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(ttailnltfcfTifMitfy. . certifies thr-rewcre *ditotte of thorn were thru , , ? of libit teen yews aller III* .v. was repealed ? .... In tbo t?eua*ylvanla.district, the H,?rk certifies (beta <?M twcrhundred?ttd ol .bankruptcy iasued, Of lids number, etoUt A*e.i*rud *ottO bo buaknsptaj tea sudy asada. ividendscreditors; five of tlio*? less. ?atw*utyp*re*ufl;**doua bundred?MiduU?*ty at made M dividends st *11. Therefore, of Um two h*edr*d (KM VMM declared luutkri.fiU, only ?M?4tof paid any. thlqg. to the creditor. Tbe southern district, only, of.Kow Yoik vw ?M*rd from. Th* clerk of lU district ictlftes 4k*t hundred and sUty-sU conwtetlots ot t>uuktupt?y had tssu*d CM these, only twenty two mad* dividends; (on ol tbut twenty-two paid 1*n than twahra oMtiln tbu dollar,??d mam of <h*w not Mora than four cent* In the dollar, and dM hundred and.forty -luur dividad nothing Nut 90?ot|MB OM slfitlU wade dividend*, audi a* Ibey Tbto I* Ml ? nMitt of imagln atbm, but |>o?illv? o*cial facts. Tbls law vru enacted when (Killti* eat party spirit raged with tuora violence than at ?ny other period of our government. But so ittl qaltions war* lU operations, and *o demnrwlixlng were Ua rlkti, tfiat the whole community sick uu*d at tba prospect, and Iba taw itself was not ucrftivtted "to ll.v* Out half lit days." Although ft had b*?u enacted nuder party ladings, ytt, ??? outrageous wara Its enormities, that party ambi tion ils#ll gave way,end the few that was unacted to continue lu force for five year* und eleven month*, was, by uhlvcrsul content, reixiuhd ill let# than W that time. 1* U certainly th* wisdom of governments, ai well a* of Individual!, to profit froui experience, und M? avoid web measures as are ibuntl to b* pregnant with evils.?- lint we wrui to be doomed to another rale. Hie sccnr baa drifted. Credi tor* no longer seek this aau mode i.f relief; if tin y do, they are very few. Hut the debtors who bave grown Impatient under the delays In par* a bankrupt law tor tbe benefit of creditors, with n Kdoois characteristic of tbeir object, have uu ibiugly asked Congress to imss a bunknmt law to malde debtors to cancel (It debt* v% lifclt they ilirpiselvesowe, by tho mere o|>eratiou of legal foimalltles, Th* bill is supported upon this ground. We are told bi direct it rms, thut the ob ject of th* tow Is to discbarge debtors from llieir obligation*- Wo bave been told, by aunouyniou* letters, written from your gallery, that a numer ous class of debtors demand such u Uw from your bauds , And you hav* been told, In piimph lets placed on.your table*, thai it was n duty y ou owed 16 tbe suferingdebtois, to pnsssacli a ia?v for tboir relief. And. you have been told, \\ lien this sqbjoctwas under coudduratioii nt a former timo, that mora tban seventy thoumind buukropts were waiting fur the iwwage of lids law to be discharged from their debts. Wu bave been em pliallcimy told oil thii very oenoi m, tliat it U an ?*f 'of jo?tl< j we owe to a numcroiit rla*s of debtor*, borne down by nii?t<^lMn?, and that it would be an act of cruelty todei<y ibem the bene lit* of Ibis law for their rrfMiojui-.tt And tlii? bill,' by Its new form, is, moreover, to embrace every description of debtors known to tlie law* of our countty;snd, at asingle blow, undert'le^uuo'tiou of tow,to cancel every debt in (lit Ijulted Diales, above the snm of'56W, if ruth debtor and hi* ?friend should so choose to airauKti mailer*. "II.?> ?' t^ll under consideration itsuscejitiblc ol ihu result. However, a* this is to be a measure productive xif do ordinary consequences, and to produce a ?o*w are in tbe ethics of our country, Mr f> s.iid 4h> would ask of what description were ttii< im mouse OMSS of debtors, who so strongly cached oursympatbkV Weru they men who Inul been bred to ??reaittil* iiursui!s, but who li ??l been OV*rtak*N by sum* Ires^tooter, witiUl mailing in a fair uud hgiUmale trudetnud despoiied ol tin ir wbol*Xtdsua by OU* fell swoop.1 Or are they 9*U jwbosa/ortuues Lave t?een w reeknd U|?on Hie .ocaaa, *ad susst away by ilia billow* of the deep, Ibat every heart ahould&iicb, aod every ey^ should weep over th/tir ualemllitV Home ol those debt; ,or?, .ua djjuubt, wete of this dnse.ri|?tioii, or were ?fabrtrmkrs, who bad suffered irom other circuni 1 stances li?yoqd their control, all of nhoni do ,4*tv*d our.sympathies', hut not so far at to alwolvr tlicm from tbeir Adr obligations. Kut the traders of tMs description for in Imt a speck in tbo cata logs of those embraced bi this bill. Ifowmtor trq* It maybe, mid Mr.8 tbnt every Man has a ffeht torkk his fortune in snail way n> be, him?*lf, may tbiMt fit, yet it i* rquully true, tb*t notwithstanding Congress havo the power to *?tablitb uniform laws on th* euMtci of bankrupt 4)ies, they ought to p*u?e lonq; before lliey abvd ve. wadarthi* sanction of law, from tho obliVttion ot tbeir contracts, a host of rmugglers, stock job)*", baokln MMvan i*i, who bave bsued tboir mil lions,>ud tbeir tens of millions withoat ono dol tor of capital, and an innumerable tribe of n?u 4*Mri|H?, with no other stock in tre<le than their 4s*d oUrpoaoofdftraudiog the unwary, beeiuise .tb*y hav* f*ll*ti abort ill tbeir orar-jaaching* %od Ipet-ulatious Q|mui tbo ansuspeetlng not. - ? i The banking ayikm, in *11 Hi verictier, nritlim Om 1a*t twenty y?r?, h? hern earned to the qm( nlravifitDt lengthi. Morehantt, tavom broken, h?ree-l??akiet, frirym^n, ami tMHjr other#, nt one period, m*<Je and j.ut into alrettlatton* their owumrreur jr. Awlwheu<i?ll*d tjpootored eem U had either become bankrupt* or r?n away. Mr. Hmith mid, lltnt he knr-w one borne that had lamed two or three hundred ibotttaad dollar*. They had twit mineed the mitt tart tboy had toned their ten ?nJ twenty dollar Wilt, and bad p9>hod them into thr n<"fhbnritir data*, in frtnt abundance. Much of thi? tm?h i* ?rcrydayimpoMdvponlhahonett *i'l iiMOf|iMi* tag partol I ha ?Mao>unit y. who h a re to bear t ha low,1 ?ttboee adreotorert foil to their {>r<4e<?.u. Bttttka Matter tpiriU were the large banking ipaaia*. .MattachuMUt hat titty baukt at timet AAeea of thou i* Boeton. Thaea hank* _ re a capital of near about glS/MQlOO. What yai thair condition ho know not. bat knew that to be thair tuppoead capital and their number. Upoa tkf .?tool banking pHnoiidee, th* praetka ?at baas, to tooa threa timae the amount of ih* Tint would fire to Metre* hui<t<t a par e?rrao?y of ?36.000,01/). of bn nk re are at toaH 300 bank* in the aad ape* Ike mum average of the beak*, the eapi tat of all UtoM bank* to $QO/tOO/Jm, whtoh ought to l? ?tiead ofwbkh tka capita) gear ra I notaarf MHMtlbtt b*okei and ma bank Making notee to become m ?i^ns 1 . v ^sskS oflu! j^^wssssrS _-r?^..l ..?..MM mi. I II1.?WK | IRn bank wat beWaved in be*- tulveul at any Unk iu the United Butw, until it i uuutiuccd iUown pre mature dewth. And aiu'W^ other thing*, it hut b**ri ?ui?a ib Hit pu? 11' prinU of (lie tiny, in miter In hut* ? lull 10.. uf t.y.iiK--, wlira they [V?rt nut ibrcouutuig iiutc*, the iliKd'ini wm ' tratlkkiug with il?o cMuting vomit lr?m North Carolina. in |MU? board*. I'mwylvdiiii, al>oat 181;', incorporated 40 btmkt in mi* ?H of Ibeir l,egt?lalur*; ami in IBI9 70, ? com III ? U eo uf that Legislature. appointed to inquire iulti the extcut ami ranm ?i lit* then general di*tr<?? that pervaded Ahmet every date of their imiiiif other*, enumerated Ute r?Unjriivc?umi < ? . *Uiurioat cxlurtioiir, trbtrcbjr eorporalinni inetitaleU Utr bathing, luiurance, and other purpaee*.in vlaliltMi pi law, pottcM iIn-m?c-1 vt. of tho prwduil* ol linhWiy without .granting au equivalent. " Vcxultuut lo*t*f,nrj>.n?from Ihedqimntllun and flucluutioo in the value of bunk uvtrf, thi iuipo*irioii of broker*. un?l tuc fruudi of .couutcr (?lltn." Ilhude f?lan?1.hat lur 90 baukt; but wliat w?t the vnlue nf her eurr??cy Im knew ?io?: however, it eould not bo pretuntcd to bo very touml irvoi tuch an overwhelming number of bank*. N?w York boil her full <4uir?i of haiikt; tome of them. Mr. 8. ?mh1, Ii? billeted to Ins very good. Uut iu the year I It I IS. or nbout Out turn-, u com* mute* appointed by ihc Lcgitlwuira of that tlate In iuquiio into the of their currency. report* ml (IimI mnie u( their banka had prectued tntny imixnilioni uj<on tlio honeit larmert of llial cunt ry, by holding out l.il?e pretence* lo induce llio?e former* In ilnw money from Ibo bank; upon Ilia plc lxo of their larm* Upon which the han't, j immediately commenced ?uils,obtiiiuedjud{meiiir ami fold farm* and every thing rbct which were bought in hy the bank* for tfieir own emolument. I Other bunk*, without any tori of capital, bud | i*tue?l lulli I<i n largo amount; h id employed : agenlt to carry tlieiu at a diitaiice, Uwro to t-xclmngn them for notei of good bank*, or any thiuif ?lie, then divided the pi*ofiU, and dittulved the companies with cuoriuou* mini of tlioio bill* left imnii; the poor ami ignorant people without u pnittble hopo of ever regaiuing a ceut. Kentucky,* few yeari since, incorporated thirty fix baukt atone tetn?u ol her l.cxidaturn. And their t>c?t |..?|icr hitd daprc?:iate?l un hundred per cant. Many of thnie tiatikt went into rntn.n without <>ue ?bilhiv; of capital, and rout ?rttir j note* into otrculaluui to u Ihc^c miK.uni, mi l whitdi ..ro not yet rtdot nitd. Suiuu om. ?r ukhi uf thn?? bai:k? ?i-ot lurgc .jonulititml' thfir lulli abroad, liy different a^v.iU, who >li?|M?e,| ..I them lor ho^t. cuttle, Ihirnt, llnd, vultoa l'..|!KMij. < t ' any thin; Ihut w.u u.atul or |.rl!in ; divided I lie pro|>crty Ihut puixliu^vJ, and btcu.K ' inrolvout. The nicrrliNul't bank of AIcxauditfi, aboul j twelve yealrt u^o, imum! h miliioii of ilollun, with i a beautiful wreath iu thn upper margin, in tlic ] niidrt of whiuli w?ra tliuto word*: * charu-rcd t>y j Ci?i|jft'?, eatniul one million.* Tiii* ni Ihon w?? i hurried oir, uiid |M?Md U|'oii >>u uiini?|.e?-lHi!? rommuuiiy, tho prut'ii* du-ebnl, uud tlm l>?nk, rlorkholdtrr nutl all, imm?dutt( ty .l.tappcarod, uud uobiNldy e.ould he detected iip.u whoui to fix tho re?|Miutibility. 'i'he*e,aud a IhotiMiid otlior fit -'i !?clt, l;av?? in a lui'i'miun of more than iwuly ycur*. been ruccettfully played oil" l>y tho liittiki U|K>n the houe?t, iiuw.ry. and indu?trmn? ejm* of your cowniQuity, who tarn their bread by tho ivrtkl of , their brow, and toinpo-t ttiat ciwu of pnptil t'.oni I which arc in thu, a? in every other fount*;*, the j pride :nid the Ixmft of the government, who, I |K-rfeetl? hoiic?t thniiifclve?. have lnl!en a ?..'?rifice 1 to the ehoatt and fraud* of thoie adventurer* in J pa|>cr, who, hi rompanier, are in no wi?? ?ubjcct ' to the nperaliou* of a tun|>ie piovltinu <>l lint bill, ' when at the fame time they, and each of them, ] aro at lully entitled toavcry privilege mid tain lit . it can britow, nt the inctt U]<ri{ht aud prudent ; trader. There it annthrr ?U*>t of trudtr*, and a very large clou, who have ut little, claim lo indulgence at'the former. Jjueh at were rcgnrdlrM ol uny eoiife(|ueucef, but iletenniued, if piHtibU, with out any mcaui of their owu, to grow rich upon the meant ol othcrrs' aud who in a rccklet* curocr adventured largely ujm.ii credit, wlm, if they failed, had nothing to line; t| they tuccoeiUd, the pn litt were their unn. Your country alH.uudf In tln> dcicriptiuu id tradrri. Among theio our uaigb trt.r- ol Ihe we?t have ari overgrown ftoek. Huch at tupp?rtC.I they had extraordinary talentt for meri hantde enUrpnx?, bought Up th?t hortet. cattle, llour, uud |n?rk, ol their i-idm|riout Noi;;<dM(rf, upon a credit, until lltey ?oiil.l return Irom irarket, many o| whom tpotted utvuv tho Wholo proccoedi at tho gambling tablet, returned brokeu mcrcbanlt, aud left tbeir crcdulout neigh bori Iu bear tho lotf. 'J'ke y??r 11125 abounded in b?nkrii|>tc.ie*,; rpt mgn-ct out of lilt cotton trade. Tha price wm kepi ?l?.\vn until til*1 |>l tiner* had taken the ebiM pert of their notion to markot,and>oMit Ml r*dtice*l price*; then the >|*ttiliilh^? ooniiiouctxi, Tl*y commenced in Kngtaud ?H|h 10*1* of the large capitalist* there, who to (tree from the manufac turer! hii ctimunlmirjr price, hough! ui> all Hit cotton In tho market. winch producedr>r m Miy /new tho intended ?flT-ct. I.vtteri caui" on to .New York, of (ho speculation*, ami a uew ?**ne n|.*ur-d. Arrutigaineuts took bftfriii in* *|MHl?t<irfiif tho riti**. who war* m*>'t vriaed in (he art. (lain)'* of horse# were procured from New York to New Oil inns awl other ?outliaru oili nimI MHirirrlMHiiluyal l?j(u from city to ??it / riding day uoJ night, a? if on llio winy* ol tho wind, to uarry the tidinr? of th* high prices one d <y, ta eoaMe ihur employers, when they lusd large purchases on head, to rail out for tho nnnt enormous profits, thau rarturn with Ilia tuo?u?fwl mle, that prmc* wire lowering, ami immediately otIn r purclMtea Wire made. A <?d thu? they want I wi| one i>r?yio;j4i|w?ii another, fill t|ia greater |wrl : of them fcaeama bankrupt*, w?uy so before thoy began, und many eel iuto ilml iu||la spaauletioe without a farthing ol capital, who now want tha hatted l of ? lainkrupt law, and l>o ready, ?? soon at an Opportunity tbtll olf r, to play Iho Mm* K*mo ovar afam. 'I'lm aotiie ?? hu-lroei ham fit ? log tho ptauter, battened tha fall of cotton, a*! on'.y undirtli a faw muster speculators, among I'kiii, one iu Ihe "dy of Nafr York, !*??! aumaMtj in a low west! lis hall u ttdiianol dollar*.' ' Mr- Binith nk'J if tha Senate ware willing to aityie tha iutereiu and fortune* <4 aver/ l^hnriaf mechapie, ami all the niMM*rou*olaw'? ol fari?ere ?MLiNMar*, whom I ittftears it waa to Ml while Oihart rlapt, in tha hew! loop HdveoUK?*iif those ^ their own w ... _ there U a vo y Un?? uroporlioo of your u*efu) mechanic*, your iuJuitr.otu aud lal>oriout farmer* ?fed planter,, who xr* nrv?r fnuud nn Ilia debtor ?nle. Huppote i wervhaut or factor thould (ftI into b.? hand*, a* tliey very ofletfc do, the crop* of ttrenty Unstri ?? of tnutty planter*, ditpueo of them all, and receive IM money, then Itrimuld appear Hut ho had coirttuiUedan aet.of bankrupt* ?y 11i vo month* ln.-l<.i?; what it to become of UM uiuu?y ttrwlvwl by the *ul*i of tbean twenty ?:r??|i?r It gu? iutu Ibe handi rf wlyiMMC |Nirt of the e?tatv of the bankrupt, to bo divided ??ut NttMNtgit I kit merchant creditor*, tod pe-hap* tho farmer* or |4 inter* who have reputed . ouft. deuce iu him may receive four oeaU in the dollar, ?od perhap* uoihinf it all, u ha* fallen to tho lot of iiiu*-u-uth*ol other* 111 tho like titan* tion. ' *, ' ? y Ilut. Mr. Smith *eid, !>? would etk if ore had ten moo?v? for the li<**?luroditor?? Wherever there vrai m debtor -Uiera wo a creditor, iu rami ioitan ues two or throe, aal aoinotimn Many more. WhiUt the debtor exritee our tympathi**, the hmiol creditor demand* of u* a paramount duty. To let hiro al?ue, at lea?t? iuhI not beggar bim aud hi* faoiily to avothe our *ym> pathie*. ' ? , . -/ ? t> Hut however meruoriou* a portion of tha debt or* of t?(ir country may be, ami however boooat tlicy oiijht prove in the ?nrremlor of their ertatea undvr ?tich a law. v? we prepared to offer tho temptation, and to throw wide open the door to more than five hunirol tlioutand debtor* of every 4weri|i|ii<n,(li*|i(ru>l ia every direction through out the Untied Slate*, to ttain the fair fane of their country, aaJ defile tlia temple of juetioo with their c?rrtipti?n*, their fraud*, prejudice*, and tubordiualiontof perju. iee, until every moral principle i*deba*?<l,and every peouniary ob|ig?. tiondi**olvrd? Thm were tip effeet* that flowed from the bankrupt |?w of IQUtl, when the debtor* wern very few, und the principal* ot morality moro re*|M>cted. Therefore what are we to ex pect from that heterogeueou* ho*t of paper credit dealer*, broker*, *ii?k-)i?bberi, ami banking adventurer*, which tweoiv-three year*, of time* of more than ordinary ninrarter, have thrown into the community??The imwt demoralutug effect* mu?t rctull I rum iur.h a bdl a* that beforo I tho Senate. ? ? I Mr. K taid, tho hill, with all it* faciliiiea to relax tho ui<<ral hooetiy of debtor*, panting fur it* peculiar provision*. ?n l the bill now ou your table to tlxiliili in|irit?omoiit for debt, let looto at Uin ruinc time, wonld act Itko a deitroying angel U|h.u (lie virtiu-U* ait-i moral worth of the ro,atnu ?Htyj miiJ not only 0*ive place lo the mo*t fraudu lent practice*, but totally extinguish that moral cotilVltfucc rt*ut yet *ubf'.t* hri neeu debtor aud ?'reditur, ot' lorbiaranto ?>u tlio ouo hand, uud uommou lu>nc*ty '?u Urn other. I In* U?*. U n mUud&d, tiiall aim have u retro* m<-t?vc rij ,:j. |l i< not only to n|teriile upou ?'i> ii ?? 10 1/ im i M.nf oanarupt* iu future, but i> to - Miiu.l im ? ?>< iii? tiuir otitic rept-al of liie bauk* r.(j?i iuw oi H'.tio, aol rancel, the uumerou* (>?'-tl'M.u V Infraction* of tarn millloiU f)( jw opto t iroii^li ?i(.- wo./ic |N.-riod of thu lait twenty-three ] vm??; projierly that ha* changed owner* tmrcn<y il rt'.-rr-ut time*, it mt<j* Imvo nt-jtiiK' d l'> >* tinokmiit. hi ilitniititimi, after I ltir> uct of i-oniioiltc-i. K-n It you g" ? Iwck at ult, where ar? y->n Mnp, nnl<'?? y,>u go tiap'; to th'J r?;<?r?| of (liu Uankrt||?t Imv HI |!UJ<f* If yon *t?p a'. -Ave year*, or leu year*, you mutt net partially,htatUK n you uro to enact a bankrupt Um- for tlio bi-n/L-fit ot debtor*, tlu>?e of twenty yn.r* itnn liiy; rUiqj y,.qr *ymp?lhret at lea*t in ?i* hi;h a <lr;rce a* tho*e of t*u or fivo year rtundnj an i you can got draw the lino brtwtitiu them Aud ?o decidedly i*thi*a law for (lie benefit of ^Mor^that it il frankly avowed, and li.ii courtantly liven avowal, unlo* itoan have tin* ratrotpectivo operation flic law would out be J?,iraldc. Tliit p mi crr..r m our viowi of Dm power* ??I' Cuii;rwi f?r wh-iUoever power C'ougrtr! m.iy |<wkM over llto tubject bankruptcies Mr. b. deuiad thtir |?ower to legialato on thoje traiiMctHMi* of nM-ut>y whiah woo p??t ?iw.ijr uu'l At woll might Cos^rvw revive a Jtlit, l>y m Jhmt #ub?cforntlv eneet'd, which lm J Ihjoii exliu^iiited by the dubtor, u. to exliugAiith, t.y m li.w >nh?< vjmntly enacted, u d?bt juitly Uu? In ?n houot rrmlilur? lit hul rtc*iv*l the money. 'I lie ?-a?e? are both fuuiaicd on (lie **nie principle? "f in?q<tity, and cannot fail to operate HUully injunou* each way. It i* the pronoun o| Ir^itUtiouio act pro?pe<*t irely. To prescribe to ?uci? ty *n?t they may do,or what lh? y mutt do, in governing their lu<a*e Waoaantion*, but not what thay oujli! to Ii.ive4.nie twauty year* before th? law exiited. 8u<-h a taw w?*ild be the law of tyrant*. ami have been the law of Caligula or Oram, but would be nieompatihle with the, j?r Sw i|<lr* of a free government or of equal Jnetioe. It i? tho uafrret rwir## of all legitlative hudie* to jire to their b* ? nn active operation only from the time ol their #vuu tuient, or to commence their operatiouiai ruoiegi ven timein future. Ilut there i?nn example to lie traced of a legislative bndyju ! the civilix*<l world, that lint carried lm?-lr tjio ! operation* of a law, regulating Its civil policy, | anterior to the time of it* enactment j*? give ' twnh an opeeilion, (h? time to whurti it It to lie I curried l??. k. ramt he ?oexpre/ind indirect word* | iu Ihe lm.lv of thelaw, end uniwt be aa^uyed, i or it einnot have a r< truapeet i vo operation} lor ell Uwt commence their operation from the period i4 th'ir ? iia<*lnie?|,aiid no iHliA, unlit* it be nth* erwi?e in the law it*?lf. Therefore, 1 the effect# of thi* bill, thfMild it Iweowie a law, will aff. ?r<l u'? relief to that niitceront cleat of debtor* for whn<e benefit we are toll it ia intatiiled, unlet* each hi rfinen-lnieitt ebon Id be made at will carry it?o|wr^tion back lo iomc curt# period, fthtant mouth iocomprehended their l/au*aatioo<; and he pr*Mim*d uo member of the aenata would pro* |Ni?e fuoh an amendment. Ifut. Mr. K(filth raid, there wa? another im porta it view yf U?i? ?j"|a?tiou. \re we praper ed to ray to ether cowur/fial nation* with whom we hire eeiwtaiit interooort*. and to the warld at W/Xi, that eo deplorable it the pecuniary cvudaio? of the people of the United States that Ceujre?? ii compelled to do what no othei nation U|v?n earth ha* evtr done, ft |mh ? law (?* the ?ii?rer* benefit of debtor*, l?y which they may ab*o|*e tlieMi?elve* from (He mat tacred obligation*/ It it Milt, by (he rottilitaliw, lite oflkial duty of the PreetdeiH of the United Mtntea, -from time to tim to five to Ceapea tafiirintU of Ihe *tat* of the union * And m paouin-e of thi? rt^iiuiUon of the oeoetitvtiea, the Hr?i. dent, ia hi* meweye to Ceagraaa at Ike open tnj of Ihe pretest ae*tton feat told ?*. m are tftun eefM tarittef all wlto intoud to litr* by IMj' *. indoatry lo. tartik* of it* with all tha wayi to wmdtb Ukl opau to arary oonditloo la lifit, nuJ ? versatility of talent ami jfcaiu* adapt* ad to ?w? pursuit and urotaoted from atracjr up. praashm by our (too WltutioiM. A*l tiMaa nle?*Jngs can only bo eixlanjfarod l,y the ioordinata ambit it ion Of ?och at wo may apptdnt to role nvtrui, or by oar own mistaken ml to Un pruro Ihoioitltuli^ by trntllin Uwi that ?Mt enrich ooa portion of tba ooinmunity attbe expanse of I ho othrr. 4*1 yat it woo Id'Mam that wo oxpout to add to that happtoata by obaolViof half a million of debtor# from their ju?ldobt?. at aoch periods a* Uiay may aik lor it. rOR TICK COLUMatA TSLKtCOrr. VAftton??Isend you an article from the Charleston City Gascttu and Daily Ad vertlser, of VreneauU Paine, No. 47, Bay, May "?o, 1796. It wan suited to thie period wIn ii it was written, and when the specula' tor* on soldiers' certificates, and depreciated paper currency, were active to have their spcculution* funded at par. They succeeded. The present extract from Palnc's pamphlet, on the currency, Is full of the plain good eensc that always marked the writings ofthat extraordinary man. To many of your readers it will at tliis day be a curiosity. A. B. raoM the ervv eatKrrr. 7b the Stockholder* of the H. Carolina Bankt Ukstlkmm?SkwtiitK IImI a proposition was made Ml jour leu meeting lo preveut your direc tors In future from d.scoiiuling oa lbs rsraa mk must of the state, I take leava, through the ebaa nel of the City Uasetle, lo preaaatto you an assay oo Ihu subject of r*rr.n monev, written hy the celebrated fhomut I'uint: which allows, in the c I cm re it manner, lha (tcrnlckma consequences at tendant on such money, and ought, f think, to de ter yon from the use of it fur time to come. ? - . ??acAtna. fir I rtic t from a pnmphltl fuhUtktd bg lit* mnlkorof Common Hentt, on Ike tukjut of Pnftr Lwrrtncy. "I remember a German farmer a (pressing as much jn a few word* as the whole autyetl reiptires: ?Monty U mrtnry, andfHftr it p<tj>tr.' All the invention of man cannot make I hem otherwise. The alchymiit may cease Mi labors, and the bun. ter after the philosopher's stone goto rest, If pa per can l?e metamorphosed Into gold and silvei, or made to answer the same purpose in all esses.. ''Gold and silver are the emisdons of nature: paper is the emission of art. The value of gold J and silver it ascertained by the quantity which Mature has made in the earln. We cannot make that i|uanllly more nor lets than it Is; sad,there fore, the vitlne being deoendeut upon the quantity, deiH'iuU nut oj ntnn. Man ha* no ?hant in making gold or silver, all that hia labors and ingenuity cuii accomplish l?, to collect it ftom tha mine, re Alio it fnru*e,and give it au impression, or rtann it into coin. ? ~ *' ?? It*bring stamped into coin, add* considerably ?o it* convenience, but nothing to ks value, ft Ins then no more value than it had before. It* value is not in the impression,but III itsalf Take away t!ie imprns*ion, and still the Mine valuo re main*. Alter it at you will, or espose U to any niUfortuiia that can hnp|ten, atill lite value is not diminished It lias the capacity to resist the ac cidents thai destory otner things. It has, there fore, all the itrquishe qualities that m.iuey can bare, and is a fit material to make money ol; aad uothiug, which basnot all those properties, can be St for the purposa of money. "I*4|ier, considered as a material whereof lo make money, has none of the requisite qnaliliu* in it. It is too plentiful, and too easily como at. It can be had any win-ru, and for a Irifbi. I "There are two ways,in which I shall consider | pajH-r | '? rue only proper use for |iaper. in tli? room of money, i* to write promissory note* and obliga tions of pnyrnr.nl in specie upon. A piece ol pa tier, thus written anil signed. Is worth the sum it I Is given Cur, if tbe person who gives it is able lo iwy it; beaaate, la tbls case, the law will oblige him. But if ho la worth nothiug, tbe paper note is wo-th nothing Tbe value, therelorr, of such a note, is not ia the note itself, for thai b but (taper and promise, bill in the man who is obliged lo re deem it wilh gold or silver. Paper, circulating in this manner,and for lull purpose, coptlMially points Id Ibe place and person where, and ok whom, the money is to lie had, and at last finds Hs home; and, a* it were, unlocks Us i master'* chests and p?ys tbe beeier. "But when an assembly undertake to iuue pa per as money, the whole system ol safety and cer tainty* is overturned, and property set afloat. Pa per aotes given and fakeu between individuals as ?a promise of payment, is one ihing, but papet issued by an amembly as money is another thing. It is like putting au apnritioii in the plane ol a man; it vanishes with lookiug at, and nothing re mains but Die air. " Money, wbee-eoosidered as the. Iiuit of many years industry. as tbe reward ot labor, sweat and toil, as tha widow's dowry, and the children's |H>r Hon, and a* tha m?"U* of procuring tbe necessa ries, add alleviating tba a mictions of life, sad makingoldage a scene of i est, has something in it sa cred thai is not lo be spoiled wilh, ol trusted to tha airy bubble of paper currency. '?By what (tower or authority nit assembly un dertake to make paper money, is diltcult to say. U ? derives none from the constitution-, lor that is si lent on tbe subject. It is one of those things I which tbe peofda have not delegated, and whiit), were they at any time assembled together, they would not delegate. II is Ihetefrtraau atsuin|rtioe of IHIWIV whfes an assembly is not warranted in, ^nd which may, one day or other, bs the means of bringing some of them to punishment. ''I shall enumerate soma ol the evils of paper money, and conclude with offering means to pre vent litem. "Hon ef tbe evils of p q?er money is, that it j turn* the whole country Into stock Jobbers. The Krariauaness of its value, and Ibo uncertainty of (ale, continually operate, nl-ht aud day, to pro* dnce tbls destructive effect. Having no real value in itself, it ik-pends lor support upon accident, caprice and |air1yiaiiil as It i< Mte Interest ??! some to depreciate, and ol others to r*t?c its value, there is a CHUinnul invrnllon going on ili.ii d?*?troy? lite ntornl* itf tha country. ??It was horrid to *<??, and bur.fjl to reaoltrel, bow loose Ihu principles of justice n ere lei by Sans of Ibe paper eatU?loos during thn war. sssperl-ncn then had, should lie a warning to any assembly how ibey venpire tu op*ru ^Uch a dangerous door again. "Aato the romantb-, if not hypoerltkal tale, that a vlrt^oo* people need ao gobl and silver, aad will do as wa l, req-nr- no oilier ?>.n than Hie experience Iwvo seen. Ifrte may be in certain that tlw w dontly, If not ud allver may , OOt Mopetly * vice. uncertain awakening or T Kvcry principle of jti the bond of society diaaotvedi th?r?for<j, of paper ulouey, kin Iwcn put Into the act i Immorality. ? HThe pretence f jf pn there ?u not ft ~ Thl*,r> for from bolago'rifti importation; ood if we *et up o napr martatnalary * of money, H amounla, at far ft* it la able, lo pro. vent tbo importation of haul money, or to ttoflfc out again m fat ft* it cornea la; ?M by following < this practlcc, wo shall continually banish tho specie till wo have uono left, Mid bo oootinoally cons plaining oT the piovmci, inatoad of remedying * tbooftaeo. , ? ' ?. " Considering gold ortd allver aaartldea of lm< nortatlon, tboro will lo I two, nolo* wo prevent it iboro oro ae moch of uthor Mmxtorf ortl ' But os every yard of Holli o?iwtmwt4 lu country occnskftu ? yard tbo Iom fo bo ftao^tk w to it Is by money, with thU Hlfereooe, that in the one com wo manufacture tbo thing Itself, ood it the otbor wa do oot. Wo haya cloth for cloth, but wo have only popor dollar* for stlrer ones. i? authority ot Any MtooMdf. in making papor money, or poper of any kind, a legal tondar, or lu other language, a onmpolsiw payment, It la ? aaost pruaumptooa* attempt II arbitrary |mwer. Tbero ran bo ao aocb power hi a republican government} tbo people novo, no freedom and property, no security, whore lifts practlc* can be acted: and tbo committee who payment, It la ? most prwsumptoou* attempt at a reti freed* practioo can bo < aboil bring lo o report tor I Ma purpose, or tta ? member who movee for k,aoUhe wn . et-fond* It* merit impeachmeul, and auuacr or loter may. oapootlt. " 01 all the various aorta of beae coin, pof#r money la the beaeaf.' It boa tbo least intrinsic value of any (blag tbat can bo pot (a tbo place of gold and silver. A boboelt or a piece of wampouv tar eaceeds il. Aad there wooldbe oaoropropriety. in making tboeo oitlclua ft logat teoder toon to' inakr pafMrio. "It wes the iseoing base coin,aad Pstahllshlng It a* a tender, that was onr of tfto principal moan* of finally overthrowing tbo powo* of tbo Stewart family In Irelait'l. Tlie article is worth reciting' as it bears aocU a rraoadrtaaco lo tbo proves# practiccd on |?aper money. "? Urate and copper of tbo boaait kind, old camion, broken bolls, boaeobold ouoslls a ero assiduously collected; and from every pound weight ol audi vile matorlala, valued et tour |kmicc, pieces were colued and drool Mad tO the amount ol five pounds nominal yaloq. By tbo first proclaniatlon they were made eurteat la oil paymeuts lo and from tbo king and tbo aoOjccta of the realm, aacept In duties on tbo Importatloo of foreign goods, money left In tntat, or deo by mortgage, bills or bon?l>; an J Jamtt promised tbat when tlie money should bo duciitd. ho would roceivo it hi all |wyu?eula ot make full satisfac tion in gold and silver. Tbo nominal troloo woo afterwards raised by aobee^ueot p? oclomotloni, tbo original restrictions roaaoved, ood this boar money waa ordered to bo rocoif ed In oil kioda of payment*. As brasa and copper grow acaroo, it waa made ol stlM viler material*, of tin ood pett ier, mid old debts of one thousand |>ouudt wrno ditcbarged by pleooa of vile otetnl, omount ingtrt tnirty shilling* intrinsic value.'*?Hod kiftg iarno* thought of |>a|ier be needed not to bavo been at Ihe trouble or eapenco of collecting brftaa and copier, lirokrn bell* and household oteoaiH. " TbMluwa of a country ought to M the atoodaod nf equity, and calculated to ImproM oi Ihe mind of the people tbo morot aa well w tbo Wgol obli gation of reciprocal Juatlco. Hot tender laws, of any hind, ooeiole to dcelfoy morality, oad to <li**oive by tlie preleuro ot low what ought to be Ihe principle ot taw to support reciprocal juatlco between man and man: And the panlsbtoent of 0 member who ahould uiove for aueo ft lodrv ought to be lUify. " When tho recoaint odation of Coftma* io the year I78U, for repoaUftf tbo tender taw w?a before tbo aatembiy of f onnaylvanio, oil caating ap the voioa, lor aad again* bdaging In a bill lo repeal I hose Iowa, tho number* were equal, aud tbo casting vole reated on tbo waftjrir, Col. Bay. ard. 41 give my ?oto aoM be, 'for the repeal, Ironi a ooascionaooas of justice; the leader Iowa operate to ostohllab iitk)uil> by low.' Bat whoa 1 bo bill waa brought in, tlio bouse rejected ftad Iho tender Iowa continued to bo lue aetat dC fraud. -II any thin* hud, or could bave,a value to gold mid nlver, it Mould r?t|uirr no lender law; and II it bid Dot that vilut, it ought not u> have eu?b a Uw; and. therefore, all lender Uw? Mr* tyrannic*! ud unjust, a id calculated to sup port fraud and o|?pre?iion. u Most of the adv. cnt?s for tender liwi are tbosn who bnva debts in dueling*, and who take refuge in toch a law. to violate their contract! ami cheat their creditor* Hut a* mo law can wairaat Hie doing of an uulawiul acf; taereforr, the proper mode ol proceeding, |hould apy wn*U tows be enacted in future, will be to impeach and execute (lie membei? who move<t for and sreond ad aoeb a bill, and put tha debtor and the credit or in tha tame ?it?atloo they were In, with respect to each other, before sna|i m taw wot passed Men ought to >>e made to tremble at the Idea of such a imrefeced art of Injustice. It Is in vain to talk of restorhkc credit, or to complain that money cannot be borrowed at legal interest, until every Idea of tender 'Mi is totally and publicly re pro baled and otirptted from among us. "As to paper mon ?y,in any lignt it can be view ed, It is at brst ?bubble. Coiitideredas pmpmty it U Inconsistent in suppose that lbs breath of an /wrmWy, authority espire* with Ihe year, ?Mi givo to papertfm value and duration of koM< They rannul ?vn vntfigu that the neat aMfpbly ? 'i -II reecive it id lAiM. Audl/y Ihe preaodent (for authority thlr* i? uotm; mat any on* atttobly makes p.ijn'r money, Mother amy do I be mov, until ?<Mindenui and credit aro totally mtpclM, ??nd all I bo ? viu of de|*le?tion nctad over .again '4'he amount ihnefore of pop?r money H tlil*, limtitlsthe UI'-gitiittMf offspring of asseOiUief, end ?vit?n llniir y? er nspHve ili?>' l->?v* It ?? vagrant on the hands of tfie p.?t>Hv * ? Helnmft /Vrf.r, VVnmm, 0* ^n. tauly recovered *%>? tJF