v Uh any given commodity, the [nice of that commodity a'.- ^
w ays falls in p/pportion to the excess of the supply, lie
lutd < ; •■irly •■•howti that there i-.xim-d a surplus capital in I .
t'„.. U. S;ntrt, from the Government having paid off sixteen
i. t'.lions of the public det>t. This very surplus of money in J
market, Mr. Mel’), argued, entered into the price oT the *
Stiick. If, on the « ••‘.ary, there was a scarcity of cash in *
tr.e market,tiie slock wonhi not b.mg its par value. As to | I
tin; fact ! nionsti a ted by the geniluoiairs calculations, that i a
thf real value of money in tho I’nited States is at present t
i .: itioic th in three ami a hah" per cent., it had no bcaitii' , i
at all on the present .pjes’ion. Whenever the Government \
routes into toe maiket, ail the piincijilvs resulting from the i
i< 11 live state of deiii-u, 1 and supply, operate with leu-fold i
power. The Government i« a tnumnoih seller,ora main*
i.i >ih buyeit when the Government conics into market as a
bnyci, it miser the p.iee tit stock beyond ail proportkm; as,
u lien it comes ii; a. a seller, it depresses it beyond propor
tion. It was upon this principle, that, though money be
aciniliy worth, as the gentleman says, only three and a
half per cent the Government when it passed a law to
exchange it» 6 per cent, stock for a stock of 5 per cent, iire
•I •oiiiiihle at a later period, could not get it; whilst, if the
Government were to go into market and borrow, to-morrow,
tho whole sixteen millions ii has paid oft*, the stock it would
issue, would, in two days time, he at 8 or 10 per cent, nd
\ nice.
Mr. IMeD said that it was therefore always to be re
gretted that Government should come into market, because
i's presence there invnliint wily produced a great effect upon
the market, in every w.ie.
Mr. Mcl). then made smite statements to show that j
refuted arithmetical calculations were not proper data J
j*i all eases l< legislate upon. lie presumed that ill
'v n;Id be admitted, as a general proposition, that the !
m ick of the Hank ol the United Slates is certainly worth ;
a, much to Gove, mnent, as tl is to individuals. To the !
'alter, its value, regulated upon principles which can»
not err. is now d.) per cent, -abjva par. If it is of that !
value to individuals, it is, upon the same principle, of!
the same value to Government. Why? The Govern- i
inent receives 6 per-cent, interest upon the stock in llie
llank, whilst it pay s only •"» percent, on tho same amount;
oi its own slock. Too difference therefore, is I per cent. ,
»>r, on ttie whole amount of its interest in the Hank, sc- ]
veuty thousand dollars per annum clear profit besides
«[s interest in the balance, which the Hank always re— ;
t-erves to meet contingencies. If then, you sell out your I
.Stock in (he Hank, supposing you nan sell it at the ■
present market pi ice, you make, according to the gcn» j
Gem in’s calculation a present gain of one million six
hundred thousand dollars whil .t you annihilate a capi
tal which will produce, to the end of time, if the Hank
continues to exi.t, a tcventie of seventy thousand dollars
a year. Hut, so far from being able tu dispose of the
Slock at the picspul advanced price in the market, Mr.
Mold, believed, that, it this resolution were now to pass,
the Stork of the Hank would ho at once reduced to par. J
in the market, opou mere pecuniary calculations.- And j
vvliy? Mr. .Meld, bote entered into calculations to shew >
tnc euecr, upon tnc value oi the atonic, from auy inti
mation ot a disposition, on the part of the Government, I
to rc>tiiv-l its existence to t!iu duration of its present !
charter, ami traced its present high price in the maiket J
to tho general confidence that the charter would he!
continued. Tiie effect of bunging ttic Government'
s iaies into market, Mr. MeD. assumed, would be to
re luce tlie price oi the tttqcic to par, if not below par.
\\ hat, tlien, would he tho effect of this measure?
We sell our stock at par, said he: do we enable our- j
velvet, hy doingso, to pay off, as tiio gentleman suppo-j
*-**- any portion of !he National Debt? No: for the se- j
ven millions we should receive for our Bank Stock j
would only go to pay to the Bank of the United States]
the.seven millions ivcowc for that Sloclr. The ouly
operation which would really and effectually extinguish
any portion of the debt of tho United States, would be
a Sale at llin profit of one million six hundred thousand
dollars, which the gentleman calculates upon, under
tho erroneous notion that so largo a portion of stock
would command the present market price. But, if we
sell the stock at its p.ir value, as Mr. Mcl). had assumd
that we should do if we sell it at all, then, instead of
gaining tho sum calculated, we should actually lose
the identical sum of one million six hundred thousand
dollars. I’or the gentleman haJ himself shown that the
Block was now worth twenty three per cent, above par: j
and if it were so disposed of as to yield only its value at I
jir. i he difference wou’.J certainly be lost to the United'
Estate*. j
Mr. Mcl). said lie should not pretend to follow the!
honorable member in his most ingenious argument, or!
in his calculation.?. But lie would now call the alien
lion of tho llon-e to a f Act, by which it would appear!
♦ h?i all parts of tho I’.ure l States were interested in j
this matter, ft was a fact, of which he was apprised!
fr;»n various at.'! from tin; vri y* highest souiecs, that at !
tli.s time the stock of I lie L*. B. Bank constitutes the
medium by which the halcncn against the V. States in!
our trade with Groat Biilian is discharged, and the ne
cessity of pay mg that balance in specie averted. What,
he nsked, would he the effect of destroy ing the confi
dence of the foreign creditor in the value of this stock?
No gentleman, at all acquainted with the subject, would
duny that the bare knowledge* of the passage of such a
resolution as tin*, would knock down, to a point much
below par, tho stuck of the Bank of the United .States in |
foreign countries. Whal then would be the conse-!
ryiriice? instead of using that stock for remittances, j
the balances due to the merchants of I.urope milst be!
remitted in specie. This specie must he paid from the j
vault? ol the Bank. A run upon the Bank would ine !
*ilahly ensue for millions upon millions. Whal would |
bo ihn result5 Mr ery gentleman who knows the usual!
proportion* between the paper of a Dank iu circulation'
•nd tho specie in ils vaults, must know that there 13 no,
Bank capable of meeting a run of tiiis Term!. The Bank !
hiii» run upon must curtail its discounts; its paper must j
mj called in, i's creditors distressed. Who are, in this
-'•^e, the creditors of !hc Haul; thus obliged to call upon
t'-eiii3 *■» bo ."'.fate Bank-! There is hardly one of them [
ro the United States that is not completely in the power ;
« r ihc Bank of (ho United Stales, arid that has not re- *
reived from that institution, (notwithstanding all the!
complaint* against >tj a-* much indulgence as that Bank !
r .11 possibly extend. The local Bunks will then have .
to press upon their creditor*, and > general concuss ion ;
and prossuic will be produced all over the country.
A single fact would shew the c-flcct of trie passage of’
BOfih a resolution as thi«. Supposing it v/ouid, as he j
believed it would, at once depress the stock to a par 1
price in the market, that operation alone, would be a
diminution of the property of (hose who Imld stock ini
tiie Bank to the amount of sit millions and a half of dol
lars, being the amount of the present premium upon
the twenty eight millions of the slock held by individ
uals. A Government, possessing the power to produce
such iuJden and injurious changes in the value of pro
perty, ought to he exceedingly cautious in the use of
Mich power. Ifany great public object required, and)
duly called p m him, Mr. VfcG said, let (he injury fall |
v here it might, ho would discharge his riufr. But, he'
W .s happy t<> hear the gcnrlernan liunielf, who had vo-i
i .1 agimst chartering the Bank, say, that lie entertain-1
«... no doubt of the charter being renewed. Ilebefiev-i
el it to bo (bo solemn duty of every statesman to un
pren npon the public that this ir.slitntion h tbe only i
instrument, by means of which Congress can cxerche
i -• power of regiiiatmg the • urreocy of the Union—by
wmcii it can prevent excessive issues of paper by the)
In ,t! Banks, so de-drucfivo, as the genMcrnan from Vir- \
gima had himself intimated, to ibe interest of the conn-!
'Vphout tUse instrument, Congress has not >hr.'
r e ms. though ills invested by the Constitution with
•u»- power to guard against this evd If you destroy i
i iTrstruinr-rit, t j.n value of every description of proper j
'-i!l leper, upon the rreater or Je^s discretion with'
v ’■ cb >he numerous B Hiking institutions of ll.o court
■ y may re gulate th**ir ism;, of paper. He would not!
J-Ucmpt to present the various views which urged the)
»..:,mtriiancr: or (ho Bank of toe United Stales, ami had j
"n p.» uly lc i tu its cRiahi.slMiiciit Such and so impor-!
t ;U( were tm v, that, of those who still thought it nncon * i
i / iiienai, wi.« .a the bill i<»r establishing it was on |.s!
p.r ige, aorne, convinced <»f its necessity, voted for it. .
md otli-T* left ihr- Mouse, that they might not be oi l:-'
pt d to vote agin. ‘ i i -e. An institution bomr- 1
port a ut asthn, ought not to be siibieclrd to the f.uci.i
Miona ol (ratty ; and he .!i f hope that gentlemen might ■
f->» olio.ted fieely foexp.o-s tin-ir vienaon a Mihiect o'i
r,.» geat cooseoiienoe, w it ho ■» I : ; .
^, i'''.ii ol #nTr'f.prj rr.ti;*,
Mr. .Wv.L*. suiit he tell ImnSclt bcio obliged lo object
0 the notice which hud been taken elsewhere of tho
’rcurrmices in the House :u reference lo (his subject.
1 lio other morning, said be, as 1 stepped iuto the House,'
be gentleman from Virginia said, us | passed him, that |
e h.id a resolution, which tie intended to present to |
lie House, touching tho finance*, upon which he pto—'
nred to offer some remaiks, la which he invited iny
ttcution. Not dreaming that the gentleman proposed
o raise any such question as that embraced in this res—
ilution. and being at some distance from Imn, 1 mdis—
iircliy heard his remarks, and rose immediately to pre
sent briefly the result to which my reductions instantly
brought mo on the subject. A very few days afterwards,
never having exchanged ideas ou the subject with any
one previous to its agitation, I sec my course on that
occasion ascribed to a political motive, and my conduct
in resisting the motion Ascribed to the base and un
principled motive of having first agreed to co-opc
eratr in tho object, and then, finding tho sentiment of
the House to be against the proposition, of rising lo
break its effect. One w-ord now said on this subject
may save many more. 1 came here with the intention
of doing the business of the nation, and doing it spee
dily; and, so far as it depends o i me, and God gives mo
strength, it strait go on, and speedily, lint if the Jour
nals of the Administration at the Seat of Government
are sanctioned in a course which will give toanv mea
sure, of whatever nature, a party complexion, (lie con
sequancc3 cannot fail to be highly injurious. I think it
proper lo express my deep indignation, before the Peo
ple of the United States- against this forcing of men,
whether they will or not, to imbue all public concerns
with tlie bitterness of party. Mr. McD. added, that
lie had exchanged sentiments cn this subject with but
very fe-.v individuals; but lie ventrued to say-, that the
vote on tins resolution would not be a party vote. Ev
ery member will vote upon it on Iris honest impressions,
which he will not suffer to be affected by Iris relations
to any narfV.
Mr. M. D. concluded by expressing the hopo, on
all sides, so far as the Journals around them were un
der tho controul of any party, that they would, at
least, permit this congress to go on with the transac
tions ot the public business, without imputing politi
cal motives to measures having no such origin.
Mr. TAYLOR, of New York, after an observation
on flic importance of this question, demanded, tiiat it
be decided by yeas and nays. The demand beiog
sustained by- the House, it was ordered accordingly.
Mr. DRAY ION theu rosn, and expressed great
reluctance to trouble the Hoti«e, which he should not
hive done had a fe-.v of the objections (o the proposed
measure, which lie considered of the most weight, been
advanced by either of the gentlemen who had°opposed
him He agreed that the question was one of great
importance, and that it should be speedily disposed of.
The arguments of the honorable mover of the resolu
tion were certainly very ingenious; but lie had out ad
verted to what be thought ought to be the primary can
sidcralion in a discussion of this nature, and one which
was of much greater consequence than any considera
tion merely pecuniary.
The first question to be settled, tva3, whether or na
the proposed scheme would redound to the pecuniary
advantage of the United States; That it would do so
constituted, in point cf fact, the only aigument of the
mover; and, if such were the case, and there existed no
countervailing objection, the measure should doubtless
lie adopted. Rut it on the contrary, it should appear
that the plan was attended with no pecuniary advantage
whatever, then the honorable member himself would
contess that it ought to be rejected. The gentleman
had made some calculations of profit which seemed to
him, Co he sure, very plain; but it would be found, on
examination, that, instead of profit, the reverse would
ensue. The picsejvt value of money is d percent. The
Government can obtain whatever amount it wants, at
this rate of interest. lie did not rely upon the fact that
Government could get money at a cheaper rata than
others; but Canal Companies had actually issued stock
at -1} per centum, and the premium on that stock redu
ced the leal interest to 1 per centum. This, then, he
assumed as the interest at which money could be bor
rowed, where the security was good. Now, if the go
vernrnent received, at this period, 5 per cent, on its
stock in the bank, it gut ati interest exceeding the com
mon interests of money on one humlrnd anil fifty dollars
for every hundred dollars it has invested in tins stock.
By selling, the government would lose the difference
between twenty-three dollars and fifty dollars on every
hundred, supposing the stock to remain at its pieseot
advance, so that, admitting the public faith not to be
at all shaken by the sale, still a greater benefit would
he realized by conlinpmg to hold it. But there could
ho no doubt that a very great depression would be pro*
dneed bv the sale of seven millions of this stock. The
honorable gentlemen from Virginia says that the price
depends, iri all cases, on the proportion between supply
and demand. i he principle, with some limitation, is,
no doubt, correct; but that is not the question before
the House. The question for us to weigh, said i\Tr. D.
is, whether a stock, whit li now sells at one hundred and
twenty-three percent', in consequence ofthe confidence
that the government will continue to be a stockholder,
would remain at that rate when it was known that go
vernment would not so continue. If that is (he cause
of the present i.igh piice, take away the cause and the
stock must fall. How low it would fall could not ex
actly ho known; it might fall to par—even below it. The
consequence of this would be to dept ive the government
of a great amount of money, on which it now realizes
twenty-three per cent, and by it might pay a debt of
eight millions, by an advance of only six and a half
millions. It was perfectly well known, that, when
once public confidence in any moneyed institution
ii. shaken, the consequent depression is not gover
i uidiminiaucai ruie, out by tlie fee
lings and fears of the holders, and it not unfreqnent
iy happened, that, by such a panic, tho stock which had
before been the highest actual!)' became the lowest in
market. Mr. D. said, that he thought he had satisfac
•only strewn, that Government would not bo a gainer
but very probably a loser, by the operation now propo
sed. But it sorely ought to he demonstrably certain,
tint some gain will result, before we went info a mo'
nt yeil operation of such magnitude and extent? What
possible combination of circumstances could have a
stronger effect in depressing the price of any public
security, t han that the Government, without any known
or ostensible cause, should suddenly withdraw all its
interest in it? It was a stronger case-than ha 1 ever
existed.
Ye t tire were pecuniary calculation nf profit and loss
lidre.l ron tituteihe strongest objection to the measure
iwopose 1. ti was a matter of far more importance, that j
die character of a nation for fidelity to its contracts,«*
ivt-xs or implied, should be sacredly preserved than that
>t should gum any pecuniary amount whatever. He should
not apply the strict rch's of ethics, or the doctrines of the
toinmoii I.aiv, to h case like this, but merely the rules of
mormon sense no;! common hoopcly. When the charter
vss riv-n, and the Gcrermnent agreed to take seven mil*
'*'* 0Vh was mm fifth) of liic Stock, to receive u bonus
it fifteen bun bed thousand dollars, to require an annual
■ itement of acc<>•.>!»«.-. to whtain very valuable facilities in
he transmission and exchange of its funds, and have all I
he duties of twenty four Cmniris doner* of I,oans perform- [
Jil grattj, it was suirly by no means a strained, but on the
contrary, a nrcessaiy and incontrovertible conclusion, that J
lire Government was never to place that institution in a
('r-r xitun• ion than when its charter wasgranted. It was ■
ui.dor Ibis impression, founded on the mutual advantages j
derived from lire arrangement, both lo tint Rank and to tlm |
(»< ••cri. i iaai the Sloel: had risen to its present price, j
*' now tlm Government shall, by iu act, shake the public j
c™';‘ ,r',cc.h‘ tliis instidiii.m, it will virtually violaie its
! • • Gin for the pri hlcmatii a! and doubtful purpose of;
n t i ifliin* 1 fetini (»j money.
r.lr. D said., lie «io pnicr.tly snli«Se 1, that, if the gen- I
llcnian from Virginia cm:M think that such would ha the
cs'ill, he nr re.- would have introduced tho present r,-min
ion. Thorn certain!) was in entity a contract between !
he Government and the .'jtockholdcrs that the Government !
von! I not withdraw iis confidence from the institution, \
xerpt muter the most extraordinary cirrumstances. and 1
ia nnvit o ,r»nt prc'ni e of necessity. 11 such necessity J
•ni l indeed be m»i'« lo app-ar, there might be some jus- j
idea (urn nf thi-. measure hi fore (he American People. Rut i
a- neri'vdty did not exist, and was cot even pretended, i
•ne Bank had hitherto gone on under the support and I
oi ndciMe of tl;e G ”7?rnmeht, anrl tic hoped it would con- !
•' ■' 1 : ■ '* present charter ho :M expire;
’ * n 1 ’• ;; o ’ *f> *’i**n c*-pert the sains !
bciiruu liwn a renewal of the rinirtcr onirii it tiaii so long,]
enjoyed under that which w.ts soon lo terminate.
Rlr. BUCHANAN now moved an adjournment—and !
Ihe question being nut, the motion nievuilcth Aves 0"' '
Nnes6G. J
Sn tlie House adjourned.
are solicitous Infix the attention of the reader I
upon au a:licit* under tlio sigualiite of Wythe appear- I
ing in this da}% paper. As the destruction of tbepre-j
sent Chancery system is to be attempted this winter, it
is important that the subject should be understood by
tbe public, and the expose made by our correspondent
is a clear and an able one. Should the rude hands of
an unlearned Legislature, “at one fell swoop” striko
from existence the beautiful fabric which it lias re
quired ages to erect, wo shall find, when it is too late,
that creation is a more difficult work than destruction.
We earnestly entreat the public to weigh well the sug
gestions of Wythe. It contains no paragraph unde
serving of notice—nothing which caube slighted with
out loss to tbo reader.—[Political Arena.
From the Political Arena.
* TIJE CHANCERY COURT.
In the remote ages of antiquity, when the wants of
tnan were few and his right* were scarcely separated
fiom the community of which ho was a member; but few
laws were necessarj for his protection, and those of the
most simple character. So in a despotic government
where the will of the despot is the rule of right—there
was no necessity tor extensive enactments. But in an
age as enlightened as the present, with an increased
and increasing population, whose pursuits and occupa
tions have become more various and enlarged, and in a '
free country like ours, where the object of all legisla
tion is to permit the greatest share of liberty and the
most exteuded enjoyments of rights and property con
sistent with the public weal, it was necessary to multi
ply laws which become more and more complicated as
they were enlarged, and consequently the tribunals to
adjudicate them, were iocreascd to meet the wants of
society. In the necessity of protecting Ihe virtuous,
and restraining (he vicious, will bo found the origin of
all laws and of the institutions to administer them.
1’his created that system of jurisprudence, which onr
fathers have handed down to us, and though it may con
tain imperfections must ever be deemed a monument of
their wisdom. It is the right of every feemao to sug
gest alterations in the code of laws wh’ch influence bis
■ happiness and restrain Ilia right of action, and without its
j exercise the rude attemps of our foiefathers in the sci
once of government aod of law, would have inflicted
I upon their posterity the most oppressive burthen. But
1 whilst this is admitted with the utmost latitude, it can
! not be denied that the spirit of innovation, the love of
I fame and distinction, not unfrequently excites youthful
1 legislators, to seek by some new enactment to immor
talize their brief public fife, without sufficient regard to
the coosequence* upon that community whose rights
and interests are committed to their care. Are there
uone among those who seek to prostrate our system of
equity jurisprudence, whov ignorant of the principles
which govern it, or of its practical operation on society,
have their zeal for the public welfare greatly quicken
ed and excited by their private interest, wlro at one
stroke of the pen. would blot out a system which the wis
dom of ages has been employed in erecting, and which
many enlightened and impartial men in the community,
deetn the brightest feature in our judiciary?
That our Chancery system as at present organized,
is imperfect, all who are acquainted with it, will admit;
: but, when it is proposed to abolish an entire system in
1 stead of amending it, a measure so deeply interesting to
the community, it becomes the duly of every member
however feeble his capacity, to weigh with care and
deliberation, the consequences which may flow from it:
and equally imperative is the duty of those who feel an
interest in the general welfare, to present for that de
liberation such reflection as experience has suggested
to them. The wildest theorists, hesitate to strike from
our code (be entire system of equity, but contend that
the union of courts of law and equity would avoid the
expense and delay incidental to the present organiza
tion of the chancery courts. Let us examine this pro
position: and first as to tho delay. According to the
scheme of information proposed to the last legislature,
there would be 107 Superior courts of chancery, instead
of 9, as exist under (he present arrangement; and (he
Judges of the courts of law were in addition to their du
ties as such, to act as chancellors. Non- every well in
formeo jurisprudent knows that the sciences of law and
equity, though remotely connected, are jet separate
and distinct, and that a life of-study is scarcely sufficient
to master either of them. — Can it be expected then that
the Judges of the com ts of law, can be competent to act
as Chancellors?—will they, if it were possible, at their
advanced perioJ of life, puisue (he necessary studies, or
seek the decision of those subjects which they feel confi
dent would expose their incompetence? Will they volun
tarily examine tho dusty ledgers, volumes ef comp'i
cated accounts, or the mouldering mass of antiquated
ruin, which many chancery cau os present, or prefer
to leave this difficult and laborious matter for the lively
and animated disenssion of fact and law before a jury,
upon whom they can throw the weight and responsibili
| ty of erroneons decision. Who cau doubt their choice? I
—from which the consequence seams inevitable, that
they would as now, from a sense of duty, first transact
the commonwealth’s busnies, and from inclination, that
connected with common law; and by the period the e
are completed, be compelled to bold tiieir sessions in
another location, where the same results will flow from
I the same cause: and thus the individual who to exet'o
! popular prejudice, it is said has grown grev whilst
i pressing bis cause beforo a tribunal specially created
j to decide his rights, will find Ins hopes of its tormina
j lion, ended forever. But such a system would afford
; relief to (hat portion of the community, whose consci
I cncees will permit them to seek by injunction, whether
I upon jusi, or unjust pretentious. an egtuppel to pro
j ceedings at Jaw; for no man could with certainty, an*
j ticipatu its dissolution, in the usual period allotted to
his existence. Competent officers, produce dispatch,
I and to lli,it extent, decrease expense. Would the
proposed system produce this effect. The present
arrangement onoccntiatc3 the business of a district,
and to two or three commissioners, all orders of en
quiry arc directed, and yet the experience of those
practically acquainted with the subject admit, that the
compensation is not sufficient to command the requi
site talent and acquirement; and that both aro neces
sary to tbe proper discharge of the. dudes of that office
will not he denied when it is recollected that the chan
cellors from necessity adopt a rule to confirm all re
ports except id some particulars as objections are made
them, from necessity; for bow is it possible that with
the propel discharge of thehr other official duties they
could examine the voluminous matters referred to them
at every term? flow many parties have competent
knowledge to make legal objections, and even in the
enlightened profession itself, there are many ornaments
who are not skillful accountants; and thus upon the
ability and acquirements of tho commissioner, the rights
and interests of a large portion of the community, are
made to depend. If the compensation is not a suffi
cient inducement now, will it become so, wheu divi
ded as it must be by the proposed arrangement? This
will net be pretended; nor can it be denied that to re
duce the grade of talent, in office, there is no more
direct road, than the decrease of emolument. Under
such a system litigants would have to pay the commis
sioner and at the same time their respective counsel to
perform tlrat duty to which he would be incompetent,
and none acquainted with the combination of numbers
can doubt the increasod expenditure which would re- 1
Riilt from such a process. IJut the evil would net ond l
here; for as it is scarcely possible the opposing council I
would agree, the court neither could or would settle the
account, and every case of much volume or difficuliy
would be “suspended in Chancery” forever. It is best
to strike at the root of ihe evil at once, and to adopt
the true piinciple; for whilst it cannot be denied that !
the present system does not hold oat sufficient induce* <
ment9 to obtain competent talent for the office; the !
present manner of paying commissioners, where there !
is poverty, amounts to tbe denial of justice: and that it '
is radically defective, will be seen (rDir. this single fact: '
sn iusolvenl e-iei. if the defendant is not brought in ■
debt, the enmn i doner labours without compensation. |
Cao any system be ri^bt that holds cat iaJurc'ureat to ,
fraud, or that throws a high judicial tuficcr, iu sjvua- I
tioos whore his interest can operate injustice? The |
true principle will bo found in this undeniable proposi
tion, that the commonwealth is bound to liavo justice
administered upon such terms that her tribunals shall
be accessible to the poor as well as the affluent, and
that all judicial officers should derive their emolument
from the power that creates them, and this as well to
sustain their independence, as impartiality. And if
some scheme of reformation embodying these principles
and uot burthcnsoinc to the community, can be sugges
ted—there can be no doubt it would afford satisfaction
to all who feel an inteiest in the stability of our insti
tutions, which imperfect as they are, meet the admira
tion of our sister States, who point to the judicial in
stitutions of Virginia, as worthy of imitation, for their
parity and the wisdom with which they are admiuis
tered.
The present organization of the court, gives power
to tbo chancellor to appoint aB many commissioners as
lie may in his discretion deem necessary; the effect we
have briefly reviewed, and as a remedy, purpose that
but one commissioner with one or more clerks be ap
pointed, and that the tenure of their office be the will
of the Chancellor. That they receive such compen
sation from the public treasury as will secure the first
talents and acquirements of the bar.
That suitors should not be made to pay more than
jjl per day, to be reported by the commissioners, tax
ed by the court, collected by the marshal or sheriffs,
and be paid iuto the treasury, and peihaps for copies
of papers either to have the same destination or be
the reward ef the cleiks
That to expedite causes, the powers of the commis
sioner be enlarged in several pai ticulars, viz:
1st. Be empowered to issue subpccnas duces tecum.
2d. To enter otders for examination of parties in ca
ses referred to him. I
3d. To state such accounts as in the progress of
(because referred, it is manifest must be settled be
fore a final decree can be entered.
4th. To revivo causes which abate in bis office.
5tb. To examine witnesses upon the written inter
rogatories of the parties, or that in the event of this
producing inconvenience, that' the interrogatories be
submitted to the commissioner before pul to the witnes-,
tvith an appeal from his decision as to their propriety.
IVone will deny that the present method of taking tes
timony opens the door to pei jury, which should be closed
even at the hazard of inconvenience.
I bat it be the duty of the commissioner, to decide
upon every exhibit aud examination and superintend
the statement of the ncoounl and examine it when com
pleted, and when tliis is done, give notice to those in
terested to take exceptions within GO days from its re
ception, and'report (he result of the account, and if ob
ject ions are made, state them, aod file the documents
referted to by the exceptor with those which induce
the commissioner, to sustain or overrule the exceptions.
And tbns in most cases, npon a half sheet of paper, the
whole subject in controversy would be presented, and
(he copy of a voluminous account rendered unnecessa
ry and in the event of an appeal, what labour, expense
and delay avoided. That high tribuual would in a few
years be freed fiom amass of useless records which'
dam up the source of justice, and which if not removed
by some adventitious aid threatens to deprive suitors
of the benefit of its decisions, and thus became a nui
sance by enabling the unprincipled to postpone in
definitely Hie payment of just debts. Some such scheme
promises other advantages: it would ensure competent
officers, uniformity in llic proceedings and practice of their
oflioa, and the skill which experience would impart a faci
lity in executing the enquiries of the court that would pro
duce despatch. It would open the court to those against
whom expense aud delay had closed it; and aiming others,
to those who are debarred from exercising trusts under the
apprehension of the consequences of being arrayed before
that tribunal, under the existing organisation. They
lyould become willing to administer the assets of a friend
aud relative from the knowledge that tlicy could obtain,
fioni a competent tribunal, whose decrees are next to con*
elusive, and at a moderate expense, that advice and pro.
tertion which none other can afford; and this loo with the'
well founded hope, that they might anticipate the terniina
lion of their suits, before the hand of time had whitened
their locks,.or the universal tyrant had summoned them
to their doom.
It promises a remedy for another evil of magnitude, under
the present arrangement; the prudent and skilful, who
alone should administer decedents* estates, know and dread
the responsibility; and by declining it, throw the burthen
on shcrifts and other officer*) Jo whom it is an unpleasant
doty as is evinced by their frequent appeals to the legisla
ture for relief. It is not intended to cast reproach upon
the many respectable individuals who fill those offices, by
stating that they arc incompetent; the pressure of their
otper official duties, prevent the application of the neces
sary time and labor to prosecute or defend the interests
committed to them; they cannot bo supposed to feel the
same solicitude for the welfare of the widow aud orphan
that would throb in die-bosom of a telative or friend of the
decedent, nod it is hut the natural consequence, that, to
increase their compensation, as much property as can he,
is reduced into money. I,et the experienced estimate the
per cent, sacrifice of most estates so committed. Let each
anxious parent determine whnt he would willingly spare,
even from his comfort, to avoid such ruin to his offspring.
It may be objected that one commissioner cannot perform
the (lotres which would be imposed on him, but the experi
enced know that although theic are many commissioners
to each court as now arranged, some one has always per
formed from 2 3 to 3-4 of the business, and when as propo
sed all the detail of calcolations< stating accounts, Szc. will
be devolved on his assistants, all doubt wilt be removed.
It may also be said that a fixed salary would destroy the
incentive to Isbo,: if this is not iret by the fragile tenure of
his office, let the fees for copying such papers as shall be
required, form a portion ofliis reward.
| ivnotner objection may be found in the popular idea of
having justice done at home; and it receives countenance
from a powerful and .influential class of the community,
among whom may he found some who dread the compcti
I tion which the concentration of talent from a wide circuit
I creates, ar.d of others whose interest would be more or less
advanced. It was this that destroyed the District Court
system, the remembranre of which is associated with thr.
prosperity and fame of the Old Dominion. That tribunal
drew together the enlightened from many counties; afford
ed opportunity for the interchange of opinion upon subjects
| interesting to their various pursuits in life, upon domestic
economy as well as national policy; and fended lo remove
prejudice and jealousy from every corner of the District:
and by comparing the manners and acquirements of the
most distinguished, improved their own; and in the conflict !
of talent insured the best selection for public office. It was
there the young were invited to study and were taught the
exercise of those powers of eloquence that obtained for
them the admiration of their countrymen, and for their na
tive state imperishable glmy. Who that can remember
and compare the bar then, and now, and dors not deplore
the change? And shall we, who have the lights of experi
ence before us, destroy the only tribunal that promises tu
resuscitate the character of the profession, from which the
union was furnished with statesmen and orators, and from
which so many blessings flowed upon the community? Is
it of more consequence that each individual, and at increa
sed expense, should have his business done at borne imper
fectly, often unjustly, nr that it should be done according
to the dictates of justice and wisdom at one or two days
journey from his residence? Who can hesitate in making
a selection!
If thn plan proposed to the last legislature should be a
dnptcd, is it certain that this popular sehetne, ns it it called
by its advocates, perhaps to give weight to that which needs
intrinsic merit, it it certain that the "result would he such
ns is anticipated? It was proposed that the residence of the
first named defendant, should fix the jurisdiction of the
tribunal to which the court should be assigned; what reme
dy is suggested for the other defendant, who might reside
in remote corners of the state? It seems a waste of time
and labor to combat a prejudice unsupported by reason, fe
the consequences of which, should it succeed, ail but the
interested fete will deplore.
But wb,it is to be the expenee of the proposed scheme
of reformation, is a natural enquiry, and it Is believed can
be satisfactorily answered ns.
Suppose that each Chancery Court, and there
nrc nine, required £2,000. this would make £18,000 00
I' rnm this deduct $f per day, for each Clink
and Commissioner, say 27 persons, and
Compute the days of labor at 500, this
would produce - 8,100 00
f .eaves to be provided for, $9,900 0D I
The last census exhibited a population of
more than 1,000,000, and l-100<l»h of a
ctnf poll tar. ca all a^cs would produce 10,-000 00
Oc if it required $ £0.000, without any ,ie.ioc
imii for ihe earnings of those officers, l-5Ut'u
of a cent would produce that sum; aud who
would led or complain of such an expendi
ture for a ty the of the advantages it promi
sc.*. But, should the expense, inconsidera
ble as it is, be considered ns an objection
to this scheme, when the substitute propo
sed to the last Legislature required an in
crease of 4 Judges, making 23 in all, and
that their salaries should be increased to
$1,800, for additional duties assigned to
them, which was reasonable enough, this
would make 41,400 00
'l he present number of Common Law Judges
is 13, and their present salary of $1,500,
and the 4 Chancellors at $16,665, would
make, 29,160 00
Making an increase expense of $12,23-4 flU
A sum exceeding that which the present scheme would re
!VJ,,e’, ,'V\tUnV, c,H,c‘*>a«»«g “»» contingent expenses of
flic additional Judges, * WVTH£
Mtcuwowa mutfl.
WEDNESDAY MORNING, DEC. 56, 1837.
Amendments to the Constitution of the U. States. '
The opinion that some amendment is required to
the Constitution of the tf. States in Ibe article touch
ing the mode of electing the President, is we believe,
universal. The evils of tho present mode, keeping
the people ns it does in a perpetual electioneering fer«
ment, and producing a never ending struggle for as
cendancy among the great and ambitious men of tho
Union, are palpable, self evident, aud threaten t® bring
the Union to an abrupt and violent termination.—
Unhappy must it be for any Republic, when its most
influential citizens instead of cooperating hand & heart
in the advancement of the public weal, are engaged
in perpetual efforts to elevate themselves to the high
est station, or to supplant a rival in popular affection.
When such a state of things exists, principle do longer
guides the public councils, and measures are embraced
or rejected from their supposed tendency to increase
or lessen the success of personal views. It cannot Uo
denied (hat soch a state of tilings has existed in tho
U. States sinco Mr. Monroe’s administration, wkcTj
the stock of Revolutionary candidates being exhauster!-,
the door to the Presidency was thrown open to a host
of aspirants, nearly equal in fame, in talents, in servi
ces and popularity. No one of them possessed pm—
tensions that commanded universal acquiescence m h£i
claims, and the people were left to make tbeir selec
tion as local attachments and antipathies, or as fency
prompted them. It followed of course, that each can
didate struggled to reach the pinnacle wLich his am
bition urged him to attempt, and to effect this, liTs
own claims were to be eked out by tho destruction cf
the claims of all that stood in his way. Ilenoe this
bitterness of the last Presidential contest, and tht>
general agitation of the people by the conflicting pre
tensions of men all perhaps competent, and all entitled
to their confidence. Hence the various plots formed
against the repntation of the different candidates, ami
the incessant crimination and recrimination, attack
and defence, which distinguished (hat period of our bfs„
tory. A contest thus waged terminate as it might, was
sure to stir up the worst passions and to end in bad fee
ling. Accordingly, no sooner had it resulted in the
choice of Mr. Adams, than it was revived with increas
ed bitterness and asperity. The disappointed, however
opposite in principles, and widely differing in ulterior
views, united against him; agreeing for the present
in resentment at the common defeat, and in the com
mon wish to bring the Presidency, the object of it*
much ambition and intrigue, more nearly within tbeir
grasp. To put out Mr. Adams at the end of four*
years was desirable for three reasons—first, to revengp
their disappointment in the preceding contest_2nd!y.
that each leader expected from it, to reach the Presi
dency with more expedition himself—and lastly, as
there was now an identity of interests between him.
and Mr. Adams, that the same effort might annihilate
Henry Clay, who from his renown, and official station,,
seemed placed in juxta position to the Presidency_
These undoubtedly, were the motives for the sir
and anomalous political alliancos which instantly suc
ceeded—alliances witliout a parallel, except in (ho
brief and ill fated coalition of Fox and Lord North._
That was the tune when extremes of all sorts mot,end
when revenge and ambition, blended the most dissi
mdar and repugnant elements into one apparently ho
mogeneous and harmonious mass. Forgetting hi*
nlfra latitudinal ianism, the limitarian Handolpb, gave
x»Ir, Calhoun the fraternal hug, and surrendering his.
long cherished and not uofoundod hale, the magnani
mous Benton joined noses with Gen. Jackson. Ultra
democrats and ultra federalists met on the neutral
ground ol hatred to Clay aod Adams. Men who wish,
ed the Constitution construed as Abrahnm Baldwin
wished it, and they who were opposed to any other
limit or construclion than expediency—in short, every
peculiarity of political opinion, every extremity of p^r,
inal difference, was reconciled by the pressing nfeta,
sitv of combining to effect, what the present feeling*
and fnttire hopes of all rendered de*fr»b4«, th*s ex
pulsion of Mr. Adarns at the expiratioe of bis fjrsi
term.
Ip it not obvious (hat the evils oflte present rooffo
of election are visible in these things? Js it not true
that the country has deeply felt the effect! of the early
and determiner) combination formed to eject Mr. A
(.arm? Is not to this cause to he traced, opposition fr*
the Panama mission, the attacks on the administration
relative to (he colonial trade—that whole opposition in
short, which has met the administration at every turp
and denied it to have done any one thing that was ad
vantageous and right?
He is a blind partisan who does not see, that much
and the greater part of (lie opposition to the adminis
tration, has been wholly independent of causes afford
ed by it for opposition; and it requires no evidence at
,b» *taSc of i,s existence, to prove, that let the course
of the administration have been what it might, it wa*
jet to be assailed and turned out if possible. This fs
a calamity to the country; for it is as certainly injurious
to ibo pubi;c fotcies’.s that ao administration fcbculd ba