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* V ^ i THE MERC&NTS' MEETING. REPORT OF THB^COM.tlTTEE. 1 Ippointed, at the Meeting of Merchants, at Masonic . convened ^fe>n the dav after its appoinmieut, we ascor lajifcd i hat "a large majority of our number ?15ld not leave the city, without serious in convenience and loss, and wo therefore a p ported a sab- coin mitt ee of fifteen to repair to Washingon, and present to the Executive, the ceniujisrrance ot the Merchants of New j York. In the in:orval between the nomina , tion of the Committee, and the day fixed for ir? departure, sevenl of its members found that the increasing difficulties by which they ; were surrounded, made their presence at home ; indispensable ; and accordingly only nine were able to enter upon the duty with which we were originally charged. These genilemen reached the Capital on the evening of the 2d inst. and on the follow ing morning their Chairman addressed the follow iug note to the President. To Martin Van Bur ex, President of the United State*. Sir? I have the houor to inform you that a , Committee has been appointed by a meeting ; of the -Merchants of New York, for the pur- j j*>se of addressing the Executive upon the. j present distressed condition of the country. j In behalf of that Committee, I respectfully j r*<]?est an audience at as early an hour as : ytttrct-nve::ieiic'* Will p rmit. With profound respect, Your most obedient st?r?'t. ISAAC S. HONE, Cha rman. Gadsby's Hotei,, May 3, 9 o'clock. The reply to this cote was as follows : Washington, May 3, 1837 Sut ? I have received your letter informing me that a committee had been appointed by a meeting of the merchants of New York, for the pa-pose of addressing me upon the pre sent distressed condition of that city, and re- j questing an audience at as early an hour as my ! convenience will admit. I will receive the committee at two o'clock j ?" to day. and will, at that, or any other time I more agreeable to them, be pleased to receive ; any communication which they may des-.re to j present to me. To avoid the apprehensions ; to which oral communications are liable, and ! also is avoid the errors which, with th.> best : intentions are sc apt to occ r, on both sides, in | giving accounts of such interviews, I think it | most proper thar, the representation of the committee be made in writing. In that form, I -shall be happy to receive it, and when so received, it shall be resp.-ctfuily considered, and answered in tlie same manner. I am, sir, vry respectfully. Your obedient servant, . M. VAN BUREN. To Isaac S. Hose, Esq., Cbairmau, &c. At the appointed time they ,?~esjnted them selves, were courteously received by the Pre sident, with whom tiny found the Secre taries of the State and Treasury Depar' .lents, and read the following address : To Martih Van Bueen, President of the United Stales : Sir ? We have the honor of informing you that a very numerous meeting of the mer chants of New York was hel-i on the 25th of April, for the purpose of considering the present distressed condition of the city, and <Jeiiberating upon the means of relief, it was called by more than three hundred firms, and was attended by a large proportion of those merchants who are coouected with the inter nal trade of the country, and who have an ^special and direct interest in the state ot Domestic Exchanges. A Committee was appointed to repair to Washington and remonstrate with the Execu tive against the continuance of the Specie ?Circular, and to urge its immediate repeal ; ?.Ian to ask that instructons may be given to prevent the commencing of suits in any of the collection districts, upon unpaid Bonds, until after the first day of January next ; and to , urge upon the Executive, the propriety of | calling an ext-a session of Congress at as ?ariy a day as possible. la obedience, Sir, to these instructions, we ? present ourselves b fore you, and ask your j deep and solemn attention to the unhappy j condition of that city which has hitherto been the promoter and the index of our national j prosperity, and whose fall will include the ruin j of thousands in every region of the territory, j We do not tell a fictitious tale of woe, we \ have no selfish nor partizan views t" sustain, I when we assure you that the noble city which we represent, lies, prostrate in despair, its credit blighted its industry paralized, and without a hope beaming throLg]]_ the darkness of the future, unless the government of our ! country can be mduced to relinquish the inea- j sures to which we attribute our distress. We j fully appreciate the respect which is due to j our Chief Magistrate, and disclaim every j intention inconsiateut with that feeling ; but j we speak in behalf of a community which trembles upon the brink of ruin, which deems ! itself an adequate judge of ail questions con- ' nected with tne trade and currency of the country, and believes that the policy adopted by the recent administration, and sustained by the present, is founded fa error, and threatens the destruction of every department of mdus try. Our merchants manufacturers and mechan ics, have repeatedly predicted the fatal issue of that policy. "What was prophecy, has now become history and the reality far ex ceeds our mojt gloomy apprehensions. Under a deep impression of the propriety of confin ing our declarations within moderate limits, we affirm that the sal ue of our real estate has, within the last six months, depreciated more than forty millions; that within the last two" months, there have been more than two hun dred and fifty failures of houses engaged in extensive business ; that within the same peri- | od a decline of twenty millions of dollars has : occurred in our local stocks, including those j Rail Road and Canal Iucorporations, which j though chartered in other States, depend j chiefly upon New York for their sale ; that | the immensi amount of merchandize in our j ware-houses, has within the same period fallen in value at least thirty per cent : that within a few weeks not less than twenty thousand individuals depending upon their daily labor for their daily bread, have been discharged by their employers because the means of retain- j nig them wore exhausted ? and that a com- j plete blight has fallen upon a community heretofore so active, enterprising and prosper ous ? the error of our rulers has produced a wider desolation than, the pestilence which depopulated our streets, or the conflagration which laid them in ashes. We believe that it is unjust to attribute these evils to any excessive development of mercantile ent rpns ?, and that they really flow from that unwise system which aimed at the substitution of a metallic for a paper curren cy the system which gave the first shock to tue fabric of our commercial prosperity by removiog the public De posit es from the United States Bank, which weakened every part of the edifice by the destruction of that aseful and efficient institution, and now threat ens to* crumble U into a mass of ruins under the operations of the Specie Circular, winch withdrew the gold and silver of the country f oai the channels in which ^ it could be pro fitably employed. We assert that the Expe rt ment has had a fair, a liberal trial, and a disappointment arid mischief are visible in a i its results ? that the promise of a regu a e ! currency and equalized exchanges hat- been ! broken, the currency totally disordered, and I internal exchanges almost entirely discon ! tinucd. We therefore make our earnest i appeal to the Executive, and ask whether it is not time to interpose the paternal authority of the Government, and abandon the policy which is Beggaring the People. Amid all the distress of our condition we have been gratified by a view of the gene?. rous and forbearing spirit which has almost inevitably marked the conduct of the creditor towards the debtor. A general disposition has been manifested to indulge the debtor with ample time for the arrangement of his business and collection of his debts, and we would respectfully suggest the example for the imitation of the government ? The embar rassment and distress of the merchants would be materially relieved by the suspending of suits upon unpaid' bonds, until a future day, when the wisdom of Congress may grant some measure of relief. Feeling as we do that we have reached a crisis which requires the exercise of all the wisdom and energy of the country, to heal the wounds which have been inflicted upon its Commerce and Productive system, we | would respectfully and earnestly urge upon the Executive the propriety of calling an ! extra session of Congress to deliberate upon [ the unprecedented and alarming embarrass | ments in which we arv involved. The mem bers, coming dnr &TV from their constituents, will have the opportunity of knowing and appreciating the extent ot the distress which exists, and are convinced that their collected opi lions will fully sustain those which we have expressed ? and their testimony indicate an amount of suffering of which we cannot oelieve that you, Sir, have heretofore been aware. We persuade ourselves that the represen tations which we have given of the actual condition of our affairs, will induce you to doubt the expediency of the po icy which has been recently pursued, and we trust to your intelligence for such a change of mea sures as will revive the hopes and stimulate 1 the energies of the merchants of New York. ISAAC S. HONE, JAMES W. BRYAN, BENJAMIN LODER, ALEX. P. M'ALPIN, J. A. UNDERWOOD, THOMAS TILESTON, MEIGS D. BENJAMIN, E LIS HA LEWIS, SIMEON DRAPER, Jr. i Washington , May 3, 1837. j After the address had been read to him, the President in briefand emphatic terms assured the committee of his sympathy with the dis tresses of his fellow citizens of New York, and of his desire to do every thing in his power for their relief, consistent with the views of h s efficial duty, and said that he would answer the address in the manner indi cated in his note. On the afternoon of the 4th the committee received the following reply to their address, and deemed it ^o explicit as to leave no open ing for any further communication. Washington, May 4, 1837. Gentlemen ? I have bestowed on your com munication the a-t ntive consideration which is due to the opinions, wishes and interests of the respectable por. ion of my fellow citizens io whose behalf you act i In the correctness of the judgment which, in tlie .cxerc'se of an undoubted right you have in such general terms, pronounced upon particular points in the policy of the Is* te ad* ministration, you cannot expect me to concur. ! My opinions on those points were distinctly | announced to the American people before my [ election, and I have seen no reason to change them. But however much I differ with you upon them, as well as in respect to the causes ! of the existing evil, you may be assured of I the warm interest 1 shall feel, in whatever concerns the mercantile community, of m/ deep sympathy with those who are now suf fering from the pressure of the times, and ot my readiness to adopt any measures for their relief, consistent witn my convictions of duty. The propriety of giving to the Collectors of the Customs, instructions of the character desired, necessarily involves inquiries into the extent of the power of the Executive over the subject, the present condition of the Trea sury, and its probable receipts and expendi tures for the remainder of the year. These examinations have been directed, and are in progress, and the result will be communicated by the Secretary of the Treasury to the Col lector at New York who will be instructed to give it publicity. A few days will be re quired to arrive at a safe conclusion upon some pa-ts of the investigation, but there shall be no unnecessary delay. The other subjects to which you have called my attention, are, first an immediate repeal of the order requiring specie in pay ment on the sales of public lands, issued by my predecessor, for the purpose of enforcing a strict execution ot the Act of Congress, which forbids the allowance of credit on those sales ; and secondly on an extra session of Congress. I have not been able to satisfy myself that I ought, under existing circum stances, to interfere with the order referred to. You must be aware of the obstacles to an immediate convocatioo of Congress, arising from the imperfect state of the representation in one branch of that body. Several of the States have not yet chosen their Representa tives, and are not to do so for some months to come. Independent of that consideration, I do not see at present, sufficient reasons to t justify me in requiring au earlier meeting, j than that appointed by the Constitution. I am gentlemen, very respectfully, Your obedient servant, M. VAN BCJREN. The following resolutions were submitted to the meeting : ? Resolved , That a strict construction of the act of 1820, the only act which could have b?en referred to in the President's answer was un known during the administration of Mr. Mon roe and Mr. Adams, and to Gen. Jackson dur ing the first 7 years of hi^ administration; that the necessity for such construction is not as signed in the Specie Circular as one of the reasons for issuing it, and we consider the distinction made by the President between the notes of solvent Banks and specie, designating the former as credit , to be erroneous, and at variance with the true interests of tne coun try. N Resolved, That we dwell with satisfaction upon the act mentioned by the President, that several ot the States have not yet chosen Representatives, and we trust that a- protect ing Providence will direct the peoplo of those States to the choice of representatives who have wisdom to pcrceive, and virtue to pur sue the best interest of the country. Resolved, That we yield our hearty assent to the preamble of the act incorporating the first Bank of the United States, which declares such an Institution to be "conductive to the successful conducting of the national finances, ?ird productive of considerable advantages to trade and industry m general." "Resolved, That the interests ofihe capi talists, merchants, manufacturers, mechanics a.ni industrious classes, are d. pund.mt upon tac:i other, and any measures ot the govern, inent which prostrate the active businessmen; of the community, will also deprive honest indu-try ot its reward, and we call upon all onr fellow citizens to unite with us in removing from pow. r those who persist in a system that, is destroying the prosperity of our country. Resolved, That the chief causes of the existing distress are the defeat ot Mr. Clays Land Bill, the removal of the public deposites. the refusal to recharterthe Bank ot the^ United States, and the issuing ot the Specie Circular. The Land Bill was passed by the People's Representatives, and vetoed by the President the bill rechartering the Bank was passed by the People s Representatives, and vetoed by the President. The People's Representatives declared by a solemn resolution, that the^ pub lic deposites w< re safe in the United States Bauk; within a few weeks thereafter, the President removed the public deposites. The People's Representatives passed a bill rescin ding the Specie Circular; the President des tioyed it by omitting to return it within the limited period ? and in the answer to our address, President Van Buren declares that the Specie Circular was issued by his pre decessor, omitting all notice of the Secretary of the Treasury, vho is amenable directly to Congress, and charged by the act creating his department with the superintendence of ihe Finances, and who signed the order. We therefore Resolved, That all these circumstances indicate an intusion of monarchical principles into our system, which demands the prompt and regular action of every patriot. From the Edgefield Advertiser. Wo have received the following most in teresting Letter in relation to the arrival of Mr. Defius in Hamburg, and feel assured that our readers will rgoice with us, that the laud able enterprize ot Mr. Shultz, to establish a new and most important commercial inter* course, is now about to be consummated. ? All doubts must now be dispelled; and Mr. S. in the accomplishment of his purpos-, has vindicated anew that reputation tor public spiri:, for which ho is so distinguished. We have not taken our pen with the view of pass ing a fulsome .eulogy upon him, or his town ; but on an occis on so appropria e, w'e cannot but congratulate the State on the bright pros pects which now open before it. <4Mr. Editor. ? Edward Delius, the bearer of despatches from the Government of Ham burg, Germany, to Mr. Shultz, and prelimin ary' ?Consul of "the Government of Prussia, to the Town of Hamburg, America, reached Hamburg on Thursday the 4th inst. at 12 o'clock. He was met by Mr. Shultz and other citizens at the Bridge, and by them escorted, under the firing of Cannon from the ramparts, and the inspiring influence of Mr. Shultz' fine Band of Music, to his private Mansion, where he was cheered by all that generous hospitality, so characteristic ot the Founder of this new Town. A large con?? course of citizens from the town and country had collectad for the purpose of testify in^ their consideration for the highly respec table gentleman, who appeared before them in a somewhat public capacity, and who was received with great cordiality. It is proper to remind the reader that Mr. Delius is also one of the Directors of the "The American and German Trading and Insurance Com pany," appointed in the Act of Incorporation of the Legislature of South Carolina. After an introduction to the company, Mr. D. read a communication of a public nature from the Senate of Hamburg, in Europe, which acknowledged the receiptof certain documents forwarded by Mr. Shultz to that city in relation to the introduction of a commercial intercourse between the two places, and congratulated Mr. S. upon the growing prosperity and opening prospects of his new Town. The communication also contained a suggestion to Mr S. to make some prefix to the name, "Hamburg," by which it could.be distinguished from tian?burg, in Germany. To this sugges tion, Mr. D. added some suitable and appro priate remarks of his own. Mr. Shultz wishing to give an opportunity to the citizens present to express their opinions, proposed that the meeting be organized by the appointment of a Chairman and the question freely discussed. Col. Brooks, of Edgefield, was called to the Chair, whereupon Mr. Shultz submitted a Resolution for the appointment ot a Commit tee ot five, to consider and report, at some future meeting, upon the propriety of it. The Chair appointed Mr. Shultz, Mr. Gray, Mr. Oliver, Mr. Sullivan, and Mr. Hubbard a Comm'ittee, to which upon motion, was added the Chairman and Col. Pemberton, from Georgia. The whole ceremony of reception was an interesting one, It was a proud day for Mr. Shultz. A highly respectable and intelligent gentleman had received in charge from the Senate of the city of Hamburg, the duly of congratulating him upon the growing prosperity of his yet infant Town, of express in? a flattering solicitude for the establishment ofa commercial intercouse between the two places as mutually beneficial to each, thus realizing the proudest hopes of Mr. S. and the confident promises which he had held out to the public. This Public Agent was before him and in the presence of the citizens of his Town, officially performed the important duty assigned him by bis Government, with the (rreatest dignity and ability. ? In conclusion let me say, that not the least interesting incident of the occasion, was the cordial welcome given Mr. Delius and L&dy , by the German residents ot Hamburg And if 1 may be pardoned for speaking thus pub licly of a Lady, I will add, that Mrs. D. by her very unaffected kindness, and courtesy, made a most tavorable impression on all present. An Eye Witness. From the National Intelligencer. The subjoined passage from the recent speech of Henry A. Wise, at Norfolk, expo ses the true character ot ihe I et Bank Sys tem, and the origin of the Executive war aaainst the Bank of the United States. It was not that General Jackson entertained any apprehension that the moneyed power of a bank that he destroyed it, but because he want ed the Bank, like all oilier powers, to be under his personal control. People are beginning to understand this, and to feel that all Jackson's patriotism and love of th . People commenced and ended in a very devoted attachment to himself ! Thus has he con. cent rated more than thrice the power ever wedded by the Bank of the United States in the hands of the President. The guardians ship of the Public Moneys has been wrested from the Representative Branch and entrusted to the Executive. "Ihe Tories, said Mr. Jefferson, "are for strengthening the General and Executive Govern >ent ; the whigs cherish the representative branch, as the Bulwark against consolidation, Which must ultimately generate, monarchy '* ? These are the doctrines of the Whigs of the present day. Cut down the Executive; strip it of all superfluous power; remove every cent of the People's money beyond its reach ; forbid, by legal or constitutional en actments. the appointment of Congress to all ; offices of profit. No longer permit its un bounded patronage to stifle the co.istitutional sovereignty of the People. All this must be reformed ? while we may reform it ? not when we must. We copy from Mr. Wise's speech: "Sir, will any m t n tell me what monstrous rnorey power the Bank of the United States had which this scheme had not? The Bank of the United States had thirty five millions of capital ; this scheme has a mother Bank, with a surplus alone of twice that sum, with some seventy or eighty branches with as much more ; making an aggregate of capital a mounting to at least one hundred and filly millions ! ! The scheme for financial and commercial purposes must be efficient or inefficient. If efficient, it must be so united and confederated as to possess, and be capable of wielding all the concentrated power, and tenfold more than ever the Bank of the United States possessed or wielded. If inefficient to do mischief, it is inefficient for good also, and is worse than worthless. "The Bank of the United States, experi ence teaches us, was united with one Ad ministration, that of Mr. John Q, Adams, which Administration fell ; it was opposed to another Administration, that of General Jack son, and the Bank itself fell. A pretty strong feet against the truth of its monstrous power. But this system of General Jackson has been in fearful combination with his administration, been equally potential to sustain his own popularity, and to elect his chosen sue cessor! It is an organized Central Agen cy, monopolized perfectly by Reuben M. Whitney, Benton, Kendall & Co. ! That this system u more inimical to the People than ever was or could be the Bank of the United States, let a comparison of the rates of exchange two years ago with the present moment ? let the times, big with failures and a general prostration of credit and confidence in trade, speak. Ah! but this is Jackson's bank, not the bank of Congress, and therefore this is not unconstitutional ? no money and oolitical monster ? no monopoly. Is not Jackson the -nemy of all such mischief? ? There is the rub. This system is wholly un known, inscrutable, irresponsible to the Peo ple, because uncreated and unchecked, un guarded by the laws of the Federal Govern ment ! Time will teach us all things. May the People benefit by the experience of time!" From the Richmond Whig. O^F-Van Buren is obliged to turn a deaf ear to the complaints of the New York merchants, because Benton has threatened to oppose his re election, if he should abandon the policy of the late Administration in reference to the currency, Rive's bill passed by an over whelming majority. yet the Bentonian faction are able to rule the Executive, and set at naught the will of Congress. Jackson repeats his orders from the Hermitage to hold on to the Treasury Order ? Benton threatens that he will set up for himself, if the gold humbug is relinquished ? and the Rives party look on quietly, afraid to complain. Thus the ques tion of a re-election, and the claim to the succession, are operating to the ruin of thou? sands, if not of the whole country. Does not Rives see that his timidity and lack of independence will throw him in the rear of Benton ? Has he not already been thrown in the shade? The Missouri bully forced him to "stand up to the rack" on the expunging question, much against his will, and under an evident revulsion of feeling. ? During the session before the last, he taunted him and dared him to do the deed for which, he was especially elected in place of Tyler ' and at the last, he made him swallow the pill amidst declarations of his repugnance to the act, and an expression of face which indica ted an inward sense of his degradation ? yet he now looks on in mute and cowardly listless ness, afraid to utter a word in vindication of his bill, backed though he was by a decided majority in Congress. The Enquirer, too, which for a moment muttered its disappointment of the pocket veto, has been silenced. The "animated, but not angry" manner of the "old hero," silenced its editor while at Washington, and he con fessed that he ventured ''not one word of in tercession" on the subject. Now he does "not see what adequate remedy the Federal Gov ernment can now apply to the excesssive overdealing of the people." This, we sus pect, is an admission not intended. We thought all along the evils had been produced by the "Monster," by the tricks of the "Mo ney King." Now it seems people themselves have brought it on by their overdealing." ? Thus is the "little Expunger" backed. ? Forced himself to he quiet, he is compelled to witness the defection of the print upon which he relied, to see its editor bluffed off, and too much alarmed even for the work of "inter cession,'* and not a partizan sheet in the Union bold enough to stand by him in the struggle between his pride and his ambition. "Alas how hard the struggle is, 'Twixt rising hope, and craven fear." THE SPECIE CURRENCY ERA. We have at last reached the era of the specie currency, when gold runs up the Mississippi, and when the YVest has it in piles; when the banks can discount little or nothing beyond the specie in their vaults, and when, as to the possession of specie, we are better off than any natron in the world. The experiment has about reached its end, and now is the time to ask the People what they think of it. The illustrious Humbug from Missouri has worked his way at last, and now we have the fruits of him, and of his sage forecast ! There are, it is said, 80,000,000 dol ars in specie in this country, which is to 13,000.000 people about six dollars apiece. The specie currency having become the circulating medi um of the country ? for it is nonsense now to say that bank bills are any currency at ali, the notes of the United States Bank except ? each of us enjoys our little share of the specie to the heart's dontent. Men with assets of a million are failing for 40,000 dollars or less. Men with money enough in the banks of the South and West are failing, for the gold and silver cannot be carted on here in time. M?*n with real estate enough to pay their debts twenty times over, are failing, for the specie currency being the order of the day, credit cannot be created even on real estate. The fact is, there is not money enough in circulation to pay the tenth part of the debts of the tenth part of the men whose solvency is as undoubt ed as the Treasury of the United States. ? Six dollars apiece, and we arc about reduced to that, is not money enough to buy a house, a bar el of flour, or even the common necessa ries of life ; and, therefore, as men must live, men must fail. The specie currency at last lias reduced us to that. The Government, by its experiments, has and is brir.ging^down the property and the products of the country to the gold and s lver standard of six dollars apiecv;and ifit could have its way, tin- $90,000 000 in specie would be the representative of tne land, the houses, the ships,the stocky the labor of twenty-six important States, stretching from the icy region of the river St. John to the sunny shores of the Sabine. Now is the time to impress upon even the addle-headed specie blockheads some impor tant ("acts; for no matter what a man owns, if he owes anv large suin of money he must fail. Nothing can save him as we come to the spe cie currency era, for there is not enough of specie to represent the property of the coun try, without reducing laborers to threepence or six-pence a day, as in the specie-currency country of Naples, with other things in pro portion. Again, as specie currency is now ta king the place of banks and bank credit, we have come to this that there are but few em ployers, and, of course, the working men have little or nothing to do; bank credit being the very breath of the employer, upon which his all depends: as that has almost ceased to exist, he iias no need of men to be employed. The specie currency is a thing which has no idea of credit, and is known only in despotism, where men are the slaves of power. The Lazzarcmi of Naples enjoy it to their full con tent. As civilization advances, and as political economy is better understood, the idea of re ducing every thing in the world to the preci ous metals will be exploded. The currency of the world n >w exhibits the extraordinary spectacle of resting on a base, such as that of an inverted pyramid. A puff knocks it over, for the superstructure is so much bigger than the base. VVe have never looked upon the suspension of specie payments as a thing so terrible, and therefore we feel no alarm for what we think we see ahead. The bank of England once suspended for twenty years, and yet we see the little island, in comincrce, in manufactures, in every thing, th?Snder of the world. From the Richmond Whig , May 9. Some of the Administration presses have seized with great avidity upon an admission (as they call it) of the National Intelligencer, that the Specie Circular is noi the sole cause of the evils under which the country now labors ; and this admission is considered a sufficient answer to all the complaints of the Opposition. The Intelligencer would have shown itself destitute of its usual good sense if it had taken any other position ; but yet it is not the less true that the evil has been "precipitated'' by this unwise, illegal, and despotic act. The origin of the evil may be traced to the crusade upon the best currency in the world ? to a war by which, in rearing up a local and unsound medium of trade, the "spirit of speculation and overtradtng'' was encouraged and let loose upon the country in all its recklessness. The history of the evil is brief. When the deposites were taken from the United States Bank and scattered amongst the Pets, the public funds were lent out indiscriminately to favorites, or to those who were deemed capa ble of political prostitution ; and extraordinary speculations in the public lands followed as a consequenee. The destruction of the United States Bank having become certain, many of the States at once expended their banking capital to extravagant and unreasonable a mounts. Money thus became abundant ; every article was forced up to an unnatural and artificial value ; and an uttor disregard of all the ordinary rules of prudence was every where manifested. In the midst of this mania, came the Treasury Order, diverting specie from the channels which the laws of commerce had assigned ;t. and forcing it into regions where it was not needed. There is no inconsistency, therefore, in admitting that this order was not the " sole cause" of the evil ; v^t no rational man ca a doubt that "its effect was to precipitate the present crisis." As a political measure, the Whigs can have no reason to desire the repeal of this order. The mischief being too dt ep for remedy by the repeal alone, its failure to produce relief would be proclaimed as a proof that it had no agency in aggravating the distress. But the chief cause for dissatisfaction should be, that the measure is persevered in not only against all authority of law, but in defiance of the expressed will of Congress repealing it. In what country on earth, pretending to freedom, would such a palpable outrage of the Execu tive head be tolerated 1 b From ^Ae National Intelligencer. [Editor's Correspondence.] New Orleans, April 29. The newspapers of this place furnish all the news of the commercial depression, fail ures. &c. so t.iat nothing I could communicate on that head would be any novelty to y oU. There is news here, however, of a di fferent character, which the newspapers do not com municate, and which is effectually suppressed, for it seems to be kept from the knowledge of our Editors. 1 refer to the movements on the borders of Texas, and the circumstances known at least to well informed men, which seem to presage important military events in that direction. It is a fact, which you may rely upon, that the Mex'can army under General Bravo, composed of six or eight brigades, under as many Brigadier Generals, well-appointed and well-provisioned, is in fuil march for Texas. On the 10th of this month, they were advancing towards the R?o Grande, having sent out reconnoitering parlies which had returned without meeting the main body of the Texians, but having met small parties of the Texian troops and Indians, with whom skirmishes had taken place in one of which ten prisoners were brought in and in another, SALorsKY, a Polish officer in the Mexican service, was killed. Speaking of him reminds me to say that there are said to be a number of officers, some of them commanding brigades, in the Mexican army, who have served in the armies of Europe, and are skilled in war. Another of these European officers, whose name I have not remembered, was also killed on a reconnoitering party a week or two age. Tne number of the Mexican army, ail told, marching in bodies extending along a front O O O. of fifty or sixty miles, is stated, upon informa tion said to be derived from the official returns, at between eight and nine thousand men ; a more formidable force than I had supposed until I had information of the fact such as I cannot doubt. From the complexion of the news which has just reached us from the seat of Govern ment of Mexico, and the determination evin ced, so far from relaxing their measures, to prosecute the campaign in Texas with all the power of the nation, I should not be surprised to hear that by this time, or soon after this, the two armies, or at least their advance guards, will have met. The result cannot but be looked for with deep interest by the friends of the Texians ; for, although their army is said to have no fear but that the Mexicans will not come on, they may be over sanguine. At all events, I shall look with great anixety for news from that quarter from this time, and during all the month of May. LATEST FROM MEXICO, Capt. Colmier, of the schr. Creole , arrived at New Orleans on the 6th inst. in seven days from Tampico, states that a revolution lad broken out in St. Louis de Potosi, in favor )f confederaiion. The conductor had been stopped, and the schr. Levin Jones , from New Jrleans had, in consequence, postponed hei /oya^e. The Creole brought to New Orleans 5 137,300 m specie. . New Orleans, May 6. The capture of the Mexican brig of war by the Natchez, of which we gave a statement yesterday, is probably the commencement of protracted and irregular hostilities with onr cidevantally and neighbor. This interruption to the friendly relations which formerly exist ed br.'ween the two countries, is seriously to be regretted at the present critical juncture, however just the cause of offence on our part may be. Hitherto we have relied chi. fly on Mexico to supply the drain of specie which was made upon us by.exportations to Europe, and now that these exportations are likely to become two or three fold greater than they were before, in order to pay off the heavy balances which have accumulated against us during the two or three years past by oor excessive importations, and also to refund the large amount of specie wrested from England in direct violation of the laws of trade by the unwise measures of our government; the friendship and commerce of our neighbor, is' then more necessary to us than at any previ ous period. That specie will for sometimo to come slip away from us faster than it came, we have not the least question ; and the loss of the princK pal source whence our deficits have always been principally supplied, may place us in rather a straitened condition. Yet, however much we may be called on to sacrifice in a pecuniary point of view by a war w,th Mexico, the honofr and dignity of our country urgently require that it should be made promptly and unhesitatingly, unless full* reparation be given for the repeated insults atK* injuries we have sustained. 0ur lenity and' forbearance has perhaps been too long exer cised with a people who seem regardless of all1 the obligations which usually bind nations after treaties of friendship and commerce liaae been entered into, and a recourse to harsher measures may at least teach them that however unmindful they may be of their own laws and civil obligations, a respect for the rights of other nations must be observed.. The weakness of Mexico has long shielded her from the condign punishment her wanton* and gross violations of international faith and; amity merited, and the security of this weak ness seeins only to have emboldened her to* greater aggressions. She has robbed oar citizcns, seized our vessels, insulted oar flag,, and apparently sought every ^possible mean a of arousing our enmity, without once seeming to fear that our anger could be aroused.-? - Whether she will listen to the final appeal which has probably been made to her before this, for satisfaction for the numerous and oft* repeated injuries she has done us we cannot tell, but from the madness with which she still continues to act, we fear that no course will be left to us but to inflict upon her Uje severe punishment which her offences call for. She must be whipped into a complance with her national engagements, and taught to remember^ that though she may oppress her own citixens, and deprive them of all means of redress by the destruction of her laws, the same coaise must not be adopted towards the citizens* of those nations among whom laws and the principles of justice and equity are religiously observed. Steam Boat Charleston, ) April 12th, 1837. { To the Editors of the Courier. Gentlemen? As you are, no doubt, desirous of having the latest information from tbearmy in Florida, 1 send you the following : Oseola has at length come in to Fort Mel lon, with upwards of 200 warrior; these were in the vicinity of that post, (on Lake Monroe) on the 3d inst, upwards of two thousand five hundred Indians, (men, women and children,)* on their way to Tampa ; Philip's band was among the number. From officers there, we learn that Oseolar abbo* not an hereditary Chief, is still a ruling' spirit among those dissatisfied wretches, and has acquired, by his superior intelligence and sagacity, more influence over these disorga~ nised bands, than there legal and hereditary Chiefs possessed. With this mass of Indians, he had stopped at Fort Mellon, for the purpose of selling their cattle and ponies, and to bring in the runaway neg oes. They were to proceed on their way to Tampa, Bay, on the 9th. These, with those who are already at Tampa, will make up near ly the whole force of the Seminole nation, and they will probably be all shipped by the 1st of June. A few stragglers wiil probably, remain. Oseola slept in camp, in the commanding officer's tent, on the night of 3d or 4tb inst. and the next day while his people were bring ing in cattle, lie gave * ball-play for the amusement of the Garrison. He is somewhat gloomy and thin, with * countenance expressive of much thought and cunning, and although evidently sad at leaving his hunting grounds, he now expresses anxiety to emigrate as soon &s possible. The heredi tary chiefs, (no doubt jealous of his influencCJ have universally denied his power or authority in the nation, and yet the mass of warriors seem to be near his person, and he the last to* come in. They are selling their ponies arid cattle quite rapidly at Tampa also, and no' doubt is now entertained of their sincerity,* even by the most incredulous. This information you may rely upon, as 1' am just from the army. An Officer of the U. S. Arxti New-York, May 9. FOUR DAYS LATER FROM EUROPE. The packet ship United States, Capt. Holdridge.has just arrived, bringing us London papers to March 7th, and Liverpool to the8tb,. both inclusive. Letters say the Cotton market was ?d a ^d lower. The quarterly statement of the British rev venuo for the quarter ending 5th April, shows a decrease ofj?60,409 as compared with the corresponding quarter of 1836. There wa^ a slight decrease on the revenue from the cus toms, excise, taxes, and post office. T. A. Curtis, Esq. has been chosen Gover nor of the Bank of England, in the room of James Patteson, Esq. who retires by rotation. Air. Stevenson, our Minister, transacted business at the foreign office on the 4th of April. The House of Commons met on the 4th or April for the first lime after the recess. Mr. Ewart brought lorward his moiion in Parliament on the subject of primegeniture, but was opposed by the Attorney General. In the House of Commons;on the 6th April, afler the transaction of private business, M. Philips postponed till a future day (net fixed) his motion for the repeal of the duty.oa raw cotton. London, April 5? We are still without arrival from the U. States, to th,e great incoa>\. venience and detriment of the jfa/ies who are expecting remittances from tkat quarter,, and who are placed by the delay in a. very singular position. In the the strictness of commercial usage any failure of payment of a bill on th$