Newspaper of Burlington Free Press, December 30, 1836, Page 1

Newspaper of Burlington Free Press dated December 30, 1836 Page 1
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NOT THE GLORY OF C A3 S A It ; BIT THE WEI. FA HE OF HOME. BY H. II. STACY. FRIDAY, DECEMBER 30, 1836. VOL. X No. 497 RE- PORT. Of ihia document, transmitted to both houses of Congress" on the first day of the session, wo have thought our rcoocrs wnuiu not bo dissatisfied with nn abridged oc- pnnni tuliinli we Imve orrongcd under Us several natural divisions as follows i nr.cEiPTs Ann ExrENDlTUn.ES for I83G The balance in the Treasury on the first nf Jnnnnrv Inst was i26.749,R03. The receinlH fur 1836 lire estimated at 447,691,- ftnn. of which the rceeinls for customs for the three first quarters have been $I7.523,. 151, am! the receipts from lands $20,040, 029. The expenditures for 1836 are as cerlained and estimated at g31, -135.032, of which tho payments for the military Bcrvice(including fortifications) during the "throe first qarters, have amounted to J13, '010,061. Deducting the expenditures of the year -'ascertained and probable, from the receipts tho balance which will bo in the Treasury on the 1st of January, 1837. is estimated nt j$43.005, CG9. and deducting the "un--vailable funds "atjit.080.000. leaving " the 'available balance" g41,925,G(?9. This 'docs not include the bolnnce to the credit 'Df the Post-office Departmental the end Sf the year, estimated at g5l3,C20. BEVBMJE AND EXPENDITURES FOn 1837. The receipts are estimated as follows: Ou6tom?, $16,500,000; Lands, g5.000. O00; Bank Slock and Miscellaneous. $2, 500.000. The expenditures, (including gl , O00.000, for usual excess of nppropiatinn beyond esl.mates) arc estimated ot26,755 831. IMPOiHTS AND EXTORTS. The Imports .-luring theyear ending 30lh September, I83C. are ascertained and es timated aKl73.5 10,000. showing an in crense compared wild lha preceding year, of 23,644 258. . The Exports during tf'e -"a"1" Pcrln are ascertained and climated at gl2l,78P;000, of which g0l. 105.000 were domestic pro ducts, anil Iho residue foreign, exhibiting nn aggregate increase, computed with the preceding year, of g35,423. and an amount xr.edinjr "he nvnrngc of the JoBt three years by g5.829.150. THE SURPLUS REVENUE. The recommendations oftho last Anualn Report are renewed, and reductions sug gested of duties on raw material of for eign origin used in some of onr important inanufocturce, and next on articles ol com I'nrt and necessity for the p.-npin generally. A prohibition of the sale of the public do main to ony but actual settlers is also men. tioned as another mode of curtailing the revinuc. THE PUBLIC MONEY. An ocnunt is given of t he measures ' mtnptcd in pun-nonce of tlm act ol June 23l, 1836. lo regulate the ds posit o of the public money, and some rccummendalion ro made of prospective provision on the subject, such as authority to discontinue ns deposite banks, when no longer necessary, those selected under the late act, &, THE MINTS AND THE CURRENCY. Thecoinago of the Mint, from the 1st of Jnnuary to the 1st of November, I113G, hns been nf gold. g3.6l9.440, and of silver. $2,377,000. The establishment of a gold coin of one dollar is again urged upon Con gress. The quantity of gold now in the country is estimated at glS. 000,000. The Secretary of the Treasury calculates the whole specie in the country in October, 1833, at thirty millions of dollars, and the whole specie now in the country at seventy three millions. Various speculations on the subject occupy a number of pages in this part of the report. MISCELLANEOUS. The report concludes with several sug gestions of a miscelloneous character, a mong which the renewed recommendation of the adoption of mcosurcs for regulating steamboat navigation must mcst with very oeneral approbation from nil those who have as much horror os we have of those appaling cat nst ropes which class the mselvrs ' under the head of "Sienmbual disasters'." LETTER FltOM N. RIDDLE TO J. Q. ADAMS. Philadelphia, Nov. 11, 1836. My Dear Sir 1 proceed to the second eubject of our conversation I ho present stole of the currency which I shall treat dispassionately, as an obstruct qucsiion of moro finance. Our pecuniary condition seems to be a strange anomaly. When Congress ad journed, it left the country with abundant crops and high prices for them with every branch of industry flourishing with morn specie than we ever possessed before with nil the elements of universal prosperity. Not one of these has undergone the slight, est change, yet after a few months Con gress will re-asscmblo ond find the whole country suffering intense pecuniary distress. The occasion of this ond the remedy for it may well occupy our thoughts. In my judgement, the main cause for it is the mismanagement of the revenue mismanagement in two respects; the mode ofcxecuting the distribution law. ond the order requiring specie for the Public Lands. 1st, tho distribution law. In lulu H36. ConcresB declared that ihn nrnl.iH in tlie Treasury on the 1st of January. 1837. should bo divided among the States. That it might bo done os gently as possible, tho payments were to be made, not at once, on the first of Janu ary, but quarterly throughout the whole year 1837 j and as tho aggregate sum to be distributed i9 froTi thirty six to forty million, wo may assume tho first payment in January to be about nino millions. To prepare for this, the treasury has had in hand forty millions it would receive in the course of the operation, thirty or forty millions of revenue more and aa there was probably money in every state, and pay ments to make in every state, the opera tion was so simple and easy that it ought not to have occasioned the slichtcsl Pres sure either on public or private interests; THEANNUAL TREASURY and the whole might have been accomplish ed without any derangement nf trade, and without the movement of a single dollar in specie. That this not only could be dono but has actually been done, ynu will find in the public documents of 1829. In that year the new administration of Mr. Jackson, anxious to appropriate every disposnble dollar of the revenue to tho re dilution of the publi: debt, sought and nb. taincd the aid of the Hank of the United States. Notice was accordingly given on the 3 1st nf March. 1829, that on the 1st of July, tho debt and interest, amounting to g8,7l5,462 87, would bo paid At the po rind of the notice the whole available mans of the Treasury were only six mill ions, scattered throughout the U. States, and these, with the accruing revenue in the interval, were at n notice of ninety days to be collected, to pay nearly nine millions. So closely was the Government pressed that, after paying these sums, the actual balance in tho Treasury throughout the whole United Stales, was reduced to glG4, 36503. The Bank, however, tinder- look tho arrongcmcni, witn wnai success may be seen in the following part of the message of Mr, Jackson to Congress, in December, 1829. " I he payment on ac count of tho public debt, made on the 1st ofJuly last, was g8,7l5.4G2 87. It was apprehended that the sudden withdrawal of so large a sum from tho banks in which it was deposited, at n time of unusual pres sure in tho money market, might cause much injury lo the interests dependent on bank occommodations. But this evil was wholly averted by an early anticipation nf it at the Treasury, aided by the judicious arrangement of the officers oftho bank of the United States." The respective shares of the Bank and the Treasury may be con. jeetured from the secretary s letter ot the 11th of July. 1829. in which he takes occo- sion to express "the great satisfaction of tho Treasury Department in the prepara tion lor the heavy payment ot i tic puDiic dobt on the 1st instant which has been effected by means of the prudent arrange ment of your Board, at a time ot severe de pression on all the productiuo employments of the country, without causing any sensi ble addition to the pressure, or even visible effect upon tho ordinary operations of the State Banks." If. then, nine millions, being almost the Inst dollar in the Treasury, could be thus dist ribntcd two millions of it to foreigners at a tune of unusual pressure, how hap pens it, that with funds equal to titty mill ions, mid with six months notice, nine mill. ions cannot now be distributed exclusive Iv amour nur own people at a time ot' great nbundencc. without hazarding a con. viiHKin : The answer is m uc lounu in the difiWcnt inndss of operation. Thi may be seen by contesting what the Sec retory ot the-Treasury migui nave uone, with what he has done. The distribution law assigned lo him two duties, both simple and both easy the di vision of the funds among the hanks, and the division omnng the slates. As to the first, he was "to select os soon as may bo practicable, ond employ ns the deposi tories of the money of the United Stales, such of the Banks as may be located at. adjacent, or convenient lo tho points or places at which the revenues may ne col lected or disbursed" "provided that at least one such bank shall be located in each State or Territory" "and that no bonk shall have a deposit, more than three fourths of ils capital." Here is no authority whatever to distrib utcthc money from the banks ofonc Slate, to the bonks nf another state. On the contrary, by the twelfth section nil trans fcrs for 'any other purpose whatever, cx ccpt to facilitate the public disbursements and to comply with the provisions of this act, arc hereby prohibited and declared to be illegal." ond "in such cases where transfers shall bo required for purposes of equalization under the provisions nt tnisact in consequence ol loo grcai an accumula tion of deposits in ony Bank such trans fers shall be made to the nearest deposit banks which arc considered safe and se cure:" ond although the supplement says that nothing shall ireuent him from making transfers from Slate to State, "when re nuircd lo prevent large and inconvenient accumulations in particular places, or in nnlnr to nroducc a due eaualitv and iust nroDortion according to tho provisions of ihnt act." the general policy of the law to keen the deposits together, unless under neculiur emergencies, remains unchanged Under this law his duly was ns clear as nossiblc. He was to sec that no bonk should huvn a deposit of more than three fourths of ils capital. The revenue in the great cities then, should be divided among i fm banks in those cities there being in each of them solvent banks enough lo re reive it. There wos no necessity for send ino- a dollar of It out of those cities. In Now York alone, says lie, "the operations will require the transfer ofsomcthing like eight millions of dollars from tho old de. posit banks to the new ones, cither in the Stole or out ij it." But why out of il at B ? Why could not'the revenue olrcody received in New York and falling due in New Ynrk. be divided among the New York Banks to support the trade of New Vnrlt ? Whv not let it remain active there, up to tho last hour when il was payable to the stoles? But the law lequircd ihot there should bo at least one deposit bank in each state. Be it so. 1 hen inako deposit bank in each state, if there be not one already, anu give it a ul-iuh, wuiuh while it satisfies the law, will not carry nv into inactivity funds that might be nspfnl in in nlaces of business. There wos ihon nn necessity for sending a dollar of it out of New York, or the other commercial riiii-H. mere v for the purpose ol preventin any ono bank from having more man inrce fourths of ils capital. That is clear. Nor am it mmo necessary for tho purpose o distribution omong the slates. The law says : "That tho money which shall bo in the1 Treasury of the United Stales on the 1st of January, 1(137, shall be deposited with such of the several slates as shall by law authorize their Treasurer or other c'ompe tent authorities on receiving certificates f deposit therefor." This is tho whole law. Now what does it contcmplato ? The money must bo in tho Treasury on the 1st of January 1837, because up to that lime it is not known whether the Stales will take il. Technically ond legally, the frcosury is ot Washington practically the Treasury is wherever the public mon eys arc. But the Secretary of the Treasu ry is an official pcrsjn whose only ofiicial residence is at Washington. Accordingly Treasurer of a State goes to the Sccrc. tary ot Washington and presents to him the certificates of deposit. The Secreta ry therefore "delivers" to the Treasurer his Slate's quota. But how docs he deliv er it.' By an actual manual counting nut f these dollars .' No. By a check on the Deposit Bank ol Washington ? No. But he delivers to the Stale Treasurer, as he does to any other person receiving money, droit lor the amount on some one or more " tho depositories which compose the Treasury. Is not such a draft the usual and proper mode of making public pay ments? Undoubtedly. And then wo conic to the real question was it necessary to make in advance ony tronsfcr of funds whatsoever in the several states, merely because they had the option, on certain conditions of receiving them ? If there was no such necessity, then the 12th sec tion of the law makes these transfers ille gal. Now there is clearly no such ncces it y. the money was to be deposited with the States, not tN them. It wos necessarily paid in Washington by drafts on other places. If you say that the Sec retary must pay it into the state treasury, it is not enough to bring it into tho stple ho must take it to the 6cats of govern ment. Pennsylvania inust have her share; not in Philadelphia, but in Ilarrisburgh. New York must be paid, not in the city of New York, but in Albany. If the place bo not fixed by law, the mutual convenience of the parties will designote it. Now there is nn individual and no state in the Union that would not prefer payments to be mode N. York or the north Atlantic cities, to payments ony where else; and lor tins obvious reason, that money is worth more there than any where else. If the Slate of Ohio, fur instance, had a draft on New York, it could sell it to its citizens, usefully lo them and profitably lo the treasury. It nes not want the money brought to unto. Every mile it comes on the road lessens its nine V c may safely conclude then that thorp wa nn nec-si'v for sending a dollnr f public mnnev from New York or other comoiercial citie, for the purpose cither of qtializing funds nmnng the hanks, or dis tributing them through the States. Tho true theory of the case, therefore, was simply to let tho excesses of revenue in the several 6tates bo transferred, in the course of trndc, to tho great commercial points and then lo pay the slates by drnlls on thoc points. The deposit banks at those points, knowing what they hod to pay and up to the hour of payment, would have employed the lutids usclully ; so that in every stage of that progress, business would be assisted, commercial activity timulated, and nil parties be gainers. bven supposing these transfers at all necessary the funds should have been re mitted bv hills tn the points of nccmmula- tion blending these operations so bly with the business of the country, os to be unlelt except in their benefits. Hut what lias the Secretary doner in stead of gradual preparations to provide funds nt the distant points, the whole eci- ence of the Treasury seems to have con sistcd in drawing warrantsin taking up the colums nf tho returns and directing drafts from the Banks, throughout the U Slates without necessity without refer ence tn the wants or tho business of tho different sections ot the Union, the season of tho year, or tho course of trade ond thus making the whole revenue of the cnun try work against the whole industry oftho country. His secret is thus revealed in the letter tn Messrs Griswold and Swan : "I hove, therefore, in cases where the the nublic money had accumulated in ony Bank in any one Slate, and new Hanks could he seasonably obtained in other States where only a little public money ai ready existed made but ono iransler lo ac complish both objects, and, by a tingle on eralion, have reduced the excess in certain Banks in certain States, and placed it in tho Stales where it would be needed next year, and where they before had not nn equal portion of the public money." We thus perceive, what on less author. itv would be incredible, the extraordinary manner in which tho public revenuo has been scattered. The Secretary sees an accumulation of public revenue in any one Slate, ho sees another ploco in another Slate, "whore only a little public money olrcody existed," whereupon lie resolves without tho least authority from Congress to bestow upon thai ploce "an equal por tion of the public money; nnd as he will hove, twelve months hence, to pay some money in that Stole, ho mokes "n single npcralinn" of it; nnd, accordingly, lie con fesscs that he has actually transferred pub ic moneys into States which cannot re ceivo them far a vcor afterwords dopri ving the very community, which raised the money, of the use of it during that whole period. Such a measure was of itself sufficient to disorganize tho currency. But it wos accomponied by another which armed jt with a tenfold power of mischief. This wos the Treasury order prohibiting tho re ceipt at the Land offices of ony thing but specienn act, which seems lo me a most wanton abu60 of power, if not a flagrant usurDOtion. The whole neenniary 6yetem of this country that to which, ncxi to its freedom, it owes its prosperity, is tho system of credit. Our ancestors came hero with no money but with far better things with conrogeond indusiry; and their want of capital was supplied by their mutual confi- .!.,,. 'Pl.le ll.n lincia nf nnr tulmln dencc. This is the basis of our whole commercial and internal industry. The Government received its duties on credit, and soli its lands on credit. When the sales of land on credit became inconvenient from the complication of accounts, the lands vtcre sold for what is termed cash. But this was only another form of credit, for the Banks, by lending to those who purchased lands, took the place of the Goverrment ns creditors, and the Govern ment received their notes as equivalent to specie, because always convertible into specie. This was the usage this may be regard"!! as the law of the country. By the resolution of congress, passed on the 30th of april, was declared that "no duties, taxes, debtp, or sums ot money, accruing or becoming payable to the Uni ted Stales as nforesind, ought to be collec ted or received otherwise than in tho legal currency of the United States, or treasury notes, or notes of the Bonk of the United States, or in notes of Banks which are payable, and paid on demand, in the said legal currency of the United Stales.'' This resolution presents various niter- natives the legal currency or Treasury notes or notes ol tlioBankof the United Slates or notes of specie paying Banks. A citizen had a right to choose any one of theso modes of payment. He had as much right to poy for land with the note of n specie paying Bank, as to pay it for duties at the Custom House. It this be denied, certainly any one of them might be accepted at the Treasury. But to pro scribe all but one to refuse cverv thing but the most difficult thing to do this without notice oftho approaching change in the fundamental system of our dealings is an act of gratuitous oppression. Under the operation of this resolution. tho Banks had gone on, fearing nothing, as they had only to provide for the usual specie calls upon them and saw the coun try full ofspecie, with no foreign demands to drain it from them when, on a sudden. without anv intimidution of tho coming shock, an order was issued by tho Secre tary, declaring that their notes were no longer receivable, and, of course, inviting who held notes, or had dspositcs in these banks, to convert them into specie. It in fact made at once tho whole emonnt of their circulation and private deposites specie demand upon them. Tho first consequence was, lhat the Hanks nearest the land offices ceased making loans. The next was, that they strove lo fortify them selves by accumulating specie. It was just at this moment that the warrants for tranters were put into their hands. The combination of the two measures produced a double result first, to require the banks generally lo increase their spccie,ond next, to give them the means of doing it, by drafts on the deposites Banks. The com mercial community were thus taken by surprise. The interior Banks making no loans, and converting their Atlantic funds into specie, the debtors in the interior cauid make no remittances to the mer chants in the Atlantic cities, who are thus thrown for support on the Banks of those cities at n moment when they arc unable lo afford relief, on account of the very ab stoction of their specie of the West. The creditor States not only receive no money, but their money is carried away to the debtor States, who, in turn, cannot use it, either to pay old engagements or to con tract new. By this unnatural process, the specie of New-York and other commer cial cities is piled up in the Western States not circulated, not used, but held as a defence against tho Treasury and, while the west cannot uso it, the East is sutler ing for tho want of it. The result is, thot I ho commccial intercourse between the West nnd tho Atlantic is olmost wholly suspended, and the few operations which are made, ore burdened with the mo3t cx travagant expenses. In November, 1036, tho interest ot money has risen to twenty. four per cent; merchants arc struggling to preserve their credit by ruinous sacrifices and it costs five or six times as much to transmit funds from the West and South west as it did in Nov. 1835, '34, or '32.- Thus, whili), the exchanges with all the world are in our favor, whilo Europe alarmed, and tho Bank of England itself uneasy at the quantity of specie we pos, sess we are suffering, because, from mere mismanagement, the whole ballast of the currency is shiflciLfrom ono side oftho ves scl to the other In the absence of good reason for these measures, ond as a pretext for them, it is said that the country is over-traded that the Banks have over issued, and that the purchasers of public lands have been very extravagant. I am not struck by the truth or the propriety of these compliants. The phrase of over-trading is very convenient, but not very intelligible. If it means any means that our dealings with other countries have brought us in debt to those countries. In that case, the exchange turns against our country, and is rectified by an exportation ofspecie orstncks,in the first instance, and then by reducing the imports, to tho exports. Now the fact is, lhat, at this moment, the exchangesarc all in favor of this country that is, you can buy a bill ol exchange on a foreign country cheaper than you can send the specie to that country. Accordingly, mucli specie comes in none goes out. This, too, at a moment when the exchange for tho last crop is exhausted, and that of the new crop has not yet come into market, and when we are nn the point of sending to Europe the produce of the country, to the amount of eighty or ono hundred millions of dollars. How, then, has tho country over-traded? Exchange with all the world is in favor of New-York. How, then, can New. York 'be an over.trader? Her merchants have sold goods lo the merchants of the interior, who ore willing to pay, and, under ordinary circumstances, able to pay ; but, by ihe mere fault of tho government.os obvious as if ap earthquake had swallowed them up, their debtors are disabled from making im. mediato payment. It is not that the Allan, tic merchants have sold loo many goods, but that the government prevents their re ceiving payment for any. Moreover, in tho commercial can be had.though at extravagant rates, for capitalists add lo to the ordinary charges for tho use of it, a high insurance against the loss of it. It is not, then, so much that money is not to be procured, as that doubt and alarm increase the hazards of lending it. Then as to the Banks. It is quite prob able that mony of the Bonks have extended their Usues but whose fault is it? Who called these Banks into existence? The Executive. Who tempted and goaded them to theso issues? Undoubtedly the Executive. The country, five years ogo, was in possession oi iho most beauti u ma chinery ol currency and exchanges the world ever saw. It consisted of a numbor of Slate Banks, protected and ot tho same time restrained by tho Bink of the United States. Tho people of the United Slates, through their representatives, re-chartered that in stitution. But the Executive.discontcnted with ils independence, rejected tho act of congress ana me tavorite topic of decla motion wos, that tho State would make Banks, and that these Banks would create a better system of currency ond exchanges. Tho States ocordingly made Banks and then followed the idle parades about the loans ol these banks, and their enlarged dealings in exchange. And what is the consequence? The- Bank of the United States has not ceased to exist more than seven months, and already the whole cur rency and exchanges are running into inex tricable confusion, and the industry of the country isburdencd with extravagant char ges on all the commercial interciiurse of the Union. And now, when these Banks have been created by tho Executive, and urged into these excesses, instead of gentle nnd gradual remedies, a fierce crusade is raised against them the fuuds ore harshly and suoaeniy taken irom them, and they arc forced to extraordinary means of defence against the very power which brought them into being. 1 hey received and were expected to re ceive in payment for the government, the notes of each other, and the notes of other banks, and tho facility with which they did so, was a ground of special commendation by tho government. And now that gov ernment has let loose upon them a demand lor specie, to the whole amount of these notes. I go further. There is an outcry abroad, roised by faction, and echoed by lolly, against the Hanks in tho U. S, Un til it was disturbed bv government, the Banking system of the United States was at least as good as lhat of any other com mercial country. What was desired for the perfection was precisely what 1 have so long Btnvcd to ac complish to widen tho metallic basis of the currency, by a greater infusion of coin into tho smaller chonncls of circulation. This was in a gradual and judicious train of accomplishment. But this miserable fool ery about an exclusively melalic currency, is quite as absurd as tu discard the steam boats, and go back to poling up tho Missis sippi. Honks may oitcn err trom want ot skill, and occasionally be injurious as steam is but it is not the less true, that tho Banks of this country have been tho great instruments of its improvement, and that during all the convulsions of the last fifteen years, for every American bank which his failed, at least ten English banks have fail cd. So with regard to the lands.- For the lost few years, tho amount of the sales of the public lands has been a constant theme of congratulation with the Executive. In the very last message, on the 12th of De cember, 1835, he repeats the same strain. "Among the evidences of increasing pros pcrity of the country, not the Iea6t gratify ing is mat attorded by tho receipts ol the public lands, which amount in the present year to eleven millions of dollars. This circumstance attests tho rapidity with which agriculture, the first and most important occupation ol man, advances, and contrib utes tn the wealth and power of our cxten ding territory." In ihe same message, ho declared that "the circulating medium has been ereatly improved. By tho ubo of tho State Banks it is ascertained that all the wants of the community, in relation to ex change and currency, are supplied as well as they have ever been before." Scarcely when these pastoral and financial visions dissolve in air. Agri culture ceases to bo "the first und most im porlant occupation of man" the State Banks cease to be the models of exchange and currency but forth issues the Secro lory with n declaration, that lo protect the Treasury "from frauds.speculalion and mo nopolies in tho purchase of public lands" from "excessive hank credits" from ru inous extension of hank i--sucs" nothing shall be received for land but gold and sif. ver. Now what an exhibition is litis? Tho public lands are exposed to nublic auc lion, tho pricos reduced, in ordor to encourage sales, & tho President stands by, exulting at tho amount, when suddenly ho declares that ho will pormil no speculations, and that he win raiso ino prico ol iho lands by raising tho prico oi wnai none no will receive lor tlicm. Now. supposing il iruo, thai men havo bougbt much land. What right has iho President to dictate lo tho citizens of this country, whether thoy buy too much land, or too much broad, clolh? They might bo permitted to know and to manogo their own concerns qnito as well as ho does, leaving tho ovil, if it bo ono, to correct itsolf, by ils own excess. If ho pro. hibits tho receipt of any thing but specie lo correct land speculations, ho may mako iho' ed March sixth, one thousand even hun sama prohibition as to tho duties on hardware,) drcd and ninety-seven, as requires petition! or broadcloth, or wines, whenever hii pater.lto be filed in the cfiice of Ihe Secretary of nil wisdom shall sea us buying too many slto-1 Slate, be, and the same is, hereby repealed. vols, or too many coats, or too much Cham- paignc and thus bring tho cntiro industry or tho country nndor his control. Theso troubles may not. however, bo wholly useless, if we extract from them two great lessons. The first is, that wo can have no permanent financial prosperi ty, while the public revenue is separated from tho business of the country, and com mitcd lo rash and ignorant politicians, with no guides but their nwn passion's and in. tercsts. I have little doubt that the specie order is the revengo of the President upon Congress for passing ihe Distribution Law. 1 hove Icsb doubt that this dispersion ol tne revenue among the multitude of banks, was tn advance the obscure aspirings of soma Treasury Cojsar. The other lesson is one a thousand times repealed and a thousand times for gotten ; to distrust all demagogues of all parties, who profess exclusive love for what they call the fcople. f or the last six years iho country has been nearly con vulsed by efforts to break the mutual do pcudence ot all classes ol citizens; to maRO the laborer to regard his employer M his enemy, and to array the poor ogainit the rich. These trashy dcclaimers have en ded by bringing the country into a condi-i lion where ils whole industry is subject, far moro than it ever was before, to tho control of the largo capitalists; & whero every step tends inevitably to make tho rich richer, and the poor poorer. It remains to speak of the remedy of theso evils. They follow obviously tho causes ofthem. The causes are the injudicious transfers of the public moneys, and the Treasury order about specie. The first measures of relief therefore, should be the instant repeal of the Treai ury order requiring specie for lands ; tho second the adoption of a proper system to execute the distribution law. These measures would restore confideno in twenty-four hours, and repose at least in as many days. If tho Treasury will not adopt them voluntary, Congress should In ihe mean time, all forbearance and calmness should be maintained, There is great renaun for anxiety, none whatever for alarm ; and with mutual confidence and courage, the country may yet be able to defend itself against the Govenment. In that struggle, my own poor efforts shall not bo wanting. I go for the country.who ever rules it; I go for the Country, best loved when worst governed ; and it will afford me far more gratification to assist in repairing its wrongs than to triumph over those who inflict t lie tn. With great respect and regard, yours, N. BIDDLE. Hon. J. Q,. Adams, Washington, (D.C.) An Act relating lo die duiiet of co.itaWej in llta county of l.:imoile, und providing for the execu ting rrnain precepts in the h.indi of officers on the first tl.iy of December next. IT is hereby enacted, That all constables within the county of Lamoille who, at ihe annual March meeting of the respective lowns by which they were chosen, had ju risdiction given them throughout the re spective counties to which they belonged, agreeably to the law extending tho juris diction of constables, shall the same power and authority in executing precepts and fulfilling their duties, as if the county of Lamoille had been fully organized at tha time of the respective cloctions of such con. stables. Provided, That nothing herein (hall ex tend the powers of any constable in tha county of Lamoile beyond the next annual March meeting in the respective towns in said county. Sec. 2. That all officers in said county of Lamoille, holding any execution against any person or persons residing within said county, if commitment be necessary there on, after the first day of December nest shall commit such person or persons to the keep er of the common jail within and for said county of Lamoille. A nd all officers in tho counties of Franklin, Chittenden, Wash ington and Orleans, as now regulated by law, shall have the same power and author ity to execute any precept, placed in their hands for service or levying previous to ino first day of December next, against any person or persons living or being found within said county of Lamoille, in the sirao manner as if said county of Lamoille had not been created or organized. Provided, That from and after the first day of December next, oil officers of the1 several counties from which said Lamoille county was formed shall, upon all precepts so placed in their hands previous to the first day of December next, commmit any per son or persons, where commitment becomes necessary, to the keeper of the common jail in nnd for said county of Lamoille, from and after the first day of December next, and such officors shall have full rower ond au thority to execute all processes contcmola led by this section of the act, to bo placed in their hands previous to the first day of December next, in as full and ample a man ner aa if they were legal officers in said La. moille county. Sec 3. That this act shall tako effect immediately from its passoge. Approved. Nov. 17, 1836. An Act, extending (lie the limits of the Jail yard in Wellington County. IT ft hereby enacted That the limits of the jail yard in and for Wsthington county be, ond the same are, hereby ex tended north, so far as to include lots num bered eleven and fourteen, in the fourth division, and lots numbered fifty-thrcjs fifty. four and fifty-five, in the first division of lots in Montpclicr in said county. Approved, November 10 1836, An Act, lo repeal pari nf an net ralatinj to Peti tions lo the General Assembly, IT is hereby enacted That so much oftho net, entitled "an net relative to petitions prcltrred to the General Assembly." pasj-

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