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rndmmm, Mt? our prawn* ay atem of selected bantu f becauae * ?ouM render ibo lyiiw lew convenient, leai ?ocun. aod ?**? couipU*. if not moie axpauaive." T . . ? ^L'nl.s. ihe Sum ...d U?. United Statea, should both deem U proper gradually, and in Um etid entirely, M dispense with the papal sya tem, and which result is not anticipated, the Govern ment cannot eaeape occasional loaaea front that quarter, and can never bopo to escape all loaaea from banka as fiacal agenta, except by the employment, in their place, of other and individual agents, who *'11 probably be found leaa responsible, safe, convenient, or economical." He coucadea that it would be practicable lo employ auch agenta, but does not recommend it, for the reasons stated in the paragraphs of the report which t have rest], and because it would not, " in the present condition of * things, be so eligible a system as the present one." A corporation may be safer than any individual agent, however responsible bo may lie, because it consists of an aaaociatwn of individuals who have thrown together their aggregated wealth, and who are bound iu their corporate character, lo the extent of their wholo capital elock, for the depoaite. In addition to Ibis, the Seciela- , ry of the Treasury may require aa heavy collateral se curity, in sddition to their capital paid in from auch a corporation, aa he could Trout an individual collector or receiver, which makea the Government depositee safer in the hands of a bank than it could be wuh an indi vidual. It may bo well questioned whether the hesvicst se curity which the moat wealthy individual could give, 1 could make the public deposits ssfti al the point of large collection. Iu the city of New York half the revenue is collected. Several millions of public money may be in the handa of the receiver at one time ; and if he be corrupt, or shall engage in speculation or trade, and meet with a reverse of fortune, the loss sustained by Govonunent would be inevitsble. With sinplc security as it waa aupposed, the Government lost a million or more in the tea cases, a few years sgo. The losses in three casea alone as already atau-d in 1827 and 18S8, when it was supposed ample care bad been taken to se cure the debt, amounted to near two millions. As then between the responsibility of public receiver snd bsnk corporation, as bauka do exial, and aro likely to exist, under State authority, the laUer, upon the ground of aafety to the public, are to be peefcrred. Banka, when they arc safe, recommend themselves to the aervice of the Treasury for olher reasons. _ 1. The increased facility they poaeeaa over individual collector* or receivers, in making transfers of public money to distant pointa for disbursement, without charge ti the public. Indeed, this ia a aervice which individuals, to the extent of our large revenues, could not perform. S. It insv happen, in the fluctuation of the amount of revenue aiid expenditures, that there will be st some times a considerable surplus in the Treasury ; which, though it may be tem|>orary, if it be withdrawn from circulation, and placed in the strong l?ox of a receiver, the amount of circulation will be injuriously distmbed ; by hoarding the deiMsite, by wl.ich the value of every article of merchandise and property would be affected. So that, inasmuch aa we cannot anticipate or estimste what the exact amount of revenue or expenditure may be from year to year, there may occur an, cxcess of re venue in the Treasury, not immediately called for to be diabursed, which it would be very inconvenient to ab stract from trade and circulation. Whilst the depoaile is in a bank, the bank may use it, keeping itself st the same time ready to pay when demanded, and it is not withdrawn from tho general circulation, aa so much money hoarded and withdrawn* from the use of the community. If in the handa of receivers, they must either hoard it, by keeping it locked up in a atrong box, or use it at their own riak, iu private speculation or trade, or they must, for their own security, and on their own respon sibility, place it at Jast on deposits in banks for safe keeping, until they are called on by the Government for it. This temporary uso of the money on depoaite in a bank constitutes the only compensstion which the bank receives for the risk of keeping it, and for the services it performs. If reciifjrs be employed, ihey can perforin no olher sen-ice than to keep tho money, and must be paid a compensation from live Treasury. The other provision of the amendment proposed lobe offered by the gentlemen from Virginia, which requires that the public revenue shall be paid "in the current coin of the United States" is unnecessary. No public creditor can'now ho paid in any thing but current coin bv any of the deposite banks, if he demand coin.? Nothing but coin, or the paper of specie paying banks, readily convertible into apecie, is now received in the payment of the public revenue." Mr. Patton, of Va., another decided friend of the administration, in a most able and conclusive speech in support of the deposite b ink bill, thus exposed the Sub-Treasury scheme of his colleague: " The Hank of the United Stales, it is conceded, is to be dispensed with, and it is believed that there are in eoperablo objections attending tho only other scheme which has been brought into competition with the em ployment of the Slate banks. Tim very decisive vole by which that scheme (Mr. Gordon's ainendmeni) has been rejected by the House, shews conclusively that it ia not likely to receive the sanction of the House or of the people. However plausible it inav be on its face, however captivating to the fancy of those who have prejudices against all banks, and who think any connec tion between tho Treasury and banks dangerous in a political point of view, it is easily to be perceived that these objects arc not to be accomplished by the plan proposed. It is in these respects wholly delusive. Ad mitting the existence of the deprecated evils under the bsnk system, the scheme, as proposed, for disconnecting the Government and banks dues not go one iota to wards the accomplishment of the object. The whole effect of it would be to transfer the power of selecting the deposite banks from the Secretary of the Trea sury, and confer it upon the subordinate otllcers of the Treasury. The money will still be deposited in the banks ; for it is not proposed to compel the col lectors and receivers lo keep the public money in specie in their own houses ; and, if it were, it would only render the scheme more indefensible; and the whole matter, therefore, ends in changing the person in whom you will repose confidence?whether iu a high officer of the Government, iho elevation of whose position, plac ing the eyes of tho whole country upon him, furnishes a guarantee against any improper use of his diacretion, or whether you will devolve this discretion on a mere autiordinate, or upon an army of subordinates, whose livelihood depends upon their retaining their offices, who are less exposed to the public gaze, and perhaps less under the restraint of high moral considerations ; who may be stimulated by a desire to propitiate the powers that be, to abuse thr.ir discretion; and whoso situation is such that they may give the worst effect to this kind of influence when they choose to exert it; and all this is to be accomplished at a vast increase of ex pense, a considerable multiplication of officers, and a great addition lo the patroiiRgo of the Executive. This scheme, then, in the present state ul things, cannot be approved. And in truth, in whatever aspect this matter can be regarded, whether as a political question or as a mere financial one, it must end m a choice between the Bank of tho United States and the Stale banks." Let the reader ponder well the abivc extract from Mr. Polk's speech, the party leader of the adminis tration on the occasion, representing tho principles and policy upon which the whole republican party, in and out of Congress, had planted themselves? also the extract from Mr. Patton'.s speech, and then say, if consistency, integrity, and good faith do not alike demand thai they should continue to repudiate the experiment of dispensing with all bank agencies and b.ink paper in the operations of the Government ! Let him at least hesitate to tttClilp&te my motives and political integrity for continuing to stand firm and upright against it. Tne reader cannot fail to mark well the fact, that the position the Secretary of the Treasury quoted and adopted, and so ablv defended by Mr. Polk, and the whole administration party in Congress, includ ing the unite* delegation of this State, was, that the system of Sub-Treasury agents would " probably bs found less responsible, safe, cnnrcM'nt, and economi cal" than the local bank agencic, aiul that an ex clusive metallic system of collection and disburse ment was " unnecessary," (that is the word) becan-e " nothing but coin, or the paper of spme paying banks, readily convertible into sjiecie, is now received in the payment of the public revenue." Hence, if it were admitted, tha' subsequent experience lias de monstrated the local bank agencies to b? irrtsponsi bit, unsafe, inc*nrtnicnl, and expensive, how would this experience serve to commend the other system of Sub-Treasury agencies, which was so forcibly demonstrated to ba in its nature still less " responsi ble, safe, convenient, nnd economical" than that which has thus exploded ! If the system that was of acknowledged superiority to it, has failed of the de sign in view, how can this, its acknowledged infe rior, bs relied upon in any degree of coulidencc ? Is it the part of wisdom to resort to ii?discredited, de nounced, repudiated, as it was, bvb >ih the Secretary of the Treasury, the Chairman of the Ways and Means, and by an overwhelming majority of all parties in the House, including /if umit'd lUI'-galion of the State of Mantel He are, indeed, dscmding even in the scale of experiments. And no less surely, madness would seem to be the ruling influence ol' the day, il'these things can be, and? " Overcome us like a summer cloud, Without our apecial wonder '* And the distich of another poet is to its. letter veri flUli? ?? The doctrine to d.y th*lfrloy?Uy wuBd, May bring u? a h<du.rt?i*iotrow ' What honest, wkit cotoisient man '"Y constituents, who breathes the uir or cherishes the , principle# of manly freedom, when thoughts back upon the past history of this identica Sub- Treasury uchemc, and recalls the relation it which thU Slate, and its whole delegation in Con gress, including myself, and hbown faYor?e admi nisiration in Washington also, have -food to it will b- disposed to end*** me for bavin* maintained lirmlv >ud faithfully?but one set oi v'?ws nnd one sei of principle*, and for having given but one of voles upon the subject of it, from the it, to the present hour, let who might wheal aaa to accommodate themselves to the puhtiealtrnoe w inds of the day 1 If there be any such in frankness say to him, separate, if you desire it, the political band that has heretofore bound u^ to gethcr?try your experiments upon the S^TSrii enterprise, and labor of the country, whileUu y* possible they may tolerate them, at the your consistency, and ot all PJJ. 'ci| iS .()U js that I the worst wish of mine that will attend ? "J 'J, may have it In my power to Mtend to you aje ptng i?,r,?rx o? try?in the universal suspension of e terpri* nna SSSsilH i ini? rooms of vour cities?in your _ thc doned corporations ol every a?d o"iSS?Poverty'ind of hearts honestly w?edy& in their opinions upon his subject, bidding defiance to consequences and dax inir ihe worst that a once condemned experimen may bring upon them. Should they do so, and in an appropriate method instruct me to wheel j Kt to accord with their new onlnion^i ^ teprtvntative, 1 will obey their tchest. But my judgment and convictions as a man, and as a pot ti S will remain unchanged, and as expressed al ke by my votes in 1835 and 1837; and neither^echarge, i/t the c >r. sequences, of such glaring inconsistenicy, and political instability will rest upc? myself,htag event/ But I have yet to be persuflded that the de mac racy of Cumberland have, uponJ?? JJJgg' exhibited such a political somerset on this subject, iu who will hive recommended such a performs*1 tf .lt their consideration, and let who may advoca'e it . this dav. To wheel about in like short order upon the subject of a National Bank, and to become the supporters ot such an institution as they and 1 have ?"Rrld, only .. parallel fe? all 1 one as readily to be anticipated oi them. And vet had I at the'late session of Congress, without other notice from them of such a change of their opinion on the subject ot a national bank, since 183j, tjlan 1 have had of their change ol opinion since the same period, on the subject ot Sub-Treasury agen cies voted in favor of such an institution, instead continuing to vole against it, as in 1835, what would have equalled the magnitude ofineons^ency-^ treachery to constituents, that would have been charg edupon ine!?Why should it be expected, that I would sooner change my opinion?that opm?on which was also urged by tne Secretary ot the 1 rea surv himself upon Congress and the country, relative to the irresponsibility, unsafely, inconvenience, and great expense of the proposed Sub-Treasury expe riment than I would change my opinion in relation to a national bank i Or that my constituents would sooner change their acknowledged opinion on the onejhanon the other scheme ? The vote against the Sub-Treasury scheme in 1835 was lbl, to only :J3 in its favor?immensely more decisive and o\er whelming than any vole ever obtained againsj a na tional bank. If, then, popular opinion would seem to have been more firmly settled against either one measure than against the other, it was obviously most settled and decisive against the former. Is it to b > retorted, that forsooth the President has neverthe less recommended that scheme which has heretofore found the least favor of all schemes with the repre sentatives of the people and has not recommended that which found more tavor, (a national bank,) and therein is a sufficient consideration lor a change fronts on the one subject, and not on the other ! I compassionate the man who has so much as tins of blind sycophancy in his nature. I am not that man ; I have never professed to be that man to any party ? and 1 trust in God that 1 can have but tew constituents who would be pleased,eithei from party or any other considerations, to see such a man tor their Representative In the Congress of the United States, or elsewhere. I am proud ol, as I have been generously honored by, the people I represent. I trust I am in all respects devoted to their welfare and interests, as it becomes me to be. But I could neither feel pride in, or devotion to, any people, who are capable of becoming the abject slaves and lol lowers of any party leader, regardless of principles and consistency, or ot seeing with approbation, their official representative bccomea creatuie ol that order. But ii was not solely for the reasons set out in the report of the Secretary of the Treasury, as quoted in Mr. Polk's argument, to which 1 have adverted, n conjunction with the other reasoning embodied in the remarks of Messrs. Polk and Paiton, already copied, that I felt constrained to vole against the Sub-Treasury bill, recommended recently by the President: nor was it solely tor the additional rea son that I had heretolore, to wit, in 183.), thrice re corded my vote against the same scheme, in conjunc tion with all the friends ol the administration in the House of Representatives, including those from this State, as well as other States. But, superadded to these considerations, other views presented them selves to mv mind, which no argument that I could reach from any source seemed to refute, and con spired with the warning voice oi the past, to inn i ence my judgment and decide my vote against the bill These 1 will proceed to enumerate with as much brevity as is consistent with a correct under standing of the subject, and my own relation to it. But for the convenience of your columns, and ot your readers, I will placc them in a distinct commu nication. Most rcspcc fully, your ob t. serv t, FRANCIS O. J. SMITH. Portland, Oct. 29, 1837. Pt'BLIC OPINION. Extracts from Administration Journals. " The policy of the federal party is to break down the Slate Banks, and to build up a National Bank on their ruins. It should be no less the policy of the Democratic party to preserve and regulate the for mer, for the purpose, if for nothing else, of keeping the latter out of the field. Call thein both evils, it you please?it will not alter the fact, that one or the other must and tpill exist, and that you must choose' between THEM. The business of Ike country, and the value of all the property it contains, hare bccoms ad justed to a crcdit system.founded on a mixed currency, ami to change the basis, would be to plunge the whole into inextricable confusion, and to beggar those who are parties to the-millions upon millions of contracts which already exist."?Eastern (Me.) Argus. " It is the case with all parlies, that men are to be found in their ranks, who are actuated only by selfish motifts?Who are intent only upon securing to them selves places of profit; and if they cannot succeed in this, they are ready to pull down the very party with which they have b.'en associated. They will tell you,' If such a man is nominated for such an office, I will not support him;" which generally means, 'If 1 am not nominated for such an oifice,"l will bolt the party.' Their motto is,' rule or ruin.' Against such men we warn our friends to be on the watch. Turn a deaf ear to their solicitations?look to the welfare of your principles first?to Uie interests of men afterwards. '?\Iorrtiville(N. Y.) Observer. From the Hartford Patriot <f Democrat. TO THE HONEST DEMOCRATS Of CONNECTICUT. UUraism is the leading feature of the age. It shows itself both in politics and religion. Men of small judgment and violent passions, who are greedy for notoriety, seek for the gratification of their vulgar ambition in the exhibition of extravagant zeal?a crazy fanaticism which denounces as weak and cor rupt the truly wise, patriotic and honed. A spirit of domineering intolerance?a disposition to thrust their own opinions upon others?an overweening and unprincipled eagerness for office?the denounc ing as apostates all more i/uirt men?furious and Ir raiional attacks, not only upon existing institutions, b-.it upon private character and public worth?th'se are some of the m'asnrcs which characterize th'v politi cal Ian-tics. Every person, everything, must shrink before their violent dictation, or be blackened by calumny, undermined by intrigue, or hushed by korcb. The free exercise ol individual opinion is attempted to be forbidden-, private citizens, public officers and legislators who presume, on ditlicult points, to hold an opinion discordant with that of the ' taction, are denounced in the columns of some scur rilous newspaper as "traitors, apostates and vil lain*" thitutvn, prosffiphmii persmtt abuse, putHc mJ private 4eli>uli,i^Mre ti* meakt by vhuh tkit mljiih /(Utim h*pes la #111-1 ? p< ?i ic WWriMtM m> #?uhoim 1W HuUTIUL ManNUpr THBl)r.MOplArY. lu a large }i?ny united ?rjreat Wading princi ples, minor differences of npiuion as lu men and measures must naturally Ulft, and it is the essence of Democracy that on these, as on all other Questions, every individual *U*II have the unimpaired right uf private judgment. To denounce any m..n for the exercise of this right. even though his seniimenu may seem to full behind the violent standard of fa natics and reformer*, is the essence of intolerant aristocracy. This spirit of intolerance and dictation has been largely inttoduced into Connecticut politics within a few years. Its violeuce was first exhibited and Its cfleets first felt in Hartford County. Individual de mocrats were slandered, public meetings of the de mocracy derided, regular nominations sneered at, divisions introduced, new standards of democracy erected, the harmony of the party distuibed, and dic tation, proscription and abuse carried into every measure. The same intolerant spirit has nore Ugun to extend its malignant efforts to other portions oj the State. Prominent members of the democratic party, who have grown up in the belief and practice of its principles, if they chance to stand in the way of selfish aspirants in Hartford, are suddenly denounc ed by name, and characterized as apostates and trai tors. The consequences oi such selfish intolerance and violence are easily perceived?if it be further tolerated, DISUNION and POLITICAL HUIN AWAIT THE DEMOCRACY OF THE 8TATE It has been the aim of the Patriot and Democrat ever since it was established to hold a salutary check over ibis factious and intolerant spirit?to restore the influence and bring back the policy of libciml Jr.r rcMONUN Democracy. To this standard we have endeavored to bring the public mind, not by denounc ing and traducing men who differ from us, but by endeavoring to convince and harmonize. Our calm and independent course, unmixed with selfishness and untainted by the spirit of office-seeking, ha* ope rated as a silent but severe reproof of the des|>erale measures of a few pretended democrat*?and we have, in consequence, had from them a full share of wanton and malicious abuse. We have sometimes been compelled, in self-defence to expose their in trigue* and reprehend their selfishness. He hare not bowed the kiu* to public servants who would fain become dictator*, nor shrunk from exposing corrup tion and selfishness, though masked beneath extraordi nary professions of pure democracy. We have sletd ily sustained the usages of the party?have respected tlie will of the majority?have aimed to express pub lic opinion, and promote the reforms called for there by, and have rut ml v and calmly vindicated Ike great PllISCIPLES of the democratic faith. Nu a sin gle sentence in our columns, nor a single act of our selves or friends can by pointed out, which is not in strict accordance with these principles. It is true we have not indulged in. personal abuse, either against whig* or erring democrats; nor have we glorified in servile terms a few of the icould le great men who assume to concentrate in themselves the purity and wisdom of the whole party. Having no office to seek or public favor to ask, we have not thought such a servility excusable, and have much preferred to endure the gross abuse and cowardly insinuatsons of an unprincipled paper near us and its mean spirited echo at a little distance. The ob vious selfishness of such attacks is the best antidote against their effects. The present situation of the Democratic party in this State is critical. With a large numerical ma jority, w henever we can rally under the regular usages of the party and iu support of principle, we are in danger of being led by demagogues into a vuarrel about mm. In that event we shall incur tlie hazard of disunion and defeat. Indeed, it i? far from improbable that a small party, now engrossing the benefits of Federal patronage in this State and fear ful of reform, may earnestly wish for such a division of the democracy as shall throw the party into a mi nority, and secure to themselves and their friends for eight years to comc the offices they hare heldfor Ike eight years already past. The present then is a moment when it becomes every sincere democrat to reflect well upon his re sponsibilities and dl'tirs, and to make extraordinarv efforts for the INTEGRITY and PRESERVATION of the Democratic party. He must now choose be tween rant, fanaticism, violence and proscription on one side, which new school politicians are endeavor ing to Introduce?and the pure, fotbearing and calm spirit of Jeflersonian democracy on the other. On this latter side the Patriot and Democrat will con tinue its exertions?and we call for the active and zealeus aid and sympathy of all who approve our course. The warfare of faction is becoming active. (Quiescence is no protection?it is absolutely neces sary that those wno would adhere to the ancient landmarks of the party should now bring forward their best endeavors to sustain all who labor in the true cause. Let each reader who approves our course commend our efforts to his neighbor. It is by active exertions alone, that the violence of design ing men can be counteracted. Aided and sustained by the great body of the honest, democracy, we shall pursue our way with courage and cheerfulness?for we feel that we are advocating the cause of the MANY and the HONEST, against the cause of the FEW and OPPRESSIVE. ? from the Saratoga Snitinrl. The editor of the weekly Globe, we regret to learn, is obliged to discontinue the publication of that sheet, in consequence of the absence of small bills. The following is his announcement of the event: "We shall discontinue the publication of the H'cekly Globe w hen the present volurfte ends, which will be the 7th December next. The difficuly of making collections for it, induces us to stop the pub lication. Subscribers cannot remit by the mail for it, in hank notes, the yearly subset ipiion being two dollars and a hajf; and we cannot afford to send out collectors for such small sums." If the Globe, with its extensive official patronage, cannot sustain a weekly journal, owing to the want of a circulating medium which can be remitted bv mail, how can tne country papers be supported, with no patronage of the kind ! Their prices do not gene rally exceed $2 per annum, and their proprietors have less t.bility to send out collectors than tne edi tor of the Globe. Besides, if the course adopted by the latter were to be pursued by the weekly journal ists, every paper in the country would be discon tinued, and their subscribers deprived of the news of the day, unless they paid at least $5 per annum to the city establishments. It will answer very well for those who are receiving large incomes, or who seldom have occasion to embark in any thing less than a transaction, or who are engaged in no bu siness at all, to repudiate the idea of circulating small bills; but on those who are dependent on small sums derived from a scattered and greatly extended population, the absence of all means for obtaining any portion in advance, operates with peculiar hard ship. It is a severe task on editors, it not on litera ture, and will be the means of reducing the number of country papers, or of advancing their price to a sum proportioned to the loss sustained. We are aware that since the specie system has been agitated, many who were contented with an annihilation of bills under $5 have had their desires very much expanded and without slopping to ascer tain whether the specie in the country would prove at all adequate to the convenient transaction oi busi ness, have dealt in wholesale denunciations against what they are pleased to term the " rag currency." Most of these individuals, we are willing to believe, have been actuated from honest, though mistaken views. But now that the banks have been com pelled tosusj>end specie payments, and the very limit ed amount of specie out of their vaults is rapidly leaving the country, many have been induced to paaseand reflect, and distrust a course which islike ly to lead to disastrous if not ruinous results.?For, with our specie gone, and bills of credit destroyed, we may bid adieu to the prosperity which has heretofore attended every brancn of industry in the country, and sink into'a state of inertness more befitting the vassals of a despot than the citizens of an enlighten ed republic. But we do not anticipate such a result. A great proportion of our citizens, and especially the agri cultural nart, who have b.'cn appropriately styled the bick oone of the nation, are opposed to ultraisin, in whatever shape if may come. The loco focoism or agrarianisrn, so prolific in New York, has never reached their firesides, nor will it doso. The coun try, through their exertions, will vet b: saved from too extensive a paper system on the one hand, and an entire metallic currency on the other. The war fare against the banks, 1 ike that waged against ma sonry, will have its day, and its prominent actors, like the leaders in all exciting subjects, will soon be driven to another expedient for the establishment of their fame, ortheir voices be drowned in the clamors of a new swarm of seif created patriots who may succeed them. All the Republican opposers of the Sub-Treasury scheme must be put down, or they will put down the Globe, and there can be no b?tt*r and more expedi tious method of effecting this than by operating upon the feeliugs and prejudices of the'members of the Virginia Legislature, so that at the next session, Mr. Hires shsilUtc driven from his sent, or, in other words, instructed to do that which tlivy know he never can conscientiously perform, viz: to vote for the Sub Treasury bill. TO MAHTIN VAN Bl'BEN, rill|DI?T 91 tmi ?1T" f f be Miliar cbrfMer of of the 'Nation, not doubling that he ^CurhiBthe anoihegm of Solon, thai the mort popular govern men I, is that " where an V'llhSce I first entered the arena of P?\ili''*-1 liavc made one of the Democratic party. it ha?.been my fortune whether for weal or lor woe, tune alone can determine to be singled out from among those with iiom I icted anlbje-t for malignity to aim .is shafti at; and iut persecution to pour out iut phials ofwrath upon. Notwithstanding the vicissitudesto Which I have been subjected from those causes, too well calculated for the effect designed, not to make inv path ouwaid somewhat thorny j and to sour, at times, the feelings of nature; yet 1 have endeavoured steadfastly to pursue the even tenor ol my wjv, g intr all the aid and support to the cause in *?'^"h I was embirked, that the feeble energies with which nature endowed me, permitted. With what zea aii<l fidelity they have been exercised, andi witji what re suits, 1 must leave to those who have b?en witnesses of my effort!', to determine: venturing, however, to intimate, that I believe " < have rendered the state (the party) some service; and they know it. It has been, my misfortune to differ from a ?arge number of the democratic party, as well os the Chief Magistrate, on the exciting topic of the day, the Sub-Treasury system. Long before that subject was laid before the repre sent atives of the people for their deliberation, and before I knew it was In serious contemplation to do so: merely from seeing it introduce*! and recom mended iu a few of the newspapers I was led to be stow upon it ?ome attention, which resulted in my expressing a decided objection to it, as bsiftft (even if practicable) fraught with so many dangers, and difficulties as to render the adoption of it, in my opi nion, altogether inexpedient. These views were publicly expressed. I was first apprised of the intention of the Execu tive to recommend that measure to Congress, by the editor of the Globe, its reputed official organ. I im mediately thereafter gave the subject another and more deliberate examination : which served but to confirm rnc more strongly in the accuracy of the opi nion the former one had led fb. While I thus have and do now differ from the fc*x ecutive, and many others, in the pol icy of that great and important measure recommended j I can truly say, that difference has its foundation in purity ol purpose and honesty of principle. While I disregarded the intimation, so long as it was confined to mere report or verb il statement, that all who did not give an unqualified support to tne measure, would be looked upon as enemies to the ad ministration ; it is not without un measurable sur prise, that 1 have witnessed the spirit of intolerance manifested through the columns of the official organ towards, some of those, who must have done violence to their consciences and sacrificed their principles by giving it their support, I cannot, for an instant, entertain the thought, that the present Chief Magistrate is influenced bv princi ples less distinguished lor tolerance and liberality, than those which so eminently characterized his late predecessor. Therefore, I cannot but conclude, that the course pursued by the Globe newspaper, does not ob'ain official sanction. On a former memorable occasion in relation to a measure of great national interest and importance, Ex-President Jackson thus expressed himself. tar b3 it from him (he said) toeipector require that any member of his Cabinet, should, at his request, order, or dictation, do any act he believes unlawful, or in his conscience conaemns. From them, awl from his fellow-citizens in general, he desires only that aid and support, which their reason approves and their coiir scxence sanctions." , . . The preceding is taken from the paper read by General Jackson to his Cabinet, on the 18ih Sentem ber, 1833, having relation to the measure of the re moval of the deposites. . While I frankly acknowledge my inability to sup port a measure which neither " reason approves nor * conscience sanctions," 1 am confident in the belief, tliat the same lenity will bs extended to me and all who are similarly situated, on the present as on the former occasion referred to. . The Glob? of the 2d inst. contains an editorial ar ticle. relating principally to myself. The causes which prompted it, as well as the object sought to be accomplished through it, cannot be mistaken, t rom that article, I extract the following : " PAUSE AND PROFIT BY IT." [.V. Biddle to Mr. Whitney. The National (Bank) Gazette L from day tp day dragging up the name of Mr. Whitney in connexion with that of the editor of the Glob?, evidently suppos ing that the association of his name with work us some prejudice. A few days ago Mr. vv nlt nev was paraded in the bmk journal as the financial editor of the Globe. In yesterday's Gazette, Mr. Poinsett is alluded to, and warned that' every man who is affiliated milk Krndux, Bi.air and Whitntv, is liable to be morally identified irith that trio. We doubt exceedingly whether Mr. Poinsett even knows Mr Whitnev. We know nothing ot his private character?have had no private intimacy or connec tion with him whatever, except becoming his bail when persecuted by ihe opposition. We have known him only as the general and confidential corrersponJ dent of the banks, and have allowed him to defend' their interests from the assaults ol Mr. Biddle and his friends inthe columns of the Globe. As we stated, however, in our evidence before Mr. Wise s com mittee, we were apprised by the Secretary of the Treasury that the interests he represented were anta gonist to that of the Treasury, and always scrutiniz ed his designs, so thai nothing beyond strict justice should W accorded. Unluckily, the employers of Mr. Whitney have recently wanted any thing but justice; and their agent, for months past, has sought other channels of communication than the Globe to sain the public ear, and accomplish the objects which ftie institutions he represents have in view. That he faithfully and earnestly advocates their interests, is matter of public notoriety. He is in close correspon dence with the conservatives, and doubtless they pro fit by his intelligence. It must, therefore, b? from the personal pique of Mr. Biddle that his organ still pursues Mr. Whitney. All Mr. Biddle's bank friends voted for the project, at the last session, which Mr Whitney's active zeal was busy in promoting-; and whv should Mr. Biddle, who was once his bosom as sociate in managing the greatest and most delicate trusts of the institution over which he presides, still persecute him, now that they have a common cause to advance!" Whether the nam s of the editor of the Glob? and mvself bMng associated together in the newspapers, will work some prejudice to either, and if so to which, must be determined bv the verdict of public ojiinion. The editor of the official labors under a slight mis take in regard to his respecting Mr. Poinsett s knowledge of me. I apprehend that gentleman was made acquainted with inr by letter long before he ever heard of the editor of the Globe. How favora bly I was made known to him, that letter will show, addressed to him while Minister at Mexico, by one for whom, 1 am sure, he at that lime entertained a fa vorable regard. I have since met Mr. Poinsett in Philadelphia, and in this city, but have never had anv business transactions With him, since he has been at the head of the War Department. When I first read in the article quoted We know nothing of his private character?have had no pri vate intimacy or connection with him whatever, ex cept becoming his b lil when persecuted by the oppo sition;" I pau<ed instinctively to inquire who were the editors of the Globe 1 I turned to the head ot the paper, nnd was utterly amazed to find standing there in large capitals, "Edited by Francis P. Blair. I apprehend there are many who will b? equally amazed bv the absve declaration of the editor. I now feel, and ever shall feel, under grateful obli gations to the editor of the Glob? for the liberal man ner in which he indulged me with the me of its columns, which I ever found at my disposal in de fending myself from June 1891.10 June 1837, against the assaults of my enemies. The obligations which he laid me nnjer by kindly becoming my bail, is vastly augmented, since 1 learn by the statement quoted, that I was next to an entire stranger to him, and th'it he knew nothing of my private character. I It is but seldom favors of that character are asked, much more so, that they are granted under such cir camHance*. When they are, they ought assuredly to b? highly prised. , ... There was something so peculiar in the declara tion, " \c? know nothing of his private character," that it brought to my recollection the lines from Sliak spcare : Who steal* my pur*e, steals trash; 'tis somrtliinir, no thinr: T'wn* mine,'lis hi*, and ha* lieen slave In thousands ; But he that filches from nic my good name, R.iIm mr of that which not enriches him, But make* mn poor indeed. It furthermore reminded me of a statement con tained in the report of Mr. Adams, made by him in dividually, ou the subject of Ihe B.iuk investigation ?sheing somewhat similar, which fu la be said, "Oj his topmqptty,no evidence was No She can mistake the !(* ^r" 4<iam,, or what he T . ,lJS; by thisrsfllof negative expres sion. Tbote who are much less skilled in the study of human nature and of m.iukiod, than Mr. Adauw, know lull well, that man's reptitat^on like female .virtue is a sensitive plant-that either caa be effec tually blasted, In the absence of all cause on which to iuunu direct allegation*. by secret muentioe* - bv a shake ofthe head: by a turn up of the nose, or by a shrug oI (be shoulders. )o ^ ueiooriit! which 1 -nd dressed to the House of Represeuutives, and which was published in the Globe, I took tbe following no tice of the passage from Mr. Adam's report s " Your memorialist has lived, as he has before stated, in a respectable and intelligent community for the last sixteen years, and has made no secret of bia occupation and residence before that period. Id these sixteen years he has experienced tbe vicissi tudes of life, has borne the trials of prosperity and adversity. The member of the minority, in his own report states, with great pa*icularity, the incidents he had learned in the life and fortunes of your me morialist, showing to how rigid a scrutiny be had been subjected, and that uo charges could be brought against him, but that be had once lived in Canada, and had been unfortunate in business, and concludes his account of him by saving that, " of his present standing in the community, no evidence was taken by the Committee." It mav be presumed that those who were thus curious as to bis past life, would make some inquiries as to his present standing; and if any discovery had been made to bis prejudice, if any person could have been found to aeny that he was an honest man, entitled to credit, can if be be lieved that he would not have been produced 1 " Fie did not desire witnesses to be called?none such could bs needed. The anxiety manifested to destroy him, and the unfair efforts made to accom plish the purpose, and his assailants pot venturing to impeach his character, where it must be known to them, is stronger for him than the testimony of thou sands; for it shows his enemies to be themselves conscious that his present standing is such as cannot be safely attacked." As a commentary upon the present position as sumed by the editor of the Globe, I give the follow ing extract from an editorial article in that paper of the 3d of January last, which I know to be the pro duction of the editor, Mr. Blair. In referring to me, he said: " Messrs. Adams and McDufTiie were first em ployed to destroy him by the weight of their Bank reports. He was charged with high crimes, to turn the eye of public opinion from the real culprit. The ex-President and his nullifying colleague were too well understood, and the justice of the people too un yielding to enable them to turn the condemnation de served by the accused to the accuser. Whitney was supported, and Biddle convicted. In what a misera ble predicament do our magniloquent opposition now reduce themselves by the attempt to carry out the malice of Biddle, and if they cinnot deprive the ob ject of his hatred ol reputation, at least gratify him by depriving the clerk (Whitney) and Ms family of bread! If it be the will of Congress that the depo site banks shall employ some other agent than Mr. Whitney, it is probable they will comply; but we believe (although we know nothing of Mr." Whitney except what we have seen of him since he has been a resident of this District,) that they will not get a more capable., intelligent, industrious or honest agent in his place." ?> It would appear from the foregoing quotation, that in January last the editor of the Globe did know something of me. although he now appears to have never had any Knowledge of me whatever ! At least none beyond my wing the "corresponding agent of the banks." It may, 1 think, be fairly sup posed by those who have a knowledge of the circum stances as they have existed, that the editor of the Globe would have acquired some further knowledge, during the time he has "seen Aim (me) since he (!) has (hair) been a resident of this District," which is now bordering upon six years. I am now lor the first time apprised through the Globe offiicint, that it was ever considered " that the interests he (!) represented were antagonist to that of the "Treasury." Of this I will speak hereafter. 1 he editor of the Globe " always scrutinized his (my) designs so that nothing bsyond strict justice should be accorded !" What other construction can be put upon this declaration, than, that after the Sec retary of the Treasury made the above stated com munication to him, the editor of the Globe assumed the superintendence in chief of the Treasury De partment, that he might scrutinize my design's ? I shall have occasion to refer to this hereafter. Whatever " the employers of Mr. Whitney have secretly wanted" I apprehend it will be pretty gene rally acceded that, the columns of the Globe is the last place to which they might look with a prospect ol having "justice" accorded to them. They could hardly expect to obtain that divine attribute tnrough a channel, which, by the violation of sacred injunc tions, fulminated against them an allegation con tained in a "private'* correspondence which stigma tized them with acts of " perfidy and treachery." If I have "sought other channels of communication than the Globe to gain the public ear," it is because I have been excluded from that channel. The third and fourth number of " An Ob^rver," I was com pelled to publish in pamphlet form in June last: be cause the editor of the Globn refused them a niace in the columns ol that paper. One of those num bers was principally occupied in relation to the banks resuming specie payments?pointing out how that was done on a former occasion ; and how it mi?ht be done, in my opinion, on the present, with safety and without extraordinary inconvcnience to themselves or to the community. In laying the two essays referred to, before the public, in pamphlet form, I introduced them with the lollowing preface: In the Globe of the 23d and 25th of May last, were published two articles over the signature of "An Ob server." The first article announced the object of the writer to be "to repel some of the unjust allegations made against the deposite system, (as originally esta blished,) the authors and friend* of the measure, and ilie banks employed as the fiscal agents of the Government, prior to the act of Congress, regulating the deposite banks, of June last." The writer found himself obliged to extend his ex aminations and inquiries beyond the limits of his first contemplated undertaking. The cause of the present embarrassed condition of the country, and the remedy for tho evil* under which it is now suffering, became subjects of inquiry and examinalioti. These, so inte resting and of such deep import to all, he has not hesi tated to examine and to discuss with that freedom and unreservedness of expression, which ho believes the public weal demands, should characterize the discussion of all subjects which are altogether of a national cha racter. It is by unrestrained disc-.iasion only, that error in judgment, if it occurs, may be corrected ; wrong impressions be removed ; improper prejudices be dissi pated ; and, so far as the public welfare is conccined, the public be saved from the evils which the absence of free discussion would inevitably entail upon it. Entertaining these views, the writer has resorted to this mode of laying before the public the two subjoined articles." ' Nor could I expect subsequently to find a more favorable reception for articles, having for their objcct, and urging a resumption of specie payments by the banks when the whole course of the editor of the Globe indicates that he is deadly hos tile to the consummation of that important and salu tary measure. flas the editor of the official organ assumed the guardianship of the post office, nnd established a sys tem of espionage., that he is enabled so confidently to say I am " in close correspondence with the Conserva tives?" It is an honor however I am proud in ac knowledging. There are to be found amonsf those who are thus classed, and who have lately been anathematized by the official organ, because, they could not give their support to a measure " which neither their reason approves noriheir conscicnce sanctions," men as distinguished for their patriotism, their eminent statesmen-like abilities, and their ttn deviating support of the general principles of the late and present administration, as any that can be found in the land. ? It it were the fact, as the official evidently intends to insinuate, that Mr. Biddle and mvself now " have a common cause, to advance" I strongly suspect there would not be found many to pronounce even that, quite so novel a spectacle as is presented in the amalgamation, united in the support of an " antago nist" "common cause." For ine last si x years the columns of the Glob;- have teemed with unmeasured abuse of John C. Calhoun and the conductor of his organ in this city. Mr. C., among many other charges made against him has been stigmatized bv the Globe as a " disorganizer" and " revolutionist " seeking to cause a revolution, that he might b? the "Cntaline " Mi. Calhoun in retaliation, has stig matized the Glob" with being "BASE AND PHOV TITUTE." As grange as it may seem, we now b-hold this trio, like a b3nd of brothers, shoulder to shoulder supporting one and the same " common cause! The " project which at the last seision Mr Whit ney s active zeal was b-isy jn promoting" is one which originated with General Jackson in 1X13; one which from that p?rlod, in each of his annual mes uges Bp as late as December of last year, he be slowed unqualified poise upon, and which in its successful operations had more than realized all that he had ever anticipated. The head of the Treasury Department was equally profuse in raw>ing his en coiniums on the *ervic?* performed hv those em braced under that project, and commending its use fulness. I trust therefore, if I have manifested un usual " zeal " in sup|>ort of such a project, 1 shall have at least accorded to me, the merit of its being an honest one. It remains to be seen hereafter, whether all such as have ever been sincere in their friendship, and devoted in their support of the administration and | the most of its leading measures, are to receive the : anathemas of the " official," and be ostracized from ; the party, because, iu the performance of their duty, | and in sustaining their principles they are obliged to express their disapprobation of a proposed measure which, neither their reason approves, nor their con 1 science sanctions." Another number will be devoted lo an exposition j of the supposed causes which induced the feeling, j which I am now for the first time informed existed, j that the interests J represented vert antagonist to those I of the Treasury?to that of the true causes which have produced the presVnt embarrassments in the monetary affairs of the country, w ith which it is time it should be made acquainted, and to a defence of the banks from some of the guilty acts with which they stand charged, nothing extenuating, nor setting doun aught in malice. With great respect, Your ubsaient servant, K. M. WHITNEY. November 10 h. 1K37. FOB TUE MADWOMAN. NATIONAL Cl'RREHCY * STATIC BANKS. THE MARYLAND PLAN. No. V. Abundant proof of the necessity of a Grand Fis cal iNnrrtmoM, for regulating the monetary con cerns of the country, having b?en forced upon us by the anomalous condition of the currency; and, hav ing essayed to demonstrate the constitutionality and adct/uacy of the system submitted in the documents, No. 6, of both branches of Congress, at the late extra session, the expediency of the ebovc is next presented for examination. And upon that point it may be per tinent to repeat, that, as " the pocket nerve" is the most sensitive of the social (?ystem, sodoes a disorder in the circulation of the essential fluid of the body politic directly tend to exasceibation in the public mind, nnd an alienation of that patriotic affection which is indispensable to the preservation of a com pact, based upon principles of equal justice and re ciprocal benefits. The " expediency of the measure", therefore, inrolres a question of primaiiy import and CONSIDERATION. The propriety of improving the productive prin ciples in question for the common good of the vhole tuition, extensively engaged the public attention im mediately preceding the last re-charter of the Bank of England, in 1832. And among the number of valu able essays which appeared in the discussion of that topic, was an article from the pen of an eminent writer in the Quarterly Review. In the prosecution of the subject, he spoke of the injurious operation of the banking system, on the in terests of land and labor, from its tendency to accu mulate the circulating medium in the cities, as con tradistinguished to a public institution with depart ments in different sections of the country, as follows: " Hence," he says, " the productive classes, and more especially the class engaged in Agriculture, can no longer command that accommodation which they have been accustomed to receive. The opera tions of productive industry are thus impeded by the withdrawal of that capital which used to feed them. To this cause must, also, be ascribed the glut of mo ney in the city market, which has rendered it ex tremely difficult to employ it to advantage, and has consequently reduced the rate of interest there, while money is scarce and dear in the country." It is considered, then, as quite evident, that the owners of money are as much interested as the own ers of land and labor in resisting exclusive privile ges, which prevent or impede the formation of safe institutions for the benefit of the Slate, such as would infuse vigor into the industry of the nation animate the drooping energies of those engaged in the culti vation of the soil, and open a wide field for the pro fitable employment of capital in the country. And by giving a new direction, as well as a new impulse to industry, establishments of that nature would also prove the means of augmenting the public income as increased production would, necessarily, be followed by an increased consumption of commodities, which would open a new source of revenue to the States and an increased revenue, thus obtained, would enable the Treasury t a bring into action the latent resources of the country, and to promote the general prospe rity. It would thus appear that there is no class?and, with the solitary exception of the holders of Bank stock, there is no individual?who would not be be nefitted, either directly or indirectly, by the introduc tion, and discreet extension of the great principle herein proposed. Such a system of institutions would cause the prostrate and oppressed of all classes to be visited by the encouragement of hope?the industri ous and frugal they would present with, at least, an opportunity of emancipating themselves from the thraldom into which they have been thrown by the vicious principles of the present system, and to the owners of land and labor, they would be found a source of improved profit. The verity of these views, and the forebodings an ticipated, have been sadly realized on both sides of the Atlantic ocean, and from knowledge, imparted by woful experience, it appears by the last financial expose of the British Chancellor of the Exchequer, in reference to the money crisis, that " the vhole cir culation of the country ought not to be placed under the control of a joint stock company"?and circum stances have arisen to strengthen an opinion which has been entertained at the Treasury, for " purchas ing the interest of the Bank, in the six years of the charter yet to come, and starting a national institu tion upon altogether a different plan." In deb.iting this subjcct in the House of Commons Mr. Clay said, " he thought that the poicer of making paper ought not.to be intrusted to any man, or body of men, irrespective of the control of the Government?and he had hoped that the committee on joint stock banks would have been able, before the close of the session, to present some recommendation on the subject?but no doubt his right honorr.ble friend had sufficient rea sons for not urging the committee to make their re port this session, and he thought himself,that in reft r ence to such a question, it was more important to legislate well than rapidly. He would, however, call on the Government during the recess to mature some measure on the subjcct." Mr. Wallace said, " that the budget, which had been expected with intense interest, had presented nothing?it showed that the Minister had been in communication with the Directors of the Bank of England, who had inflicted on the commercial inter ests the mischiefs to which so much allusion had been made. He had already had a motion before the de struction ofthe charter of the Bank, and he still kept 1 that object in view. That corporation had contrived t<> elude the scrutiny ot a select committee of the House, on joint-stock banks, and it was as much a joint-stock b ink as any other banking estaWishmen1. He believed that the distresses of the country were entirely ascribable to the powers "f the Bank of Em' land, and that it would be the dmy of the House, at the earliest possible period, to institute ft speciA' m qtiiry into those powers, teith a view to someeffcctur reform?pombthino iwihivr mlst be done. Thus, it appear*, that the situation of things i? pe culiarly analogous in bith countries, and that the opinions of statesmen, growing out of the untouar circumstances of the times, are not less so?and brings us to the original proposition, and furm- ^ ? conclusive argument in support of the expediency J a National CiRRf-Nrr-and that, if banks be necf< sarv for the promotion of industry, the convenienc ! of commerce, affd the general accommodation , them belong to the States, and let the revenues^ I ingfrom the voluntary contributions of the bun<j