Rising Sun Times, Volume 4, Number 198, Rising Sun, Ohio County, 16 September 1837 — Page 1

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RISING SUN TIMES.

sati-rday:::::::september 16, 1837. TO OUR SUBSCRIBERS. We have again issued a half sheet, in order to give the remainder of the President's .Message. This is the last which will be issued for three or four weeks. The reason of this is that we must make some arrangement, whereby wc can issue as regularly as heretofore. Wc must make some collections also, for it is impossible to get along without money. The simple article of paper, costs us from $1 to per week; and during the last eight weeks we have not in all received over ,Q10 on subscription. We know times arc very hard but still, we have to pay our debts, and we cannot do so, unless those indebted to us will come torward and assist. Wc I nave no disposition to push matters, be-i cause oir creditors have, as y et, been very i ienicnt towards ns, but still they cannot always be so. We h e hope, there! ire, that 111 order we may go on as usual, our sub-! sCribers who are in arrears, will come forward and aid us by paying the same. The i nnionnt rnminrr f., 11 l.... .!, . -7 . , . ! ulu' u""un" i0,,s- ! c nave anotner reason why our paper I has been irregular. We have not received money enough to pay a Journey man; and tor this reason wc would not keep one. In fact, wc could not procure a hand th-it would stay at such wages as wc have heretofore given. Our subscribers now know our difficulties.'and wc leave it to them to help us out. We hope the call will not be in vain. CO c deeply regret the necessity which compels us lo stop our paper at this time, when our subscribers will be anxious to hear what is going on in Congress. B it wc cannot help it. We shall, however, issue a small extra weekly, in order to pub lish some legal advertisements; and should any thing of importance be going on in Congress, it will be noticed. (t5 We have inserted to-day a Memorial to the Legislature, on the subject of the present system of Internal Improvcmenls. We mteiii! nrmtimr n n im'inr ot . . . . . . . . topics for the purpose of distribution f n "I " i signatures, and invite persons to call and . i, ...... .i i vuiutii uicui. i j CO" We have no news from Cong-ess worthy oi relating. Thomas Allen, the editor of the Madisonicw., a new paper re cently established at Washington, ha: ken elected Printer to the House. MEMORIAL To the Legislature of the &t::tc cf Indiana. The .Memorial of the undersigned, citizens of Dearborn county, respectfully sheweth: that the present plan f con-st-uctingj at one and thc same time, uli thc projecting works of Internal Improve incnt, appears to your Memorialists a plan at once expensive, inj idi ;i is, and unprofitable; certain t- be onorosMve in its immediate effects, and likclv to be ruinous ; ir. us ultimate consequences, a plan asi.l-j calculated and unwise as wou'd be that of i a tanner, wh , desirous i t clearing one j nun iiod acres ot land, and with ton e suiii cient t c iino. etc only ten h do th.i.ightlessiv scatter bis labor ove the wh ie, instead of prudently fencing in i.i . , , ... , I, ,,.,.,! and profit of that one, while he was com pleting the remainder. The en'ire nlan. even at the estimate furnished bv its projeetors, is to cost nearly O.Ni: roL'RTII f ihe whole htitli ir.-i! in.i no iQi in:t ! iu lllP S i.roocrtx , ate .f lii - diana. The oxoonse of the corpsof I'.ngi - neers already ciK'agcd (nearly So0,(!00 ve.n! is:i I'.nrdeii little loss than that 'i. :. ...u i. ,.!.! ,n. ine)i;iie U'lioi niiiciu i;io.. . .-p. quire an annual tax of eiout cots in the hundred dollars to pay ihe salaries and w aes of that body alone; or, in other words, merely to lay oil "the work, betore a ypade is stin k or a rail laid. S.oow.m,r ilie. rents and tolls to defray one half thc interest of the am vunt cstim ... ........... r, ,. fonudein the system. l-.l a . il ... . I . .... .

thi n, in order to pav the other bait ol Ibai ; " y - v interest a tax five nines as great as this - lv. cry plan, which human ingenuity sti-ve-u's tax, and fifteen times" as groat as I mulatod by so'fi h motives, party machineUiatofkst year, would hardly be sulli-, ry, or log-rollmg can put in action will be , " I resorted to, the coining session ot the Lc--iei". . , ! , , i c . i...- .i.,. r.oa vmir Memorial-1 oisia.tiirc. to stave oil clnssilica'.ion mea-

;:ti oro f.rciil tithe, conclusion, that to ITI V '11 III 1111.- , ll!." t .w. :.. . l..,...ll.....r .. .liev is I" -- i ; - - ; . - , to place the btate ot Indiana in a um ' tion similar to that of the most grcivousiv taxed nations oflvuope; and that, even if it were possible to fix these burthens on her citizens without prod icing an insurrection and an open refusal to pay the exactions of the tax-gatherer, the result would be, that thousands would emigrate trom Indiana, as thousands now emigrate from European oppression, in search of some other State, where the Government consults the interest of the farmer rather than of the speculator, and refuses to saddle the people with a load that will at last exhaust the resources and break down thc credit ol their country. . It is because the preservation ot their State, and the maintenance of her good faith, are objects dear to your Memorialists, that they now remonstrate against a policy, which, after draining the pockets

of the citizens, will then draw upon and destroy the State's credit, and may cause Indiana, after prematurely spending millions in an undertaking beyond her present strength, to leave it at last, uncompleted, and break faith with those who now urge her on to ruinous percipilancy. And it is for these reasons that your memorialists respectfully, and earnestly urge i'pon their Representatives the dutv "of CLASSIFYING the works; selecting'first that which is likely to be the most speedily and certainly productive, and completing that, before proceeding, gradual lv and prudently, with the others."

From the Indiana Democrat. j Now our State elections are over, and : we are permitted to see the came which j the system party intend to" play. Wej imd desperate men, having recourse I tocesperate measures. W e hear it openly j stated, that ihe system can be carried I e I through the comimr session of the T.olshi- i ture untouched. The state, before a no- i tiier assembles, will have become so invo cd, by new and extensive contracts on i""i iouhs mar we nrast c orce. i.ntii Jsate sn with Use system as a whole. UU'shed.or ;!..;! i!r n.r.-iwc .-.'" li fail, and the i. Me resources oi the urks of necessity slop. i iic iditti alternative, it ttuir puuis a-o pi. . i . . i. . Pers,s,ed rce short years will make , ' . - 1 1 "n'''cni loan c take tins giound that sooner or later the public works must be classified and ! the longer delayed, the greater w c., . , - ,, , . i u.c Mate: as the state wouul constantly be m : .v. i I ... i...-l 1 :.. .T.t. 1 ... .....v, ..I... i.i .iL uivuiveu in iicui: aiui no -,,..,,,, 1 re caue received ot any moment, trom ,u . ,. , ,.. ,,"J1"-"'? llie public works, to citect the interest on. , i V lulL1( .

..nvv nxiiunuu mil ' laxaiiou cr loans; of a certainty their , imuuiuuv unu i rum is at 1..,., 1 imi nut ...!i ii course 01 couiracung row ; 1 , . , , ., ,. , .....is, to pay .uteres cue on old, wid ot a : tertain.y nun individuals: and a I ke rule ; ' 'vit.n'i r. ' v" ' ii r i jo,.,..,,.! ow p.1...,.iiKii.eioiesuellI is more and more involved bring sound calculation to her aid; sit down am count , .i .... .. . - - - i.u.. ui .. .uiui,,.!, SUM vv o nrMiMC in-i .1 t in r-t he nrocrostinate the evil tlav: iro uil i hcculess.y, until necessity compels, at a . tar more unpropitions period, uuuer worse circumstances, to do that which pruuence j now suggests. , Two million of dollars more, have re-; cc ntly been borrowed, on the credit of the i state, the interest of w hich, .$100,000 is ' annually paval-Ie in "-old or silver, and fori which principal and in: crest cverv man' ... ' : . . ' i.. i;....., ....... i " n ... i,u hi ii i. .' i . 1 1 ii ii i i.- :i . . , 'i i v.... .. . . . " ' 1.. lor ec bts bef.ire contracted. nd intercut i the reon. 1 ii i , . . , .von l! we n nu-1 ii. ir i.i n t-ivu ill. tin.. I . .. .... . , - . v.... ...... pc:ivo me. state to tie one liumlreu millions, i: is evident that the effect of this Ilc",v will be to increase our taxes, at icast ton mi us to pay the interest; without I allowing a cent tor exnenscs of coHootinf ( l IT j tne tax. it will amount to ten mills increase, an ! will probably ni l unit to more. If. is also now evi oent, that our taxes must eventually be increased if the system is gone on wiih at once, until they become so op-' ressive ma i oi uecesny a stop is pat io them. The heavy vo . are in favor of strong language, an -siiication, speak in i ,i delegation will come to thc legislature with that power, which men always have when they know they are right, and arc . i. u i c.u eo uv n. .nest motives, l hey wni po 'I i no severe, and will never consent th "L 11,1 i.est liitcri sts ol luiaaua s-tiail be mvolvcn to exalt and perpe'iiiate power, with any 1 i ii man or men. We aie now iserniilte to ' ?coi bciiinthe veil, and find that iocal iiitcie.-is in ihe recent gul.-cni ;t irial ex'Cti n i:a v e necn cxci,e.'., ;uii mice to voic lor in; .1 woo looionco on me nooi v, sho ited s stem, system, as if iheii very exlid! O 111 B'lli i.-.l HOOO o i , .. j iva istence oepen. ot straw is liiaced m otuce to do ine HOoing ot others. MX years of power will not content : will another cycle suffice. Why this change f opinr n. this violent . ''I'! position to t lassilic iti on nnd protdence : with certain men, but the thirst to pcrpo- ! tuato power, regardless of all conqoc... 1 '"cs it. is we. I known mat in l-Jo, ine ; 11111,-3 the internal improvement tub passed. i many leading u:lii, an , , , , , , - i many names, incn im kuov. legoo i ii !" must be classified, but objected to agitating the oucslion then: they rci)resonted : that if it then was done the bill would be defeated, that at a subsequent, session they would go for classification. The watch . 1 word given bv one high in office was: i force the bill through ; toon upon the proi .,,.,. rtl'i.innn!'ij.,:;?i'.Oifi,n '!. m 11 . s-.ire? But there is an old saying and a true one uwhcn !ovortv nocks at Hie iloor love i inios out of the win. low." And so tho Junto w ill find it, in the prt sent case. When taxation becomes oppressive, the . ' ' ... .- , -. . . .. oeonle Wl tillH tiOIll thClll, Rtl J wil not listen to the voice of the charmer, charm he ever so sweetly.' This reckless and improvident scheme o! self-aggrandizement will fail: thc o i- day ma be put i-ff, tor vet a little wi.i . 1 tit will come at last. A TAX l'AYI'U. Wc ask an attentive perusal of thc following article. N labored essay could more fully prove the ev ils of unrestrained banking than the facts contained in thc article below. It fully proves that the banks do encourage speculation, and lend assistance and furnish means to individuals to amass large fortunes at the expense of thc poorer classes in the community. With the aid of banks, men without capital,

, - lo P;lv n )ilinir oi Illc t0ZCils 0t other larc ! preserve tne puunc lar.n, in simitar or eicaches a ccrtaui point, beyond which our j miniu establishments who have theira-! cp.ivalcnt payments to the' public creditrulers dare not go, and they are olmged to , ts scattc!.cd in n dircction.s an.:1 vvhosc ors. The revenue from lands had been tiorrow iii.-ine- to..-.,- iiitni-o.-t .1.... f..... .... 7 . . ... ...

without principle, without honesty are enabled to monopolize any article in the market, advance the price an I compel the needv to purchese at an exorl itant ad

vance. Who can calculate sufferings, i which this great Flour simxtlatiox, mav i nroduoo nmintrtli nrair ? 3 poor r l lie people are mi . now in the miclst of plenty, and vet the

same high prices will be asked, as if there I SamC exicy, lc secretary ot the Ireawas an actual scarcity. The granaries ! S,"r-V receive1 their notes in payment of are full to overflowing; but vet the people ! ti"t,C,-' , Solc r,md 011 whlch llie will be like Tantalus who when he stretch- i PraCl!ce' 1 ms commenced, was then, or

cd his hand to pluck the fruit from a richlv' loaded branch, was disappointed by a sud den blast cf wind which carried it bevond i his reach. GREAT FLOUR COMBINATION-. The Buffalo Journal of the 1st says, there is every reason to believe, that notwithstanding tho immense yield of the ; ' r . , i . t" i unu uv.ui .11 nuiii uiw iMt.'in til. uiii t0 borstal and i nil ,,, r ...:,;,.,.: i' ,i .;, ,.,t i ; ; "-" v" '.'""'".'ll "l UllfTOIWllllUUlUir, ti is .r..-:-?!!ibie and their resources amThe above paper savs : I1'1 We could name, we believe, a s'nr!e ! could name, we believe, a s'ngle instance, eastward. .f us which j v n. M vim v . J liaf engaged to make discounts to the amount of at. least . 110,-! nnn tn ;,vi;v i,!,L. n-.,. ft.., ..:.,.i..,t . of whcatand (he atTen'ti5 L. '1 ' ; ' j. viduals hae already passed thro' this city and gone west to purchase wheat of the new (TOO. e con h :i sn linnie mi ncoori- ,- ...

he evil ('oi..,; r, -..I-: ..i, : .t . 'c

anon oi iiiLaviuu.it llliinouier nail Ol o;ir i i. : m:i. It. ... tt 11. II i I . Ml IT... till. Ill Mi l'. ,, 1 k,.: ,i. .. ,n.. ,1 o ''"i. "ou iiinniu'i in inu v,uil; Ol mil: OLl- . m 1 i i . ota. Ohio, it not indeed other banks whose . c 1 1 i- i agents are in the he d unking purchases; . .. . .. . . means obtained (mm n hiroro mimlvor nf i...i.- i.;,.u . r .1 i i i ...... iix.-, ..iiin mi; L...IllitIL;iL;I ill liieil COU.i", . Ol on; lliUtl ,1111)10 IV 1 1 1(1 . iUUI rurthcr, wc thillk wc could designate from scvcn to tcn l!arki insslitutlis ia this State, which are the mere creatures of monoooHsfs. and ibree fi,rih of wnose discounts arc ci ner direct v or in ..! 1! . . 1 1- .. ,1:, .,!,. ...K .1 o.it-i . . uiiiuu lo iiilm; iiiuii, turn w iiol; ul mands they dare not at any time i,.h c;u ,1 ' i" " vi men Iievc ,hat an effort will be made bv "these m.)n01,0list:!. to inducc thc ljank comrais!. ?ionors tJ tlcaI most rigorouslv with, or, in thc v,or s of cnc of thcm? tQ -(imr n)., a the western banks, at least, which will not come into their measures, and minister to their speculations." 'Pi,. ...i. i i. .c r.. lx no ouc uaiiiv oi in, liana s m a simiiar sHuation . It mav not have loaned lluoe to men 10 nuy up au tne wneat 1 . . 1 T 1 1 and pork, but it has loaned large sums to I !...!- , i ..., ....1. lll.lli lliua.o LU LU.IU1L IULI11 IU Llll(;i 111LJ '.III' .... . I ! , ..,,- , , siieculate largely in town i i ; lots. The merchants have also been pcculiariy favored by huge discounts, and : have purchased large quantities of goods, amasing fortunes by the aid of the bank j and at thc expense of the people. We are i not disposed to blame the merchants, or anv one for striving to get wealth by bon- ; est means, but wc arc disposed to blame the bank, t.u their favoritism shown to a ew individuals at the expense of many. One half of the stock of thc banks bc'ongs to thc people, and it is no m ire than right that the bank should extend its favors to industrious and solvent individuals. But a mechanic or dealer on a small scale cannot obtain a loan. A small loan to them woakl be of great assistance. The heavy lllL.lli.lllt., I.U1U ICL-Illilioi 3 .liltl I.'.IIIK (11 " I i l l.... i 1. l i l. o: rectors are generally accommodated 1.. .i. i .. .:.i. i. .i : a. a. liiu o. iu.'. v. mi lis ino; ii us iiuv wish. xii this place a state director w ho is engaged in h i oilier business than speculating, has obtained larire loans not only from his bank but fn other branches. He cause I his o'dicial station to obtain credit, and wiih his credit has speculated to an immense extent. This is not right: lie cannot discharge his duty as a director impartially, w hen he is under a deep obligation to llie bank. If he finds any tiling improper he must wink at, it and the bank in turn will open its coffers. The bank is acting improperly in lending assistance to those land speculators. Thev area curse to any country, and the state of Indiana will rind soon the evils of land speculation. A few men by bank accommodations, can select the choice lands, while an industrious farmer, who cannot obtain a loan from thc Bank, is compelled to pay an advanced price to the speculator. la. Democrat Mistakes The Maine papers tell a story cf a member of the Maine Legislature who took his seat in the Arsenal by mistake and enlisted for seven vcars. As an offset to this, the U. S. Gazette tells a story cf the grandiloquent entrance into the capitol at Washington, several years ago, of a locmbcr from New York, lie had reached thc metropolis in the forenoon, and alter arrangiiur his majestic toilet at his hold, w alked b : wly up to the fountain of "assemble.! isdoin.1" As he entered, the inorcu:..- ssion was just closed, and the nn : .1 f the House were ri sing. 'Oh, said the no" - ar seats, gentlemen,' tut 'keep your scats ; 1 . e am sous',; :e oi tho honor you do me, by getting up ibis way ; but I beg you make no c icni uiy with me!' Lxtkxsivf. Church Lstaiilishmknt. , Only seventy persons attend thc Cathedral j Church at Durham, England, and for this II !. .. . ,, . Mu.ui n-.iiiiuer ine louowmg persons are supported: a Dean with an income of between 10,000. and 1-2,000. per annum; twelve prebendaries not less than from 1,000. to 3,000. a year each, six or eight minor canons with salaries at or above 200. a year; an organist with the same; and, above all, eight singing or chanting men, each of whom has 100. a year; besides other minor officers'.

President's Message. cojfCMTKED.J Public exigency at the outset of the Government, without direct legislative authority, led to (he use of banks as fiscal aids to .1,-, '!. T 1 .. 1 1 .

nil; 1 t'i M I V in fir in wn ( ovuninn o..,u. ., , . l"u "l" 'l me same Pcr,ou ana mKler ,tle V ' , n Jaslica 13 1110 certain un mediate, and convenient exchange of such note? for specie. The Government did indeed receive the inconvertible notes of State banks during the difficulties of war; and the community submitted without a murmur to the unequal taxation and multiplied evils of which such a course was productive. With the war. this indui n-m'n ...l 1 .i. i !. ..I, I : .1 i llSain tJ redeem their notes in gold and -1 rI,. . . - . , : .v... no X I o;t II . Ill (LCCL'I Lttl liU vv n 11 fun. i ue j. reas urv. in acceu e auco w i. n Ti. rr : l i ' ..... . 1 .1: i j"uo ia.ui:f, com uiueu iu liiiil.uo 1 ; wiiu me currency required nv me act oi , .... .. . , .1 iji:W, and took the notes of banks in full CCIlfl ieilCC ofthpir h..in.r r.nwl in snneio. on demand ; and C.msrrcss. to guard against; the slightest violation of thi- principle avc declared, by law, if notes are paid iti 'he transactions of the Government, it must bo undor tu-h i.immKhnw .s to enable the holder to convert them into snei cie without depreciation or delay. ! Of mv own duties under existing law- ...... i . I ,.,, o i ..,.!,i .. f ,i,...k. n; .:.,....'. W1C11 1110 hanks SUSnnill C( snecie nav- . i "H'u n'"-liuioji. wmlliiuuj i;io. Iimni;,tni. - iUn ,.,.J Ill.lll... UllLI . .'....It... I I... .III. .1.1. 1 ... V. II tion into the Treasury of anv thing but gold and silver, or its equivalent; and every practicable arrangement was made to i .. . .- -.i .. . -i. . ... tor some time suhsta ntia v so co e.cted. i .i ,i. 1 i i,- ii, r UU'iLt IIIU L.lUl'l 15MIV.U IJ 111. .Ill uv-ll' '11 Ol m i.,... ti ;,. f ,!! . I IlLUULMII . 1 UL LllLl.13 III, lliaiol" ! dcr had been so salutary, and its forecast, j m rcgard to the increasing insecurity of j bank paper had become so apparent, that, : even before, llie entnstmnbe. t bnd resolv ed not to intcrlerc with its operation. Congress is now to decide whether therevenue shall continue to be so collected or not. The receipts into thc Treasury, of bank notes, not redeemed in specie on demand, will not, 1 presume, be sanctioned. It would destroy, without thc excuse of war or public distress, that equality of imports, and identity of commercial regulation,! w hich lie at the foundation of our Confederacy, and would offer to each State a direct temptation to increase its foreign trade, by depreciating thc currency received tor duties in its ports. Such a proceeding would also, in a great degree, frustrate the policy, so highly cherished, of infusiivr into our circulation a larircr pronortionotthc precious metals ; a policy, the wisdom of which none can doubt, though there may be different opinions as to the extent to which it should be carried, Its results have been already too auspicious, and its success is too closely interwoven with the future prosperity of the country, to permit us for a moment to contemplate its abandonment. We have seen, under its inilucnoe,our specie augmented beyond eighty millions; our coinage increased so as to make that of gold amount, between August, 163-1, and December, ISoli, to ten millions ofdollars; exceeding thc w hole coinage at the mint during thc thirty-one previous years. The prospect of further improvement continued without abatement, until the moment, of the suspension of specie payments. This policy has now indeed been suddenly chocked, but is still far from being overthrown. Amidst all conflicting theories, one position is undeniable ;he precious metals will invariably disappear when there ceases to be a necessity for their use, as a circulating medium. It was in strict accordance with this truth, that whilst, in the month of May last, they were every where seen, and were current for all ordinary purposes, they disappeared from circulation the m mient the payment of specie was refused by the hanks, and the community tacitly agreed to dispense with its employment. Their place was supplied by a currency exclusively of paper, and, in many cases, of the worst description. Already arc thc bank notes n ivv in circulation greatly depreciated, and they fluctuate in value between one place and another; thus diminishing and making uncertain thc worth of properly and the price of labor, and failing to subserve, except at a heavy loss, the purposes of business. With each succeeding day the metalic currency decreases; by some it is hoarded in thc natural fev.r, that, once parted with, it cannot lie replaced: w hile bv others it is diverted from its more legitimate uses, for the sake of gain. Should Congress sanction this condition of things, by making irredeemable paper money receivable in payment of public dues, a temporary check to a wise and salutary policy will, in a I probability, he converted into its absoluto destruction. It s true that bank notes actually convertible into specie may be received in payment o) the revenue, without being liable to all these objections, and ihat such a course may, lo some extent, promote individual convenience; an object always to be considered where it does not c uilliot with the principles of our Government, uthe general welfare of the country. If such notes only were received, and always under circumstances allowing their early pre? entution for payment, and il at short and fixed periods, they were converted into specie, to be kept by the officers jf the Treasury, some o" the most serious obstacles to their reception would perhaps be removed. To retain the notes in the Treasury would be to renew, under another form, the loans of the public, money to the banks, and thc evils consequent thereon.

It is how ver, a mistaken impression, that any large amount of specie is required tor public payments. Of the seventy or eighty millions now estimated to lie in the country, ten millions would be abundantly sutlicieit for that purpose, provided an accumulation of a large amount of revenue, beyond the necessary wants of the Government, lie hereafter prevented. If to these considerations be added the facilities which will arise from enabling the Treasury to satisfy the public creditors, by its drafts or notes received in payment of the public dues, it may be safelv assumed that no motive of conven iencc to the citizens requires the reception of bank paper. To say that the refusal of paper r onev by the Government, introduces an unjust discrimination between the currency re

CCI veil hv it. I! nd that used bv i 11 :! i V !. ' I! :! ! 1,1 rdin iry all lirs, is, in my judge- . . 1 ,v .......... M men, to view it 1 ...on t f . . . rt ... it ... -n ... - t. .......... . . . ni!in. 1 no Lulls i n mn iiruhi 11 the j ;md ! , , 1 - .. .....m.,;...... ...,uM IMIll in mi,- I .,.t,r ,..t ,r, j s"vei! a ,t!"" paynion i311'1 tUuf! PCCIirCi to CVCrV fi i.O! ot .'cits.! a n'li! i.. i demand in the legal cuncn v. 'i'-o - vide by law that the Govern:iK-u! xl''. ly receive its dues in gold an i silver, is not to conier on it any peculiar privilege; but merely to place it on an eq lality wiih th citizen, by reserving to it a right sc-; cured to him by the Constitution. It is ' ' doubtless lor this reason that the principle j ' WHS S:Ill::l.'Mlf'l 11V QuefOo-e lnw: :-.im '.' -" ............. I the tunc ol the first Conirress under the . Constitution down to the last, buch pro-!,-Ceni, "ever oujectea to an i irom s;k i, ' 1 sources, aiioru a decisive answer to the imputation of incqali'y orinjuslice. But, in fact, thc measure is one f restriction, not of favor. To forbid the pub lie agent to receive in payment anv other than a certain kind of money i b to refuse him a disciction possessed bv every cili-

zen. It may be left to those who have j the amount which was asked for in the esthe management of their own transactions, , limatcs lhcn submitted. Thc sum necesto make their own terms; but no such di.- sary for tho service of the year beyond crction should be given to him w ho acts j the probable receipts, and the amount merely as an agent of tho people, who is j w hich it was intended should be reserved to collect what the law requires, and to ( in tic Ticasury at the commencement of pay iLe appropriations it makes. When j the year, will be about six millions. If bank notes are redeemed on demand, there the whole of the reserved balance be not ia then no discrimination in reality, for at on-e applied lo the current expendithe individual wdio receives tbcm inav, at; f:,rcf;j ,t j'jm. millions is stiil kept in the his option, substitute the specie for them ; ; 'JVeasurv, as seems most expedient, for the betakes them for convenience or choice, j uscc t,f i,c nlint, and to meet contingenWhcn they arc not so redeemed, it. will (.;cs. lnc sum needed will be ten millions.

scarcely be contcnued that their receipt and payment, by a public oilicer, should ihougli none deny tnatngut to an individ ual; if it were, thc effect, would, be most injurious to tho public, sine their officer j could make none of those arrangements to j meet or guard against the depreciation,! which an individual is at liberty to do. Aor can inconvenience to the community bo alleged a an objection to such a regu-

lation. Its object and motives are their lions throo hundrca and sixty seven thouconvcnicncc and welfare. j snnd t.,vo h,m(!red and fourteen dollars, diIf at a moment of sim dtanoous and, un.- j ro,.,c.l by the act of the 23rd of June,lS30r expected suspension by the banks, it adds ; to p0 deposited with the States in October something to the many embarrassments ol RCX(i Thif sum, if so deposited, will be that proceeding, yet those are far ovcrbal- subject, under the law, to be recalled, if anced by its direct tendency lo produce a needed, to defray existing appropriations; wider circulation of gold mil silver, to in-i!nj ,lfi ;t j., unv'ei cnt That the whole, or crease the safety of bank paper, to improve j ,,0 principal part of it, will be wanted for the general currency, and thus to prevent that nurn--sc.it apnea rs most proper that

altogether such occurrences, and the other and far greater evils that attend them It may, indeed, be questioned w hct'iic: it is not for the interest of llie banks themselves that the Government should not receive their paper. They would bo conducted with m ire caution, and on sounder principles. By using specie only iu its transactions, the Government would create a demand lor it, which would, to a groat extent, prevent its exportation, and by keeping it in circulation, maintain a broader and safer basis tor the paper currency. That the banks would thus be rcnderid more sound, an I the community more sale, cannot admit of a doubt. The foregoing views, it seems to me do but fairly carry out the prnvisi ms of the Foderal Constitution in relation to tho cm rency, as far as relates to the public re-j venue. At the time that instrument was trained, there were but. three or four banks j in the United States ; and had tho extension of the banking system, and the evils grow inrr out of it, been 1'breseon, thev would probablv h ivc been specially guarded mst. I he sauio poncv which li d to the prohibition of bills of credit by the States would, doubtless, in that cvcnidiavc also interdicted their issue as a currency iu any other form. The Constitution, however, contains no such prohibition, and, since the States have exorcised, f r nearly half a century the pow er to regulate the business of banking, it is not to be expected that it. will be abandoned. Thc whole matter is now under discussion before improper tribunal tho people of the Stales. Never before has the public, mind been so thoroughly awakened to a proper souse of its importance; never has the subject, in ;il! its bearings I con submitted to so searching an inquiry. It would be distrusting the intelligence and virtue of the people to doubt, the speedy and efficient adoption of such measures of rofoini as the public good demands. All that can rightfully be I . . t I V 1 l.t none ny ine reuerui iioverumeiit to promote the accomplishment of that important, object, will, without doubt, be performed. In the meantime, it is our duly to p;ovido all the remedies against a dciin ci:,ted paper currency which the Constitution enables us to afford. The Treasury Department, on several former occasions, has suggested the propriety and importance ol a utiilbrni law concerning bankruptcies ot corporations, and other bankers. Through the instrumentality of s ch a law, a salutary check may doubtless be imposed on the issues of paper moncv, and an effectual remedy given to the citizen iu a way at once equal in till parts of tho Union, and fully authorized by the Constitution. Tho indulgence granted by Jvecutivc

authority in the payment of bonds for duties, has been already mentioned. Seeing that the immediate enforcement of these obligations would subject a large and highly respectable portion of our citizens to great sacrifices, and believing that a temporary postponement could be made without detriment to other interests, and with increased certainty of ultimate payment, I did not hesitate to comply with the request that was made of me. The terms allowed arc, to the full extent, as liberal a.s any that are to be found in the practice ot the Executive Department. It remains for Congress to decide whether a further postponement may not with propriety be allowed, and if so, their legislation upon the subject is respectfully invited. The report of the Secretary of the Treasury will exhibit the condition of theso

debts; the cause and effect of the present indulgence; the probable result of its fur ry, a n i every other fact necessary to the consideration of the subject. Similar in...v.. , ...o-i u, uil ulu sum m mc nca.-u .i . c .. m iurniati.'ii is oinmuni fated in regard to such t.e: sit rv of ti.e o ibiic ni ncvs as are in- ! . : t the G,.veiir.iicni, in order that jC ngrcss may also adopt proper measures j in regard to them. j Tho receipts and expenditures for the (first part of the year, and an estimate of those lor the residue, will be laid betore v.ui by the Secretary of the Treasury. In bis report of December last, it was estima1 , ' . . !..-. . ... 11 4;. II , short of th pviirnrlltiirp hv nlmut thmn ...... m.u uiu iuiil-ui iollo wis mituu liiu millions of dollars. Tt will bn spen that 1 " " "w ........ iilFerc: :c will be much greater. This is to be attributed not only to the occurrence ot greater pecuniary embarrassments in the business of the country than those which were then predicted, and, consequently to greater diminution in the revenue, but also to the fact that the appropriations exceeded, bv nearly six millions. I I making this estimate, the receipts I arc calculated on thc supposition of some ' further extension of the indulgence grant ed in i ho payment of bonds for duties, w hich wiil alt'ectthc amount of the revenue for the present year to the extent of two nd a half millions. It is not proposed to procure tie required amount by loans or increased taxation. TM.r.... ... , i,-. fV.. '!'.... c..ii.ir ..Irtr. mil. 1 HLi L' '.lOllU.V III LIILJ O Ul.UO 11111 lllll- . t;ic deposits' sluuld be withheld. Until the amount can be collected from the banks, Treasiiiv notes maybe temporarily issued, be gradually redeemed as it is received. 1 am aware that this course may be productive of inconvenience to many of the States, Helving upon the actsof Congre.-s which held out to them the strong probai bdiiy, if not the certainty, of receiv ing this ; instalment, they have in sonic instances j adopted measures with w hich its retension 1 may seriously interfere. That snch a conditi m of things should have occurred 13 much to be regretted. It is not the least among the unfortunate results of thc disasters of the times; and it is for Congress to devise a fit remedy, if there be one. The money being indispensable to thc wants ot the I reasury, it is difficult to perceive upon what principle ef justice or expediency its application to tint ol ject can bo avoided. To recall ; ny portion of the siirns already dcpoiicd with thc States would be more inconvenient an I less efficient. To burden thc country with increased taxation, when there is in fact a I large suroius revenue, would beuniustand unw ise; lo n ise money bv loan under such 1 cuvuuistauccs. and thus commence a new national debt, would scarcely be sanctioned by the Americ 11 people. The plan proposed will be adequate to all our fiscal operations, during the remainder of the year. Should it be adopted, the Treasury, aided by ihe ample resources of tho country, will be able to discharge, punctually, every pecuniary obligation. For the future, all that is needed will bo that caution auc forlearanee in appropriations which the diminution of the revenue requires, and which the complete accomplishment or groat forwardness of many expensive national undertakings, render it equally consistent with prudence and patriotic liberality. Thc preceding suggestions and recommendations are submitted, in the belief that ihcir adoption by Congress will enable the I'lxocutive Department to conduct our fiscal concerns with success, so far as their an.igei cut bus been c nimitted to 1 . Whi.st the object sand the means proposed to attain them are within its constitutional jiow ers iind appropriate duties, they wiil at the same time, it is hoped by their necessary operation, afford essential aid in the transaction of individual concerns, and thus yield relief to the people at large in a form adapted to the nature of our Government. Those who look to the action of this Government for specific aid to the citi.cn to relieve cnibarrassiu nts arising from lossesby revulsions in commerce and credit, lose sight of the ends for which it was created, and ihe powers with which it is clothed. It was established to give kc-