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.THOMAS ALLEN. KDITOI 1MB r??HI"TOI. Tut M*m?ONU!? i* published Tri weekly duping the silting* of Congress, ?|*d Semi-weekly during the ?? cms, ?! 05 per annum. For til months, |3. No subscription will bo taken for a term abort of el* mouth* ; 11or unltta* paid for tn adrance. rales or AivsmaiNO. Twelve linee, or leaa, three iuaertiona, - ? 1 00 Each additional insertion, - - linger advertiseineiita at proportionate nitea. A liberal diacoiuit made to tbose who advertise by the year. VZT Subacribera may remit by mail, in bdla of aoJvent bank*, poUage paid, at our riak; provided it ahall ap Car by a poatinaater'a certificate, thai audi remittance a been duly mailed. A liberal diacount will be made to companies of fiet or more trMMinittins their aubaenptiona together. Poatmaatera, and othera authorized, acting aa our agents, will be entitled to receive a copy of the paper grali* for every five subscriber* or, at that rale per cent, on subscriptions generally ; the term* being fulfilled. Letters d comrminiealione intended for the esta blishment ? U not be received unless the pottage u paid. PllOSPECTt'S. The MiDiao.vuw will be devoted to the support of the principles and doctrine* of the democratic party, aa delineated by Mr. Madirou, and will aim to conatimniale that political reform in the theory and practice of the national government, which has been reoeatodly indi cated by the general suffersge, as aaaential to the peace and prosperity of the country, and to the perfection and perpetuity of it* free inatilutiona. At thia time a singu lar hlale of affair* is presented. The commercial in terest* of the country are overwhelmed with eo?bevr??? ment; its monetary concerns *re unusually disordered ; every ramification of society m invaded by distresa, and the social edifice seema threatened with disorganisation; every ear is filled with predictions of evil and the mur muring* of despondency; the general government ia boldly?assailed by a large and resectable portion of the people, a* ilia direct cause of liieir difficulties j o|?en resistance to the laws is publicly encouraged, and a spirit of insubordination is fostered, as a necessary defence to the pretended usurpations of the party in power; some, from whom better things were hoped, are making the " confuaion worso confounded," by a head long pursuit of extreme notions and indefinite phantoms, totally incompatible with a wholesome state of the country. In the midst of all these difficulties and em barrassments, it 1* feared that many of the leas firm of the friends of tho administration and supporters of democratic principle* are wavering in their confidence, and beginning, without just cause, to view with diatrust those men to whom they have been long attached, and whose elevation they have laboured to promote from honest and patriotic motive*. Exulting in the anticipa tion of dismay and confusion amongst the supporters of the adininiatration as tho consequence of these things, the opposition are consoling themselves with tho idea that Mr. Van liurcn'a friends, as a national parly, are verging to dissolution ; and they allow no opportunity to nass unimproved to give eclat to their Own doctrines. They are, indeed, maturing plan* for their own future government of the country, with seeming confidence of certain success. This confidence is increased by the fact, that visionary theories, and an unwise adherence to the plan for an exclusive metallic currency have unfortunately carried some beyond the actual and true policy of the govern ment ; and, by impairing public confidence in the credit system, which ought to be preserved and regulated, but not destroyed, have tended to increase the difficulties under which the country is now labouring. All these seem to indicate the necessity of a new organ at tho seat of government, to be established upon sound prin ciples, and to represent faithfully, and not to dictate, the real policy of the administration, and the true sentiments, measures, and interests, of tho great body of its sup porters. The necessity also appears of the adoption of more conservative principles than the conduct of those seems to indicate who seek to remedy abuse* by de stroying the institutions with which they are found con nected. Indeed some measure of contribution is deemed essential to the enhancement of our own self-respect at home, and to the promotion of the honor and credit of the nation abroad. To meet these indications this undertaking has been instituted, and it is hoped that it will produce the effect of inspiring the timid with couragc, the despondiqg with hope, and the whole country with confidence in tho administration of its government. In this view, this journal will not seek to lead, or to follow any faction, or to advocate the views of any particular detachment of men. It will aspire to accord a just measure of sup port to each of the co-ordinate branches of the govern ment, in the lawful exercise of their constitutional prerogatives. It will address itself to the understandings of men, rather than appeal to any unworthy prejudices or evil passions. It will rely invariably upon the prin ciple, that the strength and security of American insti tutions depend upon the intelligence and virtue of the people. The Madisonia'X will not, in any event, be made the instrument of arraying the north and the south, the east and the west, iu hoslilo attitudes towards each other, upon any subject of either general or local interest. It will reflect only that spirit and those principles of mutual concession, compromise, and reciprocal good-will, which so eminently characterized the inception, formation, and subsequent adoption, by the several States, of tho con stitution of the U nited States. Moreover, iu the same hallowed spirit that has, at all periods since tho adoption of that sacred instrument, characterized its dkkknck by the people, our press will hasten to its support at every emergency that shall arise, from whatever quarter, and under whatever guise of philanthropy, policy, or principle, the antagonist power may appear. If, in this responsible undertaking, it shall be our good fortune to succeed to any degree in promoting the harmony and prosperity of the country, or in conciliating jealousies, and allaying the asperities of party warfare, by demeaning ourself amicably towards all; by indulg ing personal animosities towards none; by conducting ourself iu the belief that it is perfectly practicable to differ with others in matters of principle and of expe lcncy, without a mixture of personal unkindness or loss reciprocal respect; and by " asking nothing that is not clearly right, and submitting to nothing that is wrong," then, and not otherwise, will the full measure its intention be accomplished, and our primary rule for its guidance be sufficiently observed and satisfied. This enterprise has not been undertaken without the approbation, advisement, and pledged support of many of the leading and soundest minds in the ranks of the democractic republican party, in the extreme north and in the extreme south, in tho east and ill the west. An association of both political experience and talent of the highest order will render it competent to carry forward the principles by which it will be guided, and make it useful as a political organ, and interesting as a journal of no\ Arrangements also have been ;nade to fix the establishment upon a substantial and permanent basis. 'I lie subscriber, therefore, relies upon the public for so much of their confidence and encouragement only as the fidelity of his press to their great national interests shall prove itself entitled to receive. THOMAS ALLEN. "Washington City, D. C. July, 1837. EXCHANGE HOTEL. THE SUBSCRIBERS, having leased the Exchange Hotel, (late Tages'*,) and having .filled it up in first rate style, will lie prepared to receive visiters on MON DAY the 9th inst. The location of the hous.', being with in a few minutes walk of the depot of the Baltimore and Ohio, Washington and Baltimore, and Philadelphia Rail roads, as well as the Slcarn'mat to Philadelphia, Norfolk, and Charleston, S. C., makes it a desirable place to all travellers going to either section of the country. This HOTEL attached to the Exchange Buildings in this city, has been erected and furnished at a great cost by the pro prietors, and is designed to lie a first rate hotel. It 1* the intention of the subscribers to make it for comfort, re spectability, &c. tie., equal to any house in the United Stiiles. Tbe undersigned flatter themselves that they need only promise to all who may patronise the establish ment, that their best effort* shall be exerted to please, and at charges which they hope will meet their appro1.a iona, JEWETT & DE BUTTS. Baltimoie, Oct. 7, 1937. 4w!2l II OUSE FURNISH IN O GOODS.?We have for salc ?j0 pieces ingrain carpeting, which we will sell low 50 d<? Brussels. *1? 5-4, fM, 10-4, and 12-4 Linen Sheetings. 100 do 7-4, 8-4 Barnsly Diaper*. H;4, 10-4 and 20-4 fine Table Cloths. Napkins to match. 1 bale Russia Diaper. 1 bale wide Crash. Also, 50 Marseilles Quilts. Sf p 0?3tw2w BRADLEY &CATLETT. THE MADISON! AN. VOL.1. WASHINGTON CITY, FRIDAY, NOVEMBER 3, 1837. NO. 29. ^OK BALE, Oil BARTER, far property ??? ? in the city of New York, or lands in Illi aatKlL ,IOI,' ^ v*)uable property iu the ? 84? villu'e of : W? IE? The rauid growth of Oswego, iu un surpassed *dvsnt*ij?? and great prosper!*, are loo writ and too generally known to require a particular descrip tion By A ?ery MUM description of the property is deem ed unnecessary as it is presumed that purchasers living at a distance will como and s?e, before they conclude a aargain. Suffice it lo My, that it is among the very best bu the plait, U_r INone mil lamls ur tnr. flr?t quality, with a perfectly ciear title, and free of uieuotUr ace, will be taken in ex tb 1LS letters pom paid, addressed to lite subscrilwr, at Oswego, will meet with prompt attention. An ample de scription of the property offered in exchange is requested. I* East Osweoo.?The Ragle Tavern and 3tore ad joining, on First street, with a d.. riling house ami stables on Second street, being original village lot uo. 50, 66 feet i?n First street, running cunt 2U0 feet to Second street. The south half, or original village lot no. 44, being 33 feet on First street, runningeast '400feet to Second street, with the buildings erected thereon. The north-east corner of First and Seneca (late Tau rus) streets, being 00 feet on First, and 100 feet on Sene ca streets, with the buildings erected thereon?comprising pari of original village lots nos. 41 and 42. Three lots, each with a dwelling, fronting Se?ond street; the lots are 22 feet wide by 100 deep, being part of original village lot no. 41. Lot, with dwelling house, [original village lot no. 26,] being GG feet on First street, running west atiout 250 feet, across the canal into the river, so that it has four front*. In Wbst Oswkoo.?Lot corner of Fifth and Seneca (late Taurus) streets, opposite the public square, being on Seneca street 143, and on Fifth street 198 feet, with dwell ing, coach house, stabling, and garden. The Utter is well stocked with the best and rarest fruit, ornamental shrub bery, flowers, 6cc. A lot adjoining the above, being 78 feet on Fourth stmt by 68 feet in depth. Si* lots on First street, each 22 feet in1 front, running co.it 100 feet to Water street, with the buildings thereon. The Wharf and Ware houses on Wa ter street, opposite the foregoing, being 132 feet on Water street, and running east about 110 feet to the river. (This w harf has the deepest water in the inner harbor.] . , Lot corner of Senecn and Second streets, being 21 feet on Scoeca, and 66 feet on Sccond streets. Five Lots ad joining the foregoing to the east, each being 23 feet on Seneca street, by 66 feet in depth. The above being part of the original village lot no. 36. The north half of block no. 63, being 2(H)'feet on Utica [late Libra] street, by 198 feet on Third and Fourth streets. Ott Van Bitrkn Tkict.?Lot no. 1, Montcalm street, cieing 200 feet deep, and running north along Montcalm street several hundred feet into the Lake. Lots no. 2 and 3, Montcalm street, each 66 by 200 ft. 12 " 13 " " 13, 11, and 15,being 315 ft. on Bronson st. 210 on Van Duren St. 300 on Eighth st. North 3-4tlis of lot no. 25, corner of Van lluren " aA Eighth streets, being 200 feet on Van Duren, and 148 t eet on Eighth streets. Lot 82, south-west corner of Cayuga and Eighth streets, 66 by 198 feet. Lots 83, 84, 85, 86, 87, on Cayuga st. 66 by 1D8 ft. 88, s. e. comer of Cayuga and Ontario streets, 198 . by 104 feet. 89, s. w. corner of do, 198 by 195 ft. 70, on Seneca St., 66 by 198 feet. 59, s. w. corner of Seneca and 8th at*., 66 by 108 ft. 50, n.e. corner of Ontario and Schuyler streets, 198 by 101 feet. 59. on Seneca street, 66 by 199 feet. 75, s. e. corner of Seneca and Ontario streets, 198 by 104 feet. 76, s. w. corner of do. 198 by 130 ft. 64, n. e. corner of do. 198 by 104 ft. 46, 47, 48, 49, on Schuyler St., 66 by 198 ft. The incumbrances on the whole of this property do not exceed sixteen thousand dollnrs, which may either re main, or if desired, can be cleared off. J. C. BURCKLE. Oswego, N. Y., Aug. 22, 1837. 2m6 ID" Compris ing the original 'village lots no. 3 and 4. PLUMBER'S BUSINESS?The subscriber, from Baltimore, takes this method of informing the citizens of Washington and vicinity, that he w ill remain n few days, and make arranaemcnts for undertaking any of the follow ing kinds of work in his line of business, viz. The erect ing of Water Closets,.Force or Lift Pumps, Baths, hot or. cold, fitted in a superior manner, the conveying of water from springs to dwellings, and through the different apart ments, draining quarries, or any kind of lead work. Ho can be seen at Mr. Woodward's. DAVID BAIN. N B.?He has w ith him a few Beer and Cider Pumps, to be seen as above. CLEMENT WOODWARD, Bcrwecn 10th aud 11th sts., Penn. Avenue. Oct. 18-23 CHINA, GLASS AND QUEEN'S WARE. MOSES POTTEH, 46 South Charles St., Baltimore, HAS just received and is now opening, five hundred nml forty package* of the above description of goods, adapted for the Southern and Western markets?Con stantly on hand, English, Iron Stone, and Granite China, suitable for extensive hotels and steamboats?all of which will lie sold on as favorable terms as can be bought in any city in the Union. Oct. 10. tf22 SAMUEL HEINECKE informs his friends and the public, that ho has taken a room four doors north ol Doctor Gunton's apothecary store, on ninth street, where he will carry on his business. He feels confident, from his long experience in cutting all kinds of garments, that general satisfaction will be given to such as may favor him with their custom. aep 23 3taw3w WILL BE PUBLISHED on Monday next, No 1 of the UNITED STATES MAGAZINE AND DE MOCRATIC REVIEW, with a full length engraving in copper of Col. Benton addressing the Senate?after a fine sketch by Fendcrich. table op contents. 1. Introduction. The Democratic Principle? The importance of its assertion, and ap plication to our political system and lite* rature. 1 2. The Battle-Field. By Win. Cullen Bryant. 15 3. Nathaniel Macon. - 17 4. Autumn. By Mrs. E. L. Follen. - - 27 5. The Constitution Oak. 28 6. The Toll-Gatherer's Day, a Sketch of Tran sitory Life. By the Author of "Twice Told Tales." 31 7. The Worth of Woman. From the German of .Schiller. ..... 35 8. Mexican Antiquities of Palenque and Mit lan, in the Provinces of Chiapa and Oazaea. ...... 37 9. Palestine, An Ode. By J. G. Whittier. 47 10. Miriam, a Dramatic Poein. ... 49 11. Storin Stanzas. .... - 67 12. Glances at Congress, by a Reporter, No. 1. ?The Extra Session?the American Union ?the Hall of the House?the Sneaker? Henry A. Wise?Eli Moore?Caleb Cush ing?John Quincy Adams?C. C. Cambrc leng?Ogden Hoffman. 13. Enigma. By A. H. Everett, Esq., Boston, Massachusetts. 14. Political Portraits, with the pen and pencil. No. 1. Thomas Hart Benton. [With nn engravine.] .... 82 15. Epitaph. From the Greek Anthology. IK) 16. European Views of American Democracy. IV Tooqucnlle. .... 90 17. The River. - - 18. The Moral of the Crisis. .... 19. Retrospective view of European Politics. (Introductory Article lo the Historical Register of European Event*.) The system pursued at the Congress of Vienna?Its in flitenco on France?England 111 1915 and 1935.? FRANCE. Gain in Democratic Liberty sinre the Re volution?Ijouis Phillipe?Boerne on Liberty. GER M *N Y. Policy and effect of abolishing the Empire. PRUSSIA. Ilspnliey and influence?The tariff union and currency?Philosophy of the Germans?School system?Military organization?Municipal government. AUSTRIA. Its internal condition and political posi tion?llumrarinn diet?and Baron Wesseleny. MI NOR STATES IN GERMANY. The Press?The Polish Revolution. SPAIN AND PORTUGAL? HOLLAND AND BELGIUM. DENMARK AND SWEDEN. SWITZERLAND. ITALY. Austri an influence?Fortifications of Brisen. RUSSIA. Probabilities of collision with Eneland?Consequence of thu ascendency of the Democratic principle in Eng land?Conclusion. O.lico of the U. S. Magazine and Democratic, Review corner of 10th and E streets, Washington. 3t?23 [N. Y. Eve. Pout and Com. Adv.]! ?PBKCH Of MM. WKBITKHi or Mi?sACin;anT?, In Senate, September 38, 1837?The Senate having resumed (he consideration of the bill " impi?uiR additional dulie*, as depositories in certain case*, on public officers," with the amendment ottered thereto by Mr. Calhoun? Mr. WEBSTER addressed the Senate as follows; M*. Prmidknt: I am opposed to the doctrines of the message, to the bill, and to the amendment of the member from South Carolina, (Mr. Calhoun.) Is all these 1 see nothiug for the relief of the country; but I do see, as I think, a question involved, the im portance of which transcends all the interests of the present occasion. It is my purpose to state that question; to present it as well to the country as to the Senate; to show the length and breadth of it, as a question of practi cal politics, and in its bearing on the powers of the Government; to exhibit its importance, and to ex press my own opinions in regard to it. A short recital of events and occurrences' will show how this question has arisen. The Government of the United States completed the forty-eighth year of its existence under the pre sent Constitution on the 3d day of March last. During this whole period, it has felt itself bound to take pro per care 01 the currency of the country ; and no administration has admitted this obligation more clearly or more frequently than the last. For Urn fulfilment of this acknowledged duty, as well as to accomplish other useful purposes, a National Bank has beeu maintained for ibrty out of these forty-eight1 years. Two institutions oif this kind hare been created by law: one commencing in 1791, and limi ted to twenty years, and expiring, therefore, in 1811; I the other commencing in 1816, wi'h a like term of duration, and ending, therefore, in 183ti. Both of these institutions, each in its time, accomplished their purposes, so far as currency was concerned, to the general satisfaction of the country. But before the last bank expired, it had the misfortune to be come obnoxious to the late administration. I need not at present sneak of the causcs of this hostility.? My purpose only requires a statement of that fact, 1 as an important one in the chain of occurrences. The late President's dissatisfaction of the brink was intimated in his first annual message, that is to say in 1820. But the bank stood very well with the country, the President's known and growing hosti lity notwithstanding; and in 183*2, four years before its charter was to expire, both Houses of Congress passed a bill for its coutinuance; there being in its favor a large majority of the Senate, and a larger majority otthc House of Representatives. The bill, ' however, was negatived bv the President. In 1833, by an order of the President, the public moneys were removed from the custody of the bank, and were deposited with certain selected State banks.? This removal was accompanied with the most confi dent declarations and assurances, put forth in every form, by the President and Secretary of the Treasury, that these State banks would not only prove safe depositories of the_ public money, but that they would also furnish the country with as good a currency as it ever had enjoyed, and probably a belter ; and would accomplish ail that could be wish ed in regard to domestic exchanges. The substitu tion of State banks for a National institution, for the discharge of these duties, was that operation, which has becomc known, and is likely to be long remem bered, as the " experiment." For some years all was said to go on extremely well, although it seemed plain enough to a great part of the community that the system was radi cally vicious; that its operations were all incon venient, clumsy, and wholly inadequate to the pro posed ends; and that, sooner or later, there must DC an explosion. The administration, however, adhered to its experiment. The more it was com plained of, the louder it was praised. Its commen dation was one of the standing topics of all official communications; and in his last'"message, in De cember, 183f>, the late President was more than usually emphatic upon the great success of his at tempts to improve the currency, and the happy re sults of the experiment upon the important business of exchange. But a reverse was at hand. The ripening glories of the experiment were soon to meet a dread ul blighting. In the early part of May last, these banks all stopped payment. This event ot course, produced jjreat distress in the country, and it produced also similar embarrassment to the adminis tration. r , The present administration was then only two months old; but it had already become formally pledged to maintain the policy of that which had gone before it. The President'had avowed his pur pose of treading in the footsteps of his predecessor. Here, then, was difficulty. Here was a political knot, to be either untied or cut. The experiment had failed ; and failed, as it was thought, so utterly and hopelessly, that it could not be tried again. What, then, was to be done 1 Committed against a Bank of the United States in the strongest manner, and the sub>titute, from which so much was expect cd, having disappointed all hopes, what was the ad ministration to do 1 Two distinct classes of duties had been performed in times past bv the Bank of the United States; one more immediately to the Govern ment, the other to the community. The first was the safe-keeping and the transfer, when required, of the public monevs; the other the supplying of a sound and convenient paper currency, of equal cre dit all over the country, and every where equivalent to specie, and the giving the most important facili ties to the operations of exchange. These objects were highly important, and their most perfect ac complishment by the experiment had been promised from the first. The State banks, it was declared, could perform all these duties, and should perform them. But the " experiment" came to a dishonored end in the early part of May. The deposite banks, w ith the others, stopped payment. They could not render back the deposites; and, so far from being able to furnish a general currency, or to assist ex changes, (purposes, indeed, which they never had fulfilled with anv success,) their paper became im mediately depreciated, even in its local circulation. What course, then, was the administration now to adopt 1 Why, sir, it is plain that it had but one al ternative. It must either return to the former prac tice of the Government, take the currency into its own hands, and maintain it, as well as provide for the safe-keeping pf the public money by some insti tution of its own; or else, adopting some new mode of merely keeping the public money, it must aban don all further care over currency and exchange. One of these courses became inevitable. The ad ministration had no choice. The State banks could be tried no more, with the opinion which the admi nistration now entertained of them; and how else could any thing be done to maintain the currcn cv 1 In'no way but by the establishment of a Nation al institution. There was no escape from the dilemma. One course was, to go back to that which the party had so much condemned ; the other, to give up the whole dutv, and leave the currency to its fate. Between these two, the administration found itself absolutely obliged to decide; and it has decided, and decided bjldly. It was decided to surrender the duty, and abandon the constitution. That decision is before us, in the message, and in the measures now under consideration. The choice has been made; and that choice, in my opinion, raises a question of the ut most importance to the people of this country, b >th for the present and all future time. That question is, whether Congress has, or ought to hart, any duly to perform in relation to the currency of the country, beyond the mere regulation of the gold and silver coin, j Mr President, the honorable member from South Carolina remarked, the other day, with great frank ness and good humor, that, in the political classifica tion of the times, he desired to be considered as nothing but nn honest nullifier. That, he said, was his charactcr. I believe, sir, the country will readily I concede that character to the honorable gentleman. For one, certainly, I am willing to say, that I believe him to be a very honest and a very sincere nullifier, using the term in the same sense in which he nscd it himself, and in which he meant to apply it to him self. And I am very much afraid, sir, that (what ever he may think ot it himself) It has been under the influence of those sentiments which belongto his character as a nullifier, that he has so readily and so zealously embraced the doctrines of the President's message. In my opinion, t'-e message, the bill before us nnd the honorable member's amendment, form, together a system, a code of practical politics, the direct tendency of which is to nullify and expunge, or perhaps, more correctly speaking, by a united and mixed process of nullification and expunging, to abolish a highly Important and usefkil power of the Government. 'It strikes down the principle upon which the Government has been administered, in regard to the subject of the currency, through its whole history ; and it seeks to obliterate, or to draw black lin?s around that part of the constitution on which this principle of administration has rested. Th<> ?ystem proposed, in my opinion, is not only ami-commercial, but auti-consliluUuual also, and anti-union, in a high degree. You will say,*ir, thai this is a strong way of stating an opinion. It isso. I mean to stale the opinion in the strongest manner. 1 do not wish, indeed, at every turn, to soy, of measures which 1 oppose, (hat they either violate or surrender (lie constitution. But when, in all soberness and candor, I do so think, in all sob?me*s and candor I must so speak; and whe ther the opinion which I have now expressed bo true, let the sequel decide. Now, sir Congress has been called together in 11 ! moment of great difficulty. The characteristic of j the crisis is commercial distress. We are not sul-) fering from war, or pestilence, or famine; and it is , alleged by the President and Secretary, that there is no want of revenue. Our means, it is averred, are abundant. And yet the Government is in distress, and the country is in distress; and Congress is as sembled, by a call of the President, to provide relief. The immediate aiid direc: cause of all is, derange ment of the currency and the exchanges ; commer cial crcdit is gone, and property no longer answers the common ends and purposes of property. Go vernment cannot use its own meaus,and individuals are alike unable to command their own resources. The operations both of Government and people are obstructed; and they are obstructed, because the money of the country, the great instrument of com merce and exchange, has become disordered and useless. The Government has funds; that is to say, it has credits in the b3nks, but it cannot turn these credits into cash; and individual citizens are as Kid off as Government. The Government is a gKat creditor and a great debtor. It collects and it dis burses large sums. In the loss, therefore, of a proper medium of payment and receipt, Government is a suflerer. But the people are sufferers from the same causes; and inasmuch as the whole amount of pay ments and receipts by the people, in their individual transactions, is many times greater thnn the amount of payments and receipts by Government, the aggre gate of evil suffered by the people is also many times greater than that suffered by Government. Indi viduals have means as ample, in proportion to their wants, as Government; but they share with Govern ment the common calamity arising from the over throw of the currency. The honorable member from Mississippi, (Mr. Walker,) has stated, or has quoted the statement from others, that while the payments and receipts of Government are twenty millions a year, the payments aud receipts oi individuals are two or three hundred millions. lie has, I think, underrated the amount of individual payments and receipts. But even if he has not, the statement shows how little a part of the whole evil falls on Govern ment. The great mass of suffering is on the people. Now, sir, when we look at the message, the bill, and the proposed amendment, their single, exclusive and undivided object is found to be, relief to Ike Go vernment. Not one single provision is adopted or recommended, with direct reference to the relief of the peopl-j. They all speak of revenue, of finance, of duties and customs, of taxes and collections; and the evils which the people suffer, by the derangement of the currency and the exchanges, and the breaking up of commercial credit, instead ol' being put forth i ns prominent and leading objects of regard, aredis- j missed with a slight intimation, here and there, that, | in providing for the superior and paramount interest of Government, some incidental or collateral benefits may, perhaps, accruc to the community. But is Government, I ask, to care for nothing but itself! Is self-preservation the great end of Government 1 Has it no trust powers 1 Does it owe no duties, but to j itsell'1 If it keeps itself in being, does it fulfil all I the objects of its creation 1 I think not. I think Go vernment exists, not for its own ends, but for the pub- ' lie utility. It is an agency, established to promote the common good, by common counsels; its chief duties ? are to the people; and it seems to me strange and preposterous, in a moment of great and general dis tress, that Government should confine all delibera tions to the single object of its own revennes, its own convenience, its own undistuibed administration. I cannot say, sir, that I was surprised to see this general character impressed on the face of the mes- j sage. I confess it appeared to me, when the banks j stopped payment, that the administration had come to a pass in which it was unavoidable that it should take some such course. But that necessity was im posed, not by the nature of the crisis, but bv its own commitment to the line of politics which its prede cessor had adopted, and which it had pledged itself to pursue. It withdraws its care from the currency, because it has left itself no means of performing its own duties, connected with that subject. It has voluntarily, and on calculation, discarded and renounced the policy which has been approved for half a century, because it could not return to that policy, without admitting its own inconsistency,and violating its party pledges. This is the truth of the whole matter. Now, sir, my present purpose chicfly is to maintain two propositions: 1. That is the constitutional duty of this Govern ment to see that a proper currency, suitable to the circumstances of the times, and to the wants of trade and business, as well as to the payment of debts due to Government, be maintained and preserved ; acur rency of general credit, and capable of aiding the operations of exchange, so far as those operations may bi conducted by means of the circulating medi um; and that there are duties, therefore, devolving ! on Congress, in relation to currency, b -youd the ! mere regulation of the gold and silver coins. 2. That the message, the bill, and the proposed j amendment, all, in effect, deny tiny such duty, dis-1 claim all such power, and confine the constitntional 1 obligation of Government to the mere regulation of the coins, and the care of its own revenues. I have well weighed, Mr. President, and fully considered, the first of these propositions, to wit: that which respects the duty of this Government, in regard to the currency- I mean to stand bv it. It expresses, in my judgment, a principle fully sus tained by the Constitution, and by the usage of the Government, and which is of the highest practical importance. With this proposition, or this princi ple, I am willing to stand connected ; and to share in the judgment which the community shall ulti mately pronounce upon it. II the country shall sus tain it, and be ready, in due time, to carry it into cli'ect, by such means and instruments as the general opinion shall think best to adopt. 1 shall co-operate, cneerfully. in any such undertaking, and shall look again, with confidence, to prosperity in this branch of our National concerns. On the other hand, if the country shall reject this proposition, and act on that rejection; if it shall decide that Congress has no power, nor is under any duty, in relation to the cur rency, beyond the mere regulation of the coins, then upon that construction of the powers and duties of Congress, I am willing to acknowledge that I do not feel myself competent to render any substantial ser vice to the public councils on these great interests. I admit at once that if the currency is not to be pre served by the Government of the United States, 1 j know not how it is to be guarded against constantly ; occurring disorders and derangements. Before entering into the discussion of the grounds of this proposition, however, allow me, sir, a few words, by way of preliminary explanation. In the first place, I wish it to be observed that I am now contending only for the general principle, and not j insisting either on the constitutionality or expedi ency of any particular means, or any particular agent. I am not saying by what instrument or agent Congress ought to perform this duty; I only say it is a duty, which, in some mode and by some means, Congress is bound to perform. In the next place, j let it be remembered that I carry the ab^dutc duty ot , Government, iu regard to exchange, no farther tl?an j the operations of exchange may be performed by j currency. No doubt, sir, a proper institution, es tablished by Government, miglit, as heretofore, give | other facilities to exchange of great importance, and to a very great extent. But I Intend, on this occa sion, to keep clearly within the Constitution, and to assign no duty to Congress not plainly enjoined by the provisions of that instrument, as fairly interpre ted, and as heretofore undersiood. The President says, it is not the province of Go vernment to aid individuals in the transfer of their funds, otherwise than by the use of the Post Office; and that it might as justly Ik; called on to provide for the transportation of their merchandise. Now, I b?g leave to say, sir, with a" respect and deference, that funds are transferred from individual to individual, usually for the direct purpose of the payment and receipt of drb s; that payment and re ceipt are duties of currency; that, in mv opinion, currency is a thing which Government is bound to provide for and superintend; that the case, therefore, nas not the slightest resemblance to the transporta tion of merchandise, because the transportation of merchandise is carried on by ships and b>at*, by carts and wagons, and not by the use of currency, or , of any thing else over which Government has j usually exclusive control. The?e things individuals i can provide for themselves. But the transfer of! funds is done by credit, and must b? so done; end | 5nSiSd??lTy' "d ,herefore power ,w.I^e nmlur* ?f exch?ge, ?'r, is well understood bv person* engaged u> commerce; but as it* OIJenIS are a little out of the sight of other , ^ community, although they have all a demand plr manent interest m tie rabject, I ,?av be fa?dontlfor a WQrd or two of general explanation. I f domestic exchanges only. We mean, then by ex change, ibis same transfer of funds. Wt. * making ol payment in a distant place, or the receiv ing ol payment from a distant place, by some mode oi pa|it-1 credit*. If done by oraft, order, or bill of exchange, that is one form; if done by the transmis sion of b ink notes, through the past office, or other h.fkiV ,Knolhe.r form ,n each' credit is used ; in the first, the credit ol the parties whose names are on the bill or draff; in the laid, the credit of the bank Every man, sir, who looks over this vast country uid contemplates the commercial connection of As TiU? f'reat importance thatthis e^r ?nHKte ^ Ch?*P and easy T? 'he produ nUnl^r T i'e C0USTer',u ,ht manufacturer and the riml! ? !e me;chant.,oa"- 'n all classes, this be comes a matter of moment. We may see an instance n the common articles of manufacture produced in the north, and sent to the south and west for sale and HatVhoes- furniture, carriages, do S.? n# ,k 8re' and.var,0U8 other articles, thepro manufactories, and of those employ ments which are carried on without the aid of larife Mti.1? tihH SlitU^! 8 large part uf ,hi* lrade. " well '?'brics of cotton and wool. Now a state of exchange, which shall enable the producers to re ceive payments regularly, and without loss, is indis pensable to any useful prosecution of this intercourse Derangement of currency and exchange is ruinous The notes of local banks will not answer the Zr pose of remittance; and if bills of exchange cannot b. had, or can be had only at a high rate, how ispav E t?^ receiVed' or to ^ received without great 7" ?e^yfelt, even before the susnension of specie payment by the banks; and it w ill always be felt, more or less, till there is a cur rency of general credit' and circulation through the country But when the banks suspended, it became overwhelming. All gentlemen having northern ac quaintance, must know the existence of this evil I have heard it said that the hitherto prosperous and sXr'h\mg Ne*'ark has already lost a con f.v w ,,art of ,ts Population by the breaking up of its business, in consequence ofthese commercial em arw* i'2 casei'in which busin?s is not wholly broken up, if five or six ]>er cent., or more thJ riL1*? .1?" ange? ilby 8omuch enhances ine cast to the consumer, or takes away his profit from the producer. I have mentioned these articles ol common product of northern labor; but the same evil exists in all the sales of imported goods; and it must exist, also, in the south, in the operations con nected with its great staples. All the south must nave, and has, constant occasion for remittance by exchange; and no part of the country is likely to suffer more severely by its derangement. In snort there can be no satisfactory state of internal trade' w hen there is neither cheapness, nor promptness' nor regularity, nor security, in the domestic ex changes. I say, again, sir, that I do not hold Government bound to provide bills of exchange for purchase and sale. Nobody thinks of such a thing. If any insti tution established by Government can do this, as might be the ease, and has been the case, so much the better. But the positive obligations of Govern ment I am content to limit to currency, and so far as exchange is concerned, to the aid which may be afforded to exchange by currency. I have been in formed that, a few years ago, before the charier of the late bank expired, at those seasons of the year when southern and western merchants usually visit the northern cities to make purchases, or make pay ment for existing liabilities, that bank redeemed its notes to the amount of filly or even a hundred thou sand dollars a day. These notes, having been issued in the West, were brought over the mountains as funds to be used in the eastern cities. This was ex change ; and it was exchange through the medium of currency; it was perfectly safe, and it cost nothing. I his fart illustrates the importance of a currency of universal credit to the business of exchange. Having made these remarks for the purpose of ex plaining exchange, and showing its connexion with --ney, 1 proceed to discuss the general proposi f To he continued.] SPEECH OF MR. MASON, OF VIRGINIA, On the Bill imposing additional duties, as Depositories in ccrtain cases, o.n Public Of ficers. Delivered in the House of Represent atives of the United States, October, 11 1837. ' ' llie bill being under consideration, Mr. Mason said, Agreeing, as I most cordially do, in the several measures which have so lar been pre sented by the committee of ways and means, for the consideration of this House ; it is with' the utmost reluctance, that I am now brought to differ with those with whom I have hereto fore acted. This difference, however, I am pleased to consider, is at least but one of mere expe diency, and in itself contains nothing which should sever those who are united otherwise m the preservation and support of those great and leading principles, which actuate political parties. Differences of opinion necessarily pertain to deliberation?it is against the constitution of our nature, that it should ho otherwise? intelligence, reason, and sound judgment are alike hostile to entire unanimity?nor would our representative government be any thing more than a mere formal acquiescence in the will of some ordained superior; if the doctrine were allowed to hold, that party dis cipline exacts an unconsidered sanction to every measure, which brings a recommenda tion from the Executive chair. Such is certainly not the spirit of our in stitutions ; nor should it be the spirit of any party, that would act safely and wisely, or even successfully, in the administration of the government committed to their charge. Having thus premised, I will proceed at once to state my objections to the bill under consideration. I hoso who have brought it in, address its claims to our favor, as a measure simply in? tended to provide for the safe keeping of tho public money. It is said that the former de positories, the Slate Banks, having proved eiiher inadequate to the duties required, or unfaithful to the trust reposed in them in thi* branch of the public service, it is necessary that government now should take care of its own interests; and that this will be most effectually done, by a return to what is called the legal currency of the country ; and by constituting ccrtain fiscal officers of tho go vernment the keepers as well as the dis burses of the public money. The machinery is certainly very simple, and if tho only end to be attained, were, in truth, the safe keeping of the public money, however I might dissent from the expectations of those who have planned its operation, 1 could not see in it those insuperable objec tions, which impel me now to remonstrate against it. 1 he evils, sir, which we are expected, to remedy by some adequate law, lie far deeper in the public mind than any alleged insecurity of the public money?Evils for which no remedy is provided by this bill, but which will, in m judgment, be fastened upon the community by its passage?I mean the pre sent degenerate condition of the currency. What is now the currency of the country T I ask not what ought to be, hut what actually now ia the sole currency ??the only medium having exchangeable value, by which the business of the country i* carried on ! It consist* entirely from one end of the con federacy to the other, of irredeemable bank paper?every payment that ia made, every debt that is collected, every transaction of every kind, whether largo or small, into which money enters, is carried on and effected by paper that haj been issued by the State banks, and which they no longer redeem with gold or silver. These metals have passed entirely out of circulation: they form no longer any portion of the money of the community ; treat ing money as that only, which, for the time bring, servea as the symbol of exchange, of things having merchantable value. This condition of the currency is the trtto and great evil of the times ; it affects the pern pie in their business, precisely and in ike same maimer, as it affects the government Ml the conduct of its affairs; and there can he no remedy, at all adequate to relievo the go* vernment from its embarrassments, which shall not, at the same time, and to the earn* extent, relievfe the people from their*. In considering this subject as I propose In do, it is unnecessary to go at large into Ml examination of the causes which have ope rated to bring about this state of tlung*- I do not kuow that 1 am, nor do I at all porfees to be, equal to this duty. And yet were I to attempt it, 1 should certainly differ wry wide ly from those who trace thoee causes an farther than to a redundant issue <4 honk paper. That each issue has been to a great el tent auxiliary to the present embarrsssiiH-nto, there can be nodoubi it it has been anxilis ry only ; and I freely admit, that in my very humble judgment, a well founded ol'j<*< lion to our banking system lies in this very thing, that banks of discount, organized as our American banks arc, yield the facilities of credit to* readily and amply to the demands of without a power of discrimination Iwt'et such as arise from the extension, or a??ide al vigor of healthful commerce, sud ??? h *a have their origin in a wild and i ambling ofirtl of specul-tion. ^ Commerce requires credit. From the day that men passed in their dealings hey ood the first simple stages of barter, credit, iu name form, eutcred into the affairs of tm'r [* agency soon csine to be understood, and the winds arc not more srtiv# in emulating tk* common air, than credit now is, all over the world, in circulating through every land, tk* productions of every soil. Trade and commerce then becoming with prosperity, have drawn too lavishly ' the credit offered them through the hanks if you will have it otherwise exoresaei expansible character of hank credit has ed too great temptations to commercial i prise, and we are now suffering undrr the < sequences of over action, as well on the pert of those who used this credit, ss of thoes who gave it. In this reasoning, I am Isime ou? ny tn* message of the President?llesaya: " our present condition is chiefly to h?- iitjlhi table to over action in all the departments ss business ; nn over action deri?ing, p? rhaps.?to first impulses from antecedent causes, to* mt mulated to its destructive consequence* kf ex cessive issues of bank paper, and by other m cilities for tho acquisition and enlargement sf credit." , . I have entered into the subject tliu? tar, swwv that I may invite you to a more enlarged vt*ur of the difficulties to be met, than are pi when our inquiry is confined simply to a sideration of the safest custody tbat ?e provide for that portion of the people ? which is to pass into the public coffers Mv great objections to the measure* pro posed in this bill are, that they or* *4a* commensurate with the exigencies in the times. They do not meet the resl diflrwky The bill simply ordains thst the UovernmvsS. after a limited time, will receive nothing bm gold and silver in payment of public d??es. one will entrust its keeping to ?? o*n?i"? alone. Now. if there were s creative | our law ; il by this simple enactnnnt the I paper could be driven out ol t ircnliiH'i. I whence it came, and the precious nrt*l* stituted in sufficient quantities to nnl w* wants of society, aa well as the demands ?d the revenue, the chief ground of my tion would be st once removed. I e*a|M see, from the experience we have ksd, of the evil tendencies of the banks to ex. e?.iv* ?* sues, (and such, at present, are my de?toe* impressions,) that whenever the currency to placed in a condition to hear the tribute. *?* true policy of government may be found to he to exact its dues altogether in coin . and to withhold iu revenue while resting betweeu ito collection and ita diaburaemenl, from th? use of the banks, aa a fund to inert*** their counts. My reasons for this I will give after, when treating of the proper | which the Government may ultimately toward the State Banks. The bill is to operate upon the currency as it note is, for we have not only no^ guarantee that it will be found in an improved onn**M* at the end of twelve months (the limited ???w I. but it is suaceptibh? almost of d miiarli Stis*. tbst one necesasry consequence fram Ike fm posed law, will be to continue ihe ita present debaaed condition The precious metals, all will banished from ciremlmhon I hey country, 1 gr?nt you. snd m ties, perhaps, to answer their ty of circulating in tbua# cbsi reach of l?ank paper, lluttky tol from hand u> hand as a medtom ?< ?*? ***wf? Their former exchangeable v?lm h-* to* converted by the r?*r?# sf fed# ???* have alluded, to a value esrimm**y msmmmtm ?and thus they have fallen be? k. swd assj tirely merged in the eemmen ???_??*?? mass of tmrthmnJtst. Spe? i?. whet*?t ?? or in bullion,ia now ?#rf*Wie ? and tlioae who require it h* a*v go into the market and buy * st as thev wouhl do any kiwd m . whatever. How he.* ihm,te (km^si."* things to continue ' How long mm mm ketal.b- value attach, wkmh detoma tks smrn from its most appropriate f?*>< t*m *? money Ami by what prvcees can rt he re stored to circulation ' The answer to the two Cm imparts* to seey simple. Specie e ill conuewe to ke *rahw> dise, so long ss there exists any Irsnsi d flnr * greater than that w hi* h wmrfd invito, mtmrnm it in circulstion. It was driven em (Med iation by the demand (or expert* me. sAs* tk? business of the country had renknsd the ton, that our exports were insuffcrieet to pay tm our imports. The balance wsmst he mt, and the precious metals were called ant of ??n nia-1 tion to snswer this new demand. Iltokf ????