Rising Sun Times, Volume 4, Number 197, Rising Sun, Ohio County, 9 September 1837 — Page 1

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Br ALEX. E. JLL:Y. RISIXG SLA, LVDIAZVA, SATURDAY, SEPTEMBER 9, 1837. YOLUIE I V.--NO. 197.

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RISING SUISi saturday:::::::::september , 1837. fcSupscriptions to the Indiana Farmer and Stock Register will be received at this office. The prospectus will be found on the fourth page.

NOTICE TO DELINQUENTS. Asaph Buck, Esq., is employed by the Editor of the Times, to collect subscriptions and other debts due the establishment, lie has made one trip, and met with but poor success. In a short time he will take another tour, and will present the accounts of those who are in arrears for one, two and three years; and we sincerely hope they will be promptly paid. .The amount due us from each ono is small, but if we had it all collected together, it ) would be of very jrrcat heln to u at this ame. In fact, the reason we have employed an agent is, that we are pinched for the needful, and cannot get along u it'hotit it. I STEAMBOAT RENOWN. This new and splendid steamboat, built nt this place, by Messrs. Joiix.B. Craft and Pi att & Ati.eakx, left our wharf on Sunday morning last, in gallant style, with full fi eight for New Orleans. This is the li st trip of the Renown, and judging frem her performance tho first day, wc predict that she will be one of the first boats on the river. Her cabin accommodations are not excelled by any other boat; and wc do not believe that a more clever or attentive man can be found, than Captain Craft; and those who patronize his boat will find every attention paid to them, and to their property. RIOT ON THE RAIL ROAD. Mamsox, August 30. On Monday evening last infirniation reached our t wn from Vernon, tlftt there had Lcen a riot at that place on Sunday among tho two parties of Irish, who are distinguished iunong themselves as "FarCKK ?""' and 'C;rlcbnians," in which one of the form -r was killed, and that this exasperated them to such a. degree that a general riso of the laborers on the whole line of the rail road had taken place; that the Fardowners had sworn vengeance and declared a war of extermination against the Corkonia:is, and were fast assembling in order to carry their threats into execution. Messengers reached the laborers on veiling, who instantly threw down their pickaxes and started for Vernon, tin theatre of war. We understand that ihe whole number of hands on ihe line is about 1700; about three hundred only of these are Corkouians. Immediately upon the receipt of this intelligence a number of our citizens promptly volunteered their services to aid in the preservation of the peace and the lives and property of their fellow citizens of Vernon; the drums beat to arms; there was 'hurrying to and fro, and mounting in hot haste," and about dark a company of volunteers, 100 or 120 in number under the command of of Gen. Stapp and Major Cochran, left for the scene of disturbance. It is probable thev reached Vernon by 12 o'clock yesterday. What the result may be we knownot. It is to be hoped thev will succeed in prcveidiog the contemplated horrible j proceedings: but when we consider the j number of the enraged and reckless Irish, j wc are afraid, that unless the little band vlnleft here are promptly reinforced by the citizens in the vicinity of Vernon, they will not be able to prevent the effusion ot much blood. Since the above was in type, we learn that some of the laborers returned to their work last evening, and it is probable that ihe rioters were pacified before any further harm was done. The company which went from this place, returned last night after dark. One person was instantly killed during the riot on Sunday, and three others injured so badly they are not expected to survive. Banner. MELANCHOLY OCCURRENCE.

On Saturday last, as Mr. Joshua (Ireen was engaged in riding a horse race, with some other individual at Waterloo, in ibis county, he was thrown, and was so much injured by the fall, as to cause his death in about 2'2 hours after. The particulars as we have learned them are about as follows : Thev started a short distance below town, and ran into the village; but before the race was quite ended, a hog ran into the road, over which Mr. G's. horse blundered, throwing the rider some distance in advance. He struck upon his face, and breast; breaking his jaw and injuring him inwardly. Mr. G. was about 48 years of age, and has left a wife and three children to lament this unfortunate casuality. We state for the credit of the principals in the race, that all the money bet, has been given to the widow of Mr. Green. This is another caution to those who ire in the habit of following this barbarous practice. t'oanersvillc Watchman.

STEAMBOAT DISASTER. Bloomixgtox, bth August, 1837. This morning, about three o'clock, the Steam-boat Dubuque, commanded by Capt. Smoker, w hen alongside of Musquetin Island, and about eight miles below this place, on her wav to Galena, while under an ordinary head of steam, colapsed the flue of her larboard boiler, scalding all the deck passengers, and some of the hands so severely, that ten arc now dead, and it is probable, and ev en certain, that five or six more will die. A few others were thrown overboard, and drowned. At the time the f ccident happened, the boat was about 50 yards from the west bank, and a landing was easily effected. Bloomington being the nearest point from which assistance could be obtained, six men were dispatched with the yawl, who returned in about four hours with two physicians; when every thing which human ingenuity and skill could devise for the relief of the unfortunate sufferers was promptly done. Several

of them were so badly scalded, that half of their skin came off before the arrival of the i physicians. At eleven o'clock, the steam i

boat Adventure, ('apt. anhouten, boon J I -hou.u he chcrtu d only in useful. innoto Galena, came up, and took the Dubuque ' ccnl! refined amusements. Amid the inin t w as far as this place. It is due to ! tclligent society of virtuous females, young

Capt. Smoker, as well as to the Captain of I the Adventure, the physicians, and some of the citizens of B.ooivungton, to say, thai j they cid every thing in their power to mil- ! igale the sufferings of the unhappy vie- i tuns, and render their situation as comfort able as possible. Jones an 1 Thompson, who killed William S. Thomas, were hung in Louisville yesterday. Tjiey made confessions of their crimes a few days previous to their exit, and the youth will again have an opportunity of reading an ''awful account" of their numerous murders, &,c. Would it not be well for our legislators to pass a lawmaking it a penal offence for printing and selling the confessions of men who ha.e expiated their crimes on the gallows? J ejf vrsonviUc Co urier. TEXAS. We have befi re us a file of Texas (IIous-! ton) papers to the 22d hist. The elections ! .'',, -i ii eems to excite considerable attention.

p ., ,;i-4 . i- m i , " iuuimiuu ui uccause lie canuoi sw uuow tranquility, according to the Tcegraph, pi ,. ril ,,..,.), 0 ,r I , " as much wine as his fc ovvs, and if thev pervades the whole territory. The Mex- , i ri-.i . i - i i . i "i . i ,i . i I partake of ''the strong drink hat maketh icans no longer threaten anv hostilities, ' . ,, , , , .. . , ir,A i, i r i i " mad, he shows his strength of bead in and the Indians have become pacific. 1 ., J. '!, n,. ,,,.. r ..- ! i .1 -.r , i swallowing the same potations. It othi he prospect of a ridi harvest has diffused ! m l i . ' .i i ,'.,! ;' . j ,!., u . i- : crs gamble, he gambles. As thev descend general jov , and there is but one subject , (l , . ? r i i .u i . ' r ' . ii- to tho lowest Vices, in a emrit ol bravado, lor the least cause for regret, and that is. i . , , -', . 1 . ' , i - .. .. - . .'lie sinks down with them even to the

nn. ittui;ui.--iiiii'' ?ku; kii oumit;ii;i; : out it . . j Ti . ri ii c l-i n II t IITln f thnt I ..nrrrncu will f..j'rtfK,- t i liberal policy this powerful source of national w ealth. An act has been passed authorising the issuing of promissory notes by the Govern ment. Its 3d section declares ihat these -...tof u. k.. n i :.i i i " r: ,11 , -, - -, , ., , ,, . L , i gold and silver coin, and "shall be received as cash, for all dues owing or coming to the Government.'" These notes therefore will evidently be received under the provisions of the 9th section of the revenue law which declares that "all duties or public dues i.e. "all dues owing or coining to the Govern ... - ment, J of whatever nature or descrip tion, shall be collected or paid in gold , or silver or cashl as such current bank paper, i. e. the authorities shall from time to lime direct." The Telegraph mentions that a Court of honor has been organised for the prevention ot duelling, which has already been the means of preventing an affair. Ofin it K emit Ivi c rlnr !;i roil llint lin will either procure the release of Colonel Wharton, or resign his commission in ihe Mexican service. X. Orleans Bee, August 8. Clayton's ascension from Pittsburgh. This enterprising arouaut made a splendid ascension from Pittsburgh on Wednesday last; he got under way at 5 o'clock, with a fine breeze from ihe West, which took him due East so rapidly, that his large balloon was only visible fifteen minutes. The Pittsburgh Advocate says: 'If the wind continues favorable, Mr. Clayton will probably reach the Atlantic before morn ing. About 1,700 persons were within the enclosure, which, we think, was not more than sufficient to defray expenses." If the "Advocate" of Friday contains no further accounts of him, it will be fair to conclude that he passed the mountains, and reached the neighborhood of the Atlanticcoast. This morning's mail brought us the "Advocate" of Friday, from which we extract the following postscript the article which preceded it, and to which it refers, was an account ot the ascension merely. P. S. Since fhe above was in type, we learned at the stage office that Mr. Clayton and his balloon were jscen at Johnstown, about 60 miles from this city, at 0 o'clock, only one hour after starting; this is a pretty fair start for the Atlantic. Great anxiety is felt, very generally, throughout the city, to hear of the safe landing of the intrepid voyager. THE WAV IS OPES TO ALL, Miss Martineatt, in her recent work on this country, says that the only unhappy young ' gentlemen in in our Northern States, are those who are born to a fortune. Well, there is "mote truth than poetry" in this. Let those who have no other fortune than their hands, think of it. There is free road open to thorn. Al-

most every great name that has adorned the world, has been won by personal effort unaided by the fortuitous power of wealth, or the mushroon force of birth. Young men of our country, go up tins, road. Go up it by your own exertions, for you will never ascend by any other. Rely upon nothing else, for all else may fail you. To our contemplations, there is no spectacle more worthy of admiration, than a virtuous young man advancing himsef in the esteem of the good and worthy, by his own exertions. His industry is unceasing, his deportment modest and unassuming. His principles are fixed his integrity unflinching. He practices the cardinal virtues for the love of them and others love him for their practice. He should meet kindness on every' hand. Mankind are interested in his success, for he may become the depository of the power which our fathers exerci-c. lie may sit ia the high places giving laws to the country and wisdom to the aire.

would cot inrstroy the hey-day of There is a natural buoyance to j youth. ; vouth. youth, that should be indulged. But it ,!lcn should seek relaxation from the cares tue counting house, and the toils of the work shop. Hero will their affections be purified, their manners refined. If the matron of the manison approve it,' let the young join the merry dance to win inv ig orating relief to their plijisical powers. Young men, shun as vou would th plauge, thoe who deride the seret.of virtuous females. There is a moral r.estilencc in the very atmosphere theTreathe. It they loved virtue, they would love virtuous society. It is a sure proof that they know themselves too well to enter where virtue and refinement alonj diffuse their refulgent light. Stock society above yourself, but enter not that which is be neath you cither in intelligence, refinement, or virtue. More young men are ruined in our cities, by bad associations, than from all other causes combined. When the novice en S a .c?f,enfrh, '"fiT''' " i vail, he drinks a , , , . , ters a coterie, he soon catches the prevaildrinking and carousing p re nd carouses. He will not I . I 1 1 . 1 I. . II 1 t i- 11 . verv depths ol pollution.- - 1 I -until he hangs ' upon society, a pest and a nuisance, instead of an honor and an ornament, as he miTht j have been, had he not met ruin in the bej wildcring. contaminating influences of pcrI nicious associations. When we behold a young man capable ol resisting all such temptations, w e w atch i- .. - c , , ' , , 1 mi' is 111 iirniMiiiiii iiiriii ivi iiriii it n ifinif ! upon him as bright promise to human libi erty. Morality shall hail him her cham1 pion. Religion will exult in his defence. ! He shall sit in the high places of the Rej public and his name shall endure, i When monumental marble i Hath crumbled with its scroll. THE MONTH OF JCLV. In the month of July the rrrcatcst revolutions happened, and sonic of the greatest battles were fought: On the 4th of July, 1776, the revolu tion of the American colonies was con h;oliiatcd' b-v ,he declaration of independence ( The first remarkable event of the French j revolution happened on the 1 1th July, 1780 The revolution and independence of the united provinces of Holland, began in the month ot July, loSl On the 27th of July, 1830, the second revolution in Trance was accomplished. On the 8th of July, 1307, the revolution which followed the union of Calmar, placed three crowns on the head of the Semiramis of the north, Margaret of Waldemar. On the 0th of July, 1702, the other Se miramis of the north, Catharine, dethron ed her husband, and commenced her spleh did reign with an atrocious crime. The battle of Tiberias, fought the 3d of July, placed the kingdom of Jerusalem in tho power of the infidels, and precipi tated the unfortunate Lusignan from the throne. The battle ofOrigna, fought on the 24th of July, drove the Moors from Portugal, and made Alphonso I. master of the king dom. The Battle of Boyne on the 21st July, insured the rrince ot Urange the Crown of England. On the 8th of July was fought the bat tle of Pultawa, which destroyed the pow er ot naftcs the 12th, and established that of his great rival, Peter ihe 1st. The 25th of July Charles Martcl gain ed the celebrated battle of Poictiers, which put a stop to the inro ids of the Saracens 1 he 27111 ol July, Philm Augustus gain ed ihe battle of Bui vines, which insured the throne ol b ranee to his descendants The 2d of July, Napoleon took Alexan dria by assault. The battle of Aboukir was fought the 3d of July, 1709, and that of the Pyramids the 25th ot the same month Tho battle of Wagiam took place in Julv.

The 28th of July, 1793, Robespierre

was guuounea. To the above we will add that Thomas Jefferson and John Adams, who bore a very conspicuous part in the history of this republic, died on the4thof July, U26; and James Monroe, who was President of the United States, and an officer in the Revolutionary army, died on the 4th of July, 1831. AuEitrcAX Artists. "Truly a prophet has no credit in his own country ." "2jme thirty odd years ago there lived an Edward G. Malhonc. bv birth a native -C DLJ f .l I 1 f ' - 01 luioue iMaiiii ov proiession: a minia ture painter. The productions of his pen cil were, among the lack judgment people of the United States, considered very fine. lie was our personal, and intimate friend; in one of our voyages to Europe, he went with us, lHo improve himself in his art" so said his letter of recommendation to bF.xjAMt.v West. A day or two after our arrival ii London, we went together to sec Mr. West. Wc introduced him to the " I VI ti p n t nf flip Arte flr-nt 7?.r, m. . . .... .-f ...v- HJ If I Lllb J I ItUlllj as Napoleon called him, Mr. W. said, af tcr reading his letter, Sir, have you any specimens of your art with you? I have, sir, was the prompt reply; at the same time producing, from a breast pocket, a siia-grccn case oi an oval lorm, ot some four inches bv three, which contained a picture of three female figures, on a piece of ivory, representing ''the hours''' past, present, and tuture, by their positions. Mr. West looked at it attentively forsoin? minutes, ihen, turning to our friend, he said, "Sir, your letter informs me that you came to London to improve yourself in your art; you may go hotie by the first j vessel, sir, there is not a man in Europe can paint a picture like this." DOWN EAST GIRLS. tlti .... vvnen the down cast girls wish to threaten each other with a flogging, thev sav, 'I'll be into vou like a thousand brick.1 When a wild lark attempts to steal a kiss from a iNantucket girl she savs. 'Come. hceroff, or I'il split your mainsail with a tvpoon.' The Boston girls hold still until they are well kissed, when they flare up at once, and say, 'I should think vou ought to be ashamed.' Boston Trans. When a young chap steals a kiss from an Alabama girl, she says: 'I reckon its mv time now,1 and pivcs him a ?luu un the ear that he don t torget in a week. Irwington Herald. When a clever chap steals a kiss from a jouisiana girl, she smiles, blushes deeply ana says nothing, vve 1h;nk our girls nave more taste man those down east and Alabama. When a man is smart enough to steal the divine luxurv from them they are perfectly satisfied. Picayune When a female here is saluted with a buss, she puts on her bonnet and shawl, and answereth thus: "I am astonished at . rillrl-l thy assurance, Jedediah; fr this indignity 1 ft' I 1 1 cnit- thnn in, f unn .!.... . . will sew thee up.' Lynn Recorder. The ladies of this village receive a sa lute with Christian meekness. Thev fol low the scripture rule, when smitten on the one check they turn the other also. Bungtown Chron. As for the New Yerk girls, thev ro on the regular spoils of victory principle. A man must fight for a kiss as for his life. 111 A . neaa dress, sleeves, 5e. not taken into account. P-ut it he takes the citadel, he can then enjoy his heart's content, be cause the girls never give up until their strength is gone. 1. Commercial. w i i . I l -i hi; iviiu" in 11 uiu uubiuui wnicn prevails amongst us ot the interior, but we should think that before a man is so fortunate as to obtain a kiss from any of our girls, he must stand up before u pastor and sav, 'I, iU. taue nice, i. etc. ccc. &.c. Albany Adv. The girls m our town are amazingly squeamish auotu ncing kissed; and no sooner docs one of them receive a buss. than she exclaims, 'Done lettin me alone! n't ye?' LippcnVoicn Gaz. We feel it our bounden duty to add our mite to the above, for, among all the va rious modes ot icceiving a salute, the young ladies of this section we do believe h:ive the strangest. Thev actually shut their eves when thev see a geutleman about to present lips; after he has given them two or three smart smacks, thev unclose their pretty' orbs, and say, 'How dare you kiss a body, when a body's fast asleep; Maidstoum Observer. A Good Story. It is said of a gentlcmah in this city, that he has a passion for the purchase of second hand furnituie at auction and that in makimr "mod bargains" he has filled his house with an-r-t n li.uiiited and almost useless articles. UnI ' . "" . 1 on one occasion ins wnu iook. iiiu respon - sibility, without consulting or apprising her husband, to have a portion ot the least useful truck removed to an auction room, Great was her dismay, and extreme her astonismcnt, when, on the ev ening of the d iv of sale, a majority of the articles came back to the house. The husband had stumbled into the auction room, and not know ing his own furniture, had purchased it at better bargains than at first! ' N. Y. Hun.

MESSAGE FROM. THE

PRESIDENT of the UNITED STATES, To the two Houses of Congress at the com mencement of the first session of the Twenty-fifth Congress. Tdhw Citizens of the Senate and House of Representatives: flic act of the 23d of June, 1S30, regu lating the deposites of the public money, niul i I rrrt ill rr flif, rtnt.. lr-rtiorit rftntr DlQtrict, and Territorial Banks for that pur- j r,vn mn.1.i w it, ,1 f ,.otipr f! the Treasury todisco'ntin ic the use of such of them as should at anv time refuse to redeem their notes in specie, and to sub stitute other banks, provided a sufficient number could be obtained to receive the public deposites upon the terms therein prescribed. The general and idmost simultaneous suspension of specie payments by the banks in May lat, rendered the performance of this duty imperative, in rcsp-jct to those which had been selected under the act; and m?.de it, at the same time, impracticable to employ the requisite number of others, upon the prescribed conditions. The specific regulations es tablished by Congress for tl-ic depositc and safe keeping of the public moneys, having Lhi;g uncxpecteciv Become i'tio'peiativc; I felt it to be my' duty to afford vou an early opportunity for the exercise of your su pervisory powers over the subject. 1 was also led to apprehend that the sus pCn;jon o lnc "emuar f specie payments, increasing the embarrassments before existing in the pecuniary affairs of the country, would so tar diminish the public revenue, t pat i the Treasury,! i . the accruinir receipts into would not, with the reseived five'inillions. j be sufficient to defray the unavoidable ex-1 penscs of the Government, until the usual period for the meeting of Congress ; whilst tho authority to call upon the States, lor a portion of the sums deposited wilh them, was too restricted to enable the Department to realize a sufficient amount from that source. These apprehensions have been justified by subsequent results, which render it certain that this deficiency win occur, if additional means be not provided by Congress. The difficulties experienced by the mercanti e interest, in nieetiiiT their cng igements, induced them to apply to me. pre - 7 tJ . viously to the actual suspension of specie payments, tor indulgence upon their oincs forduties; and all the relief authorised bylawwas promptly and cheerfully granted. The depondonco of thn Treasury upon the avails of these bonds, to enable it to make ihe deposites with the States required by law, led me in the outset to limit this indubrence to ihe first of September, but it has -ince been extended to the first ol Oc - tobcr, that the matter might be submitted I to your further direction. i Questions were also expected to arise j in the recess in resnect t ithe October in- i stalment of those deposites, requiring the interposition ol Coi gress. A provision of another act, passed about the same time, and intended to secure a CjitKf'nl r.-nvw-l !- rwn n-ifli ir i!' nr:l t ion fi I Ullililiailt. ..All, 11. Mil l'.i.vl. the Unitcd t) ,..lti,fv aU demands 1 - . . upon them in specie or its equivalent, prohibitcd the offer of anv bank note, not con vertible on the spot into gold or silver at the will ol the holder; and the ability ot the Government, with millions on depositc, to meet its engagements in the manner ihuf required by law, was rendered very doubt fill by the event to which 1 have referred. Sensible that adequate provisions for these unexpected exigencies could only l e made by Congress; convinced that some of them would be indipcnsably necessary to the public service, before the regular period ot your meeting; ana desirous also to enable vou to exercise, at the earliest moment, vour full constitutional power for the relief of the country, I could not with nioonctv. avoid sul tei ting vou to the inconvenience of assembling at as early a day as the state of the popular representation would permit. 1 am sure that 1 have done but justice to your teelings, in believing inai mis inconvenience will be cheerfully encountered, in the hope of rendering vour meeting conducive to the good of the country During the earlier stages of the rcvul sion through which wc have just passed. much acrimonious discussion arose, i nd great diversity of opinion existed, as to iis real causes. Tins was not surprising The operations of credit are so diversified, nm! ihn influences which affect them so numerous, and often so subtle, that even impartial and well-informed persons are seldom found to agree m respect to them To ' inherent difficulties were also added other tendencies, which were by no means favorable to the discovery ot truth, it was hardly to be expected, that those who disapprov ed the policy ot the Government in relation to the currency, would, in the excited state of public feeling produced by the occasion, fail to attribute to that po icy any extensive embarrasMiint in the mon- . etarv affairs ot the country. 1 he matter I ,t...n l.r.'... inn unnnni-lnil it'llltl lllf I : 1 1 ill i uma mum " ....... and conflicts of party ; opinions were more or le ss aliccteu dv political coiim leraiions; and differences . were prolonged which midit otherw ise have been determined bv an appeal to facts, by the excrete of reason, er mutual concession. It is, however, a cheering reflection, that circumstances of this nature cannot prevent a commuciity so intelligent as ours, from ultimatcl v arriving at correct conclusions', Encou,rngod by the firm fcclief of this truth, I

proceed to state my views, so far as may be necessary to a clear understanding of the remedies I feci it my duty to propose, and of the reasons by which I have been led to recommend them. The history of trade in the United States for the last three or four years, affords the most convincing evidence that our present condition is chiefly to be attributed tooveraction in all the departments of business; an overaction deriving, perhaps, its first

impulses trom antecedentcauses, but surn "!ated 10 Its destructive consequences by tv -' i-sucs oi bank paper, and DV ?Ulcr ,;ic"in the ac(1uisition and enlargemeni oi crcuit. At the commencement of the year 13 1, the banking capital of the United States, including that of the national bank then existing, amounted to about two hundred millions of dollars; the bank notes then in circulation to about ninety-five millions; and the loans and discounts of the bunks to three hundred and twenty-four millions. Between that time and the first of January, 1836, being ihe latest period to which accurate accounts have been received, our banking capital was increased to more than two hundred and fifty-one millions; our paper circulation to more than one hundred and forty millions, and the loans and discounts to more than four hundred and fifty -seven millions. To this vast increase are to be added the many millions of credit, acquired bv means of foreign loan?, contracted bv the States and State institutions, and above all, by the lavish accommodations extended by foreign dealersto oqr merchants. f il. ' I 1 vonrequences oi mis reuunuancy of credit J and of the spirit of reckless speculation engendered by it, were a foreign aet contrasted py our citizens, estimated in March last at more than thirty millions of dollars ; the extension to traders in the interior of our country of credits for supplies, greatly beyond the wants of the people, the investment of thirty-nine millions ot dollars in unproductive public lands, in the years 1835 and 183(5, whilst tho preceding year the sales amounted to only four and a half millions: the creation of debts, to an almost countless amount, for real estate in existing or anlicipated cities and villages, equally unproductive, and at prices now seen to ..... j nave been greatly oisproportionate to iheir real value; the expenditure ot immense sums in improvements which, in many ca ses, have been found to be ruinously improvident; the diverson to other pursuits of .much of the labor that should have been "applied to agriculture,' thereby contributed to ihe expenditure of large sums in the importation of grain from Europe an ex- ! pcnditure which, amountmg in 18b-l to ' oui iwo nunureu ana nity tnousanu col lars, was, in the first two quarters of the present year, increased to more than two millions of dollars; and, finally, without enumerating other injurious results, the rapid growth among all classes, an l especially in our great commercial towns, of luxurious habits, founded too often on merely fancied wealth, and detrimental alike to the industry, the resources, and the morals of our people. It was so impossible that such a state of things could long continue, that the prospect of revulsion was present to the minds of considerate men before it actually came. None, however, had correctly anicipated its severity. A concurrence of circumstances inadequate of themselves to produce such wide-spread and calamitous embarrassments, tended so greatly to aggiavate them, that thev cannot be over looked in considering their history. Ainoiig these may be mentioned, as most prominent, the great loss of capital sustained bv our commercial emporium in the fire of December, 1835 a loss, the effects of which were underrated at the time, because postponed for a season by the great facilities of credit then existing: the disturbing effects, in our commercial cities, of the transfers of the public moneys required by the deposite law of June, 1830; and the measures adopted by the foreign creditors of our merchants to reduce their debts, and to withdraw from the United States a large portion of our specie. How ever unwilling any of our citizens may heretofore have been to assign to these causes the chief instrumentality in producing the present state of things, the developcments subsequently made, and the actual condition of other commc'cial count rics, must, it seems to me, dispel all remaining doubts upon the subject. It has since appeared that evils, similar to those suffered by ourselves, have been experienced in Great Britain, or the continent, and, indeed, throughout the commercial world; and that in other countries, as well as our own, they have been uniformly preceded by an undue enlargement of the boundaries of trade, prompted, as with us, by unprecedented expansions of the systems of credit. A reference to the amount of banking capital, and the issues f paper credits put in circulation in Great Britain, by banks, and in other ways, during the years of 1834, 1835, and 1830, will show an augmentation of paper cur rency there, as much disproportioncd to the real wants of trade us in the United Slates. With this redundancy of the paper currency,' there arose in that countrv also a spirit of adventurous speculation embracing the whole range of human enterprise. Aid was profusely given to projected improvt ments; large investments were made in foreign stocks and loans - ) credits-for goods were granted with uu-

i "