Vincennes Gazette, Volume 6, Number 30, Vincennes, Knox County, 24 December 1836 — Page 2

the times which gave birth to it, that it wai the purpose of the convention to establish a currency consisting of the precious metals. These, from their peculiar properties, which rendered them the standard of value to all other countries, were adopted in this, as well to establish commercial standard, in reference to foreign couctries, by a permanent rule, as to exclude the use of a mutable medium of exchange, such ns of certain agricultural com

modities, recognised bv the statutes of jnw States as a tender for debts, or the still more pernicious expedient ol a paper currency. The last, from the experience of the evils of the issues of paper during the revolution, had become so justly obnoxious, as not only to suggest the clause in the constitution forbidding the emission of bills of credit by the States, but also to produce that vote in the convention which negatived the proposition to grant power to Congress to charter corporations; a pro position well understood at the time, as in tended to authorize the establishment of a national bank, which w as to issue a cur rency of bank notes, on a capital to be ere ated to SOtne extent out of Government stocks. Although this proposition was re fused bv a direct vote of the convention, the object afterwards in effect obtained, bv its ingenious advocates, through strained construction of the constitution. The debts of the revolution were found ed, at prices which formed no equivalent, compared with the nominal amount of the stock, and under circumstances which exposed the of motives of some those who participated in tho passage of the act, to distrust. The facts that the value of the stock vras gTeatly enhanced by the creation of the bank, that it was well understood that uch would be the case, and that some of the advocates of the measure were largely benefited by it, belong to the history of the times, and are well calculated to diminish the respect which might otherwise have been due to the action of the Congress wbich created the institution. On the establishment of a national bank, it became the interest of its creditors that gold should be superss.led by the paper of the rank as a general currency. A value was soon attached to the gold coins, which made their exportation to foreign coun trifis a mercantile commodity, more profitable than their retention and use at home as monev. It followed as a matter of course, if not designed bv those who established the bank, that the bank be came, in effect, a substitute for the mint of the United States. Such was the origin of a bank currency, and such the beginning of those dificulties which now appear in the excessive issues of the banks incorporated by the various States. Although it may not be possible, by any legislative means within our power to change at once the system which has been introduced, and has received the ac quiescence of all portions of the country, it is certainly our duty to do all that is con sistent with our obligations in preventing the mischiefs which are threatened by its undue extension. That the efforts of the fathers of our Government to guard against it by a constitutional provision were founded on an intimate knowledge of the subject, has been frequently attested by the bitter experience of the countrv. The name causes which led them to refuse their sanction to a power, authorizing the establishment of incorporations for banking pur poses, now exist in a much stronger degree to urge U3 to exert the utmost vigilance in calling into action the means necessary to correct the evils resulting from the unfortunate exercise of tiie power, and it is to be hoped that the opportunity for effecting this great good, will be improved before the country witnesses new scenes of embarrassment and distress. Variableness must ever be the characterastic of a currency, of which the precious metals are not the ingredient, or which can be expanded or contracted without regard to the principles that regulate the value ot those metals as a standard in the general trade of the world. With us bank issues constitute such a currency, and must do so until they are made dependent on those lust proportions ot gold and silver, as a circulating medium, which experience has proved to be necessary, not only in this, but in all other commercial countries. "Where those proportions are not infused into the circulation and do not control it.it is manifest that prices must vary according to the tide of bank issues, and the value and stability of property must stand exposed to all the uncertainty which attends the administration of institutions which are constantly liable to the temptations of an interest distinct from that of the community in which they are established. The progress of an expansion, or rather a depreciation of the currency, by excessive issues, is always attended bv a loss to the laboring classes. This portion of the community have neither time nor opportunity to watch the ebbs and flows of the money market. Engaged from day to day in their useful toil, they do not perceive that although their wages are nom inally the same, or even somewhat higher, they are greatly reduced in fact by the rapid increase of a spurious currency, which as it appears to make money abound, they are at first inclined to consider a blessing. It i3 not so with the speculator, by whom this operation is better understood, and is made to contribute to his advantage. It is not until the prices of the necessaries of life become so dear that the laboring classes cannot supply their wants'out of their wages, that .the wages rise, and gradually reach a justly pnv -portiOned rate to that of the products of iheir labor. When thus by the depreciation in consequence of the quantity of paper in circulation, wages as well as prices h.-?.ne rcrMaa, it is toon found that

the whole effect of the adulteration is a thariffon our home industry for the benefit of the countries where gold and silver circulate, and maintain uniformity and moderation in prices.

It is then perceived that the enhance ment of the price of land and labor produces a corresponding increase in the price of products, until these products do not sustain a competition with smaller ones in other countries;and thus both manufactured and agricultural productions cease to bear exportation from the country of the spurious currency, because they cannot be sold for cost. This is the process by which specie is banished by the paper of the banks. Their vaults are soon exhausted to pay for foreign commodities; the next step is a stoppage of specie payment; a total degradation of paper as a currency; unusual depression of prices; the ruin of debtors, and the accumulation of property in the hands of creditors and cautious capitalists. It was in view of these evils; together with the dangerous power wielded by the Dank of the United Stales, and its repugnance to our constitution, that I was induced to exert the power conferred upon mc by the American people, to prevent the continuance of that institution. Hut althoughjvarious dangers to our republican institutions have been obviated by the failure of that bank to extort from the Government a renewal of its charter, it is obvious that little has been accomplished, except a salutary change of public opionion, towards restoring to the country the sound currency provided for in the constitution. In the acts of several of the States prohibiting the circulation of small notes, and the auxiliary enactment of Congress at the last session forbidding their reception or payment on public account, the true policy of the country has been advanced, and a large portion of tho precious metals infused into our circulating medium. These measures will probably be followed up, in due time, by the enactment of State laws banishing from circulation bank notes of still higher denominations; and the object may be materially promoted bv further acts of Congres, forbidding the employment, as fiscal agents, of such banks as continue to issue notes of low denominations, and throw impediments in the way of the circulation of gold and silver. The effect of an extension of Bank credits and'over issues of Bank paper have been strikingly illustrated in the sales of the publie lands. From the returns made by the various Registers and receivers in the early part of last summer, it was perceived that the receipts arising from the sales of the public lands were increasing to an unprecedented amount. In effect bowever, these receipts amounted to nothing more than credits in bank. I he banks lent out their notes to speculators; they were paid to vhe Receivers, and immedi ately returned to the hanks, to be lent out again and again, being mere instruments to transfer to speculators the most valuable pnblic land, and pay the Government by a a credit on the books of the banks. I hose credits on the books of the western banks, usually called deposites, were already greatly beyond their immediate means of payment, and were rapidly increasing. Indeed each speculation furnished means for another; for no sooner had one indi vidual or company paid in these notes, than they were immediately paid to another for a like purpose, and the banks were extending their business and their issues so largely, as to alarm considerate men. and render it doubtful whether these bank credits, if permitted to accumulate, would immediately be of the least value to the Government. The spirit of ex pansion and speculation was not conhned to the deposite banks, but pervaded the whole multitude of banks throughout the I nion, and was giving rise to new institu tions to aggravate the evil. The safety of the public funds, and the interest of the people generally, required that these operations should be checked; and it became the duty of every branch of the General and State Governments to adopt all the legitimate and proper means to produce that salutary effect. Under this view of my duty, I directed the issuing of the order which will be laid before you by the Secretary of the Treasury, requiring payment for the public lans sold, to be made in specie, with an exception until the 15th of the present month, in favor of actual settlers. This measure has produced many salutary consequences. It checked the career of the western banks, and gave them additional strength in anticipation of the pressure which ha3 since pervaded our Eastern as well as the Eu ropean commercial cities. By preventing the extension of the credit system, it measurably cutoff the means of speculation, and retarded its progress in monopol izing the most valuable of the public lands. It has tended to save the newStates from a non-reident proprietorship, one ot the greatest obstacles to the ad vancement, of a now country and the prosperity of an old one. It has tended to keep open the public lands for entry bv emigrants at Government prices, instead of their being compelled to purchase of speculators at double or treble prices. Ami it is conveying into the interior large sums in silver and gold, there to enter permanently mto tho currrency of the country, and place it on a firmer foundation. It is confidently- believed that the country will find in the motives which induced that order, and the happy consequences which have ensued, much to commend and nothing to condemn. It remains for Congress, if they approve the policy which dictated this order, to follow it up in its various bearings.Much good, in my judgement would be produced by prohibiting sales, of the public lands except to actnal settlers at a rea

sonable reduction of price, and to limit the quantity which shall be sold to them. Although it is believed the General Government never ought to receive any thing , but the constitutional currency in exchange for the public lands, that point whould be of less importance if the lands were sold for immediate settlement and cultivation.

There is scarcely a mischief arising out of our present land-system, including the accumulating surplus of revenue, which would not be remedied at once by a re striction on land sales to actual settlers; and it promises other advantages to the country in general, and to the new States in particular, which cannot fail to receive the most profound consideration of Congress. i Experience continues to realize the expectations entertcrtained as to the capacity of the State Banks to perform the duties of fiscal agents for the government. At the time of the removal of the deposites, it was alledgod by the advocates of the Bank of the United States, that the State .Banks, whatever might be the regulations of the 'I reasury Department, could not make the transfers required by the Government, or negotiate the domestic exchanges of the country. It is now well ascertained, that the real domestic exchanges performed, through discounts by the United States Bank and its twentyfive branches, were at least one-third less than those of ihe deposite banks for an equal period of time, and if a compari son be instituted between the amounts of service rendered by these institutions, on the broader basis which has been used bv the advocates of the United Siates Bank in estimating what they consider the domestic exchanges transacted by it, the result will be still more favorable to the deposite banks. The whole amount of public money transferred by the Bank of the United States in 18.T2, was !? 1 ('.,(!(), 000. The amount transferred and actually naid bv i the deposite banks in the year ending the j first of October last, was 39,31 9,809; I the amount transferred and paid between that period and Oth of November, was 5,399,000; and the amount of transfer warrants outstanding on that d.iv was SI 4, 150,000; making an aggregate of 859, 10,891. These enormous sums of money first mentioned, have been transmitted with the greatest promptitude and regularity, and the rates at which the exchanges have been negotiated previously to the passage of the deposite act, were generally below those charged bv the Bank of the United States. Independently of these services, which are lar greater than those rendered by the Bank of the United States, and its twenty-five branches, a number of the deposite banks have, with a commendable zeal to aid in the improvement of the currency, imported from abroad, at their own expense, large sums of the precious metals, for coinage and circulation. In the same manner have really all the predictions turned out in respect to the effect of the removal of the deposites a step unquestionably necessary, to prevent the evils which it was foreseen the bank itself would endeavor to create, in a final struggle to procure a renewal of its charter. It may be thus, too in some degree, with the further steps which may be taken to prevent the excessive issues of other bank paper; but it is to be hoped that nothing will now deter the Eederal and State authorities from the firm and vigorous performance of their duties to themselves and to the people in this respect. In reducing the revenue to the wants of the Government, your particular attention is invited to those articles which constitute the necessaries of life. The duty on salt was laid as a war tax, and was nodoubt constructed to assist in providing for the pay ment ol the war debt. I here is no article the release of which from taxation would be felt so generally and so ben eficially. I o this may be added all kinds of fuel and provisions. Justice and benevolence unite in favor of releasing the poor of our citisens from burden which are not necessary to the support ol our Uovernment, and tend only to in crease the wants of the destitute. It will be seen by the report of the Secretary of the Treasury, and the accom panying documents, that the Bank of the U. S. has made no payment on account of the stock held bv the Government in that institution, although urged to pav any portion which might suit its convenience, and that it has given no information when payment may be expected. Nor although repeatedly requested, has it furnished the information in relation to the condi tion, which Congress authorized the Secretary to collect at their last session; such measures as are within the power of the Executive, have been taken to ascertain the value of the stock, and procure the payment as early as possible. The conduct and present condition of that Bank, and the great amount of capi tal vested in it bv the United States, requires your careful attention. Its charter expired on the 3d day of March last; and it has now no power but that given in the 21st section, "to use the corporate name. style, and capacity, for the purpose of suits for the final settlements and hpuidation of affairs and accounts of the corpo ration, and for the sale and disposition of their estate real, peisonal, and mixed, but not for any other purpose, or in any other manner, whatsoever, nor for a period exceeding two years after the expiration of said term of incorporation." Before the expiration of the charter, the stockholders of the bank obtained an act of incorporation from the Legislature of Pensylvania, excluding only the United States. Instead of proceeding to wind up their concerns, and pay over to tho Uuited States tbr ... nnt due on a'-coun' of the'

slocTTTield by them, the President and Directors of the old bank appear to have transferred the books, papers notes and obligations, and most or all of its property to this new corporation, which entered upon the business as a continuation of the old concern. Amongst oilier acts of questionable validity, the notes of the expired corporalion are known to have been used as its own, and again put in circulation. That the old bank had no right to issue or re-issue its notes after the expiration of its charter, cannot be denied, and that it could not confer any such right on its substitute, any more than exercise itself, is equally plain. In law and honesty, the notes of the hank in circulation, at the expiration of its charter, should have been called in by public advertisement, paid up as presented, and together with those on hand cancelled and destroyed. Their re-issue is sanctioned by no law, and warranted by no necessity. If the United States be responsible in their stock for the payment of these notes, their re-issue by the new corporation, for their own profit, is fraud on the government. If the United States is not responsible, then there is no legal responsibility in any quarter, and it is a fraud on the country. They are the redeemed notes of a dissolved partnership, but, contrary to thejwishes of the retiring partner, and without his consent, are again re-issued and circulated. It is the high and peculiar duty of Congress to decide whether any further legislation be necessary for the security of the large amount of publie property now liehl in use by the new bank, and for vindicating the rights of the Government, and compelling a speedy and honest settlement with all the creditors of the old bank, publie and private, or whether the subject shall be left to the power now possessed by the Executive and Judiciary. It remains to be seen whether the persons, who as managers of the old bank undertook to control the Government, retain the public dividends, shut their doors upon a committee of the House of Representatives, and fill the country with panic to accomplish their own sinister objects, may now, as new managers of a bank, continue with impunity to flood the country with a spurious currency, use the seven millions of Government stock for their own profit, and refuse to the United States all information as to the present condition of their own property, and prospect of recovering it into their own possession. The lessons taught by the Uank of the United States rannut well be lost upon the American people. They will take care never a;;ain to place so trenir ndious a power in irresponsible hands and it will he fortunate if they seriously consider the consequences which are likely to result on a smaller scale from the facility with which corporate powers are granted ly their Ptate Uovernment. It is believed that the law of the last session re,zulatini- the deposite hanks, operates onerously ami unjustly upon them in many respects:and it is hoped that l.'oimress, on proper representation, will adiipt tho modifications, which are necessary to prevent this consequence. The report of the Secretary of War ad interim, and the accompanying documents all which are herewith laid before you. will give you a full view of the diversified and important operations of that department during the past year. The military movements rendered necessary by the aggressions of the hostile portions of the Seminole and Creek Indi

ans, nv other circumstances, nave re quired the active employment of nearly our whole regular force, including the marine corps, and of large bodies of militia and volunteers. With all these events, so far as they were known at the seat of Gov eminent before the termination of your last session, you are already acquainted; and it is therefore onlv needful in this place to lay before you a brief summray of what has since occurred. The war with the Seminoles, during the summer was, on our part, chiefly con fined to the protection of our frontier settlements, from the incursions of the ene my; and as a necessary means lor mc ac complishment of that end, to the maintainancc ol the posts previously established In the course ot tins duty, several actions took place, in which the bravery and dis cipliue of both officers and men were conspicuously displayed, and which I have deemed it proper to notice, in respect to the former, by the granting of brevet rank for gallant services in the field. But as the forces of the Indians were not so far weakened by these partial successes, so as to lead them to submit, and as their sav age inroads were frequently repeated, early measures were taken for placing at the disposal of Governor Call, who as the commander-in-chief of the territorial mili tia, had been temporarily invested with the command, and ample force, for the purpose of resuming offensive operations, in the most efficient manner, as soon as the season should permit. .Major General Jessup was also directed on the conclusion of his duties in the Creek country, to repair to Florida, and resume the command. The result of the first movement made by the forces under the direction of Governor Call, in October last, as detailed in the accompanying papers, excited much surprize and disappointment. A full explanation has been required of the causes which led to the failure of that movement, but has not vet been received. In the mean time, it was feared that the health of Governor Call, who was understood to have suffered much from sickness, might not be adequate to the crisis, and as Ma jor General Jessup was known to have reached Florida, that oiheer was directed to assume the eomm-.nd, and to prosecute all needful operations with the utmost vi gor and promptitude. From the force at his disposal, and the disposition lie has made, and is instructed to make, and from the very efficient measures which it is since ascertained nave nr-cn isKcn ny nov.

Call, there is reason to hope that they will soon be enabled to reduce the enemy to subjection. In the mean time, as you will neiceive from the report of the Secretary, there is urr;. i.t necessity for further appropriations to suppress these hostilities. Happily for the interests of humanity, the hostilities with the Creeks were bro't to a close soon after your adjournment, without that effusion of blood which at one time was apprehended as inevitable. The unconditional submission of the hostile party was followed by their speedy removal to the country assigned them west of the Mississippi. The inquiry as to alleged frauds in the purchase of the reservations of these Indians, and the causes of their hostilities, requested by the resolution of the House of Representatives of the first of July last, to be made by the President, is now going on, through the agency of commissioners, appointed for that purpose. Their report may be expected during your present session. The difficulties apprehended in the Cherokee country have been prevented and the peace and safety of that region and vicinity effectually secured by the timely measures taken by the War Department, and still continued.

i be discretionary authority given to General Gaines to cross the Sabine, ami to occupy a position as far west as Nacogdoches, in case he should deem such a step necessary to the protection of the frontier, and to the fulfillment of the stipulations contained in the treaty with Mexico, and the movement subsequently made by that officer, have been alluded to in a former partof this message. At the date of the latest intelligence from Nacogdoches, our troops were yet at that station; but the officer who had succeeded Gen. Gaines has recently been advised that, from the facts known at the seat of Government, there would seem to be no cause for longer maintaining that position, and he was instructed that in case the troops were not already withdrawn under the discretionary powers before possessed by him, to give the requisite orders for that purpose on receipt of the instructions, unless he shall then have in his power such information as shall satisfy him of the maintenance of the post as essential to the protection of our frontiers, and to the due execution of our treaty stipulations, as previously explained to him. While the necessaries existing during the present year, for the service of militia and volunteers, have furnished new proof of the patriotism of our fellow citizens, they nave strongly illustrated the impor tance for an increase in the rank and hie ot the regular army. i lie view s jf this

subject submittend by the Secretary of submitted in the accompanying documents War, in his report, meet my entire co.Icur-' ln respect to those relations, will rccrive rence, and are earnestly commended tothc'"nur c:,rl' and 'nature deliberation; and deliberative attention of Congress. In;lhat lt ,TV1.V issue in lhe adoption of Ugthis connection it is also proper to remind ilauve measures adapted to the circumitanyou that the defects in our present militia!ccs nrul duties of the present crisis, system are every day rendered more ap- j ou are referred to the report of fh. parent. The duty of making further pro- Secretary of the Navy, for a satiifae'.. revision by law, for organizing, arming and,v"'w of thr operations of the dopartuv nt

disciplining tins arm ol uelence has hern presented to Congress so repeatedly by myself and predecessors, that I deem it sufficient on this occasion to refer to the last annual message, and to former Executive communications, in which the subject has been discussed. It appears from the renorts of the ofiil - 1 . i i t CfTS eh-jrrrof ivith tn i tcf ri m it Iritr, li

the volunteers called for under the act ofi perceive t.iat the protection due to our Congress of the last session, that mrc'',nnimpRT i:i nlher quarters of the world presented themselves at the place of ren-jh:is "ot Proved insufficient. Every effort dczvous in Tennessee than were sufficient ,,:,s hr( n m:u!c to faeilitate the equipment to meet the requisition which had been of the exploring expedition, authorised by made by the Secretary of that State. an act of lhe last session, but all that pre-

1'his was occasioned by the omission ofiP J the Governor to apportion the requisition to the different regiments of militia, so as to obtain the proper number of troops and no more. It seems but just to the patriot ic citizens who repaired to the general ren dezvous, under circumstances authorizing them to believe that their services were needed, and would be accepted, that the expenses incurred by them while absent from their homes, should be paid by the government. 1 accordingly recommend thatalaw to this effect be passed by Congress, giving them a compensation which will cover their expenses to and from the place of rendezvous, and while there, in connection with which, it will also be proper to make provision for such other cquitable claims, growing out of the service of the militia, as may not be embraced in the existing laws. On the unexpected breaking out of hos lilitiesin Florida, Alabama, and Georgia, it became necessary, in some cases, to take the property of individuals for public use. Provision should be made by law for indemnify ing the owners; and I would also respectfully suggest whether some provision may not be made, consistently with the principles ot our liovernmcnt. lor the relief of the suffers by Indian depredations, or by the operations of our own troops. Notimc was lost after the making of the requisite appropriations, in resuming the great national work of completing the un finished fortifications on our seaboard, and of placing them in a proper state of defence. In consequence, however of the very late day at which those bills were passed, but little progress could be made during the season which has just closed. A very large amount of the moneys grant- . i . l- ' ed at your lasi session, accordingly, remains unexpended; but as the work will be again resumed at the earliest moment in the coming spring, the balance of the ex isting appropriations, and in several cases, which will be laid before you the like objects, may be usefully expended during the next ear. I The recommendations of an increase in the Engineer Corps, and for a re-organization of the Topographical Corps, submit ted to you in ny last annual Message, de-

rive additional strength from tile great embarrassments experienced during the present year, in those branches of the service, and under which they are now euffering. Several of the most important surveys and constructions directed by recent law, have been suspended in conscqucnca of the want1 of adequate force in these corps. The like observations may be applied to the Ordinance corps, and the General Staff, the operations of which aro now organized, must either be frequently interrupted, or performed by officers taken from the line of the army, to the greet prejudice of the service. For a general view of the condition of the Military Academy and of the other branches of the military service not already noticed, as well as for fuller illustratons of those which have been mentioned 1 refer you to the accompanying documents; and among the various proposals contained therein for legislative action. I would particularly notice the suggestion of the Secretary of War, for the revision of the pay in the army, as entitled to your favorable regard. The national policy, founded alike in interest and in humanity, so long and so steadily pursued by this Government, for the removal of the Indian tribes originally

settled on this side of the Mississippi, to the west of that river, may be said to have been consummated by the conclusion of the late treaty with the Cherokecs. The measures taken in the execution of that treaty, and in relation to our Indian affairs generally, will fully appear by refering to the accompanying papers. W ithout dwelling on the numerous and imporlant topic embraced in them, I again invite your attention to the importance of providing a well-digested and comprehensive system for the protection, supervision and improvement of the various tribes now planted in the Indian country. The suggestion submitted by the commissioners i f Indian affairs and enforced by the Secretary, on this subject, and also in regard to the establishment of additional military posts i:i the Indian country, are entitled to your profound consideration. But measures are necessary for the double purpose of protecting the Indians from intestine war, and in other respects complying with our engagements to them, and of securing our western frontier against incursions, which otherwise will assuredly be made on it. The best hopes of humanity, in regard to the aboriginal race, the welfare of our rapidly extending sett'ements, and the honor of the United States are all deeply involved in the relations existing between i ""J -."-.."", ... . 1 trust, tnerciorc. thai tne various matter under tiie present year, ln the construction of ve ssels at the different navv yard, and in the employment of our ships and squadrons r.t sea, the branch of the service has been actively and usefully employed. bile the situation of our commercial iaterests in the West Indies, required a greater number than usual of armed vessels to ' be kept ('II that station, it is gratifying t ara ion neces. ary o enaj e 1 o ..ai , 1a. . 1 , . - 1 TV-. 1 , noi yei oeen compieieu. io means wiii lic spared by the (overnmcnt to fit out the expedition on a scale corresponding with the liberal appropriation for the purpose, and with the elevated character of the objects which are to be effected by it. I beg leave to renew the recommendation made in my last annual message, respecting the enlistment of boys in our naval service, and to urge upon your attention the necessity of further appropriations to increase the number of ships afloat, and to enlarge generally the capacity and force of the navy. The increase of our commerce, and our position in regard to the other powers of the world, will ahvav make it our policy and interest to cherish the great naval resources of our country. The report of the Postmaster General presents a gratify ing picture of the condition of the Post Office Department. Its revenues for the year ending the 30lh of June last, were $3,398,455 19, showing an increase of revenue over that of the preceding year of $101,878 53, or more than 13 percent. The expenditures of the same year were $2,755,023 7G. exhibiting a surplus of $G12,831 43. The Department has been redeemed from embarrassment and debt, lias accumulated a surplus exceeding half a million of dollars, has largely extended, and is preparing still further to extend the mail service, and recommends a reduction of postage equal to about 20 per cent. It is practising upon the great principle, w hich should control every branch of our Government, of rendering to the public the greatest good possible, with the least possible taxation to the people. The scale of postages suggested by thn Postmaster General, recommends itself, not only bv the reduction it proposes, but by the simplicity of its arrangemenients, its conformity with the Federal currency, and the improvement it will introduce into the accounts of the Department and its agents. Your particular attention is invited to the mail contracts with rail-road companies. The present laws, providing for the making of contract, a b"d nrv-