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. i ii 11 from the sum of about ind*?i ? .he umcof suspension, it appears by the recent report of the Se cretary of the Treasury, lo be reduced d*>wn to on y 8b mt three millions and a half, which all, or any of them avail of ihe indulgence of paying, extended to of Congress of October last. This is not all. They have in addition, not only approximated but have raised the credit of their notes, (though still broken banks ") above that of " the Woodbury noUswhich, Bre quoted at a discount, in New York, in exchange for the former. The surprise is, under all lw* circumstances, not that they have not accomplished more but that thev have accomplished so much. Notwithstanding all these extraordinary perform ances on the part of the banks generally, and those in ,he city of New York, particularly, having suc ceeded in elevating their credit superior to that of the G .vernment itself, denunciations, dee|> loud, are poured out against them for not immediately re suming specie payments. 1 find it stated in the late report of the Secretary of the Treasury, that " it is a source of some incon venience, under the existing laws, that none of the b inks have resumed specie payments since the late wsslon, which are known to be willing and compe tent under all the provisions of the deposite act, to be selected as fiscal agents. Several which are pay in-' specie, have expressly declined taking the pub lic" money under those provisions." This statement susre^ts a variety of considerations and some en q"phe bmks which are paying specie, limit such obligation to their own notes. The banks which have thus resumed specie payments, had previously withdrawn from circulation nearly the whole of the notes which they had outstanding. They previous ly also had placed the deposites in their hands, on the principle of special deposites; whereby they could not be called on to pay them except in current bank paper These banks receive no new deposites, ex cept on the same conditions, to be paid in the same medium in which the deposite is made. They issue no notes of their own whatever. If they were to do so, they would b? returned immediately, and specie demanded for them. The fact is, that there is not at this moment, a single specie-paying bank, (in the full acceptation of the term) in the United Slates. There is not a bank existing, however "willing," that can resume specie payments, take the public deposites and com ply with the provisions of the deposite act, except by confining itself to the receipt on deposite from the Government of specie only. This, any prudent bank will" expressly decline"?both from the expense which it must incur, without any corresponding ad vantage*, as well (is from the odium which such agen cy must eventually cast upon it! So long as things remain in their present posture, not a single bank in the United States can resume specje payments unqualifiedly. They must from ne cessity, all guard themselves, as those have done which have partially resumed. The moment they undertake to issue any notes of their own, they will be immediately caught up, and paid over to the Go vernment, or the specie- drawn on them for that purpose. The attitude which the Government now main tains, inflicts a penalty on every bank which under takes to return to its duty. Like the eagle, it soars aloft, watching and ever ready to pounce down upon its prey, the moment it ventures to expose itself. The Secretary speaks of the "inconvenience" which it subjects the Treasury Department lo, from the binks not resuming payments in specie.? Let me respectfully inquire of that functionary, what part, he, as the head of that Department, expe riencing those inconveniences, has taken in unison - with the steps taken by the banks, to bring about that desirable event, both to the country and the people 1 Has he ever been applied lo, lo take the lead, and give countenance, and encourage so far the accom plishment of that measure 1 If he has, on what principle is it, and for what reason, has he not unit ed with those banks 1 Past experience shows, that so long as the banks refrain from specie payments, generally, the Go vernment cannot collect the public revenue in specie or its equivalent; unless it issues a currency itself for that specific purpose, which, after all, would be a mere credit of the Government. It was found wholly impracticable for the Bank of the United States to commence operations at all, even though clothed with the power which the col lection and keeping of the public revenue placed within its exercise ; until the Stale Banks had agreed on a day when they would resume. That resump tion and the commencement of the ordinary bank ing operations by the Bank of the United States, (the 2rtth Feb., 1817,) were simultaneous. The efforts, both of Mr. Dallas and of Mr. Crawford w6re -lnre mittedly exerted with the State Banks to induce them to adopt this all-important measure. In No vember, 1816, Mr. Crawford, when adverting to the efforts made by his predecessor, (Mr. Dp)las) spoke of a proposition made by him on the 2*3d July of that year, which he denominated one of "friendly cha racter." Mr. Crawford, at the same time, on his own authority, said, " it is, however, most ardently de sired by the Government, that the necessity of re sorting to the issue of government paper may be avoided, by the resumption of specie payments by the Slate Banks, on or before the 20ih of February next. j4.' an inducement to this measure, the Government can only aid their operations by withholding from circula tion as much of their paper, now in the Treasury, or u-hich may hereafter be received, as the demands upon the Treasury during the ensiling year will permit. As TIIE SUM WHICH IT WILL BE IN THE POWEn OF T1IE GO VERNMENT TO RETAIN IN THE TREASURY WILL BE CON SIDERABLE, IT MAV PRESENT A SUFFICIENT INDUCEMENT TO CHANGE THEIR DETERMINATION NOT TO RESUME SPECIE PAYMENTS BEFORE THE FIRST OF Jl'LY NEXT." The feeling ol kindness manifested, and the sup port proffered by the head of ihe Treasury Depart ment then, had the desired effect. The banks thus inspired with confidence, and actuated by a recipro cally good feeling, held a convention, decided on resuming on the 30th of February, agreeably with the wishes expressed by Mr. Crawford, which they consummated when that day arrived. With the same feelings existing at this time, and with the same frankness, and boldness of action put forth as at that time, and with the same singleness of purpose in view, far more could b- accomplished before the 520th day of February next, than was tccomplishcd then. Unfortunately forthe country we havenotnowat the head of the financial department of the Government, either a Dallas or a Crawford. They, neithershun ned responsibility, nor had they any favorite hobby scheme to carry out, by the way of an " untried ex pedient." The contrary is the case now. The light of past experience shines in vain. The lessons taught us by those eminent statesmen and talented financiers who have preceded us, arc thrown aside as obsolete. New systems of finance arc now brought forward, and new schemes introdue-d, founded on them, having their origin with the simplest M/rt|rnV5 and tyms that the country can produce. To these, 'very thing else must give way. These Expedients must be tried, however mnrh the country suffers un der the operation. They may be compared to the fable of ihe Dog and the Ox. So long as any of these Visionary schemes are per severed in, so long must the monetary affairs of the country continue in an untitled state; instability In the value of all pioperty exist; the affairs of the banking institutions of the country remain unhing ed . and the finances of the General Government be conducted, until a change shall take place in its po ' V l'",i sarn<' unfortunate and lamentably disrep sent ? rn"< ' ,r ''1C ^on()r '^c coun'ry, ?s at pre In m\ next, I shall continue the subject embraced in thU; ami undertake to t?ho\v, that thus far, the 1 (absence of sound judgment und financial skill, in the man.ier of Uiuiu^ Treasury Notes under I be aci of Congress of October la?i, Las nearly equalled ihe lack of (be same qualification*, in the execution of he Deposite act of June, 1836, though attended with less disastrous consequences. Vauwiih Pielich. FOR TttK M.tDlSONUN. MO. STL Under the laws in force where th? state banks sus pended specie payments in May, 1H37, no resource was left to the Treasury Department but that of re quiring specie in all collections of the revenue. Whether it had authority, or not, to extend indul gence to its debtors by bonds, it i? not now material to inquire. It is clear that the officers of the United States'Government clothed with e.cecuticc functions, had no right to suspend the resolutions of 1816; for that would have been to exercise one of the most im portant functions of legislation. The orders that emanated from that department, pursuant to that event, directing the collectors of the reventie to exact specie payments, were, in substance,-mere advertise ments to the subordinate officers, of the existence of a contingent provision of the laws, the state of cir cumstances on which it was intended to operate, having come to pass on a sudden. The acquiescence of the people in the enforcement of the contingent provision?in the requisitions of specie by the post masters and the collectors of the customs?was a mere compliance by the people with the laws which they themselves had enacted. Eight months have witnessed the state of circumstances on which the contingent provision of the laws was intended to operate. While there have been a lew exhibitions of a spirit of resistance to the laws, they have beeu abundantly and beautifully rebuked by the acquies ence ol the people at large. While there have been some difficulties, on the part of the debtors to the Government, in meeting the requisitions of specie, and some deviations, on the part of its subordinate officers, from a rigorous enforcement, the principle has not been surrendered. To raise the question now, whether the General Government shall persist, or not, in its requisitions of specie, in collecting its revenues, until the banks resume specie payments, would bj to open anew a question settled " long time ago." To raise the question now, whether the General Government should receive, or not, the notes of the State banks, when they shall have re sumed payments of specie for them, would be to open anew another question settled " long time ago." We see no use in disturbing these long settled ques tions. We perceive how much mischief might re sult from a change from the long settled policy either of refusing (he irredeemable paper of Ihe banks, or of receiving the notes of specie paying banks, con vertible into coin by the holder without loss or delay to him. We think it best to let the laws remain as they arc; denying inconvertible bank paper, and ad mitting convertible bank paper, in all collections of the national revenues. On these points enough has b.-en urged in favor of " let alone"?enough, at least, until something new shall be urged in iavor of a change. It strikes me that the main question, properly open and to be settled properly, is, where, or by whom, shall the specie in which alone the revenue ought to be collected during the denial by the banks of specie for their notes, be kept from the period of collection to that of disbursinent 1 In the first place, I remark that it becomes the Congress to give explicU and imperative enact ments on this unsettled question. The collected specie in which the revenue now subsists, as I un derstand, is placed by the collecting officers with the late deposite banks on specie deposites, or, in sav ings' institutions, or, is kept by themselves, or kept elsewhere, as they elect, or are directed by the chiefs of the Departments. Ifl am wrong in this, 1 have diligently inquired in vain for correct information. If I am right, 1 crave to know why sleeps the oft pro claimed desire to reduce the hitherto loo large pa tronage of the federal Executive 1 How long is the torrent to sweep over the land 1 How long before the guardians of the public liberty will awake and come forth and act 1 But, where, or by whom shall the collected spe cie be kept 1 It seems to me that the opponents of the Sub-treasury scheme cannot be at a loss to de termine. It seems to me that they cannot fail to agree with one voice, that they shall be kept by a few of the trust-worthy State banks, on special depo site. It is so clear to my mind that such is (he only proper disposition of (he collected revenue, that can be made during the suspension of specie payments by the banks, that I would as soon consider it becoming in me to demonstrate to the ma thematician tha( (wo and (wo and seven make eleven, as under(ake gravely (o prove and simplify its propriety to the statesman. By such disposition of the collected revenue, the country would be saved the innovations, certainly, and probably, the whole amount of the expense of establishing sub-treasuries ; for the banks probably would make no charge for thus keeping the revenue, collected in specie, until they resume payments of specie for their own notes. By it, the collectors would be delivered from the temptations of the trust, teMch, it maybe, kare already prored too strong for some of them. And by it, the banks, if not strengthened, would certainly not be weakened. The only remaining question, unsettled by the ex isting laws, and awaiting the determinative action of the Congress, is the prescribing of the conditions on which a few of the State banks may bccome keep ers of the revenue on general deposite, and be rein stated in the ancient privilege of having their notes received in all collections of the revenue, after they shall have resumedspecie payments. All other sub jects connected with the paper part of the currency of the country, belong to the reserved sphere ol the State Rights. PUBLIU8. CORRESPONDENCE. It gives us great pleasure to be cheered by the voice of experience, and fho applause of hoary-headed political virtue. The letter we give below is from an old Jcffersonian, Madi sonian, democratic republican of forty years standing as a distinguished and influential friend of the Republican party. He stood by Jefferson, Madison, Monroe and Jackson throughout their eventful careers, honored by them, and the confidence of the people. The veteran regards the "pure metallic currency" the " Bankrupt law," the " Sub-Treasury schemeand the " Gag-lawwith the eye of a true Republican. Nr.w York, December 13. Dk?rSir:?I have read every number of the " Madisonian" from Ihe commencement, and have admired the discretion and assiduity which has guid ed its columns. I see in it no deviation from our long-estnblished Republican creed, which tome, for forty years, has been as familiar as my juve nile catcchism; the great cardinal points not less distinctly marked. I rejoice to seethe" Madisonian" erected on the old nnti-federal platform, skilfully wielding the old anti-federal arguments, supporting and guarding the old cardinal articles of the Jeffer sonian-Madisonian-politlcal faith. What were these articles! Why, very few and simple?"restricted powers, restricted scope, restricted purse, restricted expenditures, restricted armies, restricted grandeur, restricted splendor to (he federal government," and "enlarged powers, enlarged freedom, enlarged scope to the .several States and to the people." You, who are young, can hardly conceive with what confer nation, we, of this old auti-federal school, vlow the late revival of the strongest federal dogmas, and this too, by an Administration elected as Republican and professing to be broadly democratic. 7Vr pure metallic currency! Our own republican Franklin, pronounced it "the peculiar currency of Despots." 'l*ke Bankrupt law! in a form partial, un equal, levelled at State institutions and State rights specially/ Why, this was one of the most offensive measures in its more innocent shape of the offensive reign of old federalism, and opposed by every republican 1 from Jefferson down to 'he most obscure member of the party. The Sub- TYeamry scheme! 1 will not re iterate facts and arguments against it; but I will say j without hesitation, that the consummation of this monstrous project would confer a greater power on the Federal Qoverninent, and greater privations and disfranchisement on the people, than can now be found in the modern administration of those nations of Europe, who have any pretence to liberty. Most prophetic was the declaration of the inventor of this scheme?when he declared?"the war between spe cie and paper money is now fairly begun, ? ? and " so long as this conflict lasts, the disasters it will produce, will be greater than would bs occasioned by a contest with the most powerful nation on the globe, ? ? ? and again, both earth and hell will be put in commotion ? * * *i"?wherefore urge a measure on this happy, peaceful, free people, whose will should be the supreme law, accompanied with such awful predic tions from the projector of the scheme? Where fore 1 Because, "whom the pods have doomed to destruction, they have first made mad." Who that has mingled in the recent elections and witnessed the conflicting passions of the people, can doubt the ful filment of the prediction 7 Is it not wonderful that certain public functionaries should still rush so mad ly on their fate. The (iag-Ijiw, of the elder Adams was the essence of freedom compared with the ostra cism of the present day. Who now dare s|>eak, write, or even think 1 Why, any member of the party who shall dare question the perfection of the slightest Qoverninent suggestions, is first condemned by the inquisitorial Clique, without trial, without a hearing, and next publicly impaled by the Censors of the " Globe," and, finally, his severed head sent by the heralds of the " Evening Post," to all quarters of the land, to frighten the people into submissive acquiescence to Loco-Foco Despotism. " Can these things be, and overcome us like a summer's cloud without our special wonder?" No. The people in the late elections have?and in the future will per form the part of the roused Lion. Excuse this freedom of thought and expression I am one who wears no manacles. Massachi sbtts, Dec. 13, 1837. Dear Sir :?I most heartily wish that I had the power and talent you possess of wielding the pen, I would not then have delayed writing you oftener, and bidding you Qod speed in your noble enterprise, but also put my shoulder to the wheel in assisting the overthrow of the principles of the "floating scum" party, (a new name recently given to the Loco-focos by the learned nomenclator of the Richmond En quirer.) I think the course you have pursued, and still continue to pursue with so much spirit and zeal, and argumentative persuasion, will be responded to by a great majority of the republican party, sooner or later, the wholesale attacks of servile " by autho rity" presses, to the contrary notwithstanding. My only desire is that you continue to support true dem ocratic republican principles, without regard to men only, and never be driven from your high position by the sneers of federalism, or the grossly abusive slang of the " floating scum" paity. I have noticed the bitterness, yea, the gaul and wormwood that the Loco-foco presses have manifested toward you since the election in the State of New York. But you are not alone in their denunciations?a little Spartan band of republicans, called by their opponents " Con servatives," who number among them such men as Rives, Tallmadge, Mason, Legare, Garland, Smith, and many otherdistinguished republicans, who have ever been the supporters of democratic principles, and wfio even now advocate the same doctrine that was the undivided policy of the democratic party in '34 and '35?men who are now denounced traitors, renegades, political apostates, deserters from the re publican ranks, and for what 1 Because they have, not unlike our patriotic fathers, been bold enough to resist a measure which they sacredly believe will prove destructive to the best interests of our country. And here, were I abaut to write an article for the press, I would recommend to the careful attention of the Globs and its affiliated presses, the following toast, it being the 12th regular toast at the Milford (Mass.) celebration in 1833. " The Democratic Party.?Fidelity to its friends and its principles, will secure the constancy of the first, and the triumph of the latter." Now, these long-tried and faithful friends of the Administration, who have proven true and constant through every adversity, who have given security for their fidelity by long years of labor in the repub- ' liean ranks?men who have ever been distinguished for their talents and defence of the principles of the great democratic party, and have proven Iheirfideli ty and devotedness under no ordinary trials, are now denounced as deserters from the republican ranks, excommunicated from the democratic'church, be cause, forsooth, tbey continue to advocate the policy of Jefferson and the republican party from '89, down to this day. Will the course the Globe is now pur suing secure the constancy of the friehds of the dem ocratic party, or the triumph of its principles 7 I say no, and if this is to be the policy of the Admir. istration, to cram down the throats of dissenting brethren, a measure that they honestly and conscien tiously believe to be ruinous to the republican party, totally incompatible with a republican form of Go vernment, " to bring the public treasure much nearer the actual custody and control of the President, than it now is, and c.rposc it to be phirulerrdby a hundred hands, where one eannot now reach it"?to change the " entire practice of the Government from 1789, down to this day," I repeat if this Is to be the policy of the Administration it will break down all free dom of speech ar.d of the press, drive all independ ent democrats from the Administration, annihilate the parly, and as a matter of course, cause a "dis tinct party organization," A distinct party organi zation, I say, for the democrats of near half a centu ry, will never consent to unite with the Loco-focos, or Federalists, and if there be a third party, the Lo co-focos will form that party, for no real friend to republicanism, and who has one spark of the love of country at heart, will ever consent to adopt the new fangled doctrines, as now advanced and advocated by that party. By the way, speaking of the new organization, I think you have been misunderstood, or wilfully mis represented, by attributing to you the treasonable project of starting a " third party." I have carefully read the article in your paper, headed " our princi ples," and designated by the Richmond Enquirer, as the " Conservative creed," and can discover no inti mation of an endeavor to create a third party, nor does it sanction or approve of federalism in oue iota, but proclaims democratic republican principles throughout, as maintained and proclaimed in your prospectus. The only objectionable feature in that article, to my mind, is the terms applied to the two great antagonistic parties, Conservative and Des tructive. Let Democrat and Tederalist be applied to the two great contending parties, as now known all over the world, although Conservative is synony mous with Democrat, and Destructive with Federal ist. What is therein a name?you may ask, I reply there is, to be sure, no virtue or sweetness, but Demo crats are plain men, they wish for no high-sounding titles?would rather b" called by their old tried and faithful friend " Democrat," in contradistinction to the Federalists, who have gone over the whole voca bulary of names, and applied to themselves more name* than Joseph hud colours in bis coal, and as opposite to their principles es light I# to darku**?. With democracy lor your watchword, and the pi in plea ot Jefferson and Madison as your beacon light, a strict adherence to these principles as set forth iu your prospectus, and which you have thus far boldl} and fearlessly advocated, and, niy word lor it, demo cracy will rally under such a standard and the re-or ganization and triumph of the Republican party will be complete. TI1E MADISON IAN. WASHINGTON CITY. TUESDAY. DECEMBER l?, 1837. orrICE K IIIIIT, BBTWBBN ninth iHU tenth. In thosb thinus which abb essential, lbt thebb BE UNITY IN NON-ESSENTIALS, libbbty, and in all THINUS CHABITY.?Auguilt*. POLITICAL TOLERATION, CONCILIA TION AND CONCESSION. Universal toleration was one ol the great tenets established by the fathers of tho Demo cratic Republican Church. The pilgrims were driven to the savage shores of America, by persecution for conscience-sake ; and thou sands had suffered martyrdom for presuming to entertain opinions at variance with the ruling powers. Freedom of opinion, freedom of conscience, and liberty of speech, were heralded forth as the first and most essential consequences of the settlement of the new world. Care was ever taken, from first to last, to secure the full and free enjoyment of those inestimable rights. Universal toleration of opinion was one of the practical evidences of that liberty to which tho American States aspired. Jef ferson's popular axiom has become one of the carmina neccssaria of all who aeek an acquaint ance with our political establishments. All the disciples of that school, of which Jeffer son and Madison were the co-founders, were scrupulous observers of this rule. It was es sential to the endurance of every party that, in the name of liberty, sought to propagate its dsctrincs and extend its influence. What the principle has been, will be regarded still by the people mainly, and by every party that correctly appreciate the true character oi the free institutions under whose protection they live, and whose influence they feel. The Republican party has ever been kept together by the exercise of mutual concession, compromise, and reciprocal good will. In that spirit the constitution was established, and in that spirit the bonds of union have been ccmcnted; in that spirit only can the Republican party, at present unhappily di vided, hope for a reunion with any prospect of even ultimate success. Instead, however, of conciliation and con cession?instead of even toleration, what have we seen exhibited for the last six months, by those who have aspired to be the heralds of the Republican party. We have seen a new fangled Shibboleth set up, and new-fangled doctrines promulgated, which thousands have honestly regarded as radical departnres from the known and tried paths of Republicanism. Thousands who have been taught for forty years but the one straight forward path, have been alarmed to see their chosen guides trip ping and turning, and getting entangled in the meshes of heretics of the federal, nullifica tion, and loco-foco stamp ! Entertaining ho nest fears of the result of such a course, and imploring their friends by every consideration of duty and patriotism, to return and unite again at the starting point, to consult together upon a less dangerous and less doubtful course, what treatment have they received ? They have been proscribed and insulted by the ac knowledged and accredited spokesmen of the chijf Executive Magistrate? If any deny this we will bring proof. W hile standing still, defending the position occupied by the Republican parly for the last hall century, and endeavoring to beckon back their old friends on one hand, and defending them on the other, they arc denounced as designing to overthrow the party, and subvert the first principles of tho constitution ! Of all this wo have proof at hand as strong as holy writ.? Passion has been permitted to supplant rea son, and caprice to take the place of princi ple. The late Message cf the President, al though unfortunate in one or two particulars, is in itself tolerant, deferential, compromis ing. Past associations, duty, nnd inclination, lead us to do justice to the President, and we cannot refrain from congratulating him Bnd the country on the evidence he has furnished of a willingness to yield to the opinions of the majority, practically admitting thereby the force of the great doctrine of instruction. Two things wo'rejoice to observe are abandoned, viz.: the bankrupt lav, and the scheme of collecting the public dues exclusively in gold and silver. The Sub-Treasury scheme is not urged with that pertinacity and obstinacy which characterize some of its partisans, and wj are happy to learn that that measure will probably also be abandoned. If all this be done, and the administration return to a calm consideration of practical objects, and a toler ant and liberal spirit shall actuate and control the " party press," then we shall begin to ex perience the benefits of conciliation and con cession, while now, men are " paltering in a double sense," and only " breaking the word of promise to the hope." It will be perceived that we open our columns to correspondents on both sides of the question, which is now particularly under the consideration of the friends of the admi nistration. " Valerius Publius," takes one view of tho question, and " Publius," views it in a slightly different light. The public cannot fail to be benefited by free and independent discussion. We open our columns to all our friends who will treat the subject with that temper and dis cretion which the times demand, not making ourselves always responsible for the opitiii US of dissenting brethren, whose articles appear in our columns. Our correspondent from Massachusetts understands us correctly?we must be purged of Loco-focoism, and /ally the party U]>oii a platform " distinct" from that revolutionary [ and disorganizing spirit. He is mistaken in oue thing?we did not designate the two great parties as Conservative and Destructive with a view to the adoption of those names. We used those terms as definitive of princi ples, and we still adhere to the view we took of them. " FLOATING SCUM."?Rick. Knq. Some of the citizens of the Eighth Ward of the city of New York, among whom we recognize the names of "Wm. M.Price," and "John McKeon" included, and others that we do not recognize, from our forgctlulness doubles* of those who were formerly distinguished at "St. Tammany," held a meeting on the 14th instant, at which the following resolution was passed: Resolved, That the unanimous thank* of the De mocracy of this Ward are hereby presented to Messrs. A. B. Vanderpool and George Davis, our present Delegates to the General Committee ; their uncom promising hostility u/the projects of a majority of the Committee, and U? the resolution approving of that shameless vehicle of apostacy, "The Madiso nian," and their unremitting exertions to lender the Committee a representative and organ of public opinion, must b? gratefully acknowledged bv all who have at heart the public good. As it.sauthors no doubt desire that the people should know their sentiments, we very cordially reciprocate the compliment they have paid to us, by gratifying them to the extent of our circulation. It seems the mem bers named, " exerted" themselves " to render the Committee a iepresentative and organ of public opinion," but " public opinion." the jade, did'nt fancy the key upon which the " organ" was set. Being unable to recognize many of our old Tam many acquaintances among the "Democratic Re publican Electors," whose names appear in the pro ceedings referred to, we should be pleased to be in formed by some of our New York coteinperaries whether those " electors" arc the " rabble followers of the camp,"described by the Richmond Enquirer. We have heard Banks denounced as great moral locusts, corrupting the morals of the people, robbing the poor of their hard earn ings, and yielding no equivalent to the state, corresponding with their enormous gains. Facts will show, with how much justice these useful institutions have been subjected to the sentence of outlawry, and the denial of that protection extended to all other interests which bear their proportion of the public bur den. The following is a statement of the amount of premiums paid by the banks on their char ters in the state of Pennsylvania, entering into the account of the past year's receipts: Bank of the United States, 81,100,000 00 Girard Bank, 125,000 00 Berks County Bank, 10,000 00 Bank of Penn Township, 16,500 00 Towanda Bank, 1,250 00 Franklin Bank of Washington, 7,500 00 Manufacturers and Mechanics' Bank of the N. Liberties, 30,000 00 SI,'-290,250 00 The Southern Literary Messenger, for December, and the closing number of the year, has just been laid on our table. In glancing the eye over its table of contents, we perceive there is a rich and rare re past for us; but we have no more time to "dine" upon it now, than the Executive had when the British entered the Capital. So we only " postpone" our feast, as the official sailh of the "Sub-Treasury Bill." 7hi Select Medical Library, and Electic Journal of Medicine for December, published at Philadel phia and Boston?Edited by Professor Bell, of Phi ladelphia. This number consists principally of two articles, one on the " Baptist Association, for the advance ment of Science," and "Pathology and Therapen tics," the latter of which we particularly commend for perusal. The following, from the New York Express of Saturday last, will undoubtedly interest some of our readers. EXCHANGES?Foreign.?The rates of Ex change on Europe do not vary much from our last reports. On yesterday, which was packet day, 110J on England was offered, 111 was given, and I'll4 on prime U. S. Bank bills was asked. This is a highly I promising exhibit of the condition of our Foreign | Debt,?and shows, that as our crops are going for ward, while our importations arc light, that before | long we shall be free from the load of European debt, and the balance of trade will be in our favor. EXCHANGE?Domestic.?ThcExchanges upon the Southern Slates, whence come crops of Cotton, continue to promise to be in a very favorable condi tion. Our merchants who have suspended paper in Mississippi, feel highly encouraged. Treasury notes, which are used at the South and West for remittan ces to this city, there bear a premium, but here they have fallen a little below par?from J to } discount. The Secretary of the Treasury is now about to come into the market, with notes at six per cent, to raise specie. This, he will hardly be able to effect now, specie being at a premium, and money worth more than the difference would be. It is remarkable that the rates of Exchange on Boston and Philadelphia are but little heknv our rates on New Orleans. SPECIE?The attempted purchase of Specie by the Government with its Treasury Drafts,?the pur chases by the Banks,?rand the demand of it at the Post Office, together with the political talk about its superiorty to every thing else, now do more than any thing else to keep it at a premium. There is no demand for it to ship. More comes into the country than goes out. The packet ships have ceased totake it. As the Exchanges fall, it will re turn upon ns. However, it sells at a premium, be cause it has sold at a premium,?and as yet it has a ma^ic about it, because it will do s >me things paper will not do. It will pay bonds at the Custom House and pay postages at the Post Office. Thus, while a discrimination is kept up lor it, it will have an ad vantage over paper. It is falling, however, every week. We quote American gold at 4 a 4| prem ; halves and Mexican dollars, 4 a 44 do; five franc pieces, 97 a 99 cts.; sovereigns, 85,2 a #5,8: doub loons, 817: do. Spanish, ftlu a ?lti,55. MONEY?Large sums lay in denosite seeking for investment. Active, quick-sighted, shrewd monied men are already taking advantage of the low value on many kindsof property, and investing their funds in it, so as to eujoy the advantage of a rise when things are restored. Every body sees that better times are ahead,?and there is now a disposition to improve by them when they come. Many hold back, however, to see what movement will be made in Al bany,?what the Governor will have to say, and what the Legislature will do. In the mean time there is great timidity- Many capitalists were so bitten by shaving notes, that they are afraid now to trust their money out of sight. The great mass of them wait for the resumption of spccie payments when, w ithout doubt, enterprise will resume its usual elasticity and energy. Bmne hnire*?In the Tennessee Senate, the bill to tuppreui the talc and uae of Bowie and Arkansat Knives, was read a third lime and pasted?yett 17, naya 8. " Sparuah atilettoa" were stricken out. Packet Day.?The Market for Exchange opened at , Hall 1-2 prem. on I.ondon, and 5f 25 on Parit, but the rate for English hiila declined, and at the cIom of hoainras, itood at lOnll prem. with good bills plenty at the lowest rate. Thia rate ia but one per cent, abote par, if our currency were equivalent to specie. Ttk ,pg specie at the basia now hills are three per cent above par, and at pretent ritea apecit cau be imported with a profi".?Jow. of Corn. Later raoM Florida.?We have been favored with the following extract of a letter, dated Camp Mellon, *27iL November : " The movement of the array U>-day U stopped by the reception of a while fag borne by four Semi noles. They brought a message? from Mieanopy, that he will be at a small creek 50 miles off, wiih bis people, in two tluyn, ready to receive the Chero kee deputation?that his people have agreed not to fire another gun at the while man, as he has ordered them. The chiefs in the fc>rt, and those here, say that we shall have no more fighting. So says the General, if ihey will deliver up their arms, and the general impression Is, we shall have but Utile far ther trouble ; at any rale, Gen Jesup will only nego tiate a few days longer. He now has means and troops, and will'not be idle. These people are in a wretched condition, and in a desponding state at best, and will, therefore, I am certain, either come in or run off. Coahajo says Mieanopy will now have his own way, and tnat his people will go with him, if Sain Jones does not. Sam, however, lias sent in a favorable message, and will not, it is thought, stay behind to fight alone, when he shall have seen our ten steamboats thrice filled with troops on this side, and the lakes and rivers covered with, small boats, together with our three storv storehouses set down in t!.e heart of his country. In short, all here seem to look forward to a peaceful issue. Four days will determine important events."?JV. Y. American. texas: Houston, Dec. 2. We have just received the intelligence of the death of Deaf Smith. He died at Fort Bend on the 39th ult. His iron frame has sunk under the fatigues and exposures to which he has so willingly subjected himself. This singular individual was one of the few men whose names alone bear with them more respect than sounding titles. Major, Colonel, General, sink into insignificance before the simple, ordinary name of Deaf Smith; that name is identified with the battle field of Texas; his eulogy is inseparably interwoven with the most thrilling annals of our country, and will long yield to our traditionary narratives a pecu liar interest.?Telegraph. A Plain Unvahmshlh Truth.?Two officers of the cavalrv lately quarrelled at Bexar,about a horse, and one 01 the parties was killed in the honorable affair. We notice in the Tariff now before the House of Representatives, books are to be taxed twelve and a half per cent ad valorem, while coffee is lobe free. We fear that the want of books has caused this distinction. We have New Orleans slips to 10th instant inclu sive. The staam packet Columbia arrived at New Orleans on the 9th from Velasco, Texas. Deaf Smith, the celebrated Texan Spy,died at Fort Bend, on the 'Kith ult. The Texan Congress was in session on the 2d inst. It wus extiected to adjourn in a few days.? Resolutions had been passed granting letters of marque and reprisal, and every actof this body seems to portend further difficulties with Mexico. An act has been passed to augment the Navy of the country, and an appropriation made for that pnrpjse. New Oujunh, Dec. 9. Flour S<9 a 9,"25, small sales. Sugar 5 a 7J. Mo lasses 30 a 31 cents. :S LETTER OF COMMODORE JONES. New Prospect Hill, Virginia, December 8, 1837. To James Armstrong, Esq. Commander of the U. S. Frigate Macedonian: My Dear Sir?The state of fny health at the time of my departure from New York, prevented me from personally taking leave of the officers and men com prising the crews of the several vessels of the South Sea Surveying and Exploring Expedition. The seemingly unceremonious hauling down of the insignia of my command, which I am informed took place at meridian, on the 5th inst., apprised you of an event, which I was not myself informed of till the receipt, a few moments since, of a communica tion from the Hon. Secretary of the Navy, bearing date Washington, December the fith. The lies which connected me-with those under my late command being thus suddenly severed, both as regards time and circumstances, leaves me no op portunity of officially addressing them ; but I should d > violence to my own feelings, and injustice to those who have won my esteem and highest approbation by their zealous and devoted services, if 1 should {?art from them in silence, and without attempting al east to express some of those emotions which such an event is calculated to inspire. We all einbirked, my dear sir, in a noble under taking; one worthy of the Republic, end in the suc cessful termination of which we might have indulged 4he surest hopes of winning reputation for ourselves, and imperishable honor for our country. The Con gress of the Union, responsive to the will of their constituents, with a liberality which has received the applause of the world, long since appropriated the means to carry into effect our first great national en terprise, upon a scale commensurate with the great objects to be attained; but after delays the most un Srecedentcd, embarrassments the most vexatious, and ifficulties hitherto unknown in any equipment, and in any outfit, the expedition still lingers in the waters of the United States, and you aie still left in doubt and uncertainty, as well as to the lime of your de parture, as to the final plan of your voyage, and the duration and extent of your operations. It is not meet that I should speak in detail of the difficulties and embarrassments which have been thrown in my way in almost every matter connected with my command, or of the canses from which those difficulties and embarrassments spring?much less of the circumstances under which I was con strained to abandon the expedition. When these shall all be known, as one day they will be, 1 am persuaded it will be found that I have not been more jealous of my own honor and professional reputa tion, than regardful of the rights, interests, and tame of those over whom I was placcd as Commander-in Chief. I leave the expedition with spirits wearied out by continued disappointments, and w ith my health se riously impaired by the incessant and extraordinary duties which have been imposed upon me?but con scious of the purity of my own motives, and the in tegrity of my conduct,. I shall have nothing to regret, save ihe prostration of the proud hopes which in spired me in the undertaking, and the parting with those who have stack to the cause through good re port and through evil report?whom neither the hone of favor could seduce, nor the accumulation of diffi culties could drive from the expedition, and upon whose real and devotion to their duty, I might at all times with such confidence have relied. He who shall be, or who is already named as my successor, to carry into effect the wishes and inten tions of the constituted authorities, may be more for tunate in the aid and countenance he may receive from those in authority, but he cannot be attended on his voyage with hands more ready or hearts more willing than I had the honor to command. You, my dear sir, who have been so fully acquaint ed with all my views in reference to the expedition, who knew what were my early hopes, and have seen how my fondest anticipations have been disappoint ed, will appreciate my motives in writing this letter, and will talfe snch means to carry its contents to the officers of my late command, as shall be right and proper; accejning for yourself the assurances of my lasting esteem, and expressing to ihem in my simple " farewell," mv sincerest wishes for their happiness, prosperity, and future famc|. Very truly and faithfully vour's, "THOS. AP. CATEftBEY JONES. MARRIED In Baltimore, on Tuesday evening, 12th insl. by the Rev. John M Duncan, THORTON A JEN KINS, of the U. S. Navy, to ANNA, daughter of John Power, Esq. PICKWICK CLI'B, in four volumes. Price $1,73 for the set. For sale by decIO F. TAYLOR. Bancrofts history of the united STATES, in two volume*, just published. For tula hy dec 10 F. TAYLOR. WANTKl),?At this office, a boy who writes a fair hand; one who has bail experience in writing en velopes would be prefered. NOTICE! TO TRAVELLERS. Travellers going South, are in formal that wKen thsy reach Pe . x* trr-l'iirg. Va , there is a choice of rflilli-H, nth.V by ihc sreat mall line, which runs daily through (taalon, Raleigh, Fayette rille, Columbia, Augusta; or by lh? Wilmington Rail Road, Stage, and Nteamlioat Co's. lute, from ibe termina tion of the Petersburg Rail Road, through Halifax, Wil mington, and Charleston. The days of starting from Petersburg by thia line are Tueadaya, Thursdays, and Satiinlay*. There can Ih> no delay, aa extra Post Coaches are pro vided at etch line. Petersburg Rail Road Office, Dee. II. dee l6-3m THE AMERICANS, by Francis J. Grind, in their moral, social, and political relations, is just published from the London edition, and this day received and for sale I,v F.TAYLOR. dec 16-tf