?
ervations on the cases under treatment. J
TTiis daily visiting of the patents is of
vast importance to the students. i
All medical students attending lectures i
ih the cijy of New York are admitted to <
tha privileges which an attendance on f
the wards of the Hospital bestow on the
payment of the fee of $6; and they are
permitted to witness griituitoualy the
treatment of the patients of the New j<
York Eye and Ear Infirmary. In this
institution, on an average, more than one
t ousand patients are operated and pre.
scribed for annually.
Surgical Clinquk ijcstitutbs by the
Medical Faculty of the University
of New-York.
The Faculty with the view of availing
themselves of the advantages which the I
? I r _ A L: I
city of New-Xork atroras ior leacuiug
Surgery, have established, in connection
with the Medical Department of the University,
a Surgical Ciimjue for the performance
of operation, and for4he treatment
of surgical affections, and the discases
of the EyeaodEar. The various
operations which have been lately introduced
for. the.cure of Club-foot, Strabis*11
us, and Strainmering, will be performed (
by the Professors of Surgery and Ana- (
tomy in the presence of the class. The (
Faculty believe that this will open a field ,
to the medical student of the University ,
for the observation and study of Surgery,
more extensive than any other in this i
- 11
country. An immense population ol our
city, whose circumstances will prevent l
them from paying for professional attendence,
vet who may require surgical aid, J
will resort to the Dispensary of the Uni.
versity, where they can he relieved by
operation.
ft is impossib'e in the limitsof this an- |
nouncement to give a deta lei account of '
the arrangements of this Chniquc. The ?
following is a brief sketch of the plan : ,
1st. Patients affected with surgical |
diseases, including the diseases of the i
Eye and Ear, are invited to attend at the j
College, Broadway, every Saturday j
throughout the year, between the hours of <
12 M. and 2 o'clock P. M. Dr. Valentine, i
Mott, and Dr. Granville Sharp Pattison I
willhe regularly in attendance, during 1
those hours, to give advice on cases of j
surgical disease, and to perform all the necessary
operations which may be requir- J
ed for their relief.
i 2d. After the operations have been
performed, and the patients removed to j.
their own homes they will be attended e
there, under the direction of the Professor j ^
of Surgery and Anatomy, by the senior |<
students of the Institution, who will be g
arranged in classes for the performance t
of this duty, and will be required to make t
regular reports of the progress of the cases r
under treatment, to the Professors and *
to their fellow-students. When neces.
sary, either the Professor of Surgery or ?
of Anotomy will visit the patients at their
houses with the students.
. With the view ofstill further promot- t
ing the improvement of the students of
the Medical Departmentof the Universi- c
tv, and securing for them facilities for
practical observation, the Professor of c
Midwifery will have it in his power to fi
supply cases of accouchments to the ad- p
??Th#? students will be
V SliceU Oi UVIV/1 > w> A ^ ?
divided into smali classes for wailing on r
these females during labour, and, they 1
will at all times have the power to call *
on the obstetric Professor for his advice
and assistance.?
VI. AfusicrM.
The Meumira will, even at the commen
cement of the First Session, he rich jr
in specimensof the choicest character ii. I,
lucrative of the subjects of the several I}
courses of lectures. It will be made up j
of the following collections: ! <
First. The Museum of the Psofessorof! c
Surgery. It may be said to embody a I
history of all his operatons, and it will {
furnish him, therefore, with the most am. I
pie means fo: the illustration of his lec- j'
tares. Dr. Afott has brought from Eu- j'
rope every instrument or machine of val- I
ue which has of late Seen introduced into
the practice of Surperv. It is unnecessary
to particularize these. Their number
and extent may be estimated by the fact, |
that the instruments and apparatus for illustrating
the new operations inOrthepe. ]
die Surgery cost, in Paris, three thousand ]
francs. I
Second. The collections ol preparations
belonging to Dr. Bedford, which has for I
the last two jcars been disposited in the
Museum of the medical College, at Alba-1
ny, will form part of the Museum of the
medical Department of the University.?
As illustrative of the department which ;
the Professor teaches, this collection is
known to be extensive and rich in valuable
specimens.
4" ? lurnro nartnf the MllSPUITl
A VTIIll* Af u iui^V ? ?
of the Jefferson Medical Col lego, of Philadelphia,
belongs to the professor of Anatomy,
and the Practice of Physic, who
have been translated from the school to
ihe corresponding chairs in the Medical
department of the Uni ersity of New
York, this will come to I #in a valuable
addition to the A/useuin of the institution.
The Museum of the Medical Department of
ihejUniversity of New-York will in fact be
iformed of three Museums; and as daily
.additions are being made to it, so far as
preparations can illustrate lectures, these
will be dbunndantly provided by the Faculty.*
.
The Cabiuet of Materia Medica will
. V ^ Pantflty will feel thankful to their ProfeskarnftM
BMhren fur any specimens which they
may*?iifribuie; ' ; i
te well provided with specimens to ilfus- ]<
irate the lectures of the Professor of that
iepartment. And the Chemical apparatus
will be extensive and calculated to
exhibit brilliant and striking experiments
and interest to the lectures of the Professor
of Chemistry.
VII. Practical Anatomy.
It is unnecessary for the Faculty to say
ane word on the importance of the cultivation
of Practical A n itomy. It is admitted
to be the foundation of a 9ound
medical education. Impressed with the
truth of this fact, every effort has been
made by the Professors to afford to their
students the best facilities for dissections;
and thev hazard nothing in saying that
they are unequalled in this country. No
city in the Union furnishes the same supr
ply of the materia/ for the study of Practical
Anatomy, as the citv of New-YorkIndeed,
it is a fact of notoriety, that a
considerable part of the supply required
in the dissecting-rooms of Philadelphia
has heretofore been obtained from New
York ; nnd a number of the other medical
jchools in the country are mainly dependent
on her, even for those subjects retired
for the illustration of their enatomeal
lectures. The dissecting-room of
;he Medical College of the University is
s a Hall seventy-five by forty, with an
devation of ceiling of twenty feet, furlished
with every comfort and conveni;nce
for making dissections.
The Department of Practical Anatomy
s under the control and direction of the
Professor of Anatomy ; who has secured
he assistance of able demonstrators.
VIII. Regulations for tiie terms of
Lectures, dec. Requisites for Graduation,
&c.
The Lectures of the Medical Department
of the University of NewYork
commence on the last
Vfonday of October, and are continued
intil the last day of February following,
rhe Faculty have been induced to fix
he comtnencement of their lectures, on
;he suggestion of soine gentlemen from
he South, one week before the Medical
!l?Ir
Lectures commence in rnnauKipuiu. n
ms been thought, that it would be very
lesirable for the southern students to have
t in their power to attend the Introducory
Lectures delivered in New.York and |
hose in Philadelphia. By commencing
he lectures in New-York one week beore
they begin in Philadelphia, this op*
ortunity will be afforded them, and they
the Faculty) believe that a large mar>rity
of the gentlemen of the South, who
ropose visting Philadelphia, will leave
mme a week earlier than they would othrwise
have done, and come on to New.
fork to bo present at the introductory
jctures. A visit to the great iMetropolis
f their country, independently of the in.
srest they may take in comparing the
wo schools, will most certainly much
lore than repay for the trouble of vising
New-York.
The examinations for degrees will
ommence on the ffrst of March, and will
e continued daily, utitil all the candidates
hall have been examined.
Tho following are the requisitions for
he Diploma:
1st. The Candidate must be 21 years
* _a?0,
1 ~ 14 I ? J 4>?w maiipcog
2d. He must nave fmeuucn l/UUI ov?.i |
f Medical Lectures ; one of which must
ave been delivered in the Medical De- '
artment of the University of New-York.
3d. The candidate mu-t have studied
ledicine for three years,) the terms of '
ittending Lectures being included in
he8e,) nnder the direction of a respccta- 1
le Medical Practitioner.
4th. He must write a Medical Thesis,
ither in the English, Latin, or French
inguage.
Two Commencements take place anlually
in the University, at either of
vhich Candidates who have complied
vith the above requisitions may graduate.
The first takes place early in the month
?f March, and the other about the midlie
of the month of July. The great
tody of the candidates will no doubt,
graduate at the Spring Commencement;
tut those who wish to postpone it will
lave the opportunity of coming forward in
lulv.
IX. Fees, (fee. &c.
The Fee* for a fullcour'of Lectures
imount to $105. The student can atend
one or more of the courses, as he
nay be dispo9Pd, and pay only tor the
ectures for which he enters.
The Fee for the Diploma is $30. The
Fee for admission to the Dissecting[looms
and Demonstration is $5. Alhough
an attendance on the Dissecting[looms
is considered by the Faculty to
je most desirable, it is not obligatory.
By a resolution of the Faculty, the
members of the professon from every part
>f the country, who are Graduates of
Medicine, and who have been established
in the Practice of their Profession for
three years will, on presenting their lmploma
to the Secretary, be admitted gratuitously
to all tbe Lectures of the Institution.
Erroneous opinions being entertained
by gentlemen residing at a distance as to
tbe expenses which a student must necessarily
incur by attending Lectures in
\ew-York, and it being known that many
have been deterred from availing themselves
of the advantages which this city
offers foi the cultivation of Medical
Science, the Faculty consider it their
duty, to promulgate the following facts.
In the Annual Announcement of the
Medical Faculty of the University of
Transylvania, the expense of board and
lodging for medical students in Lexington,
Kentucky, is stated to be " from
$3 00 to $3 50 per iccck." Three collais,
may betaken as a fair average of the
price usually paid for beard and lodging
by medical students, in the small towns
where Medical Schools are situated.
Xow, although the impression has gone
abroad that a student cannot obtain board
and lodging in the city of New-York, for
twice that sura, the fact is, that very few
of the students in attendanceLon lectures
in Now-Yerk pay more than $3 00 per j
week fdr their Board and Lodging.* In- '
deed, a considerable number of gentle- r
men from distant parts of the country, ?
attending the Lectures delivered by the
Faculty of Arts and Science in the Uni- '
versitv, are lodged and boarded at $2 50 J
per week. *
So far, therefore, as the expenses in- s
curred by the medical student for his *
board and lodging during the term of his *
attendance on Lectures are concerned, it *
is demonstrated that these are not greater [
in New-York than in small towns.- {
As it may be interesting for a student *
residing at a distance to bo inforhied of the 1
different items of expense which he must 6
incur, should be determine to visit New J
York, and attend a full course of Lectures f
in the il/edical Department of the Univer- 1
sity, we subjoin the following table i '
Fees for the six courses of Lectures
. #105 50 1
Dissecting Ticket, ' * 5 00 1
- An a
Martriculalion Fee, o uu Board
and lodgingTor sixteen '
weeks, ' - ' ' 49 00 y
; $163 00 j
It has been urged, that the present '
state of the exchanges will have a tend- 1
r
ency to induce the Southern students to F
give a Medical School situated in one of
the states where there is a suspension of '
specie payments a preference to New- ?
York. All the payments for Tickets are ^
received by the professors in the current '
notes of the solvent Banks of the States, fi
where the students respectively reside,
and consequently the only money on '
which the students from the South will 1
lose by the exchanges, is the money ex.
ponded in the payment of their Board, '
Ate. Allowing that in addition to his Lee- T
ture Tickets, a student should expend *
$*200; as the exchange between Pennsyl- '
vania, Maryland, Virginia and New-York '
varies from 3 to 4 per cent discount, his '
loss, at the utmost, will not exceed Eight *
Dollars. *
It has been the object of the 3/edical '
Faculty of the University of New-York I
to embody in this their First 11 Annual
Announcement," &c. as much informa- 1
tion ns the limits of the publication would '
permit. With confidence they address (
themselves to the members of the profes- *
sion, and solicit their patronage and sup. *
port. It is true that the 3/edical School (
of which they are members has just come
into existence. Yet it comes before the !
public not without name and reputation, *
but as one of the departments of a flour- (
ishing University. And it? Professors, '
although they now for the first time ad- '
dress themselves to their medical brethren *
as Professors in the Uhivefsity of New- 1
Vrtrfc An nnf nlineal tn them'as strangers; I
*" "? -rr ? ~ i
on the contrary, having beert" for many
years engaged as medical teachers in other
institutions, they have the gratifying assurance
that many, into whose hands
this announcement will pass, have been
their old pupils, and are still iheir sincere
friends. Bv order of trrc Faculty,
THEODORE FRELINGHUYSEN. 1
JOHN W. DRAPER, Secretary. '
(?r P. S. As the Surgical Clinique '
af the Medical Department of the Universitv
had not gone into operation when 1
this announcemens was prepared for the
press, the Faculty could only in adverting
to it, express their belief that it would "open
a field to the medical student of the '
University, for the observation and study
of surirerv. more extensive than any other ]
I" ' O '
in this country." Although this Dispen- '
sary has only been open for three Satur. 1
flays, the number of surgical cases which
have resorted to it for advice and opera- j
tion, has more than realized their most
sanguine anticipations, and warrant them {
in asserting that a more interesting and '
* i
valuable school for the Clinical Observe- ,
tion and Study of Surgery, does not ex- j
ist in this or any other country. The limited
space left in this circular will not '
allow of the publication of all the cases
which have been prescribed for, and ope- '
rated on, since the Institution was cstab- '
tahiished three weeks since ; hut that the
student residing at a distance muy form
some idea of the extent of practice he
will witness by an attendance on this Surgical
CUnique, we publish below a list of
the cases examined, prescribed for, explained,
and operated on, by. the ProfesJ
1 ^ nn tho last
sors of surgery ana ..viiiuuiiiy ...? .?
day of their attendance at the Dispeosary,
Saturday the 24th inst. .. .. I
Two cases of ulceration of cornea, and
inflammation of the eyes. Four cases of
stammering; on three of these the operation
of dividing the genio-hyo-glosssi was
performed?on the other, as there was
great elongation of the uctda ; Yearsley's
operation was executed. One case of
fracture of the radius in a child. One
case of caries of temporal bone, with a
large fungus growth from the meatus auditorius
cxternus. One case of polypus
from the bottom of meatus auditorius ex? j
tenuis. To be operated on next Saturday.
Two cases of syphilis. One case of congenitafphytnesis,
with ulcernt on orglands.
One case of Egyptian ophthalmia. A
case of club foot' on which the operation
of dividing the tendons was performed. A
very bad case of white swelling, on which
the flap operation of amputation of the
thigh was performed. A case of the contraction
of the fingers from a severe burn.
VI.T.tV, tko iriotu nf nrpronlin(r. if nnssihle.
JJ Kill illU WWW v. J/, w. .. p. ,
contraction from the operation, after the
skin was removed from the palm of the
hand, a corresponding portion of unitegment
was taken from the fore-arm, and
fitted in accordance with the principles of
Rhinoplastic Surgery to the wound on the
palm. There were, inaddition to fhese cases,
about twenty others, which were, from
| want of time, postponed until the follow^
ing Saturday.
~ ' " I
C05CBESSI0NAL. i
Washington, August 5. j
The Senate was occupied the whole
lay with the fortification bill, from the |
louse. Numerous amendments . were |
nade to the hill, which have clogged it (
o much that it may be rejected by the |
iouse* The amendment appropriating |
F5,000 dollars for the selection and pur- j
:hase of a site, under the direction of the |
President, for the erection of a national ,
irmory somewhere in the Western, North. .
vestern, or Southwestern States, was, af. ,
er an earnest discussion, agreed to, 28 to {
11. The amendment was advocated on |
he ground that an armory was necessary ,
'or the defence of the West, and to avoid .
he expense and delay of the transporta- <
ion of arms from Springfield and Harp. ,
sr's Ferry. Mr. Clay opposed it, for
he reasons that, though the subject had j
men talked of in Congress for 20 years, ,
t had never been "acted on, arid that it j
vas less proper to act upon it now# at the
teel of an extra session, and when the fi- |
lancial condition of the country would ,
tot warrant the expense; that the two
irmories now in operation could manufac.
ure 24.000 stand of arms a vear,. which
vas adequate to the wants.of the country;
ind that rail road and canal transporta.
ion to the West, from Springfield and
Sarper's Ferry, was now cheap and easy,
ind would soon become more so, in the
>rogress of improvements.
Mr. Benton, said the West was to be
>urdened with a national debt, and with
i tea tax, salt tax, coffee tax, sugar tax,
fee., for the government, and if they
>ore all the burdens, they were entitled to
tome of the benefits of the government.
Amendments were also made for de'ensive
works at Fort Smith, in Arkansas,
tnd at Detroit.
The exposed situation of the lake fionier
was also the subject of discussion, and
in amendment was carried, authorizing
he President to expend 100,0ft0 dollars
towards the defence of the Northwestern
akss. by armed steamers, with a proviso
hat the treaty stipulations in regard to
the naval force kept by each party on
[hose lakes, shall not be violated. The
tiill, as amended, was ordered to be engrossed.
Mr. Botts made a strong argument in
mpport of the doctrine that a national
>ank was constitutional, and that the
question had been settled. He broached
[he idea, also, that the President, under
luch circumstances, hud no right to exercise
the veto power.
Mr. Proffit made rather an eccentric
jpeerh, advocating a bank, and Mr.
Ulay's bank?but fiercely opposing the
compromise amendment to the bill which,
le said, was attributed to the gentleman
from Virginia, Mr. Botts; He defended
the right of the President to exercise the
reto power, in this case, if he thought
proper, and maintained that it was his
Juty to do it, if he believed it to be uninstitutional.
The whig party had not
info nnwer on the bank question,
i>r any other question, but by keeping all
questions out of view except the single
ane of displacing a corrupt administration.
If the President saw fit to veto *he
bank bill, it would not break up the whig
party.
Messrs. A V Brown of Tenn., and
Grarable of Ga., spoke in support of the
bill. Messrs. Weller, McKeon, Hubbard
ind M Brown, in opposition to it.
Washington, August 6.
The Fiscal Bank bill was discussed
from eleven o'clock, A. M., to eleven
:>'clock, P. M. Much interest was given
to the debate by the vigorous assaults
which some of the friends of a Bank?
Messrs. Marshall, of Ky., Adams, Underwood,
and others made upon the 16th
fundamental rule, respecting the assent
and dissent of the States, and which is
known as the compromise. Mr. Marshall
confined his remarks to this provision of
the bill, and exhibited its absurdity in so
strong a point of view as to make a deep
impression upon the House. He had
been anxious, he said, to support this measLire,
as he had supported every measure
which his friends brought forward, but he
1J * fiia r>r?nor?ipnp.P and his !
CUliiU UUl nuiuib ma vwu-w.? ?
duty to the country, by voting for the hill
with this provision. He shewed that it
was clearly unconstitutional, inasmuch as
it allowed a State to withhold her assent
from the placing of a branch within her
limits, and then provided for the repeal
of the State law thus made. There was
no power to repeal a State, law legally
and constitutionally made. The provis.
ion also conceded powers belonging to
the general government, long exercised
by it and acquiesced in by the States;
and he contended that it was not in the
power of the general government either I
to diminish or add to its constitutional
powers. The clause combined the two
extremes of consolidation and nullifica.
tion; for, while it asserted power to abolish
a State law, it authorized a State to limit
the powers of the general government.?
He protested against provoking ajid inviting
a collision between the powers of the
general government and of the States.
Let this bill be passed, and it will open a
thousand questions, now happily at rest.
It will next be required that the assent of
the States shall be asked to Revenue bills,
- T?L . 1 4
to treaties, Otc. i ne general government
will lose not onty the banking power, but
the revenue power, the war power, and the
power to regulate commerce. lie was
for a bank?but he wanted a Bank of the
United States?for the whole United
States?not for a part. It was admitted
that half a dozen or more States would
refuse assent to the law; and the law
would, therefore, operate, not generally,
not coextensively with the Union, but
partially and locally.
Mr. Adams was also very powerful in
his opposition to this pari of the bill. He
also indicated his objections to various
other of its details, and moved amendments
accordingly. He moved to strike
out that gart of the bill which prohibits
iliens frottt holding or subscribing to the
stock of the Bank.
Mr. Wish was in favor of a bank, and
bad no scruples as to its constitutionality;
but he could not vote for this bill, on account
of its objectionable details. He
thanked Mr. Marshall for having saved
bim the trouble of arguing tho compromise
question. Mr M., he said, had raked
that question, fore and aft, leaving not a
jpar standing. He defended the veto
power, and claimed for Mr. Tvler full
right to exert it in this case, if he thought
the law unconstitutional. The argument
that he must yield his judgment to the
Dpinion of his predecessors, or that be
was bound by the decision of the Supreme
Court, he considered a9 absurd and unconstitutional.
Mr. Underwood opposed the compromise,
and said he felt pity for the men wtfo
could vote for the bill, with this compromise,
and not for the bill without it.
The Senate passed the Fortification
bill, with amendments enough to destroy
it. The bill extending the Charters of
the District Banks was also passed. The
Navy Pension bill was discussed.
r** . %r .onnrlorl fh* RpVfnilS bill.
If I 1 VliAX V|/VI bVU ?MV j
with amendment*.
FISCAL BANK.?August 6.
On motion of Mr. Sergeant, the House
resolved itself fnto committee of the
Whole on the State of the Union (Mr.
John C Clark, of New York, in the chair)
on the bill to incorporate the subscribers
to a Fiscal Bank of the United States.
The pending question being on the (renewed)
motion of Mr. Dean, to strike out
the enacting clause of the bill.
Mr. Roosevelt, after some remarks in
relation to New York city politics, procceded
to remark on the selection, at Harrisburg,
of General Harrison as a candidate
for the Presidency, which he ascribcd
to a persuasion that, from former
expressions of his opinions at different
times, he might be considered as for a
bank and no bank, tariff and no tariff,
abolition and no abolition?all things to
all men, as circumstances might render
expedient. He represented the present
Chief Magistrate as exhibiting a perfect j
contrast in this respect; in support of
which he referred to his printed speeches, j
delivered seven years ago, since which j
nothing had occurred to lead to any
change in his sentiments. The United
States Bank had fallen from the height
and pinnacle of virtue and perfection into
such a depth of infamy that its " odor of
nationality" had become a stench in the
nostrils of all men.
Ho next commented on the result of
the late election, which he attributed not
so much to any political sentiment as to a
general desire for a change. The people
had heard of "Jackson and Van Buren"
so long, that they wanted a new tune.?
Mr. R expressed a good-natured acquiescence
in the change, under the general
maxim that in a republic it was not good
for power to remain too long a time in tbe
same hands.
'* * -a* 1
tie men weni on imu some muumuij
strains on the Sub-Treasury, insisting that
it had worked well, and that the objections
to it applied with equal justice to the employment
of a bank as a fiscal agent of
the government. Certificates of deposite
would answer all purposes of circulation
and exchange, and would avoid the evils
of expansion and contraction.
Mr. R then went into the constitu.
tional argument, in reply to the remarks
of Mr. Botts, whose inference from the
coining clause would, if followed out,
prove all State hanks to lie unconstitu.
tional. He also contended that the np.
pointment of a portion of the directors
was inconsis'ent with the clause of the
Constitution which referred to the ap.
pointment of Government officers.
Some explanations passed between Mr.
R and Mr. Sergeant, touching the extent
of the power conferred on the Secretary
of the Treasury to purchase the residue
of stock not subscribed. The reply of
Mr. S was inaudible to the Reporter; and,
soon after, the hour expired.
* a -? A *i _ r
Mr. King wtsned me opportunity 01
offering a few remarks in explanation of
his rote for this bill, inasmuch as he had,
at an early period of his public life, been
strongly opposed to a National Bank.
The substance of his remarks may
briefly be stated as follows:
1 Experience had fully satisfied him
that, in a country like ours, it was impossible
to carry on the vast moss of trade
and business with a metallic currency.
In confirmation of this position he referred
especially to the experiment once
made by the city of Hamburg, and its
result in banishing all specie from circulation,
and the substituting for it of a
currency of paper exclusively/ The
framers of the Constitution had had in
their eye a specie currency; but the necessities
of the country had superseded
such a scheme, and had introduced a
universal circulation of paper money.
Owing to the issues ot banks incorpor.
ated by States independent of each other,
it had become impossible to collect the
taxes in a uniform manner throughout
the Union ; for the depreciation of bank
issues in different degrees in different
parts of the country prevented the currency
from being uniform. The States
| bad no concert of action, and could not,
if they should attempt it, effect a uniform,
ity ; but their interest lay the other way,
because they made money out of the expansions
and contractions incidental to
the existing state of the currency. Being
the sole dealers in exchange, they profited
by all fluctuations in it. Hence he argued
the necessity of a national institution as
a regulator of the currency.
If he we e accused of sanctioning a
principle which would authorize a protective
tariff, and works of internal improve
ment by the general government, his re*
ply was, that the establishment ofa bank
was a necessary incident to the money Jl
power, which required that duties and
taxes should lie uniform throughout the
Union: whereas a protective tariff and internal
improvement were not incidental
to any one of the granted powers in the
Constitution.
To illustrate the regulating influence
of a central institution, Mr. K. quoted
the effect of the arrangement made hy
the country banks in Massachusetts witk
the Suffolk Bank in Boston to redeem
their paper, which was, to keep their pa-per
at par. And Mr. K had once supposed
that the same thing might be effected
by central State banks in each
State; but he found it was impossible,
because many parts of the country traded
with more markets than one, and could*
not make deposites in each to meet and
redeem their notes, which consequently
suffered depreciation. But a national
bank would extend this same principle
to the banks of the whole Union, and
would keep the paper of solveat State
banks always at par, or nearly so.
. Mr. K next noticed the question which*
had been raised whether bills of exchango
did or did not constitute a portion of ttus
currency in every commercial country.
The late examinations by the Bank of
England had put that question at rest by
deciding it in the affirmative. Bills did:
constitute a part of the currency, and rep.
resented all exportable and transferable'
commodities. Of six hundred millionsin
bills, more than five hundred million;*
were based on the products of the country*,
lie then went into some statistical statements
showing the amount of bills and!
bank notes afloat in England and Wales1 ^ during
the year 1839, which hecomparedl
with the amount for the same year in thi?
country. He stated as the result of the
whole that, while the total average circu*
lation of the United States for the last
three years of the existence of the national
Bank had been over six hundred and
iifteen millions, that of the U. S. Bank
hud been but eighteen millions; this certainly
had not been of itself sufficient to
make the currency uniform; and he therefore
inferred that its comparative uni.
formity must have been the result of theinfluence
of that bank in regulating domestic
exchanges.
He compared with this condition' ef
the exchanges and currency that eha<w
tic, floating sea of our fiscal affairs which*
had succeeded the destruction oftheBatikv
What must be the condition of t$wt couni
trv whose circulating medium wm n? one
1" ~ ~ D
year 103 millions, tbe-following year 14t>
millions, then 149 millions, tbett 119 millions,
then 135 minions, and fhetv 106millions??thus
increasing, and than sudI
denly decreasing, by a difference of over
30 milhons in a single year. What cowrauoity
on earth could long stand such a
state of things? Mr. K estimated the annual
amount of bills of exchange at five
hundred millions; and, reckoning five
per cent, premium on them, would show
an annual loss to the people of the United^'
States of 25 millions of dollars; malting,
in the six years since the destruction of
the bank, 150 millions; add to this the losses
on the currency, and the total amount
which the suh.Treasury scheme had cost
this nntion might be set down at not lest
than 250 millions.
-Mr. K. admitted that a National Bank ^
could not wholly prevent, though it would
! greatly diminish, the fluctuations in our
j foreign exchange The revulsions abroad
j were, for the mast part, the result of short
crops, though in some cases they wero
certainly the result of over-trading: (but
this latter cause had operated only since
the fall of the Bank.) A National Bank
, was a great palliative of losses from the
j first cause, and exerted a powerful resi
traint in preventing those from the latter.
It was impossible that its place in this
respect could be supplied by any Stato
Ranks. When exchanges were fluctuating,
people had not sufficient confidence
>n Qtafo Rfinl/ iwaiioa h?n4>A their OOteS
Uiuiii uuiin aouuu | vh?w >
returned upon them, and all the specie
was drawn from their vaults.
Mr. K. thought the People had suffered
enough and long enough ; nor would tbey
suffer much longer for any man or set of
of men. A sound and uniform currency
they would have, if to have it was withi^
the compass of human power ; and whatever
class of politicians withstood thai
purpose, would find that they had run against
a rock, on which they would be utterly
wrecked, and cast, in disjointed fragments,
on the tide of time- He believed
that by the present Administration?or if
it failed, then by some other which would
take its currency as they had in the halcyon
days of their commercial prosperity
once enjoyed, could and would be accomplished
: without it we could never prosper;
for it was as uecessary to a great commercial
People as was the circulation of the
blood to the natural frame.
Mr. W. fost Johnson obtained the
flour about six minutes before the hour for
debate was to expire.
[Mr. Dawson, across. "Now Johnson,
give them an evidence of the power of
concentration !"]
Mr. Johnson said that as it wanted but
Ave minutes of the time by the minute
hand of the clock when the committeo
would be forced to rise and vote upon the
Kill Ka hrtnnrl that his friend fro.n North
? *?l~~ ? . _
Carolina would allow him to a say a few
words.
Mr. Stanly consenting?
Mr. Johnson proceeded, by 'saying
that his principal reason for desiring to
speak was occasioned from the fact that
he had been on the Currency Committee,
and had consented that it should report the
bill which it did, without committing him.
self upon the details is the House.' At.