2-J 'J0TJS 3AT?B5v THE CREDIT SYSTEM. The present rommcrcial embarrassments nre ihe first Which have occurred of late years which the Federal parly have not been able by some specious sophistry to al tribute to the measures of the General Gov ernment. Even now, some few of the ve nial presses of the opposition, make n fee blo attempt to charge upon Locofocoism" the fraudulent bankruptcy of the ' Great Kogulator" and the suspension of other in stitutions which the immense power which it has heretofore wielded has enabled it to draw into the vortex of ruin; but the pre tence is so manifestly absurd, and the cau ses of our present embarrassments so obvi ous, thateven the Whigs who have hither to received all the doctrines and reasoninss of their organs as truths not to be question ed, laugh the attempt to scorn. Men are beginning to awake as it were from a trance The delusions which have misled them are passing away. They are beemnintr to dis cover that, having departed from the paths of prudence and just economyhaving launcnca ltuo me sea ot speculation exag crated credit given an unnatural valuation to properly contracted obligations for the liquidation of which thev had no substan tial resources that they have rapidly but surely been accumulating the materials for an explosion in the financial and commer cial world, tiro disasters of which aro now beginning to bo spread around us. These remarks "apply not to the men attached to one political party more than to those of a nolher. The whole people seem to have labored under a species of infatuation. But it is important for us to know to what this infatuation owes its origin. We unhesitat ingly say to the cheapuess of credit the facilities of obtaining " Rank accommoda tions." In short, to what the whigs vaunt as the great source of the prosperity of the country " the credit system." Be it remem bered, however, (for wo and our party have been most wickedly misinterpreted in this matter) that we oppose not a judieious and well regulated system of credit a system predicated upon the actual industry of the country ami one which, by its false allure ments will not tempt men as they have of mie dech icuipicu inio visionary aua gamb ling speculations. The credits'vstem which wc oppose, is that which originates and fos ters a talie commence in our circulating me dium whicli by expanding that medium, gives an unfounded imarjnary valuation to proporty which by the facilities which it afford to ull cusses to enter upon enterprises promising tho sudden acquisition of wealth, induces our citizens to abandon .li I In i V Jience has unhappily taught us is the Whig " crcuu system." jjy ,is operation for a while every thing seemed to prosper men without capital and without labor seemingly became rich the regular pursuits of life were abandoned agriculture languished tho mechanic arts were neglected the wants which the natural consunption of the country required were supplied from abroad, that those who could at home have supplied them might join in the race of speculative adventure. Thus for a while, every thing seemed to prosper; but at last the bubble lias hurst, and disastrous must be the result. Let us treasure up the wisdom whicli sad experience now teaches us. The Atlas up on which this mighty system of credit res ted, has crumbled, and in its fall hundreds or institutions which but followed in the c vil example which the United States Bank taught them, to enlarge their issues and ex pand their credits, have been engulfed in ru in. Let the people remember that substan tial wealth can only be produced by indus try, and tnat bank credits and bank issues in the end produce only disorder and dis tress. hew Era. THE CURE FOR THE DISEASE . The Mowing extract from the speech ot Hon, James Buchanan, on the bill im posing additional duties its depositoiies in certain cases on public officers, delivered in the United States Senate on the 29th September, 1837, will be read at tho pre- enl1ime with i ntftr It .trill I a .. 1 ier-ted that it was during the suspension of 4inirin nitrrMMnl. 1 . I i r-'iMbiiis uy me oanKs tnat Air. iluchsnan s remark were made. There is lhat in the conclusion of the extract that cannot fail, on the present occasion, to strike the reader as startling prophecy. " The banks.bv their refusal to pay specie have now placed themselves in the power of the State Governments. Tliev have for feited their charters; and it now remains for ihe different Legislatures to decide upon what terms 'hey shall be restored. Amidst the general misfortunes of the country, it is one source of con-elation that the banks l.a-e placed themselves within iho power oT the people. Had they not done this by their own eonduct, wknow that a numer ous and powerful party exists j ,lis coun. try who consider a -charter of incorporation o sacred, that no State Legislature,' )y a" future law, could ever restrict their own banks from issuing notes under ten dollars, if their chartar nuthorized them to issue innts 01 a lent acnoirunation- Accordi Jing over . wlc uocirmesoi tins party, all power o sue paper circulation nrdi mumi,.. ...i.. n'ch is one of tho highest attributes of sovereign ty belonging to the State, has, by them been irrevocably transferred to -eight hnn Ired banks. Thank Heaven ! ewy dim- uny on mat subject is now removed ; aod A i Jppfnd opnn Iho wi: dnm ond firm ness 01 tlie30 Legislatures, whether we shall have a sound, paper currency in time to come, proportioned in amount to the wants of tho people, and placing tho banks them selves in a sccuro condition; or whether we shall again bo overwhelmed with a deluge of paper money and all its attendant ejils. If they will secure a specie basis for our paper circulation, by prohibiting the issue of bank notes at first under ten dollars, and af terwards under twenty, if they will render the stockholders of banks, personally re sponsible, at least tor the amount of notes which thoy may issue; if they will limit the dividetvls ot the banks to a reasonable profit on the investment of the stockhol ders ; if they will require the banks to keep a just proportion of specie in their vaults compared with their circulation and depos its and above all if they will adjust the whole amount of bank notes to be issued to the wants of the people, upon principles which have been sanctioned by experience so as to prevent ruinous fluctuations is. the amount of our currency then, indeed, the evils which we have suffered will be com pensated by the benefits wo are destined to enjoy. But I confess I dread the result. We are a strange people. J he lessons ot cxpeiicnce make but a feeble impression on our minus we rise witn so mucn buoyancy from our misfortunes, that when they have passed away they are instantly forgotten. Should the banks resume spe cie payments before or shortly after the next meeting of our State Legislature, and the current begun to run smoothly a- gain, I fear that no such changes will be made in ihe existing bank charters, and that we must await the events of another ..1 I 1 t . I . , . - f. ..( L crisis wmcn wouia men oe xnevuauie. THE LATEST INVENTION. Among the various inventions of the age we have seen none moie eminently calcula ted to excite wonder, than that ascribes to Mr. James L. fatton. rorourown parts we doubt it practicability, and fear that we shall continue sceptical until wc hear of a successful trial. But to the point. Mr. P, makes the following announcement througl the New York papers : "For 5,000 dol lars premium 1 will engage to transport an express mail regularly between New York and JNew Urlcans in 15 hours The subscriber begs leave to announce that he has invented a Balloon with which he can navigate the air in any direction at pleasure. J o the government and the pub He at large such a discovery must bo of the greatest consecTence, as it will, in the con veyance of speedy intelligence, entirely supersede the use ol steamboats and rail WUasTJiisinjcntinruhc result of lone slructed, will carry five hundred noun.ls wcigui wiiii ease, auu travel at the rate of one nunureu miles per hour, if red." rcqui- Elwes the Miser. One very dark night Air. hlwes, hurrying along tho street, ran with such violence against the polo of a sedan chair that he cut his leg very deeply Colonel Timms at whose house he was, insisted on an apothecary being sent for with which Mr. Elwes reluctantly compli ed. The apothecary on his arrival, began to expatiate on the dangerous consequences of breaking the skin, iho pecnlar bad ap pearance of the wounds, and his good for tune of being sent for 'Veiy probably,' said old Elwes, 'but in my opinion, my legs are not much hurt; now, you think they aro, so I will make this agreement; i' will take one leg, and you shall take the other; you shall do what you pleaso to yours, and I shall do nothing to mine ; and 1 11 wager you your bill that my leg gets well the first." He used to boast that he beat the apothecory by a fortnight. A moving scene The Rockville Recor der gives the following description of a pa thetic scene which recently occurred at Perth, Upper Canada. The prisoner was indicted for the murder of his son-in-law. "Perhaps we should notice that, during the investigation, the widow of tho deceas ed, who was at tho same time the daughter of the prisoner, was, on the part of the de fence, brought into court to be sworn- She appeared in mourning pale, thin, and greatly discomposed; and it was only with exertion on her part that she could keep composed enough to speak ; however, no thing very material was elicited from her. Her feelings frequently overcame her, and shebursted into loud sobs, at one of which times she cast her eyes upon the prisoner, and screeched, 'father! father!' Tho court, of course, ordered her removal ; she had to pass her father, to whom she ex tended her hand in the midst of hor sobs and shrieks of 'father ! father !' The old man, in tears, reached out his hand to his widowed daughter; the hand which; at the nstignation of his heart, had been the means alike of her misery and his own; she receied it, and was taken away. JUSTSENTCE. A man named John Nelson Malloy, was recently, in the Baltimore city court, sen tenced to evon years Imprisonment in tho penitentiary for perjury. The perjury -. . ...wU,,g . uumg worm SlflOO, in order that he might go bail for a v.nimciiuiicr woo was in jan, ana who bv tills Ml ,,,, . ...if I . . wiM u auueicu to escape, A liDo-heodtd snake. The following very cxtriordinary statement we find in the Lcavensworth Io. Arena of the 3d inat. : A very singular looking snake was killed on the faun of Mr. James Van Winkle. It was abont two feet long, uncommonly large in proportion, with a perfect head on each end of the body, It could crawl both ways, but did not appear to curl, twist, and straighten as much as snakes are accustom ed to do, becauso its double head afforded an extra advantage over all other snakes. If it wished to go a different direction, it need not turn round; it had only to crawl with the other head foreward : wo believe this is the only snake of the kind ever known in America. This Iowa snake is a good illustration of the twaddlers and Conseralives who change their direction without turning, aittiougn tney manliest consiUoiable cur ling and twisting. Concord (Mass.) Patriot. Cheering Indeed for the Whigs ! The worthy president of the Staunton conven tion congratulated his friends "on the cheer ing" prospects which 6aluted the Whig party." 1 ne 1'incaslle ratriot appropri ately but respectlully ask, in what states are the Whigs favored with "cheering prospects! Is it in Virginia, which they will lose by eight or ten thonsand? In Tennessee, which they have just lost after a tremendous struggle? In Indiana, or Maryland or in Ohio, or Pennsylvania, where they have literally been swept away with the violence of a whirlwind? Is it North Carolina or Georgia, where the knell of Whigery has been rung? "Where then (says the Patriot ) have they gained any thing?" Echo answer tuAere? The truth is, that the Oppositon have "cheering prospects in old federal Augusta, and some few other counties which have always been conceded to them, but they cannot cal cuiate witn unuouuting confluence on more than two States in the Union "Cheering prospects" indeed I Richmond Lnquirer. A Fair Offer. A gentleman who cm ploys a great number of hands in a manti lactory on the west of England, in order to encourage his work-people in a due alien dahec at chinch on a late fast-day, told them that if they went to church they would re ceive their wages lor that d3y in the same manner as it iney nan neenat work ; upon whim a deputation was appointed to ac quaint ihcir employer 'that, if he would pay iiiem tor over-hours, they would at tend likewise at the Methodist chapel in the evening. ISAAC KIDDER. cciiuie oi wis individual. He was a pthA tiatc i of Harvard. Isaac stuttered quite bad ly, but he was a chap of considerable hu mor, une day while crossing a meadow, he came to a ditch, so said he to himself. ....., cl jo-uo a na-ha-hal pint y-o-u-nu can t j-jump over.' Done !' said he, ' done So iiointr well Imrlf. led, and running smart, he gave a leap and went over. ' Now,' said he. I-Msaac yo- ip-iiu iiwc mc a nan pint. I e-e-s I'll bet yo-o-ou another half pint but M yo-o-ou can i i-iiimnt ba-bai!k am n. ' r., said he and not using the same exertion, he struck histops against the opposite bank, and fell sprawling into the ditch. When he had got himself out as well as he could, he shook himself and said, Now, I Msaac yo-ou and I are sq-square. An Exchange. A carriago containing two ladies, who represented themselves as mother and daughter, stopped at the outer gate of the Alms House over the Schuyl kill, on Thursday last, when the youngest informed the keener that h fr mnlriAi uric anxious to obtain a white child, an infant, if jjUaiu.c,iu auopias uer own.shfi having latc y lost one. She was shown several and at last made a selection that pleaied her, and requested permission to show it to her moth er who was in tho carriage, and if it suited her, they would obtain an order from tho Guardians of the Poor, and call in a day or two for it. The child was wrapped up in its cradle clothes and taken by herself to the carriage, and after a few minutes delay sho returned and placed the babe whom she found it, stating that they would call next day and take it away. The carriage was then driv en off, and nothing fuulCf was t,ought of the transaction, until it became necessary to remove the child for some cause, when it was discovered that the white child had been taken by the porsons in the earriace. and a black one left in Us place ! I'hila. North American. Two compositors in the office of Ben nett's New York Herald, fell in love with a lass on Monday quarrelled about her on ruesday selected Seconds on Wednesday from the same office sent a challenge on Thursday, and fought on Friday. Thev exchanged three shots, without effect then kissed and made friends, and tho next day were at work as usual A BREACH OF PROMISE. A case of breach of promise of marriage was tried a few days ago at Little Rock Margaret Ann Scott vs Allen Martin. The Jwy wrnel a venllct of $1,000 for tho plantllt. Tins was the it r.t.. . .... , . v, biwij wimc h nn ever tried in Arkansas. Jlmericoix Ingenuity in evading the Law. The very first object of th? Ameri cans, after a law has been passed, is to find out how they can evade it. This exercises their ingenuity; and it is very amusing to observe how clearly they sometimes man age it. At Baltimore in consequence of tho prevalence of hydrophobia, the civil author ities passed a law, that all dogs should be muzzled, or rather the terms were, " that all dogs should wear a muzzle," or tho owner of a dog not wearing a muzzle should be brought up and fined; and the regulation further stated that any body convicted of having " removed rhe muzzle from off a dog also bo severely fine." A man, there- tore, tied a muzzle to his clog s tail (the net not stating wnere the muzzle was to be placed.) One of the city, officers, porcciv- mg this dog witn the muzzle at the wrong end, took possession of the dog and brought it to the town hall. Its master, being well known, was summoned, and appeared. He proved that he had complied with the act,& in having taken the muzzle off the dog's tail, he insisted that he should be lined fivo dollars for so doing. Hitherto the title of citizen of the first class could not be held by the Jews in Rus sia. The Emperor hss just issued an order to the minister ol the interior by which this title may be held by any Jew who renders himself worthy of it by personal meiit, or uy any eminent servico rennereu to the state, either in art, science, manufactures, trade, or otherwise. At a recent annual meeting of the Lon don New Cemetry Company, the Chairman addressed the meeting, saying ho "had great pleasure in announcing to the members the gratilying fact that the burials in the Ceme lery for the last year were double the nuui of those of the year preceding 1" Yale College. The present number of Students in the diffeient dapartmcnts of Yale College, is about six hundred and fif ty. A greater number thau at any former period. Silk. Arrangements are making to ac commodate as many as 1,000 delegatca to a National bilk Convention, to be held at Washington on the 10th of December, for the exhibition of the many specimens o American manufactured silks to be brough in competition for tho piizes offered by the American bilk Society. y7ii wi,i rfrwt. i.te Mysterious Disappearance. Two gen tlcmcn who were engaged in purchasing ne grocs in Virginia, have disappeared with a large sum of money. When lastseentabout mountains in the south-west partof theltate. on an expedition for slaves, and had on their persons 8000,000. It is supposed that they have been murdered and robbed. Louisville (Ky.) Journal. The Richmond Enquirer says " that a gentleman who arrived in Liverpool, saw one pound notes which had been prepared by the Bank or England; so that we may expect to hear or the suspension or that in stitution by one or tiie first steamers." Improvement in blowing rocks. It is said that Mr. Vanagher, a German, in the Barzils, has made the important discovery that sawdust, (particularly or a soft wood,) mixed with gun-powdor, in equal parts has thrice the strength of gun-powder alone, when used in blowing up rocks. Gov. Hill, or New Hamprhire, having retired from active political lire, is devoting his energies to the improvement of the ag riculture of that state. The Albany Daily Advertiser state's that the Canadian Patriot General, Rensselear Van Rensselaer, convicted of setting on foot a military expedition in the United States, against a foreign power, was sentenced to six months imprisonment in the county jail, and to pay a line of two hundred and fifty dollars- Mobile Loss by Fire. Tho loss by fire on the 7th inst., at Mobile, is estimated at from 1,200,000 to 1,500,000 dollars; and the total loss by the second, was upwards of 500,000 dollars. Pensacola has contributed upwards of $1200 towards the relief of the sufferers at Mobile, A letter from Havana, under date of the 8th, speaks of flour at $17 a barrel. The Lafayette (Ind ) Free Press of Oct 10th says : "Thero arc more fat hogs in this section of Indiana, that havo ever before been fed in one season." A woman named Gwcrin, was recently burnt to death in Charleston. $2,000 for the reliefof Mobile, had been collected at New Oileaus, np to the 12th instant. Tho Banks or Louisville havo suspended specie payments. A Springfield (Mo.) paper or the 30th ill t says : "20,000 dollars was received at the Land office in this place during the sales or la&t week. Mr. James Savage, or Albany, Ml into the rivr on Sunday last, and althouoh un der water for two ininutvs, was recovored with life, The V. S. Bank in banfr-, -dis. uise it as you m.y, nm the subject an vn., will. She is dishonored in Europe and clot d at home. Hor president's name has In-.. posted in Paris, and fhoso who last year were quarrelling for her agency, now unite in anathemas np-niimt Imr. Tl,o t i r -o . vuuitiai oi Commerce says of her s Broke, bankrupt, uisnonorod, mcrchantilcly ami morally, to hold herself forth now as the source of cur rency to the community, exhibits a drjree of brazen imoudercc which wnnhl i surpassed by any bruised and battered hr- lot, who should thrust herself into the draw ing room of good society. If the sound banks of Philadelphia suffer ihomsei-es be overborno by such effrontery, or if, after all that has happened, they cannot now see tho real stale of the case, they deserve to go down in tho whirlpool of tho sinking: Kraken.' Tho London Time says or her. that ' she has lately acted as a hotbed to- roster eveiy mushroom scheme, and has ad vanced money on every loan, relying on tire European market to rcaliza the -securit ei. By such injudicious advances, works have been begun too rapidly, and on too larire a scale, and loans have been issued, against every principle of prudence and credit. 1 his market has been consequently glutted' with all sorts of American securities: their unlimited issues will now cease. Loan will not be authorized without some regard to the demand. The United States Bank nan no longer speculate in them.' And. what says the National Intelligence! ? Why, that there was no mail from New Yoik,. aud of course no letter from that arch de ceiver, Brooks, of thn Express, and there fore the Intelligencer knew nothing about the matter. Who owns this office, with the presses, types, and paper ? Lit this extraordinary silence answer. Wc trust the Democratic press will ic ond the Journal of Commerce in itspriise worthy attempts to hold up the knavery ot the Bank of the United States to the scorn of all virtuous men; and that high-minded Whigs will cry, Ameu Metropolis. Gunpowder plot. On Sunday morning last about 1 o'clock, an attempt was dis covered to set fire to the house of Peter Haldeman or this town containing ebon! 500 pounds or powder. K the infernal scheme had suc.ceeeed the loss of life and properly would have been incalculable, rue Tuouiu was mncio uv selling are to several empty oil casks which the wretches had stolen, filled wiih shaving, and placed, within a few feet of the building and imme diately against a fence which communicated! with it. A tremendous explosion must in oyitably have been the consequence, iTthe discovery had been delayed a few moments longer, and probably the whole town would have been fired. Several men were seen running from the fire when it was discover ed. A reward of one hundrd dollars is. offered sor the detection of the perpetra tors of this infamous outrage. Colnmbi Courant. Two ships at Baltimore nre being loaded with full cargoes of flour and grain for Eng land. Good while wheat sold in that city at SI 38 per bushel ' It is slated that a young European has. carried off tho most beautiful wnman in th. harem of the Sultana Esrae. She took for- her dower jewits belonging to her mistress and worth a million or francs. The pacftet-ship Roscius, on herpassago out to Liverpool, performed one third of passage in 72 hours. All the Banks or Cincinnati!, ononi it.. Commercial, suspended specie payments on the 15th for thirty days. By tho following extract from the Phila-. delphia Spirit or the Times, it will be seen that some or the furniture of a five million, bank has been seized for some five dollar debts. Bank Seizure. We learn that nflleer Murphy made a seizure of sundry deskt and cases, the property of the Girard Bank, to satisry the iudecmcnts obtal ned ncrninst it by note holders. This lookt something liko settling up. It is stated that Lieut. Mead, or the Unit led States brig Washington, has instituted, a suit (or slander, against Lewis Tappan and lays his damages at 850,000. Tho ground or the suit is in Mr. Tappan's asser-! lion lhat the Lieutenant secreted moniy found on hoard the Armistad. The St. Louis Bulletin states (hat imii gration to that state has never been so great as during the past yeur, The nurnbpr is computed at 50,000. The imports of specio into the United States, since 1821, has exceeded the exports upwards of fifiy-gcvFii millions orrfojlars,
Significant historical Pennsylvania newspapers