Terms of Public«ilion» TnE TIOGA COUNTY AGITATOR is pub ] j£ hed every Thursday Morning, and mailed to sub scribers at the very reaamable price of One Dol- LAR per annum, inearfoWy in advance. Itismtend ed to notify every subscriber when the term for which he has paid shall have expired by the stamp Time Out ” on the margin of the last paper. The paper will then be slopped until a further re balance be received. By this arrangement no man rl n i,e brought in debt to the printer. The Agi?atok is the Official Paper of the Coun tv with a large and steadily increasing circulation reaching into nearly every neighborhood in the County 0 It is sent free of postage loa'ny Post-office within the county limits, and to those living within the limits.& ut whose most convenientpostoffice may be in an adjoining County. Business Cards, not exceeding o lines, paper in eluded, $4 per year. LIFE. Life is an ocean, tempest tost and wild, On which our little fragile boats are launched Willi neither compass, chart or guide. Gaily We glide, while the blue ether glows undimmed, While sunlight dances on the sparkling wave, And zephyrs soft as angel whispers fan Our brow and fill our sluggish sails. But soon Dark clouds o’ershadow u», the sunlight bright Is gone, fierce winds assail our helpless barks, And we are tost ’mid shoals aud breakers wild, We know not where. O! say not life is fair 1 Go lo the waves to fury lashed by storms And whisper “peace be still,” or with thine arm Of insignificance attempt to stop The planets in their course 5 attempt lo dim The day.god’s bright effulgence; preach reason To the children of despair; bind with silken Cords the monarch proud of Ethiopia’s Burning sands ;iml tell not misery’s sons That lile is fair. 01 ye on whom the light Of happiness and peace has ever shone. Who undisturbed hast floated in thy barge O'er life’s fallacious sea ; who ere hath been In pleasure’s lap caressed ; ye ntay extol Life’s charms, no midnight waves of dark despair E’er overwhelm’d thy heart. But go with me Where on a squalid couch wan poverty In rags and wretchedness reclines. Or to Yon loft where genius pines in misery. Neglected, lone. From out those sunken orbs The fire of intellect once gleamed. Those waves Of chestnut hair once floated o’er a brow Unmarked by care ; but now neglect has slung Him to the cure, and with its ruthless hand Has slopped the music of his youthful heart. And as death’s silent shadows o’er him steal, See Ills lone mother bow her stricken head, Her loved one wildly clasp, and pray that she Might share his fate. Ask them of life, no doubt They’ll say, ’tis wondrous fair. * ’Tis hard, we sigh, That vice should be in gorgeous clothing decked, Fare sumptuously, and re't on downy beds ; While virtue starves, is clothed in vestments mean, And throws at night his w'cary lorrn on couch Of paltry straw. But mortals, short of sight, We oft forget His ways are not as ours ; That earth is not otir-pjace of final rest. What if our hearts are neglect And coldness here below. ThisTife is but A pilgrimage to where all sorrows ceasfer Northumberland, Pa. ALLTEL ©ommimicationsr. Education and the Educator. BY J. XVALDRIDGE. The necessity of education in our country eoes lo show thal (here is a marked defect, either in our methods of imparling instruc tion or in the institutions themselves. Pa rents do not appear to lake that interest that thev should take in the intellectual advance ment of their children. Some would much raiher hsten lo their childish complaints than bestow a gentle rebuke. Others, again, are either too trifling to appreciate the valued a good education, or else, they esteem the al migh'y dollar of more consequence than the necessary training of thal undying element —the immortal mind. While a third class, much more reprehensible than the former, entertain the false idea.that their word should be of higher-authority lo the teacher than all written school laws and school systems that ever had existence, and that simply because 'they either pay a school tax or have children in attendance at school. It is a very hard mat'er to impart suitable instruction where there are too many masters. Who is respon sible for the ignorance of the seventy-eight thousand adults of the old Keystone Stale who cannot either read or write ? Who are responsible for the crimes committed by those whom ignorance has lowered nearly to a lev el with the brute? Why are our jails filled with criminals, and our prisons wish convicts! To answer these interrogatories it is pecessa ry that you should know yourselves ; and lo know yourselves you must study yourselves, recollecting that the proper study of mankind is man. Gj lo your schools! Go to your si reels ! Consider dispassionately ihe ratio in attend ance and then say if you can, that you do not see the necessity of education, [t is generally imagined that the masses have ed ucation enough—so think the Roman Catho lics—so > hink those who are 100 ignorant to comprehend the advantages derived from a liberal education. If education is necessary, the teacher is necessary. Then why are they not more respected, more sought after, and better rewarded ? Because the want of it is not more generally felt. Who moulds the character of yopr nation ? What do you use as machines to manufactuoe your poets, your orators, and your statesmen? Where rests the responsibility of imparting correct intellectual and moral instruction ? Wh.it preserves the permanency of our institutions ? Then, what is the true mission of the Ameri can schoolmaster ? His mission is deathless in its nature and character, and ceaseless in as duties and responsibilities. His mission 13 silent in Us workings, but it is all powerful. nJr u° rs! enen^ r \ 3 ignorance, ignorance o ,’ * 8 dark banner, and BiJihm 3 ' IS k. rces l 0 oppose him. Ignorance limn 11 68 '°i ll ’ m 8 s P irit oP l azin^ss i d>s con to dislodo^binf. r °. r * faV °, rabie opportunity l ® . m 5 :l scorns narmonv, u courts fnr 1° Hl3 alwa y s on fl lert seeking convenient time lo carry out its own ne ? sc^ mes - w hat shall be done to pre -0 infliction of so great an injury ? I b» r r s ‘-Pha.ically. educate Ihe inasses by thel ‘ ° Ur oaaterial to be fashioned y P asl ' c band of competent instructors, want w bat kind of teachers do we want nrmd mr>arl su ‘ ,ab ' e instruction? You fied to tea ! ® ac^ors —teachers who are quali. tact in t-* 8 .- r 'Sblly—teachers who possess m '« i" go.srorcm-.e.ch. teach,,. ” , ” ,lk "'I “ “P“- terns nm • , principles, not rules; sys said to h-. par ' lculars / No scholar can be uible fnr k- 6 ac f om plished anything very val •SdVwh', m h elr ’ T il he t b° rou ghly under, aat be studies and perceives the ap- VOL. IV, 1 For The Agitator plication. The mocking-bird process of re peating rules is of very little use lo a philo sophical student. He discards the idea of the purely practical and embraces the theo retical. He deals in infallible principles and rejects mere facts which are disputable and therefore improbable. Beneath (hat pale and beaming brow there flashes an eye that ex hibits the operations of a mind capable of in vestigating the most perplexing abstract prin ciples. The hue of bis faded cheek is an evidence of great mental exertion consequent to a life of continued, unweatied intellectual labor. If persons desire to become intelli gent and virtuous and thus gain the esteem of the society in, which they mingle, they must endeavor by means of wholesome disci pline to develop efficiently the never-dying faculties of their immortal minds. The development of the faculties, which is a combination of knowledge and judgment, is the object of all systems, of all schools of instruction; hence, talent, skill and knowl edge are greatly needed by the teacher in his sphere of action. It is a great mistake to suppose that those who know little are quali fied to teach those who know less. That he who is but a stage before his pupil can as well as another teach him correctly, is one of the most unreasonable educational errors that can be conceived of. Would a man hire a bungler lo c<- struct a cosily edifice ? Most assuredly not. Then why should the parent employ an ignoranlus to build up the immor tal temple of the mind ? Yet suce is the case. A person oTers his services as a teacher.— The first inquiry generally made, is, what is the least you will teach for? If you don’t get up too steep I gue .. we will employ you. Just as if education was an article of bargain and sale. It is true it is too often made-so by those who do not appreciate its importance. It should not be tegarded in that light. . If you employ a cheap teacher you will be very likely to receive in return cheap—very cheap instruction. No man will go to the expense of acquiring an education unless he is sure of r lizing an income sufficient to pay for the expenditure of time and capital necessary to the acquisition. When the remuneration of educat d labor is inadequate men will not prepare themselves to perform it, and those already educated, will devote themselves lo some other occupation. The wages of edu cated labor must always be greater than those of simple labor, otherwise, it will not be pro duced. No man will spend money in educa ting himself for a calling, which will yield him no higher wages than he could earn with out any education. New England’s noble sons are displaying their native talent the world over. Why does New England lake the lead in intelli ge ice and enterprise? Because her schools are miniature colleges ; her teachers are of necessity not only qualified to teach thecom mon branches, but also the natural sciences, and the higher English olassics. One out of every thirteen adults of Pennsylvania is una ble either lo read or write, whereas, in New England, the proportion is only one oat of every four hundred. Witness the disparity and mark tfie cause. The educational insti tuiions of the east are designed for the pur pose of awakening mind and training the intellectual powers to think and reason ; while those of this State are designed for the osten sible purpose of keeping up appenrances and making a display, and that, on account of (he lack of proper qualifications in the teacher'-. Scorning the idea of giving a day or an hour to preliminary study, they impose upon the credulity and vanity of their patrons by juve nile displays; thus making presumption a primary matter and education a secondary one. Instead of having a sound and critical examination of their classes, they close their schools by giving their pupils a few toys and tickets. Each scholar should be subjected lo a thorough examination of his studies at the close of the term. He should present lo his friends and parents, evidences of having learnt something which will make him wiser and better in the future. Why do not our schools accomplish more ? The reason is very evident to a thinking mind. Who can behold the want of intelli gence and the consequent lack of public spir it among our citizens and then ask the ques tion, why? Who can witness the incessant leaching of the street, the gathering, and in some instances even tho fireside itself, and wonder why our schools are not more effi cient than they arc in fitting and refining men and women for performing tho active duties of life. Who are responsible for the errors of the head, and in some instances even of the heart in conducting the affairs of a nation ? Who are responsible for the crimes perpetra ted by the ignorant, indolent and profligate portion of society ? I say most emphatically, that parents are responsible for these things. Who wilt say 1 hat the parent is not responsi ble for the correct education of his child? There is no one that, will say so, knowing at the same time the effect produced, by unedu cated mind on the prosperity and morals of society. Society cannot say to parents, if they have neglected to train up their children in the way they should go, take back this felon brood of yours, we never ordered any such recruits; we know not what lo do with them, we are a (raid of them and therefore will not receive them! But society must equally accept them whether they are educa ted, refined, moral and religious, or whether they are mere trumpery. Therefore I say it is the parent’s duty to see that his children are properly educated. Society requires that he should take measures lo remedy the de fects of depraved mind, and root out all the evils incident to a life of ignorance. “I am Iby father's spirit,” as the bottle said to the boy when be found it hid in the wood pile, and wondered what it was. THE AGITATOR, SebottiJ to ttie of the area of iTmUom anh the Sjjeeah of healths attefoemi WHILE THEBE SHALL BE A WBONO UNSIGHTED, AISD UNTIL “ MAN’S INHUMANITY TO MAN*’ SHALL CEASE, AGITATION MUST CONTINUE. WELLSBORO, TIOGA COUNTY, PA., THURSDAY MORNING. FEBRUARY 11, 1858. Sharp Practice. A Country Lawyer On Hand fob his City Pbiend. —Five and twenty years ago, when the western region was sparsely settled when the country bar-room was the place of common resort, and before those old fashion ed bar-room stones and songs had yielded to the gossip now generally heard in every drink ing saloon, there was a certain set of good humored, free-and-easy individuals whose custom it was to “gather at the inn” of old ,in Ellicottville, Cnttaragus Co. Con spicuous among this set was Counsellor 6, whose rough yet ready wit bps spread his fame abroad throughout all that region of country. Another member was a gentleman whom we will call X. These, wilh others, whiled away many a winter evening, telling stories, smoking the pipe, quaffing mugs of hot flp, a “fluid” now almost forgotten. But time, separated this jolly company, as it does others, and the subsequent his ory of the Counsellor and worthy Mn. X. was as di verse as their fortunes. G. plodded on wilh his ‘capiases’ at Ellicoitville. X. in due time became engaged in respectable duties here. Legal business, at distant intervals, called the lawyer to Buffalo, and he wap, of ct rse glad to see his old friend, but X. engrossed in business, or for reasons of his own, had not much lime to talk over old times, and with out intending it, probably gave him the cold shoulder. The man of law noted this indif ference, and possessing in wit what the other did in rhino—determined to ascertain wheth er X. really meant to cut him or not. Meet ing him in the street next day, he said—• “X., My old friend, how d’do?” “Well, very well, how are you?” “I say, X, I’ve noticed several limes lately that you have rather avoided me than other wise, and 1 ain’t going to stand any such gammon." “Why, what—” “We used to be mighty good friends up in Ellicoitville, and I don’t know why we should not be here.” “But, my dear sir—” “Oh, it’s no use talking ; just go in here now, and treat as you used to.’’ “Why, I’ve just had my breakfast, and don’t want anything; besides I’np in a hurry to get to my business; but I'll treat you if you want me to.” “Well, let’s go in.” ] And they entered a sthall “one horse gro cery,” where the “cheap and nasty” was dealt out by the small. X. gave a nod to the ‘mixer’ behind the bar, and said— “Just give my friend here some beer and what crackers and cheese he wants, and charge it to me !” Turning to G. he remark ed, “you must excuse me now, I’ve a great many things to attend to, and can’t stay here any longerafter which he left. “Well, if that isn't cool,” says G., then I’m no judge.” Having dispassionately imbibed his beer, he stopped a minute or two to consider. “I say, bar-keeper!” “Yes sir.” “Have you got plenty of crackers and cheese ?” “Yes, sir.” “How much will the cheese weigh!” “About sixty pounds apiece.” “Full sixty ?” “Sixty, and no mistake.” “Well, just send over to the Farmer’s Ho tel, where I slop, four of those cheese,! and three barrels of crackers, and charge them to Mr. X., will you? You heard him say I was to have what crackers and cheese I want ed ? “Yes, sir.” “And send them down soon, because I ex pect my team’ll be there in a little lime, and I shall want them a'll ready.” “Certainly, sir.” The four cheese and three barrels of crack ers were sent down, and in due course of time Mr. X. was presented a bill for the same, which he paid, confessing at the same lime that although rather expensive, tho joke was nevertheless, a good one. He never after wards gave the cold shoulder to Counsellor G. Never Jibe at the Unfortunate. — The editor of the Oswego Palladium says: “We once remember in our experience seejng a small boy making sport of the pitiful ap pearance of a poor half-starved wretch, whose tattered garm its were fluttering wildly in the unsympathizing breeze, “Young man,” said a philanthropic observer of the incident, “beware how you jibe at the sorrows of the unfortunate —the Lord only knows what you may come to.” We marked the- words. — That young man grew up ; he fell from the rank of wealth ; his haughty spirit was grad ually crushed—and he is now the editor of a country newspaper!” A Useful Hint. —Lord Chesterfield says, all ceremonies are in themselves very silly things; but yet a man of the world should know them. They are the outworks of man ners and decency, which would be too often broken in upon if it were not for that defense which keeps the enemy at proper distance.— It is for that reason I always treat fools and coxcombs with great ceremony, true good breeding not being a sufficient barrier against them. Too Good to Waste. —The medical at tendant of the St. Louis Hospital accosted an Irish servant at the door of the same the other day, with : “Did you give the medicine as I told you?”. “Faith, an’ I did sir.”— “And the brandy ?” “Sure, an’ I thought it a pity to waste so much good liquor on the mep that were bound to die anyhow, so I drinked it meself.” REMARKS OF HON. G. A. GROW, Upon the Treasury Note Bill, House, Dec. 22, 1857. Mr. GROW said : Mr. Chairman, before addressing myself directly to the merits of the bill, 1 desire to say a word in reply to the gentleman from Virginia, [Mr. Letcher,] who yesterday claimed that the Administration and the so-called Democratic party were not responsible for the expenditures of the Gov ernment increasing within five years from forty-six million dollars to over seventy mil lion dollars. The gentleman’s practical econ omy in ’egislation is proverbial, and I trust it will not be considered cgotis.ic for me to say that since I have been a member of Con gress, upon almost all questions affecting the expenditures of the Government, I have voted with him. He will, therefore, receive my re marks as being made in no spirit of cavil, but with an earnest and sincere desire to see a reform in this Government that shall bring back its expenditures to the economy and simplicity of its days of early virtue. That gentleman has b-cn 100 long in the public service not to know that no reform in the ex penditures of this Government can be effect ual unless it commence in the heads of the Government. It must begin with the De partm t. The gentleman claimed that the so-called Democratic party was not respon sible for any appropriations for the last two years, because they were in a minority in this House. Then no party was responsible lor any of those appropriations, for no party had a majority in the House of Representa tives in the last Congress. The gentleman knows that a proper economy in the expen ditures of the Government can only be regu lated by your Departments; for they make their estimates and then ask Congress to make appropriations accordingly, and if with held, as we did in a few cases in the last Con gress, you are charged—and I think the gen tleman from Virginia was one of those who echoed the charge against us—with being factionists and desiring to block the wheels of Government and inaugurate revolution. The Departments first create the necessity for appropriations, by enlarging their forces and increasing the expenditures of the Gov ernment, and then ask Congress to appro priate the money ; and if Congress fail to do it, they divert the appropriations made for other purposes to the payment of those they desire to see paid, or they come in with a de ficiency bill, and you are then asked to pass it, because, if you do not, the citizen will suffer who has relied on 'he faith of the Gov. eminent, and furnished either labor or sup plies. Sir, the enormous expenditures of to day are chargeable upon the Administration (hat has controlled the Governor _l during the six years in which those expenditures have doubled. Let them commence retr_nch ment and reform by limiting the estimates, and then you will limit the appropriations; for, as I said before, you cannot slop these vast expenditures in (he legislative depart ment'of the Government, unless you are ready to meet the charge that you are trying to inaugurate revolution,.and block the wheels of the Government. We met that charge in the last Con gress, when we refused to appropriate the money for some of the estimates, and because we did so, the so-called Democratic party en deavored to make the country believe, during the last presidential canvass, that we were revolutionizing, and that we desired to block the wheels of the Government by refusing to grant the appropriations asked for to carry on the Government, though we believed the appropriation wrong. And, sir, unless you have the cooperation of the heads of De partments of the Government, and would be the result in every case. The expenses of the Army and Navy have been doubled within a few years, and so have been those of almost every department of the Government. How ’are you to bring the Government back to the economy of the early days of the Republic, and the simplicity that characterized its‘administration ? The men who have charge of the public Departments know.what branches of the public service can be curtailed without injury to the public service; but it is impossible that we should know all the details of the different Depart ments of the Government. No law can be passed that would not have a discretionary power, to some extent, in the head of a De partment in its expenditures and the number of its employes, which have been gradually increased and converted by this Government into a secret police force, to stand guard at the ballot-boxes in the local elections of the country, in order to control, if possible, the action of the people. The Administration has swelled the expenses of the Government from forty-six to seventy million dollars, much of it in this way ; and to-day, if a subordinate of the Government dares to ex ercise the right of an American freeman in one of the local and municipal elections of the country, his head falls under the guillo tine, worked by the headsman in Washington. Places must be provided by the Administra tion for the Representatives who, upon ibis floor and in the other wing of the Capitol, have been discareed by their constituents be cause they betrayed their solemn trust in order to uphold the policy resolved on by the Administration as a party test. In this way the patronage has been greatly increased, and to it is to be attributed much of the enor mous increase in the expenditures of the Gov ernment. But, as I said before, the gentleman from Virginia wilt understand (hut I make these remarks in no spirit of cavil, but merely to show that the needed reform must begin in the Departments. They are responsible for the enormous expenditures of ibis Govern- ment; and they are responsible,lin (he most obnoxious way, by converting the Govern ment officials into a secret police to interfere with the* elections of the country. They send into the conventions of the people of the Stales their chosen minions from the post offices and the custom-houses |lo lay down (heir political platforms and, so far as lies in their power, to control their nominations; and then whatever official of the Govern ment dares to oppose the nominee of the parly —even though the "‘devil incarnate”— loses his place, and is no longer fit to dis charge the duties of the office. jThe manly exercise of. (he inalienable rights of an American citizen to act on his own judgment in the local elections of the* country, if against the wishes of the Administration, disqualifies him for holding any office of profit or trust under the Government of his country. j But, sir, I now turn to the consideration of Ibis bill and it features. While it is true that a Government, in the exercise of its legiti mate functions, should not attempt to shape and control the business of the country, nor to convert itself into an’almshodse to distri bute charity to the needy and [distressed of its citizens, yet it is its duly—its first and paramount duty—so to legislate, confining itself to its proper and legitimate functions, as not to enhance any existing derangement of business in the country ; but!, if possible, to add to the prosperity and development of its great interests and resources.! To-day, we are asked by the jGovernment to provide means to pay its debts. That is a legitimate object of legislation!. The ordi nary sources of revenue, in the 'present state of the business of the country,'are dried up, and tjte Government<js unable to meet its liabilities. While it is a proper, legitimate duty of the Government to raise! the revenue necessary to defray its expenses, a sound statesmanship requires you to |do so in the way that will least embarrass the business of the country, and will add, if possible, to the development of its great and material re sources. The question presented is, whether the Government should go into the m|oney market and made a loan of monoy to jtay its debts, or whether it will issue paper promises to pay when there is nothing in its vauljla to redeem there promises. It is ,only the mode and manner of relieving the Treasury that is in controversy ; for there is no man on either side of this Hall who would refuse to furnish relief to the Government and savp its plighted honor by voting the necessary supplies to pay its honest debts. The manner of doing it is the only question. And to answer that ques tion properly, it is necessary to consider the condition of the country, and how your pro posed law is likely to affect it in its business relations. i. What, then, is the condition of the coun try? In a day we have seen the most far seeing and sagacious of our business men reduced from affluence to penury .and wan', and honest, .willing labor wandering a fam ished beggar in the streets. W hat has pro duced this unprecedented convulsion of the country? for it becomes a wise legislator to inquire into the probable influence of the laws he proposes upon the business relations of life. M. FENTON. I wish the gentleman from Pennsylvania [Mr. Grow,] to slate, if he is in possession of the information, the relative amount of the specie, and of the paper money in the country at the date of the late mon etary disaster, and then I would inquire whether, in his judgment, the banks are di rectly responsible lor the late financial revul sion that has come upon us ; or whether other causes, growing out of the speculative spirit of the times, not immediately matked by the facilities afforded by. the banks in ob taining money, have aided to swell and hasten this commercial and fini Mr. GROW. I will answer the question of the gentleman from New York, though I may not be able to furnish conclusive or very satisfactory proof of the rent cause ol the present financial revulsion. Many things may have combined to produce it, and it might be difficult to specify any one thing as its cause. Without stopping to inquire, except so far as is necessary 10 notice the question propounded by the gentleman from New York, whether it was caused by a re dundant paper currency, or is the result of the financial policy pursued by this Govern ment for a few years, or what influence ei'her or both of these causes have had in produ cing it, it is in rny judgment to be attributed more to an expanded credit than any other one thing. What influence the financial pol icy of the country for the last few years has had in producing that expansion, I do not propose here to inquire ; but w II merely say that, in my judgment, the changes made in Ihe tariff policy of the country during the last Congress, forced upon the House of Rep resentatives by the Senate, wete injudicious, and calculated to stimulate this overgrown and expanded credit, and add largely to our foreign indebtedness, which htjs augmented the evil of the day. I The present crisis is likened to that of 1837, when there is no similarity in the ap parent causes that have produced (hem. In 1837 there was an expanded pdper currency, with a very insufficient metallic basis. The banks had a circulation of 9150,000,000, while they had in their vaultsjbul $50,000,- 000 in specie, and outside the banks, (here was but $30,000,000 in the hands of the people. There was in the country at that time, according to (he most reliable statistics, but $80,000,000 in specie, soilhal the bank issue was in excess of the whole specie of the country, $70,000,000. When the crash came, therefore, there was no circul iting me Advertisements will be charged 81 per square i f fourteen lines, for one, or three insertions, and 25 cents for every subsequent insertion. AH advertise ments of less than fourteen lines considered as a equate. The following rate* will be cbSrged (or Quarterly, Half-Yearly and Yearly advertising:— Square, (14 lines,) . 83 50 84 50 86 00 SSquares,- . . . 400 6-00 BCO j column, .... 10 00 IS 00 20 00 column 18 00 30 00 40 00 All advertisements not having the number of in sertions marked upon them, will be kept in until or. dered oot, and charged accordingly. Posters, Handbills, Bill,and teller Heads,and all kinds of Jobbing'done in country establishment*, executed neatly and promptly. Justices’, Consta. bles’ and other BLANKS, constantly on hand and printed to order. no. xxvm. dium. Gold and silver could not lake the place of paper money, for there was not sufficient of it. The Government then issued drafts, because paper was the only thing that could be subsiituted (o fill up iho void. That slate of things does not exist m-dav, and this brings me directly to the inquiry uf the gentleman from .New York, [Mr. Fen. lon.T Whether an excessive paper currency waslihe cause of this expanded credit^ill be determined by the statistics of the banks. In 1837 there was a necessity for some circu lating medium, there not being metallic cur rency enough fur the business of the country. Its whole amount then was about eighty mi l , linn dollars, while now there are over three hundred millions. The coinage of the Mini,j firm the formation of the Governira I down to ihe 30th September, 1856, amounts to *549,000,000. The imports of coin into the country since 1820, (for previousjp that time' I here were no separate statements kept by ihe cpslom-house.) amount to $293,000,000; which makes an aggregate of $842,000,000. That does not include the amount of specie brought into the country by immigrants, who seek homes on our shores. Deduct from this 8842,000,000 the entire exports of coin from the country since 1820— $436,000.000 —and it leaves somewhere in the country $406,000,000. The circulation of the banks September last was about one hundred and eighty-se*efi millions, while they had in their vaulis in .specie $60,000,- 000. Take the amount of specie in ihe banks from the whole amount in the country, and it wifi be found that in September lasi there was, in the country, and . remaining in iha hands of the people, not far from $200,- 000,0b0 in specie. The bank issue in September last, by these figures, was over one hundred million dollars less than the me tallic currency of the country, after allowing a dnllar of specie for every dollar of paper. In 18.37 ihe paper circulation was $70,000,- 000 in excess of the coin in the country.— To-day the coin is 8100,000,000 in excess of the paper. Why, ihen, this revulsion 1 It certainly has not resulted from an excessive expansion and contraction of bank issues,as in 1837 ; for the bank issues for the last, four years have been quite uniform : in 1854, SlB2-, 030,141,; in 1855, $163.522,705; in 1856, §170,963,903 ; and in 1857, 8187,000,000. During this period the banks have had in their vaults about sixty million dollars, while been over two hundred-i million dollars in the hands of the people'. The first failure, however, in the beginning!'of this crisis, created a panic, by reason of the ex panded credit of the country, which ended in hlmost entire want of confidence in mon eyed circled, Gence, the specie in general circulation was hoarded, and the banks com pelled to refuse further discounts, and finally to suspend specie payments. Under such circumstances, what is the duty of a wise Legislature? Is it to send forth an irredeemable paper currency, to augment the pressing evils of the limes ? What is the duty of a wise legislator in the present condition of the business of the country 1 Is it to adopt such legislation as will tend to keeji out of circulation a metallic currency, by substituting a paper currency in its place which has no metallic basis, and for which there is no provision for its redemp tion, in gold ?, Will not the paper currency which is proposed by this bill tend to keep from circulation the hoarded specie of the country ? No man even on the other side of the House will deny that the tendency of paper, in any form, ns a currency, is to ex clude specie from circulation. The worst currency alwavs circulates. If a man has two bank notes,one at ten percent, discount, and the other at two per cent., he will, as a matter of course, pay out the one at ten per cent, first, and retain in his possession the one of the most value. So, if you bring the paper currency provided for in this bill into circ - lation, you will keep out of circulation a like amount of hard money, because that is the best and sales! currency. While the paper currency Is sent abroad to furnish the means on which the business of the country is to be transacted, the specie will continue to be locked up in vaults and chests, and withdrawn from circulation.— Vou issue these Treasury notes, as provided by the bill, and they can be immediately con verted into a cvrrency that will pass.from hand to band. All that would be needed is an indorsement in blank. It would go out representing the credit of the Government, the same as p bank note represents the credit of the bank.' There is neither gold or silver in the Treasury, nor have you provided one dollar for the redemption of these notes. mcial crisis? Mr. HUGHES. I wish to call ihealten. lion of the gentlejnan to one point, i : wish to ask him whether the slocks which he is in favor of issuing have not coupons attached to them, which may go into circulation as a currency 1 Mr. GROW. I have not examined this bill as it came from the Senate; and I know not what provisions it may have on that point, i can only say, therefore, to the gen. tleman that 1 have never known of the cou pons attached to bonds going into circulation as a currency, I do not think they would ever enter into circulation. But, sirvwfaen one ol these notes has an indorsement upon its back, as the gentleman from Massachu. setts [Mr. Banks] yesterday remarked, it is .upon its legs and it may go forth .to the country to return whenever it pleases'; - But by this bill you cannot force it to come at any time. But,air, authorize a loan and you draw specie forth from the vaults and hoarded closets, and put it into circulation. This crash has come upon the business in- Rate* of Advertising. 3 moaths. 6 months.-' 12 mo’s
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