Western Sun & General Advertiser, Volume 11, Number 23, Vincennes, Knox County, 3 June 1820 — Page 2

devices, ai invariably regulate themsidves, as ll iids, wncn unrestrained, had tneir common icvel. They will, prob-bly, more promptly conform to tocic la.vi.ia state w ocrc a well refill ited p.tper currency pievaiis, thaii where it is m.Uilic. in tuc latter, the currency is exported to make up any temporary deficiency, and by that means provide-, a.;dit the recurrent:;: of t':e evil, by indirectly caus ii; an increase of the exportable arti ciei of the state, and diminishing

the important of foreign articles. Un til the cap. City to purchase ihcse b) the -xch an re of arm ies shall be resto'cdinthc Ihrmor, as the currency c t vot be exported, tho importationwill bz mare pr rmptly reduced to to cap icily of the country to purchase w uUt the mcrcasj of it- exp oruoU articles wi i o: direct instead ol t!i. it li ec co :s 'oucnee of a tern p orary incapacity to pay for previous lm,) matins. 3 1 During the whole process of rcsnr.ug a favorable Mate of ex change in a country where a well lvg.iWtcl piper currency prevailed th-.i n ue of ail ariclcs not export able, will suffer no material variation. The fu idiojj of the currency which vi;l probably take place, will not be i nncdiat'ly carried so far as to reduce mo p. ice of exportable articles fo as tj co n u Hid a profit in foreign markets. They will, so lon as the rate of exchange is unf ivorable, continue to com nan 1 hiner p-ices than wneu toe exc.han is favorable T );s 'ucreed price will encourage i a hutry an I cv.tet prise, and constantly t?n 1 t ) an tie-it the productive :ner.',is of the co nmuoitv. Fhis effect c io:iot fairly be Utrijutcd to any d )-;" nio.i in thj cu 't ency Tint Vnl co ii m.i lo b'.: oirlv the same pr p irtio i t the ctct -ureabla articl 'n t' t i - state, as when f o-tdn ex change was ftvordile. It is probable rvoyi that rol it ion to those articles vil' be chanced, so as to produce an appreci ti n of the currency ; a id that t:iis approciation will he perceived in a slight djrco in the depression of the valuo of .11 articles noi cxport:blc. The cts of this appreciation will, ho.v:vcr. bo diminished bv the i npulsr: ;iven to industry and enterpM.sc by the increased price of all articles which can be exported. These a'-e conceived to b the effects which a well reu'at'l pane" cu -reiv y " ill have upon t ie foreign exchanges, a -dunont'u; lonestic in dnsirv of t!m countrv which mav a dopt it. If toe. val ie of currency de:p ils like tint of ail ather ar ticles upon the quihthy : upired wiOi the demand, the id- of its depreciadon iti raisin the price of articles in the rase winch has h.'vm considered, "Hist be rejected. That this position is inro itrovertible. srems to liave been rul nitt-'d bv all writers upon thn subj?ct. 'I'liis admisston is found in tlie r 'ports which ha v. bten made to the lintish ''arliameu! ; in the evidence upon .vhich those reports have bten l nr.de I ; an' in the cssavs of those v. oy have opposed the paper system in that country since the year 1797 The. o section o the oape' svstem, as ii existc ! in England was tlie abace of all restraint upon bo- issue of pap -r, and the suppos-d imnossib'ilit) of iui!) )?in; auv eHicient icstrd.ot. In fa t no attempt, ii 's b-e.m m ac t ) inp ise such restraint in that c untrv, uiiM'vu'. ted with the convertibility of bank not.es into the nr; i ions nc'ah. So far as this res'raint is litnic I to tiro convcrtibiil y of bank not into buM'on, at any i v . i rate ; it U rather an atteoipt to re ;t-ii.-.,rrn cc'i tv. r; t i!one;ht e iotruinontality of th benk, than to c- :ri e t';e isue of ba ik notes to the sutl i! vo l tor cnnv'cv. I ho r- sf ai r imns'l eos tore upon th i lea tiiat m unfivo'-ao'o st te d" f..rri.j; rxclun :r tunst be t1 vosult of a icluo lant currcn-v in i r - -rect t v "othi'i-r can b s h "o'hfss Co !-d-!cr:M ; ;,c i,: r c : -if t'-o cn.-.-ury of Fe'a - i mr n we h.r twenty vea-s ;v. it , ;v;t ci vis'o;th it tiiis i I sh x i he onte tei'.cd. Domip that pei-d ihc unfa''.vhj' i-jt" nffdrcicn 'x- ; m;" urich nera!'.v p cv d d.was, ifvt tli-ectiv. t l-vt io !i a'trihut-, ah!e o he ..-nr,-rin vi cf their cur-j ev. Mn,r io t, ;s ie'-Tval a faor-, a . rate ot to-o ro rv anvfc more thin nce orcir-ed. T whacr)nhl tins hu'orabh erh m "' b att -drntc ? C v uoly not to the ' ot iati m of t'u ir curreficv '".W it w hi I he r j Uvjust t et-'ou'e e rrv uoford?'e ?:l'io f to.e'r rvrh'.oere to the ir'f' inn if he cm v v. "s r ascr'dj to that cuuvcv the r- Jit of auv fuorabt ' state ! yrt-n . Ter faith i. h it flu " ' :ion in tlie tv'nii."' he fx u two roimtrirs havi r net ili'c cur encv, cmimua'lv r'c.ir, an I d-eind upon principles vile ly U'cm "etc n i'h tlie idea of a dprccia' i-oc'ifv. if .i sc vi " , he ' Meet, thr only obsUclet to the cilubiisinncnt of a

caper currency, by government having a sovereign right to establish it, is

the ilangcr ot the wstaoiiuy ana warn. of integrity and intelligence of the government. There is, certainly, just reason to apprehend that emergencies may arise in the affairs of every nation, in which their stability may bo menaced, by foreign force or domestic insurrection, in such an event, a panic might ensue, and the ere lit of the currency be utterly annihilated. How far tlie recent examples which hac been adverted to in other stat.s how far the influence of public opinion over the conduct of overnmeuti, may be relied upon, as 11 emcient preventive against uvus )f such magnitude, must be determined by Uiose to whom, under Divine ProaJence, the prosperity and happiness of nations arc committed. hie subject involves all the complicated int. rests of society, except the etij ly.ucnt of civil, political, and religious liberty. It ought to be appr uched with more than ordinary circumspection. In states the best qualified to attempt the change, it is euviinned with doubt which can only be dispelled by the lig it of, experiment. In the United Slates these doubts are greatly increased by the complex form of the government. In the division of power, between the federal and state governments, the line of separation is not sufficiently dis'inct to prevent collisions, which may dis'urb the harmony of the system. Collisions have already arisen, ami. in the course of human events, miy be reasonably expected to arise, until the line of separation by which thir relative powers and duties are determined, shall be distinctly defined bv practice, or by explanatory amendments of the constitution, effected according to forms prescribed in that instrument Upon no question will collision more likely arise, than that contemplated by the resolution under which this report is submitted. Mo attempt to make the change has succeeded. The measure when stripped of extraneous difficulties, must be admitted to be of doubtful tendency Under the most auspicious circumstance i it may prove abortive Under circumstances in any degree adverse, it must inevitably fail. Am obstacle opposed to its execution by one or more of tne state governments, woidd be decisive of its fate. Their simple acquiescence in the measure w .hi id not be sufficient to secure to it that issucto which the principles upon which it miirht be established, would necessarily lead Theii active co operation won id be indispensable. The banks which derive their author itv from the state governments, arc nc-illv bound by their charters to discharge their notes in specie on demur!. From this obligation it would bo necessary to the system to relieve them, fiie obligation to discharge their notes upon demand, in the national currency, should be substituted for that of paying them in specie. If these obstacles be removed, th:U connected with the public do ot, which ha? been su ;gcsed in a previous part of Mk reno f. von! 1 stiii rem orj After the sv.b'iVuiii-m of the national currcnev, and silver would be 1 . " liiipot 'e i o :v ia ihe quantity requircd for onouf vrturos, and for the prosru'ion of imos- branches of trade i i n-JMch they are primary articles of commerce F:r these purposes the i nporiatioa would be sufficient. T'icv might even he sufficient, and ai a reasonable price, for the payoent of toe immi il interest of the nubuc debt. iut, after the year 1824, when the sum of 8 10,000,000 wr.u'd vmuiUy be expended by the Commissioners of the Sinking Fund, it is p;bib!c that the premium which wntl be paid upon it wovdd be coni ler.iblc, uniil the debt was extinguished. A compromise as has already been suggested, with the public ere iito : s, would seem to be a m?asur? preliminary to any attempt to est ablisli a paper currency. It is more than probable that the attempt 'vouhl not oolv he unsuccessful, but teat it wou'd injuriously clTect the pub'ic credit It mav, also, he proper to observe. that '.hoe sections of the Union where a mi am e of this kind would be most likdv to be acceped)lc, would dfrom it the least benefit. In the V;t and and in the South, he comolaiols of a deficient currency have been most distinctly heard. In the l. tter. thvij complaint ve ot recent date. In b.h they p'ocecd m a i'rr ter decree from the dis- ' tirsrnu'Mt f the public reveinie than f'o:n pny o'her cause. The great on-s of public r pi nditur c is made to the cast ft! is chv. The revenue accaii"g from impo ts. tl-.ouirh piincipallv coMe -ud in the middtc au eastern state, is pai I bv the r'o ovisK o consumers thrm.it;hout thv U-ttcd ctites That which is pnu! fet the public tar.ds. altli'mif'1 in som degi e draui fun every part of the

Union, h principally paid by the citizens of the West, and of the South. The greatest part of the revenue accruing from the public lands, as well as that collected in the southern slates, upon imports, has been transferred to the middle and eastern states to be expended. The necessity ol making this transfer arises from the circumstance that the 'reat mass ot the public debt is held in those states, or by foreigners, vho3 agents re side in them ; and from the establishment of dock-yards and naval stations in their principal ports. This transfer will continue to bo necessary until the public debt shall be extin

guished, and until the other expenditures of the government can, consistently with the public interest, be more equally distributed. If a national currency should be established, the demand for it in the southern and western states, for the purpose of transmission, would be incessant ; whilst its return, by the ordinary course of trade, especially in I

the latter, would bo siow and in some of some who violated thorn, degree uncertain. 1 he currency, be-j iii regard to the stipulation propoing every where receivable by the scd, as the condition ot ti.e rutiticagovcrnment, would, for the purpose lion of the treaty, that the U. State of remittance, be more frequently de-, shall abandon the right to recognize manded in that section than specie, lor the Revolutionary colonics in South the same reason that the notes of the j America, or to form othct relations Bank of the United States and its of-' with them, when in their judgment ficcs command thereat this lime, a it may be just ur.d expedient so u-

premium m specie, as the trans- ; do, it is rr.aiiilci.liy so repugnant to fers of the public money are made by the honor, anil even to the mdepenthe Bank of the United States, the ex- ' dence, ol the United Statrs, that it has citement produced by the demand for ! been impossible to dbcusss it. Ii

specie, or funds that can be remitted, . consequent upon such transfers, has been diiected against that institution. All the evils which the community, in particular parts of the country, has suffered from the sudden decrease of the currency as well as from its deprcciation, hav e been scribed to the Hank of the United States, which, in transferring the public funds, has been a passive agent in the hands of the government. It is then believed that the evils which arc felt in those sections fthc Union where the elistress is most general will not be extensively relieved bv the establishment, of a national currency. The sufferings which have been produced by the efforts that have been made to resume, and to continue specie payments, have beeii great. Thcv are not terminated, and must continue until the value of property and the price of labor, shall assume that relation to the precious metals which our wealth and industry, compared vith those of other states, shall enable us to retain. Until this shall be effected, an abortive attempt, by the substitution of a paper currency, to arrest the evils we are suffering, will pro-luce the most distressing car.scqu?nces The sufferings that arc past, will, in such an event, recur with additional violence, and the nation will aq-ain find itself in the situation which it held at the moment when specie payments were resumed. I have the honor to be your obedient servant, w;.t. n. CRAWFJRD. The honorable the Speaker of the If. of Representatives, SPANIS iFa F 5? AI 11 S. Washington, Mat 10. Our Kelationn with Sfiai'i The following MESSAGE was yesterday transmitted to both Houses of Congress, by the President of the United States : To the Senate and H of Representatives cf the U. States. I communicate to Congress a correspondence wnich has taken place between the Secretary of State and the Envoy extraordinary and Minister Plenipotentiary of His Catholic Majesty, since the message of the 27th March last, respecting the treaty which was concluded between the United States and Spain, on the 22d February, 1819. After the failure of His Catholic Majesty for so long a time to ratify the treaty, it was expected that this Minister wouhl have brought with him the ratification or that he would have been authorised to give an order for the delivery of the territory ceiled by it, to the United States. It appears, however that the treaty is still unratified, and that the Minister has no authority to surrender thctcr-

ritory. The object of his nm sion i still nothing could be settled dt filiate'as been to make complaints, andtojly, without'a treaty between the two

demand explanations, respt cti:;g an imputed system of hostility, on the part of the citizens of the U States, against the subjects and dominions of Spain, and an unfriendly policy in their government, and to obtain new stipulations, against these allcdged njuries. as the condition on which the ttcity should be ratified. Unexpected as such complaints and .nu lia demand were, under existing 1 riri umstances, it as thought prop er without compromising the government as to the course to be pursu-

cd to meet theni promptly, k to give

on every subject, with the utmost candor. The result has proved, what vas sufficiently well known before, that the ciiaigc of a systematic hostiltiy, being adopted and pursued by the citizens of the United States, againstthc dominions, and subjects ol ipain, is utterly destitute of loundalion, and that their government, in an us branches, has maintained, witn the utmost rigor, that neutrality, in the civil war between Spain and her colonies, which they were the first to declare. No force has been collected , nor incursions made, horn within the United Stales, against the dominions of Spain ; nor have any navai equipments been permuted, in favoi of either party, against the other. Their citizens have been warned ol the obligations incident to the ncutra; condition of their country ; ti.e public ollicers have been instructed lo see that the laws were fully executed ; ami severe examples have been made making this proposal, it is perceived that His Catholic iaicstv has entile-! ly misconceived the principles on ! which this government has acted in being a party to a negoc:a;icn so long protruded, for claims so well j founded and reasonable, as he likewisc ha the sacrifices which the United States have made, comparatively, with Spain, in the treaty to which it is proposed to annex soextrtordi nary and improper a condition. ' Had the Minister of Spain offered an unqualified piedge that the treaty should be ratified by his sovcteign, on being made acquainted with the explanations which had been given by this government, there would have been a strong motive for accepting U. submitting it to the Senate for their advice fic consent, rather than to resort to other measures for redress, however justifiable and proper. But he gives no such pledge. On the contrary, he declares explicitly that the refusal of this government to relinquish the right of judging and acting for itself hereafter, aceoiding lo cir cumstances, in regard to the Spanish colonies a right common to ad nations ha rendered it impossible fu him, under hi instructions, to makesuch engagement He thinks that his sovereign will be induced, by his communications, to ratify the treaty ; but still he leaves him free cither to adopt that measure, or to decline it. He ad nits that the oti er objectionsare essentially removed, ami will not. in themselves, prevent the ratification, provided the difficulty on the third point is surmounted. 'Ihe result, therefore, is, that ihe treaty ideclared to have ;.o obligation w hatever ; that its ratification is made to depend, not on the considerations which 'led to its adoption, and the conditions which it contains, but on a newarticle unconnected with it, respect ing which a new negociation must be opened, of indefinate duration, and doubtful issue. Under this view of the subject, the course to be pursued would appear to be direct and obvious if the affairs of Spain had remained in the state in which they were when this Minister sailed But it is known that an important change has since taken place in the government of that country, which cannot fail to be sensibly felt, in its intercourse with other nations. The Minister of Spain bar essentially declared his inabili'y to act, in consequence of that change. With him, however, under his present powers, nothing could be done The attitude of the United States must now be assumed, on full consideration of what is due to their tiehts. their interest, and honor, without regard to the powers or incidents of the late mis.ion. We may, at pleasure, occupy the tcnitory which was in-! tended and provided by the late trea-j ty as an indemnity for losses so long, since sustained bv our citizens, but nations. Is this the time to make the ! pressure ? If the United Spates were 1 governed by views of ambition and aggrandizement, many strong reasons j might be given in its favor. But they have no objects of that kind to j accomplish ; none which arc not i founded in jus'ice, and which can be jinjutcd by forbearance Cireat hope t is entertained that this chance will promote the happiness of the Spanish promote the hapt nation. The good order, moderation and humanity which have characterised the movement, are the best guar

antee of its success. The United States would not be justified in t!.c:r own estimation, should they take imy step to disturb it3 harmony. When the Spanish government is completely organized on the principles of this change, as it is expected it soon wili be, thcoc isju.t ground to presume ihat our differences with Spain will bo speedily and sati.-Tactoiily sctilcd. With these remarks, I submit it to uic wisdom of Congress, whether it vill not be advisable to po:ponc any decision on this subject until tlie next session.4 JAMES MOXUOE. MAY 1 1 . After the Message from the P:ch ident of ihe United States to Con 1 grcss, onthc subject of cur xclatinr.ir with Spain, there can be hut little' doubt but that that matter will suffered by Congicss to rct wheru it now does; in the expectaton that the Cortes will do what is jut in re lation tons, by causing the AT aly t . c ratified, and the Inith of the Spanih nation to be redeemed firm ihe leproach which has brtn cast upon it by the refusal of its koveu irn tcr ratiiy the treaty. An au-in;- w?.s made, yesterday, to obtain ; n cv:: f

sion of the cpir.ton ot t!:e!!o cf Representatives in favor of a cjili ; . ;tV course ; but, the previous qus:i.;h I cing then called, and ti.e call hii; g sustained by a majoiity ! il v l.ti:r the motion was ovcrruh d Their appears, indeed, i.o probability that Con gress will under preset t ciicu; sunces. no urgency demanding it, ;.mhorizc the President to eanse to be ecupied any part of the tcniti iy in the possession of Spain. A'at. Int. The proposition moved some time ago by .Mr day. looking to the expediency of making anapiopriiition for anouifit and salary for such minister' or ministers as it may be 'eemed proper to send to any of the in .epci.dcnt (ioveiiiments of South Amciica, was yesterday agreed to in the House ol Representatives, by a small majority. The diffcrcncc'of sint'mcnt between those who supported aid those who opposed this resolve, ispcrhaps not gicat, being a diflcicr.ee of form rather than of substance. There is no member of the Hon so c,f Representatives. probably who would object to an appropriation f.r compensating any viinister whom the President, with the conent of the. tO .1t1V 1twlnMfMn-'pr fVni(.nni.-.i. ii. J ------ j- -v- aft Alt South America. The real question was, therefore whether the app-omi-ation should be made prom cth rU or concurrently with the appolntm nt itself, when the Executive shall ihinkfi' to make it. One thing is pretty evident, t' nt M decision of the House is corscqi:cfft on ihe disclosure of the result cfthe negotiations respecting the treaty with Spain as indicated in the documents this nay published, ib. A bill has passed the House of Representatives fixing the lime for the next meeting of Congrecs to take place on the 2d Monday in November, instead of the first Monday in December next- Resides the large quantity of unfinished business, it is oral able that the Manufacturing Question, and the unsettled s'atc cf our relations with Spain, had a bearing on the decision of the House of Representatives on this question, ib. A joint resolve for suspending theoperation ol the act of this Scsmn for amending the Hevoiutmnary Pension I. aw has passed the House c f Representatives. The proviso added to Hie resolve, on thr. motion of Mr. Fait authoiizes the President to suspend the payment of the pension of any pensioner who. in hU opinion, is not entitled to a pension ir.dcr the law of the present session, and ni t under the original law, as heretofore stated. ANNUA L ELECTION. The foilov.-ing ex-ntleinen are candi dates at theeurtioa to be held en ti f.rst Monday in August next : FOIt COSG RPSS. IlEUHEX W. NELSON'. STATE LEGISLATURE. GEO R. C SULLIVAN, THOMAS H. MLAKE, JOSEPH WAllNER, ROPERT S ? URvSUS, JOHN McHONALL), JAMES WASSON, JOI.V r.iGKT. SltF.ftlFF KS'OX COUSTr. VALhNTIN'E J. BRADLEY, JOHN R. DRENNON, JOHN DECKER, SAMUEL PARR, JOHN SCOTT, and JAMES NRR. cousrr commissioners. JOHN OCKLETREE, JOSEPH McCLURE.