‘a
‘ The biiffrom the Serittte to atitfiorise B
ilitttetrrrtttt QlZ0It£l1‘l'55-
Friday, flprll 28.—-ln the Senate, lhe reso-
lution directing a survey of certain routes be-
tween Baltimore and Philadelphia for a.Post
Road, was read a third tinie, and passed by
the casting vote of the President.
The Bankrupt Bill, was then taken up.
Mr. Branch moved to postpone the bill in-
definitely.
Mr. Hayne said he was willing that the
question on the proposition should be taken
without debate, provided the Senate w'ould be
prepared to consider it as a test of the princi-
ple involved in the bill, and that those who
voted in favor of the motion should thus indi-
cate the opinion that it was not expedient to
vote for it under any circumstances whatever.
Should it be the opinion of the Senate that it
‘ought to be acted on, Mr. H. said he should
propose to takeiip the bill ;and ifit should be
discovered, during its progress, that it was
likely to occupy uiore time than the Senate
could afford to bestow on it, he should have
no objection to its being laid on the table.-
He was satisfied, however, that this would not
be the case, and tliattliis bill, notwitslitatidiiig
its length, and the important principles, invol-
‘tell in it, would not take more than two or‘8
days for its discussion.
Mr. Lloyd said this was a measure loudly
called for, from all parts of the commercial
community ; a petition from Ohio had been
presented in its favor ; a large committee had
bestowed great labor in preparing the present
bill, and admitting, for the sake of argument
that there was not sufficient time to get it
through both houses, iftliere was time to act
on it here, that would be a great point gained.
Next session would be a very limited one ;-—
they would have no time to prepare a bill then
or to go into the discussion ofit at length.---—
The Chairman ofthe committee had devoted
ttgreat deal oftime to the measure, which was
one rnucb wanted by the community ;and he
hoped he would be allowed to develope his
views on the subject. The rule for doing bu-
sifl’ess, which had been adopted at the sugges-
tion ofthe gentleman from Missouri,had been
the means ofinore business done in one week,
than had been done in four months before.--
Mr. L. believed, they would be able to des-
patch all the business they had before them,
and he hoped, therefore,the motion would not
obtain, but that the bill would be taken-up 8:.
acted on, and passed through this House.
The question was then taken on the indefi-
nite postponement of the bill, and decided in
the negative by a vote ofll to 28.
Saturday, flpril 29.—-In the House, a reso-
lution was submitted by Mr. Barney, ofMd.
directing the Secretary oftheNavy to suspend,
until the tenth ofJanuary next, the expendi-
ture of830,000, appropriated for 1896, for the
repairs and improvements of the Navy Yard
at Philadelphia.
This proposition was introduced in conse-
quence, as is supposed, ofa statement from
the Navy Department that, since the year
1802, the sum of nearly 39000 has been paid
for taxes imposed by the state ofPennsylvania
on this establishment.
Monday, May 1.—In the Senate, the Com-
mittee on Commerce, made a report on the
subject ofthe expediency of employing ap-
prentices on board of Merchant vessels enga-
ged in foreign trade. The report was order-
ed to be printed.
A resolution was submitted by Mr. I-Iarris-
on, Chairman ofthe Military committee, in-
structing that committee to inqtiire into the
state ofthe public works at Old Point Com-
fort, and a bill was introduced by Mr. Rowan
to limit and restrain thejurisdiction ofCourts
ofthe United States in certain cases. A bill
was also introduced by Mr. Benton to aid cer-
. lain Indians ofthe Creek Nation in their re-
moval to the west of the Mississippi. Mr.
Iiayiie, the chairman of the select committee
on the subject ofthe establishment ofan uni-
form system ofBanltruptcy, delivered his sen-
tinieiits in support of that bill, until the usual
hour of adjournment.
In the House, a bill was reported, supple-
mentary to an act for enrolling or licensing
ships or vessels to be employed in the coasting
trade and fisheries.
The Resolution for suspending the expen-
diture ofthe appropriation for the Navy Yard
atPhiladelphia, in consequence ofits being
taxed by the state of Pennsylvania, was laid
rm the table. Mr. Buchanan stated that the
jurisdiction over this Navy Yard, had never
been ceded tothe United States. The U. S.
were merely the proprietors, and the real
estate which they held in that character was
as liable-—ouglit to be as liable—to taxation,
as that of an individual. If the county of
Philadelphia is obliged to pay the expense of
prosecuting all offences committed within the
Navy Yard, should the U. S. claim for it an
Exemption from their proportional share of
taxation ? This gov’t. can, at any time, ask
she state of Pennsylvania for a cession ofthe
3l1l'isdiction,which would no doubt be granted;
and then the Navy Yard will be relieved from
:_axation,and the U. S. will be compelled to
pay the expense of prosecuting offences com-
mitted within it, in their own Courts.
Tuesday, May 9..—In the Senate, the bill
to airiend the several acts for the establish-
ment ofa territorial government in Florida,
was read a third time and passed.
' The bill froi the House making appropri-
ations for the ission to Panama, was order’d
to be engrossed for a third reading by the fol-
lowing vote :
Yeas.——Messrs. Barton, Bell, Bouligny,
Ghase, Clayton, Edwards, Harrison, Hen-
dricks, Holmes, Johnson of Ky. Johnston of
Ir’, ou.Kniglit, Lloyd, Mcllvaine, Marks, No-
ble,Reed, Robbins, Ruggles, Sanford, Sey
moor, Smith, Thomas, Sr. 0-. mey._.24_
JV'ays.--Iilessrs. Benton, Berrien, Branch,
C.handler,Dickerson, Eaton, Findlay,Harper,
Hayne, _Kane, King, Macon, Randolph, Ro-
Walls Tazfllelly Van Buren, VVhite,Willianis,
Woodliury--19.
[The bill provides for outfits oftwo Envoys
Extraordinary and Ministers Plenipotentiary,
3l8,000; for the salaries ofthe same, $18,000;
for the Secretary, $9000 ; for contingent ex-
penses, 82000.]
In the House, the bill for the relief of the
surviving officers of the army of the Revolu-
tion, was taken up, and, after some discussion,
amotion to refer the same to the committee
ou military pensions, with instructions to as-
oertuin the number of those who served,ought
to be provided for, the aniotmt necessary to
make such provision, and the manner in
which it should be made, was adopted by a
‘Vote of 90 to 85. [The bill may be consid-
cred as lost, at least for the present station].
subscription to the stock of the Louisville and
Portland Canal Co. was ordered toa third
reading-—ayes 65, noes 45.
The bill to aid the state of Illinoisin open-
ing a canal from Lake Michigan _to Illinois
River, was recommitted.
Wednesday, May] 4.—In the Senate the hill
uiakiiig appropriation for the Panama Mis-
sion, was passed by a vote of23 to 29. The
amendment to the Judiciar bill was adhered
to by a vote of 29 to 122.. he discussion on
the Bankrupt Bill was resumed, and Ran-
dolph occupied the floor till the hour of ad-
jourunient. _
In the House ofRepresentatives, the bill
appropriating $100,000 to compensate Susan
Decatur, widow of Captain S. Decatur, and
others, the representatives ofthose officers
who were concerned in the cutting-out ofthe
frigate Philadelphia, at Tripoli, was discussed
in coniuiittee of the whole ; and after being
reported to the house, was laid on the table.
Mr. Strong, of New York, made an effort, in
pursuance oftiotice he gave last week, to call
up a bill relative to school lands in the differ-
ent States, but the motion was not sustained,
not owing to any hostility to the bill itself,but
to the lateness of the session, the necessity of
going through the bills in the order in which
they have been reported by the select com-
mittee, and the fact that this bill involves new
principles, which might lead to a discussion.
New Yonx, May 4.
Meeting‘ for the relief of Thomas Jefikrson.
Yesterday,in pursuance of the notice to that
effect, a meeting was held at the City Hotel
forthe purpose of devising measures to relieve
the venerable Jefferson from the pressure of
his embarrassmeiits. The assembly compri-
sed uiaiiy of the leading politicians and opu-
lent citizens of New York, without any ‘dis-
tinction ofparty. On motion ofthe Recorder,
his honor the Mayor was called to the Chair,
and Jonathan Thompson appointed secretary.
The Mayor then addressed the nieeting.—
He said thatiiothing could be uiore honoura-
ble to the country than the clieerfultiess with
which all party animosities were forgotten 8:.
forgiven in the desire to rescue Mr. Jefferson
frotn the difficulties which now pressed upon
him. It wasa sacred duty of the nation to
prevent the remnant ofliis long and valuable
life from being rendered unhappy by pecuni-
ary involvinents. Those involvmeuts had
not arisen from any culpable negligence, or
any thoughtless extravagance. ’I‘liey were
the natural results of Mr. Jefferson’s attention
being turned from his private affairs to the
public service. In that service fifty years of
active and honourable life had been spent.-
During that period, and at all times since, the
dwelling of Mr. Jefferson had been open to
visitors froui every part of the world. The
hospitality of a Virginian was proverbial, and
amongst Virginians,theuiselves, Jefferson had
ever been the most hospitable. It was utterly
impossible that any uian could come before
the nation with such claiuis upon its gratitude.
He was the author ofthe charter ofour free-
dom, and formed one oftliat illustrious band
of patriots, who at every hazard, when the
halter was about their necks, with a moral
courage unequalled, had tnatured the project,
and struck the first blow for American liberty.
He (the Mayor) had often regretted that Con-
gress did iiot provide for the old age of the
remnant of that glorious band. He regretted
likewise, that some provision was not secured
to the retired incumbents ofthe presidential
chair ; but these oversights might now be re-
medied by the generous gratitude ofthe Na-
tion. After sorrie other observations, his honor
concluded an impressive address, by reading
an article from the Richmond luqtiirer, ex-
planatory of the situation ofJefferson’s estate.
The Recorder then addressed the tiieeting
with much energy, and dwelt upon the many
indisputable claims of Mr. Jefferson to the
care and gratitude of his country. He felt
assured that the example of New York would
be followed throughout the Union, and that
the general feelings ofthe citizens would save
the venerable author ofthe Declaration of In-
dependence from being thrown, in his declin-
ing age, on the charity ofunfeeling individu-
als. The Recorder concluded by moving the
following Resolutions, which were seconded
by Abraham Blootlgood, Esq.
Whereas, 'I‘lionias Jefferson, one of the ear-
liest friendsofAmerican liberty, and the il-
lustrious author of the Declaration of Inde-
pendence, after more than fifty years service,
in various public trusts, finds his patrimonial
estate, andlother property encumbered, and in
danger ofbeing alienated by the just claims
of his creditors ; and whereas an almost ex-
clusive devotion to the service of his country,
during that protracted period, has in a great
measure been the cause ofbis present embar-
rassment—
Therefore Resolved, That the citizens of
the city ofN. York view the alfai rs of Thos.
Jefferson as of a public concern, and enter-
taining a most grateful remembrance of his
services in “ times that tried riien’s souls,“
they deem it their duty to co-operate with
their fellow citizens thro’out the U. States,and
tender to him all the relief he may require.
Resolved, That a committee, consisting of
twenty-four citizens, be appointed to receive
contributions from the inhabitants ofthis city,
with powers to enlarge their nutiiber and ap
poitit sub-coinniiitees to correspond thro’out
the state, and adopt such other measures as
they may deem necessary to effect the objects
of this meeting.
VVoaccs'ri:tt ,Mass. May 3.
Was committed to the jail in Concord,
Mass. last week, James Smith, a New Yorker,
on a charge ofpedling by force of arms.—It
seeuis upon enteriiig_a house to dispose of
books, tiiaps, &.c. that he introduced a pocket
Pistol to close bargains to his own satisfac-
tion, first ascertaining that the men were ab-
setit. Said Suiitli is a young man, five feet
in height, of dark complexion, and has the
appearance of an itinerant preacher. He‘
was apprehended in Hopkinton, after a short
stop, but a troublesome one-to the women.
Pacha qf'Egypt.—Letters from Leghorn,
received at Paris, say, that the Pacha of E-
gypt lias appointed a Christian merchant, for-
merly of that city, to be his Minister of For-
eign Affairs. He has likewise given the
command ofhis ships of war to European of
ficers, and has declared, by a firman, thus.
henceforth, no other officers shall be appoiiu-
ed to such command. It is added that he ha.-
also signified his intention of having Consuls
An all the ports of France, Italy, and Spain.
.1 ; . . ,_
GOVERNOR’S JIIESSAGE.
Gentlemen of the Senate, and
Gentlemen of the House of Representatives :
The renewed confidence in my disposition
and efforts, to promote the prosperity of the
State, which my fellow cittzeiis have mani-
fested, in again calling me to preside over it,
demands my grateful acknowledgments, and
will stimulate my exertions in favor ofa coin-
munity to whom I am united by every motive,
which can attach the sympathies of an individ-
ual, to the interests of his fellow men.
The great interests of our State and Na-
tion, contiiiue to be prosperous. Science, ed-
ucation, arts, manufactures, commerce, agri-
culture, and improvements ofthe irrost per-
uianerit and diffusive nature, are extending.
All these, are natural products ofthe irresist-
ible energies of free and intelligent minds,
wise to discern, and powerful to direct and
accomplish, wliatever objects are perceived to
be useful ; and which are not physically im-
practicable. Disastrous events have occurred
during the last year :—but so far as they have
arisen froiu causes which human foresight
could not obviate, they ought to be viewed as
dispensations of that beueficent Being, who
connects present evils with ultimate good.-—
Sucb events as have proceeded from other
causes, should be regarded as excitements to
greater vigilance, and they impose upon Le
gislators, high obligations of adapting efficient
regulations, to prevent a recurrence of simi-
lar evils.
The re-organization ofthe authorities of
this State, which depend on annual appoint-
ments, claitn a primary attention.
The seat oftlie Hon. Henry W. Edwards,
in the Senate of the United States, will
become vacant on the 4th day ofMarcli,1827.
——In conformity with what has been a pre-
vailing usage, an appointment to that station
ought to be made,during the present session.
By the latiiented decease of the H'on.Judge
Chapman, :1 vacancy has been created in our,
highest Court of Judicature. Eminent at-
tainments and qualifications, were possessed
by the iiidividual,whose demise we deplore :
and the life, character, and property of every
person, who is subject to the jurisdiction of
this Court, is interested in the designation of
his successor.
Profound learning ; accurate powers ofdis-
cernnient and discrimination ; assiduity ; iti-
stinctive impartiality ; habitual endeavors to
render technical forms subordinate to an en-
lightened love ofjustice ; with iucorruptible
integrity, are characteristics ofa Judge.
This station, under our constitution,is wisely,
and by that moral necessity which is produced
by the freedom and equality of our institu-
tioiis, more permanent, than any other. Un-
fortunate features in the administration ofjus-
tice, are more indelible, and farther removed
from the power of legislation, than when they
occur in the other departments of govern-
ment. Ido not therefore doubt, that your
love ofyourselves 81. your posterity, will con-
cur with your patriotism, in selecting the re-
quisite qualifications,wherever they are found
to be most intimately united.
The State ofTerinessee has proposed an
amendment to the Cioirstitution ofthe United
States, respecting the mode ofelecting the
President ofthe United States, and also to
declare that members ofCongress,shall be in-
eligible to any otiices in the gift, or nomina-
tion ofthe President, during certain periods.
The States ofMaine and Indiana, have dis-
approved oftlie said amendments proposed by
the state of Tennessee. The state of II--
linois has concurred, and the state of Louisi-
ana has non-concurred with the state of Ohio
in an amendtnent respecting a plan for pro-
moting the eniancipation and foreign coloni-
zation of slaves.
The States of Vermont and Kentucky,have
disapproved, and the state of Louisiana has
approved of an amendment proposed by the
state of Georgia, relative to the importation or
ingress ofpeople of colour, into any of the
States, contrary to the laws thereof.
The State of Mississippi, has transmitted a
report and resolution, in which the proposal,
ofthe State of Ohio, relative to emancipation,
is disapproved,and complaining of interferen-
ces of the non slave holding States. The re-
port in effect declares, that the right ofprop-
erty in slaves, is as sacred and inviola.ble, as
that to any other personal property :-That,
however great the National evil of slavery
may be, and however intich, it may be regret-
ted, circumstances have rendered it inevita-
ble, and placed it without the pale of Legisla-
tive authority :—That the States cannot con
our in any arrangement for emancipating
slaves :—That any interferences by the non-
slave holding States, on subjects ofthis na-
ture, may produce deplorable consequences,
excite prejudices, and weaken the Union of
the States, and instead of melioriatiug the
condition, can only aggravate the misfortunes
of slavery :—That as by a gradual emancipa-
tion, the hopes of those who remained in
slavery, would be excited to insurrection, and
the lives ofthe citizens be endangered, the
State is determined to participate in no such
measure: That it claims the right, in concert
with the Southern States, whose situation is
similar, of moving this question, when an en-
larged system of benevolence, shall. in con-
sistency with their riglits and interests, render
it practicable.
In pursuance ofa resolution ofthe last ses-
sion, founded on a memorial of a part of the
inhabitants ofthe town of Sotithwick, I ad-
dressed a letter to his Excellency the Gover-
nor of Massachusetts, proposing a retrocession
to this State, ofa tract of land adjoining the
town of Granby. It will appear from the cor-
respondence and documents which have been
received, that the inhabitants of Southwick
are not united in opinion on this subject, and
for this and other reasons which are assigned,
the Legislature of Massachusetts has deter-
mined, that any further negotiation in respect
to the line west ofConnecticut River, is not
necessary or expedient. The proceedings of
the C-onimissionersin relation to the bounda-
ry litre east of the river, have been suspended,
in consequence of the necessary absence of a
Couiin’r on the part of Massacliusetts,on pub-
llC service. Reports of the Coinmissioners
on the part ofthe State,‘relatingto both these
subjects, have been received.
All these documents, together with a
éetter from Rembrandt Peale, proposing the
~ale ofa portrait of Gen. Washington, for the
use of the state, will be transmitted by a spe-
fflitl message. By an Act ofthe last ses
sion, the law against stealing froma. buildiitg
orvessel in the day-lime,was repealed, and the
punistirnetit for this ofl'ence,,_was in conse-
X-r
queiice, reduced to that which is authorised to corporatioiis whicli had been previously Q.-
When the aggravatioiis with which this crime
by which offenders can escape beyond the ju-
risdiction ofthis State, are considered, it will
in my opinion, deserve your consideration,
whether a review of the law has not become
necessary. A re-organization ofN. Gate
Prison, will doubtless occupy your attention.
As this subject is already under the consider-
ation of a committee, Itake the liberty to re-
fer, for many iiiterestiug details, to an intelli-
gent Report, which was uiade to the last Gen-
eral Assembly. By still more recent com-
inuiiications,it is rendered apparent,tliat there
are but few subjects upon which your deliber-
ate reflections can be bestowed, with higher
advantages to the best interests ofthe people,
than to a proper arrangeriient and system of
disciplitie in this Prison. '
The foreign commerce ofthe U. States has
becouie so extended, that the habits and man-
ners of great numbers in our populous cities,
will be impressed not only by examples of ev-
ery tliiug wise, virtuous and intelligent in
other Countries, but they are also exposed to
become contamiiiated,with every vice and de-
gradation, which is known or practised in any
Nation on the Globe. The state of N. York
being the first to receive these elements, has
been the first to perceive the necessity ofpro-
tccting the virtuous part of their population.
The Commonwealth of Massachusetts, has
also found itselfexposed to similar evils, and
has authorised remedies against tlieperiiicious
tendencies of hitherto unusual crimes. As
high mental attainments afford no adequate
security against moral debaseuient, it appears
to be indispensably necessary, that we should
unite with our neighbours, and with all virtu-
ous tiien ofthe present age, in maintaining
our share in the great conflict which is pros-
ecuting, of virtue against vice.
Experience has at length demonstrated,that
with no other expenses, than those which
must attend the first establishments, the ex
penses ofpenaljustice may be wholly avoid-
ed, without inflicting, unless for contumacy,
within the prison, any physical or mental suf-
forings, which necessarily abridge life, or ini-
pair .the exercise ofratioiial faculties. These
benefits may further be rendered compatible
with means of tnoral and religious ll)Sll‘UC-I
tion, and with that public inspection, which
affords the best security against cruelty and
oppression.-———It cannot be asserted, that this
or any other system of punisliment,will change
the heart of convicts, and produce sincere re-
pentance : but it will protect society, during
the periods to which they are doomed :—it
will deprive offenders of the power of trans-
mitting new vices to their fellow criminals, 81.
will at least afford them an opportunity for re-
flection, by inculcating habits of order, indus-
try, and temperance.
It is eminently a system of moral discipline
adapted to republican institutions. It is com
patible with humanity, justice and economy.
and resembles in no degree, the bastiles and
dungeons of despotic governments.
Iti my opinion, circumstances imperiously
require your attention to the condition of our
circulating medium ; and to this end, summa-
ry references to our constitution and Laws,-
to the powers, duties and usages ofincorpora-
ted Banks,-—and to the actual currencies of
these countries, with which the commerce of
the U. S. is principally conversant, are indis-
pensable.———-—-—-Tlie powers to coin money
emit bills of credit, or make any thing but
gold and silver coin a tender in payment of
debts, are expressly withdrawn from the iii-
dividual states ; and all powers directly af-
fecting these subjects, are expressly vested iii
the Congress of the U. States. The people
have therefore done every thing which was in
their power, to protect society against the mis-
chiefs which are inseparable from a fiuctua-
ting, dishonest and insecure paper medium.
To ascertain the source ofthis evil, we are
thus brought to examine the powers which
have been exerted by the State Legislatures,
or by the Congress of the United States.
No other powers have been granted to In-
corporations in this state,tban to trade in bills
of exchange, gold or silver bullion ; the sale
of goods pledged for money lent and not re-
deemed in due time; or in lands necessarily
taken for the security ofdebts previously con-
tracted. But to enable the Banks to prose-
cute this trade, they have beenauthorized to
issue bills or notes of denominations not be-
low one Dollar, to an amount not exceeding
fifty per cent above their capital stock, and
beyond the monies from time to time deposit-
ed therein. The powers granted to Banks
in this state, are similar to those generally
granted in the neighboring states. The pow-
ers granted to the Bank ofthe U. States, by
Congress, are more useful, more restricted,
and therefore more safe. - ‘
It is manifest, that there is nothing in the
mere business of a Banker which is necessa-
rily injurious to the public, and that it may be
conducted successfully by individuals, without
any act of incorporation, as is now actually
practised in most countries. The business.
however, as practised in this country, is as we
iinfortunately know, ‘exposed to great abuses.
To establish regulations, which will correct
the abuses, is the proper duty of Legislatures,
St such regulations ought to be equally biiid-
ing on corporations as individuals. The ex-
perience of our own and other countries must .
afford the safest and best guides. It is there-
fore necessary to ascertain what precepts this
experience inculcates.-—— At the time
when the Constitution of the U. States was
established there existed but three incorpora-
ted hanks. These were located at Boston,
New York, and Philadelphia. In 1791, the
first Bank ofthe U. States was incorporated.
The inducements to this measure were, that
by a prudent and tipriglit administration, it
would conduce to the successful management
of the National Finances; it would afford fu-
cilities of obtaining loans for the use of gov
ernment, in sudden emergencies, and be pro
ductive ofadvantages to trade and industry in
general. The capital stock of this bank was
limited to ten millions of dollars, of which
three fourths was to consist of six per cent
stock of the U. States, and one fourth part of
gold and silver. The amount of debt{.whicli *
the Bank was permitted to owe at anytime,
was never to exceed its capital often millions
over the monies actually in its custody at the
same time, deposited for safe keeping. NU
greater debt could be incurred, unless in pur
suance of a previous law of the U. States.
With a view to promote uniformity of sys
tem, attempts were made to consolidate with
be inflicted on conviction for simple 'I‘heft.—~ tablished ; but these attempts failed. After-'
wards incorporations of Banks, by authority --'-
is sometimes accompanied, and the facilities of State laws, multiplied. Since 1800, they .
have overspread the country,-and have nearly
banished the currency of gold and silver.
The only states which restrain their banks
frotti issuing notes below five dollars, are Ma.-
fllalld, Pennsylvania 8: Virginia. In Penn-
sylvania the restriction will not however be-
gm t0_0perite upon the only bank which now
exercises the power of issuing smaller notes
until about two years hence. The Bank of
the United States, and the Banks in the Dis‘-
trict of Columbia, are not authorized to issue '
circulating notes below five dollars.
According to iuforniatioii upon which E '
Pl‘-166 emlle reliance, the following is a brief}
sketch ofthe-Banking systems and currencies
of Europe :-—The Bank of England is a inun-
ey engine ofthe government, and it exercises!
a controlling agency over the currency ofthe
British nation. Its charter secures to the bank-
a partial monopoly over private banking com-
panies, which are not allowed to consist, in
England, of more than six individuals. It ‘rs
said however, that this privilege will probably
be modified, except in respect to a district in’
the vicinity ofLondon. The usual deuoiniu.
ation ofthe circulating notes of this Bank are‘
five pounds sterling. During the last general
war in Europe notes for l pound were issued,-
During this period, the bank suspended specie
payments. A great proportion ofthese notes
have been since withdrawn from circulation.
In Great Britain, gold coins are the only
lawful standard of value : Silver coins cannot
be tendered in payment for sums above forty
shillings; nor copper coins for sums exceeding
one shilling.-——-—~'I‘he Bankers of England,
Scotland and Ireland, both public and pr].
vate, never issue notes below one pound stegs
ling: and what in this country are called ac.
commodation notes, are unknown.
France is the chief rival of Great Britain,-
in arts, civilization, commerce, civil polity, by
liberal institutions. The National Bank of
France is the only one which issues circula-
ting notes, which are never below 500 francs,
or about 94 dollars in money of the U. States.’
There are no bank or bankers which issue
circulating notes, in either Spain, Portugal,
Italy, Turkey, Egypt, or any ofthe countries
adjoining the Adriatic, Euxine, or Metliter-
ranean seas, or except Russian notes, in any
part of Asia. [In Holland there is the bank
of the Netlierlands,whicli issues no circulating
notes below the value of eight dollars. Aug-
tria has a National Batik the funds of which‘
are derived from the revenues and exactionri
of government.)
consists almost exclusively of notes issued by
a bank established by the government, and it
suppliesa circulating medium for the whole‘
empire. It is supported by resources derived
from National revenues. The lowest denom-
ation ofits notes is about equal to an Ameri-
can dollar. The currency of Sweden is com.
posed of notes issued from the government
Bank at Stockholm. The notes are of seve-
ral denominations, and some are as low as
four American cents.
are almost wholly excluded from circulation.
The currency of Denriiark is supplied by the
government batik at Copenhagen. No notes
are issued below one dollar, and these are at
present valued at about 44 cents. Gold and
silver coins do not appear in circulation.
But notwithstanding these degraded curren-
cies, to which despotism itself is unable to
impart any stable value, metallic money may
be couimanded in every part of Europe. It
is more abundant in Francetlian in any otli—
er couritry, owing to the excellence of its
manufactures, the variety ofits useful arts, 81.
the absence of any paper medium. The sil-
ver coins ofFrance are five franc pieces.
Except the partial monopoly of the Bank
of England, the trade of a Banker is not, in
any part of Europe, subject to restrictions by
law, which are not common to other mercan-
tile transactions. Bankers are to be found in
commerce, on the continent. They consist
ofiudividuals, or of companies who are asso-
ciated under contracts with a limited respon-
sibility. Their trade is principally confined
to dealings in bills of exchange, gold, and sil-
ver bullion, foieign coins, jewels, and other
articles of definite and permanent value.
A merchant or traveller, with an establish-
ed credit in Paris, and with good letters of re-
cominendation, may, in time ofpeace, travel
over Europe, without possessing any money,
above what is requisite for his personal expen-
ses, and be able to command his funds,iii gold
and silver, where they are wanted, by a bill 01'
exchange on his banker.
The review which has thus been presented
to your consideration, has been required by
assumed ; and being necessary to explain my
opinions, I have not deemed myself at liberty
to dispense with it, altho’ it may subject this
commuiiicatiou to the charge of prolixity.
The first reflection which naturally occurs,
is, that except in limited districts ofthe U. S.
the condition of our circulating medititn is
not very dissimilar from that which has been
established by arbitrary Kings in the north of
Europe, and especially by the Autocrat ofthe
Russian euipire. There, a bank has been
created, and its notes constitute a circulating
currency, throughout his vast doniinions.-—
The credit which these notes obtain, is deri-
ved fr. revenues which are established by liis_
sole authority. These revenues are not iii-
deed paid in Bank notes, but the demand for
silver coins, which the revenue establishes,__
imparts a forced, though precarious value to
the notes, which value is maintained and reg-
ulated, by the reciprocatiug influences which
are created between the supply and demand
for paper and silver currencies. The effect-
is that all property is subject to his will.
ll/ith us, the currency which is required in
the daily exchanges between all the people,
and by which the transactions between farin-
ers, mechanics, labourers, manufacturers and
traders is regulatetl,is almost exclusively in.
Bank notes, wliich_are issued by a great num-
ber of independent corporations, which p05-
sess an exclusive privilege of creating the
notes, for their own benefit.
This monopoly is here so exercised, that
neither the amount of currency which is issu-
zcl, nor the amount of that which is suddenly
suspended, withdrawn, or annihilated, is sub-
ject to any practical limitation, other than
what tnust arise from the state ot foreign and
.::iprices ofthe numerous nionopolizing incor-
the Bank of the United States, the three in-
f porations, who entirely cQfll-r0l "13 fiilclllaliolil '
~ of this Coutitry_.:__ ' ‘ - -
st!
The currency of Russia.-
G old and silver coins.
all the principal cities, ports, and places of '
obligations arising from the trust which I have .
-tomestic exchanges, the speculations ().f’l'|ldl- _
nduals, political events and the necessities or -~
Norwalk Chronicler