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THE MADISON IAN.
THOMAS ALLEN. EDITOR AHO MOril.TOI. T?? Madisoniam i* published Tri-weekly during the cess,at $6 per annum. For mi moutha, SJ. No subscription will bo taken for a term short of ? mouth* ; uor unless paid for w adnnre. rlK'K or ADVEETlSlNO. Twelve linee, or lew, three insertions, - 81 9? Each additional insertion, - . * * Longer advertisementa .t proportionate n e. A liberal discount made to thoae who advcrtiae by '^IEr'subscribera may remit by m..l, inbUI? bunks, poitixe Va?l, at our risk ; provided it shad ap pear by a postmaster's certificate, that auch remittance has been duly mailed. A liberal discount will be made to companies of fit* or more transmitting their aubacr.ptions together. Postmasters, and others authorized, act.na a. our agenta, will be entitled to receive a copy of W pjp?r 7%Uu for every five subscribers or, at that on subscriptions generally ; the terms being MttW. Latura and coinmuiucaiiona intended for the esta blishment will not be received unless the pustage x? paid. PROSPECTUS. Tim Madisonian will be devoted to the support of the principles and doctrines of the democratic |>arty, as delineated by Mr. Madi>on, and will aim to consummate that political reform in the theory and practice of the national government, which haa been repeatedly indi cated by the general sufferage, aa aaaential to the peace and proaptrity of the country, and to the perfection and perpetuity of its free inatitutione. At this time a singu lar state of affairs is presented. The commercial in terests of the country are overwhelmed with embarrass ment; its monetary concerns; are unuaually disordered ; every ramification of eociety ia invaded by distress, and the social odifice acema threatened with disorganization; every ear is filled with predictions of evil and the mur mu rings of despondency ; the general government is boldW assailed by a large and respectable portion of the people, aa the direct cauae of their difficulties; open resistance to the lawa ia publicly encouraged, and a spirit of insubordination ia fostered, as a necessary defence to the pretended usurpations of the parly in power; aoine, from whom better things were hoped, are making the " confusion worse confounded," bv a bead long pursuit of extreme notions and indefinite phantoms, loully incompatible with a wholesome state of the country.. In the midst of all these difficulties and em barrassments, it is feared that many of the less firm of the frienda of the administration and supporters of democratic principle* are wavering in their confidence, and beginning, without just cause, to view with distrust those men to whom they have been long attached, and whose elevation they have laboured to promote from honest and patriotic motives. Exulting ill the anticipa tion of dismay and confusion amongst the supporters of the administration a* the consequence of these things, the opposition are consoling themselves with tho idea that Sir. Van Burcn'a friends, as a national party, are verging to dissolution ; and they allow no opportunity to piss unimproved to give eclat to their own doctrines. They are, indeed, maturing plans 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 confidcnce 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 now organ at the 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 ot its sup porters. The necessity also appeara of the adoption of more conservative principles than the conduct of those seems to indicate who seek to remedy abuses by de stroying the institutions with which they are found con nected Indeed some measure of contribution is deemed essential to the enhancement of our own self-reaped at hoinc, and to the promotion of the honor and credit of the nation abroad. To meet these indications thia undertaking has been instituted, and it is hoped that it will produce the effect of inspiring the timid with courage, the desponding 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 Madisonian will not, in any event, be made the instrument of arraying the north and the south, the east and the west, in hostile attitudes towards each other, upon any subject of either general or local interest. It will reflect only that spirit and those principles of mutual concession, compromise, and reciprocal good-will, which so eminently characterized the inception, formation, and subsequent adoption, by the several States, of the con-. atitution of the United States. Moreover, in the same hallowed spirit that has, at all periods since the adoption of that sacred instrument, characterized its defence 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 undertsking, it shall be our Sood fortune to succeed to any degree in promoting the arinony and prosperity of the country, or in conciliating jealousies, and allaying the asperities of party warfare, by demeaning oursclf amicably towards all; by indulg ing personal animosities towards none; by conducting ourself in the belief that it is perfectly practicable to differ with others in matters of principle and of expe iency, 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 lie accomplished, and our primary rule for its guidance be sufficiently observed and satisfied. This enterprize 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 the east and in 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 ss a political organ, and interesting as a journal of news. Arrangements also have been made to fix the establishment ujion a substantial and permanent basis. Tho 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 rages'*,) and having fitted it up in first ralo style, will be prepared to receive visiters on MON DAY the 9th inst. The locution of the houg?>, being w ith in a few minutes walk of the depot of the linltimore and Ohio, Washington and Baltimore, and Philadelphia Rail roads, as well aa the Steamlioat 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 hy the pro prietors, and is designed to fie a first rate hotel. It u the intention of the subscribers to make it for comfort, re spectability, ice. fltc., equal to any house in the United States. The undersigned flatter themselves that they need only promise to all who may patronise the establish ment, that their beat efforts shall be exerted to please, and at chargea which they hope will meet their approba 10ns. JEWETT St DE BUTTS. Baltimote, Oct. 7, 1837. 4w2l HOUSE FURNISHING GOODS?We have for aale? 50 pieces ingrain carpeting, which we will sell low. 50 do Brussels. f>2 do 5-4, 6-4, 10-4, and 12-4 Linen Sheetings. 100 do 7-4, 8-4 Barnsly Diapers. H-4, 10-4 and 20-4 fine Table Cloths. Napkins to match. 1 bale Kussia Diaper. 1 bale w ide Crash. Also, 50 Marseilles Quilts. BRADLEY & CATLETT. Se p 9?3tw2w THE MADISONIAN. VOL.1. WASHINGTON CITY, TUESDAY, NOVEMBER 14, 1837. NO. 32. a It7 Compell ing the origin?l ( village lots no. 3 una 4. 1j*OK SALE, OH BARTER, for property | in the city of New York, or land* in llli aoia, the following valuable property in the village of Oiwfm; The rapid growth of Oswego, ita nn ?uri>a??eil advantagca and great prospects, are too well | and too geue rally known to require a particular deacrip tion. BTj* A very minute description of the property ia deem ed unncceasary as it ia preauined that purchasers living at a distance will come and see, before they conclude a aargain. Suffice it to say, that it ia among the very beat bn the plat? 1is r*un? ??? lands ?r tlwt flr?t quality, with a perfectly ?.tear title, and free of ineuiubr ace, will be taken in ex cl? IiLT ueiieis post paid, add re seed to the aubecriber, at Oewego, will meet with prompt attention. An ample de acription of the property offered in exchange u requested. In East Osweoo.?The Eagle Tavern and Store ad loining, on First street, with a dwelling bouse and atablea on Second atreet, being original village lot no. 90, 06 feet on First atreet, running eaat 200 feet to Second atreet. The south half, or original village lot no. 44, being 33 feel on Firat street, running eaat 200 feet to Second street, with the buildings erected thereon. The norlb-eaet corner of Firat and Seneca (late Tau rus) streets, being 99 feet on First, and 100 feet on Sene ca atreeta, with the buildings erected thereon?comprising part of original village lota noe. 41 and 42. Three lota, each with a dwelling, fronting Second atreet; the Iota are 22 feet wide by 100 deep, being part of original village lot no. 41. Lot, with dwelling houae, [original village lot no. 26,] being 66 feet on First atreet, running weat about 260 feet, acroea the canal into the river, ao thai it has four fronts. In Wiser Oawioo.?Lot corner of Fifth and Seneca | Slate Taurus) stmeU, opposite the public equate, being on Fences street 143, and on Fifth street 108 feet, with dwell ing, coach house, stabling, and garden. The latter is well stocked with the best and rarest fruit, ornamental shrub bery, flowers, led. A lot adjoiniug the above, being 78 feet on Fourth strert J by 58 feet in depth. Six lots on First street, each 22 feet in1 front, running east 100 feet to Water j 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 wharf has the deepest water in the inner I harbor.] Lot oorncrof Seneca and Second atreets, being 24 feet on Seneca, and 66 feet on Second atreeta. Five Lota ad joining the foregoing to the east, each being 22 feet on Seneca street, by 06 leet in depth. The above being part df the original village lot no. 36. The north half of block no. 63, being200. feet on Utica [late Libra] street, by 198 feet on Third and Fourth streets. On Van Bcjeen Tract.?Lot no. 1, Montcalm street, ueing 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, 14, and 15,being 345 ft. on Bmnnon st. 210 on Van Buren St. 300 on Eighth st. North 3-4ths of lot no. 25, corner of Van Buren * .id Eighth streets, being 200 feet on Van Buren, and 148 t eet on Eighth streets. Lot 82, south-west corner of Cayuga and Eighth atreeta, 66 by 198 feet. Lota 83, 84, 85, 86, 87, on Cayuga st. 06 by 198 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. 58, s. w. corner of Seneca and 8th sts., 66 by 198 ft. 50, n. e. corner of Ontario and Schuyler streets, 198 by 104 feet. 59. on Seneca street, 00 by 193 feet. 75, s. e. corner of Seneca and Ontario streets, 198 by 101 feet. 76, s. w. comer of do. 198 by 130 ft. 64, n. e. corner of do. 198 by 104 ft. 40, 47, 48,49, on Schuyler st., 60 by 198 ft. The incumbrances on the whole of this property do not exceed sixteen thousand dollars, which may either re main, or if deaircd, can be cleared off. J. C. BURCKLE. Oswego, N. V., Aug. 22, 1837. 2m0 LUMBER S BUSINESS.?The subscriber, f rom j Baltimore, tskes this method of informing the citixcns of Washington and vicinity, that he will remain a few days, and make arrangements for undertaking any of the follow- I ing kinds of work in his line of business, vix. 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 nuarries, or any kind of lead work. He can bo seen at Mr Woodward's. DAVID BAIN. N B.?He has with him a few Beer and Cider Pumps, to be seen as above. CLEMENT WOODWARD, Bcrwcen 10th and 11th sts., Penn. Avenue. QitlMi ? ? CHINA, GLASS AND QUEEN'S WAKE. MOSES POTTER, 40 South Charles St., Baltimore, HAS just received and is now opening, five hundred and forty/ package* of the al>ove 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 he has taken a room four doors north of 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 gannents, that general satisfaction will be given to such as may favor him with their custom. sep 23 3taw3w PROPOSALS for publishing a Second Edition of the Military Laws or the United States, by George Templeman. The first edition was compiled by Major Trueinan Cross, of the United States Army, and published under the sanction of the War Department in 1825. It contains the most important of the reaolutiona of the old Congress, relating to the Ariny, from 1775 to 1789?the Constitution of the United States, and all the acts and resolutions of Congress relating to the Army and the Militia, from 1789 to 1824. The second edition, now proposed to be published, will contain all the matter embraced in the first, carefully re vised, together with all the laws and resolutions of Con gress, bearing upon the Army, Militia, and Volunteers, which have been enacted from 1824, down to the close of | the present session. The corrections and additions will he made by Major Cross, the original compiler. Officers of the Army and Militia, and others, who have used the first edition of this work, have testified to its | great usefulness. In a country like ours, where the authority of the law is paramount, the necessity of such a work is at all times manifest; but it is especially so at present when a large and mixed force of regulara, volunteers, and militia arc called into active service. The work w ill lie of royal octavo sixe, and will lie fur nished to subscribers at ?2 50 per copy, bound in law sheep. MKS. PAGE'S BOARDING HOUSE, on IVnnsyU vania Avenue, opposite the Centre Market. Per sons visiting Washington can be comfortably entertained by the day or week. Oct. 5. tfl9 Valuable property for sale ? By virtue of a deed oftrust, executed by Duff Green, and bear ing date the tenth day of July, in the year eighteen hun dred and twenty-nine, will lie exposed to public sale on Wednesday, th. twenty-second day of November next, the valuable real estate described in said deed as lieing " that two story brick house or tenement on part of lot numbered six, (6.) in square numbered three hundred and seventy-seven, (377,) in the city of Washington, being the west house of three houses formerly built on said lot by Charles Cist, deceased;" "and also the part of said lot appertaining to aaid houae, extending back due north from E atreet to a public alley, ami alao the whole of lot number (7) in the aaid square." The terms of sale will be one-third eaah, anil the ba lance in two equal inalalinenta of three and six months, with approved security and on interest from day of sale. The sale to take place immediately in front of the pre mises, on E street, at eleven o'clock in the forenoon of the dav above mentioned. For the Bank of the Metropolis : JOHN P. VAN NESS, President. Oct 30-2 aw G2.L<)VKSUSPENDERS, STOCKS, WOOLLEN r SHIRTS, AND DRAWERS ?We have to-day opened? 30 dox. Suspenders, best kind. 50 do. superior Gloves. 50 do. Stocks, best make. 50 pieces Silk Pocket Handkerchiefs. 50 doxen Gentlemen's Ribbed Woollen Drawera. 50 do. do. do. do. Shirta. 6 do. Raw Silk Shirta. A Lao, 50 piecea Irish Linens. 200 do. Sea Island Cotton Shirtin.s. BRADLEY dt CATLETT. Sept. 8. 3taw2w8 A PUBLIC UKBTIHO Of a portion of the jxapU of Ike County of Albemarle, Virginia. On last Monday, that being Court day, and there being a very large assemblage of the |?eople present, Major James Garland, the preseut representative in Congress from the I which this county composes a part, addressed the people. After he had conclud ed his speech, Col. George W. Kinsolving proposed to organize a meeting of the people, so as to obtain an expression of their opinions, upon the great question of the state of the currency, which is at this time of such vital interest to the community. He called Henry White to tho chair, and upon the motion of Sbeltoo *. Leake, George Carr was appoint ed secretary. The meeting being organised, upon motion, the chair appointed a committee consisting of Shelton F. Leake, Thomas VV.' Gooch, Garrett White, T. W. Mauray, G. W. Kmsolrmg, John Morris, J. H. Craven, K. D. Simms, James E. Chapman, Rodos Goodman, Robert B. Mills, S. C. Sneed, J P ?Sampson and John Douglas, to draft and re port a preamble and resolutions, for the con sideration of the meeting. The committee, alter having retired, returned and reported the following preamble and resolutions, which were adopted t Whereas, it is both the right and the duty ?J}-'re? P??P,e to express their opinions on public affairs; and it is especially incumbent on them to do so, when innovations are pro posed in their laws and usages, which threat en their liberties and highest interests with danger; and, whereas, the people of Albo marle, here assembled, friendly to the election ot the present Chief Magistrate of the Union, cannot but regard with the most serious ap prehensions the scheme proposed for conduct ing our national finances on a new system a system disapproved by our republican an cestors, and which is justified only by prece dents drawn from Imperial Rome and the kingdoms of Europe? 1st. Resolved, Therefore, as the sense of this meeting, that we view the Sub-Treasury scheme now, as it was viewed by us, in com mon with the great body of our political brethren in 1834, as anti-republican in its character, dangerous and demoralising in its tendencies, " enlarging the influence and pat ronage of the Executive, and placing in its hands the means of corruption. '-'d. Resolved, That believing a common interest between the governors and governed a fundamental maxim of free institutions ;? and that the most effectual means " of restrain ing the former from oppression is to make them feel and participate the burdens of the latter, we regard the establishment of one currency for the Government and another for the people, as alike oppressive in practice and despotic in principle. 3d. Resolved, That a war upon tho credit institutions of the States by the policy of the General Government, is inconsistent with tho jndopendence and rights of the States, and the obligations of our Federative com pact, and in the present instance, if persisted in, threatens the most serious consequences to every class of the community ; the farmer, the mechanic, the tradesman, "and the mer chant. 4th. Resolved, That we consider a mixed currency, consisting of the precious metals for ordinary transactions, and a sound paper medium, equivalent to specie, for larger ope rations and commercial uses, that form of currency the best adapted to the wants of the country; the most congenial with the habits and interests of the people, and uniting, in the highest degree, the requisites of safety and convenience, and that on this subject we heartily approve the sentiments expressed by our republican Governor, and the policy advocated and sustained by our Senator in Congress?Hon. W. C. Rives?and our Representative from this district?Hon. Jas. Garland. 5th. Resolved, I hat a wise and progressive reform in the State banking system which shall secure the above mentioned results, and not the total overthrow and destruction of that system, is, in our opinion, the true policy and approved creed of the republican party ; and to force the country back now to an exclusive metallic currency would cripple all its energies and enterprise, and operate a disastrous revo lution in the value of labor and property, and in the practical cflfect of all existing contracts between man and man. 6th. Resolved, That the Sub-Treasury scheme having been rejected by the Repre sentatives of the people, at the late session of Congress, we are persuaded that the Presi dent, as a republican chief magistrate, will acquiesce in that decision, and no longer urge upon Congress and the people a proposition which can have no other effect than to divide the political party by whose votes he was elected, and to agitate and alarm the public I mind, at a period when confidence and repose are demanded by tho best interests of the country. And, whereas, we have seen with indigna tion the simultaneous attacks, by the leading administration press at Washington, and the opposition journal at Richmond, on the faith ful representative of this district, and our county-man and long-tried public servant, the Hon. VV m. C. Rives, one of the Senators of Virginia, in Congress?and, whereas, the ap probation of the constituent body is the high est incentive to, and the just reward of fidelity and good conduct on the part of the represent ative, and it is especially proper that the peo ple should come to tho encouragement and support of their faithful public servants, when assailed and traduced for the honest and inde pendent discharge of their duties Resolved. Therefore, that we recognise in the conduct of the Hon. VVm. C. Rives during the late session of Congress, the continuation and consistent illustration of the principles, moral and political, which have uniformly marked his public career, and that we hereby tender him the assurance of our undiminished confidence and the pledges of our zealous support. Resolved, That we cordially approve the course of the Hon. James Garland, during the late session of Congress; and he may rest assured that he will never be deserted by a republican constituency, while ho so ably and faithfully maintains their rights and principles. On motion of Thomas W. Maury, it was ordered that the proceedings of this meeting, be signed by the Chairman and Secretary, and that copies be furnished to the Editors of tho Jetfersonian Republican, the Richmond inquirer, and tho Madisonian, with a request that they publish them in their respective papers. j This meeting then adjourned. HENRY WHITE, Chairman. (jkoroe Cakk, Secretary. A LETTKIt FROM MR. SMITH, member or conorem from Maine, in vindication or uia vote against the scd-treasuhy bill. urrra u. To the Editor of the Eastern Argus. Sir?In my former letter I show, by bjok, page ?nd date, that the whole scheme of divorcing the Uovernment from all bink agency, and of reporting to an exclusive metallic currency in collecting an< ViXvlrsin? t',e revenue of the Government, was in 1835 condemned and repudiated by both the Execu live and Legislative department of the Government, (including therein the united vote of the delegation ol this State,) both because of its inherent insufficien cy, and insecurity, and bacause of its comparative inferiority in all the essentials of responsibility, safe ty, convenience, and economy, to the local bonk agen I now propose to show upon whose recommenda tion, for what reasons, and by whom, besides myself, local bank agencies and convertible bank paper with specie payments, were adopted for the collection and disbursement of the public revenue. From these data, I shall deduce and exhibit to you ray additional reasons for continuing to repudiate the scheme of Sub-Treasury agencies of the denomination and with the restrictions provided in the bill against which I voted in Congress. I shall conclude with a sugges tion of the only practical divorce of Government ' 'k*? ^as occurret' to my mind, and the which I was prepared to offer to the House, had an opportunity been afforded me for it at the late session. The agencies of local Banks were adopted for the Government throughout the country by President Jackson, with the most implicit confidence in their disposition, capacity and safety as fiscal agents. More or less in number had been employed previ ouslv since the organization of tbe Government, as will be seen by and by. They were adopted in lieu of and to render unnecessary, either for the purposes of the Government or op the people in their busi ngs affairs, a National Dank. Speaking of the information he had acquired of them, through a spe cial agent selected and employed for the purpose, President Jackson, in a paper read to his cabinet on the lHth of September, IH33, held the following lan guage :? " 1 he President thinks that these facts snd circum " stances afford at strong a guarantee as can be had in "human affairs, for the safety of the public funds, " and the practicability of s new system of collection " snd disbursement through the agency of the Stale' " Hanks." In December following, that is, 1833, in his mes sage to Congress, he endorsed the report of the then Secretary of the Treasury upon the subjcct of State bsnks, in this emphatic language, " I concur with him entirely in the view he has taken of the sub ject." In that report the Secretary said, " The State banks selected are all institutions of high "character, and undoubted strength, and are under the " management and control of persons of unquestioned " probity and intelligence." ? ? ? " Enough has already been done to show that, even on " the score of expediency, a Bank of the U. States is " not necessary, either for the fiscal operations of the " Government, or the public convenience, and that eve " rv object that the charter to the present bunk was ?' designed to attain, may be as effectually accomplished " by the State banks." ? * ? "In the " selection, therefore, of the State hanks as the fiscal agents of the government, no disadvantages appear to have been incurred on the score of safety or conveni ence, to the general interests of the country, while much that is valuable will be gained by the chsnge." In a sneech made in the U. S. Senate on the 30th of Jan. 1H34, Mr. Wrioiit, Senator from New York, thus expressed himself. Every body understands what his relation to the late administration and all its friends was, and what it is now to the present admi nistration?that of an able, distinguished and most worthy leader. He said, " The Senator from Massachusetts, (Mr. Webster,) has asked if you will neither ro-charter the present bank, nor establish a. new one, what will you do ! As an in dividual, sir, and speaking for myself only, I say I will sustain the Executive branch of the Government by all the legal means in my power, in the effort now making to substitute tho State banks instead of the Bank of the United States as the fiscal agents of iho Government. I believe they aro fully competent to the object. I am wholly unmoved by the alarms that have been sounded, either as to their insecuiity or influence, or any other danger to bo apprehended from their employment." On the following Feb. (11th, 1834,) the official or gan of the administration (the Globe) under its edi torial head, made the following announcement to the country:? " In making the State Banks the fiscal agents of the Treasury, the President has taken a course which marks his kin a i. determination in relation to this subjcct. He is convinced by tho experiment already made, that well managed State banks are fully adequate to the per formance of all the duties connected with the collec tion, the .rack-keeping and transfer of the public funds?the only duties which it is necesssry the govern ment should require of such institutions to facilitate the operations of the Treasury." " Ho is also satisfied that they are fully competent to carry on the business of domestic exchange between dif ferent parts of the United States, in a manner that will be both convenient and satisfactory to all parts of the country, and that this can and inil be conducted by them upon terms at least as favorable to the country, and probably more so, than has heretofore been done by the Bank of the United States ; and we feel autho rized to state, that nil rcnorts to the contrary are mere inventions of the ENEMY"?and that the Presi dent is firmly resolved to adhere to his plan of the Stale banks. He distinctly assorted this intention in his ex pose to his Cabinet, and ho repeated it with equal clear ness, in his recent conversation with the New York Committee." ? The before named report of the Secretary of the Treasury was the subject of a special report from the Committee of Ways and Means on tne part of the House, on the 4th of March, 1834. The Com mittee's report was made by Mr. Polk, now Speaker of the House. This report stated?" The Commit tee are satisfied that the State Banks are fully com petent to perform all the services which the Gene ral Government ought to require, in the collection and disbursement of revenue." " The State banks are now firmly interwoven with the institutions of the country." This report concluded with a resolution which was adopted by the House, (117 to 105) that the State banks ought to be continued as depositories of the public money. On this resolution, the delegation of this State voted as follows :? AYES?Hall, Jarvis, Kavanaugh, Mason, Mc Intire, Parks, Smith. NAY-Evans. On the 5th of March, the before ndmed official onran of the administration, the Globe, in an editorial article, thuscommented on the report of the commit tee of Ways and Means :? " The Committee gave their opinions at lsrge upon the subject of the State bank agency in the management of the public finances. They show thst RELIANCE ON THEM, WAS PART OF THE LONG SIGHTED POLICY WHICH INDUCED THE FKAMEK8 OF THE CONSTITUTION TO RE JECT THE PROPOSITION TO CONFER THE POWER CREATING CORPORATIONS UPON CONGRESS, and that it teas in fart the resort of the confederacy before, as well as after, the adoption of the Constitution." The same committee, through Mr. Polk, on the 8W of April, 1834, reported a bill to provide for the selection of State Banks as depositories of the public money, pursuant to the resolution of their first re port. On the second of June following, in a debate that arose in the Senate of the United states on Mr. Clay's resolution for the restoration of the depositee to the United States Bank, Mr. Benton moved to amend it by striking out all after its enacting clause and inserting the abuvementioned House bill entire; and on this occasion he made one of his most able speeches in defence of the local hanks?in prai?e of / their capacity and fitness lor ail ibc purpose* of I be Go vernment, and exculpating them horn ail blame lor pus pending specie payments under the embarrass ments of commerce that existed in 1816. I will make a few extracts from the report of this able effort of the Missouri Senator. "Mr. Benton said he deprecated the spirit which ?coined to hare broken out against Slate Banks and that it augured badly for the rights of ike Stale*. The strongest current of consolidation that ?v*? now observa ble in the Union, was that which sat in favor of the Federal Bank and again*! the State Banks, and threat ened to consolidate all moneyed power, and with it all |K>liticai power, in favor of a great central institution, independent of the States, and able, by its own avowal, to crush the State institutions at its pleasure. He said this spirit against the State Banks was an impulsion of modern origin?unknown to the fathers of the lie public, and to the early history of the country?and strongest now where the spirit of consolidation was atrongest, and where the defence of Static Kranra teas weakest. At the commencement of the Federal Go vernment. said Mr. Benton, there was no Federal Bank, and all the public moneys were kept in Stale Banks, or drawn direct and at fast as they were received, out of the hands of receivers and collectors. General Hamil ton when Secretary of the Treasury, kept the public moneys, for the first year of his administration, in these banks, and kept them safely there. When the Federal Bank was proposed in 1701, a?d the keeping of the public moneys was one of the aervices attributed to it Mr. Jefferson, then a member of President Washing ton s cabinet, denied the necessity of a Federal Bank for any such purposes, and openly declared himself in favor of the Slate Banka. He said these banlu had already done thi* business for the Government, and done it well, and would no doubt enter into arrangements with the Treasury for doing it permanently, and on better terms than it could be done by the Federal Bank. Mr Benton read an extract from Mr. Jefferson's cabinet opi nion delivered to General Washington, at tho creation of the Federal Bank, to austain what he had said of his opinions" ? ? ? "Mr. Benton said, that what Mr. Jefferson affirmod in 1791, waa aflorwards proved under his administration, and that of Mr Madison Dur ing the whole of their administrations, a large portion of the public moneys was kept in State Banks, and safely kept there. -Mr. Benton aaid it was thus proved, by an experience of twenty years an experience running through the whole of the admi nistrations of Mr Jefferson and Mr. Madison, and a part ofthoir predeccsaors?that the public monevs maybe safely kept in the State Banks; and that Mr Jefferson was right in hia cabinet opinion of 1791, when he gave it aa his solemn opinion to President Washington, that there waa no noceaaity for chartering a Federal Bank to act as the fiscal agent of tho Federal Treasury, and that the State Banks would enter into arrangements for that purpose, AND DO THE BUSINESS well !" ? * ? " Mr. Benton said, that having shown that he stood upon JEFFERSONIaN GROUND, and I'PON safe ground, in recommending Slate Banks for places of deposite of the public moneys, he would make a few remarks, particularly applicable to the amend ment which he had offered." In the House of Representatives on thelOth of June 1831, Mr. Pot,K made his speech upon the same bill and embodying his usual talent and argument! He cited with approbation parts of a report of Mr. Gallatin in 1811, while Secretary of the Treasury containing the following opinions: " Slate Banks may be used without any insuperable difficulty." * ? ? " That the public moneys are safeh by being weekly deposited in banks, instead of accumulating in the hands of collectors, is self evident. And their transmission, whenever this may be wanted, forlue purpose of making payments in other places than thoso of collection, can not, with any convenience, be effected on alirge scale, man extenlive country, except through the medium of banks, or of persons acting as bankers. The question therefore is, whether a bank incorporated by the United' States, or a number of banks incorporated by the several States, be most convenient for those purposes. Stale Banks may be used, and must, in case of a non-renewal of tlve charter, be used by the Treasury." "Slate Binks then, said Mr Pole, were not regard ed by Mr. Gallatin as incapable of doing the public busi ness ; and I undertake to affirm, and to prove, that they were not so regarded even by the Congress of 1816, by which tho charter of the present bank was granted." ? ? ? "The argument then, so much relied upon to prove the incompetency of the State Banks, and the ne cessity of a National institution, as a Govemment'agen and regulator of currency, seems to be not only without just foundation, but to be wholly disproved both by the authorities cited, and the practice of the Government from the date of its organization." On the SMfh of June, 1831, the bill adopting the deposite bank system passed the House by a vole of 11*2 to ill). The delegates of this State voted as fol lows: Ayes, Hall, Jarvis, Kavnnaugh. Mason, Mc Intire, Parks, Smith. Nay, Evans. But the bill was lost in the Senate. In the annual message of Dec. 1834, the President said " Happily it is already illustrated that the agen cy of such an institution, (U. S. Bank,) is not neces sary to the fiscal operations of the Government.? The Shite banks arc found fxUly adequate to the per formance of all services which were required of the Hani: of the United States, quite as promptly and with the same cheapness. They have maintained them selves and discharged these duties, while the Bank of the United States was still more powerful, and in the field as an open enemy ; and it is not possible to conceive that they will firul greaUr difficulties in their operations, irhen that enemy shall cease to exist. On the 1-2 of December 1834, the Secretary of the Treasury made the deposite bank system the subject of a special report and recommendation to Congress. And in it he embodied a most elaborate and un qualified eulogy of the safety, disposition, capacity and efficiency of local deposite banks as fiscal agents of the Government, and declared that unitedly they " possessed specie, in proportion to their notes in cir culation, greater than did the Bank of the United States on the first of July" preceding, "or the Bank of England on the 1st of January" preceding. " He cherishes," said the report, "great confidence that the system of fiscal agency now recommended for the Treasury, so far as regards the safe preserva tion and convenient disbursement of public money, will continue to prove successful; ana, if not in ev ery respect, equally so with the system preceding it, or with any other that could be substituted in the form of a National Bank, yet that in some material respects it is superior, ami "in others so little inferior as not to justify an abandonment of it for any other, beset with such grave questions of general expedi ency and constitutional power. Public confidence in the correctness of this conclusion may justly be strengthened by our experience during the past year, when the newly selected State banks, though in the infancy of the trial, with many novel difficulties to encounter, and assailed by a panic unexampled in this country, surrounded by extraordinary distress, real or imaginary, without the aid of the power ful means of the Hank of the United States, if not with those means in some places indirect hostility, have yet passed through the fierv ordeal in perfect safety, without the faitureof one of them, and with out the loss of a single dollar to the Government.? Besides this, the operations of the Treasury, chiefly conducted through these banks, have proceeded, ge nerally, with ease, promptitude and fidelity, even in the remotest sections of the Union; and the ge neral currency of the country has in the mean time greatly improved, instead of deteriorated. Over twenty millions of dollars have probably been added to the specie portion of it." He concluded his report in this most pointed lan guage in favor of the system and against the sub treasury system of " individual agents " " It is gratifying to reflect, however, that the credit fiveri by Government, whether to BANK PAPER or 1ANK AGENTS, has been accompanied by SMALL ER LOSSES in the experience under the system of State Banks, in this country at their worst periotls and undt, I heir severest calamities, than anv OTHER CREDIT the Government has ever given m ^Vion to its pecuniary transactions, . Hence, unless the States, and the United States, should BOTH deem it proper, gradually, and in ihe end entirely, to dispense with the paper system, and which event is not an ticipated, the Government cannot escape occasional losses from that quarter; and can never hope to escape all losses from hanks as fiscal sgrnts, except liy the employment in their place of OTHER ami INDIVI DUAL AGENTS, who will PROBABLY, be found LESS RESPONSIBLE, SAFE, CONVENIENT, and ECONOMICAL " On the 16ih of the same December (1835,) Mr. Poi.*, as Chairman of the Ways and Means, report ed to the House a deposite bill for the selection of local bjnks according to the plan of the President and Secretary of the Treasury. hi lite debate on this bill on the 10 of Feb. follow ing, Mr. Polk mid, " li will only be necetwary on litis occasion to present a few prominent facU, with the conclusions to which they uecesarily give rue, to saiufy not only the House but the country, that the present financial system is no linger to do* re garded as an experiment. Through the agency of the Stale banks, the fiscal operations of Government, have, during thv past year, been eminently success ful. The collection of the public revenue, and the transfer of funds to distant points for disbursement, have b -en made by the deposiie bank*?promptly, efficiently, and without charge to the public. No thing has been lost to the Treasury, and no part of the public service has suffered inconvenience by the employment of these agents. All this lias been done, nut only without the aid of the National Bank, but against its power, in defiance of its efforts to cripple their operations, lo distress the community and era barrasA the Treasury." ?????? " 1 might, was it deemed necessary, proceed to show the success with which these duties were performed by the ritate banks f rom I7H9 lo the creation of the present Bank of the U. 8. during which period they were employed as fiscal agents." ? ? ? ? " It has D *en my object to show from well attested facts, that they are as sake as any other description of agency could be." * * * * " It is no long er a question of doubt whether they can, with facility and promptness, transfer the public funds to the most distant points of disbursement, and perform all other duties which, as fical agents, they may be required to perform." In the same debate Mr. Cambrf.i.kno said? " I am a* little di?|>o*ed i> cither of the gentlemen from Virginia, (Messrs Robkhtsom and Cioanow, who advocated the divorce plan then) lo advocate the caoa* of State bank* ; but at the present moment there are two reasons for continuing the plan adopted by the Treasury. The Stat* banks sclect?d. a?* th* SAKEST PLACES or DEPOSITS WH THE PUBLIC MO NEY." Mr. Patton said? " Tho employment of State banks aa depositories of the public inoncy is called an experiment. * * * I deny that it can with propriety be called an experi ment. There is nothing novel in it?Hi has been going on from the time of the establishment of the first btate bank to the present day. Stsle banks have been se lected snd employed by tiie Treasury, as fiscsljsgcnts of the Government in collecting snd disbursing the public money during the whole period from the ailoption of the Constitution to the present moment; and this embraces periods when a Bank of the United States existed, and when it did not exist. ? ? * Through all thia time, then, from 1789 to 1816, through all administra tions, and by all political parties, and especially by that political party which wat called " republican, this " infernal agency of tho State banks, as it has "'*?n characterized by one of my honorable colleagues (?. Robertson) has been employed, under the superintend ence of the Secretary of the Treasury, and, as it would seem, approved and admUird by all lo be ihe best in Iht absence of a Bank of the U. StaJcs." _ No final vote was taken upon the bill before the expiration of the session of llie 4th ol March, In the annual message of the President in De cember, 1835, the country was again told that the experience of another year has confirmed the utter fallacy of the idea, that the Bank of the United States was necessary for the fiscal agent of the government. Without iLs aid as such, in despite of all the embarrassment it was in its power to create, the revenue has b^en paid with punctuality by our citizens; the b usiness of exchange, both lor eign and domestic, has been conducted with conve nience! and the circulating medium has been greatly improved. Bv the use of the Stale Banks, which do not derive their charters form the general govern ment, aiuf are not controlled by it a"'hority, it is ascertained that the moneys of the United Slates can be collected and disbursed without loss or in convenience, and that all the wants of the com munity in relation to exchange, have been supplied as well as they ever have bsen before.' In the annual report to Congress of the becretary of the Treasury, in December, of the same year, we had this similar assurance: " This department lakes pleasure in stating that the public money continues to hi collected and deposited under" the present system of selected bniks, with great care and economy in all cases, and with greater in some than at any former pe riod. The transfers of it to every quarter ol the countrv where it is needed for disbursement, have never been effected with more promptitude, and have been made entirely free of expense to the On the 21st of March, (1H36,) following, Mr. Cambreleng, from the Committee ol" Ways and Means in the House, (of which Committee I had the honor to be a member concurring in the report,) reported anew the bill providing for the selection and employment of the State Banks as the fiscal a 'ents of the Government, and on the '23d day of June following, it became a law by the signature of President Jackson, having passed both Houses by extraordinary majorities. In August, (1H3?>,) following, preliminary to the election of Mr. Van Bchkn to the Presidency, he publicly declared his opinions of an adhesion to this same local bank system of agencies, in a letter to Hon. SitEiiaoD Williams, in the following empha* tic language: ?'I sincerely believe that the public funds can be safely and conveniently transmitted from one portion of llie Union to another, that domestic exchanges can bo as safely and conveniently effected, and the currency inado at least as sound, under the existing system of State Banks, ns those objects could be accomplished by a National Bank." All must concede, after perusing the foregoing authorities,?-the highest to be desired to establish with democrats what has been the settled opinions and policy of the democratic party on this subject, and that the Sub-Treasury scheme was bronght for ward at the expense, and to the utter overthrow of a system which, to use the language of the Globe, "the lone sighted policy of the founders of the Constitu tion' placed their reliance upon in denying to Con gress the power of chartering corporationsa sys tem which, through the last four years of General Jackson's services in the Presidency, was the theme of his highest exultation and eulogy, and in each an nual message to Congress; a system which his Secretaries of the Treasury, (Mr. Taney and Mr. Woodbury,) uniformly reported to Congress as both safe and satisfactory to botn the Government and the people; a system which Mr. Benton, as we have seen, pronounced to have been approved " by an ex perience of twenty years?an experience running through Ihe whole of the Administrations of Jefferson and Madison;" a avstem which Mr. Benton also pro nounced to be " Jejfcrsonian ground;" a system which Benton declared to be the antagonist of that spirit of political consolidation, and of that infringement upon Slate l ights, thut was auguring so badly to those rights and " strongest noir where tie spirit of consolidation was strongest, and where the defence of State rights was weakest ; a system, to re-establish which, the whole nation was kept in a convulsive condition from the dav of 'he removal of the deposites from the U. S. Bank, until the passage of the act I have named, legalizing the system in all the length and breadth that President Jackson and his Secretaries had asked;?it was, I repeat, at the expense and overthrow of such a system, and of all its concomi tant advantages as promised by all its advocates that the Sub-Treasury bill was to be adopted and become a law?and all this, mainly because the force of the most extraordinary pressure in the money market ' that was ever known in the business world, and the which has been felt wherever trade or commerce exists on the face of the globe, extended to our bank ing institution#, through .the failures of their cus tomers and debtors,sufheiently to cause a temporary suspension of specie payments! Twice before has tnc same event hnppened to tnis same class of fiscal agents in the history of onr go vernment. And the administration, the republican party in and out of Congress, ail of us, knew this fac lull well, when the banks were appointed fiscal agents by Jackson and by the de^itelawsufee ouenllv We knew that it might by possibility again happen. It was mid again and again Iby ncnts, that it would happen again. But we Mi' in reply this alone is not a sufficient objection. When it shall happen to the greater loss of the government than other nscal agencies are certain of bringing urion it then will it constitute j?n argument against the expediency and superiority of our system. It has hanoened. But no lot* to the government has oc curred?none is anticipated. On the contrary, the Secretary's late report shows the bonks to be in equally g<**l condition with their best days, not only in regard ?o specie, but all other resources. In view of these truths, and of the abandonment of other more important interests connected with the stability of the system, ami which I must take anojher letter to detail, I did not believe the passage of the Sub Treasury scheme to be for the interests of my con stituents nor for the honor of the government, nor ? for the success of Mr. Van Buren's administration? of all which points I was of right my own judge, under the circumstances;?and I felt constrained to vote against tearing away the land marks which had been set up under th.- last administration by my and others, who then represented the dominant and democratic party. I contributed my humble strength in establishing the financial policy of "bat adminis tration, until It became the common property and