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Ormocatic ourmaf Vrvoft to fly!SomfI) anh Soutlymr Rig i)s, msI "We wi clng to the Pillars of the Temple of' s Droe & C P e t SF I8 ,, Ct.e- 3e, Citrature, Irid e rraee, griculture, & "~Ve~vil clng t thePilars f th Teple f o iberties, and, if it snuut fall, we will Perishl annidst tlse Ruins." SjIymilis, DUISOE & CO., Proprietors. EDGEFIELD, S. 0. FEBRUARY 17, 1858. VOL "X.-N "-* every operation which will be likely to extenq their circulation in distant sections of country. Legitimate business has to stand back, while speculation is promoted. The merchant who wants to borrow $10 or $20,000 to purchase merchandise in Europe, stands but a poor chance by the side of a speculator who is.purchasing negroes in North Carolina and Virginia, horses and mules in Kentucky, wheat, corn or cotton in Georgia and Tennessee. Such men can readi ly obtain $30,000, and get ample time, on the kind of securities that would not borrow ten thousand for the regular merchant. Specula tion is the order of the day, an4 to such an extent has that spirit seized the minds of all classes, that dreams of speculation haunt the minds of half our people. So much so, that. a young man growing up can scarcely fix his mind on following a regular pursuit, but is dreaming of the golden results of the brilliant speculations, that are the theme of conversation everywhere. And such is the clamor about the overgrown fortunes made in a few years, that old settled, retired men, who had accumulated fortunes, and had retired to enjoy the elegant luxuries of the day, find themselves behind the age, not able to cope with their neighbors, and in many instances have been drawn out again to lose a hand.some fortune. Such was the case with hundreds just before the suspension of 1837. People are no longer contented to wait for produce to cone to market, but we see mien, not at all connected with trade, quitting regu lar occupations, and rushing headlong to the West, with their pockets full of newly issued bank bills, to purchaise wheat-all resulting in no good to any but the banks. Nearly every .such case that comes witl'in my knowledge, re suIted in loss and in inevitable ruin to some of the parties, and in one instance, a loss of $40, 000. Such speculations would not exist, but for the tiility of procuring bank bills, and such loans would seldom be made, if the banks had t : place in the vaults ten thousand in gold for every thirty so loaned. Nor would we so frequently hear of hundreds of thousands of dollars of new batik bills being sent to the West. to be distributed through agents, were the banks compelled to provide one third of the amiotint so sent away to be deposited in their vaults. And were the banks under such a specie restraint, it would preclude the possi bility of one speculator holding sixty-thousand ltes of cotton on horrowed capital. And were the banks of South Carolina restrained to legiti mate banking, a large portion of the catpital now so invested would be returned to its own ers, to be .employed in forvarding the opera tions of productive industry, and add to our prosperity. I beg that it be expressly understod I.,., T do not wish to bring th lina or their managers. personally every bank P lina, and nearly all the J believes the banks to b lieve there is a better se rmng inur --r= where; but we have too whether the State ought a bank out or Charle-to o-ne batik, for more th: Previous to 1S0J, we I of our banks. The nev ted between 180 and stock of batik capital, into the su-lension banks, remote tec,>m ou -...... empoiun, that were then chartered. commenced the wo.rk of iniLtion. Sile of thei were so lorated as to ibe 4lillicult (,I access, and were consequently seldom called ott 1.or specie. They were, i:1 sonie meazure, unbridled, and issue.l their bills without limit. The proits derived front such a course of banking raised the expectations of all bank stockholders, and eventually led :l bauk-managers to look around and see if they' could nmot gra.Sp new sources of prolit. Then caine in the new hlantks. chartered sine 1850. Their competition has nearly uprooted ail our old ioles of doing buiness. and the idea has becomte prevalentt, that to sit dow~n and' do nothI ing more titan the legitimate business of. the counutry, ts dowinright fogyism. Accoimtmoda tions at 4, 6 aind 8 months to mierchtants, are niow goiing into disreputte, although they are in disp~enaable to an imtporting busintess, atnd actu ally iiecessary to the ptosperity or Charlestmn, and outr country ;anid it the mianagers of U.ainks were governed and mottived but by stuch consid erations, things would be very different. i;ut such is the prtessur1e on the banks foK high pro fits, anid consequently a rapid business, that the mos prdn managers have been driveni and drawn into the general current. What is the remedy for this terrible state of thintgs ? Thte exchanges atnd monetary allfairs of a country arc dangerous subjects to legislate upon--datn gerous for the reason, that there are so few who understand thenm. The subject is so complica ted, that the wisest financiers or thme world, it cotngregated together here, would widely differ as to the niecessuy measures of reform. Taking this view of the subject, I doubt| whether my four first propositions will niot cover tie whole grond, and miake all the restrictions which will be necesaryv or prohitable. T1hat is, to abl~uish the usury laws, raise the rate of in teetfrte banks, require themn to keep otne doll ri pei for every three of immtedhiate liability, andl to issue nto bill of a smaller de nomination thtan $20, and damnages for sutspeni the banks in the United States, there would be aii cnd to excessive batik capital, to banuk lpaper inliations, and to batik sutspensionls. D~rive out the sitall bills and you will work a wvon derful change, that will at. once remiove the banker's objection to so large a specie basi~s; for a large deposite account we uild seem to render it a dificult timtter to have the necessa ry amount of specie. If we ha.ve no bank bills smaller thatn $20 the under-strata of our curm rency wotld be gold and silver, and ,thme baniks would, in all probability, receive ont deposite so large a portion of gold and silver, as to relieve the dilliculty. Now, all must admit that Banks are necessa Iry. Without them, our extensive country, atid Iwide spread commercial operations, could not get along. Thanks are actually neccessary as in termediaute agents between the far-away interior producer, and the shipping merchant and foreign purchaser, as well as the manufatcturer and imi porter. What we have to guard against, is, the excess of bank capital, and~ their mixing up with the local business of the country. IIf ever there were a bank-riddent people, they may be found here. T1here is scarcely an individual in the United States, however humble, that is not a bank creditor, anid forced to be so by public opinion. If he -has a dollar in his pocket, a hundred to otne if it be not the indebtedntess of a banik. There is not a tradesman or a hu:<ter woman in the country, who is nmot forced to be cotme the cre'ditor of the banks. The populari ty of banks, and banik paper has led our country into extravagant expenditures on borrowed capital, that 50 years will not pay. Works of the most giganttic nature have been erected where they were not needed, anid where it will take 50 years~ to nmake a population that will mtakec themit pr~olitabIle to the owners. We have more railroads int the United States, than will be necessary for onte hundred and fifty mtillions of peo. 'More than three-fourths of the rail REMARKS OF HON. WILLIAM GREGG, OF EDGEFIELD, ON THE BANKING SYSTEM. CONCLUDED. Now, for my second proposition of requirini one hard dollar for every three of liability There is no subject about which people are s< much mistaken as the use of bank bills. Bank, can add nothing to the wealth of a communitj by the issue of paper money, but may frequent ly, if improperly located, do more harm than good; in fact, we may conclude that they havc always a mischievous tendency, when the busi ness of the country is not sufficient to employ their capital in legitimate banking, which can not be extended much beyond faxcilitating the export of the produce, both agricultural and mechanical, from the country, and then to aid merchants to import into the country, and dis tribute the mercantile products which we re ceive in return. Banks ought to be confined to mercantile cities; all the banks located other wise in New York, Massachusetts, Pennsylva nia, and in all the other States, have done harm v and worked out mischief to the country at large, What (oes a planter or mechanic want with bank paper. that they should clamorfor Banks' While all the appliances fur carrying on the different branches of productive labor have in creased so enormously in cost. how have the products of labor been aftleted? Ask the me chanic, the manufacturer, or the planter, and -ou will receive but one answer. The manufac turer, and mechanic have experienced a change for the worse since the intlation commenced, and the following figures will show whether the planter has gained or lost. From 1837 to 1855, I will divide into three periods of six years each. The first period will embrace the suspension of 1837, with the six following years of nearly a hard money curren cy; the second from 1843 to 1849, during which time the present inflation commenced; the third period, from 1849 to 1855, during which time the inflation was nearly all the time up to a suspension point. From De Bow's Reriew of January, 1850. 1 gather that during the first period, from 18U7 to 1843, cotton sold in Liverpool as follows, which indicates the extreme: Pence. 2d period Pence. In 18'7. ....7.} to 11 184..1, to 61. 18.08....8} to 9a1-. .. 7t l 1830 . ... 71 to 10} 1-5..5to51 1840....6f to 71 846...5 to72 18412.... to i7 to6 d3d periodi Pence. ..................184.....G" to 7. 4.4....... .. 5 toI 1851---------- 845....-5* to 51 1852.....................4: to 7 1853, ........ ............Ii to 71 1854..................... 4 to 7 This is two years after the expansion began to haunt all mens' minds. I do not think the people generally under stand how little use there is for banks in coui try villages, and what a limited field for legiti mate banking such localities affird. They ne cessarilv become mere brokers' ollicers, using the privilege of issuing bills as a nans of re turning large profits to the stockholder. To illustrate the subject, I will suppose that I am the banker, with a South Carolina charter for a half million, bound hand and foot, as you have all the banks. We will suppose that I locate in Sumter. The first thing to be done would be to have some two millions of dollars of bank bills struck off, a large portion of them 5's ; the next move would be to get them in circula tion. I would get my neighbors to swap off enough of them for Charleston bills, to bring me specie funds. My next object would be to appoint agents~ in Lexington and Louisville, Kentucky, to supply horse dealers and get drafts on Charleston ; then in Nashville, .Memphis and Ihuntsville, Tennesseo; New Orleans, Mobile, Montgomery ; 'in fact, in all the towns where money is paid for cotton. At these points,.my bills should be freely put out for draf ts on Ne.w Orleans; when collected, to be invested in Northera exchange. When the Northern funds miatur-ed, I would purchase, through anx agent, the notes of all the men in South Carolina that I knew to be good, as well as those of Georgia, and other States of similar character. I would shave as deep as possible, and get, I suppose, in quiet times, from 10 to 18 per cent.; in tight times, from 15 to :30 pet- cent. During the dull months of the year, when my funds could not be so employed, I would loan to New Yor-k bankers, on call, at '7 per cent., and take good stocks for collateral. The shaved notes I would call domestic exchange-nmy call-loans, reserved specie funds. Do you suppose that I would be so patriotic as to consider the good of the country, and loan money at homie at G per cent., the limit pre scribed by the charter? If you do, you arec very nmuch mistaken. I might, to gratify pti v-ate friendships, or to silence a noisy politician, occasionally make such loanis; but such instances would be exceptions. M\y great object would be to deal mn domies/ic r.rchainge. When a cus tomer came in, who I kniew was obliged or de termined to bor-row, I would begin by stating that I had no money to oait on ordinary paper, that the bank wsas dealing entirely in exchatnge. " Can y-ou not give us some New Yotk ex chng' The party has no correspondent there. " Thenm you can surely draw on Char leston ?" The custotner has no acquaintance there, and cannot draw. "Well then, if you wsill dr-aw a draft Ont yourself, payt3able itt Co. lumnbia, and that I know you can do, I will discount it at 0 per cent. interest and 1-2 pet cent. exchange, per month, which atmounts, in terest and exchange, to just 12 pet- cent per annum." In crises, like the one jutst passed through, 1 would use all the appliances in my powetr tL prevent the necessity of a suspension, and when I found such a result inevitable, I would act like a General besieged in a strong fortress, hold out until the'merchants and people arounil sent me in strong petitions to suspentd and rec lieve the community. I would then close th<t the vaults and refuse to pay the bank's debts in order to " save the people andl countr-y al large, from bankr-uptcy and rrtin," whicht I hac helped to bring upon them. This may be conx sidered an extt-rme pictut-e, but I think som< slight shades of allowance will mtakc it lit somn - of our new banks. Is it not manifest that such a bank woul h of little or ito service to Stmter village; it i plainly to be seen that it would not be the in terest of the battk to loan to tr-adesimen anc others, who would make the money useful ti the town and immediate country- around ; ami having no other field of action, it woutld nece:+ sarily lend its power to the mischievous purpo-t of inflating the currenmcy, to the serious injury of the whole countr-y. ..?very man who is conversant with the oper-a tions of the banks, must be aware that it i: a struggle with them, to avail themselves o: "road capital is credit--first, second, third, and fourth class mortgagc bonds with coupons, so that a clip of the scissors may fill the holder's pocket with wrat he regards to be golden treas ure; then comes the (what is termed) " floating railroad debt," that is, a debt made by exces sive expenditure over income, all as good as gold dust as long as inflations last. But when a crisis comes, woe be unto the holders that have invested their fortune in such paper. The excessive bank issues of the United States are at the bottom of all this wild extravagance in public works in the land and real estate specu lations, and of the general extravagance of our people. Where are the millions of gold, which w-. have received from California ? Where are the immense treasures, that we ought to have laid aside during the Crimean war ? When there was a golden demand for everything we had to export, we frittered it away, and have nothing to show for it, but useless public works that have cost hundreds of millions, and the very small amount of gold in the banks and the sub-treasury, while every State and city in the Union is deeply in debt. Il 1846 our imi ports were one hundred and twenty-one millions of dollars. In 1856 three hundred and fourteen millions. From 1810 to 1856, we exported one hundred and eighty-six millions of dollars, in coin and bullion, more than we imported. Had we coimeiced with proper bank restrictions in 1810, we would now lie the richest people on earth, with a solid specie basis for our paper circulation, and fihe country would have saved millions that have been expended in useless public works, and an indebtedness that a quarter of a cntuiry of close economy Will not afford the mneans to pay. The StaLte of South Carolina may not flatter herself that she has escaped the mania for speculation. Let every min who feels lie has grown richer, put his hands in hi. )Ockets, and1( east uip his accounts a year or two hence, and see how the account, will compare with the sumnner of 857. lt the State cast up her accounts, and see where she stands, where she was in 1852, and where she will be in 1862, with her nountain railroad that is to cost millions of debt, and a State 1Iou.se that would be a heavy tax upon the revenue of the Genel Government, and a house line enough for a capital for the nation, to cost millions, and all on credit. Let us look ahead and see how erroneounly our taxes are to be rai-ed. Can any m:0n believe for a nmoment that such work., would have been comnenced in suli times as we had in 1843 to 1846, after the country had .recovered froim the su;pensiou and bankruptcy of 1837 and 1.6401 It is anaifeist to my mind that the inflated bank currency is at the bottom of the whole of these unlortunate undertakings. and these works stand forth in bold relie'. toi - po.t to on-:ress, ito such an al .ration of the Const itution, as will make it obli gatory on the States to reatrain their lj:iik. from issuing bills under twenty dollars. I trust that the New England pCople will have learn ed by two sad lessons of revulsion, that Mr. Cal hioun and President Buchanan were right' in tle docteawme t hat a hard money currency is the best tariaF of protectioii that could be given them. New Englaind is in a worse condition than ay part of tie comitry. Her bank eirculatil-nm :a1i1 deposites amo1uiinted in -January, 1856, to seven ty-ninle miilliois, While the banks had but six nu11l lion seven hundred t hunisad I iolr 117.s il specie. If the great men of New England had viiCed the .suldect of proteeion) to domestic indutry, as .l Mr. Calhoun ;md.. 1'resident Buchanan did twentyv-live yes ago, they wold haivestoodi on a very dliileent foot ingml ron what they d. now. Their imachiniery wonuld have been idoubldi since 1845, and they wvould now lie con-minig profitably twelve huindred thmousanmd bides of our cotton per annum, in plac~e of seven loin dired thousand hast year, andl p:+.ibly, four hun dred thousmid this year. Th'iey had, however, fixed their hearts on tue protective triff sys temn, which hadl brought iinto existence :nmd had reared a great branch of industry into maturity, but which was iio lunger needed for its support. Theli tarilf of 18%t they regarded to b~e an un kind cut rom the South-au insult they were dletermnined not to swallow, without an attemnpt at revenge. Fronm that period many of their leading men tirned over to the abolitionists,amid commenced an agitation and a storm that many have been most heartily tired of; but such was 'hie maguitude of the raging whirlwind, that nao poiwer could allay it, save thle exh:ms.tionm of its own ehiumenits, which, thankc God, has burst it asunder, mind we now have peace aiid quiet. "Bleeding Kansas" will no longer be heard of ; the sutlfermg down-trodden negru of the Sooth will be found to be in aL bet ter average cundi than the peasantry of nations generally, andl infinitely better off thani the free negroes of tihis or any other country. I trust that this revolution in the currency will be the finishing staoke to tile wartire be twveen North and South, t hat all wdil be convinced that the best, tarili of' protection will be found in a hard money or restricted banak curreney. It protect all alike. No one section is taxed to support the iundustry of another. The plan ter~, mianiufactuLre-r and mechanic, all bear thme burden elually, and all are equally interestedl iendcea labor, and all appliances for the dvanemen elproductive industry.Its confidently hoped that this second sad revulsion will hiring the several States ini the Union all on the same platform, and that we will be able to make a simultaneous effort to establish a uni form ad peranment currency. Nature has worked for the Southern people, andl kept them blind as to the effects of ani intla ted currency. Frosts, droughts and stornms, haVe brought about a succession of shoit crops, which has niaintained high prices. Thle West has alko reaped aL rich harvest from the wars and famines on the continent of Euzrope, and consequently obtained'Ihigh prices for graini, while an inflated currency ha~s carried1 desolation and ruin over every other brnieh of industry. It has~ passed over our whole country like aL meteor, blighting ever'y thing it touchied. It has spread r'uin and desolation among the maniufacturers of thme Mid dIe and1 Easten States, and11 east a witheri::g blight on all manufacturing industry at thme Southi. I have felt personally and sorely, the evil, in the maunagemlent of aL large cotton nianufactur ing estabhishmient, which, by the dlimit of close econiomy and good management, has paidl 10 per cent. per annum, while, all our advantages considered, I am confident that in such times as Iwe had from 1842 to 1846, tha etbishment would have returned2( its cost, $350,000, to its owvner's every fIke years. It has paid a good inter'est to its proprietors, while maniuy sinmilar establishmentsain the North ernm and Eastern States have beeni compelled to atop, and nnor stmnd a ntax to the owners; and T feel a confident hope t ranitevillo will ride the storm, and be a nFight to the whole a South, and a nucleuf . und wvhich a great in branch of industry is ,w uP. - t "If the present dis rand embarrassment 1 be not caused by an in currency, to what tv can it be fairly attribu here does there ex- y ist a cause of sufficiefit itude ? Admit that to I we have over-traded, consequence, there th is anuncomnion deman -rioney. Why-hAduld a an thatcause all the ban spend 7 If, instead th of using paper money,- illing all the chan- th nels of circulation, we..i ept one-half part of th the gold from Calibforni -ch we have supplied al to England since 1848 . ere that gold in the Ii I banks, where it ought- e, we would, at this moment, have a currene hich we could fall pri back upon-a currency ich no panic could :i-r destroy." Can any one bt that the present fin revulsion has been broug .upon us by a dimin- ki: ished supply of gold, excessive supply of of paper money ? de "It came upon us by n traneous force; no kit war, pestilence, or fa - no interference of thl goverinent; no obstrud of commerce; no 1 adverse balance of trade, In broad day-light, thI and in fair weather, the. t came, in obedieice to its own laws of exi" :ce and motion."- ag [Ant's 3Magazuie. bu I am satisfied that the" e few who can real- del ize how much our countr as suffered from our ren banking system, and how uch better would be our condition had we enjo d a limited banking ne< syste:n since 1840. In robability, millions ' that have been wasted oi profitable and use- u less railroads would have' "- expended in pro- rail inoting useful euterpri in developing our agricultural resources, in ning our inontain i iron tuines, and inl makihi e iron to equip the - more useful roads. Milli ,of capital, now in tur baInks, would also have invested in simila , j enterprises, thus pushi rward our progress tor in inidustrial wealth, inst of shaving, stock tI jobbing, and infusing spe tion into the minds sto of men wiiomi nature had ted for proiluctive wit laboreris. loWn much be, off would South un Carolina be now, had her essive bank capital it a been employed in improsvi the agriculture of gue our State, or pushing for manufacturing en- Ir terprises. The class of elligent men who to con-lect our banks.would the same applica- I tion, make any branch of ustry succeed. spe Now, Mr. Speakxer,io in South Caroli- cro nat ever expects ao-usl again, and none aml would consider it a igrieoi matter to fix a no heavy penalty for future pspension. I have, if therefore, proposed 10 per nt. daiage;s to the bah holder, and 8 per.cent. in'est as loug as pay- : ment is withhelds fI 1840, whein the-lankiuspended, current dci bank bills were at a dis it of 10 per cent., r lost i :0,000. She at once cuami L twi biaii (it pre. prolit ad loss, just as a imerchiant would do, :u1d 1111 goes to work, with renewel energy aind econo-* Imv, to make tip the loss. f rhe haits to pay in- eonc ter-est on the old bills, the ield is .<till open for the issue of iw bilk, to mpand and reimstate on. The new issue does li-I to nobad, lor .me, they are paid as suspendedbank paper e. But how is it with ourpresent rile ? We and rlire 5 per' cent. per a nim on all s&pen.e pI bill ts, which amtounts, in phi nglish, to I s: 4ti that you do not intend tt they shall do new blusiness, but that they l press fowrwut, to tie great detriment. of the0ountIy, to contract. T1'hiere~ is, pirobiably, iiotng so prolill of' evil to hur country as the centilization of capitil in New York. The cowii:enltioni 't inoneiy capi tl there, for the piirpose cpurch..-ig mierciain tile patperi, gives that 'ity' c.ntrolhuig powe over thbe whole Union, aniawheni the banksii of 1 thle ditirnt.State.' lend jemnselves and~ thei'rs captital to ,.timaulate that et, (anti it is bilieved~ that. mny~' of thetii have,.iey lend their pow- iV er to anothe'r great evil ai sonire'e of* siionila tig~ sueeuilationi, next in jnit of umgnuituide to i" ilting the currency. 1'tiaolates over' trad ing; it enters inito and nnmotes the wik-st speultins Tere is setely' a shopkeeper'i or' 1 traier in the United Stat' however r'emote he n inay be fronm the greatenltre~ o co~nmerce, whose pa4per1 is not currIenlt soline price in 'ew , York-. e A dista'nt trailer, A, w is wholly incxperz.i- miin ened anid not worth S.>0%OCs to New I.orik, bala it maotters not from w'iiedbe bis, prov'idedh it e he ohm the map 01- the Unit States. ie mkes '.ijp'i application to Ia mierchtii purchase; gives hisjsp refeiences iand place ot' ale ; is requested to 'cati call next day ; the imercit imuediately con debta sits a broker to ascertawln what termis Mr-' real bi As paper can be cashed bouit recour~se oin t he T1he merchant, the note tber- payabte .to blank. inflatte Throug~h the miercantile ency and telegr'aph, taken it is soon ascertaiined tir. A is11 anionest .p2u, man, woi'th but very liitbut has always ptid is dran his dlebts, that as there i~nme risk to r'uni, the Tfhe paper wilt be cashed at der cent., per annum, may -a discount. Everybody at the imercantile es tablisiment is advised ole discount that is toA be made on Mr. A's pi~ and prices are ar- oii ranged accordingly, hits pa Mr, A is informed tis credit is good, and tnre of proceeds under the coni~n )hat he is dealing toiry at with men whit have usnded confidence in Sec. him, purchases ais maniy~ds as can be pressed Legish upon him, returns hom.h a large and badly Thiat purchased stock of good debt ten timies more said Ti than he is worth, and times as much as lie prohtibi can pay. whlerei [ could name many inces where men have viet. started in trade withoutollar of capital, with Sc0 somne two, three, or Ithousand dollars in volunta reaty money, loaned bjnds who wvere to be hIave l' preferred creditors. 16 kniqwn such men, into thi through the agency of systeim of credit' ins held, New York, contract 4 to the amount of Sec. thirty to fifty tlpusatillars, do a reckless wvho shi business, live high, anj two or three years in slave wind up, with assets i se instances not suf- tor'y, ex ficient to pity the preft creditors. the par We have instancesa us where mn haves misdemC by gabigseuatarin anagemlent, at hard in dra-winig and-re-dr~ drafts, become in- iiot less debted to the comml a million of dollars, Sec. suddenly fail, refuse lake an assignment, hishing, thretten ever'y everyl mt speaks of sneing, of' slai'c with prefei'red credi tct wil cut themi en- patssedI tirely out; and, finaLtlc wvith banuks and samie ar' everybody for twenitylents in the dollar, or Ther anything that they nmiose to give. iiode o Thei'e are others, apod and solvent mer'- violatet chants, who have ove kd, and cannot meet their engagemenmts. aen are, in many in- " on stances, fom'ced to the of making mercan- toni to or tile paper, which has ,I basis, to be sold in piers lat New York to raie n thimenv Then, again, thern loss of men who are steel, an supposed to have ciwho are traders- in l oons, tos mrdce and ev-orvt They draw billsof ormto :change, founded on 4o business transaction mere kite. Large sums of money are rais that way, at exorbitant rates of interest. e transaction he jo harefaced aq to make mifest that the second itaft ii a kite, the pl hais only to make a note. send -it to Ne >rk, to be sold to repaie thl'money necessai meet the draft. When that note mat'ur 3 party may o, with a rood face, to ha 6ther kite cashed here by the bank, to ps ! note which was sold in New York. And 3 matter goes on, until the speculator fin it interest and e.cehange have eaten profi i capital up, when he fails, and compronmis th hii creditor;;. Speculators may seem to contribute to tI )sperity of a country, but there can be r ,ater curse to any co'ntry than a set of gam1 g produce speenlators. Cotton is said to 1 ig of the world. but when the inflated banl this counItrv and the speculators, link the ;tiny together, they create a power which ig of kings, capable of raiising a whirlwir t may sweep over the monetary affairs of ti ole world, and bring ruin and desolation 1 doors of t Ie great merchants of every rintioi Banks under proper restraints, and well mat d, may be a great blessing to our countri when we see what mischief may be enget -ed by them collectively, have we not ?oO son to throw safegniards around them ? Wi evervy State in the Union feel the sam essity ? Ye have had muatny .sad lessons of the run results of cotton speciulattions. They gen< y begin in the spring and summer, so that at prtion of the cotton planters are out. A, the crop having passed out of their handk :es are run tip to ruinous rates to manufti ing custoiers. The consumption of cotto ds is checked all over the world ; cotton fac es are stopipd or compelled to run shot e. The specilators hold, and many spinner for the watit of cotton, and are .so cripplet h high prices and stoppages that they ar ble to purchaase from the new crop unles ous forward at very low prices; down cotto: s, ats is the caiet his fall. The cotton held it ;land by A merican speculators will addi muel mue embarr~a*sroetits in the present crisis. lad monetary aflfirs remained right, ani :ulators kept out of the way, tie comin; would in all probiility have gone forward been coisutied at 14 or 15 cents. As it is Inmtiman Iore-ight can approximate the result ye get ofl; with a loss of twenty dollars we shall be fortunate. kor, Mr. Speaker, let ine in conclusion ob -e, that the rule of action which I have lai< it for the banks may be considered a hard men to act tinder. - 11.1 po-edi are intende.d to etit seh tni eXi.-iol as helhwed t he e(r.). ical pro-perity of the 5 years from 1811 - I it not at least pirlident to fl tm our lu-ions frt11:n the iii.tory of the palst. It 13 to a staCe of things thatut ought to alarti y nan, and adtimoni., hilm to prepare '.o agam what we had to eicounter in 1838 a:) to 1811. Every prud1lelt titan will pre. JBanks did sitfr then, as they will have now. All idebtel Inen had to s.li'er, bey catmot scape the samte state of thinitgs I wa then actively entaged in bnies. adM t Ubronb an ordial thLat is ow to be by all bnu-,iess nii. Cit was tlie peste upin the liaiks, thliar S irmaineId tmider i pr frmany years. The of Charmilestoni stocrk went d1wn from 15.;: re., ti $78--thus~ trav.ehtng down~ ftrom 5# .a. above pat, to 2:2 per centi. beluirpar. t <!id not rl.- to ii, part vahI te for several rehialt. whio wer.e enm-zmied hargely in buiisi !tught theit..el ves well A at the entd of earus to hl ttiat they hatd not retrora.1ed. el, every ciaes of mtetn that weretngce rthtwerec in debht, were two yearis eilb itne.nough for the banmks to comn wh len thitrm hatainess bectomis sit spreadl ais make themt k*eel the cordml, we. no0W pro 'i th::nr aroiud them. batn1 tat. no iar.,e oil thanm atll busines whot ow~e buayely :mdi have to amake pay whe t hey c:m an cilleet ini ttheir idebt<. Thte will nueceo.ari ly have to cuti i heir bmi-i ande come ficr wi thin thme circle that I e to drauw amound theum. .utationi will cenae, andl meni will lbe miore is ini futture, :antd no't lie in haste to go) in gin. Itnterest will settle down again to a litiness standalrd. wheel of progrews, which carried tip omur LI patper currency to $-40,0,000, has i retognale mOove, and~ wtll not stop unttil '00,000) to ST,00,000, of palper monley rii t of circuhat ioni. batnks may look fort bard titmnes aumil so I indebitedmen.L LI~rrox OF St..Aai ix K~xsAis.--The fol- j are the main sections of' the hill which i; tsed onme branch of the territorial Legisla. 1 Kansas abol ishintg sl avery in that Tferri- 1 em the first of March: 1. B~e it enacted hv the Governor and ' .live Assembily of' the Territory of Kantsas, t laver: andu itnvoluntary servitude itn the 14 rritory is hereby forever abolished atnd ai tedl except for thte puiushment of crimes C the party shall have beetn duly con 2. All persons now held in slavery or in rv servitude in said Territory, or wvho i'etofore, oir shall hereafter be brought , n said Territory for the purpose of beitng |A are hereby dlelared to be free. u1 Atny person who shall now hold, or el LIleteaf'ter attmpt to hold, any person JL ry or inivolumnt amy servitude in said Terri- tI 2ept for the piunishmrent of crimes whereof se y~ shall have been duly convicted, shall, til iavietiont thereof, be tdelared guilty of a hi sanmor, and be punished by conlinremnt ei labor ini the pienitenttiary for anty term di than two years tnor miore than five. w I. That all laws and parts of laws estab- hi recogtnizinag or regulatinmg the institution ry in the Territory of Kansas, heretofore] >y the Legislative Assembly, eadtes hereby repeamled- ab ndte S eimainting sections only provide for the p f trial iand puntishmtent. of' those who gt le prvsin of thme law as given above. er lit" (says a corresponident from Washiig- ml Ie of our exchanges) that at Lord Na- I or e ball itn Washitigton many of the gen-| at more hoopsv! These hoops are made of' e 1 serve to improve the set oft e pmata- p hide crooked legs, anid to give size and ia: a'tfonnated drum-sticks." pm LATER FROM EUROPE. ARRIVAL OF THE STEAMXSHIP INDIA. P PORTLAND,- Me., Feb. 10.-Thd Montreal it Ocean Steamship Company's first class screw r- propeller, Indian, has arrived, with Liverpool w dates to Wednesday, January 27th. .. GENERA L NEWS. $, The grand affair of the week, the marriage of re the Princess Roval of Great Britain and Ireland, Y Victo:ia Adelade,.Macy Louisa, with his Royal ; Highness Prince Frederick Willi'am Nicholas . Charles, of Prussia, took place at the Chapel ts Royal of St. James, Monday, the 25th of Janua. . ry, at half past twelve o'clock. The marriage ceremony was periormed by the Archbishop of e Canterbury, in the presence of the Royal family, 10 the high dignitaries of Church and State, and the King of the Belgians, the Prince of PrussiA, le his Royal Highness the Grand Duke of Baden, :A Amlassadors, Foreign Ministers, Cabinet Minis r ters, and other distingue versons appeared in u fill-dress unifurm: and all the ceremonies of the d occasion were of the most imposing character. Some little additional news fron India has been 0 4ublisbed in the English papers, annonncing that the insurgents were threatening to attack Alum hagh. Very little, however, is known beyond the intelligence brought by the Bombay mail of the 29 of Decenber. i The Leviathan iredi steam vessel is not yet completely launiched, but she was moved on her ways eighteen feet in two day.i, and no doubt can now be entertainel of her successful launch. ithe e-xpense of lauching her, according to the Lonldou Obsmee.-r, will be about t:25,000. Av serions riot oceurred a Beifast, Ireland, on fonday evening, the 25th of' January, (the day of the m.rrlage of' the Princess Roy.l). The riot aLt ti read, and numerous arrests were made. i The American ship Adriatic, whichi had been t coniscated by the French Court of Appeals, ou accolliut of her collision with the steamer Lyon naii. and which made her escape from the har bor of 3arseilles, on the night of the 8th of Jan unry, hits been arrested on the high seas, by a French-nan-of-war. The details of the capture are unimportant. Livraroor. Co-rox MLtuucE'r, Jan. 27.-The sales of' Cotton for three days renelied 29,00)) halle, of which .speculators took -4,000, and ex purters 2,000 bales. The market advanced id., Sand closed buovant, with an advancing tendency. MANCHESTER litAu.-Business in the manu faeturing districts is favorable. There are more buyers than sellers, and holders are demanding an advance in the price fbr goods and varns. LivEnroot. GENItAL 31 Aitn.-The Brokers' Circnlar reports the Breadstnirs trade dull and Cleclining. Corn firm and advancing. Provis - .... .... * uttu no cla&ige in the rates 'A" discount by the Bank of En gland. Censols, i had (eclined, and reported at 9.; Ilr- mnI ya and I accuntt. A R.tuO.t CoNDCTR: IN- A F Ix.-The Charleston News, of a late date, stat.es that .s . Chatg and Eig. the 8iamese twin, were goin t., Charleston, the conduetor of the cars made a fhais beeanse thev did not each have a ticket. The genttlemliat who had clarge of thei Said that t hey had :dvav.s been carried on the ticket of a single pasisenger. The conuctor replied that they were two* per.;ons, and occupied two .-:tts: they muist therefore, pay !%rr "wo paias. I " Very well,"said the gentlhenman, "I will gik the II ticket to Cha:g, and yon Van piut Elig off the 4 -1 cars." This brou'ght I -id: uciidtor ) to his s41n.ts, '1 and he "knocked under." . I)n~riA t.t li Ur. A 0 .11 ?.|1-$ e r::t of ' fot~n' mne'n to. Whitewater, Wisconmsint. on the C venin" oii the lsih inst.. iniflicted a "charivari" upn' I tichatrd N. Pi'ree~ andI wife, a ne'wlv muarriedi counple. Wh1ile~ the. hornms and other in',strunmentsq of discord were in fill blast, Pierce, who was ' th e,:nspgrated' at the : llbir. disc'harg(ed a itle ait a the party, instamily killing a yioung man, 21 |th years of ay, nated Wim. ifamtiltton, and .slight- | b iv iwtntlittg ouit' or two othbers. l'ier'e. who is ' sa id to be a },etnbl y'omy1:0 olnaiy gaehmefu. oteauthorities, at - ~ pr A St.LEPY BattE.--T'he Paris Joturnal des De , bats tells of a yountg couple who went to a chuiri h o at. Lyonts to Li- mtarrried. D:neing the time thte ecclesiaisic who ptre~ided at the ceremony wasi, addressintg th-m, the briide fell :into at mtit pro. di' thundt~ sleep, whticht lasted till the momnent came it which tihe young husband was to pitt t hi' nup tial ring ont the ainge~r of his drowsy partner; butt be >ni pereiin her state of unconsciosness, lie '. was, as may readlily be believed, shocked and ir- ral sitated at sueh a flagranit disregard of~ all decen- Ich ty. Aftetr the coittlusioni of the cercemony heL aiformied his bride'.s Irietnds that lie wonl not . ive with her: and, giving them 2000f. thr 11er, (tini is stipulated int the contract, left her. ter' - . --- the Swr~:A Dir'ri-:.--A Californiia paper tells thni stotry of two miners havingr jumped a claim "C which hatd previously been staked off by two wo- be: ueit. It proved to be a rich one. A warm dis ute arose-the men asserting their right on the round that but for their labor tho richness of ly Lie claim would not have been developed, the ofti -omen adhering to their right of prior posses otn. A t last a mode of settiment was devised, H., iech satisfiedt all parties. The men proposed ma give uip the claim to the ladies, provided they' 'ere accepted with it-as husbands. This- was bu ~reed to, and the dispute settled, hur ...., .... . altly PmovEssoR AoASsl%.-We copy the followini o otm the Paris letter in the Courier des Etates iiis : -The literary world is much occupied with the whc agiilicenit offers made bfthie Emperor to 31M. i gassiz, the celebrated naturalist, who is a natjtol1 alized Atmerican, to induce him to accept the iair of M1. L. Orbigny, in the amuseumt of the greg urdin dles Plantes. The sum of a hundred I~a ousand fratics as the salary of the otlice and a uin at ini the Senate it is said, have been offered to had e illustrious and modest scholar, to) overcome s refusal. Like the ancicent sage, will the tod- denu ni Republican refuse these off'erimgs, more se- heac icing than those of Artaxerses ? And which A Juld do him the most honor, his acceptance or t ref'usail?" and t is recomnmenided that all poisons employed or vai< Id by druggists be strongly colored with carho- nt otic acid, one gra.in of which ini suflicient to im-~ don' .rt a distiinct yellow color to seventy thousand aitns of water. This acid has the peenihiar prop :y of imparting a yellow color to the skin of' a 'i r'son takiing it, as also to any food itn which it C. ghit lbe mixed. It has been pr'oved tnt to destroy dee int anyv waymuodify the beneficial effectot'pruisaic id in which it htad been inghed, and the inifer- thern ce is that it would prove equally inert int other isons, while it would serve to alarm the tuser, C, d iudicate the poisonous character of any dish aana in whtch it had been mningld .a ThE AxENDE.-Mr. Keitt, by unanimous con sent of the House, made a personal explanation. He assunied all responsibility for the violation of the dignity and decorum of the House, on Saturday morning. He, he said, was the aggres. sor, and he alone. He expressed -his profound . rewret for the occurrence. 1lersonal collisions, especially in a legislative body, were reprehensible, if possibly avoidable. He could not say whether or not a blow was di. rented at him. He was not conscious of having received one. He wished to make to the House whatever reparation he could, by this expression of his regret for what had occurred. Mr. Grow said that lie had been taught in his youth that fights among men were disgraceful. His mature judgment had approved the teach. ing. Yet the right of selfdefeuce was dear to him. On Saturday morning, for the first time in his lire, he was engaged in a personal encounter. kie expressed his right at its occurrence, and tendered his apology to the House. The House then (at twenty minutes before three) adjourned. TuE Washington Union of the 9th insant, - after stating the action of the Senate and House upon the Lecompton Constitution on Monday last, concludes as follows: "We may now anticipate early action by the Senate committee, who will report a bill to that body admitting the State into the Union, and pass it, as soon as it can be got through the de. lays of debate. Thus it will go to the House wholly untrammelled, where we anticipate its paisage beyond a doubt." We are disposed to believe with the Union, that a Senate bill for the admission of Kansas - under the Lecompton Constitution will pass the House. Gen. Calhoun, the President of the Lecomptou convention, who is now in Washing. toin, it is reported, states that since his arrival there, lie has received information which settles the question of the election on the 4th of Janua ryin favor of the Black Republican party. If tis be so, the admission of Kansas under the Constitution she has presented will be an empty triumph to the South-a real advantage to the North, and many Northern Representatives thus far opposing it, convinced of this, may vote for the bill which the Senate will pass to admit her. A CHANCE TO GEr CUnA.-The latest news from Europe is that the Spanish Government will refuse to give satisfitetion to the United - - States for the outrage which its officials in Cuha. perpetrated uron qur mail steamer, El Dorag in firing into it, endangering life, and suise Luently rifling it, in a practical manner, of.itsi mails. This outrage upon the high seas our overnment i . o ye usetut snouid oe tne aim or us all. That nbition is most praiseworthy that strives for listinetion through usefulness. To such an am sition I would be ashamed' to confess myself a tranger. Even, were I vain enough to hope or election where so many others of more abili. y have beetni mentioned, 'I feel that my friends re s'ekine- to place me in a position where I hoild ill short of that usefulness which would -ratil them and thus satisfy me-Still, did not ther reasons exist. I should not feel at liberty 'i refuse to act in obedience to their wishes. 'here are, however, urgent reasons that prompt im! to leclinie. Ci:MATTr Pong TRAD---The number of rrs reeiiel at Cincinnati this season is 423, :, aiinst 344,212 for the same time last year. he in-lientions now are that the business this -ason will exened -1.50,000. The weather is very voratble, an it is qutite proabble hogs will be it fhr three weeks to come. Prices are firm at 30 $5.623 per I00 pounds. The- Yankee Blatde tells the following anecdote a col!ege chum: H--, a member of one of e classes, was distinguished no less for dry iyit d shy waggery than for his address in evading C writing of' themes, andh in pahaing off' the atn coinied currencer of others as his legitimate endler." Onie .MIonday morning he re'ad a theme unu.4ual merit; but Prof. A. "smelt a rat," d as H-- finished anid sat down in the d.: of' conmscious innn'eince, asked-" Is that einal, H-- ?" " Yes, sir."' " Are vou sure it?" querried ihe prfssr doubtingly.' " Why, ~, sir," replied H--, with the imperturbable k lhe alway's wore. "it had original over it in paper I took it from !" A young ma~n by the name of Johnmson lias mn arrested in Albany for perpetrating a new odge." Hie fastened bristles on the tail of a anid thien sold it for a squirrel. The pur ser was soldl as well as the rat. klady, who must be a relative of Mrs. Pur ~tonm, we thinik, by marriage, at least, was en a:ining somet friends with a fine leg of mutton other' day, when onie of the guests remarked t the muttoni was exceedingly fine in quality. h, yes. said shte, my husband always buys the t. He is agreat epicae." N EF'PPECTIVE REMED.-Editors are frequent. nnoyed by correspondents with questions, and natitmes they refer to very trival matters. An hange, North, answers a correspondent, B. E. who enquires for a remedy to prevent his -e~ from throwing her tail over the reins, thus: 1B. E. H. is advised to' hit ch his mare to a gy, and as soon as hitched, fasten a chesnut Sunder her tail; it will keep her tail down, ough she may run for a while. If that does answer, cut oll' her tail." AT os I'-r.-A one legged political orator, was pretty suiccessful ia bantering an Irish' , wa asked by the latter "how he had come ' ~se his 1eg?" WeU," said Jonies, "on examining my pedi , and looking up my descent, 1 found there some Iri.vh blood in me, and becoming con ed that it had all seutled in that lefi leg, I it cut oft at once." - Bie the p~owers," said Pat "it 'ud er been a ed good thing ef it had only settled in ycr, youth smitten with the chat-is of a beauti maid, only vented his passion by shy looks,/ now and then totuching his fair one's toe with toe uder the table. The girl bore his ad es a little while in silence, when she cried -" Look here, if yott love me, tell me so, but Sdirtyumy stockinigs." Western Massachusetts the sleighing is ex nt, the snow in many places being two feet ut is a kiss like some sermons ? Because are two heads and one application. ~. tXNUNDRt'm.-Why is a pen maker the nist - )test iuan in the worlt ? Decausyhe makes 1e ee pela, a'nsay ' -do sdrdM'K~