The Madisonian. [volume], October 24, 1837, Image 2

About The Madisonian. [volume] (Washington City [i.e. Washington, D.C.]) 1837-1845

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... atui (toady progreaa, to the uttermo?t ?*
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"'" n n r. lrm.'d .l.uoet wub the auddm.ne- of
'T.nnn.n' ^o lho.e of fruitful..? ."<1
iittsrzztst:
^?53 r& l^rrr r.r.d.
iIld J\or h.m-T"wouid 1.-U -, ... van, to
Ta^or Cainoena, telling ? tale of the wsra of
knights and cruaadera, or of the diacovcry and conquest
?^Mr? UunkTnTaTdoof th^e things-,,ot doubling
lor a moment, the infinite superiority ol our race >?
every thing that relate to a refined and well ordered
public economy, and in all the ineansaud '^r?
ments of a high social improvement, t jWtojn*
ol all paradoxes the most singular, to hear lorei?u
examples seriously proposed lor our .rniu ii n
very matters wherein that superiority to ever ap
neared to me to b-most unquestionable. The re
(lection has occurred to me a 'hou^aiid turn >
veiling over the continent ot Europe, p
through filthy ill paved villages, through towns in
.a".??; "i --Mrr,'
having been made since the Reformation, as ua
looked al the wretched hovel ot the pour peasMl or
?nti/ .n or seen hiin at his labors with his clumsy
implements and coarse gear?what a cjiange wou d
take place in the whole aspect of the country, it it
were to Call into the hands of Americans tor a single
K' BuS^U paper money and the credit system alone
that have achieved all these wonders I I do not say
so,sir; but can you say,can any oiie presiiino io^) ,
that they have not done much of all this 1 I know
that the cardinal spring and source ot ow success is
freedom?freedom with the peculiar*characMltot
belongs to it in our race? Ireedoin of thought, Ir
dotn ot speech-freedom of action, freedom ..1 com
merce freedom not merely from the oppression.,
but from tho?e undue restraints and thai imperiiuent
interference of government in the latere?ts p>r.q irly
belonging to individuals, which4tand m the wj.v
. all improvement in the nations ot continetial hu
rope. It is this vital principle, the f,\^''",Khtv a
inent, of social equality, tempered and sobered
profound respect for the authority of the laws -md
for the rights of others, and acting upon '"al olher
prominent characteristic of the A*or.nan race,
the str.mg inst inct of properly with the |>? nwnalliiute
oendence and personal comfort that belong
that explains our unrivalled aud astonishing .P""?
2i ess. But of this rational, ditlustve liberty,
among a people so intelligent as ours, the credit sy s
tem is the natural fruit, the inseparable companion,
the necessary means and instrument. It is pari^and
parcel of our existence Whoever heard ot ^redi
a despotism, or an anarchy 1 It implies coh/mmc
confidence in yourself, confidence in your neighbor,
confidence in your government, confidence in the
administration of the laws, eonhdence in the sagaci
ty the integrity, the discretion ot those wain w hom
you have to deal; confidence, in a word, in your
destiny, and your fortune, in the destinies and the
fortune of the country to which you belong; as tor
instance, in the case of a great national debt, it is
the fruit I sav, of all that is most precious in civi
lized life, and to quarrel with it is to be ungratetui
to God for some ol the greatest blessings he has
vouchsafed to man. Compare A*ia ?'ith Europe;
hoarding has been the usage of the former from tunc
immemorial, because it is slavish, oppressed and
barbarous; and it is curious to see the effect ot En
glish laws in breaking up (as they are doing,) that
system in Hindooston. Depend upon it, sir, all such
ideas are utterly alien to our way ol thinkirg to ail
the habitudes of our people, and all the interests ot
the country. My friends from beyond the mountains
are familiar with the great principle, the magical
effect of credit in a young and progressi ve country.
They know what miracles are wrought by a smalt
advance of money to enable enterprise and industry
to bring into cultivation a virgin soil. I hey know
how soon the treasures of its unworn fertility enable
them to pay off a loan of that sort with usurious in
terest. and make them proprietors of estates rising
in value with the lapse of every moment. Compare
the "Teat Western country now, with what it was
twenty years ago.?sell it ,skb kasta?and compute,
if the powers of arilhmetic will enable you to do so,
the augmentation of its riches.' Sir, this is one of
the phenomena of our situation to which attention
has hardly ever been called?the manner in which
the mere increase of population acts upon the value
of property. To be struck with the prodigious re
sults produced in this simple way, you have only to
compare the estimated taxable property in Pennsyl
vania and New York, when it was returned tor di
rect taxation in '99, with the returns ot the same pro
perty for the same purpose in 1H13, after an iuterval
of only 11 years*?you will see how it is that our
people have b.*en enriched by debt, and " by owing
owe not '?how with a balance of payments almost
continually against them from the first settlement of
the country, they have grown in riches beyond all
precedent or parallel.?You will appreciate all the
blessings of the credit system?and imagine, perhaps,
how this wonderful progress could have been im
peded and embarrassed by the dilficulties oi a metal
lic circulation, t
But the fluctuations of the currency?the ruinous
irregularities of bank paper! Why, sir, I have al
ready shown they belong to commerce itself, not to
the means which it employs, and that there is no
remedy for them. But, after all, what is the sum of
the evil 1 Look again at. general results. '1 ell me
not that reactions produce fewer disasters, or less
extensive derangements of business and circulation
in countries whose money is principally metallic.
It may be so; but what does that prove"! II you
never soar, you will b3 in no danger ot falling, cer
tainly?but then,
Serpit humi tutus mimium timidus que procelltr.
A go-cart may b"! a very safe contrivance lor the
tottering footsteps of infancy?but is it thus that
manly vigor is to be trained tor the dust and heat of
the Olympic race ? Sir, it is the condition of all that
is grand and awakening in nature, to be somewhat
wild and irregular. In the moral world, especially,
peril and difficulty are the price which Providence
exacts of its for all great excellence, and all eminent
success. It is in struggling with them that the heroic
virtues, which elevate and purity humanity, are
called forth and disciplined; and it is precisely be
cause our people have b:en trained in that stein
school, that they have effected more, and are now
able to effect more, with equal means, than any other
in the world. Sir, ii is not our currency only that it is
obnoxious to the imputation of irregularity. What
is democracy, popular government itself? flow often
has it, fallen, to my lot to defend it by the very con
siderations which I now urge on a kindred tonic,
when foreigners have spoken to me of the disorders
that have occasionally checquered our history.
When they exaggerated the importance of such
events, I have reminded them that all human insti
tutions must have their,imperfections; and that it is
by their general effects in a long course of expe
rience, not by occasional accidents, however strik
ing and important, that they are to b ? judged. That
the absence of restraint, which leads to occasional,
licentiousness, fosters that bold, robust, energetic,
and adventurous spirit, and that habit of haughty self
reliance. and independent judgment, which are the very
soul of republican government: which have rendered
that form <>f government wherever it has existed, so
illustrious for heroic achievements ; and has made every
era of i icrtv m the history of mankind, even in its
most imperfect form, an era of flourishing prosperity and
progress Sir, such a people, as has been said of beings
of a higher order, " live throughout, vital in every part."
All head tliey live, alMieart, all eye, all ear,
All intellect, nil sense
This is the great secret of our superiority, and of that
of everv free people?not the forms of a constitution,
not the outlines of a system, not mere organization?hilt
the principle of life, the all-pervading animation and vital
ity that informs the-whole body politic, and give* it the
? warmth, and strength, and activity?the winning graces
and expressive countenance of a man, instead of the
. euld aud repulsive stillness of a painted corpse Jurv
trial is another of these irregularities?liable, undoubt
edly, to much criticism in detail, scarcely susceptible,
as a juridical institution, of a strict defence in theory?
yet what should we think of a reformer that should pro
pose to us, the abilition of a system so full of practical
good, because it was unknown until recently, any where
but in England, and often leads, as it certainly has often
led, to great abase and injustice !
But, then, it seems, our banking system is an innova
tion, introduced only a century and a half ago, and
deviates from the primitive model of the. Bank of Am
sterdam.?the honett system, as it is called?and that
instead of lending money, it lends merely credit.
As to the idea of its being an innovation, I would just
remark, that it had its origin at that great e|>och of hu
man improvement, as I must still be allowed to eall it,
. when mankind ceased to cut each over's throats for
differences in religion, and began to make war for
colonies and commerce?an era perfectly familiar, as
such, to every one thai has studied history philosophi
cally. But there is something more in the historical
reminiscence than the mere fact just referred to If the
comparative effects of Dutch and English banking are
to be judged by the event, what an instructive lesson is
to be drawn from a parallel between those two powers,
at the close of the 17th century, and their relation lo
?1'itkins Statistics, 1H3">.
f Mr Gallatin's I'mnpblet, p 63
wards ?ach other now ! Where la Vao Tromp ! Where
ia lie Ruyler' What la become of th? mighty fleets
which disputed the doiiiiiiion of the seas with England
and France! Poor Holland ! Iter dufuuceless potts
blockaded by British squadrons?her court browbeaten
by British diplomacy?ahorn of all her strength and
glory, ahe senna almoat sinking again into the waters
out of which ahe emerged So much for the innovation.
Hut what i? the objection to the ay ate in ! Let ua un
derstand each other. I will put a case. The quantity
of the precious metal* required in any transaction, or
any number of trausacjious, between two countries, (or
two individuala, for it cornea to the same thing,) depends
not only upon the balance of payinenta between them,
but also upon the confute net they have in each other
Thus Hamburgh imports corn for England in a season
of dearth, from Prussia. If trade |>e prosperous ami the
world at peace, she will probably pay for this corn by a
bill at six months, with interest, ami when tho tune
comes for meeting her engagement, she will do so by
sending to Dantzic a cargo of colonial produce.* liut
should the times be auch (from war, commotion, die ,)
as to mako commerce unccriam, or to inquir credit, the
purchase can he made only for caah, and paid for hi gold
ami siher. Now, sir, commcrce being a ntero ex
change of commodities, every body must aee, at a glance,
that it u very tnnch more promoted by a state of peace
and order, than by one of war and commotion, by a state
of 'confidence, than by one of distrust, |bjr a state of
things that admit* of payments in bills, than by one that
requires payments in cash. In a simple operation, liko
the one described, this is quite manifest, and yet the
whole theory of money and of banking, is contained in
that simple operation.
Sir, it explains at once why it is that in countries very
j far advanced in commerce and civilization, the precious
] metals, for all purposes of currency, are superseded by
commercial paper, us u particularly the case in England,
w hose paper circulation of all sorts is something like
-00 millions, resting upon a basis of only 30 millions
! of specie t Money is nothing more than what is called
I by the brokers "s bought and sold note"?it is a token
j which shows that its holder has parted with coinmodi
I ties to that amount, and that he is entitled to receive
iheir equivalent in other commodities whenever it shall
?be his pleasure to do so Why should that token be of
gold ! Why should a mere title or evidence of debt,
be itself of a material as costly as the thing of which it is
the symbol and the evidence !
It is clear, that were there anv means of insuring soci
ety against excessive issues of paper, besides its con
vertibility into gold and silver?wore not that the only
practical test hitherto discovered bv which prices in dif
ferent countries can be compared?all commcrcial na
tions would dispense with tho precious metals as a me
dium of exchange. But as yet there is no such means,
and the currency, theoretically the most perfect, is for
the present impracticable; The nearest approximation
to it has certainly been made occasionally in theU Slates,
where tho specie basis has just answered the purpose of
ascertaining that our currency was on a level with that
of other nations.
But there is another step in the commercial op
eration just mentioned. The holder of the Bill
of Exchange received in payment of corn, stands
in need of soiiv other commodity which, his own
credit does not enable h:m to procure He ap
plies to n bioker or any other capitalist for tiie
cash, or what will answer his purpose just as well,
his credit in the shape of a note payable on de
mand, or at a short date, for which tho original bill at
C mon'hs is given in exchange, with a reasonable dis
count. This Ia3t operation is what is considered as tho
ureal abomination of banking. The bank receives a
discount on giving its own bill payable ou demand or
one at a shoit date, (for which therefor it is compelled
to reserve or prepare a fund,) for a bill payablo at 6
months, of which of course payment cannot be demand
ed until the expiration of thut term And, now I aslt,
whero is the difference between the first operation,
which every body must perceive is eminently condu
cive to the extension of commcrce and the last ' What
objection can bo made to it that does not lie equally
against the drawing and discounting of bills of exchange
?an improvement of which Europe has been boasting
for at least six hundred years, and of which tho advan
tages have never to my knowledge been questioned be
fore ! Why is not a credit founded on property as good
in the one case as in the other! and why should gold
and silver be used in cither when they are not wanted !
The banking system, sir, is only one form of that di
vision of labor which takes place in all opulent coun
tries. It lends to a great economy both of lime and
money?of the former because ihe business of a whole
community in receiving and paying away can be trans
acted by the clerks of a single institution, us well us by
100 or 1000 tunes the number, in llie separate employ
ment of individual merchants?of tho latter because in
stead of each individual in u community reserving the
quantity of gold and silver necessary to meet current
demands, a much smaller proportional amount kept by
a banking house has been found to answer tho wants of
tho whole society. But the utility of that system is
not confined to the advantages just mentioned. It ap
pears to me very clear in the first place, that the credit
system carried to the extent in which it exists in England
and tho United States could not possibly be made to
rest upon any thing so liable to be disturbed by a foreign
demand, ami by other contingencies, as the metallic ba
sis, and of which a given quantity cannot therefore be
counted on at any given lime What is commonly
called the currency of a country, that is to say, bank
paper and the precious metals really constitutes a very
small portion of it, but it may be considered as the test
or touchstone of all tho rest, and if engagements in
bills of exchange, Ac. be not met according to their
tenor in what is considered as cash, it is difficult to cal
culate the effects of this nlarin that may ensue. But
there is another point of view in which banks ap
pear to me quite essential to our commercial system.
It is that, according to the rrm.uk of an excellent wri
ter, the appreciation of the credit of a number of per
sons engaged in comincrce has become a science, and to
, the height to which that science is now carried m (Jicat
Britain (and in this country) that country is in no small
d ?gree indebted for the ilourishing state of lis inter
nal commerce, for the general reputation of its mer
chants abroad, and for the preference which in this re
spect they enjoy over the traders of all other nations.
Sir, 1 have been driven to this elementary way of
considering the subject by tho coerse which the argu
ment has taken here and elsewhere, and because, in so
lemnly reviewing, as we are now compelled to do, the
whole monetary system of the*country, it is of the very
last importance, that the subject, in all its aspects,
should be fairly presented to the people. I shall there
fore proceed briefly to consider the question, how far it
is practicable or desirable to substitute a metallic cur
rency for bank paper, or even very materially to widen
the metallic basis of our present circulation.
I presume it will hardly be disputed that by a general
return to the precious metals as the only medium of ex
change for the whole commercial world, the operations
of trade would bo every whero embarrassed and im
peded, and the value of money enhanced, or which is
the same thing, tho prices of commodities reduced in an
incalculable degree. I low far a similar effect has ul
ready been produced by the diminution of the supply
from the Mexican and South American mines, within
the last twenty years, is one of the most difficult and
controverted questions of the day. This is not a fit oc
casion for stating the arguments advanced by the advo
cates of different views of that subject, but I will men
tion to the committee that in a very able work to which
I have already referred as having been recently sent to
me, the author, who examines this point with perfect
candor, advanc.es the opinion that thousands have with
in the period alluded to, been precipitated into embar
rassments from that cause alone 5 If it be true, as is
alleged by Jacobs, that the whole stock of coin in cir
culation in 1929, was less by upwards of ?60,000,000
than that which circulated in ISO!)-and if any thin<r
like the supposed diminution of the actual quantify by
abiasion, hy I >-;s, by consumption in manufactures
takes place, (| per cent.II a year,) it becomes matter
of serious speculation what means shall b> adopted
to ob\ i.ite sii great tin inconvenience ;is a continually
decreasing metallic b isis, at a period when com
merce and its productive powers are so immensely
on the increase. Sir, that question is infinitely more
interesting in a highly prog retire country than in
any other. In such a country, the currency must
"vuhrly enlarge,! with the growth of its popnla
lion and of its productive power, or it is subjected to
hat most terrible of all evils, falUnu prio.t. Every
,,liat ''.as ever treated of such subjects, has
dwelt ujion the effects of an increasing currency, as
wonderfully favorable to industry. No more strik
ing example of this truth can b: desired than what
was witnessed in the Itl'h century, after the im
portation ?l -Mid and silver from America began
to produce a decided effect ii|?<?n the distribution of
wealth. It is admitted on all hands to have b?en the
period of the greatest improvement in society that
has occurred in its history ; and of .-,11 countries h.- it
remembered, England b ?neiitcd most hy the general
rise of prices, became so large a portion of her
farmers held leases for long terms of years and
paid money rents: the increase of the circulation
operating to reduce the real value of the returns
made to the landlord in favor of his tenant. The
* Thornton.
'Mr. Burgess in the Minutes of Evidence \r? before
the _orninitlco of the llonse of Common*, in
i I hornton.
i} Mom y and its Vicissitudes in Value.
II Money and its vicissitudes in value
great beneht of a full and ??!*< ially an increasing
circulation thus, consists not only in quickening
and fceilitatiag exchanges, (itself an nnintn.se
siimulu> to industry,) but in sacuriin? to the industri
ous classes rather a larger proportion A the income
of society thin they would otherwise enjoy. Every
thing which they buy to sell again advanc es in price
while it is in their hands, and this unquestionable
truth is of itself, a total refutation ol all that is said
concerning the oppressive^ operation of bank paper,
upon the produettrc e?wes, by the very persons who
in the same breath, speak of its excess ayd deprecia
tion.
With a population then, increasing at the rale of
?I ot 5 ner cent, a year,.and with an accumulation of
capital and productive power proporiionably greater,
I hold it to bs utterly ub>ure to talk of any thing
like a metallic currency in the United States. 1'here
is no jxrssib'.e means of procuring it, and if by any
means it rould bs procured, 1 venture to allirm that
our people would get rid of it in the course of a
few years, though all the penal laws of S|uiin
against the exportation of gold and silver should bj
re-enacted here?laws which were passed with no
other effect, even in that country, but to show the
utter futility of such legislation. 1 say, sir, that
with their present habits ol active enterprise and
strict economy, the American people would export
the precious me\als as fast as they were imported,
beyond any amount of them whirh might be;
absolutely necessary for the domestic exchanges of
the country, and they would do so because gold and
silver would b.*of use abroad in purchasing com
modities, and would be wholly superflous at hortie
where paper would do as well. It you put down
" the Bants," it would have no effect but to set up
something worse in their plaee, in the shape of
private paper. There are some things over which
the most despotic law givers are unable to exercise
any control, and one ol them, as all experience
shows, is this commerce in bulliou.
Sir, it has been said that the only advantage of a
pape r currency over the precious metals consists in
its cheapness. 1 am, by no means, as you may ga
ther from what I have said, ready to admit this, but
supposing it to be true, is that saving really an un
important matter 1 Mr. Gallatin, in a pamphlet ol
signal ability,* has, as 1 conceive, fallen into a grave
error on this subject, which it is so much the more
important to rectify, as I perceive that l>e has mis
led others more disposed tnan hiinsell to turn a spe
culative error into a practical mischief. He states
the whole benefit derived from the use of paper in
stead of the precious metals in the Uailed States in
1830, including, under the name of circulation, pri
vate deposits in tin- binks, as they ought undoubtedly
to be, at about five millions ol dollars a year. It is
true, that according to principles admitted by Mr.
Gallatin, the progress of the country, both in wealth
and population, in the last y-irn years, would re
quire a very considerrble addition to be made to this
estimate in order to a correct application ol it.to our
actual condition. But, sir, it appears to me that the
estimate was made on data altogether erroneous.
In the first place, the quantity of currency, if it were
metallic, necessary to the circulation of this coun
try. was prodigiously underrated. For reasons thai
need not b? stated here, it is found that a gi\en
amount of metallic currency docs not circulate as
' rapidly as an equal amount of paper, and, therefore,
that more of it is ceteris p<irihu.i required to do the
same business. But without going into such minute
inquiry here, why should the United SliUcs w ith
sixteen millions of inhabitants, and relatively the
most active trade both foreign and domestic in the
world, and with extraordinary productive power of
all sorts, not need at the very foul half the circula
tion necessary in France, with only double their
population and not half their industry 1 The stress
that ought to be laid on this latter circumstance may
b' illustrated by comparing Asia with F.uropc in
ihis particular?double the population in the former
possessing, according tothe most accurate researches,
only one-fifth the quantity of gold and gilyer, which,
in addition to paper of all sorts, is required in the
latter. Now, the circulation of France was, before
the first revolution, set down by Neckar at
0001?and Thiers, in his history of that event, makes
a similar estimate.t Its present amount ought, in
reference to the increase of her capital and jwpula
tion, to be at least tiOO.OtXVfXK) of dollars, and accord
ingly. as was observed by one of my colleagues,
(Mr. Thompson) it is slated at that on good authority .4
\lr. Hothchild, in his examination before the Com
mittee of the House of Commons in 1H3?, mentions
the paper circulation of the Bank of France as
amounting to 750,000,000 of franks. According to
this; then we should require on the footing of popu
lation alone, at least 300,000,000 of dollars. So
much for the amount?now for the loss upon it.
Mr Gallatin considers It only as ?o innrh interest on
dead capital, and even the intereitl ho puts at an exceed
ingly low rate. But I apprehend the difference tothe
country between having a vast inert mass of gold and
silver as currency, and turning it into productive capital,
inust be determined not in reference to interest merely,
but to the profit of stock laid out, in active industry,
which is no where in this country less than 10 per cent,
and in the great majority of cases, the new states and
all included, nearer double that amount on an average.
You see then, sir, what an enormous loss a metallic cur
rency would be to the nation, without taking into the
account its wear anil tear. Look hack at the hall cen
tury that has passed away and say what that loss would
have been, on principles of coinjiound interest, from
the beginning up to the present day. Why, sir, it ex
ceed# all powers of calculation, nay of imagination Do
not suppose for a moment that so important, so palpable
a truth, although never stated in abstract terms or as a
general proposition, has not occurred to the people of
the United States. They have felt it without perceiving
it, they have acted on it without reasoning about it, they
have perfectly well comprehended the real uses of mo
ney without studying the principles of currency, and
ihcv have preferied paper as a circulating medium to
gold and silver,"because it was better for their purposes
than gold and silver, on the simplest maxims of pru
? deuce and economy. Yon may depend upon it, this
1 conclusion is. as deeply rooted as it is just. \ ov will
| never be able to shake it. All your policy will be of no
, avail, ns all legislation is forever vain which comes into
' conllict with the genius of a people, especially in mat
ters so deeply and visibly ulfeciing their private in
terest. The Barbarian who, in Ins impotent rage, threw
fetters into the Hellespont and scourged its foaming bil
lows, did not wage a more insane war against the nature
of things.
But we arc told that if it is an experiment that has
been proposed to us?we need not be alarmed at it, be
cause we arc accustomed to experiments, and successful
ones?that our constitution itself is a mere experiment.
Sir, I deny it ulterlv, and he that says so shows me that
i has cither not studied at all or studied to very little pur
. pose the historv and genius of our institutions 1 he
great cause of ilicir prosperous rcsulta-'-a cause which
everv one of the many attempts sincc vainly made to
imitate them on this continent or in Europe, only de
monstrates the more clearly?is precisely the contrary.
It is because our fathers made no experiments, and had
no experiment to make that their work has stood. They
were forced hv a violation of their historical, hereditary
rights iimler the rid common law of thru race to dis
solve their connection with tho mother country. Their
external, their federal relations were of course changed,
and ill that respect, nnd in that respect only, thoy wute
compelled to do their best in the novel situation in
which they stood. What relates, therefore, merely to
the union of tho Slates is all that gives the least coun
tenance to this superficial idea of an " Ex|>erinicnt"
which has done > o much to misguide the speculations of
some visionary minds upon these important matters.?
Even m this respect, however, an attentive study of
our historv will show that strong fi dcral tendencies ex
isted and hud, frequently, on former occasions manifest
ed themselves II But tho whole constitution of society
m the States, tho great body and bulk oJ" their public
law, with all its nuxims and principles?all that is re
publican m short, iu our institutions?remained after the
Revolution and remains noir with some very subordi
j nate modifications, what it was from the beginning ?
Our written constitutions do nothing but consecrate and
, fortifv the "plain rules of ancient liberty" handed down
j with Magna Charta, from the earliest history of our race.
It is not a piece of paper, Sir, it is not a few abstractions
engrossed on parchment?that make free governments
No, sir, the law of liberty must lit: inscribed on the heart
of the citizen, the word, if I may use the expression
without move-once, must become flesh , you must have
a whole peojilc trained, disciplined, bred, yea and born,,
as our fathers were to institutions like ours. Before the
colonics existed, the Petition of Right?that Magna
Charta of a more enlightened age?had been presented
[ in 1643 hv I.ord Coke and his immortal compcers ?
Our founder* brought it with them, and we have not |
gone one step beyond them?they brought these max
ims of civil liberty not in their libraries but in their
souls, not as philosophical prattle, not as barren gen
eralities, but as rules of conduct, as a symbol of public
duty and private right, to be adhered to with religious
fidelity, and the very first pilgrim that set Ins foot upon
the rock of Plymouth, stepped forth a living constitu
tion, armed at all points to defend ami to perpetuate the
liberty to which he had devoted his whole being.
I: only retinitis for me to advert briefly to one c?r
?Considerations on the elirrrncy nnd banking of the
United States. Philadelphia, IS,II.
? See an article in Blackwood's Magazine, for last
February.
J Rurke's b'tfer on the French Revolution.
Thier's Hist do I*. Revolution Francaise v. 5, p. 21.
KCommitter at Albany, Ace.
two additional topics and I have (!<?*? It ha.- been
argued at> if the currency Riven to bank |*per in this
country, were due almost uxelusively to ine counte
nance which government affords it. by receiving it
in payment of public dues. Certainly, Sir, the pa
tronage of government is an important concurring
cause of this credit, bin it is not true that it is evwn
[ tial to it- What does the House of Hothchild owe
uj the government^ of Europe; that House to which
all the governments on the continent are obliged to
have recourse in their financial exigeucie* I And
here let me call 'he attention ot those who deel lim mi
vehemently against the ageucy of blinking corpora
tions, to the fact, that this mighty house, w iin its
scarcely less than royal intluence and splendor, like
most ot the other establishments of the same kind in
Europe, is no corporation at all, but a mere private
partnership, and to the additional lact, that this co
lossal fortune lias b -en amassed in little more than a
single generation, by an obscure person bmiina
corner of the Juden.?Strasse of Franklort on the
mainc.aud his four sons. Do you not see then, sir,
that the odious common place* ab jut money
puwer," and " the political powers," either have no
meaning or apply with all their force to every ac
cumulation ot capital, and all the great results of
modern commerce 1 The " money power, 1 pre
sume signifies "the power of money,' which is
widely did used in this country, thanks to the pro
tection of equal laws, and which will exist and con
tinue to have its intluence, so long a.s those laws
shall protect it from ct>njisc<itu>n, whether it shall bor
row the credit of the government, or the government
I shall borrow its credit. It is scarcely necessary to
notice an idea, analogous to the last , which has been
very much insisted on, and that is, that the com
merce of New York has been built up by govern
ment credits. Why, Sir, this does appear to me too
extravagant to need exposure. New York has been
built up by her unquestionable natural advantages,
and there is no measure of this government?there
is only one event, that can possibly deprive her of
her immense commercial ascendancy,?the dis
solution of the Union?/W, and nothing but t/uit,
can do it. Commerce, as I have already remarked,
leads every where to centralization: look at Liver
pool?look at Ilnvre, the last in a hard money coun
try. But on this head there is a very important con
sideration, which has been urged with all his admi
rable eloquence by one of my colleagues in the
Senate. (Mr. Preston.) If this concentration of com
mercial business at that city be injurious to the
others now, what will it become, if by collecting the
revenue in gold and silver, and thus making gold
and silver mere merchandize, you add to the disad
vantages of centralization, all the difficulties of pro
curing coin?make New York the great specie
market?and render the whole country tributary to
the money changcrs of Wall street 1
Sir, a word more to the South and for the South.
When your system of protection was still in all its
vigor, we, (I mean the people ot' South Carolina.)
sent you a Protest against its principles and tenden
cy, which contained among other objections to it,
one that deserves to be repeated here. We told you
that we depended absolutely upon commerce?com
merce on the largest scale?commerce carried on,
as it has been for the last half century, with an
ever increasing production, provoking and creating
an ever increasing consumption, and permitting us
to send a million (now a million and a half) of
bales of cotton into the market, without any danger
of a glut. We told you the staple commodities,
especially the principal one which we produced,
were among the very few in the production of which
slave labor can enter into competition with Iree.
We reminded you that, great revolutions in trade,
sometimes arose from apparently slight causes, and
that however far it might be from your purpose, or
even your apprehensions, it was possible that your
legislation might occasion us the loss of our foreign
market, our only resource?that the result of that
loss to us would be poverty and utter desolation, that
our people in despair, wonldemigrate to more fortu
nate regions, anil the whole frame and constitution
of our society would be seriously impaired and en
dangered, if not dissolved entirely. And we adjured
you not to persist in a course .of legislation of which
the benefit to yourselves, even were they unques
tionable, were nothing in comparison of the danger
to which they exposed us?a danger which, how-.
ever contingent or remote, involved our whole
existence, and could not be contemplated without
well founded alarm.?Sir, I repeat to you now?1
repeat to the representatives of the whole South up
qh this (loor?the words then addressed to the Hou>e
on a different subject. Let well alone. Resist this
uncalled for innovation, of which no one can lore
see the whole extent nor the ultimate results. Mark
what your Secretary of the Trcasary has told you
in tin''very paper in which he reveals the project on
the table?voir produce too much cotton. Go home
gentlemen of the South, and tell your people that
their successful industry is a vice?that the fertility
of theirsoil is a curse?that their excessive produc
tion occasional disorders in the state?and that the
remedy for our troubles, is that tfunj should live on
short commons.
Let them co-operate with our political economy,
by depriving themselves of the little mercantile
capital thev have?let them abolish those corpora
tions to which people who cannot themselves do
business with the \vidow and the orphan have con
tributed their means for the accommodation of com
merce?let them but do this, and their docility will
be admirable, and shall have our approbation.
Sir, before 1 take my seat there is one other topic
that I feel it my duty to advert to?I mean to the sup
posed injurious effects of Hanking institutions upon
the laboring classes of society. Although I have
no doubt but that there are many defects in (he con
stitution, as well as the management of those institu
tions in this country, and should be most willing to co
operate, if occasion served, in reforming them, I have
no hesitation in acquitting them at least of <A?'*charge.
Who that hasever heard of the relation bet ween capi
tal and labor, between wages and profits, but must see
at once,that it is unfounded; and accordingly Hume
objects to banks that by their issues they raise wages,
and so hurt the manufacturing interests of a nation.
1 have already remarked that one bf the effects of
an increasing currency is to make a distribution of
the wealth of society more favorable to the indus
trious classes of it?to confiscate, in a manner, the
property of tho-*c who live on fixed incomes, for the
benefit of those who produce the commodities' on
which those incomes are laid out. It is for this rea
son that the radicals of England?Mr. Atwood, lor
example?are all strenuous advocates of paper
money, and even of inconvertible paper. The idea
that the poor are to gain by a return to metallic cur
rency, is so far as I know, confined to their friends
in this eountrv, whose z.'al is certainly greater than
their knowledge. It is true, sir, that among other
disadvantages attending frequent fluctuations in the
currency, it is said that wages are the last thing that
rises in a case of expansion. And that may be so in
countries where the supply of labor is greater than
the demand, but the very reverse is most certainly the
fact here where the demand?especially, when stimu- !
lated by any extraordinary increase,real or fictitious, of
capital?is always greater than the supply. All pricc j
is aquestion of power, or relative necessity between .
two parties, .and every body knows that in a period of \
excitement here wages rise immediately, and out i
of all proportion more than any thing else, because (
the population of the country is entirely inadequate j
to its wants. During the last year, for instance, the i
price of labor became so exorbitant, that some of |
the most fertile land in South Carolina, rice fields i
which have been cultivated a hundred years, were j
in danger of being abandoned from the impossibility j
of paying for it. Sir, as a Southern man, 1 repre
sent equally rent, capital and wages, which are all ?
confounded in our estates?and 1 protest against at- |
tempts to array, without cause, without a color of
pretext or plausibility, the different classes of society
against tine another, as if in such a country as this
there emUd be any natural hostility, or any real dis- I
tinetion b'tween them?a country in which all the
rich, with hardly an exception, have been poor, and j
all the poor may one day b ? rich?a country in which i
banking institutions have been of immense service, !
precisely b'cause they hav.e been most needed by a 1
people who all had their fortunes to make by good i
character and industrious habits, Look at thai re- :
markable picture?remarkable not as a work of art,
b it as a monument of history?which you see in pas- J
sing through the Rotunda. Two out of five of that \
immortal committee were wcArt/i/V.<and such men !? !
In the name of God, sir, why should any one study i
to pervert the natural good sen^e, and kindly feel- I
ingsof this moral and noble people, to infuse into tlicir
minds a sullen envy towards one another, instead of
that generous emulation which every thing in their
situation is fitted to inspire, to breathe into them the
spirit of Cain, muttering deep curses and meditating
desperate revenge against his brother, because the
smoke of his sacrifice has ascended to heaven before
his own! And do not they who treat our industri
ous classes as if they were in the same debased and
wretched condition as the poor of Europe,
insult them by such an odious compari- ,
son 1 VVhy, sir, you do not know what po
verty is?we have no poor in this country,
in the sense in which that word is used abroad.
Every laborer, even the most humble, in the I nited
States, soon becomes a capitalist, and even, if lie choose,
a proprietor of land, for the West with all its boundless
fertility is. open to him How can any one dare to com
pare the mechanics of this land, whose inferiority in
anv substantial particular?in intelligence, in virtue, in
wealth?to the other classes of our society 1 have yet
* Franklin and Sherman, signers of the Declaration
to tarn, with that race of eutcaaU, of which ao terrific
? picture M presented by rtwent writ? poor of
L grope ? ? race, among no mromidflrabte portion of
whom famine and pestilence may be aaid to dwell con
tinually?many of whom arc without morala, without
education, without a country, without a God ! and may
be raid to know aociely only by the teirora of ita penal
code, and to live in |?rpeuial war with it?poor bond
men ! mocked with the name of liberty, that they may
be sometimes tempted to break their chains, in order
that after a few daya of atarvation in idleness or dissi
' pation, they may t?e driven back to their prison-house,
I to take them up again, heavier and more galling than
| before?severed, aa it has been touchiugly expressed,
| from nature, froin the common air and the light of the
1 sun, knowing only bv hearsay, that the fields are green,
that the birda sing, and that there is.a perfume in flow
i era * And ta it with a race whom the perverse institu
tions of Europe have thus degraded beneath the condi
tion of humanity ; that the advocates, the patrons, the
protectors of our working men, presume to compare
them ! Sit, it is to treat them with a scorn, at which
their spirit should revolt and does,revolt. Just before
1 left Charleston, there was a meeting called for some
piirjxxe which waa regarded by ihe people of that city
as unfavorable to public order. There waa something,
I suppose, in the proceedings, which looked to the m
1 vidious distinction of which i have been shaking ; for
I it led, as I have heard, to an i xpreaakm of sentiment
I from one of our mechanics,t which struck me aa noble
I beyond all praise. He said he wondered what could bo
I meant by addressing to the industrious classca particu
! larly, all inflammatory appeal* against the institutions of
I the country?aa if they were not a part of the comma
1 nity, as much interested in its order and peace, as any
other?as if they had no ties of sympathy or connection
with their fellow citizens?above all, as if they had not
intelligence and knowledge enough to take carc of their
own interests, but were reduced to a state of perpetual
pupilage and infancy, and needed the officious protec
tion oi' self-constituted guardians! Sir, that was a
aentii.ni nt worthy of a freeman, arid which may be re
corded, with honor, among the sayings of heroes.
Mr. Chairman, I thank the committee for the atten
tion with which it has honored me. I have detained it
long : but I was full of the subject which appears to inc
to be one of vast importance, in all its bearings. I have
spoken what I felt and thought, without reference to
Karty. But 1 will say one word to those with whom I
ave generally acted on this floor. 1 have heard that
some of them disapprove this measure, but are dis|>oscd
to vole for it to oblige their friends. Sir, this is a strange
and a great mistake. A true friend ought to be a faith
ful counsellor, l^et them remember the deep reproach
which the great poet puts in the mouth of one of his
heroes:
H:ulst thou bul shook thy head, or made a pause,
When 1 spoke darkly what 1 purposed,
Or turned au eye of doubt upon my face !
* Micbelet.
f Mr. Harliy.
FOREIGN NEWS.
THIRTEEN DAYS LATER FROM ENGLAND.
By the arrival of the Liverpool packet ship Orpheus, ?
Capt. Buiislev, we received on Saturday accounts
from Iiondon to the 16th September, and Irom Liver
pool to the 16th. Theac dates arc thirteen days later
than those last received, aad yet I'hey contain little po
litical intelligence of anv interest.
The Parliamentary elections being over in England,
partv politics there have for the present lost much of
their activity, and Parliament, which was convened to
meet on the 11th September had been prorogued to the
2d October.
Tranquillity also pervades France. It is again posi
tively stated that the dissolution of the French Chamber
of Deputies had been actually determined on. Very
[ extensive preparations continue to be made for another
| expedition to the coast of Africa, which is intended to
act against the Bey of Constantino. The Duke de Ne
mours has a command in this expedition.
The Peninsula continues in a state of the utmost an
archy and confusion. In La Mancha, the Queen's
troops had been compelled to give wav before the Car
i lists. In Old Castile the Carlists had resumed the of
fensive under their chief Zariategui. In Lower Arra
gon the Carlists were inactive, which had given rise to
a variety of reports, amongst which was one that Don
Carlos had been taken ill and returned to Cantavicja.?
Martial law had been proclaimed by the Queen's cotn
j matider, Baron de Meer, in the four provinces of Cata
lonia. Strong suspicions were entertained of the loya
lity of Geneia! Espartero, the chief commander of the
Constitutional army. Ti?e Spanish capitol was perfect
ly tranquil; it was feared however that that tranquillity
would not endure for any length of timo.
The state of atTairs in Portugal appears to be much
! of the some character as in Spain. The contest be
tween the friends of the charter granted by Don Pedro
and the supporters of the more democratic institutions
since introduced, being still undecided. The Baron
de Botnfin commands the troops of the existing Govern
ment, and the Marquis de Saldanha those of the party,
the former term rebels. The latter are evidently in
considerable strength, and the principal opposition they
seein to apprehend is from the National Guard in Lis
bon.
The cholera still rages with great violence in the
south of Europe and has also broken out in Berlin.
ENGLAND.
London, Sept. 9.
The firmness which has been for some weeks dis
played by the public securities wan increased by tho
rather unexpected determination which was communi
cated to the moneyed and commercial interests on
Thursday afternoon, of the directors of the Bank of
England to reduce the rate of interest of money advanc
ed upon loans from 5 to 4 per cent. The official notice
relative to this subjcct is as follows :
" The Governor and Company of the Bank of Eng
land do hereby give notice that on and after tho 7th in
stant, they will be ready to receive applications for loans
on the deposite of approved bills of exchange, not hav
ing more than 7 months to run : such loans to bo re
j paid on or before the 20th of October next, with mte
| rest at the rate of 4 per cent, per annum, and to be for
I sums not less than 2000^-ach. Bank of England, Sep.
7, 1?37"
V'erv considerable doubts arc entertained by some
parties in the citv as to the j?olicy of the step which the
directors of the Bank have come to j the present low
rate of interest realised for advance in the city generally
being considered. The private bankers are discounters
of that class of paper which would be received by the
bank in deposite at 3 and 3 1-2 per cent, and apprehen
sions are indulged that the measure adopted by the
Corporation will revive speculation and lead again to the
recurrence of many of those evils, frotn the effects of
which the commercial and trading classes have now
nearly recovered. At tho same tune it is not denied
that there may be occasion for the extension of the ac
commodation of the Bank before long. Capital will be
inconsiderable request in a fortnight or three weeks to
meet the heavy payments into the Exchequer for duties
previously to thu close of the financial quarter. There
are also very heavy bills of exchange falling due for
produce imported from China to the East Indies
and other places; add to this, that to meet the
general purposes of trade, the fourth of the next month
will bring a good quantity of paper to maturity, and the
prompts which will be required for lite large sales of
colonial and foreign produce which have been com
menced, and it is more than probable that without tho
offer of the bank to make advance of 4 percent, the
value of money would have extended much above that
rate. All things considered, therefore, the Bank Direct
ors are entitled to credit for the course thev have adopt
ed, as facilities will be given to trade should a pressure
again arise, which might, without the interposition of
the Corporation iu reducing the value of money, very
materially tend to check that improvement which is now
so apparent in all tho important branches'of commerce.
Tlio business transacted in the Funds this week has
been comparatively small, indeed scarcely a single bar
gain to any amount has been made since.the commence
ment of operations on Monday morning last The prices
of stock have been steadily improving, and Consols
for money have risen frotn 91 3-rt to 91 7-8 and for the
October account from 91 1-2 to 92. The highest prices
were realised immediately after the notice was com
municated to the Stock Exchange from the Hank of
England of the reduction in the rate of interest upon
advances, and they were maintained within a mere frac
tion up to the close of business ye.Uerd.iy afternoon ?
A considerable reaction has taken place in the value of
Exchequer bills this week, a notice having: been issued
for paying off all bills drawn in the months of July, Au
gust, and September in the last year, and for the issue
of other bt.'U bearing the same rate of interest as the
iast. There have been some sales of these securities
made in the expectation that', as money i* now so plen
tiful, and the value of stock so high, the Chancellor of
the Exchequer would think it a good opportunity to re
duce the rate of interest. The premium on all de
scriptions of bills has advanced from 42 to SO India
Bonds arc also higher than last week, having improved
frotn 46 to 50 prcm The last transfers m bank stock,
previous to the closing of the books oil Tuesday, were
made at 211. India Slock has risen to 2"<l) 1-2, and
for account 259 3 4
The contents of the private letters received from the
principal commercial houses in the city of New Vork,
S';S,',r ,nd<oihrrp?rt">r ^ L'nutd sutr. ,o
- I V l ,re of " f,vor,We ,c'>of The thr*, ' k.
el j wmrh have come in thu wh k haw hr?
nearly 1,000,000 dollar. gold ,lU, r
amount engaged for the ve... I. which were to'leave \
1 0rk ?Ub8t'l1up?? ?? ?hc .ailing of Ike ?hich have nisi
come in, ratlu-r e,ceed?i the jlMt ? "he
Lundo., line of packet .hip Toronto, ?|,.ch armed,,!
?*' hai n?l*??" soft,000 U, freight, a very larl
proportion of which are in wvereiim. 'Hie reinitlanc?.
Baring of lZou.7*
ncn pm M h" > r,",?1',he Anglo-Aii.e
e tl of ti! ? l,a4"'? Kood /..depend
ve v : ,hc Packet. have
v? Inch w ill i'I. *?7 " , cotto" ,nd ??her produce,
whii u will j.'o a considerable way toward, rtdocuw the
ndebladne.. (a new Jooathanwin) of the American to
; the Dm,.. merchant. According to the mo.i.cc"
ra ?. calculation, which had been made at New York
the debt due by the Americana to the Briti.h and other
, claimant., mclu.ive ol t|M. remittance. of tl... week, had
been reduced to 6,000.000 of dollar. I, i. estimated
j that (be foreign creditor.of America would lone by the
aterhngab?Ut 'hfCe <lu*ftt? of a million
| The Wool Trade ?Bradford The only alteration
! we can notice in the wool market to-day, j. an increa.
cd dullne.a. Price. do not vary The transaction.
the )arn market are to tQuch the .aine e*tent a. la.t
week, arid the .mall advance we mentioned a. having
" obtained on them ha* been confirmed to-day A
very fair amount of business has been done to day in
the niece market; rather more than on the two or three
market days previous The manufacturers are asking
higher price., and .ome have refused to sell st previous
I quotations, but we do not hear that an advance has
ueen-obuined.
VKRY LATK FltO.H K.\ULAM).
I he packet ship Independence, Capt. Nye,
arrived in New Vork, October 20, from Li
verpool.
The latest dates are London, 24th Sept ,
and Liverpool 25th, inclusive.
GREAT BRITAIN.
A proclamation was issued on the 20;h of Septem
ber, calling a meeting of the new parliament on the
14th of November, for despatch of business.
1 he King and CAueen of Belgium embarked at
Ramsgate, for their own kingdom, on board a go
vernment steamer, on the 19th.
Mr .Stevenson, the American Minister, returned
to Lotfdon on the 20th, from Liverpool, where |.?
-htnl been attending the meeting the Br itish Asso
ciation.
The half-yearly general meeting of the stock
holders of the Bank of England va> on the 21m
I he following is a condensed sk* . h ot the pro
ceedings :
The Court was not very numerously attended, al
though it was expected by many parties interested
in the American trade, that explanations of ihe po
sition in which the corporation has been placed in
reference* to the suspended houses, would be s? >n2-hr
for by $ome of the proprietors. This expectation
was not, however, realized, and the business of the
day was r tnfined solely to a few inquiries respecting
the amount of the rest (or surplus profits of the b.mk5
the dead weight, the branch Dank system, the letrai
proceedings of the London and Westminster Bank,
and the progress cf the business of the corporation
for the last six months.
The Governor said he had to state that the Court
of Directors, having carefully considered the state
of the Bank accounts, had come to the resolution of
recommending the declaration of a dividend, if the
proprietors thought fit, out of interests and profit*,
of 1 per cent., tor the half year ending the 10th ut
October next.
Mr. Selwyn could have wished that more copious
and extensive information had been given to the pro
prietors, to which lie considered they were entitled.
The worthy Governor had followed, however, the
footsteps of his predecessors in this respect, and in
order to elicit the information he wished to obtain,
he should propound a fair question.. What was the
amount of the rest at the time the accounts were
made up, upon which the Court of Directors agreed
to recommend that a dividend of 4 per cent., should
be declared ?
The Governor.?The amount of the rest at the
time the accounts were inspected was ?2,854,462.
Mr. Selwyn.?The next question I wish to put i-,
whether there has been in the last half year, any al
teration in the branch bank system?
A proprietor asked whether the prefitsof the cor
poration had increased or decreased, since the last
halt yearly meeting 7
The Governor stated that the profits in the last
half year had not increased; they were rather less
than in the preceding half year, but the sum was ton
small and insignificant to require any comment.
Dankof England.? The following is the quarter
ly average of the weekly liabilities and assets of the
Bank of England, from June 27 to Sept. 19, 1837 in
clusive:
liabilities. assets.
Circulation . .?18,914,000
Deposites 11,093,000
Securities.. ?26,605.000
Bullion 6,303,000
?32,908,000
?28,907,000
[ Downing street, Sept. 22, 1837.
A comparison of the above with the last oceount
'\,at, lh<~ circulation has been increased bv
?t.tjJ.OOO, the deposites increased by ?88,000 the se
curities decreased by ?112,000, and the bullion in
creased by ?549,000.
Anuria? Merchants ?The London Times of the
AM September, in alluding to the commercial affairs
withi this country, holds the following language:
" 11 ls said that some assistance is to be given of a
more effectual nature, in the liquidation of the claims
of the American houses in New York, and that a
gentleman of much experience in such business, ac
companied by one of the confidential clerks of the
bank itself, is about to proceed thither for that pur
pose. Whether this mission is undertaken expresslv
by the orders of the bank, or at the solicitation of
other parties, does not appear; but, coupled with the
total silence of the directors on this subject at the
meeting yesterday, it proves the correctness of the
general impression in the city, that the realization of
the effects of those houses in America is jroin" on
very badly."
Ihe liiited States frigate Independence arrived
at Portsmouth on the 20th of September.
From Ihe London Courier, Saturday, Sept. 2t.
" ( Hi/, 12 o'clock.?We are still without later ac
counts troin America, the wind being just now u
favorable for vessels coming from the westward.
Letters seem, nevertheless, to be preuy confidently
looked for by Monday. Several of the New York
packets are some time over-due. %
" The English market is steady, and, as is the case
with the foreign, there is little or nothing doing in
it. Consols for the account are 92, exchequer bill<
lt> to 48, and bank .stock for the opening2l() to 211 "
The Wandering Piper was performing in Liver
pool tor the ben fit of public charities.
I he John Hullon?A splendid new ship bearing
tne name of John Bolton, arrived in the Mersey on
Monday last, from CAuebec, having completed i(11
her first voyage, in fifteen days. She was built at
Quebec. Her dimensions arc?keel, 115 feet; beam,
35 feet; hold 2:1J feet, and measures I,(KM) tons bur
then. She has on board a cargo of 1,550 tons at a
draught of water under 20 feet.?Liverpool pn/rr.
Sir Francis Rurdctt has published a very long let
ter to Lord Melbourne, remonstrating against Un
contemplated sale of the royal stud, which the
birimet denounces as a penny-wise, pound-foolish
piece ot policy.
The papers are more than usually filled with a.
counts of murders, burnings, robberies and othe r
outrages in Ireland.
FRANCE.
A telegraphic despatch announced the arrival of
the Duke i~e Nemours at Bond, with hi- Miite, on
L jSeptember 13th. General Damrenmnt
had a skirmish with the cavalry of the Bey of Con
stantia, 12 leagues from that place, in which the lat
ter were repulsed, with trifling loss.
The Co mm free states the exports from France in
18.lt;, consisting of products and manufactures, to
have been somewhat more than ?8,000,000.
M. Cerfberr, the atrent appointed by the Govern
n: -nt to arrange the differences with the Republic of
I I lyti, left Paris for his destination on the Kith of
September, ft i* said'thatthe French Admiral corn
mandingon the West India station has received or
d<-rs to support M. Cerfb-rr, as occasion may re
quire.
THF. CHOLKRA.
The accounts of the Cholera at Marseilles, pre <>i
the most encouraging nature. On the 12ih of s-|
mkne flw, ?niii.h ir of* tirfiu itni II rI'l... . I .
n.v. VII' I'lttnisiH^ ? ^ '11 VII*,: Iw'll III I
tember the number of deaths was but 11. The <li
ease had made its appearance at Pisa, but not alarm
ingly. At R ?me it had somewhat diminished. The
number of nobl-*- who had fallen victims in that
city was 140. The principal mortality was in the
Trastavere quarter, and among the Jews t >n the
5(h and6th, f>H new cases had orenrreil, and 25t>
death The Berlin bulletin of the 21 hoitts fro in