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>28. It remains to be shown that the cau of the sti'I greater and longer continued e ^ pansion which .has terminated in the ovc throw of the banking system, and the de< and almost universal distress of the roun'r may bo clear'v traced back to the sat: source. To do this, we must return to t year '32, and trace the chain of events this lime. In that year, the puMic de was finally discharged. The vast rrveni which had been poured into the Treasu by the tariffof'28, and which had acceler ted the payment of the p ibiic debt, coul after its discharge, no longer be absorlx in the ordinary expenditures of the Govor ment, and a surplus began to accumulate the Treasury. The late Bunk of the Unit* States was then the fiscal agent of the 3?> ernment, and the depository of i s revenu Its growing amount, and prospects of gre future increase, began to act on the cupidi of many of the leading State banks ai some of the great brokers ot i\ew ion Hence their war against t! at iustitut'on and hence, also, the removal of the d p sites* The late President I believe :o hav been really hosnle to the B mk on principli but there woulJ have been lit'le or no inotu to remove them, had it net b en for the growing importance, tlnd the hostility whic the desire of possessing them had excit r They were removed, and placed in th vaults of certain State banks. To this r< moval and deposite in the Stab* banks 'I; members over the way are in the habit ( attributing ail the disorders of the eunene which have since followed. Now I ask, ; the first place, is it no; certain, if it had nc been for the surplus revenue, thff would not have been removed ? And, i the stconJ, if there would have been a sur plus had it not been for the tariff of '28 ? Again ; is it not equally char that it wa the magnitude of tie surplus, and no; tli removal, of*itself that caused the after dt mniremont and disorder ? If the surplu A, -^ had been but two or thnw miliums, the ord nary sum in deposite, it would have b'e of htlle importance wluxo it was kepwhether in the vaults of the B mk of ih United Sates, or those of the States; l?i involving, us it did, fifty m li ons and mon it became a question of ih highest, import ance. 1 ugaiu ask, to what is this go'a: s <r plus to be ut:ribute ', bat to t e same c i >s Yes, sir, the tariff of 1323 caused the sui plus, and the surplus the removal and al the aftec disasters in the cum ncy, agjr?va ted, it is true, by being deposited in tli? Stale banks; but it may be doubted Wiethe; the disaster would have b en much less had they not been removed. Be tli ?f however, as it may, it is not m it?*rial, as have shown, that surplus itself was the mo live for the removal. W" uil renvmhe what occured after the removal. Tim sur dIus poured into the Treasury by millions ?~ - in the form of bank notes. Toe withdraw al from circulation, nti-1 locking up in tlx vaults of the ivpositc b:?nJt , so^or^e an a< mount, created an immense vaeuurn,To h replenished by repeating tiro issu s w;?H gave to the banks the means of unb-.nitiJei accommodations. Speculation now corn menced on a gigantic sc il- ; prices rose m pidily, and one party, to make the rernova acceptable to the p-ople, urg d tire n"w <Jr positories to discount freely, wliile. :lie olhe side produced the same off of, by censurin them for not affording as ext nsivo accoin modations as the Bank of the United State would have done, had the revenue b .Hm |.-| with it. Madness ruled the hour. Th< whole com nuni'y was intoxicated withim tignary prospects of realizing immense for tunes. With the increased rise of price began thegigan'ic specula*ions in ;he puhlx domain, the price of which, b ing fix?*d b - t i 1 c ,t rc? law, COUIU (UJl punuitu wi we j;vii...... -a. To enlarge the room for th"ir oj^rations, know not how many millions (fifty* I woult suppose, at least, of the puolic revenu ) wa sunk in purchasing Indian, lands, at t!?ei fee simple price nearly, and removing tribt after tribe to the West, at enormous cost thus subjecting millions on millions of tin choicest public leads to be seized on by th? keen' and greedy speculator. Trio ti?i< now swelled with irresisiible force. Fron the banks the deposi'.es passed by d;scou..t into the hands of the 1 aid speculators from them into hands of the rcc-'ivcrs, an thence to the banks ; and again and ngaii repeating the same circle, and, at every re volution, passing millions of acres of th public domain from the people into the hand of specula*ors, for worthless rags. l|,t< *|his state of things coivioueJ much Idfrger every acre of the public lands, worth pes sessing, would have passed from the Government. At this stage the alum tool place. The revenue was attempted to b< squandered by the wildest extravagance resolutions passed th:s body, calling on th Departments to know how much iliny cou'i spend, and much resentment was felt be cause they could not spend fast enough Thedeposite act was passed, and the Trea sury circular issued ; but, as for as thecjr rency was concerned, in vain. Tue ex plosion followed, and the banks fell in con vulsions, to bo resuscitated for a momen* but to full again from a more deadly stroll under which they now lie prostrate. I huve now presented, rapidly, the unbrc Jien chain of events up to the prolific sourc of our disasters, and down to the prcser time. In addition to the causes originutinj directly in the tariff of 1823, there were s< veral collateral powerful ones, which hav contributed to the present prostrated condi tion of the currency and the banks, but whiel would have been comparatively harmless o * themselves. Among these was th?< imj or ^ tant change in the charter of the B mk o England, at the Inst renewal, about the tun our surplus revenue began to accumulate by which irsno!<s were made a legal tende in all cases, except between the bank inn its creditors. The ohvious dlect of t?i modifica'ion was to diminish the deman* forspecie in that great mart of the world and, in consequence, must have tendei powerfully to keep the exchange with us i> nn easy condition, while the tide of circui t tion was rapidly rising to a dangerous height But there was another causa which conti ib so utcl still more powerfully to the sime x- suit: I ref?'i'to the great loans negotiate! :r- broad by States and corporations. To t ?p [ add the operation of the United S v. B mk of Pennsylvania, the direct objec Hi- vhica, in some of its m re prominent tri In- actions, was to prevent the exchange f to becoming adverse to us. r_ c* bi By I'm operation ofthf,se causes cor je n?aJ, the exchanges were kept easy foryi ry notwithstanding th" vast expansion wl a. our circulation li id attained, from the p I. erful action of die more direct causes ;d which I have adverted. The stroke n delayed, but not adverted, and f II hut in heavier and more fitally, because del 13 jd And where did it fall, when it came, 11 v. heavily ? Where the measure whi.di c e. s?>d i originated ; oil the Iliads of its pro at tors. Behold how error, folly, and vi?u t\ the ways of an inscrutable PioviJoncC) t id back on their authors. k. It is full time for th- Nor'h and more ; pecially for Ne* England, io pause < . ponder. Ifjtey would bear the voice r> one who hntjrtnevor wished them wol r; would say that the renewal of the pro'ec e sys'em would be one of the greatest cal.t ir ties that could befall you. Whatever it h dental go<?d could e derived from it, ' I. have already a -quired. I' would, if rem e <d, prove a pure, umdultered evil. rJ \erv revrse is vour true policy. The gr e que-iiion for you to decide is, how to c< jf tnand the l'or? i^n market. The l?n y mark'", of i is too scanty for your si it your activity, your energy* your unequa >? inventive po vers, your untiling in Just s your vastly increased population, and ac n mulate l capital. Without the foreign in - kef, your un?'Xampl- d march to we dth i improvement must come to a stand. IT s then, are you to abtain command of the e reign market ? Th ?t is tli? vital questio Tae first and uidisp -ns ihle stej) is a t is tough reformation of ihe currency. W i. out a solid, stable, and uniform currnn n vou never can fully succeed. The pres ; currency is incurably bad. It is impo <i ble to give it soli 1 ly or st ihili y. A ei ?t vi ruble bank currency, however well r?*j >, I tfoij, is subp'CV to violent and su It ng"s, which must forever unfit it ;o ? i ? i __rI, i,,. i.,r tlif? rn I" MMII'Jijru III Y'HUIT. II |.i IPJ .... ... ? seusi ive of nil to every change, cornm r< . <>r political, foreign or dome*tie ; as m J j be readilly illustrated by reference to the i . dinary action of foreign exchanges on si currency. For ilia* purpose, le; us assu r tii-it our ordinary emulating medium, wl; exchanges are easy, amounts to $100.00 . 000, consisting, as it does, of eon vert tl ! bank ,>ap<*r. L-t us suppose tliat it is issued by what are called sound specie p: r ing banks, w'.th.a circulation of three dt ars of paper for one dollar in specie, wlii i, is regarded /is constituting safe binkir . Next, suppose exchanger-.hro id turns i e gainst us, to tbn amount of $10,01)0,000. it n t clour, .that instead of reducing the i , ? ulaion by that amount, that is, to 89 |j 000.000. which it would do ifil'jconsiv f i only ofapecivf, t would he redhead -tin . times the amount ; that,is, to $7(W9(^pf] . L*?t us now suppose the exchang Slot, | ( t'ie other way, from this point of depre . ton, and o h" kept (lowing in that direct r i t II it came to be 810,000,000 n our fav j instead of that amount agamst us. The res - would be. under the operation of the sa s I law, no* to increase our circulation to 81 r 000,000 only, which would be the case e consisting of specie, but to $130,000,00 - making a difference between the extre points of depression and elevat on of 86 s 000,000?more than equal to one.half t ih usual amount of circulation by stippi v -tion. with a corresponding increase of [ . ccs?instead of $20,000.000,equal only 1 a fifth, and with but a proportional effect 1 prices. A change the other way, from I s extreme poini ofeleva'ion to thatofexrei r depression, would cause the reverse eff ; I hold it certain -that no honest indust : pursued, m, ith the view to moderate c ? steady profit, can be safe in the midst - su *h su Men and violent vicissitudes?vie situdes as if from summer to win'er, z i from winter to summer, witliou' the in! s vention of fall or spring. Such great r ; sudden changes in the standard of va I must be particularly fatal with us, with < ii moderately accumulated capital, compat - j to th ; effect on the greater accunnnulal n i abroad, in older countries. In stating ' 1 s cas'j SllppoSt.'U, I MUVO assuuiru IIIIIIIU I> J random, without pretending to accurracy ijpplcd to our country, simply to illustr . the principle. The actual vibration nr j be greater or less th in lha* supposed, I i in every country where bank circulation p h vails, it rnus; be greater and greater, just proportion to tlie extent of its prevalence r For tiiis diseused state of your curreu j there is but one certain remedy?to r? ti ;o the currency of the Constitu ion. R; tha' instrument, and hear what it says "C gross shall coin money and regulate the . lue thereof; no S atBaliall emit bills of c dit, or make any thing but gold an 1 silv . legal tender." Here are positive an I n< , itive provisions ; a grant of power to C< gr? ss. and a limitation on the power of S steg, in reference to the currency. ( i vou doom that the object was to give ? Congress the control of the currency 7 W r "Ise is the meaning " to regulate" the va j hereof? Can >ou doubt that tiie currei . <vas intend- d to be specie ? What else t tie meaning "to coin money?11 Can ] ioubt, on the other hand, thai it was 'he li enlion that the Sta:es should not supers* it the curreucy which Congress was autb . zed to establish 7 What else is the me ij ing oftlio provisions that they shall not e sue bdls of credit, or rn?ke tiny thing iold and silver a legal tender ? Can , doub , finally, that the country is no* in j condition that the Constitution intended, s far a8 the currency is concerned ? D I Congress, in point of fact, regulate die < renry ? No. Do"S it supply a coin cir I a*ion ? No. Do ill- Slaw-, in fact, rOgul , it? Yes. Does it consist of paper, issi . by the authority of the States ? Yes. this paper, in etfoct, a legal tendei ? . Y< it has expelled the currency of ti c Cons BjggMjMBMWIJLMJUJJU? ro. i tulion, and we are compelled to take i( or i a. I nothing. Well, then, as the currency is hcse | in an unconstituuouul condition, thecowluates I mou is irresis*ibl?? th;?; t'?e Co is':tu*ion Ins I of'j failed to efiect what it iutcnieJ, as far as ins_ the currency is concerned ; but ivlr-iher it foil) > Ins faded by m'scons ruci.'ion,_?r the want j of adequate provisions, is not yet deci led. nbi- j Thus much, however, is clertr ; t iat it is sars, througa the agency of bank paper that i 1H1 has failed, and the powi-r.intended to be con ow- furred on Congress over the Currency has i to ben superseded. Cut for that, the power was of Congress over the currency^would have the been th.s day in full ibrce, and {he currency red. i sell in a conMiutional condition. N-?r is uost i it loss clear, that the Constitu ion cannot be :,ij- restored, while the cause which has superjec seded it rem ins and this presents the j, in great question, how can i: be removed ? urn 1 do not intend to dscuss i on t uso c ision. I shall only say* that the task is one of great cs- delicacy and difficulty. r"qu'ri g much wis. and doin and c.iu'ion, and in I ie execution of of j which, precipitation ougfr to be carefully I. 1 avoide 1; bu: when executed, then and .no ive till tlt n, shall we have the solid, stable and mi- uniform currency intended by the Constuutci lion an ! which is indispensable, not only to you the full success ol our manufacturers, and jw. all other brandies of pro met y industry, [\:e but also to the s if *ty of our free institu ions, eat Tlie next in lispcusable step to secure *o en- the manufacturers the foreign m irk-'t, is low une duties and light bur lens on productions; kiil, yes, as low and light as ih? wr.nts of ttio led (lovoimhent will perm1'. T <? le^s Mm burtry, dun?t<io fjoi-r aii J broader the scope a hen cu. to tliu-firoJ jets of our m uinfacures?ti *? r be'ter for tin-in. Above all, avoid the reitj'l ncwal of the protective system. It would dw, (> fatal, us far as the foreign market is con' O fo- cerneu. n. Its hostile efF c!s I have already shown ho- froru the table of exports; and shall now, t>y itb. a few brief remarks, .prove that it 'must be cv, so. Passing bv other reasons, I didl pre ent sent but one, but 111 it one decisive. If has ssi- been shown that the elf.:ct of t ie protective in- system is to expand 'lie cii-iency in th * ?u- m mufucturing sections, until the increased ien price of production shall b-comu equal to be the du'y imposed for protection, when t!?e st | importation of the pro ected articles must i?' j ae.ajri take place ; that is to say. that i s ef lay ' fee s ure to enable foreign m mufac uies to I or- . in e; ours 1.1 our own country, under fhe i'"h j djsudvan a"e of paying hteh additional duti m ' es. How, then, with that result, would it bo u n possible tor our manufieiurers to meet ibo 0,- jortu^n fabrics of ihe same description able bro 11, where there can be no du v to protect * II 0>*? ri ?' TIj r?, <>iim In. nr? arn.inr. T.?li ! 11 " 1 * > I * ft * IV Villi w # M\# M?|W - w? - _ iy- reason is dcisi.e. ?ll. I do dot wish, in what I have said, to be j icli considered the ndvo *a;e of low wag- s. I lg. iin in.favor of high wag s ; and agree that jg- the fiighrr l!:o wages, fie stronger evidence 1 Is of prosperity ; provided (a id itrit is tie* im ir- por ant poitr) ticy are so naturalh, by too J. ffedivtness of indydry, snd not in cons"t".J qpenc" <?f in uWli "d currency, or any arti r&ft t ft:,i.il filiation." \V ieu I siy the cfF-ct 10? iven 'ss of nidus rv, I oie n to compehend I jr.. j wh never is r ilcula e I to in ike t ie labor of ss- o'ie country more productive than that of; ion others. I take into consideration skill, nc-, or. tivity, energy, invention, petfectton ofum r'liult wr nts and means, mechanical and clvmime cal ; abundance of capital, natural and ac10, quirod ; facility of in'errourse and exchauif ges, intern il un I external, and, in a word, 0; what ever may add to the productiveness! me ol labor. High wages. when attributable 0,. to lb sc, is t!ie c-Ttain iwidciico of pro lucof tiveness, and is, on that account, and tnat os- on!), the Evidence of prosperity, it is easily ?ri. understood. Jus! as such labor w.mid corn 1to inand, w hen compared with the less producon live, a greater number of pounds of sugar the or tea, a greater quantify of clothing or me food, in the same proportion would it comet. mund more specie, that is, higher wages, ry, for a day's work. But, sir here is the imin I portant consideration : but wages from of sucli a cause, require no protection?no, ;is- not more than the high wages of a in an u. ?nd gainst the low wages of a hoy, of man tier gainst women, or the skillful and energetic in.I against the awkward an 1 feeble. On the lue contrary, the higher such wagos the less Dur tiie protection requTed. O hers may dered mand pro'ection against it?not it against ion others. Tno v rv demand of protect.on, the then, is but a confession of the want of efj?t lectiveness of labor (fr?im some cnus ) on as the side that m ikes it ; but, as a g-n rd ate rule, it will turn ot?i that protection, in most lay cases, is a men; fallacy ; certainly so when but its effects are an artificial expansion of the re- currency. So fir are high wages from he. in ing the cvi lence of prosperity, in such cas s, f. or, in fact, whenovc caused by high procv, tcction, high taxes, or any oilier ar'ifi.-ial ur i cause, it is the evidence of the very reverse, ad and always indicates something wrong/nnd on- a tendency to derangement and decay, va- Having arrived a* this conclusion, I will re- now Inztrd the asser ion, that in no country '1* ^ on Anrtlt io I 11 i/v f tulriiiir it nil 1,1 ull ** VII 10 I'li/vi, m I\II IV III ?! * w e.-. efF eiive than ours ; iui<i ?*sjp?*ci:? 11 v in ill'* do- Northern and E is cm portions. Wiiaipro the pie can e.vel our Noithern and N'-w Eng. }an i.?nd bredtrm in skill, invention, activity, to energy, preservation, and enterprise? In hat what portion of the globe will you find a; ilue position more ftvorable to a free ingress icy and egress, and facility of intercourse, ox: is ternal and i.itern-al, through thebroid limits y on of our wide spread country?a region sur in- | passed by none, taking Wfa cons'deration [ do | exent an I fertiliiy ? Where will you find ori-1 such an abun lant supply of natural capital, an- | the gift of a kind Piovtdence; lands cheap, is- plenty and fertile ; vva er power unhmi fid ; but j and the supply of fuel, and the most useful we of me ai's, iron, almost without stint. It i* the true, in aocutnula'ed capiial, tli? frit is ol as past labor, through a long succession ?I oes ages, not ?*qu d o some other countries, *ur- hu even in that, far from being deficient, cul-; and to wuaievor cxn nt deficient, would be late i more than compensated by the abs-nco ot jed all restrictions, and t 'ejightness of ihe burIs den imposed on labor, should our Governis ; ! meut, State and General, wisely avail itself ti ' i of the ad\ aninges of our situation. If tliose ' views fie correct, there is no country where 3 i labor, if left to itself, free from restriction, t would be more effective, and where it would p command greater abundance of every tie- ?' essl^v and comfort, or h gher wages ; and 3 wiii;ret of cours", pro'cctioti is !< ss needed, u InsU'ud of uri advantage, it nmst, in fact, il prove an iinpediment. It <s high urn**, hen, e that the shackles should he thrown o(f indus a try, and its burden lightened, as far us the ei just wants of the Government may possibly e admit, We have arrived at the manhood ir of our vigor. Open the way?remove ah pi restraints?take off the sw id JlingcIoMi that ei oouu J ihe limbs of infancy, and let the h ir- ui dy, inelhgeut and enterprising sui'f$>oLN"w b' England, march forih fearlessly*wjineet the te world iu competition, and slm tfdl prove, ol in a few years* tht)sucQess'id^rival of oil b< England. Tne. foreign market once com ol m md-d, all conflicts Ix-tween the different of sections and industry of t Te Country woul I nt cease. It is bet'er for us and you, thai our cotton should go ofct in yarn and^good-, than in the raw state;, and wiien that is done, tr?o interests*' of all the parts of this great ^ Confederacy?North, IS is', South, and West ?witti e< ery variety of its pursuits, would bo harmonized ; hut not till then. If the course of policy I .advocate he wise as applied to manufacturers, how much ' m<>r- strikingly so must it he when to the , other two gr-at ofthat section, commerce and-navigation ? I pass the /?finer, arid shall conelude what 1 intended td say on this in point, with a few remarks apjrficiiblelo the . latter. Navigation (I mean tn.it employed in our foreign tr?de) isesscnti lly our outside interest, exposed to the open cotnpeti- , lion of ill fie world. It has m?% and met | successfully, the competit-oii of the lowest wages, not only without pro tclioti. but with _ I I M heav) hunJens on aimosi every annuo inai i inters into the outfr, the rigging, and cons ruction of our noble vessel*?, tli timber ex- } . ^ lit cepfdj If, with su *h onerous buideiis, it ! ^ has met in successful riv.dr) the navigation ! a of all other countries, <V:w? an impulse it , would receive il the lr> .<1 tint bears do vu its springs were removed ! and wha immense ad Jitions that increased impulse would give, not only to our wealth, but to the means of , na io.ial influence and sifefy, where only i ' we can he afel, and in fie quar er from J which only external d ingor is to be approh?:Q Jed I I hive now, Mr. President concluded what # proposed to guy, wh-n I rose to ad. dress the Senate. I hav" lunt-d my re- ur m irks'o#10 prominent consequene ? in a pecuniary and lis al view, wlrch would r<'- ? sol?, should the scheme of ussnrnpt on he a * adop ed. There arc higher, a ad slid more ,! important consequences, winch I nave not i attempted to r ice : I mean |V cAvcis, ritor. r!' ally and poli'callv, us resulting run hose which I tiave t.aced, an I pros'nt* d to the Sen ile. Tins, I hope, may be done b . ^ Koine other S n itor, in :he course of th disCiise'on. B j I b.hve sn I enough to show i j hit the scheme which flies" resoluiotis are ^ j ntended to condemn, ought to be avoided :m the ni >si fut'il po son, and fir m st deadly p- s'ilcnec. li is, in reality, but a sciiem't | ( ol ptuudt r. L-t bloo I be 1 ipp~d, an I the } ?j appntiti* will he ins itiNiblu. n ' *, - - ? i ? l. i ! LI | DJI Hit* OWU-s are uerpty m ii'-rr, ;i:ri r j may I)? a?ked wli.it shill !> done 7 I know I tii.it they tire in debt?d^-ply in d?bt. I | ^ deplore tt. Yes, in d?-bt, I am not alraid to ! ^ nsser; i% in m my instances, for the most idle projects ?'V up and pursed in the most thoui^iitlons in inn? r. Nor tun I ignorant j *( how deep pecuniary embarrassmen t, wlie. tier of S ate.s or individuals, Idu t every ^ feting 01 honest firi le, and dead"n the sense ofj?isti'*e , hi, I do trust, ihat there I is not a member of th's gr-'at and proud j Confederacy, so lost to every feeling of self- . respect and sense of justice, us to desire to g j charge its- individual debts on the common ^ fund of the Union to impose th'-m on the siioniders of its more prudent associates ; . or, let m" add, to dishonor i self, nil I the 11\ nume of an American, by Musing to pay the foreigner what it justly.owes. Let the P uideb ed S itesrememlier in t me, that tlv re , is b Jt on*' honest rno'Io nfpnvjng its deb s; " stop ali further increase, and inpose taxes, ? to discharge what they owe. There is not i1 u State, even the most indebt"d, with the smallest resources, thai has not ample r<~ ^ sources to mc't i s engagements. For one, [ pledge mystdf; So tli C-rolma is also in ^ debt. &ie has spell? h?-r thousand in Wasictul ex r.ivammCrt oil on" oftbi^most visi* , onury schemes that ever en'erd ijto^yc | lead of a thinking titan. I dare sav gfiis | even of her; I, who on. this floor skmu i?Jrio j ' defend her almost alone against thrtsdMfcho I () llire atoned her with fire urni sword, but who I ^ now arc so squeamish about Slate Il'ghts I ^ as to be shocked to hear it asserted that a f |) S ate <s capable of extravagance and wastetul expenditures. Yep, I pledge myself thaf she will pav punctually every dollar she ,p owes, should it take the last" con*, wkbo.nt ^ inquiring wlv ther it was spent wh.wyipr , foolishly. Should I n this he bv possfbtli- ^ ty in staken?should she tarnish her-jinsulli? d honor, and bring discredit.on Our common country, by relusing tb redeem her plighted faith, (which I hold impossible,) deep as is in, d-vonon *o her, and mother S as she is iouv, I would disown her. 9| itl PERS >N ALlTIEs IN THE SENATE. ^ The Washington Madisonian, in i?s ac. flJ count of the proceedings in the Senate, on j the 5'h ins nnt. gives the following sketch ol ^ a debate between Messrs. Grundy and Tallinadgc: s( \\t the close of his speech, Mr. Grun ly J threw oHT the character of advocate, and ^ assumed ih=?t of a soli um jps:er. aiut i a predicting t'?e disappointment of the Opposition at th* next cl' C'iou, he sa'd fa* wou'cl expert tohi'ar, in the account of the . ||l baitl -, ol t ie d&fp ti: tug cry, ^ Charge Crittenden, charge, on Tallmadge, H on! j, Were the last words of Harrison !' (i "Mr. Tutlmalgo replied to Mr. Grundy tl and ir>conclusion sai l the honorable gen- a tlemnn has undertaken to predict the dis- o comfkure of the Opposition at the next ?'* election. fie has not been content, said s 1 I i ; lr. T? to do it in humble prose, but und? 10 inspiration of Ids theme, has turne oft, and has p^alejl us, after a long in ubu ion, wi h a parody upon a couplet fror farttiidri. To be sure, said he, the meas re was not very accurate, but thnUwns nc if fault of Senetdria! poet, but of the unpo ;ic moans of lie Senator from Kentucle ud myself. Now, said Mr. 'I'., the vcn r.ible and lionorabie poet will, no doubi xcuse me if I mount my Pegasus, nn J tr iy skill a1 parody, impromptu. He wii crceive rhat T labor under the same diffi ilty that lie d d?an 1 although the nieus re tn >y be as halting as his own, there wil ? more euphony ^.in. die names. 11 the honorable the acroun tuf greai batthf ^J^ph^ht in Novcm ir next bv the pebpIeu^ainSr the minioui 'power, ms'eairtjf the dfgpjur# gjartguagi ' hisjpnusc, he will ficfhr 6?Ahe inspiring )tes ofr victory." \ / * 'Fly; Van Buren; fly, run Grutjdyfnin, Were i he first words of Harrison,'" % ^ "Mr GrWly si i J he was please sot e linaorahle A'oator from New York it i' h a h ippy hurnor, i?nd he thought they ere both in a fair way to have their per?nal difficulties s tlsfac orily udjusted. H< euld, therefore, propose that the uccoun wit and poetry be considered balanced? dr. T. nodded assent.) But said Mr, rundy. I must add one or two more rearks before I close. The honorably Sonor from New York, in his reply* to me, is said that he nad not left his' party, but at his parly li id lef h.m. Ifow, I know ' no hett?T way 'ojudge of a man, than by o company he ko-ps; and I find the mator from Now York, who formerly tied with the honorable Senator frorr ussachuseits, Mr. Webster, who I have aieraily found in opposition to myself, is been pretty uniform, too, in Lis opposi. in. Hence I conclude that ;t is the Sen. or from New York that has change J, and it mi/ci* tr in.I m t> fri .riltu "Mr. Tallin elge rejoineJ, lhat if associ. ?oji was {lit* correct rule by which to ticrmine (lie. changes or the principles o! en, ho couM prove, a9 conclusively us a mohslralion in Euclid, liiat ti10 change ;is on ihc purr of the S -nalor from Tontssee an I ins friends. Those gentlemen, id Iv, are now associated with the lion, aide* nu'or from South Carolina, Mr, dho nt, ,n support ofuli the leading meases of ll e administration, and without '>os?' ?id tI?t-y could not sustain themselves ra s ho Mr. . No .v, said Mr. T., I ill prove by the honorable Senator fton jutti Carolina, that he never changed in s life?Ergo the party has l? l't me, ct.c >t I the party?quod erai demonstrun im." Some sparring occurred between Messrs U' han ni and Davis, on the O h insf., o inch discrepmt accun'a are furui-died Lj (Fen nt reporters. We copy sometvhu )tidgcd, the accounts furnished by tin lobe and the M ulisonicn. From the Globe. A few days since, a friend prcs- nted t< [r. Buchanan the printed speech of Mr avis, in which statements are put into lh< until of'Mr. Buchanan-doctrines asserted h ive been advanced by him?and argu nr.ic urond. nr.t mi!v at variance will lint was 8'?mJ l>y M:. Buchanan, but utter!) Tvertin* the whole tenor of h s *peecl\ few da)s snee Mr. Buchanan, b? fort e Senate, nailed Mr. Davis's attention !c is rna:ter, nnd ofTred him the opportunity make reparation. A full explanation as deferr d by Mr. Davis unti day, when be made nn attempt to evade ? answer to the par i?*ul ?rs pohited out which he had misfepresento i nnd wren;** I Mr. B iiidiaii.'ii, end to ruse false issues i ihe subject discussed Tins prevarication, in lieu of reparation akihg.naore signal the bad sp ri: and mo re in wliich the original wronj* was per< crated, on Mr. Buchanan to expose the !?o!e case to the Senate and nation ; nn' udin nistered such a chastisement of th< F nceaswas never before witnessed it deliberative assembly in this country ? ^i'h 'he utmost composure, Mr. Buch.mat ferr'"J to successive passages in i>jr, vis's speech, in whici th* Utter hat lolly urid ?n wiring {ulsifi :d wh atever) nator pres'-n: kn(,w to bo the s/'ntmj'.*nts nl cxpr s-sions ut eied ih tlwir presence ; Mr. Btiehaniin. He showed liroaijiif 'inted speech, to which Mr? DaVlS J&fjf (if us well as tl)% various*speeches ofpre ding years, that the doctripe* laid dowr r him, aml-tue consequence ?*if. rred fron m, had not only been misrepresented it absolutely reversed, fin the purpose o a king (also impressions upon the counin ; to the opinions of Mr. Buchanan ani ensures p'opos' d by theJAdHTin straiiou tie "false imputation " ifoe" ^igiticks' s:gn. the 4 p irlHtulurj/y infamous condryct, Mr. D.ivis, was n^wnervlykcharged li| fr. Buchanan, Jfciit f>rov"d and braodec ion him befoi^the S^ natj^ The Mwlisoniatfs accoumJ^ ^ Messrs. Davis anp^p^ajj^^Jn'tly n it j yes'erday, when itajOgfrt of tbi )'*ciii| committee on iho3tUtyjCj?l$j!s wu idi r consideration, Mr. Davis, of Mussa lusctts, took occasion to defend hin?H gainst the charge brought by Mr. B 'having misrepresented nis argumens ii - * i_. s putrii*!ierj sj)C< cu. II was u comptei ici triumphant vindication. The publisher vech of Air. Davis is a faith Ail n part c hat he sai I in the Senate in reply to Mr uciiunau, in tue presence of that gentlemal nd Mr. Davis distinctly gave him notici ould be ad tressed particularly to hi miarks. Mr. Buchanan did not thci uiiceany miss'at' ment of his argument lut now, after more than a mouth ha lapsed, and after the public voice has beei card in tones of the most indignant, an ecisivo reprobation of the doctrines he wa u*ii undets ood io advance, he comes 01 ud in tkesan occasion to charge aSenu:o f the highest character for candor nn ecu racy, with having misrepresented hi p 'ech, and embraces the same opport'jn:' 8 t, to put forth a very different set of view d; und proposiiions. i. j Mr. Davis spoke throughout with the n j dignity which has always characterized i?[ his personal dcpor.meiit and public display# >t j and with the directness and boldries of truth; 1.1 and wo believe that ui] impartail perspns y regarded birn as having entirely justified ./himself ill the account of Mr. Buchanan's r, j argument, contained in his (Mr. D.'s) v J speech, in his Course throughout II j this discussion; \ Mr. Buchanan, fiuMHvv, did not deny j - j that the published ^ceth df Me. Davis was i | a correct report JSBw&t that gentleman 1 ' delivered* in the he persisted ' Jo mamtfcining cnd arguments ?hs to the operation .und-o^cts of the sjub? j Treasury bill were auribfllsj to hlro in apt 3 i publication which be had nev^r used. We I $.j 'regret to tj>a? tft commenting on these ? I alleged'hmisreprt'siu^atior^^^w which we ' maintain arc yeff&clly ac<^Kj^0t?TCSinlai Hons of whaCwc HnUer&*>a Senator to J say on the occasion alluded to Mr. Buck- . ' j anan used iauguage utterly umbecoming ! his character aud position, most discrcdihii tie to the Senate i:self, and such as every ^! man who kyows John Djvi$ v*dl repel as ' | altogether unjust and inapplicableh'ryri. i Such words as "false/' ' flagitious," "pe. f culiaily iafamous." Mr. Preston look occasion, after the ! conversation between Messrs. Buchanan i and Davis was 6v^i\ lo sUUe emphatically 1 j that ho had pp?rehenued the morning ami "! force of the return ks of the Senator Irom ! Pennsylvania precisely as fhey had h* eu | understood by Mr. Quvi.%^ Mr. Clay boro | the same testimony.'" Meirick, and | Mr. Henderson, and Mr. Sniiih, of Indiana, 1 in their speeches on the sub 'Treasury, each '; at'ribumJ to Mr. Buchnnau precisely tne ' j same course of argument. - ' vj I St. Augusts R, MAECH8. j Successful Effort of the Bloodhounds. , I Within a few day?. Major Loo mis, {J. S. .! A -, has enp'ured an Indi. n on the Wanes* [' sassn, by means of our excellent Cuban i; auxiliaries. When the "trail" was s ruck ; j and followed for some time, the dogs be. .; cumo Very impatient of the leash, anJ by u , I sudden bound, broke loose from fla ir keep, j ors rind dashed away in gallant s'vfc. The , : u ijtj uiru i.iir uuativa iiiu us , u short time came*up to the sceuo ofacbotij l! where the r:ohle clogs <0)* had floored' il gigantic savage, and held him on the ground | , without appai iug disposed to do htm farthi: er injury. A rumor has reached New Orleans) ' I from Mexico, that a negotiation is pending i between England and Mexico for a cession ! to England of the Californias. The cesj s on of the f.vo provinces would give to f' Gieat Britain an extensive and valuable [ territory, in a part ui: ih*? world where ?h? has been an.x'ous gain a foothold, b?-sicJU s " S'-cuiing an object ?iui more desirable? I a spacious/unge of sca-const on the Pecibo 1 stretching more thin a thousand miles from the 42d degree of latitude, south?sweeping ' the circuit of the pcuinsulu of California ' i and embracing the harbors of that (julf, tho | fines! in North Amwtica. The regular meeting: of the Chatham , i Society will be held at the Male Academy to-morrow (Saturday) evening half past seven , o'clock. The question for discussion is, 4*Sho?ild , j Judges hold their Office for a certain term of 1 years, or during good behaviour." 11 F. LY.N'ClI.S c'y. j March 2Uth, 184(). '* ' - gfesggg m?p Salt. Tj SACS for sale low bv Ml WWW A.RLACOSTK. I March 20ih, 1810. 'j 19 tf; ? I Sugar & Coffee. i i . 12 Ilhas. Porto Ilico and St. Croix Sugars. 10 Bags Rio Coffee. For eale low lor cash nr ni'ipr. 1! r r A* P. LAMS?. March 20,f., 1840. * 1 cJlre?sc for 3U) 'dft- ~ ? ' d^HEESlu of cxcojkni tiiwlity fJr sale fur | nine actus by and ton Cent* ? pcr.pound bwtfhe sinJfc fJWese. ... __j ft A. r. LA^aM*.' 1 Marc!) 20th, 1890. - - / 10 tf ? | Bugging & Rope.' I 30 pound heavy 44 inches Hcrnp Baggir.j. ' 30 CoL'e Hale Rope. For sale low bv a. p. lacoste: M Much 20 h,-1340. ;i _ , , '19 tf ? S- ('UmRriega^l^r f the Loaf, for .bio L| Mw> > A.!', LAC Mirch 20:h, 1849. ' Ji .tCapfc. N Mackerel I 10 Enrols No. 2,^ - ** 20 Casks Thomastoa StGW^Bfe^. 1 Fc: Palo tow for cash, by ... . ' A. P. EACOSTE. * March CO.h, 1349. f ID - r ff^ n f Notice. i ||F AM now receiving part of my stock of 1 -EL Spring and Summer Goods, comprising a general apartment of seasonable Goods, which s I will sell low for cash. Purchasers will please n call and examine fur themselves. d ALSO, s Will be kept constantly on hand a supply of it German Bolting Cloths, equal to any used iu r this country. d MALCOM BUCHANAN' s March! Hfh, im y ... 18 *f