Jkc OfHM Uriuliißc • lirwuhrtlm,
"ft hair of the dog Ujat bit jjM." used,
it is Mid, to be regarded as a eure.protection
agaittet hydrophobia, and if is well knewn
-j£at the man who hasxlratrk too Much OTpr
•ighTfetiniresa pTop*MonAbto diem in'Ae
wiomirtg to steady Iris nerves, and pnt'hfrn
in his sober senses to resume business—
-The same plea is now urged by those who
'MiiMbtd against the speedy resumption of
cash payments.
All admit that we have been sadly bitten
by the mad dog of speculation, that We
have drank too freely, of ffie geuuil wine of
credit, and dipped pretty freely into the raw
"whiskey of wholesale speculation. It hhs
been chiefly by wholesale indeed that this
movement has been made, arid therefore,
without extending to any very large portion
of tho community, hah chiefly intoxicated j
a few of the very wealthiest capitalists of
the country. With time and with the aid '
of extended banking facilities, they hope !
by degrees to work the thing off without |
failure. This is much to be desired. But {
if their losses are to be diffused through the I
community in tho shape of broken bank I
bills and an irredeemable ever depreciating
paper money, causing every honest, hard
working man to lose part of it in the shape
of a discount of latt cunts nn aunt. d.dlar liA
-earn-', better far let those who have specu
lated in the railroad stocks and western lands
fail at once, and the honest merchant and
mechanic and farmer meet the issue there,
than have a long agony of suspense, a
death by inches, and an engine of gradual
destruction in every paper dollar. Yet this
must be the result, if paper is irredeemable
on demand for a longer period, it will de
cline in value as the gold silently slips out
of the country.
The Stock Exchange has been grievou-ly
intoxicated, stimulated by drums furnished
by New York banks for years past.and cred- I
it must have a morning dram, it is said,
just enough to steady its nerves, in the shape
of accommodations. Our Philadelphia banks
have done a grevious mischiel in suspend
ing specie payments, They should have
bought up specie all over tho world, and at J
any price, and met the shock like men; j
bought it, not for their notes, but for bonds I
payable in six mouths and a year hence. — j
They should now do this.
As for that last act in the drama, the sus- |
pension of the Now York batiks, the more I
closely it is looked into, the more it will I e |
found to be like nothing else than the con- [
duct of a drunken men who smashes the '
decanter of the barkeeper 1 ccause lie refu- j
ses to give him another drop. Tho bunks
curlainly acted treacherously. They thought ]
there was no harm in telling a lie to a
drunken man. They patted the man reel- '
ing and writhing under the effects of specu- 1
lation on the back, told them they were j
their friends and-would pull them through, (
and see them safe. But when the weekly j
report came out, it proved that they hud j
tied up the taps and emptied the decanters, i
nuil were not going even to provide the !
dram next morning that could alone save I
them from mania-a-polu, if not to set them 1
straight again. Then it was not in panic, j
but rather in vengeance, that tho merchants
resolved to smash the decanters, that is to i
break tho banks by withdrawing their de- '
posits and running for gold
'lhero was a method in this madness too. I
Tliey thought that a spree of ttiis kind
would make the bunks in the end more lib- !
eral, —that to croate universal suspension
would enable the banks to accommodate
them and give them the coveted dram.—
Just when we were looking for an early
resumption and for the strength of New
York to stem the tide, it gave way, and has
made the work oi a speedy resumption
more difficult.
We have no disposition to' quarrel over
the broken gl is?, or discuss who flung the
first stone. We lake it as a drunken frolic
and admit that after such a scene, men must
sober themselves with a dram next morn
ing. But the danger is lest they should go
on steadily and regularly, boozing and
and drinking day uftor day, mnking the
thirst produced by each dram an excuse for
another and another.
The fact is, this speculating mania and
suspension may begin like dram drinking,
but it ends like arsenic eating. In the Alps
this is common, and arsenic in small regu
lar doses hepls the complexion, and stimu
lates the system into (he ruddiest health.—
Bui once begin, and you must go on increa
sing the quantity, arid in the end, either die
of the re-action in breaking up the habit, or
die of poison by the repetition of the dose.
So it is with suspension. It makes the
money market easier, and for a short time,
it may be necessary, as things are, bat tho
long cominnance of it will be death to ev
erything
The pressure on the money market was
bringing in gold rapidly. Specie was freight
ing vessels from London, hard as all Europe
is pressed at thisdmc. Hut now specie will
cease to flow in. But the panio created in
London will probably cause it to flow out
from this country, and as this takes place,
notes will decline in value.— Ledge.
ISDIAN NAMES.— "Poor" or "pore," which )
are found to mako the termination of so
many Indian cities and settlements, signi
fies town. Thus, Nugpore menus the town
of serpents—a definition, by the way, suf
ficiently npproprinto when we reflect on tho
treacherous character of the Sepoys by
whom it was so recently garrisoned. "A
bad" and "patam" also signify town : Hy
derabad being Hydcr's town, and Seringa
patain —from Seringa, a name of a good
Yishnoo—being the town of Seringa, Alla
habad, from "Allah," God, and "abad,"
abode,ytteans the abode of God; that oily
bcing the capital of Agra, die chief school
of the Brahmins, and much resorted to by
pilgrims. Punjaub is tho country of the
Fivo Rivers, and Dead is applied to a part
of a country between two rivers.
A SPECIMEN BANK.— The Rhode Island Cen
Irai Bank, according to a statement of its con
dition published on the I2lh ill*!., had a cir
culation of 11286,702, and just seven dollars
in specie! This is inflating the currency wlili
a rrngaancc.
-Ceueml Jacftmn on the Hunks.
*We yekteriav presented the views ef (ton.
James K. Polk upon the banking system,pud
those abuses whftfh are inseparably oonnfect
ed with it, for the purpose of edonating ami
irtformmg the'judgntetjts of the nnvs-ea upon
the great question of currency which is now
jnstly claiming a prominent position in the
affairs of this coon try. To-day we give ihe
views of banking of that great apostle of de
mocracy, Andrew Jncksbn, on the subject-
Hear what the old Wtfo says in bis farewell
address loiifsvrrutiiryttien:— Pennsytvaman.
"The severe lessens oi experience will, I
doubt nof, be sufficient to prevent Congress
Irom again chartering such a monopoly, (as
the Hank of the United Stales,) even il (lie con
stitution did not prevent an insuperable ob
jection to it. But jou mud remember, my
fellow citizens, that eternal vigilance by lite
people is the price of liberty; and that yon
must (tay the price if you wish to secure the
blessing. It behooves you, therefore, to he
watchful in your States, as well hb in the
Federal Government. The power which the
monied interest can exercise, when concen
trated under a single head, and with our
present system of currency, wag sufficiently
demonstrated in the struggle made by the
bank of the U.S. Defeated in the General
, -1. * -l of ......i,wc. .ml
politicians Will now resotl to the Stales, and
endeavor to obtain there the same oiguniza
lion which thev ,failed to perpetuate in the
Union; and with specious and deceitful plans
of public advantages, and State interests, and i
Slate pride, they will endeavor tn establish, I
in the different States, one monied institution |
with overgrown capital, and exclusive privi- I
leges sufficient to e table il tn control the op j
eratinns of the other banks. Such an in*'!- j
lution will be pregnaqt with the same evils i
produced by die Bank of the United Stales, j
although its sphere of action is more con
fined; and in the Slate in which it is charter- j
ed, the money power will be ahlo to embody ;
its whole strength, nod to move together with {
undivided forces to accomplish any object it
may wish to obtain. Yon have already had I
abundant evidence of its power to inflict in
jury upon the agricultural, mechanical and |
laboring classes of society; and over those
whose engagements in trade or speculation '
render them dependent nn bank facilities, I
the dominion of the State monopoly will be i
abolished, and their obedience unlimited
With such a bunk, and a paper currency, the
money power would in a lew years govern j
the State and control its measures; and it a
sufficient number ol Stales can he induced
lo create such establishment", the lime will
soon come when il w ill again lake the Held .
against the Unilsd Slates, and succeed in
perfecting ami perpetuating its organization
hy a charter from Congress.
"Il is one o[ llie actions evils of our pres- 1
em system of banking, that it enables one
class of society—arid thai by no mians u mi- i
tneroux one—by its control over lire ct rrency, I
to act injuriously upon the interest of all i
the others, an.l to exercise more than its pro- ,
portion of influence in political uflairs. The
agricultural, the mechanical anil the labor
ing classes, have little or no share in the di
rection of the great moneyed corporations;
and from th'ir habits and the na'ttre of their
pursuits, they are incapable ol forming ex
tensive combinations to act together with
united force. Snch concert ol action may
sometimes l-e produced in a single city, or
in a small district of country, by means of
personal communications wnh each other;
but they have no regular or active correspon
dence with those who are engaged in sitni
; lar pur-uits in distant places; they have but
j lilde patronage to give to the press, and ex
I ercise but a small share of influence over il;
j they have no urowd or dependents about
them, who hope to grow licit without labor,
by their countenance and favor, and who
j ate, therefore, always ready to execute thtir
j wishes. The plainer, the fanner, the me
! etianic, and the laborer, all know that their
j success depends upon their own industry
| and economy, and thai they ntusl not expect
to become suddenly rich by tire fruits ol
their soil. Yet these classps of society form
the great body of the people of the United
States; they ate tho bone and sinew of the
country; men who love liberty and desire
nothing but equal laws, and who moreover,
hold lite great mass of our national wealth,
although it Is distributed in moderate amounts
among tho millions of freemen who possess
il. But with overwhelming numbers and
wealth on their side, they are in constant dan
ger of losing their fair influence in the gov
ernment, and with difficulty maintain their
just lights against the incessant elfor's daily
made to encroach upon litem.
''The roi.chief gpiings from (lie power
which iha moneyed interest derive* (rorn a
paper currency which they ato able 10 con
trol, from tho multitude of corporation)* with
exclusive plivilegpa, which they have me
reeded in etabli>liin(j in the difT'-retil State*,
and which ate employed altogether for their
benetii; and unless you hecornn more watch,
fill in your Sale*, and check thi* spirit of
mnnopoiv and lhirt lor exclusive privilege*,
you w.ll, lit the end, find that lite mo>t im
porter of government liuvo been given or
purled away, and the control over your dntr
e*t interests ha* panned into the hands of
lUe*e corporation*.
"The paper money system, and its natu
ral associates, m<tno|Hily ami exclusive priv
ileges, have already struck their roots ueep
in the soil, anitl it will require all your elTnris
to check its further growth, ami to eradicate
the evil. The men who profit by the abu
ses, ami desire to perpetuate them, will con
tinue to besiege the had* of legislation in the
General Government as well ■ in the Slates,
aud will seek, by every artifice, 10 mislead
acd deceive the public servants, ft it to
yourselves thai yen must look forsnleiy and
ifie means of guarding and perpetuating your
free iuaiitiitioiit. In your hands, is rightful
ly, placed the sovereignty ol the country,
ami to you, every one placed in authority is
ultimately responsible. It is always in your
power to see that the wishes ol the people
are carried into sithful execution, and their
will, when once made known, must sooner
or later be obeyed. Apd while the people
remain, as I trust they ever will, uncorrup
| leJ and incorruptible, and continue watch
ful aud joalous of their rights,the government
jjl* safe, arid ilie cause of freedom will contin
ue lo triumph pvcrill it* enemies.
Bui it wTll require study and preserving ex
ertion* on yoa; pari 10 rid yourselves of the
iniquities and mischiefs oflhe paper system,
and 10 cheek ihe spirit of monopoly and oth-
j er abuses-which have sprang tip with it, and
,af which Ris the main support. So many
| interests are united to resist all reform on
| this subject, that you must not hope Ihe con
| fliel will be a short one, nor success easy.
My humble efforts have not been spared,
during my adrnistralion oftlie Government,
i lo restore die Constitutional currency of gold
and silver: and something, I trust, lias been
done Inward ihe accomplishments of this
most desirable object. But enough yet re
mains to require all your energy and perse
verance. This power, however, is in your
hands, and did remedy must and will be ap
plied, if you determine upon it."
Pemisylv until I,eg Islam re-1858.
The Sole Legislature, for Ihe uext session,
will stand as follows :
SENATK.
I. Dist.—Philadelphia—Harlan Ingram, R.
L Wright. Samuel J. Randall,# Isaac N. Mar
selis,* Democrats.
11. Dist.—Chester and Delaware—Tiros. S.
ttetl, • t.
111. Dist.—Montgomery—Thos. P.Knox,D.
IV. Dist.— Bucks—Jonathan Ely, D.
V. Dist.—Lehigh and Notthamplott—Jos.
Laubie'n, D. j
VI. Dist.—Berks—John C..Evans, D. |
VII. Dist— Schuylkill—C. M. Straub, D. I
VIII. Dil Carbon, Monroe, Pike and \
Wayne—Thomas Craig, Jr., * D.
IX. Dist.— Bradford, Susquehanna, Wyo
ming and Sullivan— E. Heed Myer, Opp.
X Dist.—Luzerne—G. P. Steele, D.
XI. Diet. Tioga, Potter, M Kuan and War
ren—Henry Souther, Opp. j
XII Diet.—Clinton, Lycoming, Centre and (
Union— Andrew Gregg Opp. i
XIII. Diet.—Snyder, Northumberland, Co
lumbia and Montour, Clias. 11. Buckalew,#D |
XIV. Dit.—Cumberland, Perry, Juniata )
and Mifflin—Henry Feller,* D.
XV. Dist. Dauphin arid Lebanon—J. U. :
Rutherford, * opposition.
XVI Dist.—Lancaster— lhirtiam A. Skaeffer j
f>. . IP. B Marshall,* Opp.
XVII. Diet —Yotk—Wm. H. Welsh, D.
XVIII. Dist.—Adams, Franklin and Fulton j
—Gen. W. Brewer, D.
A*IX. Disli—Somerset, Bedford and Hunt- j
iugdon—William P. Scltell .# D.,
XX. Dist —Bla'r, Cambra and Clearfield— 1
John Ciesewell, Jr., D.
XXI Dist.—lndiana and Armstrong— T. J. I
Coffey Opp.
XXII. Dist.—Westmoreland and Fayetio—
Jacob Turney,# D.
XXIII Diet.— Washington and Greene—G |
W Miller* D.
XXIV. Diet.—Allegheny—Wm. Wiikms,
D., Edward D. Gozznm, Opp.
XXV. Dist.— Beaver and Butler— John I{. j
Han is. Opp.
XXVI. Dist.—Lawrence, Mercer aud Ve- \
natign—Win. M Francis.* Op.
XXVII Diet.—Erie aud Crawford— D. A. :
Finney Opp. ,
XXVIII Dist—C'lariun, Jefferson, Forest and j
Elk— G. yy Scofield , Opp.
HOUSE OF REPRESENTATIVES.
Philadelphia City. Beiks.
J C K"k;mirick, I). Edmund L Smith, D. !
C M Donavan, I). Amos VVeiler, D. j
John Ramsey, D. B Nuntiemacher, D. 1
G (1 Armstrong, D. Lancaster.
I'lula. County. F. D limit, Op.
John Wharon, D. J.ma H Roland, Op. !
0 iver Evans, D. Samuel H Price, Op. !
J H Askin. D. J D Povrnall, I).
i J H Donnelly, D. York
\D H McClane, D. William M Wolf, D. I
, Townsend Yearsley D A Heistaml Glmz, D.
i Joshua TOwen, D. Cumberland and Perry.
John M Wells, D. Hugh Smart. D.
, Henry Dunlap, D. Charles C Brandt, D.
' John A 1 Melloy, D. Adams.
t A Arthur, D. Charles Will D.
1 John H. Dohnert, D. Franklin anil Julian.
j James Donnelly, D. Jame* Ntll, D.
Delaware. A K MeClure, Op.
j Thomas Powell, D. Bedford and Somerset.
Chester. Samuel J Castner, Op.
! Morton Garrett, D. David Hay, D.
| John Hodgson, D. Huntingdon.
E VV Sharp, D. David HOIHZ, D.
I Montgomery. Blair.
A B Lougaker, D. Christy, D.
Jos in h Hillegas, D. Cambria.
George Harriet, D. G Nel-on Smith, D.
Bucks. Indiana
John Mangle, D. John Bruce. On.
John H Lovell, D, Armstrong Wert ml'd.
Northampton. John K Calhoun, D.
Ma* Goepp. D. Matthew Shields, I).
| Josepn Woudring, D. Robert Warden, D.
| Lthigh anil Carbon. Fayette
Charles H Williams D John B.erer, D.
' Herman Rupp. D. Greene.
j Menrroe and Pike. Wm. Kinuaid, D.
j L Westbrook, D. Washington.
Wayne. Jame- D mahuo, D
| 11 L S.evens, D. John N McDonald,Op.
Luzerne. Allegheny.
\ P C Grttmun, D. John M Irwin, D.
j Stent en Jenkins, D. Daniel Negley, Op.
1 Sam to I G Turner, D. J B Backhouse, Op
Susquehanna. Nich. Voeglitly Jr., Op.
Simeon, B Chase, Op. J Heron Foster Op.
Bradford. 'Beaver and Law cute.
I J H G Bahcock, Op. De Lorma Irnbne, Op.
| C F Nichols. Op George P Stiaw, Op.
| Wyoming, SuiliVitn Ifc. Butler.
• Peter Eut, D. AW Crawford, Op.
j John V. Smith, D. WVV Divide Op.
| Lycoming and Clinton. Mercer and yennngo.
1> K Jack man. D. William U Rose, Op.
j Thomas VV Lloyd D. C P Uams lrll. Op.
Centie. Clarion and Foiest. .
Samuel GiilelattiS, D. William M Ahrams D 1
Mifflin. Jefferson, Clem field, Sfc.
Dr Ih.iver D. Joel Spyker, D
Union,Snyder If Juniata N P Wilcox. D.
i Daniel VV Omar. Op. Crawford and Warren
I Thomas Hayes, Op. Robert P Milter, Op.
Noi thumlierland. Thomas S tuihers, Op.
Joseph C Rhodes, D. Erie.
Schuylkill. Ware ham Warner, Op
T R L Ebur, D. David Himrod. I oil.Op
Charles Hippie, D. Potter and Tioga.
Michael Weaver, D. Isaac Benson, Op.
Dauphin. 1, P VVtllisfoo, Op.
Edward Launian, D. Democrats, 69
VV C A Lawrence, D. Opposition, 31
Lebanon.
John George, Op. Dem. majority 38
RECAPITULATION.
Dem. Opp.
Senate, ... 21 12
Hou> of Representatives, 69 31
90 43
43
Dom. maj. on joint ballot • . 47
CF Pants procured oil tick, aro cousidoted
"breeches of trust."
otat of llje ilorft).
V FC. VV. WEAVER, ETUTOR.
Illooinsliuig, Vt t-ilnesdar, Nov. 4, 1857.
IHE It I I Hit IMF.
We are enabled to give to-day the official
vote in the whole Stale upon Governor, from
which it will be seen that On.-Packer's ma
jority is larger than our e;atemon< of last
week made it.
The official vote also shows that all fonr of
the proposed amendments to the Constilu
lion are adopted by immense majorities.—
The smallest majority is about 95,000! They
are very valuable and salutary amendments
and we rejoice that the public voice has
pronounced powerfully in their favor.
Now, behold a contrast! The last Black '
Republican Legislature of New York pro
posed an amendment to the Constitution ol
tlißt State enlarging the right of suffrage to
negroes. But strangely enough after the ad
jourttment the Resolution containing the
aimndtneni could i.ot be frmrul in the office
of Ihe Secretary ol State, and therefore was
not published lo the people, ft is probable
that the leaders of "ncgroistn" got afraid of
public opinion, and look good care lo have
t tie amendment suppressed.
The report is also, that certain Black fie- !
publican amendments in the Constitution of j
Ohio, have been voted down by the people !
of that State at the recent election. How dif- I
lerout the fate uf the fanatical changes pro- ,
posed in the Fremont States from that of:
those reasonable, wise and truly republican '
ones proposed in our own ! The plain rea- I
son for this difference is, that our amend- [
tnents had a Democratic origin, and the otb- j
ers a fanatical one. Upon full and calm
consideration, ihe lortner have been upptoved ;
while the latter have tngloriously failed !
The Rev. Mr. Tullidge has severed his j
cottneciion with tl.O Episnnpsl Church of this >
place, and leaves lo day lo lake charge of i
another congregation in New Jersey. Ho is '
a gentleman ol talent, and his conduct here j
was exemplary and correct.
THE RAILROAD —We are pleasdd to learn
that lite work of laying lite mils on the Lack a i
wanna and Bloom .-burg Rail Road is progres- i
sing finely. They are row laid from Rupert I
Junction to a short distance above Stony
Town. From tl.e tipper end they are laid, !
we believe down as far as Shicksliinny. In I
a month more the work may be finished. ;
CtT The public schools of ibis district will 1
be open next Tuesday.
school Tencher. ■ I
The Directors of this district have selected
the following teachers for the ensuing session j
of the public schools JOHN C. STOKES for
the upper grade with Miss JOSEPHINE RAM- |
SKY as assisianl; ELIAS HICKS, F. I'. EVER,
THOMAS J. MORRIS, Eq., LLOYD SHARPLKSS, I
Miss MARTHA WELI.S, MISS CATHERINE WKA- |
VER, and Miss CATHERINE HAULER.
New l'osl Office.
A new posi office named "VAN CAMP'' has !
been established in Fishingcreek township,
in this county, and Mr. George M. Howell
has been appointed Post Master. It is on
the route between Crangwville and New Co- 1
lumbus, in a thickly set led region, where ii |
can auenmmodaie quite a number of people; 1
though another office may become desirable
in the lower end of the township.
' THE PENNSYLVANIA RAILROAD. —The earn- j
logs of the Pennsylvania Railroad, for the
month of September, amounted to $198,546 —
I being an increase of $82,396 over ilia corres- i
I ponding month of 1856.
We also learn Irom Forney's JVssr, that j
the Directors of the Company have passed;
resolution!) reducing the salaries of all their j
1 officers and employees to a considerable ex
tent, and suspending all work not impera
tively demanded by tbe interests of die Coin- I
pauy.
MURDER or A WIFE —An Irishman named !
Burns killed his wife on Thursday night, in I
White Oak Hollow, Jenkins township, by
beating tier with a club while drunk. He |
was taken to PittMon and after a bearing be ,
fore Esquire Reddin, wrs committed to jail
at Wilkes-Barre.
VW What is to be the' issue?" The Wash
ington correspondent of the New York Com
mercial Advertiser says, "A party is rising in
favor of a na'ional bank of some sort, of a
protective tariff, and of a bankrupt law. Sn
the stale of things thai existed twenty rears
ago, is coming round to us again. The Kan
sas issue is gone by; and the fact favors the
rise of other issues of a general and practi
cal nature."
PtiffiNixviLLE IRON WORKS. —The large
Ro'lling Mill, in Phteuixville, is in full oper
ation with the regular complement of hands
The other Mills and Furnace', will, we un
derstand, he able to resume very shortlv.
This is most gratifying, as the number of
oppedivea there employed is while
work, and money are so scarce.
RKSCMINQ WORK —The Norristown "Reg
ister" stales itrt work was resumed It Mr.
Hoover's Rolling mill, on Tuesday, and dial
General SehaM is also making arragements to
re'commence operations.
RAILROAD STOCK AT A DECLlNE.—Pennsyl
vania Railroad Slock was down to $32 per
shure ou Friday, and lipading Railroad s'ock
could only command $t 3 J psr share. Things
. look squally for the Ruiltoads.
A ' MARRYING MAN." —Rev. J. S. Dubs,
paster of the German Reformed Ceurrh in
Allsnlnwn, has married since May, 1823,
"fifteen hundred and sixty-three couples."
[Rev. J. H. Grier, of Jersey Shore, Pa., has
: married since $Bl4, "lour hundred ar.d sixty
-1 five conplesr]
Uaiiiei Webster on •* fcrils at a Taper
Trtrredcy*
AlHhis linyo, say's the Clinton Temocrat,
ulrew (he question Bf Ihe ciwrancy is attract
ing so much attention the views of DANIEL
WmisTEßXin that dohject "will he read with
interest. . lr will, ido'ubtless,surprise the ad
vocates of a so-called paper currency, that
that great statesman left npon record as de
cided a protest against that kind of money as
ever did THOMAS JEFFERSON or ANDREW '
JACKSON. His clear intellect could not ftil to
see the disastrous effect which it was certain
to produce upon the busincsj interests and
laboring classes, even had n not been en
lightened by a close and" fittrtifiar acquaint- I
ance with the teachings of history. To those
who cannot make up their minds lo favor a
return to the currency of the Constitution,
and who consider the policy which favors it
"Democratic radicalism,'' wa commend the
following Irom their favorite statesman DAN
IKI. WEBSTER :
The following extract of a speech made
by Daniel Webster in the United Stales Sen
ate in 1832, may be found in Benton's Thirty
Years' Viae, page 244, vol. 1:
"A disordered currency is one of tho great
est of political evils. It undermines the vir
tues necessary for the support of the social
system, and encourages propensities destruc
tive of its happiness. It wars against Indus
try, frugality and economy, and it fosters the j
evil spirit of extravagance and speculation, i
Of all the contrivances for chea'inglhe labor
ing classes of mankind, none baa been more ,
effectunl than that which eludes them with /
paper money. This is the most effectual of |
inventions to fertilize the rich man's field by
the sweat of the poor man's brow. Ordi
nary, tyranny, oppression, excessive taxa
tion—these bear lightly oil the happiness of
the mass of the community, computed with
the fraudulent currencies and the robberies
committed by depreciated paper. Our own
history lias recorded lor our instruction
enough, and more than enough, of the de
moralizing tendency, the injustice and Ihe
intolerable oppression on tire virtuous and I
well-disposed, of a degraded paper currency
authorized by law ur any way countenanced
by government."
Again he says;
"The paper circulation of the country is,
at this time, probably sevemy-five or eighty
millions of dollars. Of specie, we may have
twenty nr thiity millions, and this principally
in masses in the vaults of llto banks. Now,
sir, this is a state of tilings which leads con
stantly to over-trailing, and lo the consequent
excess and revulsions which so often disturb
the regular course of commercial affairs.—
Why have we so small an amount of specie
in circulation ? Certainly the only reason is
because we do not require more! We have
but lo ask its presence and it would return
But we voluntarily banish it by the great
amount of small bunk notes. In mast o' the
States the banks issue notes to all low de
nominations, even to a single dollar. How
is it possible under such circumstances, to
retain specie in circulation 1 All experience
shows it to be impossible. Tlte paper will
take Ihe place of the gold and silver. When
Mr. Pitt, in the year 1797, proposed, in Par
liament, to authorize the Bank of England to
issue one pound notes, Mr. Burke lay sick
at Bath, of an illness of which he never re
covered, and he is sail lo have wri ten to the
late Mr. Canning: "Tell Mr. Pin thai, if he
consents to the issuing of one pound notes,
lie m ust never expect tu see a guinea again."
The Mutiny in India is likely to affect die- j
astrously a vast amount of progressive indus- j
try. Within the last twenty years, the amount
ol the products of other countries consumed
in India has increased from $20,006.000 to
$85,000,000, and her native productions have
more than kept pace with it. Every nation
which trades with her becomes her debtor.
In 1835, the surplus produce of India was
£40,000,000; in 1855 it exceeded $125 000,-
000, Last year the balance due Tndia for the
excess of the exports over the imports was
$41,000,000. Thespecie importations have
increased from $14,000,000 in 1846 to $62,-
000,000 in 1056. The present war puts a
stop to all this trade.— Ledger.
A NATIONAL BANK. —The National Intelli
gencer'continues its exploration of the causes
of the financial evils afflicting our country,
finds them to lie in the fact that "our curren
cy" "has perished," and, at the end ol a two
cnlumti-and-a-half editorial, says that "a na- !
lionet bank would afford the spedieal, surest, I
safest, and wisest remedy."
TUNIS, A CONSTITUTIONAL GOVERNMENT.—
A letter Irorn Tunis states that the reigning
sovereign of that country, on the 9th ult, pro
claimed a constitution granting many impor
tant privileges to his subjects, and inaugura
ting salutary reforms, political, Judicial and
religious. This stale of things was brought
about by the British Consul-General, aided j
by the agents of the Government ol France.
MISSOURI BONDS.— -The bonds issued by tbe
State ol Missouri, in aid of seven railroad
companies in that State, amounted to $24,-
950,000, of which $15,930,000 have 'been
isned. Their current price in this market is
about 65. A special tax will probably be
t levied to meet the interest next tailing due.
| All idea of repudiation is repudiated; but the
Governor recommends thai no more bonds
be issued at prevent.
Or Franklin is reported lo have said time
is motley. Don't believe any such stuff.
We see lots of young mer. Iniighlmr on the
corners daily, who evidently have plenty of
lime; but if you were to snatch th'ir pockets
with • microscope you couldn't find "nary
nickel."
HF" Lately a gentleman of Chicago, was
accompanying two ladies to the panorama
of the Arotio Expedition, when, in crossing
Market Street, be stepped on hogshc id hoop.
which flew up (us I,oops will do,) and struck
I him across his not very handsome nose.
I "Good Heaven.', ladies!" he exclaimed,
j "which of you dropped that 1"
| X3T Bayard Taylor, only son of the Jale
I President Taylor, is the democratic cartdi-
I date for the Senate of Louisiana in the St.
I Charles district.
• tUSlKfrt>4oNN It HGNbl>y,
It is'important at this time 10 examine the
opinion* of those -wise and thoughtful men
who HAVE preceded UP, with reference to
the hulking system, andaibecive Holt uni
foitfn an' 1 'concurrent their testimony hie
! been as to fhe evils flowing from a paper
currency. From WASHINGTON, all down the
line of America*: stjlemen, there has beeen
an alinoat unbroken serious of botd, vigorous
thinker*, who have pointed oC! the disastrous
j consequences of debauching the currency of a
peoole, or.d (hua rendering labor at all lim's
the tluve and follower of capital. The first
Bank of the United S'ales Was chartered in
direct opposition to the opinion and counsel
of Jefferson, and many patriots and states
men ol that day. It wa justified oil the
grounds of necessity, and each succeeding
renewal of its legal life was heralded and
supported by the same arguments. The
Slate Banking System derived its origin from j
the same supposed necsaity, and all experi- I
ence has demonstrated the fact that both the !
Bank of the Unined Slates, and those ol the j
several States, have acted injuriously upon 1
all the best interests of Trade, Commerce
and Manufactures by expanding credit to an
unwholesome degree, indncing reckless
speculation, raising tbo prices of all articles
to be consumed, ami ending in wide spread
disaster and ruin suili as we bat e cause to
lament at the present time.
The suspension of specie payments by ihe
Banks in all pang of I lie country furnishes
an opportunity lor laying before the public
HII extract from the message of Governor
JAMES K. POLK to the Legislature of Tennes
see, in 1839, on ihfc subject ol Bank susden
sions. Atler having shown Ihe causes ol Ihe
financial trouble ut that lime to have resul
ted from an inflated paper currency, starting
first with the Banks ol 'he Eastern cities, lie
guys :
' Upon the receipt of the information that
gome of the Banks ol the East in little more
than a year Irom their last resumption had
again suspended specie payments, the ques
tion immediately arose in the public mind,
what had produced the suspension, and what
would be the course proper to be pursued by
tile Banks of Tennessee!
" As far as we are informed, tbe suspen
sion at the East is represented to have arisen
'not out of a lack of power to oontinue spe
cie payments, but of sell-pieservatinn, under
the form of keeping the specie from bein"
drained out of the country. Without tlte
means ol knowing how the fact may be, it
is for apuspension of payment by the banks,
but an absolute inabili'y to meet their res
ponsibilities promptly.
'•'Arid whatever may have been the cause
of ihe suspension of payments by the banks
of the East, it can furnish no sufficient
ground for the ensprnsion of payment by our
banks, so long us they have an abilhly to
pay. Like individual debtors, they should
meet their liabilities honestly and promptly
so long as they ate able to pay. What is
lire ellecl il a contrary course be adopted?
A few of die bunks at the Eusi suspend, and
represent to the public that they are still sol
vent, and do so, not from necessity, but to
retain their specie; and following their ex
ample, the banks in the interior, which are
also represented to be solven-, suspend also,
not because they are tinder the necessity to
doro, butsimpls because Ihe eastern banks
have suspended; so that the suspension of
ihe banks in a single city which may have
indulged in excessive issues of bank paper
and bank credits, and thus stimulated and
promoted over-aoiion in trade, or which may
have ulterior objects in view, is made to op
erato as a suspension of payments by ull the
banks of the country. Surely, if a bank sus
pends in Philadelphia, it is no reason lor our
| banks to follow the example, unless they
are compelled by their condition to do so.
"The oppreheusion of the drain of their
specie can be no sutfijiem reason, for one
of the conditions of liteir corporate privileges
is, that ihey shall keep themselves at ill times
in a condition to meet their liabilities. When
I a suspension of specie paymen's takes place
j by banks, their circulation immediately de
! predates in value, and the loss falls not on
the banks, but on the people. The labor of
Ihe coontry hears the loss, whilst the batiks,
during a period of suspension, are often do
ing their most profitable business."
The last paragraph of the above extract is
J worthy of being pondered at this cn.ie.
| When a bank commences operations it is
with a solemn charter-promise to pay all its
liabilities in gold and silver. Upon Ihe Isi'h
of that assurance, its notes are aged as cur
rency by the communiiy. Not a single note
would cross the counter of a Bank if th* gold
and silver leatnre of its charter was omitted.
The traders and toilers have no lime to in
quire into all ihe minor circumstances by
which a Dank may be surrounded. They
cannot pause in the midst of their daily avo
cations to examine into all the particulars of
a banking system. Tliey look only at the
prominent fact that each and every institution
issuing currency is obligated to give in ex
change for paper promises gold and silver,
whenever demanded, and upon ihat clause
of ihe charier of each Bank they rely for
safely.
As the Slate in ils sovereign cacacity as
guardian and protector of tba people has
covenanted with ils citixens that tho Banks
shall pay golJ and silver in exohange for
tneir uoies, it is obligatory upon the Statu to
see that 110 lose falls upon those who have
trusted these institutions. But can thie he
done by Ihe Stale under the present Bank
ing system 1 It is well and truthfully said
by the laie Mr. POLK, thai one of the condi
lions upon which the Bank* take their char
ters, is "that Ihey shall keep themselves at
all timet in a condition to meet their liabil
ities." This they promise to do. But il is
well known thai at the present time there it
not a single Bank in this Slate thai can pay
ull ils liabilities in gold and silver in accor
dance with ihe provisions ol their charters.
Eithei the note holdeie or the depositors
must be sacrified. In many cases both
would be losers 10 a large and ruinous extent.
' The specie on hand bears no propottion to
, tlte notes in circulation. One dollar in gold
' or silver is represented by ftveor six, or even
1 mote, of paper currency, and thus a largo
margin of the itoltfs in circulation are worth
no more than the paper upon which they ere
printed. They have no such basis as the peo
ple am led to believe 'by reading (ha specie
oUuse under which the Banks profess to adf.
This is one feature ol the system which de
serves e-pccinl cienrion. The State char
ters Institutions to furnish the people a cur
rency nut recognized by tire Constitution erf
the United fciaies, The people lk that cur
•raucy upon the faith iff fhe gold end silver
basis set forth ill each charter and yet the
whole system lias beer, demonstrated to be
| a swindle from beginning to end, and the
community is now fullering from its mis
chievods and disastrous effects opoa all end
every branch of human industry.
■ Kul the enquiry is, bow shall these suspsn
j sions be prevented' The answer is, by
the adoption of some measures lor petting a
larger amount of coin iu circulation slid thus
banishing a amount of paper
currency, ll Bank* were restricted froth is
suing notes ofa less denomination than twen
ty dollars, the whole circulating medium of
the Stale up to tbal point would be gulJ ami
stiver. Tins woulu reduce the circulation of
the Bank*, put more specie in vaults
rnd make them better able to meet all their
liabilities upon presentation. Again, it
would moat effectually protect the poor mow
'rom losses on account of broken, deprecia
ted and counterfeit paper currency. The
weekly payments of a majority of working
men and docs not amount to
twenty dollars each, and hence if there Were
no notes below that amount they would at
all ti.r.es be paid in geld or silver, the con
stitutional currency.
In addition to this, if our volume of cur'
rency up to twen-y dollars was composed of
gold and silver, we would have a decided
advantage over the peop'e ol other States
whose whole currency is of paper, in manu
facturing cheaper, and consequently selling
at a lower price, and thus holding the com
mand of other markets. These are consid
eration* of moment at this lime when tl.e
question of Bank reform ia so piominently
before ,the people, io connection with the
matter ol Bank euspeusious.
Two evils seem to be inseparable from the
paper money system. That of Bank suspen
sions and undue and ruinous expansioo of
credit. The latter precedes the former. In
stead of the banks acting as a check upon
that spirit of speculation sr.d extravagance
which will beset a nation, they only add to
the force and fury of the flame. When s
people exhibit signs of over-trading, of ex
panding their credit to a criminal point, it is
the duty of our moneyed institutions to con
tract their loan", and thus act as a guard to
the commuuiiy. But they act on the oppo
site plan. They lead the column of folly
and extravagance, increase the volume of
currency, expand their credit, ur.d thns has
ten the ruin which must come. This is the
history ol Banking in out country, and so
long i.e we have a | aper currency which
can be distended to any amount, we will
have Bank suspensions with all their atten
dant miseries. The curu lor these monetary
spasms consists in bringing our currency
gradually to an entire specie ba*i->! This is
the ot.ly remedy for such financial revulsions
as proceed from Bank 'expansions and sus
pensions, and the sooner we aut upon it the
better for us as a people and s nation /Va
n(ylvanian.
pun. \t>t-;i,i'in,\ 111 HIKErs.
FLOUR AND MBAl.—There ia a limited in
quiry for Flour. Sales to retailors and ba
kers, for Fresh ground si S"o 37 aSS 50 per
bbl, and tancy brands, from ssl up lo $7.
Rye Flour ia held at $1 25 per bbl, and
Corn Meal $3 60 per bbl.
GRAIN—The receipts of Wheat continue
light, with a slightly increased demand for it.
Southern red is held at $1 24 a 1 26 per bu;
sl3l a 135 for good whi'a, only a few sam
ples were sold, live sell at 74 cents. Corn
istlnll, with sales of yellow at 70 rls,io
store. Delaware Oats are in lair supply al
32, and Peitn'a at 33c. per bushel.
CLOVERSKED.—The demand has fallen off.
with sales al 844 a 4] per 64 lbs. Timothy
is bringing but £2 per bushel. Of Flaxseed
tbe market is bare and it is wanted, at 140
cents per bushel.
WHISKEY is unsettled, with sales of Penn
sylvania al 21} cents in barrels, 21 cents in
hlids., and 200. In drudges.
FREE NEGROES IN BOSTON,—We find the
following pßtagrnph in the Boston Traveller,
the home of Uarriaon, Wendell Phillips, end
all the most prominent proteased friends of
negroes:
"DEATH BY STARVATION.—The jury sum
moned by Coroner Smith to investigate the
cause of death of a colored child, relumed
the following verdict : 'That said deceased,
the illegitimate child ol Charles B. Williams
and Emnya Jones, (colored,) was born heal
thy in every respect, and came to her death,
when nineteen days old, at the house of
James Potler, No. 1 Orange Lane, iu the ci
ty of Boston, from starvation, by the neglect
of its mother, Emma Jones, while said child
was a', its place of birth, at the house of Ann
Rogers, Cabot street, Roxbury."
Does ary one believe (says the New York
Day Book) that such a case as this ever oc
curred in all tbe South! Starved to death,
in the midst of plenty! and that, too, by th a
neglect of its own mother! Cannot the fer
tile brain of some New England novelist
give us this depicted in Uucle Tom's Cabin
style? What is the whipping of some surly,
lazy negro to be compared lo the starvation
ofa helpless, innocent babe! Where tr
the sympathies of the philanthropists!
CHIBUHOOD'S HOME.—To one visiting, af
ter lung years of absance, the village he left
in ohihlhnod, everything seems to bsvn
grown little with years; its old, magnificent
proportions have dwindled away ; the long
drawn avenue of other days, appears to bsvn
been shut together like a lilescope, and the
village lias shrunk in its valley, like a dried
filbert in its shell. Tbe village "creek"— fof
what old hamlet was without it !it strange
ly narrowed, and ho wonders if the world
has indeed grown so very old, tl at its very
veins are running dry; and he fancies tlisy
have been "telling" lite world over in "mitt
ion," that Natuia stereotyped in "great pica,"
and so now there is a pocket edifott of the
village ati l the vale.