TltlSY'1 SAM. P. TVTNS
ATHENS, TENN., FRIDAY, DECEMBER 18, 1857.
VOL. X.-INO. 482.
. V.'-' ' - O . '.- . " s . . f
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W Office on Main itreet, next door to the old Jack.
- atw:ww Trrtt-i-r, nfjp, ia, LnT.r..
r motM oiTrHi banM o riwNksgiiSi
Received by th. Rtt, Union anil Planters1 Bunk, or
Tennessee, at Nashville.
My Uu Ptunltrtf Bant.
Bank of Tenneatee,
Bank ef Par it,
Bank of Commerce,
Bank Of Memphli.
Northern Bank of Tena.
Bank of America,
Bank of Chattanooga,
Dank of Middle Tena.
vanK or the union.
By the BanJb 0 Tonnew and the Union Bank.
Bauk of Tenneeeee,
Bank of Middle Tenn.
r 1 an cere' nana,
Bank of America,
Bank of Chattanooga,
Dank of Commerce,
Bank of Memptili,
Bank of Parle,
Bank of the Union,
Boat hern Bank,
New Orleans banks.
. United States Treasury Notes. The
Baltimore Sua saye the fctfite of the United
States Treasury at the close of the month
Induces the belief among- some persons Mint
one of the earliest acts of the new Congress
to assemble this day, will be to authorize an
issue of treasury Botes, bearing a nominal in
terest of say one mill per annum, to supply
the deficiencies in the revenue. The Depart
ment, It is said, requires a balance of about
six millions of dollars to be on hand, subject
to draft, at its depositories and mints, to con
duct the business of the country, and to
grant the usual facilities for minting gold
' In the Convention that made the
Kansas Constitution, Kentucky give 19
members, Virginia 8, Tennessee 0, Georgia
6, 3 each from North end South Carolina, 3
from Alabama, 3 from Missouri, 4 from Penn
sylvania, 3 from Ohio, 1 from Jllinois, 1 from
Massachusetts, 1 from New York, and 1 from
Michigan. Ol their professions, 19 are farm
ers, 10 are lawyers, 8 merchants, 6 editors, 4
physicians, 3 surveyors, 1 carpenter, 1 atone
mason, and 1 niechnuic.
Ikcreass of the Armt. The War De
partment, it is said, will recommend that the
army be Increased five regiments, and will
discountenance nil schemes for calling out
volunteer! for Utah, as involving an expense
. which cannot be safolv estimated.
"Theie were rumors in Washington a
. few days ago, according to the States, which
are not creditable to the. Hon. N. P. Banks,
late Speaker of the House of Representatives,
and now Governor elect of Massachusetts.
. It is asserted that hit receipt for $10,000 was
found among the papers of Laurence &
Stone, the Boston house which suspended a
few weeks ago. His friends say that the re
ceipt it for a simple loan, but the truth of
this statement is generally doubted.
A Row in Tammany. The general com.
Biittec of the democratic party of New York,
was in session from Thursday evening until
two o'clock Friday morning. They voted fur
the expulsion of Dan. Sickles nud Godfrey
Gunlher, as traitors who had voted against
Mayor Wood. John McKeon, U. 6. District
Attorney, It is expected, will share the same
fate for the same offence.
iy The Washington Union, the organ of
, the Administration, in a recent article, holds
the following sensible language:
The Constitution deolares that "the citi
zens of each State shall be entitled to all the
- privileges and immunities of citizens in the
several States." Every eitizen of one State
coming into another State has, therefore, a
right to the protection of his person, and that
property which is recognized as suoh by the
Constitution of the United Slates any law
of the State to the contrary notwithstanding.
So far from any State having a right to de-
' prive bus of bis property, it is its bounden
duty to protect him in its possession.
Pboores or the Utae Armt. The In
dian Bureau has despatches of the 36th of
t October from Or. Forney, Superintendent of
Indian Affairs for Utah. He arrived at Fort
: Laramie three day before writing.
' The United State troops arrived on the
same day and left the next morning. Dr.
' Forney expected to have an interview with
. : the Suak ludians at an early dutu. He state
' ' that he has been informed that a large por
' liou of the Utah tribes are Mormons, and that
. Prighsm Young boasts of having several
' tribe in hie service, ready to take up arms
' against the United States.
. EST" It Is said that negotiation are pro
- - creasing between Cyrus W, Field Esu. anc
'' aome gentlemen of Apalachleola. Florida. for
, laying a submarine telegraph cable between
that port and Havana.
. .. -' Quit a Extessios or Crikouhi. The
London Morning Chronlole has good author!
. ty for stating that steps have been taken fur
Immediately proclaiming the Queen (i.e.
' Victory) Empress of HindoosUn. It will
take aome petticoat to extend over th In
1 dies. . .
Niw York,. Dee. 8. The President has
, v: dismissed John McKeon, U. 8. Districk At
torney at New York, for opposing the leo.
. ir tlon of Ferosndo Wood, at th late Mayor
if ally ilfolioD. '
' PerNahkkt InraovEMiiiT. The farmer
should turn over a new leaf this fall, and be
gin to make their plan for a life lease of th
acre they now occupy. It i on of th
greatest drawback to our husbandry, that
nobody seem to be Milled. F.very man
upon th farm, almost, has hi Ideal of a
farmer' home away out West. He is not
seeking to realize It in hie present position.
He lives, ever yesr, at if he might sell out
and move in the spring. He does net repair
the house or barn, he doe not set out an
orchard, he doe not put a new Wall or fence
around th garden. He make no Invest!
ment that will not bring in its return the
present season,; This eoursa is ruinoui to
th land, and to the pecuniary Interest of It
proprietor. f ' ' . .
Farmer ought to work their fields, and
build barn to sav their manures, as if they
npuol t veetrijf h im' XtttyHW- h?
quite "as1 certain to get a fair price' for their
improvement a for th old acre unimprov
ed. A purchaser will be Influenced In his
view of th Value of th properly by its
present productiveness, A meadow yielding
three tons to the acre ia worth more than
three limes as much as on yielding but one
ton to the acre. It will not cost three times
the present value of the land to make il three
times a productive. A farm that furnishes
the material to make five hundred loads of
manure will sell much belter then one where
but one hundred la made. The sir of thrift
that hangs about an Improving farm makes it
sell well. It raises the expectations of the
purchaser, as he flutters himself that he can
manage quite as well as the present occu
pant East Tennessee Faiimiro, When the
State Agricultural Bureau offered three $100
Pitcher for the beat ten acres of Corn, Col
ton and Wheat, respectively, we stated that
East Tennessee could take two of the three,
if our farmers could be induced to compete
fur them. So it has turned out East Ten
nessee has proved herself entitled to the
premiums for both Wheat and Corn. The
Pitcher for the Wheat was awarded in Octo.
ber to R. H. St M. M. Armstrong, and as we
briefly announced last week, the premium
for the best ten acres of Corn, ha been
awarded to Col. Jus. H. Armstrong all of
Knox county. Col. Armstrong on his tep
acres raised 1093 bushels and 48 lbs. of
Corn making an average of 109 bushels
and 16 lbs. per acre. Such figures apeak
well for East Tennessee, and we take pleas
ure in recording such evidences of the enter
prise of our farmer and the superiority of
our o.Knnvillt Regitter.
Tin Crisis Akd Tut Printers. We are
warranted in elating thnt in New York city
alone, 3900 people, who are dependent upon
printing for support and sustenance, will
this season be unoccupied. Boston and the
Conibridges have, we are told, at least 1000
idle printers, the large offices having but lit
tle to do. Philadelphia, Baltimore and Wash
ington add at least 600 idle printers to the
list; while Chicago and Su Louis, have res
pectively, a large number in want of work,
owing to the decrease in newspaper business
and a lack ol job work. We will set down
St. Louis and Chicago as having 300 printers
in want of employment. Cincinnati, Pitts
burg and Louisville, will furnish at least 300
more. From this, then, it is safe to eon
elude that in these cities at least 6,000 prin
ters will be without employmedt during the
Know Nothingisn ir New York. Tho
New York Herald (K. N.) says a meeting of
the American General Committee was held
in that city on Friday night, at which a reso
lution was passed instructing the Councils
to elect delegates to anew General Commit
tee which would meet on the 6th of January
next. A strong feeling was manifested in
the committee to disband the Know Nothing
organization, as it was slated that the party
was now reduced to a mero faction, and
could only be of use to some huckstering
politician whose business it was to trade In
nominations and levy black mall on candi
dates, under pretence of supporting them.
The Dawn or the Golden Age. The
N. York Post, remarks: of Tuesday evening,
"One might suppose, from the specie state
ment of this morning, that the river Poctolus
ran through Wall street, and that our banks
were built upon the ands of its golden bed.
More than twenty-five million are now lying
in their vault. Six of them hold over a mil
lion each; the Manhattan, one million two
thousand dollars; Merchants', ono million
three hundred and sixty-one thousand dollars;
Amerlcs, two million eleven thousand dol
lars; American Exchange, one million eight
hundred and nineteen thousand dollars; Com.
merce, three million fifty-nine thousand dol
lars; Metropolitan, one million two hundred
and eighty-one thousand dollars.
Slave Held in Iowa The Fairfield
(Iowa) Ledger ia informed, on good authori
ty, that a Missouri slaveholder ha removed
to Warren eounty, in that State, and has
brought with him five or six slaves, whom he
claim a right to keep and work on the free
aoil of Iowa, under the Dred Scott decision.
(KT The Philadelphia Journal, object to
th Directors of the Bank of : Pen)lvsnia,
and other making Mr. Thomas Alllbone,
th absent President of ill Bank, the soap
goat for th (in of th whole Company.
If th Directoradid not know what thFres!
dent was about why didn't theyl
A Brisk Bosirsm. At a corn husking
frolie "down asl lately, two hundred bush
els ol golden yellow corn were busked, forty
eight girle kissed, on eouple married, and
ssvsn mors "engaged," all ia on vniug,
Talk of stagnation (a businss.
Rats Instinctively Leave x Fallino
Hone. The States, the new Democratio
paper established st Washington City, In a
lute Issue, pitches Into the Union, "th cen
tral organ of th Democratio party," in th
following style. It is a ttriking evidence of
the affection which now exists among the
"tt is a matter of deep regret to all sound
thinking Democrats, that the elements of dis
ruption have shown themselves so plainly iu
the party. Such inconsistency ss the Union
lias exhibited, such a plaiu want of a settled
Democratic faith a is shown by these ex
tracts, have done more to divide and dishonor
the party than any endeavora of the opposi
tion. It can not be denied that, in the fnce
of these facts, the Union ia deoplynnd la
nitfjtably responsible for defection in the
Democratic Innks. In th attempt to follow
the Union, distant papers distract their locali
ties, spread Inconsistency and faithlessness,
snd ultimately hck Um in mid ton!"1".
."V'-'ft !Stj,J;-'',; evidence ol At.
irW ToTa fesaer or the Democratic press?
Are the journalists who anxiously look to
wards Washington for a leading- view of the
topic of the dny to be guided and misguided
in this manner!
We respectfully would like to know by
which of the doirmas set down In the Union
doe that journal mean to abide which doe
it recommend to the Democratio press! Shall
It be the edict or July, or the decree or No
"Doctrines so diametrically antagonistic
have rarely been issued seriously from one
mouth or pen. In fact, they present the whole
Kansas question, by embracing and avowing
the principles of both parties. This, however,
is not what the people expect In a Democratic
leader. He must be one way or another
either for or against either have an opinion
or mi opinion; but certainly not have two
opinions on a subject of such vital import."
A Mormon Place or Refuse. It is stated
that the Mormons,among their other prepara
tions, have not forgotton to look out a Canaan
of refuge, in ease the United States should
disagree too severely with their patriarchal
institutions. The "Saints" have, it appears,
an excellent open road from their southwest
ern valleys to a settlement of their own on
the confines of Lower California. This colo
ny consists of between one and two thousand
picked settlers brave, prudent, industrious,
And well instructed not to give offence to
their christian neighbor. The colony keep
up a steady communication with Salt Lake,
six hundred miles distant; and it ia scarcely
to be doubted that they planted other stations
in the pleasant and fertile Valleys scattered
along this route. The inference is obvious,
from the systematic arrangement, which opens
the way to Sonora and Lower California, that
the Mormons have contemplated the possi
bility of retreat beyond (he United Slates
jurisdiction. They afliliate with the Indians,
are strong enough to hold both Sonora and
Lower California against Mexico, and noth
ing but a large volunteer force and the estab
lishment of a cordon of military settlements
can reduce the Mormons to submission.
Sorghum Molasses in Indiana and Iowa.
Col.' Morris, of Indianapolis, an amateur
farmer, of 37 acres of suburban land, raised a
field of Sorghum, and in order to make mo
lasses Trom it, and to enable others in this
vicinity to do the same with their crops, put
up a $100 mill, turned by horsa power
pressing out ISO or 300 gallons per day.
Suitable wooden boileis, with cast-iron
bottoms, were erected near the still, and this
factory" has been going night and day for a
month. Triumphant success ha crowned the
experiment, and domestic molasses may now
be found in all our best groceries, and on
many of the tables or the poor as well as of
the rich, and all pronounce it delicious. One
of the most cheering results of this enterprise
of Mr. Morris and others is, that the price of
"Orleans" has fallen to 60 cents instead of
80 cents. Sorghum is considered cheaper at
76 cents than Orleans at 60 cents.
It is an error to say that the aeed of the
Sorghum I poisonous or even injurious.
Stock are fond of it and it is good for them.
The seed will no doubt make excellent flour,
similar perhaps to buckwheat but at least as
palatable and nourishing; there are albumen
and saccharine matter ia II in good propor
tion with fibrme, and the trial will prove its
value for flour.
Equally successful experiments, say the
Tribune have been made in Iowa.
Sinqdlar Fact. The Toronto (C. W.)
Colonist says, that the very highest authority
on the subject estimates that the enormous
sum of 180,000,000 has been spent in one
way and another, on American railway and
other improvement, and that nearly all of
this is English money. The Colonist adds:
"It is a curious fact that England ha thus, in
about eighteen years, advanced more money
to the United States than would buy out
both Canudus, real estato, chatiuls, and all, at
their assessed value.
Boa to Good Luck. Mr. John Martin,
of London, is being put iu possession of the
"Jennen's property," which for eo long pe
riod has been without a recognized heir.
The cash he Inherits' amount to the gi
gantic turn of $80,000,0(0, while his income
will bet 1,250,000 perannum. This Is some
thing like a fortune. The lucky inheritor
ha been wretchedly poor all hi preceding
ry The Marengo (low) Visitor says a
youngchild.butsix yeas of sge, died with deli
rium tremens, at "Brush Rum." The father,
a short time since, wa lent to jail for selling
whisky, snd, during bis incarceration, hi
wife made whisky "myit and drink" for her
selfsnd child. The wife Anally fell down
stair snd killed herself, and the child was
shortly after attacked with all th symptoms
of delirium tremens, of which it died.
Ralph Waldo Emerson thus speaks
of Nspoleon I "He was a thief. He did mean
things. He was rude In the extreme. He
pinched ladies' cheek. H llsteued to other
secrets. He peeped through key holes."
GOOD OLD ADVICE.
Noah Webster, the great lexicographer,
wrote a letter to l neighbors In 1786, In
relation to the hard times, which reads as
though it might bav been written this morn
ing. It conclude as follows:
Never buy any nsaless clothing. Keep a
goostsuit for Bundle s and other public days,
bullet your comimm wearing spparel be
good substantial clothes and linen of your
own manufacture. .Let vour wive and
daughter lay nsside
their plumes. Feathers
ana fripperies suit
the Ihi-rokees. or the
wench In your kitohr
but they little become
in lair dunghler o
America. Out of the
dry goods imported yn may save fitly thou
saoa pouna sterlings year. These savings,
in year, amount to .Kirs than enough to
pay the Interest of Jt publio debts. Mv
eountryaten, I am i trifling with you. I
am serious: Vou fee) tiia rmsta I atatau un
r i . ... - .... -
know yoiyntt poor. juAought to know the
bale U its-nir wwyvV . -
. nrc7u ' foiT ana
anna, uu country affords! the beef, the
pork, the Vheat, the corn, the butter, the
cheese, the cider, th beer those luxuries
which are heaped in prolusion upon your
tables! If not, you must expect to be poor.
In vain do proa wish fur mines of gold and
silver; a nuue would be the greatest curse
that could befall this country. There is
gold and silver enough in the world, and if
you hove not enough of it, it is because you
consumed all you earn in useless food and
drinks. In vain do you wish to increase the
quantity of cash by a mint or by paper emis
sions. Should it rain million of joes into
your chimneys, on your present system of
expenses, you would still have no money.
It would leave the country in streams.
Trifle not with serious subjects or spend
your breath in empty wishes. Reform, econ
omize; this is the whole of your political
duty. You mny reason, speculate, complain,
raise mobs, spend life in railing at Congress
and your ruler, but unless you import less
than you export unless yon spend less than
you earn you will eternally be poor.
An Infernal Machine. Last week, says
the Selma (Ala.) Reporter of the 9th Inst,
a friend described a machine recently inven
ted and tested at Burnsville, Ala., which
throws five ounce balls through an inch
plank a distanoe of one hundred yards. The
Sentinel says that the Velocity can be increa
sed to such a degree, that five thousnnd,
balls or shells a minute can be thrown. No
powder is used the bullets being thrown
by an arm of machinery, same a a man
throws a stone. This certainly is the great
est invention of the age. With such a ma
chine a mere handful of men could demolish
an army of thousands 111 a few hours.
A Destructive Insect. A small white
ant has been introduced into the Island of
St. Helena, by vessels from the coast ef Alrl
cn, and is destroying everything in the shape
or wood, provisions, vegetables and clothing.
They eat into the wood work of House, and
tbim out up ell the Hidde, leaving a mere
shell. Now buildings ia less than two years
will full to ruins by their destructive opera
tions, which entail n loss to the inhabitants
of thousands of pounds annually.
Takino Leave. Dr. O. VV. Holmes, in his
Atlantic Monthly article, for November says:
"Don't you know how hard it Is for some
people to get out of a room nfier their visit
is really over T they want to be on, una you
want to have the in off. but thev don't know
how to manage it. Ooe would think they
had been built in your parlor or study, and
were waiting to be launched. I have con
trived a sort of oerenioniiil inclined plane lor
such visitors; which, being lubricated with
certain smooth phrases, backs them down
metaphorically speaking stern foremost into
llieir ualive element ot out doors.
A Liberal Landlord and Employer.
A correspondent of the Hartford (Couu.)
Times states, thnt Coleoel Colt, who on the
first of October reduced the rent of his ten'
ants within his improvements on the South
Meadows, 16 per cent. o the contractors, and
30 per cent to nil the laborer in his employ,
again on the eve of witter sent a Thankagiv.
ing present of a barrel of flour to one and all
tho tenants in hi village. He has in his em
ploy 600 men, of which 376 are men with
(7" Jones the philosopher Jones has
discovered the respective natures of a Dis
tinction and a Difference. He ay that a
little Difference frvquettly make many ene
mies, while a little Distinction attracts hosts
The Pooh But. Don't be ashamed, my
good lad, if you have a patch on your elbow,
It ia no mark of disgrace. It speak well
for your Industrious mother. For our part,
we would rather see a dozen patches on
your jacket than 4eox one profane or vulgar
word escape your ftps, or smell the fumes of
whiskey, or tobacco In your breath. N
good boy will shun you because you cannot
dress as well a your companions; and if a
boy sometimes laughs at your appearance,
ay nothing my good lad, bat walk on. We
know many a rich and good man, who wa
once a poor a you. Fear God my boy, and
if you ore poor, but honest, you will be res.
peeled a great deal more than if you were
the son of a rich man, and were uddioted to
bud hubits. ' '
Hf Th law regulating the payment of
debts with coin, provide th following coin
to be legal lender:
1. All gold coin at th respective value
ror deoi ol any amount.
. 3. The half-dollar, quarter dollar, dime,
and half-dime, at their respective values,
lor debts ot suiounl under nve dollar.
. 8. Three cent pieces for debt under thirty
4. Bv the law passed, we may add one.
cent piece for debt of amount under tea
Those who, to get rid of large quantities
of cents and smll coin, or to annoy creditors,
sometimes pay their bills with it, will per
ceive that titer I (tap put to that antic
HF" Conversation overheard by a last
Sunday between block ours and child:
"Kulh, honev, where am your papa!" "Down
stair readin;' readin 'he Bible." "Humph!
well, dat right, Giad to hear It. Mighty
glad n pecoui so mougruuu. Mop II will
oo mm gooor jaooti noun. .
A Grierhorr on the Locomotive. Mr.
Snodgrass, Jr., lis been "scooting around"
at the West, and a come of hi experiencee
are rather aiouking, we copy an extract as
"When we got to the depot, 1 went aroond
to get a look at th iron boss. Thunderation!
It warn'l no more like a hooa than a meetin'
houae. If I was gnin' to describe ths jtnimule,
I'd say It looked like well, it looked like
darned if I know what it looked like nnleas
It was a regular he devil, enortin' sme all
around, and pantin', and heavin'.and swellin',
snd ehawin' up red hot coals like tlfey was
good, A feller stood in a honae-like, reed in'
him sll the time; but the mora he got the
more he wanted, and the more he snorted.'
After a spell the feller catched him by the
tall, and great Juriehot he setups yell that
split the ground for mnre'n a mile and a half,
and the next minit I felt my legs a wsggin',
I ,nd found myself at t'other end of th airing
L?' ehiokl. I wasn't sksred, but I had three
tit'lN .BJ-j RHsr Vleinswi Mwitmn five.
minits, snd my face had a curious brownish,
yeller-green-bluish eolor Ir, It, which was per.
feotly unaccountable. "Well," say I "com
ment Is supper Jftinui," and I look a sent In
the nearest waggin', or car, as they call it a
consarned long, steamboat lookin' thing, with
a string of pewa down each side big enough
to hold about a man and a half. Just as I sat
down, ths boss hollered twice and started off
like a streak pltchln' me head first at the
stomach of a big Irish woman, and she gave a
tremendous grunt, and then catched mo by
the head, and crammed me under the seat;
the cars wa a jumpin' and te.irin' along at
nigh onto forty thousand-miles an hour, and
everybody was a bobbin' up and down like a
mill-saw, and every wretch on'era had his
mouth wide open and looked like they was
laftin', but I couldn't hear nothin', th cars
ept ucn a racket, bimeby thev stopped all
at once, and then such nnother laff busted out
o' them passengers, as I never hern before.
l.ntlin at me, too, that what made me mad.
and I was mad as thunder, too. I rls up, and
hokm' my fist at 'em' say I "Ladies and
gentlemen, look a-here! I'm a peaceable atran.
ger ' and away the darn train went like
siniill-pox was in town, jerking me down in
tne sent Willi a whack like I d been thrown
from the moon, and their cussed mouth's
flopped open, and the fellers went to bobbin'
up and down again. I put on an air of mag
nanimous contempt like, and took no more
notice of 'em, and very naturally went to
hlilitlin' lin ntiit itnwn mvsnlf n
-I - J...
t1" With our minds bent unon monev from
January to January, amid the eatastropbiea
of business, and the snarling life of the town,
it is searcely to be expected that so small an
affair as the railing of a leaf will plunge us
into very deep thought on the uncertainty
and evanescence of life. And yet we must
utterly cease to think of golden gain sooner
or later. The days and months, and years
are hurrying alonir. Like the leaves which
lived so bright a life in the summer sunshine.
we will perish droop decay. But who has
time to give thought to these sen tiinentalitiesl
J. nu note will Hardly pass. I'Hil. Jour.
A Tomb Head. The Calaveras (Cal.)
Chronicle states that two "colored gemmen'
in that place, wao had quarrelled about "i
lady," met in mortal combat. After an ex
change of shots, the sheriff arrested the pur-
ties snd carried thorn to jail, when n pistol
bullet was found flattened out and lodged in
the wool of one of the combatants, who was
quite unaware of having been touched.
03" "He who rises late, may trot a day.
hut never overtake his busiues." So said
A cutemporary lays: "We have watched
these fellows who are the early risers, and,
as a general thing, they are the first chaps
who go to the groceries of a morning. It is
all moonshine about the smartest and great
est men being the early risers."
trgf Predictions, pro and con, are made
in ttie newspapers as to the comming winter.
Some contend thnt all the sign point to
seventy others, that the Indications nre la
vornble to mildness. "Whether wise" pro-
pie, are not always prophets. We shall be
able to tell w hat sort of a winter it wai.
when the winter ia over.
I-fiT" An Eastern Exchange snys that ladies
have become so delicate that they have to
hoop themselves to keep from falling to pieces
W "Bill. Iv'e dinned in real estate a lit
tle, lately." "Well. John, how much have
you dipped iu!" "Bought a lot in the oeme
tery. and a hair aore lor a residenee Just
North of it." "Just North I what the deuoe
did you go so far North for I Going to live
there I" "Yes, Bill, I wanted a home beyond
the gravel" Bill looks solemn, and tbey
botli vanish, whistling Vmelaneholy air.
fff In Rockville, Connecticut, thirteen
hundred frogs have been found together in a
spring only four feet in diameter.
I7" Honesty Is term formerly used in
the easo of a man who paid for his newspaper
and the coat on his back.
IC7 Tom aays, when they won't trust
fellow for his drink long enough for him to
swallow it, ho thinks credit a Uetle too short.
(ST "Dry Up," was an expressive phrase,
but the boys on the street have found a bet
ter. Now they say, "Suspend."
.. 191 The latest way to pop th question
is to ask a fair lady if you enn have the pleas
ure of seeing her to the minister's,
fjf Jone lay of an ancient unmarried
female, that she was fearfully and wonder
3B Unpleasant a first-rate appetite and
nothing to eat. Quit as agroeuble plenty
to eat and no appetite.
Washikoton, Dee 9. In the Senate to
day quite an exoiling discussion took place,
in which Senators Douglas snd Bigler were
engaged. The subject was the Constilutiuu
adopted by the Leaompton Convention.
Iu the House, Mr, tileuduian, of Ohio, was
Mr. Staunton th Seoretary of th Territo
ry of Kansas ho been removed.
March or Liberality. It i stated that
Shah of Peraia i about to proclaim th eqali.
ty of all hi subjects, Mohammedan, Chris
tians and Jews, all of whom, without diatln-
of rao or religion will be eligible for Ih
civil ad military ervios of lb StaU,
PRESIDENT'S MESSAGE. ,
FellovhcUixeni of the SenM
mnd Ifouft of Repretmialivei :
. In obedienoo to the command of th Con
stitution, it has now become my duty "to
give to Congress information of th stats of
the Union, snd recommend to their consid
eration such measures" as I Judge to be "nec
essary 'and expedient."
But first, and abAve all, pur thanks are due
to Almighty God for the numerous benefit
which lie ha bestowed upon thi people;
and our united prayer ought to ascend to
Him that He would continue to bless our
great Republic In time to come aa He has
blessed il in time past. Since the adjourn
ment of tho Jaat Congress our constituents
have enjoyed an unusual degreo of henlih.
The earth has yielded -her fruit abundantly,
end has bountifully 'rewarded the loil of the
husbandman. ' Our great staple have com"
mended high prices, snd, ap till within a brie
period, our manufsoUirlnir, mineral, and me-
chaswsl oc;apVftj.lNSf; Ui-hp .irtxttwi
f the ge'uentl projierity We feftvc poeeee-
sed all ths elements of material wealth in
rich abnndanoe; and yet, notwithstanding all
these advantages, our country, iu Its mone
tary interests, is at the present moment in
deplorable condition. In the midst of unsur
passed plenty in sll the productions of agri
culture and in all the element of national
wealth, we find our manufactures susnended.
Our publio work retarded, our private enter
prise oi oinerent . Kinds abandoned, and
thousands of useful laborers thrown out of
employmentand reduoed to wnuu The reve
nue or the Government, which is chiefly de
rived from "dulies on inports from abroad,
has been greatly reduced, whilst the appro
priations made by Congress at its last aeasion
for the current fiscal year are very large in
Under these circumstances a loan may be
required before the close of your present ses
sion; but this, although deeply to bo regretted,
would prove to be only a slight mistortune
when compared with the suffering and dis
tress prevailing among the people. With
this the Government cannot fail deeply to
sympathize, though it may be without the
power to exiena rciiei.
It is our duty to inquire what has produ
ced audi unfortunate results, and whether
their recurrence can be prevented! In all
former revulsions the blame might have been
fairly attributed to a variety of co-operating
causes; but not so upon the present occasion.
It is apparent that onr existing misfortunes
have proceeded solely from our extravagant
and vicious system of paper currency and
bank credits, exciting the people to wild
speculations and gambling in stocks. These
revulsions must continue to recur at succes
sive intervals so long as the amout of the
paper currency and bunk loans and discounts
of the country shall be left to the discretion
of fourteen hundred irresponsible banking
institutions, winch, irom llie very law ol
their nature, will consult the interest of
their stockholder rattier than the public wel
fare. The fratnera of the Constitution, when
they gave to Congress tho power "to coin
money and to regulate the value thereof,"
and prohibited Ums States from coining mon
ey, emitting bills of credit, or making any
thing but gold and silver enin a tender in
payment of debts, supposed they had protec
ted the people against evila of an excessive
and irredeemable paper currency. They nre
not responsible for the existing anomaly that
n Government endowed witii the sovereign
attribute of coining money and regulating
the value thereof should have no power to
prevent others from driving this coin out of
the country and filling up the channels of
.: i .! L. J . ..
circulation wim paper wuicn uoes no repre
sent gold and silver.
It is one of the highest and most responsi
ble duties or Uovernment to insure to the
people a sound circulating medium, the
amount of which oujht to be adapted with
the utmost poBsiHo wiadom and skill to the
wants ot Internal trade and foreign exchanges.
If this be either greatly above ui grently be
low the proper standard, the marketable val
ue of every man's property is increased or
diminished in the same proportion, and in
justice to individuals as Well us incalculable
evils to the community are tho consequence,
Unfortunately, under the construction ol
the Federal Constitution, which has now pre.
vailed too long to be changed, this Important
and delicate duty has been dissevered from
the coining power and virtually transient d to
more than fourteen hundred btate banks, net
ing independently of each other, and regu.
lating their paper issues almost exclusively
bv a regard to the present interest of their
stockholders. Exsrcising the sovereign pow
er of providing a paper currency, instead of
coin, for the country, the flint duly which
these banks owe to the public Is to Keep in
their vaults a sufficient amount of gold and
silver to insure the convertibility of t'eir
notes into coin at all times and under all cir
cumstances. No bank ought ever to be char
tered without such restrictions on its busi
ness as to secure this result. All other re
strictions are comparatively vain. This is the
only true touchstone, the only efficient regit,
lutor of a paper currency the only one which
can guard the publio against over-issues and
bunk suspensions. Asa ool lateral and even
tual security it is duubtlrs wise, and in n
cases ought to be required, that banks shall
hold sn amount of United States or State
securities equal to their notes in circulation
and pledged for their redemption. 1 his,
however, furnishes no adequate security
against overissues. On the contrary, it miiv
be perverted to inflate the currency. Indeed,
it ia possible by this means to convert all the
debts ol the United States and Htnte govern
menu into bank notes, without reference
the specie required to redeem them, llowev
er valuable these securities may be in them
selves, they cannot be converted into gold
and silver at the moment of pressure, as our
experience teaches, in sufficient tune to pre
vent bank suspensions and tne depreciation
of bank note. In England, whicii is to
considerable extent a paper-money country,
tliouuh vastly behind our own In Hits respect,
it was deemed advisable, anterior to the net
of Parliament of 1844, which wisely separat
ed the issue of notes from the banking de
partment, for the Bank of England ulways to
keep on hand gold and silver equal lo one
thiid of it oombiued circulation and depos
lies. Il this proportion wss no rnora than
sufficient to secure th convertibility of it
notes, with th whole of Greet Britain, and
to some extent the continent of Europe, as a
field for its circulation, rendering it almost
impossible that sudden and immediate run
to a dangerous amount should be made upon
it, the same proportion would oerlninlv be
insufficient under our banking system. Each
of our fourteen hundred bank ha but lim
ited circumference for it circulation, and in
the eoursa of very few day th depositor
and note-holder might demand from suoh
bank a sufficient amount in ipeol to oompsl
it to suspend", veu although it had eoln In it
vaults equal to one-'.hird of it immediate
liabilities. And yt I tm not swore, with th
exception of the bank of Louisiana, that any
Suite bank throughout the Union haa been'
required by its charter to keep this or Dy
other proportion of gold and silver compared
with the amount of ita combined circulation '
and deposite. What ha been th eons'
quencef In a recent report made by th'
Treasury Department on the condition of th,'
banks throughout the different Stale, act', .
cording to re'.arn dated nearest to January,
1867, ths aggregate amount of actual sped
in thsir vaults is (98,349,838, of iheir circu
lation (214,778,8113, snd of their deposit'
330,361,363. Thus it appear- that the
banks, In the aggregate, have considerably
less than one dullur in seven of gold and silV '
ver oouipared with their circulation and de
positee. It was palpable, therefore, that th' .
very first presaur must drive them to eus
pension, and deprive the people of a convert!.
bl currency, with all It disastrous conse
quences, it in truly wonderful thnt they .
should hajr long sowtinurd to preserve
uieir when a-Jeyinnd lor the pnyment .
oT Ape wflfVKlrr of -their (m medio Inbililfe J
vroald Bar flrrvw! Uierh. ioliT fistirV-Dc-.'- 3
And this f th condition of th bank, not ,
withstanding that fonr hundred million of
gold from California have flowed in upon ua
within the lost eight years, and the tide still
continues to flow. Indeed, such ha been th
extravagance or bank credits that the bank
now hold a considerably less amount of spe
cie, either in proportion to their capital or to
Iheir circulation and depositee combined, then
they did before th discovery of gold in Call.
lorma. w htlst in the year 1848 their specie
n proportion to their capital was more than
equal to one dollar for four snd a half, in
1B57 it does not amount to one dollar for
every six dollars and thirty-three cent of
their capital. In the year 1848 Ihe epeci
was equal, within a very small fraction, to
one dollar in five of their circulation and de
positee; in 1857 it is not equal to one dollar ,
in seven and half of their circulation and
From this statement It is assy to account
for our financial history for the last forty
years. It has been a history of extravagant
expansions in the business of the country, fol
lowed by ruinous contractions. At succes
sive intervals the best, and most enterprising
men have been tempted togtheir ruin.lby ex
cessive bauk loans of mere paper credit, ex
citing them to extravagant importations of
loreign goods, wild speculations, end ruinous
and demoralising stock gambling. When t he
erisis arrives, as arrive it must, the banks caa
extend no relief te the people. In a vain
struggle to redeem their liabilities in specie,
they are compelled to contraot their loans
aud their issues; and at last, in tbehourof
distress, when their assietanoe is most needed,
they and their debtors together sink into in
solvency. It is this peper system of extrava
gant expansion, raising the nominal price of
every article fsr beyond its real valne, when
compared with the cost of similar articles ia
countries if hose circulation is wisely regntafe-
sd, which has prevented us from competing
in our own markets, with foreign manufac
turers, has produced extravagant importa
tions, and has counteracted the effect of th
arge inoideutal protection afforded to our do
mestic manufactures by the present revenue
taritt. Hut for tins the branches of onr manu
factures composed ol' raw materials, lb pro-
ducetion of our own country such as oottos,
iron, and woollen fubrios would not only
have acquired almost exclusive possession ef
the uonre mar net, out would nave creaia lor
themselves a foreign market throughout the
world. Deplorable however, as may be euv
Sresent financial condition, we may yet la,
ulge in bright hopes for the future. No other
nation has ever existed which could nave en
dured such viulent expansions snd contrso
tions of paper credits without lasting injury:
yet the buoyancy of youth, the energies of our
Copulation, and the spirit whioli never quails
efore difficulties, will enable us soon to re
cover from our present financial embarrass
ments, and may even occasion us speedily to
forget the lesson which they have taught.
In tho mesn tune it is I he duty oi tne uov
ernment, by all proper means wil bin ita pow
er, lo aid in alleviating the suffering of the
people occasioned by the suspension of the
banks, and to provide against recurrence of
the same calamity. Unfortunately, in either
a'peet of the case it can do but little. Thanks
to the independent treasury, the Government
has not suspended payment, as it was com
pelled to do by the failure of the banks in
1887. It will continue to discharge its lia
bilities to the people in gold and silver. Its
disbursements in coiu will pass into circula
tion, and materially assist in restoring a souid
ourreney. From its high credit, should we be
compelled to make a temporary lon, it esa
be elfected on advantageous terms. This,
however, shall, if be avoided; but, if not, then
the amount shall be limited to the lowest
pract icable sum. '
I have, therefore, determined that, whilst
no useful Government works alrendy in pro
gress shall be suspended, new works, not al
ready commenced, will be postponed, if this
can be done without injury to the country.
Those necessary for its defence shall prooeed
as though there had been no crisis iu our mo
But the Federal Goveruinent cannot do
much to provide against a recurrence of ex
isting evils. Even if insurmountable consti
tutional objections did not exist against the
orealion of a National Bank, this would fur
nish no adequate preventive security. The
history of the lost Bank of the United States
abundantly proves the truth of this assertion.
Suoh a bsuk could not, if it would, regulate
the issues and credits ef fourteen hundred '
State banks in such a manner as to prevent
ths ruinous expansions and contractions in
our currency which afflicted the country
throughout theexisteooe of the late bank, or
secure ua against future suspensions. In 1828
an effort was made by the Bank of England
to curtail the issues of the eountry banks un
der the most favorable circumstances. The
paper currency had been expanded to a ruin
ous extent, aud the bank put forth all ita
power to contract it in order to reduce prieoe
and restore the equilibrium of the foreign
exchanges. It aoeordingly eommenoed a sys
tem ef curtailment of ite loans and issues, in
the vain hope that the juiut stock and private
banks of the kingdom would be compelled to
follow its example. It found, however, that
as it eontraoted tbey expanded, and at th
end of the process, to employ the language
of very high orlicinl authority, "whatever
reduction of ths paper circulation was effect
ed by the Bank of England (in 1826) wss
more than made up by the issue of tb coun
But a Bank of th United State would
not, if it could, restrain the issue and loan
of the Stale bank, because Its duty aa reg
ulator of the currency must often be In direct
conflict with the Immediate interest of Ita
stockholders. If we exnret on agent to re
strain or eontrol another, their interest must,
st least in some degree, be antagonistic But
the director of a Bank of Ihe United State
would feel the same interest snd Ih same in.
clination with th directors of th Stat
banks to expand th currency, lo aeeommo-
data their favorite and Irlends witn loan,
snd lo dedars large dividends. Such ha been
our experience In regard lo Ih last bank.
After all, we must mainly rely upon th
patriotism snd wiadom of th Slats for th
prevention aud redress of th vil. If tbey
will afford tt real speei bai for or pa-
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