seen upon a pole ! We annex the contents of the letter, which is dated Santa Fe, Aug 12, 18117 " Thursday last, the Governor Don Alvino Peres, Political ami Military Chief of the Territory of New Mexico accompanied hv Ahreu, and a small party of soldiers, marched to the Csvadu 20 miles from Santa be, i where a large number of malcontents had assembled, I composed of the inhabitants from Rio Arriba to Taos, ! amonir whom were the Indians living in that neigh?M? 1 hood, who are partly civilized, and subjects of the Gene ral Government Upon the meeting of the two armies which too,; near St. Ildefouso, the Governor commanded Ins sol diers to fire ; at which order all his men went over to the enemy, except twenty-three?ol whom one was killed on the spot, and tluee or lour wounded The Governor immediately fled with all who could follow him to Santu Fe,# where they remained until night, under favor of which they started upon good horses in order to get a? far as possible from their euc i,ue? who knew how to take more adroit measures to intercept them ; for. so soon as they disappeared front the field ol" battle, IheV despatched the Indians to cut oH their retreat by the Rio Abajo, with orders to spare none of them, which was literally accomplished I he next dav the victors encamped at La Chappelle, which is near the town of Santa Fe?and there killed the (.o vernor, Ramon and MarcelinO Abreu, Chico Alari, a vounir Lieutenant named Gutierres, and many others whose names are not known. The triumphant army, having declared their leader Jose Gonzales, an inhabi tant ol" Taos, Governor, made the entrance into the town, where he assumed the Government?assisted bv Rafael Garcia, who had commanded the troops with him All was now tranquil. But one thing was wanting to complete their purpose, ;he head of Santiago Abreu, judge of the district?the friend of the stranger and the poor?the talented and meritorious officer?and thev received the news tl.at he had been massacred by the Indians of Santo Doumigo. From the best accounts, the killed is shout fifteen, among whom was Miguel Sena, and five or six wound cd, among whom are Francisco .Surwaino, former < - vcmor and Commissary, ApunMs. adjutant of the lato deceased Governor, Jose B .slamenU-, and the sergeant Antonii Sens All seems quiet enough at this tune, thouuh yesterday the report ?as that the victors, who had returned home the day siter their entrance here, were about to visit us for the purpose of committing further outrages Hie new Governor, with several others, immediately left here, ami we have some assu rance that we shall be spared their presence 1 he country "? a sad and ruinous condiUon The ststemenls of this letter are confirmed by a gen tleman who has arrived in town from Same Fe It is added, thai the Priests were also very obnoxious to the revolutionists, and many of thein had autfered personal violence of a most outrageous character. Emigration to Texas ?The last number of the Little Rock Advocate savs -Hardly an hour in the day passes but a paity of fromeight to ten well-mounted horsemen are seen passing through our town, bound to ! Texas Wagon after wagon throngs our streets?all ! ps?sins on lo Teias Not a night but o-ir taverns are thronged w ith travellers snd emigranta for the Red River i countries and Texas It is thought that the influx of ' emigrants into "l>*a* this year will amount to sotne liunglike ->i* lho i?i id The msjontv of these are the i I r ul L alis and M??n iri*nw, dec , and aj ptar to U loeu ol inlelligoace and wealth."