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,