Vevay Times and Switzerland County Democrat, Volume 4, Number 15, Vevay, Switzerland County, 14 March 1840 — Page 1

BY ISAAC STEVENS. '

“THE SENTINEL ON THE WATCH-TOWER OP LIHERTV.”

AT S£ PER ANNUM.

VOLiUME IV.

VBVAY, INDIANA, SATURDAY, MARCH 14,1840.

NUMBERvl3.

Published every Samrduy Alomin;, <r° Corner of Ferry and Jlarktl Indiana,

prohibit the circulation ami issue of any cote for less .than ten dollars/* * A’othing could be more plain. Yet a nurflbcr of the branches haye disregarded this section with perfect impurtity. It ought not to be pretended that the legislature designed to restrict tbie.eectiou to the notes of the bank itself, for ccrtaijilyif a email note circula- ’ tion wa* desirable in this State,-it wero boiler that the citizens should have tho guarantee of our ■' OKt) bank, thiu. of remote, obscure, and often irresponsible instituHon; and, alio that we should ; receive the profits resulting from.such a circulation. To leave no'doubt upon this subject, there is an express statuary prohibition of the use of such paper. ft will,also bo seen by the testimony, that tscvepl of tho branches hare/and the Bediord. braijcblfifts, very lately (bf»i been in the practice of purchasing promissory notes at enormous, ratea of ifecbunt, sometimes as high* os 30" . pet centdra, and the 13th section of the charter, Which declares that /’said bank shall be chUiredtbcbatgc and receive fob raoneys ’ loaned,'six per ccnllim per antrum, and not higher; but the Samemiy, according fo bank rules,' be ■discounted and taken in advance out of lhc : | aunts loaned.” This practices, however, dtp* fertileJ by thb bank tinder tfto, general privilege I conferred in the 6th section, of buying promisso-ry-notes.; But the two sections do not*oontlifct, and if they did, jit is a plain rule of' coni t ruction that • general po wer is limited by a specific limitation to‘the.extent,of that limitation. The bank*, therefore,: may..bnf promissory itqfcs, accpri|mg Iq Urn section—bti^accordihg to the lijthv it is;not entitled ,to charge of rccelytr over0. percent! .The Stalciloard sec nothing illegal' in this practice, but consider U Mm politic, -/rite Bedford- branch, however; thinks it very politic to take 30 pcrceni.dnsieatf of 0, and stoutly maintains,-both hi theory and practice, her own profound y jews on this -sn bjcc.i ; as' para mow at to the declaratory abstractions pf the State Board.. The tcsiitnbny (vtll shown considerable difference ip Ihe coiidition and management ,: of the several brioches, sdmnofwhdmt will appear by re fo rc ncq|t o • t he_ t es ha ye beep managed with more equality end wisdom than; the yestj. audit aye thereby proven thatthe evilp of which { wccomplaitifare not matters of necessity; bnt of permission*.and; will bo radioclearly ■ minifcit 'by examining the'situation of aomd oi the others;-'.The branch af. Lawrchccburgb, the constant ppprobtu nt of them, all, was Reduced in tho vmostK of December last, in to $12,980,. With a circulation accordjugjlothe .report. a; rapnib - before ■ $308,230. |The . least specie: and tile largest circulation of.all. It is remarkable; too, that this bank had of diposilb for io tho Urbana Bank!bg Company |i fO Iiio ; a n ine 111 u iio a i w h ichaccord- - ing Wdhp report of the bank commissioners of that'Stato! is amongst those in the most questionable condition. ■ Such is the natural affinity be twe en Jtind redpr i n ci pic s; - . The Staib Hoard has exercised a loose supervisory p’ower an'd usedtojvnrds the branches, the laneuagb of a weak, indulgent, aadHncapable par|nt, v;Iio scolds lust children indeed and threatens! and then leu them do'pretty, much as they please. /It is true Unit the President imd ..State Directors are only a minority in the Board, 'and dcnld not of themselves carry any measure. But they might do their part. The* President, however, informs us in last session report, that .the board decided with unanimity on all matters, eubmittedfor its action. And in the same report which exhibits the debts of diretbrs and stockholders to about as large as at present, he thinks the “condition and business of the bank must be satisfactory to its friends and (lie public generally.’’—The Stale board do not appear, to.haye understood the extent or the importance, of their ppwers, their obligations to the Stalcmf the extent and i importance of the abuses constantly going'tm before them. Altlicugh the i'resident of tbs Slate Bank, who Is at the head oftlnK Board, lad whose responsibility for its action is greater than any olher man, travels throughout tho State to examine its affairrs. The President of the bank has, likewise, conducted the ncgociation of the loan for increasing the bank capital and for that purpove has been, several time abroad within the last year. As lie' acted in this capacity under an amendment to the charter, and for the benefit of tlja bank, the committee deemed themselves authorized and>required after*investigating hie: management of affairs at home, to look aleo fnio his foreign policy. . . i . ■A/ncgcciatiou was made with the Morris Canal and Banking Company for the sale to them of a mill ion jjfour State Bonds, the" funount of ivhich we wore lo rcccive in ten monthly instalments, beginning in the month of September last. - At the time of-this agrcfemcijf, ihs President 'admits that the stock of this company was at a ' discount in the mpney market pf-14 per cent., and that he d(d cot know, that it had made any dividends for more than a year before. That three-fo'urthsofiis capital was inVcstcd in an Unprofitable canal, which was mortgaged for the payment of a foreign debt to the amount of three quarters of a million. - He was also aware, that 1 tho company had already contracted heavy en-. gagcmentsiatho State by the purchase of our I bonds for carrying on tho'puhHc, works. Audi that (t.has also similar subsisting engagements with the State of Michigan.-These liabilities of the company prior to (He eale ofour bonds for the State Batik, amounts; according to the corn-' mittee, to no more thanfho market value of the company’s stock-at that time; and liq this'tho Preaidont.of tho’filtto Bank added a million besides, j And*this,ata period when the times had aisumed a'critical aspect^.w: hen money was betoVriingMarce, gndetpbarrassmcntB were threaleping amf thickening the country*.' Before the day came, for paying'the first Instalment, the company gavp notiCo of iia inability. Then fol-. an arrabgerfientiorthe retbtn niiland.an exteiisiod dfcrediP to tpc cbmpany.qU qboDvfdentbld portion of thblmlBnce often years. 'J|ujcven't)io.borid*3 could toot 5 e ./f r “f? c J t :. <cc 9 f^ t, .S' *VM|d second agreement; ■ (I* length bean C(5hptimmjiied, :! by rfhtch the Stale grdnu. fivjs y ? 4rd for the payment of the heayieit lniUItnehf indtakeBTdt' ibbo jjt^

the etpclc'of unfinished rail-roads, of suspended banks, and of wild land speculating Companies. The stock of the Schuylkill and Susquehannah rail road is invested in a work'now lying unfinished, and on which, the wild grass will long flourish before the locomotive. The stock of the suspended Alabama and Mississippi b ranchos is of course invested in plantations and' negroes; of whom some will Tail tot be sheriff and some ■ borne away to whilst the stock of the Apalachicola' Land Company id in the illfated- territory, of Florida, where Alligator and SeiiiioolojSmtmain divided'empire. Such- is the foreign policy of the President of the SuttrHank.j Whilst at home, tier stock and circulation are invested in.promissory- notes, secured'by dry goods and property whose value is to some extent bated on the prospect of completing a system of internal improvelying scattered and ‘deserted throughout the wastes of.woodfand still within the ‘territory;- of our State—a large part of the money having gone eastward, in the bands of our merchants,* giving ■ thqra ■ facilities'for. contracting heavy debts ’tlierfi which erenow pressing upon uff at -home, draining our ■ currency,' ptnlizing oiir industry, property'and credit, suspending our banks. . • . ' *

teal estate. The difference, therefore, between their stock and that which would be thus created, is, that the one is secured by mortgage, and the other not—both are based on real estate. And such is the case in all the surrounding states,' and almost every Where. The bank capital add circulation of Ohio a modal to about fifteen millions, of which two millions are invested by the banks id specie; the other thirteen are substantially sc- ’ cured by real estate, or by other property of less safety and value. A ml if all oaf additional stock were paid up at once io specie, it would not and could- not, profitably remain so invested for a single month, The specie would bo gradually and indirectly converted Into promissory notes of borrowers until enough only would remain to sue? tain the circulation. For the circulation of a country cannot'bo enlarged with the bank 'capitals Circulation is limited to the proportion of currehcyio property throughout the ■ commercial'world. -And if one state or people should attempt to transcend that proportion, they only, succeed; in expelling a portion of their money toot hereof! n lies. ■ The present bank circulation'of the United States is only one third of the amount of bank capital; and otir presen t circulation would be in greater, proportion than lhj$r k(\er the proposed accession' of state and private stock. - And our present amount of specie,' is,-as we have shown, very nearly sufficient to sustain the present circulation. Bmhcould ba increased'as the commerce of the state required,, by selling her bonds thus given to the bank. yTho circulation: could not nor ought col to. bo more increased,.even'if ten millions of specie- were it once added to the capilaletock. The loans : of the bdnkucould ofcoureeat oncebo extended to the atnoohVof the additional stock, if it were paid ' in«pecie,-and in Uracalike these, Could “afford much , relief, if properly made. Dot the principal effect of the proposed method' of- increase, would,be to equalize amongst the several counties of the state,; her bank discounts, by cqualiziflg l the powerpftho bank,'.without increasing the aggregate of the loans faster than the state bonds; belonging to the bank could be Sold. It wodld iko equatize-in the : the profits: of the circulation, . The annual' circulation is the for the excess of it ovdr and above .tho specie bash). Id (his ' State this surplus js two millions, which at six-per. cent'..is $120,000. One half of this' araount goes to the state, the other batf.to the present-stockholders. —By the amendment of hit win which .h'aa beenaccepted by the branches, the^ntire'additional slock, was to be owned by the stated to the ultimate* proportion qfsix millions out of seven and one half. The state then wopld have derived six sevenths nearly of the profits of circulation. Th o present, stockholder ,w ill .therefore relinquish nothing in accepting the' propoled amendment, but the exclusive power.of lending the money, which is. no sacrifice to ihern uoleia they intended to lend it to themselves, . Another advantage which the citizens who'takathe njw stock will derive, Is the use of a more..convertible and available property than they now possess.; A -man who pirns a farm worth a’ thousand .dollars, and who has suffered loss so as Itr b« : embarrassed, may be compelled to sacrifice bis property, at whatever rath it would, bring in his own neighborhood/ - But if Ho possessed half the amount in stock which is of uniform value throughout the state,, he might' relieve himself with but little sacrifice by resorting* to’ other places where capital was more abundant. ;ln this respect the western elates are more in want than' any others, and Indiana the moit of a)). There are four or firo bund red millions of. back and other stocks-principally east of tbo mountains, which are convertible into cash, throoghopt all that coqntry much more easily and advantageously than real enate; and aro.rin one respect preferable to money, that of yiblding to the bolder a constabt revenue. In tho south, the whole slave property is likewise removable .and convertible through all tho -extensive territory where it is held." -But in the west, and particuUriy tn Indiana land- conititutes'almost onf whole' property, aqd.heing irremovable is' much less;available and convertible.than,Ihcrd - Thq consequence, that our .freedom'of trine, I la more .restrained than el a a wh ere ,‘ a nd t hi J cdu! d bo .obviated to some extent, if our proportion of bankstock were greater. jL *: V A meiatic currency is not nowntlainable if desired.—For if there were no issue of paper, onr circulpiion would be supplied from the surrounding. States—who would then realize ttyi profjt and ‘expose us io the orlli. Butifitwcro now proposed to establish a State Hank, ihstcadfhavmg one already in being, with a heavy investment ofSuto capita), and extensively connected with, the business, and property of tho i people, under pecuniary embaraassmenl it would be' a very different question. The operations of our bank most confirm the conviction that is prevailing throughout the country, against conferring either on corporations or government npieh power over the property of the community. Hut whether, Banks shall flourish or fail, credit muit remain—must endure as long as property endures—ss Jong as man is a believer in hope, and dwells tn society and has confidence jn. his fellow-man., Aud io new and progresaive countries, with a free and virtuous people;.credit will flourish the most- for there engagements are most sacred, and tho future most fruitful. Whereas' In‘countries that are stationary or declining, there is out little to hope, and where'society is vicious, confidence'is impaired.' In State's like outs therefore credit is natural and beneficial; and although our bank is not tho best of systems, in our present circumstances, jt'is better iv We cah iMKsn it, to preEBfve tharilo destroy. . But .if tho Bank should reject all amend mom*, and 'expect that the suffering* of the people will' defer tlietn .from, inflicting oti her thq penalty of Jaw she haehrdkbo—if sbejsxpccw to utajpUiu hey present monied deepousm—she. mb/- D1 "* the experiment—«he may try;hcr she Will find her wtaknosi; 1 - * - The money power is one of tho great marvels of modern society, ■ TJi'ff progress of ci vilization over the globe— the'diacovery and seiiWliont of nhW exploration by cotntrtercQvbf

every sea—the ri&o of the syalcm—ihc rrcal indentions m machinery and the arts, have illtdded to the power ofnwnoy.by extending iia do’/ niinion* oVer «o much, more of tetri lory of popu-' laiion and of human thought and human pursuit*- ■ Even the reform sVreli'gion and govern mem have tended the" same, way* In abolishing the cccieand aristocratic distinctions ofrank,tbc , ambition and vanity of mankind have teen-in a great measu on the ioIc remaining distinction of wealth. And in a government like ourtf.'W'hcre equality prevails, every citizen participates in the stnigglcfor the prize*. When therefore t great controlling money power is or- * ganized in a State, it exerciies away over a larger amount of hope, of toil and of thought,' than any other, and never cap be euitafned unless, in conformity with public opinion and public will,'it : is admimstired for the general good. W. A, BOWLES, Chairman. EIWOOD FISHER. JAMES WHITE, A.X. WHEELER, ■: 0. ROBIASOX, - i ' : ISAAC STEWART. - ~

TEEMB;

Pei tear, paid in advance - - - §2 00. PaitI within six months, - - - . g {JOi

If not paid until the year expires, *. - U 00. No subscriber will be taken for a [css term than six months, and Ip all such eases the subscription money will bo required In advance. ■ ’ • . ! Subscribers not residing in .the county, trill be rtquired to pay in . , - No paper will be discontinued until all arrearages are paid, unless at the option of Uio editor:

* - ItBPORT,. Of Mr. Fisher from the Committee on the State

■ jBaiik, Feb. 4th t *1819. . (Cdnc/iided.) '( ; But it baa been by some imagined, that a refusal of specie payment is not a violation of iKb chatter. That the bank qn'y becomes liable for the payment of twelve, per cent, interest to the' note holder,-uf d.fhat this isifae penalty-and the only one ofsuch a course.. If this were the case, the sfiction-origlittaTiavc been made the proviso, . which is the usual modeof expressing pne, But, the language of the section is positive, .imperative and unqualified. • And after wards the indemnity is put in for the bill holder, co that whilst ■ thd State is taking the tedious process of jnrestigation, the needy bill holder niay not he wilhi o at re tnetly,,' B(t t If tho payirmh t' of twelve per centum, ou all paper presented for redemption,were alt the legal obstacle tosiispopaion,it. would have no preventive ejjfect whatever. ‘ For\a country, money, in .time of pressure quickly rues' above twelve'per ccqt. in (crest,, hot hat it Is; notfor tlic. advantage of the biU bolder to demand the specie, as in order,to sccurAhe htefcst, be must forego the use of h is money. The’ 'section' of tho charter which solemnly pledges the faith of the State never to authorise a suspension,would mere unmeaning and delusive profusion.; ■ ■ i :■ : 1 ’ '.V'-: ; The charter having been plearly isolated, the committee think' the duly of the. legislature is clear, ,and when the causds ami circumstances 'arc considered that combined to produce.the £usthat duty becomes imperative.' .The yi;:;i eeciidn of the charter provides the leg-* idaiure'may ai any time appoint an agent to ex-’ Eiuine (he! hank, and that whenany ! agent as aforesaid, shall find and re port,fort of the State cim!! have reaspn to believe that the charter has been violated, it may be '.latylbf for tic legislature to direct, or the Governor; to prdor a sciro facias, to have a judicial examinattod' and judgment of the case. - . ' ■ .if/- i, * The comlmttcc hiving scan that so many; of the branches had violated thc cliarter, by suspension cfspecie payment, and having tained that their management and policy in the distribution of discounts, for a tariff time/tended naturally and inevitably to such ’a -catastrophe, examined into the course of the State Board.'in relation to ihebr, it beingclMheil with power and enjoined by the cliarter, to regulate arid control the branches ad as.to cpnfinc'them to theirduties; • But it appears that'but' little effect! V*o action of the Stale Board in relation to.the great habitual abuse of the branches has transpired,, and the State Board, as we hive.before slated.,did by' a fcsolutton, in-November last, substantially/;riu- - thorizo the branchcs-to suspend at their own. discretion." - . . The -Uth section of the charter that the State Board have power whenever they shall ascertain in *ny manner, that any branch ia insolvent, or iti affairs, whereby the interest of fills oill erf b rancheri,. is endangered, or lhit‘a branch hath violated any of the provisions of.thisacti dr-ariy other act binding ujjon thcra, orihctariy branch hath neglected or refused to comply .with any. legal order or direction of tW Soattf ..of-,Directors p( the State Bank, and it it’herelitf.miule /Ac duty of said Beard,-forthwith to suspend (hebuiiricss of inch branch, and the poaersqf th'e branch directors over the tame, and if thd imeVeatof the State or. the, safety of the branches requires it, to. close up the ..affairs and busiaesa of said branch,” *&c I Surprised that such afpplo.piwers, had not been effectually exerted for, the correction of such great and gross abuses, as bad, Iqng prevailed}, tho committee inquiredofyhe president himself? in order to ascertain his constriictidn oft ha charter, whether any of the branches had violated it. His answer was a vague, evasive and, technical negative. They inquired whether a branch could ■ violate 1 the charter. : Jle answered not so as to causo forfeiture of thf tvh'oieinstrument, but milled it might-forfeit its own privileges.- They < wanted to ascertain -what the State' lloard • con? sidered its-,duty in such-a case. The answer' 1 was “to Mipond thebraneb and close pp its affairs if the interests of the Slate'and the safety of the other branches retpiife, it”—professing to quote the charter bpV not quoting it correctly That section: of the charier, os wo have scop, makes it the duty, of the Sute Board, without any qualification whoever, 'Mo suspend the Business of sugh. branch, and the power- of the branch dircctorsover the same,** and then if t he interest of the Stale or the safety of other branches require it toclortf up. Nothing could.be more clear and explicit than th» words of this section; and yet, through all the multiplied and protracted abuses cf the branches, this solemn duty of the State board has noVer heqiLCMrctsed ip a ■ipjjio instance.—The Board- qmerejl a Acirb/facias agltnst th« Lafayette brapeh, on moro qUesiiop. able, authority-, and for much more (rival cause than existed in’ many other clues* # . *• ' Beitdss.lli^favoritism itndbad policy that. 1yd io.’stisperisipn, other evils were’ ccimnion'ia 4 number of the.branches, and known tb members of the State Board, that riever received l(Te oflW (cUI nolfce of.that body.’ the practice of paying out notes'llnder'the denomination 6tfive dollars,issued from banks without the State, ia a .violation of Ole charter, and detlasing to the currency of the § fate.j-pSpction 32 d e dares that | ‘ n'o * n ote shall less dchoptinatioh thin five ai}d .tbs IcgtslatSfe hereby'reserve* . the rigbt’.atmy tiip 6 t *lwtje fry o a r’* ib/eairicl

Indian Aaccdote. Onoof thb Indians wha formerly inhibited the shores of Robbins’s pond.bcingnpon a hunting excursion, chanced ip pass the house of Mr. W*-—who '.was engaged in feeding a largo, flock of turkeys-near the house. thc-ln- * di&n, feejing very thirsty,-went up to Mr.AV. and asked for some .cider, who. told him logo into the house, and his wife would, drawihim a ravgfull. Sam,.ingoing,tolhohouse, 'muttered to himself, but loud enough for Mr. ,W. jo heqr, **. how I shbuld like to haro one shot at ihcm.?Mr. W.,rwho was fond of. a fJTc, took the gun which Sam had .left at the door, and drew the shot from it. ; «■ Well, Sam,” said Mr. \V. “you ’ would like to have a'shot at myi turkeys, yvhat will. yep give me fti a shell” Sam," after sonic • hesitation, agreed to give a dollar.' Every ■ thing, being ready,; Sam, levelled his gun and’ - fired/ and as might'he expected, tbc lurkoys were ■ hiore ‘ frlghichod . that' hnn. ■ Sam • stood i mnteiWithjMtonishmenV!and' flinging bis gun across his;, shoulder/.said, ~ V Said" never made guch,asholaa lbat before,V and walked off.;. It W*» about two,weeks ,frqm the ; lime Sara made his unlucky thtt he again called on. Sir; W; for.inqre culer}>ho,tb! eking‘to put another jokeupott Mm/iCDthimimo the house for his cider. ana: shot from hisguif, ’ .which was left beside the,door. - On Sands return ho,was asked by MH'rW. what he would give for anqthershqtjbt his turkeye, A bargain ws» ro«Ld6, aqdf 8am giv o another dollar ■ fer a shqt.prbvided Jlr.AVV would call them together.,| ■ Sam - fired, and ,- killed eix/: besides wounding eight or-tBnmore.-If Sam’* astonishraent was great; at nis-first unfortunate abol, Mr* W.’b was not less now, whan he beheld the havoc made, as- he - with* nothing-hot - It.scqms that. Sato hadm is trusted tho cause of hiifiratbad.Bbot, although. be had. betray etl no ,Bigna of suspicion at the tiinc, arid had -loaded J|is gun with two .'charges of shot, knowing' that ono wbuld be drawn but..

( 'It must, however, be manifest, that- a Pr«i- . dcut apd four members of the Statu Board, bowover wise and firm and faithfiH they, might be; would bs pdwcrless in a body consisting offeighteoV me niberp, thirteen of whbm'are thereprei sentativea of the private,stockholders—of an antagonfsi interest. .And that ib every effort.-for ; relbrra, thoy innU encounter that combination. ; Accordingly \ alivefqnrt railal slfll depend on the pleasure o/tho’private stockholders, -' . And we have seen what is id be expected of thprp.—And independently ofjhe action of the . State Board, altogether, and after they have been , vigilant and judicious in atllhejr measures, great discretion is stilt reposed in.me: branch boards, where private, in tercet 'prevails. AndlhiainbreitnciB unirormly, as we. liavbfcen. first for the dj/ectore themiel- . ves, then stockholders, the merchants, the . towns; and thefrdwn coutniesf leaving the rest ' of tho State and people wilbdatjfevor. . ' • * And the question now is; whether'lhe bank it : to remain inaucb acondilionl fAnd dre the five millions of capital provided for in the last year’s amendment 'to : {be'cbaVter, to be added to the t baiik,Tall to be subjoCtto the same, control, and . 'applied in the same manner! We have seen hoW , much regard the'private stockholders hare for : the'interest’of the bank, now When they, own ■ half the stock. Jfow much would they be disposed'to promote it if the totalj stock amounted • to’seven.- millions, and they owned ;on!y one- ’■ sevonlhl The answer » plain." The prospect for .the future, thag, as well aaoor experience of tho; past, would vindicate the policy, as well as iherighlof a forfeiture Of the charter. It is true, however,.thafat a time like this, when tha'revenue and resources'of tbs State can hardly, be (dado sufficient to preserve its faith and carry on the government;' and when^so !rhacbi pecuniary distress prevails amongst ;th*e people, the withdrawal of the bant-would divest the State of the profit respiting from the dividends," and produce increased embarrassment in the.community, by contracting the discounts and circulation. ' I t has occurred, therefore, to the comtoittee', that the charter might bo so amended as to correct the prepent situation and tendcncies|or the bank, and prevent Us lapse in future into similar evils.. Let one half of the capital provided for in the amendment of last session; be added by tbe.State, and the other half by individuals-—those counties having the preference where there is'now little or no stock. This would correct the action of the branch boards, together with an additional provision that .one half of the branch directors shall be elected by the State Board. And in tho* Stale Board itself, one half thejimmbers ought lb be elected by the General Assembly, the other by the private directors of the branches.* Thus the interest of the State and, of individuals being, equal in the bank, Iheirrepreieniation would bo .equal. 'And if party or political feblinga were introduced on one or private local interests on the other, .they would he - mutually ‘counteracted, .Ambition ahd.avarica being chdpwed with equal power; wduldbe enabled,to provide alike for the profit qf the bank, and .the' accommodation of the citizen. V . I ■ ,■ it' would now be impracticable to sell State Bonds for tho increase of the State slock proposed. This is not required. Let (he State transfer her bond a to the bank for the increase, as Tt is made successively from year td t year. These bopdb bear 6 pc/ cent, inlereitj aad the bank could retain them until a favorable lime arrives' for converting them into Caijb. This was the course taken in.the establishmeht of the U. S. Bank, not only in paying up the government’s share, but a Urge t pori:on.ol tie individual subscription; and at that time United States stock was of leis value and convertibility even than ours is now. The same course was taken by Kentucky in the'establishment o:'her present stats banks. And .the.Kentucky bonds bear only 5 per cent, interest'—yet those t inks have uniformly declared gooddiyidcnd their creation. It could not be expected either, that individuals t could now pay in the cast, for a corresponding amount of private stock. Neither could .this bq requisite,. Let them give* a mortgage An real, estate of. double tho amount of the slock subscribed for, payable, the prinripal in five* years, and the interest somi-annuplly.. <Let ho real estate be taken except what ts Improved—no land of which'.at least, one-sixth is not in cultivation. Arid let dll buildings and destructible improvemsntS'lhefoon be excluded from valoatipn, . Can any objection bo'made [to such a mode of crcalfng batik stock! It is better than the present.'rtqckof our or of any other bank3’ in the'.cohhtry, ITip present cipital and circulation cutuir bank, amounts to more than five mjlItohs; ofte million'of Which is ppw iu specie; tho i other -four millions' Chiefl/’ in accommodation of a few hundred Individuals; the. principal ■ setmnty of which, * as ihq bank officers fbsmioTve* < 'fthbbet onifortuly iclVtho tonyqjitcc, ii ih' jhelr

■i ./ SiDfalar Case* •'

The Allowing 'native ;.of a remarkable md distressing disease,;is taken from tho Transc'ript, publishedaVAmcibnry, Essex County. “Miis Lucyllamngtori, formerly a ■ resident inAmeabury, recently died in'Cornish, N. H. : She wis sick three ycaraand a half, and confined to her ne&twb' yeare and fiye'nioijthW' Sermonths preyious ■ to her death; herrigiitjiip' was dislocated - by a contraction of the muscles, while she was sleeping quietly In bed." Inimodiatelyafler this e r e n t h erbo hca began 1 1o break,, and before her death - they had brokcn nincicen time* ,cr raore,- in difrcrent ' parts of herbody. At' first; her, ribs, then her collar bones; and then her Jojrer- limbs, Ije rii n der jaw,a hdt h o bones of her liahds; apd - feet, k Their breaking was sometimes latfehded' noise, and : at Others hot,'and, was always preceded and;followed By the most aento pain, .ends of the - broken bones would, sometimes for a day or two gratd together on being.'moTed.v Upon a post mortem examination,- not . a sound, bone' was found. | All wasiso; softohfid .as : lo be easily cut with a kmfb. ■ - When 1 her .hones began to break;' thq fliusCles of hit lower limbs so contracted that they .lay-across her stomach .'and bowels.. In this.poailioit phe reraainod until her death. Her*.body was atone time so contracted, that she pleasured as she lay in bed only two foot Jmd foucihchesi She* gradually lost; ajl strength-in her limbs, until she could only more.slighuy the ends of her fingers.—She wap forty-three.years of-age,”

The Virus,

• An important Is, the nomination of on aholitioniit by the Federal party in Ohiofortho office' of. Governor, The Columbia Statesman says:. • ' “ Thomas Corwin, member of Congress from Warren." Clinton, and Highland, is nominated for Governor!* .Corwin’s whole votes in Coring! have been with the abolitionist Slade; and and when a member of the Ohio legislature some years ago, ho voted against a resolution to inquire into thrf expediency of prohibiungcolored people emigrating to Ohio; and before that,'ha votedfn legislature with thosewhoMtimpted plaaa Macks on an EQUAL FOOTING WITH WHITES. IN TESTIFYING Ttf A COURT OF JUSTICE. * ’

" Wade, of Ashtabula, end Morris,6f ClintoO, tha defeated abolitionists for the State Serial# were here,.Aqd in connection with‘LeIs(or TrUnibnll, President of the■ 9latAAbolition.Society, and numerous abolition agents, the act was conrattled.. ..The: poor confedtralo knocked into tlie end ofnalt wceki /.Courage, Democrats—4he jlty i».luicbt aniTtha toast-is clear |The’Siatai» ouraand notfliatake. 1 ’ ■