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THE MADISON IAN.
VOL.1. WASHINGTON CITY, FRIDAY, NOVEMBER 24, 1837. , NO. 35. THE MADISONIAN. THOMAS ALLEN. The Madisowia* i? published Tri-weekly durmg the .tiling, of Congres*. and Swui-weekly during the fe ces*, st $i per .uoum. F<k hi month*, 13. No ?ubccripiion will bs taken for ? lerui .hurt of six month. ; uor unlaw paid for is ad*anct. PB1SB Of *?VBAT?1M?. Twelve line*, or !e*?, three insertion*, - 91 00 Each additional insertion, - - 25 Longer advertisements at proportionate rate*. A liberal discouul tuade to thoae who advertise by I he year. XW Subscribers may remit by mail, in billa of aolveot banks, pott*#* paid, at our riak ; provided il shall ap Cr by a postma?ter'? certificate, that such remittance been duly mailed. A liberal discount will be made to companies of fi** I or more transmuting their subscription* together. Postmaster*, and other* authorized, acting aa our agent*, will be entitled to receive a copy of the paper grntir for every five aub*criber* or, at that rate per cent, on .ubscripliona generally ; the terma being fulfilled. Letters and communicationa intended lor the esta blishment will not be received unless the pvitage it paid. PROSPECTUS. Thb Maoisonuk will be devoted to the aupport ol the principle* and doctrine* of the democratic party, a* delineated by Mr. Madiron, and will aun to conauinmate that political reform in the theory and practice of the national government, which ha* been repeatedly indi cated by the general autferage, as aaaeiitial to the peace and prosperity of the country, and to the perfection and perpetuity of its free institutions. At this time a singu lar state of stfaira is presented. The commercial in terest* of the country are overwhelmed with embarrass ment ; its monetary concern* are unusually disordered ; every ramification of society l* invaded by distress, and the social edifice seems threatened with riisorganitstion; every ear is filled with predictions of evil and the mur muring* of despondency ; the general government i* boldly assailed by a large and respectable portion of the people, as the direct cause of tneir difficulties ; open resistance to the lawa is publicly encouraged, and a spirit of insubordination is fostered, as a necessary defence to the pretended usurpations of the party in power ; some, from whom better things were hoped, are making the " confusion worse confounded," bv a head long pursuit of extreme notions and indefinite phantoms, totally incompatible with a wholesome stale of the country. In the midst of all these difficulties and em barrassments, it is feared that many of the less firm of the friends of the administration and supporters of democratic principles are wavering in their confidence, snd 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 in the anticipa tion of dismay and confusion amongat the aupporters of the administration as the consequence of these thing*, the opposition are consoling themselves with the idea that Mr. Van Duren'a friends, as a national party, are verging to dissolution ; and they allow no opportunity to pass unimproved to give eclat to their own doctrine*. 1'hey are, indeed, maturing plan* for their own future government of live country, with seeming confidence of certain succcss. This confidence is increased by the fact, that vi*ionsry theories, and an utiwiae adherence to the plan for an eicluttte mctalhc currency have unfortunately carried soine beyond the actual and true policy of the govern ment ; and, by impairing public confidence in the credit system, which ought to be preserved and regulated, but not destroyed, have tendea to increase the difficulties under which the country ia now labouring. All these seem to indicate the necessity of a new organ at the seat of government, to be eatablishcd 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 the great body of its sup porters. The necessity also appears of the adoption of more conservative principles than the conduct of those seems to indicate who seek to remedy 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-respect at home, and to the promotion of the honor and credit of the nation abroad. To meet these indication* thia undertaking ha* been instituted, and it i* hoped that it will produce the effect ot inspiring the timid with courage, the desponding with hope, and the whole country with confidence in the administration of it* government. In thia view, thia journal will not seek to lead, or to follow any faction, or to advocate the view* of any particular detachment of men. It will aapire to accora a juat measure of aup port to each of the co-ordinate branches of the govern ment, in the lawful excrcise 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 Madisokian will not, in any event, be made the instrument of arraying the north and the south, the east and the west, in hostilo attitude* 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 stitution 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 bv TUB people, our press will.hasten to its support at every emergency that shall arise, from whatever quarter, and under whatever guise of philanthropy, policy, or principle, the antagonist power may appear. If, in this responsible undertaking, it shall be our good fortune to succeed to any degree in promoting the harmony and prosperity of the country, or in conciliating jealousies, and allaying the asperities of party warfare, by demeaning ourself amicably toward* all; by indulg ing personal animosities toward* none by conducting ourself in the belief that it is perfectly practicable to diffor with others in matters of principle and of expe ioncy, without a mixture of personal unkindness or loss reciprocal respect; and by "asking nothing that is no clearly right, and submitting to nothing that is wrong," then, and not otherwise, will the full measure its intention be accomplished, and our primary role for its guidance be sufficiently observed and satisfied. This entcrprize has not been undertaken without the approbation, advisement, and pledged support of manv 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 esst 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, snd make it useful as a political organ, and interesting as a journsl of news. Arrangements also have been made to fix the establishment upon 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 itaclf entitled to receive. THOMAS ALLEN. Washington City, D. C. July, 1837. exchange hotel. T^'lf ,S|U/?^CPIHK.R?' hyi,n* 'eased the Exchange .V'i '( n? lgr" ",).aml hav,n* fi,,pJ 11 UP '? nv ^r11 f prXTd t0 ?,e'?v v"ilc? on MON DAY the 9th inst. The location of the house, brin? with in a few minutes walk of the depot of the Baltimore Ohio, Washington ind Baltimore, and Philadelphia Rail road*, as well as tho Steamboat 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 eitv has I wen erected and furnished at a great cost by the pro! prletors, and is designed to lie a first rate hotel. It j. the intention of the subscriber* to make it for comfort, re spectability, tie. fir . equal to any house in the United Mates. 1 he undersigned flatter themselves that they need only promise to all who may patronise the establish ment, that their best efforts shall tie exerted to please, and at charge, which they hope will meet their spproba lon*. rr wi. ? , ,?,,JEWETT & BUTTS. Baltimoie, Oct. 7, 1837. 4w21 H OU8E FURNISHING GOODS.?We have for ?ftlP? 50 pieces ingrain carpeting, which we will sell low .V) do Brussels. 82 do 5-4, 6-4. 10-4, ami 12-4 Linen Sheeting*, loo do 7-4. S-4 Barnsly Dmprrs. b M. 0-4 and 20-4 fine Table Cloths. to match. 1 bale Rii?*,? l)mpcr. I bale wide Crash. Alao, 50 Marseille* Quilt*. Se.p 9-3,W2w BRADLEY .V CATLETT. FOR SALE, OR BARTER, for property ia Um citjr of New York, or lands in llli TinH. noil, the following valuable property in the Jiifll ?ill?je of Onwego: MKuCm VET The rapid growth of Oswego, iu un surpassed advantages and great proepeeta, are too well ?nutoo generally known to require a particular descrip tion. ipr A very miiwte deacription of the property ii deem ed unnecessary an it ia preaumed that purchasers living at a distance will come and see, before they conclude a uargaia. Suftoa it to say, that it ia among the very beat bn Um> pl>^ v H r Won? mn ?an<ln ?? tne flrrt quality, with a perfectly >.t?M title, and free of tncunibr ace, will be taken in ex oh ... U_T briuil paat paid, addreaaed to the subscriber, at Ouwego, wiD niaal with prompt attention. An ample de scription of the property offered in exchange ia requested. In East Oewaoo ?The Eagle Tavern and Store ad ioining, on First atreet, with a dwelling house sad subles tin Second street, being original village lot no. 50, 66 feet on Firat street, running east 200 feet to Second street. The south half, or original village lot no. 44, being 33 feel on First street, running coat JOG feet to Second street, with the buildings erected thereon. The north-east corner of Firat and Seneca (late Tau rus) streets, being 99 feet on First, and 100 feet on Sene ca streets, with the buildings erected thereon?comprising part of original village lots nos. 41 and 42. Three lots, each with a dwelling, fronting Second street: the lots are 22 feel wide by 100 deep, being part of original village lot no. 41. ...... , ? , Lot, with dwelling house, [original village lot no. 26,] being 60 feet on First street, running west about 250 leet, across the cwwl into the river, so that it has four fronts. In West Qsvvkoo.?Lot corner of Fifth and Seneca (late Taurus) streets, opposite the ?qu?xe, b??ng on Seneca street 143, and on J ifth street 198 feet, with dwell ing, coach house, stabling, and garden. Hie latter is well stocked with the best and rarest fruit, ornamental shrub a' lot adjoining the above, being 78 feet on Fourth street by 58 feet in depth. . Six lots on First street, each 22 fret in front, running cast 100 feet to Water street, with the buildings thereon. IET Compns The Wharf and Ware houses on Wa- ingtho original ter street, opposite the foregoing, being / village lots no. 132 feet on Water street, and running 3 4. east about 110 feet to the river. [This wharf has the deepest water in ihe inner harbor.] Lot corner of Seneca and Second streets, being 24 feet on Seneca, and 66 feet on Second streets Five aM, ad joining the foregoing to the east, each being 22 feel on Seneca street, by 66 feet in depth. The above being part of the original village lot no. 36. The north half of block no. 63, being^fretonlUcn [late Libra] street, by 198 feet on I hird and fourth streets. On Van Bums* Tt act-Lot no. 1, Montcalm street, being 200 fret deep, ami running north along Montcalm street several hundred fret into the Lake Lou no. 2 and 3, Montcalm street, each 66 by 200 ft 12 " 13 " 13. 14, and 15,being 315 ft. on Bronsonst. 240 on Van Buren at. 300 on Eighth st. North 3-4ths of lot no. 25, corner of Van Buren - Ad Eighth streets, being 200 feet on Van Buren, and 148 Lrf 82, w?uthhwelt corner of Cayuga and Eighth streets, 66 by 198 feet. ? inaA Lots 83, 84, 85, 86, 87, on Cayuga st. 66 by 198 ft. 88 s. e. corner of Cayuga and Ontario streets, 198 0.., ??????? so; n. e. corner of Ontario and Schuyler streeU, 198 by 104 feet. . 5: 70..b'20~"?.l f- Kg?!!' SWiv.? The incumbrances on the whole of this property do not exceed sixteen thousand dollars, which may either main, or if desired, can be cleared off. ^ guRCKLE. Oswego, N. V., Aug. 22. 1837 2m6 PLUMBER'S BUSINESS.?The subscriber, from Baltimore, takes this methodI of informing th*c'l',enl of Washington and vicinity, that he will and make arrangements for undertaking any of ing kinds of work in his line ofbusiness, vix^The erect in* of Water Closcu, t orec or Lift Pumps, Baths, hot or Jd fitted in a superior manner, the conveying of water from spring, to dwellings, and thtwgh t^ dlfferen^apart ments, draining auarnes or any kind of lead work. Me can be seen at Mr. Woodward s. p^VIDBAlN. N B ? He has with him a few Beer and Cider Pumps, to lie seen as above. CLgMg^T WOODWARD, Berween 10th and llthsts., Pcnn. Avenue. Oct. 18?23 ?' CHINA, GLASS AND QUEEN'S WARE. MOSES POTTER, 46 South Charles St., Baltimore, HAS just received and is now opening, fivt humlred ami fxrtv package, of the above description of goods, adapted for the Southern and Western inarketa-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 citvinthe Union. ^ SAMUEL HEINECKE informs his friends and the public, that he has taken a room four doors north ol Doctor Ounton's apothecary store, on ninth ?treel,?vhere he will carry on his business. He feeU confident, from his long experience in cutting all kinds of Kar?e"'V|"'1 general satisfaction will be given to '^"^7 | Fum with their custom. _ ,ePS3 3taw3w PROPOSALS for publishing a Second Edition of the Military Laws or thb United Sta . y George Templeman. The first edition was compiled by Major Trueman Cross, of the United States Army, and published under the sanction of the War Dep. . ? 1825. It contains the most important of the reso utions of the old Congress, relating to the/""*' 1789?the Constitution of the L nited States, a"'1 acts and resolutions of Congress relating to the Ari y the Militia, from 1789 to 1824. , ... The second edition, now proposed to be published, will contain all the matter embraced in the first, carefully r vised, together w ith all the law. ^d rMolirtions of Con gress, bearing upon the Army, Militia, and , J which have been enacted from 1824, down tothccloseo the present session. The corrections and additions will be made by Major Cross, the original compiler. Officers of the Army and Militia, and othn7^?(?? used the first edition of this work, have testified to its gf I?^UcoeuSy hke ours, where the authority of the law is paramount, the necessity of such a work is at all limes manifest; but it is especially so at present when a large and mixed force of regulars, volunteers, and nnlitia art called into active service. . , The ivork will lie of royal octavo size, and will be tur nished to subscribers at $2 50 per copy, bound in law aiicep. ? | RS. PAGE'S BOARDING HOUSE, on Pennsyl-i vania Avenue, opposite ihe Centre Market. 1 er sons visiting Washington can lie comfortably entertained by the day or week. tfl9 ALUABLE PROPERTY FOR SALE ?By virtue of a deed oflrust, executed by Duff Green, and tear ing date the tenth day of July, in the year eighteen hun dred and twenty-nine, will be exposed Wednesday, the twenty-second day of Noeemtor nwt, Ihe valuable real estate described in said deed as lying " that two story brick house or tenement on part ol lot , numbered six, (6.) in square numtiered three hundred and ?eventT-se ven,(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 *aid lot appertaining to said house, extending back due north from E street to a public alley, and also the whole of lot number (7) in the said square. _ The terms of sale will be one-third cash, and the ba lance in Two' 'equal instalments of three and w ith approved security and on interest fiom day ol The sale to take place immediately in front of??Pr? mises, on E street, at eleven o clock in the forenoon of ihe dav above mentioned. Fortbe Bank of the Metropolis : _ , , JOHN P. VAN NESS, President. Oct 30?2 aw ? G 1 LOVES. SUSPENDERS, STOCKS, WOOLLEN JT SillR 1\S, AND DRAWERS.? We have to-day opened? ' 30 dox. Suspenders, best kind. 50 do. superior Gloves. 50 d?i. Stocks, l>est make. 50 pieces Silk Pocket Handkerchiefs. 50 dozen Gentlemen'* Riblwd Woollen Drawer*. 50 do. do. do. do. Shirts. 6 do. Raw Silk Shirts. Also, 50 picccs Irish Linens. 200 do. Sea Island Cotton Shirtings. BRADLEY At CATLETT. Sept. 8. **w2w8 from tht Charlatan Aitrcwf. Messrs. Editor*?I beg leave to transmit you a let ter frota our fellow citizen Lanodom Csiru, Esq., written to a gentleman of the Slate of Mississippi,on the present state of the currency, and the Sub-Trea sury scheme. Mr. Cberes has been so kind as to place at my dis posal this interesting communication. I deem it no unacceptable service to the people of South Carolina, tii request you to give it a place in your columns, that the opinions of one of the most distinguished of her sons may be known in relation to a project, the ab surdity and mischief of which, seem, by a peculiar fatality, to be in exact proportion to its apparent po pularity. A Sibschibeb. Pendleton, Oct. 30, yJ37. Dear Sir?I did not receive your letter of the 11th instant, in consequence of ray absence from home, until a day or two since, and 1 leave this place, which is my summer residence, to-morrow. These facts will account for this late reply, and the Imper fect character of this communication. I am sorry it is out of my power to furnish the newspaper con taining my effort to justify my administration of the bank. The only copy 1 had is either destroyed or mislaid. You request my views on the subject of a Nation al Bank, and the proper course of policy in our na tional councils, on the present emergency. It is out of my power, under the circumstances before men tioned, to do much more than give you my opinions, and these, coming from one so long and so entirely unconnected with the political concerns of the coun try as 1 am, can be of little value, and if of more value, would have little weight with the community. But the earnestness with which you have requested them, must be my apology for giving them, and wul, I hop*;, exempt me from the imputation or presump tion, in giving opinions unsupported by a lull expo sition of the reasons on which they are sustained. I am of opinion, that a National Bank will not aid, but embarrass the restoration of the currcncy of the country; and, that, afterwards, it would be an insti tution infinitely dangerous under many circum stances and in many views. I admit, that, under a very wise and circumspect management, it might be useful; but it is as certain as any thing depending on human action and human will, that it will not be so managed. Besides, I have no doubt, Con gress have no constitutional power to establish such an institution; and this, I think, has been the clearly expressed judgment of that school of public men who claim Mr. Jelferson as their heaa, and who have administered the Government for almost forty years. The institution of the late bank, was a departure from the principles of that school, badly justified, or rather lamely excused at the time, since generally regretted by them, and finally, by them selves, atonea for, in the best manner in their power, by putting it down. In reference to the course of public policy required at this time, there is part of the suffering of the country for which there is no legislative remedy.? The legislature of the nation cannot pay the deb's of insolvent persons, or aid those who are embarrassed. This evil can only be remedied or mitigated, by the exertion of the debtors. But that exertion is embar rassed and even paralyzed, by the state of the cur rency. and it is in the power of Congress to aid great ly in this object and by very simple means. Unfortunately, the Chiet Magistrate has not only abandoned the people to their fate, not only proposing no relief, but urging a measure calculated to aestroy the recuperative powers of the banks and the people to work out their own salvation. I have no particu lar intimacy with the Chief Magistrate, but I know him sufficiently to be satisfied that he is a man of high talents, well qualified to fill his eminent station, and of as pure motives and principles as those of his accusers, and my wonder and astonishment have therefore been excited, as well by what he has ad vised, as by his silence on what it was his imperative duty to have spoken at this eventful and critical mo ment. The Sub-Treasury scheme, as it has been called, is in my opinion, one of the most unwise and pre posterous measures that could be suggested. It ex hibits an ignorance or disregard of the character and circumstances of the age in which we live, and an e<jual ignorance or disregard of the great lights and improvements of modern times fn finance, cre dit, currency, and th? principles of political econo my. We must go back centuries for its prototypes, when we will find them in the strong box of tyrants and autocrats, who required no divorce from the people or their institutions, for whom they did not govern, and to whoui they were not responsible. A people jealous of their liberties, it would seem, could not fail to discover, at a glance, the unpopular cha racter of such a measure, and its anti-democratic tendency. A school-boy, just entered upon his classics, will find the proof in a few pages of Roman history, where he will see Cesar, in the Capitol, pil laging the public treasure, and threatening with death the guardian of it, who urged tie laics in its defence. Inter arma siUnt leges, was the reply of that usurper, and it is a ready and effectual one for any future Cesar; and will it be said by a people who love and value their lree institutions, that there is no danger from an instrument under which we have seen those of a race the most renowned for their love and jealousy of their liberties, utterly perish. If we look to the dawn of modern liberty, in English his tory?if we pursue it in that history till it was formed into the freest government known to the world until we ourselves furnished a more perfcct example; if we regard our own Constitutional instruments?in all of them we shall see that the effort is to put the public treasure as much as possible under the guar dianship of the people and not under that of the Chief Magistrate; to effect a divorce between him and the money of the nation, and not between it and the people. The last thought has been put, as I be lieve, the fable has it, the lamb under the protection of the wolf. Happily our modern lights and habits in finance and currency had dispensed with strong boxes to be placed under the peculiar control of the Chief Magistrates of nations. Happily for us there was an absolute, and, we thought, an irrevocable di vorce between our Chief Magistrate and the public treasure, but, as if governed by infatuation, at the very moment we are, some of us, loudly declaiming against this danger, we are about, I fear, to commit it to hands created by his word, who live or die, as functionaries, at his pleasure, and who can be anni hilated by his nod. Mi^ht it not as safely be put, in times when our institutions shall be in danger, at once, absolutely into the President's own hands 1? Who can1, in candor, deny it 1 That jealousy which should guard free institutions generally should be more exciteable and stronger with us from the pe culiar character of our goveninents and from the pe culiar situation of some of them. We ought not only td guard against the usurpa tion of ambitious men, but against the ambition of the government of the Confederacy, under which we ave suffered, and of which weare in danger. The powers granted to that government were meant only to embrace those that were indispensable. They have already been much increased by construction, are increasing, and ought, if possible, to be diminish ed. It is Wise on the part of all the States to limit these powers by the true construction of the Consti tution as it came from the people's hands. But the vital security of the weak States, and particularly of the Southern States, requires that these powersshould receive no increase; inat any dependence ol the Ge neral Government upon the States which exists should be preserved, and, one would think, none could be so blind as not to see, that dependence on the Stale institutions is dependence on the States; but the Treasury scheme is to make the General Go vernment, in the matter of the public purse (where the safety and the danger of free institutions so pe culiarly are reposed,^ entirely independent of the States! This too, is but the premier pas. Already by one of the most distinguished advocates of this scheme,* a paper system, (is it possible that we arc speaking of realities and not indulging some dream ing phantasy!) is proposed to be appended to it, with out which it is alleged to be incomplete. Unite them, and if it be an inconvertible truth that the mo ney power, possessed without control or limitation, is more than equal to the Constitution and the sword, (and who will doubt it 1) where will bo found the security of the liberties and independence of the States?of the weak States?of the Southern Slates, and of their peculiar interests which are daily threat ened 1 Is it, indeed, a time, and are the circum stances of the time such as to make it wise and pru dent for the Southern States to put additional power into the hands of the confederacy 1 This, however strong, is but a very imperfect view of the political dangers of the government scheme, which is pressed, we may observe, with a zeal which shuts the eyes of its advocates to the claims of a suf fering community so completely, lhat ihey seem * Mr. Calhoun. willing, in order to acruoiplnli M, m trample upua Iheir interests, instead of rt?ivntg rWritiiu, tmd rautog them up frum the pruamitua ? which ihey lie. t he great evil under wbnh tit* . awry suflers ?under which property, uumwtrt, imrntytit, in. dustry, possession, and even huf ? j(fc lfiah, droop, and we might almost My, prfl* a?ddie, is the unsoundness of the currency l=M to this gnat evil the advocates of the g?vMM? M ?&*?*; an totally insensible. One of the fa if to of the early peruxls of the French Revnluti<* tit* e red a M-nn merit like the following:?" The sacrifice of a million of human lives is nothing in the establishment of a principle"?perhaps the establishment of theGoddess of Keason in the place of the only true God and our Saviour. Our wise men with a zeal little short, and an obaisenem of feeling little larking of those of the revolutionary zealot, cry aloud for a divorci of the Government from the Banks, without deigning to consider lhat it is, in pubstance, alike adivorce ol the Government of the Union from those of the States and of the interests of the people,?that its tendency Is to prostrate those institutions which are establisn *? -i!^e ?tale8> which amount in value to hundreds ot millions of dollars, which belong to the people of the Slates, and which must furnish the currency of the people j that its tendency is to continue the un soundness ol that currency, perhaps to destroy it, and leave us in its place a miserable pittance of gold and silver lor the uses of the Government strong box, while it will furnish a happy opportunity to complete our dependence on Federal power, by appending Ihe f&per tytle-m, which is said to be necessary to give i completeness to the scheme. These, one would , think, are awftal evils, which ought not to be hazard ed. But its advocates, in the spirit of the revolu nonary zealot to whom we have referred, disregard [ consequence*, and think that all ought to be hazarded or sacrificed to establish their principle, to accomplish their 4tvorte; we might almost say, to put asunder whom God had united, for we can hardly donbt that we owe those homogeneous relations which tie the States and the Union so happily to gether, and which the zeal of these gentlemen would sever, to the special blessing of God. We will now inquire, with some precision, what I Ins scheme proposes, on what grounds it is sustain ed, and whether its tendency is not to produce the evils which we have deprecatcd 1 The substance of the scheme (independent of the paper system, which it Is proposed hereafter to ap pend) is that the public revenue shall be paid in gold and silver only, and that for this purpose the bank circulation shall be discredited, although at the mo ment that paper shall bs faithfully redeemed in these metals, and b: equally good; and that the public treasure shall be rendered safe by being deposited in u vault* under the care of public functionaries. The I resident appears lo estimate the average amount of thepnblic deposites at ten millions of dollars. The grounds on which the measure is sustained, are, that the public receipts and expenditures should be collected and paid in gold and silver, and that such is the money prescribed by the constitution ; that the public treasure will be more safe in vaults of the government than in depute banks; that it will di minish the patronage of the government, and that it will be a check on excessive banking, because, it is said, if the deposites be made in banks, these institu tions wouid bank upon them, and thus increase their business beyond proper limits. Now, it seems idle to inquire, but the conduct of j. some ol our public men makes it necessary, whether Ihe government of the confederacy was instituted to sustain a formal, literal performance of contracts between the executive government and a few indi viduals (who are fattening on the public purse) with whom the government has contracted for its supplies, and the employe of that government, or for the good of the whole people of the Union 1 The scheme of the government, however, is entirely devoted to the first object, and if we are right in our view,sacrifices the latter to it. But if it were the duty of the govern ment to prefer the interests of its particular creditors, so far as to insure them payment in gold and silver, is there any reason why they should discredit a cur rency which those very creditors would prefer to specie payments?namely, a currency which they could, at pleasure, convert into specie 1 Such will , b? the currency of the country, when the banks re sume specie payments. As to a constitutional cur rency, it is palpable nonsense, if it mean nothing else but gold or silver shall be paid or received under the constitution. Wiser men than those who now administer the government, or represent the people have always held a. different doctrine. The consti tution only forbids the States to make any thing but gold and silver a tender in law; which is to sav, that nothing else shall be a compulsory payment; and the federal government which is affecting this peculiar delicacy on the point of constitutionality, is entirely unbounded by the constitution. We admit, however, that it is morally and in honor bound to go as far as the Slates are constitutionally hound to go, but the constitution has nothing to do with the question. But we return to our general position?if the go vernment was instituted for the people, and not for government contractors, and government employes, then on what principle sacrifice the former to the latter? If for both, which should preponderate? The people of the United States now probably amount to sixteen millions, and in four or five years, before the Treasury scheme will be fairly in opera tion, will amount to twenty millions. According to the statistics of population, twenty millions will pro biblv give four millions of productive operatives and these, at the low average, (In this country,) of one hundred dollars, will give four hundred millions of dollars of annual productive value. The value of the property of the States, if put down at one hun dred and fifty millions each, which must be below the reality, with the estimate of annual production added, will give a sum little less than five billions of dollars, to b? affected in value by the stale of the currency. If the continuance ol an unsound cur rency affect these objects to the extent of ten per cent., it will amount to five hundred millions of dol lars. Now let the preservation, and advancement, and prosperity of these objects be compared with the objects of the government scheme. The government wishes to put ten millions of dollars in safe custody. It can get it satisfactorily insured for fifty thousand dollars per annum, and will then pay a high pre mium. I doubt whether it has lost, by banks, since the institution of the govenment, the last mentioned sum,.in the principal commercial cities, and to these the whole question refers. If any one bi dissatisfied with my estimates, let him reduce them as he shall think fit, and there will still be left mighty interests, to be set against paltry objects. But it is said, the deposite banks have failed in furnishing a safe depository of the public money. How have they failea 1 They have failed in com mon with all other banks, with no exception what ever. The whole country has failed in the same sense. They have fallen, like a strong man under too heavy a burden, but under which he can rise again if not held down. In like manner they will rise, if not pressed down. I am no defender of the banks. They have all done wrong; they have all been guilty. They have all over-traded. But the country has enjoyed great benefits even from that over-trading. It has filled the sails of commerce, it has sped the plough, nerved the arm of industry, covered the country with great and lasting improve ments; canals, railroads, and other magnificent and profitable structures. It will leave some individual victims, but the country has nevertheless, been great ly the gainer by the over-trading. Time will pass away, and when not even a remembrance of our present sufferings shall remain, these benefits will be fresh and green, and bless generations yet unborn. But the deposite banks have not paid th'cir bond.? They have nevertheless done wonders, and under less harsh (shall I not say better informed) masters, would probably never have incurred the penalty of that bond. If the authors of the distribution law, had possessed a sound knowledge of the subject on which they were acting, they never would have re quired these banks to make the distribution in the short time (short with reference to the obiect and cir cumstances^ required. The banks did more than could have been cxpected from them, under the dif- I ficulties presented. They are accused of discount-' ing on the deposites. For what did they receive them I Did not the National Bank do the same 1? j Did not the opposition complain that they did not do | enough 1 Did not the Government urge them to | extend their loans, to repel the cry of the opposition 1 Could they have expected so sudden a distribution ' to be enacted by law, under such circumstances 1? , Ought they not to have expected the National Lejris lature to have understood the first principles of cir culation, exchange, and political economy ; and. that for the sake of the public good, if not In tenderness to the banks, they would have given the time neces sary to make the distribution, without producing a convulsion in the monetary concerns or the country ?for nothing less could have been expected from the provisions of the distribution law. I must not be misconceived. The distribution law was right and proper, fcr.it the error waa in the details. The mo ney *u iniquitously drawn frum the pockets of the i people, and it would have been iniquitous not to nave relumed it to them, but those who directed it ought to have underatood the effects of such a mea-1 rare, and to have made it wo gradual that it might have been accomplished without producing a great public calamity. The sudden distribution ot the , surplus revenue was the immediate cause of the cri- 1 sis under which the country is suffering, and it is not at all extravagant to say, that we might have weathered Ihe storm without shipwreck, but lor this I single measure, enforced as it was, and the deposite j banks have fully and faithfully perfotmed their of . fice. They have not failed then, but in common with all the country, and there is not the lesst rea- , son to suppose that they will not, In future, be ade- j quale, efficient and faithful agents of the Govern meat. in performing the duties required by it. All the circumstances were extraordinary, and form no j example for ordinary times. They had in deposile, at one time, forty millions of revenue. Tu com Cre the merits ot the Government scheme with the it practice, we must suppose the Government vanlts to contain forty millions of gold and siver at one time! Now will any one be found to advocate such a result?yet ten years ago it was as little expected, as it is now that a like result will follow ten yeais hence. We ought not to legislate only for the hour in which we live. All sound legislation should ba i governed by the past, and look to the future. There j is no evidence that the Government has lost a ccnt by the deposite banks in the commercial citics; and to those the question must always be referred, to be fairly treatea, and there is little doubt, on the other hand, that under the Government scheme heavy losses must be sustained, unless It shall be more for tunate in the choice of its trustees, than it has hither to been. Another plea for the Sub-treasury scheme is, that it will diminish the patronage of the Government.? There is not an institution of Government that we should not be called upon to abolish, if this were a sound argument. T he postoffice should be abolish ed, so the custom houses and land offices, and we admit if they could bs dispensed with, it might be a wholesome restraint upon executive authority, to abolish them all. The evils, however, must be suf fered for Ihe corresponding benefits. This evil, too, of executive patronage from the use of banks, we ought to suffer, and to take as a compensation, the benefits they will afford, and, as an immense com pensation, (he fact, that they will avert this treasury scheme. But is it true, that this scheme will dimi nish Executive patronage 1 Is it not probable that it will, on the contrary, increase it 1 The latter is my opinion. I have been intimately conversant for upwards of forty years, even from boyhood with banks, and it is contrary to my observation, that, ex cept sometimes in the national banks that have ex isted, politics have influenced the selection of direct ors; and I have never known, with slight exceptions . in cases before mentioned, any active interlerencc , in public elections, by bank directors under bank in fluence. On the other hand, I have never known an election in which the direct officers of the general Government, were not active in supporting the friends of the actual Administration. The officers under the government scheme, who will finally be numerous whatever may be now said to the contra ry, will be true Swiss, and make up for any deficien cy of numbers by abundant zeal and activity. The fair conclusion is. I think, that it will increase, not diminish, Executive patronage. But, if the argu ment were admitted in the lull extent in which it is urged, the consolidating tendency of the Govern ment scheme, is a danger fifty fold greater than any that can follow from any increase of patronage through the employment ol State banks, as the depo sitories of the revenue. Another argument in favor of the scheme of Go vernment, ir, that as the public treasure will be lock ed up in the public vaults, it cannot be employed in banking, as it would be if it were deposited in banks. Until our day, this would have been conceived a great public evil. The President seems to have es timated the average of the public deposites at ten millions of dollars. We have seen, that they have ? at times, been forty millions. As the country in creases in population, commerce, manufactures and wealth, the average must increase correspondingly, and it is probable it will, in twenty years, amount to twenty millions. Now to embosom twenty millions of money permanently in the public vaults (and to the extent of the average amount it will be permanently withdrawn from tne active cap ital of the country) is just as complete an extinguish ment of the public wealth, as if the amount were again buried in the mines from which il was dug.? It can have no influence in preventing excessive banking as is alleged. As to that effect, It is alto gether immaterial from whence the fund is supplied, whether from the Government deposites or from capital supplied by stockholders. 1 he Government deposites will at nolime form a considerable portion of that fund which is the basis of bank loans, and it no other restraint be interposed, and the temptation of profit present itself, il will be furnished to an un limited amount. Il is a falacythen to assert, that locking up in an unproductive state, the public mo ney can have the least effect in preventing banks from affording excessive loans. It will diminish the means of the country to employ and encourage industry ard commerce, but it will put no restraint upon the excesses of banking. Thus have .1 examined the arguments in favor of this scheme, which, I think, are entirely fala cious, and, it appears to me that, as far as we have viewed it, the whole potency of the measure is to do evil, both politically and financially. But its acutest evil is temporary and immediate. The great suf fering of the country, as before said, is from the un soundness of the currency. The artisan stands idle, the agriculturalist cannot realize the profits of his labor, the merchant dare not adventure, the capital ist has locked up his funds. There is a general pa ralysis. Restore the soundness of the currency, and in the place of this inaction, will succeed universal activity, and our prosperity will be the brighter and more cheering, because it will have succeeded this general gloom. The very moment is propitious to the accomplishment ol this happy change. The ex changes are nearly, if not quite at par. In a few weeks they will be in our favor. There will be no demand forspecie for exportation, and lfthcuovern ment will only promise its confidence and counte nance to the banks, on condition that they shall re sume their payments, bona fide, there is nothing to prevent them from doing so before the first of Jan uary. Bui the Government denounces and reviles them, and withdraws from them the public confi dence. How can they, under these circumstances, resume specie payments ? These must depend on public confidence. Without that confidence the Bank of England, usually referred to as the stand ard of stability, could not continue its payments in the prccious metals a week. But the Government has its little by-play, which it seems determined to accomplish, regardless how tragically the great po pular drama may terminate, which requires it to de stroy, instead of restoring that confidence which is indispensable to the prosperity of the country. We are threatened, under these circumstances, with a new danger. Our beneficent product, cotton, w ith a magnificent diffusiveness, hasbecome as necessary to ihe happiness and comfort of millions of people in Europe, as it is instrumental in our prosperity. But they can onlv pay us. for it in their products and ma nufactures, which, under ihe paralysis we suffer, from the unsoundness of the currency, we have al most ceased to demand. If our imports be not revis ed, and the way to revive them is to revive the soundness of our currency, which will revive our enterprise, this great article must lie on our hands, to a great extent, and fall to a price that will be cala mitous to the grower, and Increase the present general "Thc^me at which this measure is pressed by the Government, is altogether indefensible. It is entirely new and is presented lo the country at a moment when the public mind is in a state of uneasiness and distract! >n, which totally unfits it to deliberate dis passionately, or w ith soundness on the Mibjeet. The object of the measure is to effect a radical change in our financial and monetary concerns, such as ought not to be adopted until the best minds in the nation, whether in or out of Congress, shall have had an j opportunity of examining and discussing it. It is an j esveriment, and we have already been afflicted with too much of this imecies of legislation. It no precipitancy. Il is not even projected lo aflord any remedy for the prevailing public distress. ?< may as well, if it be found on due examinaiion to be *jsc and expedient, be adopted hereafter as ' If the Government would therefore comsuit Jih"J"'cr ests of the country, f would wiihdraw the measur for Ihe present and give iis aid and co the Banks to restore ihe Soundness of "he actua cur rencv and having thus relieved the country, bring it forward on Its merits when it* di^ussu.n and its ex amination would work no evil. To say, that if the occasion escape, it may fail when the pr^nt rubhe stupor has pas^d awav, and when the people ma> have become satisfied with existing institutions, is to admit that it in without merits and that the people are to be tricked into the adoption of a measure which their sober and unbiased judgments would reject. It is obvious that if it can be forced through Con Ees* at this time, besides ail the evils it is produc er, it will b? by a bare majority, which a wise Go vernment would not deem satisfactory?by a majori ty which would not sustain a British Mlaistry before the people, and which should less sustain our Administration before the people of the United States. The measures adopted by Congress at the Extra Session, are, in my opinion, not calculated to do that bodv much credit, they are not founded on principle, ana will work badly in effecting the ends proposed. It is not easy, if it be at all possible, to conceive what end was proposed by the act suspending the diitribu tion of the surplus revenue. With the Executive views in reference to the public creditors, it can ftir nish the Government with no means for that puniose. It contemplates no ultimate repeal of the law of dis tribution. The States were willing to receive Trea sury orders on the Dcposite Banks, and could proba bly have made them as useful as gold and silver. The argument that it wonld have thrown more inconvert ible Bank pajier into circulation, is a fallacy. There is no substantial difference between the operative lia bility of a Bank to I'.s depositors and the holders of its notes. They are bun payable on demand and habitually used for the same purposes of business. In commercial cities and other places of extensive business, checks supersede in all considerable trans actions the use of funk notes, and lake their place. A true estimate of the circulation, therefore, embra ces Bank deposites. It is true, while the Govern ment makes no use of these deposites, they create no immediate pressure on the Banks. But neither do the notes or these Banks while they are not redeem ed. When these Banks shall redeem their paper on demand they will both press alike, but with this dif ference. Ii the deposites continue till that event to the credit of the Government, they will come upon the Banks in heavy masses, in the shape of large drafts. If, on the other hand, the distribution had not been suspended, they would in the meantime, have been ditfased in the general circulation and would have come uponthe Banks gradually and have caused them less embarrassment. They would have, doubtless, in a great many instances, gone into the hands of the debtors of the Banks, and have enabled these debtors to pay, and the Banks to curtail their business, which would have enabled them the better to prepare for specie payments. At present they hang over the Banks like a dense cloud, threatening to burst suddenly and unexpectedly upon them. The measure has been justly illustrated by the fable of the dog and the manger, who eonld not eat the hay him self and would not let the ox eat it. The application of the fable fails in one particular. The uog could not eat the hay, but the Government eould have used the money had it not been lor their over fastidious ness as to the currency in which they insist on pay ing the public creditors. But this has been prevent ed by the hard money fantasy which has seized the brain of the Administration. It would really seem it had well nigh become mvn? man in with them; and that if their purses were demanded on the high way, they would struggle to make a hard money pay ment. If the Government had obeyed its highest duty, that of considering first the interests of tne mass of the community, it would have paid the public credit or in the best currency it was enabled to secure to the people, and the Treasury deposites would have been acceptable payments to the public creditors, as like money was under an Administration and Legislature (juite as wise as those who govern the country. This fastidiousness rendered necessary the only otner im portant measure of the session?the issue of Treasu ry notes to meet the wants of the Government. The ruling principle of the Government has given a deleterious character U> the details of the measure. These notes are made to bear interest. Their value would have been abundantly sustained by bein^ re ceivable, as they are, in all public dues. Until so absorbed, they would have circulated as money in the community, and as such, been useful in all trans actions of society. Bearing interest, they will not circulate, and will probably be hoarded by capitalists. If the Banks shall be temjjted, either directly or in directly, to furnish specie for their purchase, it will weaken their recuperative power, which they ought studiously to strengthen?while then the addition of interest will destroy their usefulness, the country will have to pay the amount of tbe interest, not for any public benefit, but for the creation of new evils a material of which we do not need a fresh supply. You inform me that your communication has Deen made to me " at the Instance of others as well as your self," which induces me to say that you are at liberty to make any use you see fit of this letter, that you think may be of any public benefit. I am, dear sir, very respectfully, Your obedient servant, LANGDON CHEVES. To , Esq. Columbus, Mississippi. DEBATE IN THE SENATE. Mil. CLAY'8 SPEECH. (CcndutUif.) Is it practicable for the Federal Government to put down the State Banks, and introduce an exclusive metal lic currency ? In the operations of ihia Government, we should ever bear in mind that political power is distribut ed between it and the States, and that while our duties are few and clearly defined, the great mass of legislative authority abides with the Staiev. Their banks exiat without us, and in spite of us. We have no constitu tional power or right to put them down. Why then, seek their destruction, openly or aecrttly, directly or in directly, by discrediting their issuea, and by bankrupt laws, and lulls of pains and penalties 1 What are theae hanks nowr so dccricd and denounced ' Intruders, aliens, enemies that have found their wav into the bosom of our country against our will! Reduced to their ele ments, and their analyais shows that they consist : 1st, of stockholders; 2d, debtors, and 3d, bill holdera and other creditors. In some one of these three relations, a large majority of the people of the United States stand. In making war upon the hank*, therefore, you wage war upon the people of the United States. It ia not a mere abstraction that you would kick, and cuff, and bankrupt and destroy, but a sensitive, generous, confiding people, who are anxiously turning their eyea toward ?ou, and imploring relief Every blow that you inflict upon the banks reaches them. Press the banks, and you preat them. True wisdom, it aecma to me, requires that wo ahould not aeek after, if we could discover, unattainable ab stract perfection ; but ahould look to what ia practicable in human affaira, and accommodate our legialation to the iirevcraible condition of things. Since the states and the people have their banks, and will have them, and aince we have no constitutional authority to put them down, our duty is to come to their relief when in embarrassment, and to exert all our legitimate powers to sustain and enable thein to perform, in the moat be neficial manner, the purposes of their institution. We ahould embank, not destroy, the fertilizing stream which aometimcs threatens an inundation. We arc told that it ia necessary to aeparate, divorce the government from the hanks. Let ua not be deluded by aounds. Senators might aa well talk of separating the government from the states, or from the people, or from the country. Wc are all?people?states?Union ?banks?bound up and interwoven together, united in fortune and in destiny, and all, all entitled to the pro tecting care of a parental government. You may as well attempt to make the government breathe a different air, drink a different water, be lit and warmed by a dif ferent aun, from the people! A hard-money govern ment and a pa|>er-money people! A government, an official corps?the acrvants of the people, glittering in gold, and the people themselves, their masters, buried in ruin, and atirrounded with raga ! No prudent or practical government will in its mea sures run counter to the long settled habits and uaages of the people Keligion, language, lawa, the establiahed currency and business of a whole community, cannot be easily or suddenly uprooted After the denomination of our coin waa changed to dollara and cents, many years elapsed before the. old method of keeping accounU in pounda, shillings, and pence, waa abandoned. And to thia dav, there are probsbly some men of the Isat century who adhere to it. If a fundamental change becomes neccssary, it ahould not be sudden, but conducted by alow and cautioua degrees The people of the United States hsve been always a paper money people. It was paper money that carried ua through the revolution, catiihlished our lil?rtiea, and made ua a free and inde pendent people. And, if the experience of the revolu tionary war convinced our ancestors, as we are con vinced, of the evils of an irredeemable paper medium, it was put aside only to give plsce to that convertible pa per which has so powerfully contributed to our rapid advancement, pros|ierity. and greatneaa. The proposed substitution of an cxctuaive metallic currency, to the mixed medium with which we have been so long familiar, ia forbidden by tbe principles of eternal luatice. Assuming the currency of the country to consist of two-thirds of paper and one of apecie ; and assuming also that the money of a country, whatever may be ita component parta, regulatea all valoes, and expresses the true amount which the debtor has to pay his creditor, the effect of the change upon that relation, and upon the property of tbe country, would be moat ruinoua. All property would be reduced in value to one third ita present nominal amount; and every debtor