OCR Interpretation


Morning herald. [volume] (New York [N.Y.]) 1837-1840, September 06, 1837, Image 2

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abuse titan hie constitutional agency m theappoint
uiont and control of tbe few publie officer* required
by tbe proposed plan I
Will the public money, when in their bands, be
nece8-.asily exposed to any impropar interference on
the part ot the Kxecutive ? May it not be hoped that
? prudent fear of public jualouey and disapprobation
in a matter so peculiarly exposed to them, will de
ter him frum any such interference, even if higher mo
tives be found inoperative 7 May not congress ao re
gulate, by law, tbe duty of those officers, and subject
it to such supervision and publicity, as to prevent the
possibility of any serious abuse on the part of the
Executive 1 and is there equal room for aueh super
vision and publicity in a connection with banks, act
ing under the shield of corporate immunities, and con
ducted by | ersoiis i responsible to the government
an l the people 7 It i* believed that a considerate and
candid investigation of these questions will result in
th?' conviction, that the proposed plan is far less lia
ble to objection, on the score ot Executive patronsge
and control, than any bank agency that has been, or
can be, devised#
W;th thes j views, I leave to congress the measures
< e?sary to regulate, in the present emergency, the
safe keeping and transfer of the public moneys. In
the performance of constitutional duty, 1 hiive stated
10 them, without reserve, tbe re.- ult of my own reflec
tions. The subject is of great importance; and one
on which w;i can scarcely expect to be as united in
sentiment as we are in interest. It deserves a full
and free discussion, and cannot fail to be benefitted
by i diepass unite comparison of opinions. Well a
wtiio myself of the duty of reciprocal concession a
inong the co-ordinate branches of the government, I
can promise a reasonable spirit of co-operation, so
far i - it can be indulged in without the surrender of
coasututien J objections, which 1 believe to be well
founded. Any system that may be adopted should be
suWj.cted to ilif fullest le^al provision, so as to leave
notiiing to theKx cn'ive but what is necessary to the
discha.-K-' ?>f tht; duties impost d on liiin; ana what
tivtr plan iiy be uliimately established, my own part
s-hall be so discharged iisto give to it a fair trial, and
the best prospect of success.
Tlte character of the fun is to be received and dis
bu; 'd in the transaction of the government, likewise
demands your most careful consideration.
There can bi no doabi that those who framed and
adopted tbe Constitution, having in immediate view
the depreciated currency of ihe confederacy? of which
five hundred dollars in paper were, at times, anly
eqaal to one dollar in coin ? intended to prevent the
recurrence o similar evil?, :-o far at least as related to
the transactions of the new government. They gave
the congress express powers to coin mon-\y and to
regulate the value thereof, aad of foreign coin; they
refused to gtrp it powcrto establish corporations? the
agents, then, as now, chiefly employed to create a
piper currency; ihiy prohibited tbe States from
linking any thing but ?old and s;lvvralegal tender in
payment of debit-; and the first congress directed, by
positive law, ihat tlfe revenue should be received in
nothing but gold and silver.
Public exigency at the outset of the Government,
without direct legislative authority, led to the use of
hanks as fiscal aids to he Treasury. In admitted de
viation from the law, nt tlte same period, and under
the same exigency, the Secretary of the Tieasury re
ceived their notes in payment of duties. The sole
ground on which the practice, thus commenced, was
then; or has since, baen justified, is the certain, imme
diate, and convenient exchange of such notes for spe
cie. The G ivernment did indeed receive the incon
vertible notes of State banks during the difficulties of
war; and the community submitted without a mur
mur to the unequal taxation and multiplied evils of
which such a coursc was productive. With the war,
this indulgence ceased, and the banks were obliged
again to redeem their notes in gold and silver. The
Treasury, in accordance with previous practice, con
tinued to dispense wiih the currency required by the
act of 1789, pnd took the notes of banks in full confi
dence of their b ing paid in specie on demand; and
Congress, io guard against the slightest violation wf
tins principle, have declared, by law, that if notes are
part in tbe transactions of the Government, it must be
under such cirannstancc* as to enable the holder to
convert them into specie without depreciation or
cielav.
Of my own duties under tin* existing laws, when
thi banks suspended specie payments, I could not
doubt. Directions were immediately given to (ire
vat the reception into tne 'I reasury of any thing but
gold and silver or its equivalent; and every practi
cable arrangement was inade to preserve the public
faith, by similar or equivalent payments to the pub
lic creditors. The revenue from lands had been for
HOtne time substantially so collected, under the order
issued by the directions of ray predecessor. The ef
fects of that order had been so salutary, and its fore
cast in regard to the increas Bg insecurity ef bank pa
per had become so apparent, that even before the ca
taitrop'ic, I had resolved not to interfere with its ope
ration. Congress is now to decide whether the reve
nue shall continue to be so collected or not. |
The receipts into the Treasury, of bank, notes, not'
rwdeemud in spccic oil demand, will not, I presume, be
aaHCti ned. it would deatroy, without the .excuse of
war or public distress, that t quality of imports, and
identity of commercial regulation, which lie at the
foundation of our confederacy, and would ofTar to
each slate a direct temptation to increase its for. ign
trade, by depreciating the currency received for du
tie* in its ports. Such a proceeding would also, in a
great degree, frustrate the policy, so highly cherished,
of infusing into our circulation a larger proportion of
(he precious metals; a p >licy, the wisdom of which
none can doubt, though there may be different opin
ions aMo ttic extent to which it should bo carried.-?
Its results have been nlrmdy too auspicious, and its
m?ace>s is too closely interwoven with the future
prosperity of the country, to permit us for a moment
10 contemplate its abandonment We have seen, un
der its influence, our specie augmented beyond eigh.y
million?; our coinage increased ho as to make that
at ;jold amount, between August, 1834, and Decern
txr, 1816, to ten millions of dollars; exceeding the
whole coinage at the mini drrmg the thirty one pre
vu ins years. The prmpi ct of iurther improvement
continued without abatement, until the moment of
the suspension of specie piynaenta.
This policv has now indeed been suddenly check
ed, but is still !<v from being overthrown. Amidst
all conflicting th tones, one position is undenisble ;
the precious metale will in variably disappear when
there ceases to be a necessity for their use as a circu
lating medium. It was in st ict accordance with this
truth, that whi'st, in the month of Mav last, they
were every where seen, and were current for all ordi
nary purpose's they dissppea ed from circulation the
moment the payment of spicie was refused by the
hanks, and the community tacitly agreed to disnense
with its employment. Their place was supplied by a
currency exclusively of paper, and, in many cases, of
the worst description. Already sre the bank notes
now in circulation greatly depreciated, and they fluc
tuate in value between one plsce and another; thus
duninuhini ami making uncertain the worth of pro
perty and tin price of labor, and failing to subserve,
except at a hea v y loss, the purposes of business. With
? aeh succeeding day the metallic currency decreases ;
by some it is hoarded in the natural fear, that, once
parted with, it cannot be replaced while byotnersit
is diverted from its more legitimate uses, for the sake
of gain. Should ('ongtesn sanct on this condition of
things, by making irredeemable paper money receiva
ble in payment ef public dues, a temporary check to
a wise and salutary policy will, in all probability, be
converted into it* abso'ute d ?'ruction.
It is true that bank notes actually convertible into
wpwie, may be received in payment of the revenue,
without being liable to ail theae objections, and that
aiich a coarse may, to some extent, promote individual
convenience; an object a I ways to be considered where
it lioes not conflict w ith the principles of oar Govern
ment, or the general welfare of the c luntry. If such
notes onlr were received, and always under circum
atancna allowing their early presents lion for payment
and if, a( short and flxed periods, they were converted
into specie, to he kept by the oflcera of the Treasary.
same of the most serious obstacles to their reception
would perhaps bo removed. To remin the notes in
the Treasury would be to renew, under another form,
the loans of psbbe money to the haUn *, and the evils
? consequent thereon.
It is, however, a mistaken impression, thst any
la< ge amount ef sp. cie is required for public payments.
t)f the seventy or eighty millions now estimated tU be
ui the country, ten millions would be abundantly suf
?rnmt for that purff iae, piovidid an aoeumulation of
a large mnosnt of revenue, beyond the necessary
winti of the Government, lw? hereafter prevented. If
to ?he?e ro-iHi lorationt be added the faeiiitiea which
will Mr e from enabling the Treasury to satisfy the
public Credit ?rs, br its draffs or notes received in pay
*? OI #f th<> public due*, it may lie safely assumed
that no motive of ? onvenience to the cihsen requires
the reception of bank paper.
To say that the wfuaal of mpx money |
vernnent, introduce* an unju* (fiacltaunation
the caneacy received by i?, ant that used by
nala in their ordinary affair*, m my Jud*"?"t'nn
view it in a very erroneous light- The consti
prohibits the Slates frew making any thing bu g
and silver a tender in payment of debts, and J
cures lo every citizen a right to drmai " ?ov
the legal currency. To providu by law ibat tb ?o
eminent will only receiveits dues in gold '
is nut to confer on it any peculiar pn1 * .
ly to place it on an equality with the : c ?_ - ^ion
serving to it a right secured to him by ?
It is doubtless for this reason that the ip P ^ f
been sanctioned by successive laws, lrom the time 01
the first Congress under the constitution d?*'n
last Such precedents, never objected to, ami pratee
ding from such sources, afford a decisive answer to
the imputation of inequality or injustice.
But in fact, the measure is oue of restriction, not
favor. To forbid the public agent to receive in pay
ment any other than a certain kind of money, is to
refuse him a discretion possessed by every citizen. It
may be left to those who have the management ot
their own transactions, to make their own terms; but
no such discretion should be given to him who acts
merely as an agent ot the people ? who is to collect
what the law requires, and to pay the appropriations
it makes. When bank notes are redeemed on demand
there is then no discrimination in reality, for the indi
vidual who receives then may, at his option, substitute
the specie for them. He takes them from convenience
or choice. Whenr they are not ao redeemed, it will
scarcely be contended that their receipt and payment,
bv a public officer, should be permitted, though none
deny that right to an individual ; if it were, the
would be mo t injurious to the public, since their oiti
cer could nnke none of those arrangements" to meet
or guard against the depreciation which an individual
is at liberty to do. Nor can inconvenience to the
community be alleged as an objection to such a regu
lation. Its object and motive are their convenience
and welfare. , . ,
If, at a mom Alt of simultaneous and unexpected
suspension by the banks, it adds something to the
many embarrassments of thai proceeding, yet tneee
arc far <ave. balancad by its direct tendency to produce
a wider circulation of gold and silver, to increase ttie
safety of bank ;-aper, to improve the general curren
cy, aiid thus to prevent altogether such occurrences,
and the other and far greater evils that attend them.
It may, indeed, be questioned, whether it is not tor
the interest of the banks themselves that the Govern
ment 8honld not receive their paper. Th y would bf'
conducted with more caution, and on sounder princi
ples. By using specie only in its transactions, the
Government would create a demand for it, which
would, to a great extent, prevent its exportation, and,
by keeping it in circulation, maintain a btoader and
safer basis for the paper currency. That the banks
would thus be rendered more sound, and the commu
nity more safe, cannot admit of a doubt.
The foregoing views, it s< ems to me. do but fairly
carry ont the provisions of the Federal Constitution in
relation to the currency, as far a* relates to the public
revenue. At the time that instrument was framed,
there were but three ot four banks in the U. Stattf-s? ?
and had the extension of the banking system, and
the evils growing out of it, been foreseen, they would
probably have been specially guarded against. The
same policy which led to the prohibition of bills ol
credit by the States would, dou'ntlesa, in that event,
have also interdicted their issues as a currency in any
other form. The constitution, however, contains no
such prohibition ; and since the States have exercised
for nearly half a century, the power to regulate the
business of banking, it is not to be expected that it
will be abandoned. The whole matter is now under
discission before the proper tribunal? the people of
the States. Never before has the public mind been
so thoroughly awakened to a proper sense of its im
portance; n-.ver has the subject in all its bearings,
been submitted to so searching an inq iiry. It would
be riitiusting the intelligence and virtue of the pio |
pleto doubt the speedy and efficient adoption of such
measures of reform as the public good demands. All
that can rightfully be done by the Ftderal Govern
ment 10 promote the accomplishment of that import
ant object, will, without doubt, be performed.
In the mean time, it is our duty to provide all the
remedies against a depreciated paper currency which
the Constitution cnn*t lea t ? to afford. The Treasury
Department, on several former occasions, has sug
gested the propriety and importance of a uniform law
concerning bankruptcies of corporations and other
bankers. Through the instrumentality of such a law
a salutary check may doubtless be imposed on the is
sues of paper money, and aa effectual rexiedy given
to the citizen in a way at once equal in all parts of
the Union, and fully authorised by the Constitution.
The indulgence granted by Executive authority in
the payment of bonds for duties, has been already
mentioned. Seeing that the immediate enforcement
of these obligations would subject a large and highly
respectable portion of our citizens to great sacrifices,
and believing that a temporary postponement could
be made without detriment to other interests, and with
increased certainty of ultimate payment, I did not he
sitate to comply with the request that was made of
me- The terms allowed are to the full extent, as lib
? rat as any that are to be found in the practice of the
Executive Department. It remans for Congress to
decide whether a further postponement may net with
propriety be allowed, and if so, their legislation upon ,
the subject is respectfully invited.
Th? repert of the Sesretary of theTreasuty will ex
hibit the condition of these debt* ; the extent and ef
fect of the present indulgence; the pn.bible result of
its further extension on the s ate of tlieTieasury, and
every other fact necessary to a full consideration of
ihe subject. Similar inf irmationts communicated in
regard to such depositories of the public moneys as
are indebted to the Government, in order that Con
gp-ss may also adopt the proper mea.-ures in regard
to them.
The receipts and expenditures for the fir?t half of
the year, and an estimate of those for the residue,
will be laid before you by the Secretary of the TYea
?ury. In his report of I) ?camber last, it was estima- ;
ted that the current receipts would tall short of the j
expenditures by about three millions of dollars. It
will be seen that the difference will be much greater.
This is to be attributed not only to the occurrence ot
greater pecuniary embarrassments in the business of
the country than those which were then predicted,
and, comeq-iently, a greater diminution in the reven
ue, but also to the fact that the appropriations ex
c>#ded, by nearly six millions, the amount which was
asked for in the estimate then submitted. The sum
necessary for the service of the year beyond the pro
bable receipts, and the am >unt which it was intended
should b? reserved in theTieasury at the commence
ment of the year, will be about six millions. If the
whole of the reserved balance be no', at once npplu d
to (he current expenditures, but four millions be still
kept in the Treasury, as seems most expedient for the
uses of tks mint, and to meet contingencies, the sum
needed will be ten millions.
In making this estimate^ the receipts are calculated
on th?s supposition of some further extension of the
indulgence granted in the payment of bonds for du
ties, which will affect the amount of the revenue for
the present year to the extent of two and a half mil
lions.
It is not proposed to procure the required amount
by loans or increased taxation. Tin;? are now in
the Treasury nine million tfiree hundred and sixtv
sevsn thousand two hundred and fourteen dollars, di
rected by the art of the 23d of June 1896 to be depo
sited with the States in Oc'ober next. This sum, if
so deposited, will be subject, undef tha law, to be re
called, if needed, to defray existing appropriations?
and as it is now evident that the whole, or the princi
pal part of it, will be wanted for that purpose, it ap
Bars most proper that the deposite should be witn
fd. UntM the amount can be collected from the
banks, Treasury notes may be temporarily issued, to
be gradually redeemed as it is received.
I am awara that thia course may be productive of
inconvenience to many of the States. Relying upon
the acts or Congress which held out to them the
?trsng probability, if not the certainty, of receiving
this instalment, they havein some instances adopted
measures with which its retention may serioesly in
terfere. That ssch a condition of things should have
occuned is much to be regretted.' It is not the least a
mong the unfortunate results of the disasters of the
times ; and it i* far Congress to devise a fit remedy, if
there be one. The money being indispensable to the
wants of the treasury, it is difficult to conceive upon
what principle of justice or expediency its application
to that object can he a void To recal any por- |
lions of the sums already deported with the States,
would be more inconvenient and lees efficient. To
burden the country with inre^nsed taxation when
there is in fart a large surplus revenue, wnuld be un
just and unwise; t? raise moneys by loans under sorb
circumstances, and this to commence a new nation
al debt w ootid scarcely be sanctioned bj the Aaaeri
. Mo poked will beade*y* t# all ourft^ol
ofMratioiMs (hiring (he remainder of the fear. SMW
ube adopted, the Treasury, aided br ihe ampW re
sources of the country, will be able to discharge,
punctually, every pecuniary obligation. For tne tu
ture, all thai is needed will bo that caution and lor
balance in appropriations which the diminution of
the revenue requires, and which the complete accom
plishment or great forwardness of many expensive
national undertakings renders equally consistent witn
prudence and patriotic liberality.
The preceding suggestions and recommendations
are submitted, in the belief 'hit their adoption by con
gress will enable the Fxecut ve Department to c?1*"
duct our fiscal concerns miU success, so far as tnetf
management has been committed to it. Wmlst tne
objects and the means proposed to attain them are
within the constitutional powera and appropriate du
ties, they will at the same time, it is hoped, by their
necessary operation, att'ord essential aid in the trans
action of individual concerns, and thus yield relief to
the people at large in a form adapted to the nature of
our government. Those who look to the action of
this government for specific aid to the citizen, to re
lieve embairassments arising from losses by revul
sions in commerce and credit, lose sight of tne ends
for which it was created, and the powers with which
it is clothed. It wss established to give security to
us all, in our lawful and honorable pursuits, under the
lasting safeguard of republican institutions.
It was not intended to confer special favors on in
dividuals, or on any classes of them; to create sys
tems of agriculture, manufactureres.or trade; or to en
gage in them, either separately or in connection with
individual citizens or organized associations. It 1 ?
opera tionn were to be directed for the benefit of any
one class, equivalent favors must, in justice, be ex
tended to the rest; and the attempt to bestow such fa
vors with an tr'qual hand, or even to select those who
should most deserve them, would never be success
ful. All communities are apt to look to Government
for too much. Even in our own country, where its
powers nnd duties are so strictly limited, we are
prone to do so, especially at period* ot tuddtn embar
lassments and distress.
But this o;?"ht not to be. The framers of our ex
cellent Cons trillion, and the people who approved it
with calm and sagacious deliberation, acted a the
time on a sounder principle. They wisely judged that
the less Government interferes with private pursuits,
the better for the general prosperity. It is not its le
gitimate object to make men rich, or to repair, by di
rect grants of money or legislation in favor of particu
lar pursuits, losses not incurred in the public service.
This would be substantially to use the property of
some for the benefit of oihers. But its real duty?
that duty, the performance of which makes a good
Government the most precious of human blessings
is to enact and enforce a system of general Jaws com
mensurate with, but not exceeding, the objects of us
establishment; and to leave every citizen and every
interest to reap, under its benign protection, tlu? re
wards of virtue, industry and prudence.
I cannot doubt that or. this. as on all similar occasions,
the Federal Government will find its agency most con
ducive to the security and happiness of the people, when
limited to the exercise of its conceded powers. In never
assuming, even for a well meant object, such powers
a* were not designed to be conferred upon it, we shall
in reality do most for the general welfare. To avoid
every unnecessary interference with the pursuit of the
citizen will result in more benefit than to adopt meas
ures which could only assist limited interests, and are
eagerly but perhaps naturally, sought for, under the
paessure of temporary circumstances. If, therefore, 1
refrain from suggesting to Congress any specific plan lor
regulating the exchanges of the country ; relieving mer
cantile embarrassments ; or interfering with the ordina
ry eperations of foreign or domestic commerce; it Is
from a conviction that such measures are not within die
constitutional province of the General Government ; and
that their adoption would not promote the real and per
manent welfare of those they might be designed to aid
The difficulties and distresses of the times, though
unquestionably great, are limited in their extent^aml
cannot he regarded as affecting the permanent prosperity
of the nation. Arising, in a degree, from die transactions
of foreign and domestic commerce, it is upon them that
thev have chiefly fallen. The great agricultural interest
has*, in stiany parts of the country suffered cmnparative
I v little and, as Providence intended to display the mu
nificence of Us goodness at the moment ot our greatest
need, and in direct contrast to the evils occasioned V>y the
waywardness of man, we Stave b^en blessed throughout
our extender territory with a season of general health
and of unconimod fruitfnlness. The proceeds of our
irreat staples will soon furnish the means of liquidating
debts at home aftd abroad ; and contribute equally to
the revival of commercial activity, and the restoration
of commercial credit. The banks, established avow
edlv for its supi>ort. deriving their profit-, from it, and
restinc under obligations to it which cannot be over
looked. will feel at once the necessity and jnstice of
uniting their energies with those of tne mercantile in
terest. The suspension of specie payments, at such a
time and under such rircumstances as we have lately
witnessed, could not he other than a temporary meas
ure and we cat. scarcely err in believing that the pe
riod must soon arrive when all that are solvent will
redeem their issues in gold and silver. Dealings abroad
naturally depend on resources aod prosperity at home.
If the debt of our merchants has accumulated, or their
credit ii impaired, diese are fluctuations always incident
t > extensive or extravsgantmereanule transactions. But
the ultimate security of such ?bligations does not admit
of question. Thev are guaranteedby die resources of a
country, the fruits of whose industnr afford abundant
I means of ample liquidation, and by the evident interest
of every merchant 10 sustain a credit, hitherto high,
I bv proinptlv applying these means for its preservation.
' * I deeply* regret that events have occurred, which
require uie to ask your consideration of such serious
topics. I could have wished that, in making my first
' communication to the assernbbd representatives of
my c. 'an try, I had nothing to dwell upon but thehis
' tury of her unalloyed prosperity. S^nce it is other
wire, we eaa only feel more detply the responsibility
of the respective trusts that have been confided to us,
and under the preasure of difficulties, nnite in invoking
I the guidance of the Supreme Ruler of nations, and m
laboring with xealoos resolution to overcome the dim
I calties by which we are env.roned.
It is, under such circumstances, a high gratification
to know, by long experience, that we act for a oeople
i to whom the truth, however unpromising, can always
be spoken with safety; for the trial of whose patriot
ism 110 emergency is tao severe, and we are sure
never to desert a public functionary honestly labor
l ing for the public good. It aeemsjust that thev should
leceive. without delay, any aid in their embarrass
ments which your deliberations can afford. Coming
directly from the midst of them, and knowing the
1 course of events in every section of our country, from
vou may best be learned as well the extent and na
ture of these embarrassments, as the most desirable
u'm a w art 'ho w eoer , that it is hot proper to?i?tain
you, at present, longer tnsn may be demanded by the
special objects for which you are c nvsned. To them
therefore, I have confined my common icafioa, and, be
I Iwving it will not be your own wish to extend your
deliberations beyond them, I reserve till the usual pe
riod of your annua; meeting that general mjormatioa
on the state of the Union whieh the Constitution re
| quires me to give. LKKHi.
, Washington, 4th September, 1937.
Paintimq or Dow J van ako Haidbk.? A mlicn
loiis notice of this beautiful pa nting was published
jresteulay. It was inserted without our knowledge.
The painting has many mertts? particularly the fi
gure of Lanibro, which we shall no'ice soon. The
following is the passage from Byrou's Don Juan
fr?tn which it is tak -n
I p Juas 'proiif tr> H iide?- ? hitter *hnek,
And csiivtht r , and from off the * all
Snst- b<'d down In* MOT*, in hot hsate lo wreak
V('?|ntfon him win *> ,i? the cauae of all
Then tamhrn, who till now forbnre to tpeak.
f?mlled K'orafull jr, and ?aW, "Withia My eaU
A tfioasand ?cireetar* await the words
Put Hp. young man, put up jour <?llly rtrord."
And Hside- rlun* aroon-J him ; Ju m 't i?
?Tis Lambro? 'tu tnv faib?r! kneel with m?- j
lie wiftforglj* ua? ye*? ft muat l>e ? yr+.
Oh' desr? t father. In thUarony
Or plewnre ami nf pain?even whd? I kuw
* Thy garnu nt'* hem with transport, can it lie
That doubt ohould minrle w ith niv filial i??y '
Deal withm? M thou w ilt, htit ?p?re thi* boy
Hirh and intcrutuble the old man ?h md, ,
Cslm In hi* ?oiee and calm within hia eye
No* alwa v? ivf* with him of calmest mood i
He looked upon her, but |rs?e no reply t
Tben turned ? oJaan. in wl>o?erheek the binod
Oft came and w-ent, a* th<-re f^nWed M die t
fn *rmi, at tei?t, he ?tood, in art do ?prlng
?ht the ftrM ft?e whom Lainbro"* call mijfht fcrlws
-
ft IVUrasij'd new nnvel " Venetia" ia cApital
reading, m i^ite of the pntti of the critics.
morning herald.
? ? ypift , it_ _ ^
W?BIBIOAT, HEPtBNBijRl, f?3f.
Tlw President's MciiMgt-ThT Ucofpcoilrl
nmphant? Proposed (tcparallwi of Bank
and State ?Determined hostility to ? Wa
tlonal Bank? Gold and Ulver Currency re
commended.
At a few minutes after eleven o'clock last night,
we received, by Government Express, President
V*b Buken's first message to Congress, in the in
credible short period of eleven hours and forty min
utes from Washington. Amos Kendall has thus beat
all his predecessors. Mr. Polk elected Speaker by a
majority of thirteen on the first ballot.
The vot<is for Speaker on the first day of the first
session of the last Congress stood as follows: For
Mr. Pock, 132;. for Mr. Bell, 84; scattering, 9. Mr.
Polk thus then receiving 16 votes more, and Mr. Bell
19 votes less, than on yesterday? the number of mem
bers present being very nearly the same.
The President recommends, 1st, a separation of
the government from all banking institutions? 2d,
an extension of the suspended bonds? 3d, the repeal
of the distribuiion law, and recall of the fourth instal
ment? 4th, the issue of ten millions of Treasury
notes? 6th, the enactment of a bankrupt law? 7th
the leaving the commerce and exchanges of the
country to take care of themselves, die. dtc.
It will be thus seen that the account of the mes
sage, given by us last Friday, was exact to the letter.
However much we differ in opinion with Mr. Van
Buren, we must admit that his messege is the most
ingentus, clear, able, and cunningly devised document
that ever came from his pen. It is locnfoco through
out. His opposition to a National bank, and to the
agency of Congress in the equalization of exchanges
ramains unchanged.
His reasoning on many topics are certainly plausi
ble, and, singularly enough, coincident with many of
the opinions we have expressed in our money re
ports.
The first effect of this Message will be to create a
great fury in the minds of the Whigs and the Tall
madge party. A general andextraotdinary excitement
will next prevail throughout the country.
With the exception of additional time to those who
o*e the government on suspended bonds, the pre
sent embarrassed condition of the mercantile com
munity is thrown entirely on its own resources. This
will cause ? new crisis? a further depression of stocks
? more failures- and continued conflict among the
banks.
We learn also that the Secretary of the Treasury
has made, or will make, arrangements with certain of
the deposit e banks for an immediate resumption ?f
specie payments. Thisis intended as a coup de grace
to the Philadelphia U. S. Bank.
On the whole, Mr. Van Buren opens the campaign
wiih great vigor and force. We did not think there
teas to much real stuff in the little cabbage- dealing
rascal of Kinderhook , as his Message indicates. His
measures are proposed ? and his position taken, with
great tact and skill. His artful appeal to the agricul
tural interest, while he deniesiCongress the constitu
tional power to aid the mercantile, is calculated to
conciliate the former but to exasperate the latter. Par
ties will now be divided into two distinct camps
there ia no middle ground? it is locofoco and anti-lo
cofoco. Each day's proceedings in Congress will be
fraught with the deepest interest.*
We are on the fence, high and dry. Let all men
of tense take the same position. We begin a new
game from this day.
Twenty -Fifth Hculon.
Monday, Sept. 4th. ? ' This being the day appointed
by the President tn his proclamation of May laat, the
Senators and Representative? inducted to the twanty
fifth Congress, assembled in their respective cham
bers in the capitel. The great interest attending the
opening of a session, and the expected election of I
Speaker drew great crowds to all the ga! lanes.
At an earlv hour the members began to pour in,
and long before the usual time of organization, both
chamberspreeented a larger assemblage of members
than I erer recollect of having known at any previous
session.
At 12 o'clock Mr. Franklin, the clerk of the House
during the last Congress, assumed his place, and beg
ged tne House to come to order. He then said the re
presentatives of the people were now assembled in
compliance with the summons of the President, made
by proclamation in May lasL
The clerk read the proclamation, amid respectful
silence, and then proceeded to call over by states the
names of the members. The name of Mr. CalebCueh
ing, of Mass . being called, that gentleman rose and
made a few remarks expressive of his disapproval of I
the form and custom of the Hduso, according to
which the House was organized by the clerk.
Unprotested against it as improper and inexpedient.
He thought the attention of the House ought to be
directed to the subject, and a proper remedy applied at
rtie proper lime. He, however, would submit no mo
tion at present.
The clerk then proceeded with the call ; but when
he arrived at the State of Mississippi. Mr. Merrer of |
Virginia, rose and hrovght up a question as to the
right of Messrs. Gholson and Clairborne, of Miseia
s ppi, to take their seats, and join in the deliberation*
of the House. He called upon Mr. Gholson to say
whether the election had been conducted according
to the constitution of the State of Mississippi and the
United States.
Mr. Oholson replied that the Governor had iseued
hi* proclamation, aecording to the laws of the state
and of the Union. When the House was properly
organized, he would he ready to meet the question
raised by Mr. Mercer? but for the present, he would
be silent. Mr. Mercer, after a few remarks, offered
a resolution that sufficient evidence had not been
presented to the House to satisfy it that Messrs.
Ghobon and Claiborne were entitled to their seats.
Mr. Gholson eppesed this resolution with great ve
hemence; and after some remarks from Messrs. Mer
cer and Bynum, the Utter moved to lav ihe reaolu
tion on the table, which was carried by a vote of |
131 to 5. 1
Mr. KhettofS C. then moved that Mr. Williams
of IV. C. (the father of the House) be requested to
take the chair, and preside until a speaker should be
elected. Thia question is now undergoing a debate
which prom ses to beof long continuance. There may
be no election of a speaker today.
The Senate was organized by the Vice President
Jehneon, who took tne chair at 12 o'clock. No bu
siness of importance was done.
They eleeled Mr. Haight sergeant at-arms in the
place of Mr. Shackford, deceased ; and Mr. Kdward
Wyer to the office of door-keeper in the piece of Mr.
Haight : and after appointing a committee to wait on
the President, th.y adjourned
The discussion turned chiefly on the manner in
which the House should be organized, though the
Mississippi e'ection was occasionally adverted to. ?
In the course of the debate it proposed to elect a
Chairman in place of the ('Jerk, to promde until a
Speaker ahoula be chosen, but this motion, as well as
the original motion waa l?W on ?n* ttble by a large
msioity. ?
The calling of the roll was then completed when it
appeared that 224 members had answered to their
names. ,
The House then proceeded, on motion of Mr. Pe
triken, to the election of a Speaker. Messrs f lamer,
McKennan, od Jones, of Virginia, were appointed
tellers; ???<*> having counted the ballots, reported the
result as follow* s
Total number of votes - - 224
Neceeeary to a choice . - 113
For James K. Polk - 116
John Bell 101
Scattering .... 5
The residue of the members were next sworn.
The House then proceeded to hallot for a Clerk,
whon Waller ? Franklin received 146 votes. Samuel
Shock, of Pa., 4fl, and l!? votea were cast for other
peraons.
3to Weker ?* Franklin wm JMared duly chosen
The Imm titan, by reaokitiM, ^elected ?
?orsey SugMBMi-Armi, tndOtertOi Cmrr Door
keeper to the House.
A- motion wm then made to adopt for* he govern
ment of the House tke Rules and Orderarf the last
Congress ; to- which Mr. Adams moved *n amend
ment, which gave rise to debate. Without coming to
a vote upon the subject, the House adjourned.
In the SsNJwra, the Vice President took thsohur. ?
More than forty members were present
Contrary to expectation, the Senate elected yester
day two of its officers, the Sergaant-at-arms, and
Doorkeeper. To the first office Stephen Haig.it was
chosen, and to the second Edward Wyer.
The Secretary of the Senate will not be ohosen
until next Monday, unless, in the mean time, the rule
in regard to that biennial election be ehangad? or sus
pended, by general consent, aein the case of yester
days eleetioa.
So James K. Polk was declared to have been duly
elected Speaker. He was conducted to the Chair by
Messrs. Laarler and Owens, when he made a brief
address of thanks, and was then sworn in by Mr.
Lewis Williams, the senior member of the HouBe.
Latb fbsm Jamaica ?The packet ship Orbit, cap.
tain Meachs from Kingston, Jamaica, brings us files
of the Despatch, and a letter from our correspondent,
dated the lSihult.
Speaking of the prospeots of the Island, the Des
patch says it will be neeessary that some salutary
laws and regulations be at or.ce adopted, and baiug
adopted, strictly enforced, to .prevent the land teem
ing with unfortunate ereatures, who will now be
thrown on the b( unty of the affluent and charitable
in their age ; also, in regard to the apprentices, with
their vague notions of liberty and true blessings, of
which it fears many of them wiU scarcely be able to
appreciate. Of its present state, U says t.
"At this time men are sent forth to rule over us,
who do so with crxyel injustice towards the planter,
and then turn round and revile, and strive to defame
us in the eyes of our fellow subjects in llritain, and
keep our island in continual agitation. We have been
already unjustly deprived qf $ur rights and our pro -
perty. If, however, it is desired, or considered advi
sable to shorten the apprenticeship, let the surplus
million or two of the Compensation Loan be divid
ed, and let us have a farther pretended compensation
? say ?5 sterling for each apprentice, and great as
will be the loss, yet we had better put up with it than
to be scandalized and abused, witnout the power of
defending ourselves, by hypocritical canting fellows,
with their false notions, prejudiced opinions, and pre
tended philanthropy."
The caleadar, this court, exhibits a more than ordi
nary list of crime and offences.
f Correspondence or the Hmli|
Kingston, Jam., Aug. 15, 1837.
Sir, ? At this moment there is nothing stirring but
what will be found in the Despatch.
American produce generally commands, at this
time a high price in our market.
Ball at Patbbson. ? A splendid ball will be given
at the Passaic Hotel, Paterson, on Thursday evening.
In the morning, the ladies, arrayed as nymphs and
naiads, wander ever the beautiful groves and climb
the picturesque crags of the Falls? m the evening
they wander through the mazes of the cotilion and
waltz, and climb the picturesque criga of the soul,
or look over the dizzy precipices of the human
heart.
O.i ihering nmyhiff
Dreadful trade
J3r The Southern Express mail bring* dates, New
Orleans, Aug. 29, Mobile, August 30, but no new* be
yond a report that the pirates which have infested the
vicinity o ' Mobile, have put to sea, not liking the
proximity of Col. Ho^nn.
A PaascNT.? A pretty young lady of 8taten Island
haa sent me a present of a feather plucked from the
wing of a towering hawk. The speed of this crea
ture through the aky lags behind the swift communi
tion of thought with thought, heart with heart? ?r
soul with soul.
Catholic OarnANa.? Since our last we have re
ceived the following
From Msria Anna, ? - 91 00
" A Isdy, (herself a Catholic Orphan) S 09
Formerly received, - - - - 12 00
ilToo
The lady "herself a Catholic orphan" will find that
her requeat is complied with. How could it ba other
wise?
What's in th* wind ?? The "Courier" says it
does not join in the clamor againat the emigrants and
foreignera. Why notaapport the Mayor 1 What do
you mean 1 What's in the wind?
SfMNPLABTEBs are increasing. There are now four
or five " Associations, ' hailing from Wall street, each
one worse thsn another. Yet, cunningly enough, they
succeed in forcing upon the people vast quantities of
their pnper. We are not sure, but they are right.?
If the public are such fools as to take shin plasters
at all, they deserve lo be stuffed with them. Cheat
them by all means. Cheat all that will be cheated?
that's the way to get along in the world.
Patino Spccib ? Bbonson vaasre the Manhat
tan B\rk.? This case has been delayed time after
time. A demurrer haa been entered up, but the court
wants more lime to decidc upon it. Next Tuesday we
understand it again cornea up. Now it happens that
the/laintiTcarea nothing f*r the delay. The amount
?f Manhattan bills far which specie was demanded ia
#8000. From the moment that the demand was
made, they bear an intereat of 10 per cent. In their
preaent condition they form a bettet investment than
stocks do.
, Any person making a demand for specie, before
witnesses, has a right, by the Revised Statutes, to re
cover the whole amount, with 10 per cent from the
date of the demand. F.rtf holder of bank notea can,
therefore, make s secure inveatment at once. Why
not do it ?
r* The New Orleans papers are aaking what has
become af Meunier. Has he landed at Pensncala,
Mobile, or where 1
Col. Wtss's Political Dinniits Mr. Wrmtrs.
?We have a full and graphic account af the splendid
political dinner given by Col. Webb to the Honorable
Daniel Webeter, which we thaU ivake room for in a
i/syortwo. Jamea O. King, Charles K ng, and a
few choice epirita were present. The affairs of the
country were all arranged? the United Statea Bsnk
got a new charter? Texas was admitted into the Un
ion?Mr. Webster made President- James O. King
Secretary of the Treaaury? Charles, Minister to Eng
land? and my friend, Col. Webb, appointed to the
head of the War Department. *
The wines were excellent and the aegars superb.
God blaaa our puss !
Jonn Qcincv Adasis on Banning.? We made a
aaistake the other day in attributing a stupid brochure
on Banking published at Boston, to John Quincy Ad
a ma. We learn it was written by the editor of the
** Boston Atla^' now writing long, labored, violent,
ridiculous editorials for the Courier and Enquirer.
The stnpidity and ignorance of that book in matters
of real science and finance, ia certainly on a
perfect footing of equality with the columns of the
" Courier." All egg? *"tne chicken.
tfF The Hobakin Turtle Club hold their last sit
ting for the wesson today. Whenatichabndj n* Con
gress is in session, it is t.me for (be Tort lei to ad
journ.

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