JEFFERSON IAN REPUBLICAN I flatter myself that the exhibition thus made of the condition of the public adminis tration will serve to convince you that every proper attention has been paid to the interests of the country by those who have been called to the heads of the different Departments. The reduction in the annual expenditures of the Government already accomplished, fur ttishes a sure evidence that economy in theap plication of the public moneys, is regarded as a paramount duiy. At peace with all the world the personal liberty of the citizens sacredly maintained.nnd his rights secured under political institutions deriving all their authority from the direct sanction of the people with a soil fertile al most beyond example; and a country blessed with every diversity ot climate ana proauc-, tion, what remains to be done in order to ad Vance the happ ness and prosperity of such a people? Under ordinary circumstances this enquiry could readily be answered. The best that probably could be done for a people in habiting such a country, would be to fortify their peace and security in the prosecution of their various pur-suits, by guarding them against invasion from without, and violence from within. The rest, for the greater part, might be left to their own energy and enter prise. The chief embarrassments which at the moment exhibit themselves, have arisen from over-action; and the most difficult task which remains to be accomplished, is that of correcting and overcoming its effects. Be tween the year 1833 and 1838, additions were made to bank, capital and bank issues, in the form of notes designed for circulation, to an extent enormously great. The question scem td to be, not how the best currency could be provided, but in whu manner the greatest amount of bank paper could be put in circu lation. Thus a vast amount of whaf was cal led money since, for the time being, it an swered the purposes of nroncy was thrown upon the country; an over issue which was at tended, as ji necessary consequence, by an ex travagant increase of the prices of all articles of property, the spread of a speculative mauia all over the country, and has finally ended in a gcnrral indebtedness on the pan of States and individuals, the prostration of public and pri vate credit, a depr ciation in the market value of real and personal estate, and has left large districts of country almost entirely without any circulating medium. In view of the fact that, in 1830, the whole bank note circulation with in the United States amounted to but $61,323,. 898, according to the Treasury statements, and that an addition had been made thereto of the enormous sum of 588,000,000 in 7 years, (the circulation on the first January, 1837, be ing .stated at S149.185.S90,) aided by the great facilities afforded in obtaining loans from Eu rupeati capitalists, who were seized with the same speculative mania which prevailed in the United States and the large importations of funds from abroad, the result of stock sales and Inans no one can be surprised at the ap parent, but unsubstantial state of prosperity which every where prevailed over the land; in. I while little cause ol surprise should be felt at the present prostration of every thing, and the ruin which has befallen so many of our feilow fitizrns in the sudden withdrawal from circulation of so large an amount of bank is s tes sim-e 1837 exceeding, as is believed, th i amount added to the paper currency for a si nilar period antecedent to 1837, it ceases to be h matter of astonishment that such extcn tir shipwreck should have been made of pri vate fortunes, or that difficulties should exist in meeting their engagements on the part of the debtor States. Apart from which, if there be taken into account the immense losses sus tainrd in the dishonor of numerous banks, it is lcf. a matter of surprise that insolvency should have visited many of our fellow citizens, than that s many should have escaped the blight ing influences tif the times. In the solemn conviction of these truths, an'? w?th an ardent desire to meet the pressing ritttrjvMik-s of the country, I felt it to be my du ty to cause to be submitted to you, at the com mencement of your late session, the plan of an Kxd.rquer.the whole power and duty of main taining which, inpurityand vigor, was to Le exercised by the Representatives of the peo ple mu the States, and, therefore, virtually by the people themselves. It was proposed to pi.ice ii under the control and direction of a Tieasury Board, to consist of three Commis Muuers, whose duty it should be to see that the law of its creation was faithfully executed, and that the great end of supplying a paper me.-fiuni of exchange- at all rimes convertible into gold and silver, should be attained. The IWid thus constituted, was given as much permanency as could be imparted to it, with out endangering the proper share of responsi biJtty which should attach to all public agents Jnrrdcrio ensure all the advantages -of a til-matured experience, the Commissioners v re to hold their offices for the respective periods of two, four and six years, thereby se em ing at all times in the management of the Excluqner, the services of two men of experi i i.ee; and to place them in a condition to ex ercise perfect independence of mind and ac t inn-it was provided that their removal should i nly take place for actual incapacity or infi :. my to the trust, and to be followed by the : President with an exposition of the causes of such removal, should it occur. It was propo sed to establish subordinate boards in each of he States, under the same restrictions and lim itations of ihe po'wer of removal, which with the central board, should receive, safely keep, nd disburse the public moneys; and in order to furnish a sound paper medium of exchange, the Exchequer should retain of the revenues of the Government a sum not to exceed $5,000, C00 in specie, to be set apart as required by it pt ratirns, and to pay the public creditor at his own option, cither in specie or Treasury nr.trs.of denominations not less than five, ncr -cerdivg enc hundred dollars, which notes (should be redeemed at the several places of issue, ana to be receivable at all times and ev pry where inpayment of Government dues j wi:j restraint upon such issue of bills that Hie viroe should not exceed the maximum of Sl5.t00,000. In order to guard against all Uie haz trds incident to fluctuations in trade, i he Secretary of the Treasury was invested V'ith Huthoruy t s $5,000,003 of Govern men: .stock, ihou'.d the same at any time be regarded as necessary, in order to place be- nut hazard the prompt redemption of the ilis winch might be thrown into circulation. Thu4in fact making the issue otgl5,000,000 of Exchequer bills, reit substantially oa $ 10,000,- 000; and keeping in circulation never more than one and one-half dollars for every dollar in specie When to this it is added that the bills are not only every where receivable in Government dues, but that the ' Government itself would be bound for their ultimate re demption, no rational doubt can exist that the j paper which the Exchequer would furnish, j would readily enter into general circulation, and be maintained at all times at or above par with gold or silver; thereby realizing the great want of the age, and fulfilling the wish es of the People. In order to reimburse the Government the expenses of the" plan, it was proposed to invest the fixchquer with the limn ited authority to deal in bills of exchange, un less prohibited by the State in which an agen cy might be situated, having only thirty days to run, and resting on a fair and bona fide ba sis. The Legislative will on this point might be so plainly announced as to avoid all pretext for partiality or favoritism. It was further more proposed to invest this Treasury agent with authority to receiye on depositc, to a lim ited amount, the specie hinds of individuals, and to grant certificates therefor, to be re deemed on presentation under the idea, which is believed to be well founded, that such cer tificates would come in aid of the Exchequer bills in supplying a safe and ample paper cir culation Or, if in place of the contemplated dealings in exchange, the Exchequer should, be authorized not only to exchange its bills for actual deposits of specie, but for specie, or its equivalent to sell drafts, charging therefore a small but reasonable premium, I cannot doubt but that the benefits of the law would be speedily manifested in the revival of the credit, trade and business of the whole coun try. Entertaining this opinion it becomes my duty to urge its adoption upon Congress, by reference to the strongest consideratic ns of the public interests, with such alterations in its details as Congress may in its wisdom see fit to make. I am well aware that this proposed altera tion and amendment of the laws establishing the Treasury Department has encountered various objections, and that among others it has been proclaimed.a Government Bank of fearful and dangerous import. It is proposed toconler upon it no extraordinary powers. It purports to do no more than pay the debts of the Government with the redeemable paper of the Government in which respect it ac complishes precisely what the Treasury docs daily at this time, in issuing to the public cred itors the Treasury notes which under law, it is authorized to issue. It has no resemblance to an ordinary Bank, as it furnishes no profits to private stockholders, and lends no capital to individuals. If it be objected to as a Gov ernment Bank, and the objection be available then should all the laws in relation to the Treasury be repealed, and the capacity of the Government to collect what is due to n,or pay what it owes, be abrogated. This is the chief purpose of the proposed Exchequer; and surely if, in the occomplish ment of a purpose so essential, it affords a sound circulating medium to the country and facilities to trade, it should be regarded as no slight recommendation of it to public consider ation. Properly guarded by the provisions o'f law, it can run into no dangerous evil, nor can any abuse arise under it but such as the Le gislature itself will be answerable for, if it be tolerated ; since it is but the creature of the law, and is susceptible at all times of modifi cation, amendment or repeal, at the pleasure of Congress. I know that it has been objected that the system would be liable to be abused by the Legislature, by whom alone it can be abused, in the party conflicts of the day. That such abuse would manifest itself in a change of the law which would authorise an exces sive issue of paper for thepurpose of inflating prices and winning popular favor. To that it may be answered, that the ascription of such a motive to Congress is altogether gratuitous and inadmissible. The theory of our institu tions would lead us to a different conclusion. But a perfect security against a proceeding so reckless, would be found to exist in the very nature of things. The political party which should be so blind to the true interests of the country, as to resort to such an expedient, would inevitably meet with final overthrow in the fact that, the moment the paper ceased to be convertible into specie, or otherwise proper ly redeemed, it would become worthless, and would, in the end, dishonor the Government, involve the people in ruin, and sich political party in hopeless disgrace. At the same time, such view involves the utter impossibility of furnishing any currency other than that of the previous metals, for, if the Government itself cannot forego the temptation ol excessive pa per issues, what reliance can be placed in cor porations upon whom the temptations of indi vidual aggrandizement would most strongly operate? The People would have to blame none but themselves for any injury that might arise from a course so reckless, since their agents would be the wrong-doers, and they the passive spectators. There can be but three kinds of public cur rency. 1st. Gold and silver, 21. The pa per of State institutions; or 3d. Representa tives of the precious mateials. provided by the General Government, or unrrrits authority. The Sub-Treasury system rejected the last in any form; and, as it was belie vr;d that no re liance could be placed on the issues of local in stitutions, for the purposes of gene.-il circula tion, it necessarily and unavoidably adopted specie as the exclusive currency for its own use. And this must ever be the case unless one of the other kinds be used The chice, in the present state of public sentiment, lies be tween anexplusive specie currency on theone hand, and Government usurs of some kind on the other. That these issues connot be made by a chartered institution, is supposed to be conclusively settled. They must be made, then, directly by Government agents. For several years past they have been thus m ide iri the form of Treasury notes and have an swered a valuable purpose. Their usefulness has been limited by their being transient and temporary t their ceasing to bear interest at given periods, necessarily causes their speedy return, and thus restricts their range of circu lation, and.being used only in the diVbursments of Government, they cannot reach those points where they are most required. By rendering their use permanent, to the mode rate extent already mtntiontd, by offering no inducement for their return, and by exchan ging them for coin and other values, they will constitute, to a certain cxtcnt,the general car. rency so much needed to maintain the internal trade of the country. And this is the Ex chequer plan, so far as it may operate in fur nishing a currency. I cannot forego tho occasion to urge its im portance to the credit of tho Government in a financial point of view, The great necessity of resorting to every proper and becoming expe dient in order to place the Treasury on a footing of the highest respectability, is entirely obvious. Tho credit of the Government may be regarded as tho very soul of the Government itself a principle of vitality without which all its move ments are languid, and all its operations embar rassed. In this spirit the Executive felt itself bound by the most imperative sense of duty to submit to Congress at its last session, the pro priety of making a specific pledge of the land fund, as the basis for the negociation of the loans authorised to be contracted. I then thought that such an application of the public domain would, without doubt, have placed at the com mand of the Government, ample funds to relieve the Treasury from the temporary embarrass ments under which it labored. American cre difhas suffered a Considerable shock in Europe, from the large indebtedness of the States and the temporary inability of some of them to meet the interest on their debts. The utter and dis astrous prostration ot the United States Bank of Pennsylvania, had contributed largely to in crease the sentiment of distrust by reason of the loss and rum sustained by the holders of its stock, a large portion of whom were foreigners, and many of whom were alike ignorant of our political organization, and of our actual respon sibilities. It was the anxious desire of the Ex ecutive that, in the effort to negociate the loan abroad, tho American negociator might be able to point the money lender to the fund mortgaged for the redemption of the principal and interest of any loan he might contract, and thereby vin dicate Government from all suspicion of bad faith or inability to meet its engagements. Con gress differed from tho Executive in this view of tho subject. It became, nevertheless, the duty of the Executive to resort to every expe dient in its power to negotiate the authorised loan. After a failure to do so in the American market, a citizen of hiah character and talent was sent to Europe with no better success; and thus the modifying spectacle 'has been pre sented ot the inability of this uovernment to obtain a loan so small as not . in the whole to amount to more than one-fourth of its ordinary annual income: at a time when the Governments of Europe, although involved in debt, and with their subjects heavily burdened with taxation. readily obtain loans of any amount at a greatly reduced rate of interest. It would be unprofit able to look further into this anomalous state of things, but I cannot conclude without adding that, for a Government which has paid off its debts of two wars with the largest maritime power of Europe, and now owing a debt which is almost next to nothing when compared with its boundless resources, a Government the strongest in the world, because emanating from the popular will, and firmly rooted in the affec tions of a great and free people, and whose fi delity to its engagements has never been ques tioned ;Afor such a Government to have tender ed to the capitalists of other countries an op portunity for a small investment of its stock, and yet to have failed, implies either the most unfounded distrust in its'good faith, or a purpose, to obtain which, the course pursued is tho most latal whicn could have been adopted. It has now become obvious to all men that the Govern ment must look to its own means for supplying its wants, and it is consoling to know that these means are altogether adequate for the object. The Exchequer, if adopted, will greatly aid in bringing about this result. Upon what I regard as a well founded supposition that its bills would be readily sought for by the public creditors, and that the issue would in a short timo reach the maximum of S 15,000,000, it i3 obvious that S 10,000,000 would thereby be added to the available means of the Tieasury without cost or charge. Nor can I fail to urge the great and beneficial effects which would be produced in aid of all the active pursuits of life. Its effects upon the solvent State banks, while it would force into liquidation those of an opposite char acter through its weekly, settlements, would be highly beneficial; and with the advantages of a sound currency, the restoration of confidence and credit would follow, with a numerous train of blessings. My convictions are most strong that these benefits would flow from tho adoption ot this measure; but if the result should be ad verse, there is this security in connection with it, that the law clearing U may be repealed at the pleasure of the Legislature, without tho slightest implication of its good faith. I recommend to Congress to take into consi deration the propriety of ro-imbursing a fine imposed on General Jackson at New Orleans, at the time of tho attack and defence of that ci ty, and paid by him. Without designing any reflection on the judicial tribunal which imposed the fine, remission at this day may be regarded as not unjust or inexpedient. The voice of the civil authority was heard amidst the glitter of arms and obeyed by thoseiwho held tho sword, thereby giving additional lustre to a memorable military achievement. If the laws were oflend- ed, their majesty wa3 fully vindicated; and al though the penalty incurved and paid, is worthy of little regard in a pecuniary point of view, it can hardly be doubted that it would bo gratify ing to the war-worn veteran, now in retirement and in the winter of his days, to be relieved from the circumstances in which that judgement placed him. There aro cases in which public functionaries may be called on to weigh the public interest against their own personal haz ards, and if the civil law bo violated from praise worthy motives, or an overuling sense of public danger and public necessity, punishment may well be restrained within that limit which as serts and maintains the authority uf tho law, and the subjection of the military to the civil power. The defence of New Orleans, while it saved a city from tho hands of the enemy, placed the name of General Jackson among thoso of the greatest Captains of the age, and illustrated one of the brightest pages of our history. Now that the causes of excitement, existing at the time, have ceased to operate, jt is helieved that the remission of this finer and whatover of gratifica tion that remission might cause the eminent man who incurred and paid it, would be in accord ance wilh the general feeling and wishes of the American People. I have thus. felIow-citizen3, acquitted myself ol my duty under he Constitution, by laying before you, as succinctly as I have been able, the. state of the Union, and by inviting your at tention to measures of much importance to the country. The Executive will most zealously unite its efforts with those of the Legislative Department in the accomplishment of all that is required to relieve the wants of a common con stituency, or elevate the destinies of a beloved country. JOHN TYLER. Washington. December, 1842. A NEW SERIES PF TEMPERANCE TALES, BYT. S. ARTHUR, Author of 'Six Nights with the Washington- j ans, etc. j THE extensive and still increasing sale, and the-.wide-spread popularity of Mr. Arthur's "Six ... 1 1 fir 1- - ! rwl flirt Iff- INlghtS Willi mO VV asillllgiwilidlia, "- gent entreaties of many distinguished leaders in the Temperance cause, have induced the Subscribers lo make an arrangement wilh that admirable writer to furnish another series of Tales from real life. These Tales will be published iri sixteen weekly numbers, at the low price of six and a quarter cents per number, neatly stitched up in handsome covers, suitable for preservation. To those who have read ihe forme"r series of Mr. Arthur's Temperance Tales, it need not be said that the forthcoming series will bo not only deeply interesting, but will be calculated to do immense service to the great cause which they are designed to promote. Like the "Six Nights wilh the Washingtonians," the subjects will be drawn from real life, and it will be ihe object of the Author to depict ihe horrors of drunken ness in all its varied and appalling forms, as exhibited in different classes and conditions of socieiy, as well as io show ihe remedial means which Temperance associations furnish. In acconiplihiiigthis object, Mr. Arthur will brmg lo his aid the same acute observation, the same truthful delineation, the same clearness of nar rative, and ihe same lofty morality, which have njarked his former productions; and it may be confidently predicted thai, through the influence ho will ihus exercise, many an inebriate will be rescued from the fangs of the destroyer. The price of these Tales if purposely made very low, that they may be brought within the reach of all persons; and it is confidently hoped that all who desire lo see the Temperance cause flourish will aid in their circulation. Address, postage paid, GODEY & M'MICHAEL, Publishers' Hall, 101, Chestnut St. TERMS. Single Numbers SO 6 1-4 Whole Series of 16 Numbers 1 00 Seven complete Sets 5 00 SHERIFF'S SALE. By virtue of a writ of venditioni exponas to me directed, will bo exposed to public sale at the Court House in Milford, on tho 17th day of December next, tho following property to wit: A certain piece or parcel of Land, situate in the township of Delaware, in the coun ty of Pike, and State of Pennsylvania, contain ing about Twenty Acres of Land, more or less, on which said land there is erected a IiOG HOUSE and LOG BARN. Bounded on tho west by land of G. Abraham Vanawken, on the north and north-west by land of Benjamin Frazier, on ihe south by land of John J. Linderman, togeth er with ihe appurtenances. Seized and taken in execution as the proper ty of Isaac Shafer, and will be sold by me for cash to the highest and best bidder. JAMES WATSON, Sheriff. Sheriff's office, Milford, 1 Nov. 28, 1842. J . dec.1.31. NOTICE. The subscribers having purchased the inter est of Henry S. Mott in ihe firm of Molt, Biddis & Co., give notico lhat ihe business will bo continued by them under tho firm of All persons indebted to said firm of MOTT, BIDDIS & Co., are requested to call and pay up at their earliest convenience, and it is de sirable, and requested, lhat they make it con venient soon. SAMUEL DIM MICK, BRITTON A. BIDDIS, Milford, Nov. 22, 1842. LUMBER! LUMBER!! The subscribers have at their Mill situate three miles from John Fleet's Tavern, which is on the Drinker Pkn., and only half a mile from Henry W. Drinker, Esq., alargo and general assortment of seasoned White Pine linmher of the best quality, which ihey offer at very low prices. Purchasers would do well to call and examine their assortment, ii being from 5 lo 10 miles nearer, nntl a- much better road, than to any other Mill in this section of country, where a general assortment can he had. PHILIP G. READING & Co. September 21, 1812. 4m. ESTRAY. Came lo tho enclosure of the subscriber on ihe loth of November last, a red and white spotted Mnlly Bali, coming one year old next spring. Tho owner is requested to come forward, proro property, pay charges and lake him away, otherwise he will bo disposed of according lo law. JOHN DIETR1CK, Fanmr. M. SmMifield, Dec. 7,.18iJ.' A HEW ENTERPKISE. By the former Editor of the Saturday Evenin Fost and buturday Uuurter. Comprising the fruits of twenty years expe rience in the Newspaper business; the aid of the most distinguished newspaper writers oftim day; a valuable Foreign Correspondence; with troops of Literary friends, and the determination to publish a Newspsper for all classes, which shall not be surpassed! Philadelphia Saturday Museum OF KNOWLEDGE, NEWS, & AMUSEMENT, A Family Newspaper, neutral in .politics- opposed lo quackery, and devoted to the useful Arts, Education, :Moral, riealtti 6 Amusement. The Tales, Sketches, Narratives, Biographic, Essays and Poems, shall be of the first order ihe best produciious of ihe best writers of tht? day." Also, articles on History, Astronomy, Chemistry, and all ihe useful Arts and Scien ces, with a liberal portion of light reading, an ecdotes, wit and humor, making a varied, rich, and mirth-inspiring (Jlio. Life on the Ocean. Famishing rrarratives of sterling adventures at sea, showing the cour age and heroism of the bold Mariner, as He springs from bis hammock and flies to the deck, Where amazement confronts him with images dire, Wild winds and mad waves drive the vessel a wreck, The masts fly in spb'nters the shrouds are on fire. 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Any individual who will take the trouble lo procure tho names of his friends, and remit the funds, will be entitled to ihe commissions which are at present, and will continue to be, until fur ther notice, more liberal by far, than have yet been offered by any Newspaper of real charac ter or merit. A commission ol 70 cents will. for the present, be allowed to Agents upon each subscriber. Terms. The Philadelphia Saturday Muse um is published every. week nt $2 per annum, as usual, in advance, or S3 at the end of tho year. TTP For $20, in current funds, lb copies of the Newspaper, and 16 copies of the Libra ry, will be forwarded, securely packed, to any part of the U. States. 3 copies for So. All orders and communications to bo addressed, free of postage, to THOS. (J. (JLAKliJci & UU., Saturday Museum, No. 101 Chesnut street, Philadelphia. DRY BOARDS. The subscriber, residing at R. S. Trego' Saw Mill on Sand Spring Run, in Penn Forest township, Monroe county, Pa., 15 miles from John Merwine's Tavern, and 6 miles from John Brotzinan's Tavern, near the road leading from tho Turnpike at Merwino's lo Whito Haven, will sell dry White Pine Boards as follows for CASH. Siding, $10,00) Inch, $ 80 Length from 12 to 18 ft Cullings, $ 5,00) N. B. The boards here offered for sale, have been sawed upwards of a year, and were man ufactured in tho bent possible manner. We use the Patent Self selling dog on our Mill, and therefore each board is of equal thickness; bo ing, when first sawed one inch and an eighih full. Peisons wishing DRY BOADS for im mediate use will do well to call and examine for themselves. Mr. John Merwine can give any information concerning the road to my houso. JOHN KELSEY. Penn Forest up., Monroe co., Nov. 16, 1842. R. WANING, SURGEON DENTIST, Has located in Strnudsburg. Office one dool west of Dr. "W. P. Vail!s, AtJgnsl 3, 1842. tf. rr