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Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, August 07, 1838, Image 2

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at film, for the performance of the very teak imposed
opoh him by that Conatitution which he hen sworn to
aUpoort! Hut I will not dwell longer upon this subject
Mr. Speaker, it has been remarked further, that this
Communication was an attempt to deceive Sir, not only I
areyourcommitleescharged with an intention to deceive,
but your heads of departments also, end when the fro
sident himself, in the performance of Jus high duty, faithfully
dlsoiiarges it, the same charge is.aiso reiterated
against liim. It ii done to deceive the people of the country,
is the allegation. How is it made out.' Why he has
told us that there are twenty eight millions of dollars on
deposits with the States, and more than fifteen millions
due from banks and from individuals; and this, a fact
Susceptible of demonstration to ail, is the head and front
of his offending. Let us see, then, how it stands, and if
therb be any ground for the charge; for 1 agree, that the
President's Itijrh elation ought not to shield him, if lie has
been guilty of misconduct. Lot, Sir, if 1 can prove, as
i feel assured I can, that there ip not the slightest foundation
for the charge, then, 1 think, it must be conceded
on all hands, that it waa alike ungenerous r.nd unjust to
make it. Sir, have we, or have we not, $2d,OGl),UOO on
deposite with the States? Will any gentleman here
deny that? is there a man in this House who wiil rise
n Iris place end tell me that the fact is not so? Have
you distributed it finally? Was there a man who, at
the time the deposite law was passed, maintained that it
was designed as a distribution among the States?
[Mr. Wise, in an under tone. "It was so intended "J
Jt may have been so intended by some who voted for
it; but certain ! am, they never avowed it< for if they
had, 1 doubt very much if one-halt the men who sustained
it would ever have recorded their votes in its favor.
Mr. Wise. I avowed it.
Mr Jones. Mv colleague informs me that he avowed
It; and I am sure he did, because he says so.
Mr. Wise. My colleague misunderstands me. I voted
against that bill; bet nevertheless, f avowed it to be
the intention of those through whose agency it waa passed;
and 1 did not hear it contradicted.
Mr. Jones. The very tiling, Sir, I was urging. 1 bald
that those who advocated that bill never intimated I
that it was for a positive and final distribution of the 6ur I
plus. 1 know there was an impression mat some <>i
those who voted for it believed that to be the intention,
bnt they never avowed it; and that but oonfinns my po
eition, that if they hail, the measure never would have
been adopted. Then t presume it will not be denied
that we have $2S,OUO.OOO on deposite with the Slates.
The next itein in tins communication In which deception
is charged, is where it sets forth that there are
$15,000,000 due to the Government from banks and individuals.
Sir, is this true or false? Has the President
told the troth or not i Let the question be answered by
facts, and not by argument; for argument is not needed
where we have to deal wi'h facts like these. Here,
then, Sir, are the facts which speak conclusively, and
must bring conviction to the mind of every man who
examine* them.
In the deposits banks on the 1st Jannary, $5 411.301
Due from merchants, say 0 000,000
iionds of the Bank of the U. States, say 7,000.000
Or pot the merchants' bonds at even four miliums,
deducting the amount ascertained since the previous re
turns, and the President's estimate, or statement of our
resources, is still below the actual amountdue. Sir, the
statement waa true to the letter; and yet, for having told
this plain truth, to enable os to come forward in a becoming
spirit to aid our country, and rescue it from temporary
embarrassment, he is held up to the people and
denounced for having furnished statements winch are
not to be relied upon.
The honorable member froin Pennsylvania, (Mr. Sergeant,)
in noticing the remarks of the chairman of the !
Committeeof Ways and Means, in which he stated that
the time was rapidly approaching when candid and in
lelligent men would do justice to this adiniuietiation, for j
its firmness in r^j-cling liw counsels of fear, and disre
garding the denunciations of frenzy?for its elevated J
patriotism in sacrificing temporary popularity to pie j
serve the supremacy of the laws and the permanent welfare
of the Union?characterized that period ns consti
luting a new era in the history of this Government.
Sir, the gentleman's new era is already ushered in
upon os, to be commemorated, 1 presume, by the arguments
which 1 am now attempting to answer; in which
truth is made to mean falsehood, and open and fair dealing
knavery and fraud. It is indeed a new era when such
perversions are given to facts, and facts, loo, in reference ;
lo which sophistry itself cannot possibly ...islead the
judgment. When the Secretary of the Treasury makes
a communication to this House, it seems, too, that he
"stumps" every body, from the venerable member from
Massachusetts, (Mr. Adams,) down to the most beardless
among us. Some gentlemen sey that his communications
are mysterious and obscure; others, that he cannot write |
grammar; others, again, that he cannot cypher; in short, j
that he is the merest dolt in the world But when, os
now, a rather inore laconic communication is trans- j
milled to Congress, one that presents the question as
clear aa a sun beam; when the President speaks, and
tells you what no man can misunderstand; why then, j
forsooth, there is knavery and fraud at the bottom ? i
Your Secretary cannot be understood by any body, and
the President is endeavoring to practice a fraud; aod, I
strange aa it may appear, this is urged here by members
in the Congress of the United States, intended to go;
forth to the people of this country, aod to be relied upon
o* tiue.
Sir, permit me to ?ay this is drawing largely indeed
upon the credulity and ignorance of the people. But 1
will proceed. Taking, then, the amount due from the
States, and the amount due from the merchants and
banks, arid estimating (which is a low calculation) the
accruing revenue of the current year at ?15,000 OUO, we
have an aggregate of resources of $53,000,000 under
the control ot the Government. But 1 will narrow the .j
question still further, and come down to the resources of
the Government for the present year only; and how
stands that account? 1 solicit attention to this stale !
men'., because I have prepared and tested it with much j
eare; and if I have fallen into any error, 1 am open to
correction; for it is far from my wish, even inadvertently,
to mislead any one. i am aware that statistics are
dry things, and do not suit the taste of every one; but
from them we derive many ofour best lessons of inatruc- j
tion, and they are Indispensable to lead us along the un- 4
erring path of truth. j
Resources of (As Treasury for the year 1S3S.
Balance in the Treasury on the 1st of
January, 1838, $500,000 00 [
To be received in 1833, from deposits
banks, by drafts and
bonds $2,400,000 00
United States Bank bond 2,300,000 00
Postponed merchants' - i
bonds, say 6,000,000 00
but believed to be $9,*
000,000 10 70^.000 00 i
Revenue from customs and lands 15,500,000 00 i
Treasury notes, to be authorized by the
bill under consideration 10,000 000 00 j
$30,700,000 00 j
Outstanding appropriation*? m tuc cuu
of 1837 ?16,000,000 00 '
tit)w appropriations for 1338, ordinary ? i
and extraordinary 26.000,000 00
42,000,000 00 :
Off, for appropriations which will remain
unexpended at th* end of the
year, estimated at 11,000,000 00
31.000,000 00 j
Balance of resources over expenditures 5,700,000 00
$36,700,000 00
I think it proper here to remark, that in this state
ment I have not charged upon the resources of the present
year, those Treasury notes which are now outatand
ing, because the amount expected to come into the Treasury
from postponed merchants' bonds will probably exceed
the sum above staled by an amount which will be
sufficient lor their redemption. These, then, are the
plain facts which gentlemen are 60 puxzled to hunt up I
through the reports of the Secretary, and to understand
after thev have been found. There it really no difficulty i
about it.
You will perceive, Mr. Speaker, (hat 1 have not at
tempted to prove or to maintain, that the means of the
Government will be sufficient,at theclose of the present
year, to redeem at once all the Treasury notes autho
rrted to be issued by this bill, but that they wilt be suffi
cient on the day when, by the terms of the bill, they
are redeemable, to wit: on the 31st day of December,
1639. On the 31st day of December next, if 1 am right
in my estimates, yon will have in hand for that purpose
$5 .760,000; and on the next day, the 1st of January, i
1 * "><* ?niW instalment from the deoosile banks.
amounting to one million and a half, fulls due; miking
the available means ihe day after the bill of the i2ih Oct.,
1837, shall expire, over seven millions of dollars. And,
Sir, what other means have we ? Extend your inquiries
but a little farther, and you will find that in the next year
you have another instalment falling due from the deposits
banks of more than a million and a half, and another
bond of the Bank of the U. S for $2400,000, making,
together,an additional sum of $5.600 000; which, added
to the other sum of $5,700,000, makes together, of available
means, $11,300,000. to redeem the $10,000,000 of
Treasury notes authorized to be issued by this bill. After
this, will gentlemen tell me there are no means in the
Treasury? If they ore not satisfied, will any one point
out to me ths errors of this statement? And yet we are
told, not only that there is not a dollar in the Treasury,
bat thegentleman from Tennessee avers it as his opinion,
that there will be a deficiency of eleveu millions of dol
Jars at the close of the yesr.
[Mr. Bell explained, that the Treasury notes, being
made receivable for the public dues, wuuld create a deff
eiency to that amount J
Mr. Jonea. True, Sir, they are made receivable in
payment for the public dues; but that does notaltei the
"* esse, because each note returned to the Treasury redeems
that much of the debt of the Treasury. They
Constitute s self-redeeming fund. But let me tell the
gentleman that the strong probability is, that they will
ot find their way hsck into ths Treasury as fast as they
bees heretofore done, now that the banks are beginning, J
in despite or all efforts to preventit, and in despite of all
impediments thrown in their way, to resume specie payments.
Let them but continue, as now, at specie par,
or rise abore it, as they have done at the South and
South west, end you will not see one half the amount
come back, notwithstanding they are made receivable
for the public dues.
Hut, say gentlemen, we are to go into the revenue of
next year. True; and what do we go there to get??
Why, the revenue that will fall due next year, a part of
which has been postponed from the last year by our own
legislation; and because we do so, we are told, we have
not the means on hand. He it so: 1 have shown why
we have not. I repeat, it is because of the indulgence
which has been extended to the merchants and to the
I think, Sir, I must have succeeded in showing, should
this bill pass, without touching the deposiles with the
Slates, there will be of actual means at the close of the
year $30,700,000. And what is our situation with these
means, and these resources, to relieve ourselves from
difficulty? Why, we are informed by the Secretary,
that on Friday last, there was only about half a million
of dollars in the Treasury subject to draft. Now, if
gentlemen will bring themselves to reflect, but for a
nmment, upon the daily demands upon the Treasury, increased,
as they must necessarily be, immediately after
the passage of the heavy appropriation bills, at the pre
sent session of Congress, they will concur with me in
the opinion that we are fast hastening to a day on which
we may find ourselves without a dollar in the Treasury
to meet the dpuiands upon it, and to maintain unbroken
the faith and Imnor of the Government; a stale of
things, that I have been anxious to avert, and which, if
1 thought now that 1 was contributing to produce, 1
would, without one moment's delay, close what I have
to say on the subject before the House.
To relieve the Treasury from this stale of embarrassment,
two schemes have been proposed: one submitted
to our consideration bv the Executive branch of the
Government; the other by those who stand politically
opposed in this Administration. The first proposes an
issue of Treasury notes, with a view to anticipate, for a
short time, the means of the Government, which 1 think
1 must have shown ore ample to redeem them. The other
contemplates what appears to me a permanent loan.?
The one will furnish prompt and immediate relief, and
put it in the power of the Government to meet the demands
upon it without delay, and mainlain its faith arid
. ... - * ? L-- ll.ie
integrity inviolate; ine uuirr muj ?, .....
time alone will disclose. But we are met at the threshhold
with a declaration that it will not do to issue Treasury
notes, because they were recommended by the Executive,
and such a recommendation is an act of dictation
on liia part. That charge iiae been met already, and, I
think, refuted In the course of ill is debate, it has been
mid by an honorable member from South Carolina, [Mr
Thompson,] that be would appeal from the ignorance
and lolly of tins Administration to the better days of the
Republic; that he would go back to the periods when Mr.
Gallatin and Mr Dallas were at the head of the Treasury,
and who, be informs us, not only never recommended
such measures, but steadily opposed them. Sir, we have
here grave and serious charges again. Let us examine
them. The days alluded to, when Mr Gallatin was Secielary,
were lite day of Thomas Jefferson; and what,
allow me to inquire, were the opinions entertained by
Mr Jefferson? They will be found in bis letter to John
W. Eppes, dated the 24th of June, lfilit; Jeffrson's Works,
vol. 4, p ll'lb He there says: "If Treasury bills are
emitted on a tax appropriated for their redemption in tit*
teen years, and (to insure preference in the lirst moments
of competition) bparing interest of six per centum,
there is no one who would not take them in preference
to the bank paper now afloat, on a principle of patriotism
as well as interest; and they would be withdrawn
from circulation into private hoards, to a considerable
amount. Their credit once established, others might be
emitted, bottomed also on a tax. but not bearing interest;
and it ever their credit faltered, open public loans,
on which these bills alone should be received as specie.
These, operating as a sinking fund, would reduce the
quantity in circulation,so as lu maintain that equilibrium
with specie."
When was Mr Dallas Secretary of the Treasury??
During the administiation of Mr. Madison. It istrue
that Mr. Dallas was opposed to the issue of Treasury
notes, but what thought the President of the Li. S. and
the two Houses of Congress at that day? Why that
Treasury notes must issue. There was then no consti
tuiio inI impediment in the way, and every consideration
of expediency demanded that they should issue; arid the
reasoning of the Secretary had to yield. We know that
a' that dark and gloomy period of our history, several
hills for the issue of Treasury notes were passed by both
branches of Congress, all of which were approved by the
President, he having, doubtless, first satisfied himself
that there was no constitutional impediment in the way.
By the act of the 30lh of June, Iel2. $5,01X1.000 in Treasiii
v notes were authorized to he issued. By the net of
the 25lh of February, ltiJU. $1(1 UiH).(iiK) more. Hy tne
act of the 4th of March, ltSI4, $10,1)1)1) 0(1(1 in addition.
By (lie act of the 20?h of December, 1;?I4, $7 5<*0.000;
and by the act of the 24th of February, Iclo $2-">.000,000
were authorized. A rid are we, with these facia before
us, to have the opinions of Mr. Gallatin and Mr. Dallas
held up as our only jrtjid^a, ?nd wholly disregard the
opinions of the President and of Congress at that same
period? Nay, more: have we not the authority of this
Congress in direct support of the measure, upon a bill
which passed at the last session identical with this, both
in principle and details, and which became a law after
minute investigation, (nature reflection, and full debate?
But now, forsooth, we are told that the same mensuie is
characterized by the ignorance and folly of this Administration
I Kir, 1 would as soon fxpAol 4o <-ea the mountain
fortress of Gibraltar itself crumble into ruins under
the attack of that honorable gentleman, made with
pocket pistol in hand, as to see the intelligent people of
this land withhold from the President their confidence in
his intelligence,integrity, and patriotism,hy the employ,
ment of such a rabble of words. One is about as likely
to ensue as the other.
My colleague (Mr. Mason) has also relied upon the
opinions of Mr. Gallatin and Mr. Dallas; arid in further
illustration of my own viewy, allow me t?? advert for a
moment to the period at which these opinions were entertained
and expressed, and lake a brief review of the
circumstance in which the country was placed at the
lime this measure was opposed by these genileinen. Did
you then want temporary means only? No, Sir: the
war was fast drawing to a close, leaving.us involved in
a debt of many millions of dollars beyond our-existing
or immediately prospective resources to pay; and with
all the talents and energy of preceding administrations,
h-s never been discharged till wiihin the last four years.
But because it was then deemed inexpedient by Mr.
Dallas to issue Treasury notes, does it necessarily follow
that it is never proper to do so? That would seem to be
the argument Why. to have issued them then would
indeed have been, as lias been remarked by my colleague,
(Mr. Mason,) borrowing from hand to hand. He, how
..c ?>l.nt .r uia tijKB in hnrnuv u-e ?hmi!d
evt-r, m ,?i ov ..... - _
npver borrow like "mendicants," but d<> it like men of
capital and credit, taking a good round sum, and holding
on to it, for a good long time; and I think he gave us some
account of what should in like circumstances he done
by us in private life. Sir, illustrations drawn from private
life, often afford us principles and guides for public
policy; and let me ask, what should wc think of a man
who wanted a thousand dollars for six months, and
should go on my colleague's 6cale of a man of credit
and fortune, to borrow double that amount for an indefi
nile period, when he had no earthly use for it longer than
for six months? I doubt if any of ua who consider ourselves
prudent men, would ever act upon that principle
in our own case. Here the amount will only be required
for six, nine, or twelve months at farthest and we are
told, that the only proper course to pursue is to act
"above board," and borrow the money for six years or a
longer period; almost as many years as we need it months,
otlial we may have the gratifying reflection of keeping
in mind that we have got the interest to pay on it for
years after we have no possible need of the principal,
and when it has even become a burden upon our hands.
My colleague [Mr. Mason] urges another objection to
this bill, on the ground of expense. It is said that it will
be more expensive than the negotiation of a loan. How
does he make that out? Why he undertakes to show
that the appropriation made in the bill of the last session
for the purchase of plates and the hire of clerks is more
than would be required to effect a loan. I suppose the
most expensive item, that of engraving the pjates, need
not be incurred again, for the old ones will answer the
purpose; and the remaining expense will be the hire of
four clerks. But it a loan be adopted, suppose it should
then turn out that the money cannot be obtained : and
we have very recently heard deep lamentations to that
effect from almost every quarter. I say, suppose it
hail turn out that we shall not be able to procure, in
this country, ten millions of dollars in specie, or its equivalent
; what then ? Why, we shall have to send a responsible
agent to England, or to the Comment of Europe,
to negotiate a loan. 1 know not what such a gen
tleman's services would be worth in our Government,
for among our plein republican people we know very
little about these matters; but I apprehend the Bank of
the U S. could give us some information on ihe subject,
as that has occasionally sent persona to foreign countries
on such business; but what is the rate of compensation
for such service 1 hsve no knowledge, though 1 should
think a good round lumping fat fee. Jf, then, this account
be balanced on the score of economy alone, it will,
1 think, be found decidedly in favor of the measure proposed
by the bill now under consideration.
An honorable gentleman from Pennsylvania (Mr. Sergeant)
objects 1? this bill, on the ground that it proposes
another issue of continental paper money; and to sustain
that objection, a fac simile of the accounts of that great
and good man, (General Wishington) whose memory
sun uvea in ine grainui irt?nn,uuii ... ,
his been exhibited before us, with a view to present
not only a simple of what *ai then denominated money,
but also to show the point to which it was depreciated,
being five hundred for one. This continental
money the honorable member compares with the Treasury
notes proposed to be issued by this bill, and at last
brings his own mind to the conclusion that the continental
paper is best, for the reason, among others, that they
had a Latin motto stamped upon them! That Latin
motto is rxilus in dubio; in the plain English that the issue
of the contest in which we were then engaged was
doubtful; and consequently, that the redemption of this
continental paper money was also doubtful. Then,
Sir, how do they compare with Treasury notes? The
gentleman has shown that continental papsr was, at the
time just referred to, at appreciation of five hundred fo
one; bis Latin motto shows that their redemption was
doubtful; and we all know that, in the hands of the prosent
holders, they are not worth the paper on which they
are written. And how is it with Treasury notes issued
under a bill identical both in principle and details
with the one now under consideration? We have the
cheering intelligence, received by this morning's mail,
that in the cities of New York and Philadelphia they
are at par with specie; while in the South and Southwest,
they are at a premium of from one to two per
cent above specie. And how many gentlemenare there
now sitting around me (I mean not, of course, to include
the honorable member front Pennsylvania,) who have
their pockets pretty well lined with these much-abused
Treasury notes, nnd which have been received by thein
(ail their abuse of them to the contrary notwithstanding)
in preference to gold and silver. Nay, more : an honorable
gentleman from Massachusetts (Mr. Cashing) has
stated the fact, that the notes which bore an interest of
one mill to the dollar are at the same price in the North
ern cities with those llvat bear six per cent, interest?
Not a very inconsiderable ilein to he set off against the
argument of my Colleague (Mr. Mason) on the score of
expense, or unsatisfactory to those who have emptied the
vials of their wrath upon the measure, because they say
tint those who receive notes at an interest of cine mill
to the dollar, get lets for the same demand upon the Go- |
vernment than those who receive them at a higher rate I
of interest.
Hut, Sir, is the argument of the gentleman from
Pennsylvania sound ? i hold that, in a sound state of
.he currency, Treasury notes should never depreciate
while the amount.authorised is below the amount of revenue
intended for their redemption; in other words, if
they be based either upon revenue or upon a specific
tax for their redemption, there will be no depreciation.
We are informed by Mr. Jefferson, in his Correspondence,
vol 4, page 195), that in the year J775, the State
of Virginia issued paper money, bottomed on a specific
tax for its redemption, and to increase its credit, bearing
an interest of five per centum, and that in a very
short time, not a bill of this emission was to tie found
in circulation; that they were locked up in the chests of
executors, guardians, widows, farmers, Arc. That Virginia
then issued lulls bottomed on a redeeming tax. but
bearing no interest: these, he informs us, were readily
received, and never depreciated a single farthing.
Now, Sir, what wan the character of the continental
money which the gentleman from Pennsylvania hai comj
pared with, and pronounced better than the Treasury
i notes proposed to lie issued by this bill? In tberevnlufmna
ry war, the old Congress and the States issued bills withI
out interest, without tax, and w ithout revenue to redeem |
! Ihem. They occupied the channels of circulation freely, i
till those channels were overflowed by an excess beyond i
' all the calls of circulation?the amount in 1731 being j
1 ?357.470541?and having been issued without tax. and i
, without revenue to redeem thern, they continued to de- !
. preciale, until they became worthless* in the bancs of j
j their holders. Hut let us extend the comparison a htjle j
, further, and inquire when it was that the continental |
| money, of which the honorable member speaks, was is- j
sued? Sir, it wns during the war of the Revolution, when
1 n 1 noitknr itinrpI' nnrrrpitit: si n 1
. me uuvtrriiiiinu jm?oocoo? ? j ..... ?. _
! time when no nun could look forward to any probable
period when the Government would be able to redeem j
j its obligations. But how is it with us now? J hire at;
templed to give some account of your Treasury, and !
( even those gentlemen who represent its condition much j
worse than many here know it to be, tell us we ha'e nn- j
: thing to do but to set on foot a loan, and that ten m llions !
of dollars can be raised in the course of a few days: pret- j
ty conclusive evidence, I take it, of the high creiit of !
| the Government. But how stood the credit of tin Go- j
vernment at the time to which the honorable rnrr.ber i
j refers, of continental paper money memory? It wis It- !
\ ternllv without money and without credit Still the ;en- !
i lleinao insists that the comparison is good! Thp remon- j
I iticr may be conclusive with the honorable member .vbo j
1 urges it, but i must say it does not corry conviciioa to '
; my mind.
But there is still another objection urgpd ngairut the !
: passage of this bill, and it is not Hie less singular.conudcr- j
' nig tiie quarter from which it comes. Failing in ?rgu- j
merit, gentlemen have conjured up "hydras and chiux- ;
rasdire," as if to frighten and alarm the good penpe of
i this land They insist that the issue of these Treasury '
! notes look so much like a bank, that tliey cannot fir n
moment, endure the thought of seeing one. Sir, in
I my anxiety to avoid splitting upon such a rocl, i
' begun to cast around me and see who were llion so |
| terrified and alarmed at the idea of a bank that tiey j
! cmld not even hear its name mentioned without be- |
j ing horror-struck! Who are ihpy? Why the very rien ,
I who are, to use a homely but expressive phrase, "uj to I
| the hub" for a bank ; one that can control and reguate I
| all the other bunks in the country, and upon a scale wlich !
j may God in his mercy long avert Sir, I ain myself, in j
! good faith, so utterly opposed to this Government's
j chartering a bank, that I cannot contemplate ilsesa- j
! bliehnienl without real dread and alarm; and, if 1 .
'could bring myself to believe that, in the issuing of
I Treasury notes, we were approximating to such in
1 institution, 1 would avoid it as I would " war, pesi- j
\ lence, and famine " But, before we give into the oaiI
nion that it is a bank, let us satisfy ourselves what tiie j
' functions of a bank are: its principal functions arc, an- j
I der an act of incorporation, to issue money, receive rle- j
positea. discount notes and bills of exchange, and make '
: dividends among its stockholders. But what are the J
| features of this pretended bank ? No act of incorpora- :
linn; no oovvcr to issue aov tiling other than the obliga ;
; lions of llit* Government to pa.V ';s honest debts; no I
I power to loan money, or to receive money on deposit?; J
I no potvpr in (livonnoi nntoii; no power to deal in excharr- j
pes; in a word, no one feature of a bank whatever; hot :
I yon simply cnnler upon ths Gov?rnmcnt the power to '
, perforin an act of common honesty when it is unable }
to pay its debts at sight, by giving its creditor a simple ;
; evidence of bis debt, i bad almost forgotten another .
; feature that wis lacking in this bill to make it a bank, |
Mr. Speaker; it has no power to buy or speculate in co'.- j
J ton; no authority, under cover of its corporate powers, j
1 to enter into the market and compete with the honest ;
J industry of the people, under legal enactments and legal 1
: protections dpvised by itself; it lias none of these alarm- |
i ing trails about it. I
; Mr. Speaker, I bad intended but fnr a moment to have
detained the Mouse with a few reinuika on the conslilu- J
timial question involved in lilts measure, but the argu i
inent on that branch of the subject lias been presented !
so clearly, so forcibly, snd so conclusively by my friend j
J from South Carolina, (Mr. Rhett,) that he has left no- j
; tiling to be added
i I have, however. Sir, one other branch of the subject
j to touch upon, and but one, and that is, to examine the
' scheme which these gentlemen themselves recommended
in place of that proposed by the bill under considera;
tion. What is their schemer A loan for four years, we
are told. [Mr Robertson, in an under tone: No time j
i was mentioned, but it wa9 to be at the pleasure of the i
I Government ] Well, Sir, redeemable then at the plea- J
'; 3ure of ttie Government. I suppose, for there hive been
I so many propositions offered, that I have been unable to
keep pace with them I am now informed by my colleague
i that the loan he proposed is to be redeemable at the
I pleasure of the Government, i would thank my colleague
! to tell me who it is that would lend money on such
j terms5 Where will he find capitalists in this country,
or on the other side of the Atlantic, who would loan
their money to be paid back at the will of the borrower,
the Government, perhaps in five orsix months? Would
they draw in their money. secured by mortgages or trust
deeds, or sell out in the funds, for such a contingency
1 as this? Permit me to tell my friend that the tiling is
I ulleily impracticable.
Mr. Robeitson explained that the nmpndmcnt offered
by him proposed a loan, redeemable at the pleasure of
I the Government, or at any period, leaving it to the
j Mouse to fix that period. He had left the clause blank
! for that purpose.
Mr. Jones. I took my colleague's first remark, thai
! the period of redemption was at the pleasure of the Government.
and 1 was roinrr to show.Sir.that no capital
j ist or association ofcapitalists, would lend money on such
1 terms. At all events, we are, by my colleague's propo;
sition, to incur n debt, and a large annual amount of in|
teres!, when we do not ivnnt the principal Sir, I have j
i not been educated in that school of politicians who beI
lieve that a national debt is a national blessing. 1 con- j
i sider a national debt a national curse, never to be aad- !
died upon my country, except under circumstances of J
I the most overruling necessity.
Again, Mr. Speaker, can you obtain the amount of mo- j
I ney which Government is expected to stand in need of? j
That is a question well worthy of consideration? Where
i are you to get it? Will gentlemen inform rne ? Shall
I be told, it can be procured in New York, in Philaj
delphia, or in any other commercial city of the United
! States ? Shall J be told that,at a time when every nerve
! has been strained, and the people pressed almost to the
j last extremity, for the purpose of discharging an enor- J
: nious weight of foreign debt, that ten millions can be j
! spared here? Shall 1 be told tint, at a lime when the |
banks are making every effort to resume specie payments, i
' t and when they have turned, and turned the screws, as 1
I long as ihoce who have connexion with them can bear, !
! wnli n view to control tneir circulation ana nusiiieis ge- |
! nerally, and save, if possible, the forfeiture of their i
charters, which hangs suspended over them by the le|
gal enactments ot the Legislatures of the Slates; when |
\ the Government itself, crippled and embarrassed ne it j
! has been in its finances, has been appealed to by its '
| debtors for relief?snd let it be remembered that that j
i Government never turned a deaf ear to those appeals j
' ?i ask, Sir, is it to he expected, can any man ex- !
| pect that, in such a state of things, that amount
j of money can be procured in this country ? It canj
not. Then what muat you do? You must resort to
| some foreign source, and send a mission abroad for the
| purpose. How long will that take? Remember, we j
! have no Great Western steam ship at our commifid at a
! moment's notice, but, at the least, it would take to go
! there, either to Kngland or to Holland, to negotiate the
loan, and return with the proceeds, from two to three
! months; and what is to become of the Government in
I the mean time ? Unable to pay the army, unable to pav
' the navy; unable to advance a single dollar to those
j brave men now fighting the battles of your counlry;
j unable to carry on any of those work* for which you
! have made appropriations; unable to pay your common
j ordinary expenses; and you are to wail all this time that
you may have the pleasure of saying, when you have
succeeded in carrying out that Federal doctrine, that,
at last, we have a national debt.
But, again, auppose you mewed in authorizing a loan: |
you want ten millions of dollars, arid you must get it in
specie or ils equivalent,convertible paper, if there be any
such in I lie land; it would be a rare sight, I cnnless,
but still that is the only medium in which you can g't
it?specie or convertible paper. Where are the ten millions
of specie to come from? Can the banks spare it?
Why, they cannot redeem their own notes; and great
as bao been the influx of gold into this country for some i
weeks iast, 1 very much doubt whether you could get j
ten millions of spare specie from Ihe whole of them.? j
What shall we next hear? Js this Government, which i
is waging war with the banks, this Government, that !
stands in hostile array against all the banking ineiiiutirris
of the country, to be indulged by them with j
specie: Why, Sir, it is alleged that if you collect ten !
millions of your revenue in the course of a whole year '
from these banks in specie, for the purpose of putting it |
in the power of the Government to hold its own funds ;
safely lor disbursement, you arc warring against the (
bank's! How much more forcible, then, would be the
nrguiuent, should the Government now come forward j
with a single demand for ten millions of dollars, at a '
time when they arc straining every nerve to resume specie
But gentlemen in the Opposition say that they are not I
opposed to granting all necessary supplies lu carry on j
the Government: only let them be asked for it in a proper
way ; negotiate a loan, establish a permanent debt,
and all shall be readily voted.
"Tiinio l.'an.ios it iio::a ferenle*."
I am afraid of these Greeks, even while bringing prerents;
arid why is it that my fears are excited ? Because,
Sir, 1 think 1 can discover a remoter object in these pro- j
Cessions of liberality than the mere borrowing of money i
to meet the present demands upon the Treasury. I cannot
but suspect that a portion of those gentlemen who j
sustained the deposite law, intending I hereby what they
did not avow, 1 mean a final distribution among the !
States, are desirous of commencing this system of borrowing,
and thus to get into the Treasury mnre money
than its necessities require, in order to pay over the fourth
instalment to the States, and thus to create a debt, which
the people must pay under a system of taxation which ia
unequal in ils operation, unjust in its principles, and |
ruinous to the agricultural interests of the whole South ;
Mr. Speaker, i have attempted, in my feeble way, to j
present to the consideration ofllie House the actual con- j
riiiion of the Treasory, together with the liabilities of the j
Government during the present year. I think i must j
have succeeded in proving that the present deficiency of j
means is merely temporary, and has arisen principally, j
if not entirely, from the indulgence extended to the
banks, arid to individuals who were largely the debtors I
"f the Government; and that, with the aid which this j
bill proposes, the resources of Ihe Government are ample I
to meet punctually all its liabilities. 1 have only farther I
to ?ay, that if, under these circumstances, the Govern- i
meat is to be placed in a condition in which it will be
unable W discharge its numerous pecuniary obligations.
nnd to maintain, unbroken, its faith, that blow shall not
he ia dieted by my hand.
DOi?i E&'fii:.
The Quebec Gazette of the 27th ult. says:
ll:s Kxceliency the Governor in chief arrived this
forenoon a little after II o'clock, in the slenmer John j
Hull, and landed about 12 The brads of departments,
with a guard of honor of the grenadier guards received
him at the queens wnari; ana hip usual smuie was
lired from tlie Cape. The ships of war in port manning j
their yards. IIih Excellency was loudly cheered by
thc?e who were in attendance to witness his landing.
Morreau, VVaite and Chandler were convicted at Niagara
on the tllst u!t, and sentenced to he hanged 7days
afterwards, viz: on the 150th. .Morreau and his associates
were engaged in the alfair at Shirt Hills.
(From the Saratoga Sentinel of July 551 )
Maj Gen. Macomb, commander-in-chief of the U. S.
army, arrived in this village on Saturday from the North,
and leaves to-day for the .Niagara frontier. We ate happv
to learn from him that the disturbances on the north |
ern line have entirely subsided; and though a feeling
very naturally exists among a great proportion of our
citizens favorable to the couee of freedom abroad as well i
as at home, a reaped for our laws and a desire to avoid |
any infraction of the amicable relations existing between
our own and the British government, will prevent any
interference in the internal relations of the CannJas. !
The presence of Gen. M. within a district of country
where his services were so distinguished and imporiant
during the last war, has undoubtedly produced a very
salutary influence; and we have no doubt a similar ei- 1
feet will result from his visitation to the westera frontier !
Stacnton, August iI ?The President of the U. S. ar- :
rived in Siaunlnn on Tuesday evening, after sunset, and
put up at the Washington Tavern. A number of citi- j
zens hearing of his probable arrival, wpiiI out a short i
distance on horseback to meet him; but after waiting i
some time, and a rain coming on, they concluded he
would stop for the night at Waynesborough, and ra- j
turned to town. As soon as his arrival became known,
a number of citizens called on him. He leit early next j
moriling for the Springs ?Spectator.
Rain! Rain! ?We had several delightful showers on
Tuesday evening, which have freshened the air, and
will do, we hope, great good to the parched fields. We ,
iinve never kn.V.V" ueiore a rr.ore general nnu cmnoi |
wish for rain -F?? ?Uy?, every ciouu which betokened !
a shower, was watched with anvtnus .l,U.;i1,dei an(j as jt
scattered or past liy witlioul yielding the desirm blessin",
a shade of disappointment could be seen to p?..
over the countenance All animal and vegetable life, '
indeed, seemed to sufier und languish under the long
continued heat ?lb.
(d? Jchoe Strasoe.?The Fayctteville Journal contradicts
the report for some time circulated by the Federal
papers, that it is the intention of Judge Strange to :
resign his ofiice of Senator of the United States. lie
has no idea of resigning, and has authorized no one to
make the assertion that lie intended to resign. We cannot
conceive tii? object of the federalists in inventing j
this story.?Raleigh Standard.
More Specie?The Exchange Bank of Virginia received
into its own vaults on Saturday, an amount of
specie over one hundred thousand dollars which had been
deposited for sale keeping in the branches of the Bank
of Virginia and Farmers' Bank of Virginia in this place,
thus swelling its amount over half a million of coin.?
We question whether a similar amount in specie, the
properly of the hank, was ever held by any institution
in this place. We understand that the Cashier of the
Exchange Bank will soon visit Richmond with a view
of obtaining the proclamation of the Governor, which
alone is required to authorize the bank tocominenc# operations.?A'orfulli
Beacon, July 3U.
Resumption.?The work of resumption has nlready
commenced in North Carolina. The Bank of Cape
Fear, at Wilmington,resumed on the 'Jo til of July; and
the Slate Bank of North Carolina, and the Merchants'
Bank at Newbero, were to have resun'"d specie payments
yesterday. A few days more, and the pleasant
measure of resumption will have been adopted throughout
the greater part of the Union. The resumption of
eppcie paympnts by the banks will have the ellect of
bringing a great many private "deposites" froin their
hiding places, which, instead of lying idle, will lie nmde
j . i? i ? .i.- ,.r
once more 10 no gnna service uy increasing me smvn <ji
tlie circulating medium. Many persons who have been
in the habit of stowing away for fifteen months past ali
the odd pieces of silver change that came to hand, are already
quite tired ol the process. It was a losing business
from the first; and it will cease at once, and the little
"sub-treasuries"of fips, levies and quarters will yield
up their contents at once, to the demands of trade, whenever
it becomes evident that fall supplies of the article
may be had for lite asking The act of resumption will
constitute this evidence. Thus, IhrelFect will be to bring
once more into circulation and usefulness many thousands
of dollars, in small change, which are now in the
hands of individuals, and which have been lying useless
to the public and to lliemsilces lor a year past.
[Baltimore I'atriot.
Brandos (Miss.) Bask.?The Nashville Whig contains
a letter from a correspondent at Brandon, Miss ,
under dale of J'dthJuly,in which,speakingofllie Brandon
Bank, he says?
its circulation is very little over three millions, and
in ltd days from this time, it will have a million of specie
in its vaults, it will be in a condition to resume specie
payments as soon as any bank in Mississippi, lis debts
are secured by tiie best securities in the Slate, and in
short it is sustained by the must solvent planters this
country holds. Owing to the course other banks have
pursued in this State in refusing to receive its paper on
deposits, it ha* greatly depreciated, and a reaction will
take place in a very short time, which will place the paper
of this institution equal to any in Mississippi.
N A V A L~0 IIL) ER7
All officers of the Navy, who are attached to the U.
S.' Naval Station at Philadelphia, are directed to attend
the funeral of the laic Commodore Jons Rodger*. from
No 2G0 Walnut street, to morrow afternoon, (3d inst.)
at 5 o'clock, in uniform.
Com'dts Office. U. S ' Navy Yard, >
Philadelphia 2d August, 1^33. )
Com'dg. officer of the station.
The officers of the Army, and the friends of Commodore
Rodgers, are respicilully invited to attend the funeral.
N. B. The morning papers will confer a favor by inserting
the above order and invitation.
As a mark of respect to the memory of Commodore
JOHN RODGERS, late senior officer of the Navy of
the United Stales, who died in Philadelphia on the 1st
inst, the flags of the Navy Yards, stations, and vessels
of the United Slates Navy are to be hoisted half mast,
and thirteen minute guns fired at noon on the day after
the receipt of this order. '
Officers of the Navy and Marine Corps are to wear
crape for thirty days. J. K PAULDING.
Navy Departme.nt. August 3. 1633.
Commodore Jons Rodgers, for many years past the
Senior Officer in the Navy of the United Slates, died in
the neighborhood of Philadelphia on the evening of Wednesday
last, altera long and afflictive indisposition.
We understand that his remains, accompanied by his
family, will arriva in this city to day. In another part
of this paper an official notice will be found directing
appropriate honors to his memory.?JVat Int.
(From the Pinnsylcaniun of Saturday )
The funeral of Commodore Rudders yesierday afternoon,
was numerously attended by (he officers of the
army and navy in (he city, the marines of the navy yard,
foreign consuls, die., and the volunteers of the city.?
The remains of tho velrran were inter red in Christ's
Church burying ground, and during the time of the funeral.
minute guns were tired from the Navy Yard.?
The Spirit of the Times of yesterday, says:
Commodore Rogers was. at the tune of his deal It, the
oldest commander in the Navy?but for the list fifteen
months has been a resident of the Navy Asylum in this
city, and the greater part of thai lime in close confinement?ft
confirmed lunatic. IJ e was made as comfortable
as I;is unhappy munition would permit. Ilia wns
not a continued madness, but a kind of childishness, with
a strong passion for destruction upon slight or imaginary
lie had gradually grown weaker and weaker for several
months past, and died on Thursday morning about
two o'clock, without any particular disease, but from
excessive weakness.
iiy his death Commodore Barron becomes the head of j
the navy. Commodore Slewart, now in command at i
our navy yard, is second upon the list of officers, having
been forty years in the service.
Extract of a teller from an officer of the. Jlrmy to his friend
in Washington, dated
"Tamp* 13.tr, July 15, 1S.13.
'Gen. Taylor is expected to be back from Okel'enoke
in from four to ten days The enemy, so far as wp can
learn, is more hostile than ever, though we have not yet
been troubled on this side of the Territory. We have
heard that they are determined to hold out to the last.?
They kill all messengers sent out by the whites, and all
who speak of giving up. Some of the most popular Indians
have been killed this summer by theiruwn people."
The asm v Department,) i
August 1, 1:33. ) I (i
The whole amount of Treasury notes authorised by '
the act of OclubMf lgt||( J?|;7, having been issued, j i
viz: _ ?10,000,000 Of) j i
And there having been redeemeo .f it.eI!. 1 i
about, 7,100,000 CO | I
The new emissions made in place of those i
under the act of .May 12, 1:3c, have
been 5,0?<?,-"68 SI I 1
This leaves a balance of all outstanding, i
equal to only 7.03G.5S2 ?1 1
Secretary of the 'treasury i
We regret to announce the death, at his resilence in J
Ithnca, of Ihe Hon Andrew D. W. IJrvvn, a rmresen- I
talive in Congress from the Tompkins and Tioga district I
of Iiiis Stale Judge 15..as tiie public have beenippriz- I
rd, has been long confined, in his route hnmewarl. from j
the effect of a pulmonary attack, produced orgieatly
aggravated by the seveie confinement of his public j i
duties; end although finally enabled to reach hit family
and his constituents, it was only to expire onion; tiiein. 1
He has filled several official stations v% ill) high cedit to
himself, and advantageously to the public interats; and
in all his relations, us a citizen, in judicial 01 le;islaiive
life, and among his family and friends, he was greatly j
esteemed for Ins personal worth, and for an exemplary ,
rectitude of life and character.?Albany Argus.
The French Blockades?Lxtractfroni thcLondon
Times of the 123d of June last :
"In the House of Lords, last night, Lord A:hburton '
presented a petition from the merchants of Lverpool,
complaining of the detriment which British commerce
sustained in consequence of the blockade of the ports
of Mexico and Buenos Avres by the French and calling
on the Government for its active inteirrence to
protect British rights Lord Melbourne sail he could !
assure Ilia noble lord thai the subject had not escaped
the attention of her Majesty's Government. He considered
it a mat lor of great importance, and on- that deserved
the utmost consideration."
Information has reached the Department if Slate, ,
from the Charge d'Alfairrs of the United Sia!*s at San- (
tiago tie Chile of the Chilean Government'javing de- t
creed the blockade of the ports of Callao, Ch'rillos, and (
Ancon, ftom the Idih of April last. The nmnience- ,
inent of the blockade was subsequently put ofl'lo the tffith, |
and on the I'Jlh, five Chilean vessels of war ruled from
Valparaiso, for the purpose of carrying the tecree into j
effect?Glube. .
Colonel Gwin, Receiver of Public Moneys alPontiac, i
Mississippi, died suddenly at the Lxchange Uriel,in N. 1
Orleans, on tiie 25lh ultimo. His compiaintsaid to be <
bilious cholic.
We learn from a gentleman who has reontly aeon ;
Mr. Senator Walker, of Mississippi, that, cwtrary to |
the current report, the health of that genllemm has iin- I
t,roved and is nnoroviinr.?.Vat. Jul.
A rase involving the legality r.f the prneredings of
the General Assembly of the Presbijteriai Church,
caine up in the Supreme Court of Pennsylvania n few
weeks ago. The Court decided that it had jurisdiction
in the case, and it was set down for trial in iNovember
Tht Drought ?As the train of cars was passing
through iirandywine Hundred, Delaware, on Tuesday
last, a spark from the locomotive fell in a stubble field,
and a Hamo immediately Hashed over the whole field,
consuming the stubble and dead g1"1" '"ite tinder.
? l)ST.?On Thursday week, in this city, peihaps in the in-t-hborhood
of the Powhatan I louse, n Pair vf CioldMounlcd Spectacles.?The
finder will apply for the owner and a roward at this
Richmond, Aug 7 20?2t
B AN D8 l'Ull SALE.? In obedience to n Decree of the Circuit
f ulienor Court of Law and Ch uicerv for Augusta county, pronounced
nt the adjourned term, on the bill day of February, lads, in
a camo therein depending between
Samuel .Moula, tru>tec of Ssamuul and Robert Purviance,
I Against
Joint Mitcliel, sheriff of r.f wis county, administrator of Henry
Purviance, deceased; Samuel J. l)onuld?on and others, Dcfts:
1 shall, on the 17th day of September, 183d, proceed to sell (end
continue from day to day until the whole is sold) nt pubtic auction,
to the highest bidder, in the town of Westos, Lewis county, Vn.,
the following irsfts of LAND, to wit: 1.300 acres lying on Pocutu1
lien river, nnd 3l,e75 acres on llig Elk river, in tracts of from one
to five thousand acres.?This tract is supposed to contain iron ore
and mineral coal in great abundance. It is clothed with an aburii
danec of good timber. The river is ilia line for 9 12 miles, ntlbrd'
in" fine water power, and a safe navigation to Charleston, a distance
: of about 30 miles ?10.000 acres on Hughes' river, about one half in
Wood, the residue in Lewis county. The rivet flow* through this
triet for IS miles, alfording fine water power and a safe navigation
1 to P.irkersburg, a distance of CO or 70 miles by water. This tract
' is cot up by actual surveys, into 60 plantationsof convenient sizes;
I m iny of which ore finely improved, with good buildings, orchards,
Ike.,"and all well supplied w ith the best of good, cool,spring water.
There arc two good grist and saw mills on this property. 'I It- one
i occupied bv Mr. Webb, is supposed to excel any null in Western
Virginia. This land is finely timbered end well adapted to firming
and gr izing. and lies in a fine healthy part of Western Virginia,
t And, on Tuesday, the 26th iluy of September, 1838, I shall sell in
Miildlcbourn, in Tyl'-r county, 1,0110 acres of land lying on Middle
Island cri ck, upon which Moses Williamson. Julin Adams, William
. Smith, and L*wi? Hond, now reside.
ANo, at Point Pleasant, in the county of Matnn, on Monday, the
! 1st day of October. 1838, I almll sell 4,230 acres in small tracts, oc|
copied by Messrs. Ja nes Capnhart, Walter Newman or thoseclaitnI
ing under him, Jntncs Peck, John Peck, John Lewis, Thomas Kinj
oiid, Jacob Peck, tlenrge Lewis, Peter Peck, N'ehcmiah Rogers, J.
Newman. Henry tjapehart, James IJerrv, Samuel Zircle, Michael
I Zirclc, Joseph Win low, Cynts Itlake, Adam Wetsell, Robert Miti
chel. nnd others. Upon the upper part of these lands is a good batik
; of mineral coal. The sales to continue from d ay to day until al I are
sold, and upon the fo'lowing terms, to wit: one-fourth of the purchase
money to he paid in hand,ono.fourth in one year, one-fourth in two
j years, and one-fourth in three years; the purchaser giving hond with
; approved security, and a lien upon the land to secure the payment
of the deferred instalments.
The title to all the lands offered for sale ir good; they being held
; |,y pre-emption and Military grants, and have been in actual possosj
lion for upward of thirty years. JAMES M. CAMP,
I Aug 7 [of,? 12t ] Commissioner.
Medical Department of the. iniversihj of Virginia.
fit-: next session of this institution will commence on the 1st
I September, and terminato on the 4tli July following. Lectures
on the ?J i lie re n t branches of Medical Science are debt eted by three
1 Professors, viz:
' J. P. EMMET, M. D., Chemistry and Materia .Medico.
It. E. (SRIFFITII. M. II., Theory and Practice of .Medicine, Obstetrics
and Medical Jurisprudence.
J. L. CABELL, M. II., Anatomy. Physiology and Surgery.
I The organizat ion ol the .Medi :a! Department of the University of
j Virginia presents peculiarities not to he found in other Medical
Schools in the United States, and which the experience of mans
years lies shown to be admirably calculated to fulfil the intention of
Its founders. It would he needless to detail the circumstances by
which the University Iras been enabled to secure to Virginia and
the South generally, all the bencfitsofn school so advantageously
organized, hut it is deemed right after so many years of successful
' operation, that the public should he made acquainted w ith some of
j the great points in which it differs from other Medical institutions.
The session continues fur 10 mouths without interruption, and
w ith twio Lectures, each an hour and a half long, nre delivered on
J the same day. Tho instruction is thus gradually imparted and pro;
fitahly retained by lh? student, who docs not, therefore, experience
l the perplexity and fatigue of daily encountering six or seven I.ecj
lures, delivered in rapid succession, as always happens elsewhere,
; in consequence of the necessity of compressing all the Lectures
vm.mii inn r ui iuui ur ii*c mimihij*.
I At each meeting of the several Classes, the students are subjected
to a full examination on the preceding Lecture, thui enabling
the Professor to ascertain their acquaintance with the subject,
! antl to explain such points as may have been misunderstood.
Any person of proper ago, and approved moral conduct, may offer
as carulidatu for graduation, nnd receive the degtec of M. I), withj
out reference to the time of joining the school, provided lie under|
goe*, in * satisfactory manner, the various examinations prescribed
j hv the enactments. These examinations are held at different porii
ods of the session; by which arrangement the student is enabled to
I prepare himself thoroughly on each of the branches without the
j contusion ol thought and fatigue of mind incident to thn method
i adopted in other .Medical Institutions. The separate examinations
; are in Anatomy and Physiology?Theory and Practice of Medicine
I ?ChepiisUy nnd Materia Medica, including Pharmacy?Obstetrics
' and Medical Jurisprudence?Jcurgcry. The time thus occupied, for
each candidate, is between three and four hours, a period ncarl)
sixfold us long as that usually appropriated to this purpose in other
schools. Thus, hy this system, it must be evident that a diploma is
never granted to any one not fully qualified to receive the honors of
the doctorate.
j Connected with the school is an Anatomical and Pathological
| Museum, which has been lately enriched with important and rare
i specimens, selected in Paris hy one of the Professors. An annual
| appropriation is allowed hy tho autnorilies of the University for
the purpose of securing subjtcts, and ample means for disseclion
arc thus affoided to each student, at the trifling cost of five dollars.
Arrangements have been made which will enable the Professors
tn deliver Clinical Lectures, at an Infirmary now established within
the precincts of the University.
The Medical Student has the use of the Public Library upon
the same footing as Academical students, and may have ready
access to most of the standard works and periodicals of his profession.
The expenses for the session for 10 month" arc limited to ?9-13,if
two students occupy ono dormitory, or g2b<j if a student rents an
entire dormitory.
Tbi' sum provides for hoard, including bed and other room furniture?washing
nnd attendance?fuel and candles?rent of dormitory
?ose of Library and public rooms?fee to the Professors, and dissecting
feo. [3tj?wtI5SJ August 7.
?-1- - - ?~ --- ,.t 4
11 y.!'!_' lli I ifeil ft :
sUcliia:cnd, Tiii'Mlav, August 7
The public are probably as much satiated, as n,:r'n'
fess we are, by the discussion on llie|Suh Tfeastv?""d
Special Deposite Systems. But as the Globe hr.rec''nt*
)y touched the rjueslion twice, in connexion1*''"
names, we think it due to ourselves, to say 1 "'"C'1 as 1
may sufficiently ''define our political pos-10" It is [
the less necessary for us at this time to Hr",e '',0 nmte?
in full, because we hare expatiated up*'il? f'?r several
weeks and months? and for the addv"na' reason. that u
no election is goingnn jn Virginia, "hich may headed;
ed l>y the discussion. Our ownl10"* are held in the
Spring; whilst many of the ju?-orlant election* i r
next Congress, (Missouri, 11 f i Ghio. M ^ . rk, IVnn.
sylvania, &c., ?&c .) are epe,l!nil urio^ the present
s'ummerand autumn. Afte;ll"> l, w remarks, then, which J'
we have now to offer, w would most cheerfully lay the 'J
whole controversy u'on tl?e shelf?lea ving it to other "
States, which are about to resort to the hustings, to J"
canvass it to the* heart's content 'I hey rnav try the !
issue; and it is i?t to be denied, that if they do not alto,
gether cast thf die, they will to a large exient opmv
upon ihe late ?l 'he general cyjestion, in Congress nr.l
elsewhere. Tlie controversy is now with them.
case is within their special jousdictinn. For ourselves, 1
we are willing to lay upon our oars; to wait the course
of action in the other States. If the game should g.?
?ir->inist the Administration, we will rush to the rescue,
and do all in our power to re-unit* our Republican brc "
lliren. and do battle with the Whigs Unite our lege p* 1
and we are in no danger. We shall sti'l heat down the r
Whigs, baffle the Bank, and d?feot Mr Clsy.?We know '
tins language may now sound like empty rlimnndv in tl.p
ears cf the buoyant Whigs; but they may be disappair.'ed
again, as they were in I Tlie panic of '34 availed '
them nothing, in the 1'rpeiilentisl campaign And ss
little will the panic of 1~38 profit them in the coming I
contest, if we are w ise enough to conciliate, and to coin. )
promise; to close up the fountain of bitter waters, and I "
to reunite the Republican party?The few remarks, [
w hich we nowr propose to offer, are intended to have ilut 3
effect. They embrace tlie expedient, which we think | J
beat calculated to produce a settlement of the question;
to manage our finances, to give stability to our commerce,
pence to our public counsels, and harmony to our party.
They are honestly addressed to the good sense und tho
good feeling of ail our Republican brethren
The Globe has lately written two articles on the Fi.
nance Question. In both, it goes fur the bron! principle,
not of using the public revenues for private hnnt.inf
purposes. Extracts from the first article were republished
by us on the tfTtli ult. It seprns to thiols. that the nr.iieV-f
rarrv'ingout this principle, by the Special Depnsiie m sVtn r'
has failed at the late session ?that it has partly iivecsr '
ried by the aid of the Conservative votes, and that, therefore,
we ought to look henceforth to the Suh Tresis -v
nvstein It says: "And now that every propitiatory off. r.
irrg. save lliat of surrendering the Treasury to u-;ir.*
and speculation has been rrj?cted. shall we say that 'he
Government is not to Ire trusted with the immediate
austody of that inoccy which it is obliged to collect and
disburse.'" Ac , Ac.
We are indebted to (be Globe for another very inte.
resting article upon the same subject in its No. of Jraturday
night, which we now lay before our reader*: .,
"llirhmoml in the field ii^'uin, baltling for the
"We are happy to see our good friend of the Richmond
Enquirer ae.coutred for the Presidential tournament?indued
in his armor of proof?erect in the sadjle?and
his invincible lance again in poise, to be bur'ed
it the enemies ol Southern rights?of Democratic prita '
:ip!es every where?the asserters of privilege and moaopoly
for classes?the subversion of State rights for national
consolidation. ?
" (low nice is the line which ha* severed him, for the ,
moment, from his friends, in comparison with the deep V
julf which yawns hetwpen hint and that array which is
allied on the ground which Mam it.to* marked nut. and
which now assembles under banners with the blazonry
I'ROVKMKNTS, boldly and legibly inscribed?t!ir re- p
nrgnd* frorn Republicanism?Ci.av, and the blue light,
black coUcatlr. Federalist?Webster, commanding?the
latter, if seiond in grade, only second to the apostate. ^
"The F-ditor of the Enquirer concurs with the Demo- j (
cratic party in ihr principle, that banking corporations 1''
should be excluded from politics?that Government
should be excluA?d from exerting influence over banks.
Hp agrees with Ins former friends, that the public money ,
should never again hb'i'irerted from public to privcte
purposes?that when collide A fr0rn the people, to rnrot "
the appropriations to which alon- t|ie Constitution permils
it to be applied. it shall not bp appropriated by banks
to benefit their stockholders, by levying a new tax on
the people in the shape of usury on borri^r,8 Jn a
word, lie unites with his Democratic brethren ;n re. c
solution to make an impenetrable wall between ?'.? money
and business of banks and the money and busi.p^g
f Government. He. however, holds that a slricfrj
guarded special deposits in the banks is tlie safest moCe M
of effecting this separation, at the same lime securing
the Government funds, and securing the country Iroin ,l
Government patronage. The great body of Ins Democratic
friends believe that thp best [dan to effect the object
is a constitutional Treasury, under safeguards prescribed
by the immediate representatives of the people
and the States, confided to the custody of responsible,
sworn public officers, confirmed in their fidelity by the *
force of public opinion, rewarding them with honors if
faithful, with infamy if otherwise, and by the law ?urrounding
them with checks and securities in every d?
pariment, and heavy penalties fur a delinquency, which 11
cannot escape detection. }r
"The whole difference, then, between the few of our
party who concur with the Enquirer, and the many who
agree with ua, is ns to the choice of tun hour.it nudes of
accomplishing the same honest end. Out object is. in
fact, attained. The Constitutional Treasury exi4'"
tins moment, independently of banks, and would continue
if every bank in the Union should cease to exist ?
But the law of 176!) does not provide those safeguards
and penalties which we hold to be necessary to euh|?c*.
the Treasurer, and those connected with him in his lru?t,
to those checks in the Executive Department, to that
legislative supervision, and that personal accountability
through the judicial tribunals, which are proper. Whether
the Constitutional Treasury, as it now exists, shall
be modified by the association of banks, under the special
deposite system, or new guarantees provided for the
custody of the public money, and itsabslracti<>n front private
uses through Government itself, through its executive,
legislative, and judicial faculties, without the aid
of banks, is certainly not a ground of dissension among
sound Republicans, who concur in the principle of severing
banking froin Government We shall never
make it an objection to any friend of the common principle,
that ho would give the Government a separate
vault and special deposite in the banks, holding its o-.vn
Treasury otlicers responsible for paying in and paying
out its money. Nor, we trust, will those who favor tins
scheme.be olfended with us if we endeavor to have new
muniments thrown round the public treasure in its present
position, especially if the plan they propose should
not be carried. Our object is a common one?to save
it from the grasp of a National Bank ?from the ui-e
of all banks. If the special deposite scheme be successful
and effectual, we are content ?but we prefer
additional legislative guards?stricter supervision
? heavier accountability?to make sure of it, and prevent
abuses on the part of those to whom the l.if
and Constitution commit the trust. If the friends
of the Special Deposite plan cannot carry their p"inf,
they will agree with us, at least, in increasing lb'
sponsibilities by penalties, and diminishing,-by a distribution
of the trust, the power and control of the Treasurer
and all Executive agents over the public moneyTIipu
will nrrree with us. too. in the main point, that"!
*; j - -t?- - - - ?
maintaining the ground we have, and keeping the dj- K
lion's revenues and credit out of the vortex of the bank* ft
whirlpool, nnd save it hereafter from being swallowed K
up in speculations nnd suspensions " I|
This article induces us to ''define our political pen- j
tion."?It is true, that we are prepared in the coming Mr
contest, to stand by Mr Van Buren and uncompromising
hostility to a iNational Bank, against Henry Clay and a
Notional Bank. Our party is already sufficiently divided.
We have no desire to distract it still farther, by
running a third candidate. Why should we? Who stands
anv chance of being elected, but?Martin Van Ilu'cr. '
Shall we encourage the Whigs still more by our divisions
? Is it not unwise to change our front in the very
face of the enemy? Why should we abandon iiiin. "
whose talents, patriotism, and principles, we repose the
highest confidence, because it is our misfortune to doF'f
with him on a single measure? This is nonewp,",:'' 11
for us to assume. It is what we have uniformly
ed. For instance, in Marcli last, we made the following
unqualified declaration:
"We have uniformly taken care 'to define onr political
position,' (to use Mr. Calhoun's phrase.)and that position
has been, of unwavering attachment to and sun*
port of Mr. Van Buren?except in the matter of the SubTreasury
bill; to which we have always entertained and
always have expressed a decided and invincible objectionThis
obvious distinction appears passim in the columns
of the Enquirer?not only on one or two occasions, but
repeatedly, invariably, uniformly, since the day ol bw
first Message, at the Extra Session, down to the present
day ?We took our ground in 1831, against the Sub-1 rexsury
scheme?which was then brought up by the Whig3
and opposed by the Democrats?We have never wavered
since its revival in 1837, when it was brought forward
bv the Administration and opposed by uiost o! tr.e
On the important question, now before the public, ^
agree with the Globe, so far, that if the public lunoi

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